# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-26-251074
**Filing Date:** 2026-6
**Character Count:** 4512609
**Document Hash:** a869e8205310332b0ab2e34b36c33e4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251074.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251074

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 110

**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:** 261049909

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 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. This submission provides the information required by Items 1, 6 and 7 for a limited number of the Registrant's reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). The five companion submissions (the "first companion submission", the "second companion submission", the "third companion submission", the "fourth companion submission" and the "fifth companion submission") to this Certified Shareholder Report on Form N-CSR will follow immediately and will provide the information required by Items 1, 6 and 7 for the other reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). Apart from Items 1, 6 and 7, the companion submissions will be identical in all material respects to this initial submission.

------

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

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

Filed under this submission on Form N-CSR:

● PIMCO All Asset Fund Class A

● PIMCO All Asset Fund Administrative Class

● PIMCO All Asset Fund Class C

● PIMCO All Asset Fund Institutional Class

● PIMCO All Asset Fund I-2

● PIMCO All Asset Fund Class R

● PIMCO All Asset Fund I-3

● PIMCO All Asset All Authority Fund Class A

● PIMCO All Asset All Authority Fund Class C

● PIMCO All Asset All Authority Fund Institutional Class

● PIMCO All Asset All Authority Fund I-2

● PIMCO All Asset All Authority Fund I-3

● PIMCO Global Core Asset Allocation Fund Class A

● PIMCO Global Core Asset Allocation Fund Class C

● PIMCO Global Core Asset Allocation Fund Institutional Class

● PIMCO Global Core Asset Allocation Fund I-2

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

------

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

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

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

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

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

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

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

● PIMCO International Bond Fund (Unhedged) Class A

● PIMCO International Bond Fund (Unhedged) Administrative Class

● PIMCO International Bond Fund (Unhedged) Class C

● PIMCO International Bond Fund (Unhedged) Institutional Class

● PIMCO International Bond Fund (Unhedged) I-2

● PIMCO International Bond Fund (Unhedged) I-3

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

● PIMCO RAE Fundamental Advantage PLUS Fund Class A

● PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

● PIMCO RAE PLUS EMG Fund Institutional Class

● PIMCO RAE PLUS EMG Fund I-2

● PIMCO RAE PLUS EMG Fund Class A

● PIMCO RAE PLUS EMG Fund Class C

● PIMCO RAE PLUS Fund Class A

● PIMCO RAE PLUS Fund Class C

● PIMCO RAE PLUS Fund Institutional Class

● PIMCO RAE PLUS Fund I-2

● PIMCO RAE PLUS Fund I-3

● PIMCO RAE PLUS International Fund Institutional Class

● PIMCO RAE PLUS International Fund Class A

● PIMCO RAE PLUS International Fund I-2

● PIMCO RAE PLUS Small Fund Institutional Class

● PIMCO RAE PLUS Small Fund Class A

● PIMCO RAE PLUS Small Fund Class C

● PIMCO RAE PLUS Small Fund I-2

● PIMCO RAE Worldwide Long/Short PLUS Fund Class A

● PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

● PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

● PIMCO StocksPLUS® Absolute Return Fund Class A

● PIMCO StocksPLUS® Absolute Return Fund Class C

------

● PIMCO StocksPLUS® Absolute Return Fund Institutional Class

● PIMCO StocksPLUS® Absolute Return Fund I-2

● PIMCO StocksPLUS® Absolute Return Fund I-3

● PIMCO StocksPLUS® Fund Class A

● PIMCO StocksPLUS® Fund Class C

● PIMCO StocksPLUS® Fund Institutional Class

● PIMCO StocksPLUS® Fund I-2

● PIMCO StocksPLUS® Fund Class R

● PIMCO StocksPLUS® Fund I-3

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

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

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

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

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

● PIMCO StocksPLUS® International Fund (Unhedged) Class A

● PIMCO StocksPLUS® International Fund (Unhedged) Class C

● PIMCO StocksPLUS® International Fund (Unhedged) Institutional Class

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

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

● PIMCO StocksPLUS® Long Duration Fund Institutional Class

● PIMCO StocksPLUS® Short Fund Class A

● PIMCO StocksPLUS® Short Fund Class C

● PIMCO StocksPLUS® Short Fund Institutional Class

● PIMCO StocksPLUS® Short Fund I-2

● PIMCO StocksPLUS® Short Fund I-3

● PIMCO StocksPLUS® Small Fund Class A

● PIMCO StocksPLUS® Small Fund Class C

● PIMCO StocksPLUS® Small Fund Institutional Class

● PIMCO StocksPLUS® Small Fund I-2

● PIMCO StocksPLUS® Small Fund I-3

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

● PIMCO Climate Bond Fund Class A

● PIMCO Climate Bond Fund Class C

● PIMCO Climate Bond Fund Institutional Class

● PIMCO Climate Bond Fund I-2

● PIMCO Climate Bond Fund I-3

● PIMCO Dynamic Bond Fund Class A

● PIMCO Dynamic Bond Fund Class C

● PIMCO Dynamic Bond Fund Institutional Class

● PIMCO Dynamic Bond Fund I-2

● PIMCO Dynamic Bond Fund Class R

● PIMCO Dynamic Bond Fund I-3

● PIMCO Extended Duration Fund Institutional Class

● PIMCO Extended Duration Fund I-2

● PIMCO GNMA and Government Securities Fund Class A

● PIMCO GNMA and Government Securities Fund Class C

● PIMCO GNMA and Government Securities Fund Institutional Class

● PIMCO GNMA and Government Securities Fund I-2

● PIMCO GNMA and Government Securities Fund I-3

● PIMCO Investment Grade Credit Bond Fund Class A

● PIMCO Investment Grade Credit Bond Fund Administrative Class

● PIMCO Investment Grade Credit Bond Fund Class C

● PIMCO Investment Grade Credit Bond Fund Institutional Class

● PIMCO Investment Grade Credit Bond Fund I-2

● PIMCO Investment Grade Credit Bond Fund I-3

● PIMCO Long Duration Total Return Fund Institutional Class

● PIMCO Long Duration Total Return Fund I-2

● PIMCO Long Duration Total Return Fund Class A

● PIMCO Long Duration Total Return Fund Class C

------

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

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

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

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

● PIMCO Low Duration Opportunities Fund Class A

● PIMCO Low Duration Opportunities Fund Class C

● PIMCO Low Duration Opportunities Fund Institutional Class

● PIMCO Low Duration Opportunities Fund I-2

● PIMCO Moderate Duration Fund Institutional Class

● PIMCO Moderate Duration Fund I-2

● PIMCO Mortgage Opportunities and Bond Fund I-3

● PIMCO Mortgage Opportunities and Bond Fund Class A

● PIMCO Mortgage Opportunities and Bond Fund Class C

● PIMCO Mortgage Opportunities and Bond Fund Institutional Class

● PIMCO Mortgage Opportunities and Bond Fund I-2

● PIMCO Total Return ESG Fund Administrative Class

● PIMCO Total Return ESG Fund Institutional Class

● PIMCO Total Return ESG Fund I-2

● PIMCO Total Return ESG Fund Class A

● PIMCO Total Return ESG Fund Class C

● PIMCO Total Return ESG Fund I-3

● PIMCO Total Return Fund II Institutional Class

● PIMCO Total Return Fund II I-2

● PIMCO Total Return Fund IV Class A

● PIMCO Total Return Fund IV Institutional Class

● PIMCO Total Return Fund V Institutional Class

● PIMCO Total Return Fund V Class A

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

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

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

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

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

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

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

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

● PIMCO ABS and Short-Term Investments Portfolio

● PIMCO EM Bond and Short-Term Investments Portfolio

● PIMCO High Yield and Short-Term Investments Portfolio

● PIMCO Investment Grade Credit Bond Portfolio

● PIMCO Long Duration Credit Bond Portfolio

● PIMCO Low Duration Portfolio

● PIMCO Moderate Duration Portfolio

● PIMCO Mortgage and Short-Term Investments Portfolio

● PIMCO Municipal Portfolio

● PIMCO Real Return Portfolio

● PIMCO Sector Fund Series – AM

● PIMCO Sector Fund Series – H

● PIMCO Sector Fund Series – I

● PIMCO Short-Term Portfolio

● PIMCO Short-Term Floating NAV Portfolio II

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

● PIMCO International Portfolio

● PIMCO Short Asset Portfolio

● PIMCO Short-Term Floating NAV Portfolio III

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

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

------

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO Income Fund Class A

● PIMCO Income Fund Administrative Class

● PIMCO Income Fund Class C

● PIMCO Income Fund Institutional Class

● PIMCO Income Fund I-2

● PIMCO Income Fund Class R

● PIMCO Income Fund I-3

● PIMCO Total Return Fund Class A

● PIMCO Total Return Fund Administrative Class

● PIMCO Total Return Fund Class C

● PIMCO Total Return Fund Institutional Class

● PIMCO Total Return Fund I-2

● PIMCO Total Return Fund Class R

● PIMCO Total Return Fund I-3

● PIMCO Credit Opportunities Bond Fund Class A

● PIMCO Credit Opportunities Bond Fund Class C

● PIMCO Credit Opportunities Bond Fund Institutional Class

● PIMCO Credit Opportunities Bond Fund I-2

● PIMCO Diversified Income Fund Class A

● PIMCO Diversified Income Fund Administrative Class

● PIMCO Diversified Income Fund Class C

● PIMCO Diversified Income Fund Institutional Class

● PIMCO Diversified Income Fund I-2

● PIMCO Diversified Income Fund I-3

● PIMCO ESG Income Fund Class A

● PIMCO ESG Income Fund Class C

● PIMCO ESG Income Fund Institutional Class

● PIMCO ESG Income Fund I-2

● PIMCO ESG Income Fund I-3

● PIMCO High Yield Fund Class A

● PIMCO High Yield Fund Administrative Class

● PIMCO High Yield Fund Class C

● PIMCO High Yield Fund Institutional Class

● PIMCO High Yield Fund I-2

● PIMCO High Yield Fund Class R

● PIMCO High Yield Fund I-3

● PIMCO High Yield Spectrum Fund Class A

● PIMCO High Yield Spectrum Fund Class C

● PIMCO High Yield Spectrum Fund Institutional Class

● PIMCO High Yield Spectrum Fund I-2

● PIMCO High Yield Spectrum Fund I-3

● PIMCO Long-Term Credit Bond Fund Institutional Class

● PIMCO Long-Term Credit Bond Fund I-2

● PIMCO Low Duration Credit Fund Class A

● PIMCO Low Duration Credit Fund Class C

● PIMCO Low Duration Credit Fund Institutional Class

● PIMCO Low Duration Credit Fund I-2

● PIMCO Low Duration Income Fund Class A

● PIMCO Low Duration Income Fund Class C

● PIMCO Low Duration Income Fund Institutional Class

● PIMCO Low Duration Income Fund I-2

● PIMCO Low Duration Income Fund I-3

● PIMCO Low Duration Income Fund Class C-2

● PIMCO Preferred and Capital Securities Fund Class A

● PIMCO Preferred and Capital Securities Fund Class C

● PIMCO Preferred and Capital Securities Fund I-2

● PIMCO Preferred and Capital Securities Fund Institutional Class

● PIMCO Preferred and Capital Securities Fund I-3

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

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● 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.

# Class A: PASAX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 | $58 | 0.55% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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](g119941g01x69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $9625 | $10000 | $10000 | $10000 |
| **4/30/16** | $9904 | $10017 | $10027 | $10077 |
| **5/31/16** | $9688 | $10059 | $9969 | $10141 |
| **6/30/16** | $10005 | $10251 | $10132 | $10210 |
| **7/31/16** | $10222 | $10312 | $10164 | $10247 |
| **8/31/16** | $10258 | $10307 | $10113 | $10306 |
| **9/30/16** | $10369 | $10306 | $10190 | $10374 |
| **10/31/16** | $10396 | $10206 | $10178 | $10440 |
| **11/30/16** | $10151 | $10037 | $10029 | $10494 |
| **12/31/16** | $10330 | $10065 | $10040 | $10562 |
| **1/31/17** | $10561 | $10028 | $10114 | $10646 |
| **2/28/17** | $10746 | $10114 | $10139 | $10705 |
| **3/31/17** | $10845 | $10109 | $10145 | $10744 |
| **4/30/17** | $10882 | $10178 | $10191 | $10801 |
| **5/31/17** | $11021 | $10237 | $10186 | $10837 |
| **6/30/17** | $11028 | $10208 | $10105 | $10888 |
| **7/31/17** | $11252 | $10242 | $10156 | $10936 |
| **8/31/17** | $11393 | $10335 | $10226 | $11020 |
| **9/30/17** | $11382 | $10288 | $10176 | $11119 |
| **10/31/17** | $11458 | $10331 | $10192 | $11172 |
| **11/30/17** | $11514 | $10347 | $10181 | $11246 |
| **12/31/17** | $11724 | $10370 | $10230 | $11315 |
| **1/31/18** | $12004 | $10296 | $10153 | $11407 |
| **2/28/18** | $11695 | $10273 | $10106 | $11483 |
| **3/31/18** | $11735 | $10358 | $10189 | $11532 |
| **4/30/18** | $11745 | $10320 | $10176 | $11607 |
| **5/31/18** | $11590 | $10358 | $10223 | $11680 |
| **6/30/18** | $11447 | $10377 | $10252 | $11738 |
| **7/31/18** | $11584 | $10380 | $10212 | $11795 |
| **8/31/18** | $11408 | $10412 | $10281 | $11863 |
| **9/30/18** | $11474 | $10372 | $10209 | $11935 |
| **10/31/18** | $11121 | $10352 | $10130 | $12010 |
| **11/30/18** | $11209 | $10403 | $10163 | $12050 |
| **12/31/18** | $11082 | $10553 | $10204 | $12107 |
| **1/31/19** | $11578 | $10665 | $10318 | $12147 |
| **2/28/19** | $11598 | $10678 | $10328 | $12232 |
| **3/31/19** | $11667 | $10869 | $10466 | $12326 |
| **4/30/19** | $11739 | $10875 | $10511 | $12420 |
| **5/31/19** | $11617 | $11032 | $10626 | $12474 |
| **6/30/19** | $11970 | $11186 | $10731 | $12521 |
| **7/31/19** | $11909 | $11274 | $10747 | $12600 |
| **8/31/19** | $11766 | $11530 | $10886 | $12662 |
| **9/30/19** | $11885 | $11477 | $10796 | $12732 |
| **10/31/19** | $12060 | $11457 | $10826 | $12818 |
| **11/30/19** | $12060 | $11443 | $10828 | $12905 |
| **12/31/19** | $12381 | $11420 | $10903 | $12993 |
| **1/31/20** | $12194 | $11626 | $11045 | $13070 |
| **2/29/20** | $11767 | $11768 | $11140 | $13129 |
| **3/31/20** | $10396 | $11585 | $10937 | $13126 |
| **4/30/20** | $10949 | $11773 | $11159 | $13080 |
| **5/31/20** | $11314 | $11806 | $11228 | $13122 |
| **6/30/20** | $11642 | $11865 | $11348 | $13237 |
| **7/31/20** | $12031 | $11995 | $11510 | $13355 |
| **8/31/20** | $12125 | $11908 | $11673 | $13457 |
| **9/30/20** | $11934 | $11951 | $11632 | $13546 |
| **10/31/20** | $11775 | $11952 | $11584 | $13617 |
| **11/30/20** | $12837 | $12020 | $11673 | $13702 |
| **12/31/20** | $13366 | $12057 | $11818 | $13815 |
| **1/31/21** | $13593 | $11993 | $11891 | $13903 |
| **2/28/21** | $13948 | $11806 | $11806 | $14005 |
| **3/31/21** | $14181 | $11760 | $11825 | $14132 |
| **4/30/21** | $14547 | $11790 | $11976 | $14274 |
| **5/31/21** | $14924 | $11817 | $12087 | $14424 |
| **6/30/21** | $15022 | $11874 | $12097 | $14600 |
| **7/31/21** | $15090 | $12022 | $12375 | $14724 |
| **8/31/21** | $15192 | $11998 | $12352 | $14823 |
| **9/30/21** | $14927 | $11884 | $12301 | $14948 |
| **10/31/21** | $15173 | $11853 | $12401 | $15147 |
| **11/30/21** | $14845 | $11938 | $12430 | $15333 |
| **12/31/21** | $15385 | $11890 | $12490 | $15496 |
| **1/31/22** | $15132 | $11703 | $12339 | $15650 |
| **2/28/22** | $14916 | $11547 | $12458 | $15817 |
| **3/31/22** | $15026 | $11298 | $12272 | $16050 |
| **4/30/22** | $14478 | $10994 | $12157 | $16163 |
| **5/31/22** | $14490 | $10979 | $12152 | $16376 |
| **6/30/22** | $13484 | $10813 | $11852 | $16640 |
| **7/31/22** | $14013 | $11088 | $12279 | $16706 |
| **8/31/22** | $13718 | $10799 | $11986 | $16784 |
| **9/30/22** | $12639 | $10452 | $11386 | $16920 |
| **10/31/22** | $13060 | $10416 | $11510 | $17079 |
| **11/30/22** | $13765 | $10682 | $11652 | $17191 |
| **12/31/22** | $13551 | $10556 | $11573 | $17264 |
| **1/31/23** | $14260 | $10799 | $11728 | $17422 |
| **2/28/23** | $13835 | $10626 | $11589 | $17550 |
| **3/31/23** | $13960 | $10862 | $11913 | $17642 |
| **4/30/23** | $14064 | $10918 | $11936 | $17771 |
| **5/31/23** | $13714 | $10875 | $11801 | $17872 |
| **6/30/23** | $14052 | $10869 | $11744 | $17983 |
| **7/31/23** | $14377 | $10872 | $11797 | $18090 |
| **8/31/23** | $14078 | $10858 | $11745 | $18247 |
| **9/30/23** | $13726 | $10671 | $11626 | $18390 |
| **10/31/23** | $13425 | $10595 | $11612 | $18489 |
| **11/30/23** | $14054 | $10960 | $11832 | $18589 |
| **12/31/23** | $14636 | $11310 | $12078 | $18699 |
| **1/31/24** | $14609 | $11288 | $12122 | $18831 |
| **2/29/24** | $14649 | $11210 | $12013 | $18982 |
| **3/31/24** | $14904 | $11311 | $12109 | $19140 |
| **4/30/24** | $14542 | $11129 | $11986 | $19257 |
| **5/31/24** | $14863 | $11228 | $12152 | $19345 |
| **6/30/24** | $14900 | $11325 | $12244 | $19417 |
| **7/31/24** | $15252 | $11544 | $12427 | $19527 |
| **8/31/24** | $15441 | $11670 | $12512 | $19636 |
| **9/30/24** | $15734 | $11806 | $12673 | $19756 |
| **10/31/24** | $15239 | $11646 | $12506 | $19890 |
| **11/30/24** | $15596 | $11784 | $12562 | $20020 |
| **12/31/24** | $15172 | $11694 | $12451 | $20171 |
| **1/31/25** | $15439 | $11739 | $12602 | $20336 |
| **2/28/25** | $15677 | $11881 | $12820 | $20463 |
| **3/31/25** | $15655 | $11831 | $12950 | $20552 |
| **4/30/25** | $15627 | $11948 | $13028 | $20668 |
| **5/31/25** | $15811 | $11908 | $12976 | $20772 |
| **6/30/25** | $16170 | $12022 | $13083 | $20908 |
| **7/31/25** | $16127 | $12013 | $13119 | $21039 |
| **8/31/25** | $16616 | $12078 | $13343 | $21194 |
| **9/30/25** | $16872 | $12167 | $13341 | $21341 |
| **10/31/25** | $17002 | $12263 | $13361 | $21481 |
| **11/30/25** | $17249 | $12289 | $13407 | $21566 |
| **12/31/25** | $17327 | $12263 | $13382 | $21715 |
| **1/31/26** | $17889 | $12292 | $13443 | $21839 |
| **2/28/26** | $18662 | $12465 | $13562 | $21984 |
| **3/31/26** | $17906 | $12244 | $13464 | $22255 |

---

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) | 14.38% | 4.78% | 6.40% |
| Class A (including sales charge) | 10.09% | 3.98% | 6.00% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.12% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class A shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class A shares of the Fund.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Class A: PASAX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4018TSRAR_033126

# Administrative Class: PAALX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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** |
| Administrative Class | $40 | 0.38% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g11f73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1029907 | $1001698 | $1002650 | $1007733 |
| **5/31/16** | $1007477 | $1005932 | $996885 | $1014131 |
| **6/30/16** | $1040053 | $1025081 | $1013158 | $1020983 |
| **7/31/16** | $1063520 | $1031206 | $1016412 | $1024660 |
| **8/31/16** | $1068213 | $1030680 | $1011266 | $1030640 |
| **9/30/16** | $1079421 | $1030557 | $1018977 | $1037432 |
| **10/31/16** | $1082249 | $1020565 | $1017769 | $1043956 |
| **11/30/16** | $1056796 | $1003709 | $1002852 | $1049367 |
| **12/31/16** | $1076059 | $1006459 | $1003955 | $1056182 |
| **1/31/17** | $1100121 | $1002793 | $1011399 | $1064580 |
| **2/28/17** | $1119371 | $1011378 | $1013874 | $1070538 |
| **3/31/17** | $1130035 | $1010911 | $1014538 | $1074412 |
| **4/30/17** | $1133891 | $1017767 | $1019059 | $1080050 |
| **5/31/17** | $1148354 | $1023707 | $1018555 | $1083663 |
| **6/30/17** | $1149539 | $1020842 | $1010481 | $1088782 |
| **7/31/17** | $1172879 | $1024198 | $1015567 | $1093570 |
| **8/31/17** | $1187468 | $1033532 | $1022571 | $1102044 |
| **9/30/17** | $1187026 | $1028761 | $1017592 | $1111926 |
| **10/31/17** | $1194901 | $1033100 | $1019243 | $1117249 |
| **11/30/17** | $1200806 | $1034700 | $1018133 | $1124633 |
| **12/31/17** | $1223312 | $1037013 | $1022982 | $1131487 |
| **1/31/18** | $1252439 | $1029610 | $1015283 | $1140712 |
| **2/28/18** | $1221303 | $1027288 | $1010648 | $1148296 |
| **3/31/18** | $1224947 | $1035806 | $1018915 | $1153177 |
| **4/30/18** | $1225956 | $1031952 | $1017551 | $1160741 |
| **5/31/18** | $1209812 | $1035807 | $1022270 | $1167993 |
| **6/30/18** | $1196384 | $1037738 | $1025177 | $1173789 |
| **7/31/18** | $1209598 | $1038022 | $1021191 | $1179460 |
| **8/31/18** | $1192318 | $1041212 | $1028062 | $1186272 |
| **9/30/18** | $1198776 | $1037229 | $1020913 | $1193453 |
| **10/31/18** | $1161859 | $1035202 | $1013000 | $1200954 |
| **11/30/18** | $1172114 | $1040267 | $1016255 | $1205014 |
| **12/31/18** | $1158611 | $1055294 | $1020390 | $1210718 |
| **1/31/19** | $1210363 | $1066471 | $1031822 | $1214716 |
| **2/28/19** | $1213532 | $1067753 | $1032834 | $1223152 |
| **3/31/19** | $1220229 | $1086877 | $1046580 | $1232552 |
| **4/30/19** | $1227657 | $1087524 | $1051114 | $1241999 |
| **5/31/19** | $1214924 | $1103173 | $1062552 | $1247369 |
| **6/30/19** | $1252305 | $1118641 | $1073099 | $1252095 |
| **7/31/19** | $1246972 | $1127444 | $1074745 | $1259974 |
| **8/31/19** | $1230971 | $1153012 | $1088551 | $1266199 |
| **9/30/19** | $1244034 | $1147669 | $1079578 | $1273229 |
| **10/31/19** | $1263388 | $1145688 | $1082600 | $1281826 |
| **11/30/19** | $1263388 | $1144344 | $1082769 | $1290477 |
| **12/31/19** | $1296721 | $1141998 | $1090332 | $1299337 |
| **1/31/20** | $1277107 | $1162607 | $1104468 | $1307032 |
| **2/29/20** | $1233520 | $1176836 | $1114022 | $1312948 |
| **3/31/20** | $1089450 | $1158521 | $1093684 | $1312594 |
| **4/30/20** | $1148458 | $1177276 | $1115895 | $1307987 |
| **5/31/20** | $1186703 | $1180613 | $1122824 | $1312209 |
| **6/30/20** | $1221450 | $1186505 | $1134778 | $1323673 |
| **7/31/20** | $1261029 | $1199470 | $1151012 | $1335533 |
| **8/31/20** | $1270924 | $1190779 | $1167327 | $1345730 |
| **9/30/20** | $1251522 | $1195129 | $1163232 | $1354602 |
| **10/31/20** | $1235934 | $1195216 | $1158423 | $1361688 |
| **11/30/20** | $1346166 | $1202035 | $1167311 | $1370173 |
| **12/31/20** | $1403425 | $1205728 | $1181816 | $1381461 |
| **1/31/21** | $1427135 | $1199261 | $1189126 | $1390340 |
| **2/28/21** | $1464395 | $1180606 | $1180564 | $1400519 |
| **3/31/21** | $1489381 | $1175955 | $1182490 | $1413242 |
| **4/30/21** | $1528943 | $1179029 | $1197555 | $1427447 |
| **5/31/21** | $1567341 | $1181661 | $1208714 | $1442358 |
| **6/30/21** | $1577998 | $1187424 | $1209719 | $1459954 |
| **7/31/21** | $1585144 | $1202182 | $1237543 | $1472360 |
| **8/31/21** | $1595863 | $1199773 | $1235239 | $1482349 |
| **9/30/21** | $1568843 | $1188446 | $1230077 | $1494819 |
| **10/31/21** | $1594642 | $1185338 | $1240055 | $1514675 |
| **11/30/21** | $1561472 | $1193793 | $1243026 | $1533251 |
| **12/31/21** | $1617748 | $1188952 | $1249004 | $1549644 |
| **1/31/22** | $1592470 | $1170272 | $1233851 | $1564950 |
| **2/28/22** | $1568457 | $1154705 | $1245816 | $1581708 |
| **3/31/22** | $1581972 | $1129814 | $1227211 | $1605050 |
| **4/30/22** | $1524422 | $1099449 | $1215743 | $1616323 |
| **5/31/22** | $1524422 | $1097936 | $1215218 | $1637627 |
| **6/30/22** | $1419264 | $1081273 | $1185207 | $1664046 |
| **7/31/22** | $1476137 | $1108814 | $1227904 | $1670578 |
| **8/31/22** | $1445115 | $1079868 | $1198617 | $1678354 |
| **9/30/22** | $1331194 | $1045202 | $1138551 | $1692018 |
| **10/31/22** | $1375394 | $1041624 | $1151006 | $1707929 |
| **11/30/22** | $1450793 | $1068168 | $1165157 | $1719125 |
| **12/31/22** | $1428102 | $1055562 | $1157277 | $1726375 |
| **1/31/23** | $1503979 | $1079874 | $1172768 | $1742215 |
| **2/28/23** | $1457911 | $1062650 | $1158853 | $1755029 |
| **3/31/23** | $1471652 | $1086213 | $1191315 | $1764234 |
| **4/30/23** | $1482554 | $1091806 | $1193623 | $1777148 |
| **5/31/23** | $1447125 | $1087507 | $1180079 | $1787172 |
| **6/30/23** | $1483239 | $1086858 | $1174366 | $1798345 |
| **7/31/23** | $1516048 | $1087210 | $1179723 | $1809031 |
| **8/31/23** | $1485974 | $1085844 | $1174485 | $1824748 |
| **9/30/23** | $1448344 | $1067119 | $1162566 | $1839007 |
| **10/31/23** | $1416618 | $1059542 | $1161154 | $1848855 |
| **11/30/23** | $1484207 | $1095972 | $1183240 | $1858947 |
| **12/31/23** | $1546435 | $1130998 | $1207785 | $1869939 |
| **1/31/24** | $1542232 | $1128781 | $1212246 | $1883131 |
| **2/29/24** | $1547835 | $1121036 | $1201337 | $1898188 |
| **3/31/24** | $1575339 | $1131144 | $1210941 | $1913962 |
| **4/30/24** | $1537192 | $1112932 | $1198563 | $1925732 |
| **5/31/24** | $1571101 | $1122780 | $1215174 | $1934512 |
| **6/30/24** | $1574133 | $1132522 | $1224446 | $1941677 |
| **7/31/24** | $1612700 | $1154402 | $1242657 | $1952695 |
| **8/31/24** | $1632698 | $1167045 | $1251244 | $1963559 |
| **9/30/24** | $1664381 | $1180588 | $1267321 | $1975580 |
| **10/31/24** | $1612142 | $1164612 | $1250594 | $1988977 |
| **11/30/24** | $1649870 | $1178445 | $1256231 | $2001971 |
| **12/31/24** | $1606185 | $1169402 | $1245141 | $2017116 |
| **1/31/25** | $1634312 | $1173932 | $1260162 | $2033612 |
| **2/28/25** | $1659478 | $1188068 | $1281963 | $2046276 |
| **3/31/25** | $1657871 | $1183110 | $1295008 | $2055250 |
| **4/30/25** | $1654873 | $1194759 | $1302845 | $2066799 |
| **5/31/25** | $1674360 | $1190809 | $1297621 | $2077226 |
| **6/30/25** | $1711424 | $1202213 | $1308336 | $2090807 |
| **7/31/25** | $1708390 | $1201251 | $1311902 | $2103885 |
| **8/31/25** | $1759975 | $1207833 | $1334303 | $2119438 |
| **9/30/25** | $1786355 | $1216730 | $1334061 | $2134072 |
| **10/31/25** | $1801689 | $1226335 | $1336118 | $2148111 |
| **11/30/25** | $1829289 | $1228914 | $1340706 | $2156565 |
| **12/31/25** | $1836699 | $1226279 | $1338179 | $2171492 |
| **1/31/26** | $1896051 | $1229243 | $1344341 | $2183920 |
| **2/28/26** | $1979464 | $1246523 | $1356206 | $2198396 |
| **3/31/26** | $1898453 | $1224396 | $1346395 | $2225547 |

---

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 | 14.51% | 4.97% | 6.62% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.09% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Administrative Class: PAALX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0588TSRAR_033126

# Class C: PASCX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 | $138 | 1.30% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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](g119941g23z68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10291 | $10017 | $10027 | $10077 |
| **5/31/16** | $10047 | $10059 | $9969 | $10141 |
| **6/30/16** | $10372 | $10251 | $10132 | $10210 |
| **7/31/16** | $10598 | $10312 | $10164 | $10247 |
| **8/31/16** | $10636 | $10307 | $10113 | $10306 |
| **9/30/16** | $10739 | $10306 | $10190 | $10374 |
| **10/31/16** | $10758 | $10206 | $10178 | $10440 |
| **11/30/16** | $10494 | $10037 | $10029 | $10494 |
| **12/31/16** | $10673 | $10065 | $10040 | $10562 |
| **1/31/17** | $10904 | $10028 | $10114 | $10646 |
| **2/28/17** | $11095 | $10114 | $10139 | $10705 |
| **3/31/17** | $11182 | $10109 | $10145 | $10744 |
| **4/30/17** | $11220 | $10178 | $10191 | $10801 |
| **5/31/17** | $11354 | $10237 | $10186 | $10837 |
| **6/30/17** | $11353 | $10208 | $10105 | $10888 |
| **7/31/17** | $11576 | $10242 | $10156 | $10936 |
| **8/31/17** | $11711 | $10335 | $10226 | $11020 |
| **9/30/17** | $11696 | $10288 | $10176 | $11119 |
| **10/31/17** | $11764 | $10331 | $10192 | $11172 |
| **11/30/17** | $11813 | $10347 | $10181 | $11246 |
| **12/31/17** | $12024 | $10370 | $10230 | $11315 |
| **1/31/18** | $12302 | $10296 | $10153 | $11407 |
| **2/28/18** | $11985 | $10273 | $10106 | $11483 |
| **3/31/18** | $12015 | $10358 | $10189 | $11532 |
| **4/30/18** | $12015 | $10320 | $10176 | $11607 |
| **5/31/18** | $11846 | $10358 | $10223 | $11680 |
| **6/30/18** | $11703 | $10377 | $10252 | $11738 |
| **7/31/18** | $11823 | $10380 | $10212 | $11795 |
| **8/31/18** | $11643 | $10412 | $10281 | $11863 |
| **9/30/18** | $11698 | $10372 | $10209 | $11935 |
| **10/31/18** | $11325 | $10352 | $10130 | $12010 |
| **11/30/18** | $11416 | $10403 | $10163 | $12050 |
| **12/31/18** | $11278 | $10553 | $10204 | $12107 |
| **1/31/19** | $11774 | $10665 | $10318 | $12147 |
| **2/28/19** | $11795 | $10678 | $10328 | $12232 |
| **3/31/19** | $11855 | $10869 | $10466 | $12326 |
| **4/30/19** | $11917 | $10875 | $10511 | $12420 |
| **5/31/19** | $11783 | $11032 | $10626 | $12474 |
| **6/30/19** | $12137 | $11186 | $10731 | $12521 |
| **7/31/19** | $12074 | $11274 | $10747 | $12600 |
| **8/31/19** | $11908 | $11530 | $10886 | $12662 |
| **9/30/19** | $12035 | $11477 | $10796 | $12732 |
| **10/31/19** | $12202 | $11457 | $10826 | $12818 |
| **11/30/19** | $12191 | $11443 | $10828 | $12905 |
| **12/31/19** | $12510 | $11420 | $10903 | $12993 |
| **1/31/20** | $12309 | $11626 | $11045 | $13070 |
| **2/29/20** | $11876 | $11768 | $11140 | $13129 |
| **3/31/20** | $10476 | $11585 | $10937 | $13126 |
| **4/30/20** | $11036 | $11773 | $11159 | $13080 |
| **5/31/20** | $11396 | $11806 | $11228 | $13122 |
| **6/30/20** | $11723 | $11865 | $11348 | $13237 |
| **7/31/20** | $12095 | $11995 | $11510 | $13355 |
| **8/31/20** | $12179 | $11908 | $11673 | $13457 |
| **9/30/20** | $11981 | $11951 | $11632 | $13546 |
| **10/31/20** | $11820 | $11952 | $11584 | $13617 |
| **11/30/20** | $12871 | $12020 | $11673 | $13702 |
| **12/31/20** | $13395 | $12057 | $11818 | $13815 |
| **1/31/21** | $13623 | $11993 | $11891 | $13903 |
| **2/28/21** | $13959 | $11806 | $11806 | $14005 |
| **3/31/21** | $14185 | $11760 | $11825 | $14132 |
| **4/30/21** | $14552 | $11790 | $11976 | $14274 |
| **5/31/21** | $14909 | $11817 | $12087 | $14424 |
| **6/30/21** | $14998 | $11874 | $12097 | $14600 |
| **7/31/21** | $15055 | $12022 | $12375 | $14724 |
| **8/31/21** | $15146 | $11998 | $12352 | $14823 |
| **9/30/21** | $14875 | $11884 | $12301 | $14948 |
| **10/31/21** | $15109 | $11853 | $12401 | $15147 |
| **11/30/21** | $14781 | $11938 | $12430 | $15333 |
| **12/31/21** | $15301 | $11890 | $12490 | $15496 |
| **1/31/22** | $15048 | $11703 | $12339 | $15650 |
| **2/28/22** | $14820 | $11547 | $12458 | $15817 |
| **3/31/22** | $14917 | $11298 | $12272 | $16050 |
| **4/30/22** | $14371 | $10994 | $12157 | $16163 |
| **5/31/22** | $14371 | $10979 | $12152 | $16376 |
| **6/30/22** | $13362 | $10813 | $11852 | $16640 |
| **7/31/22** | $13876 | $11088 | $12279 | $16706 |
| **8/31/22** | $13582 | $10799 | $11986 | $16784 |
| **9/30/22** | $12509 | $10452 | $11386 | $16920 |
| **10/31/22** | $12903 | $10416 | $11510 | $17079 |
| **11/30/22** | $13603 | $10682 | $11652 | $17191 |
| **12/31/22** | $13382 | $10556 | $11573 | $17264 |
| **1/31/23** | $14071 | $10799 | $11728 | $17422 |
| **2/28/23** | $13637 | $10626 | $11589 | $17550 |
| **3/31/23** | $13753 | $10862 | $11913 | $17642 |
| **4/30/23** | $13843 | $10918 | $11936 | $17771 |
| **5/31/23** | $13497 | $10875 | $11801 | $17872 |
| **6/30/23** | $13825 | $10869 | $11744 | $17983 |
| **7/31/23** | $14133 | $10872 | $11797 | $18090 |
| **8/31/23** | $13838 | $10858 | $11745 | $18247 |
| **9/30/23** | $13477 | $10671 | $11626 | $18390 |
| **10/31/23** | $13167 | $10595 | $11612 | $18489 |
| **11/30/23** | $13788 | $10960 | $11832 | $18589 |
| **12/31/23** | $14353 | $11310 | $12078 | $18699 |
| **1/31/24** | $14301 | $11288 | $12122 | $18831 |
| **2/29/24** | $14340 | $11210 | $12013 | $18982 |
| **3/31/24** | $14580 | $11311 | $12109 | $19140 |
| **4/30/24** | $14225 | $11129 | $11986 | $19257 |
| **5/31/24** | $14514 | $11228 | $12152 | $19345 |
| **6/30/24** | $14541 | $11325 | $12244 | $19417 |
| **7/31/24** | $14886 | $11544 | $12427 | $19527 |
| **8/31/24** | $15059 | $11670 | $12512 | $19636 |
| **9/30/24** | $15328 | $11806 | $12673 | $19756 |
| **10/31/24** | $14843 | $11646 | $12506 | $19890 |
| **11/30/24** | $15180 | $11784 | $12562 | $20020 |
| **12/31/24** | $14757 | $11694 | $12451 | $20171 |
| **1/31/25** | $15003 | $11739 | $12602 | $20336 |
| **2/28/25** | $15236 | $11881 | $12820 | $20463 |
| **3/31/25** | $15203 | $11831 | $12950 | $20552 |
| **4/30/25** | $15162 | $11948 | $13028 | $20668 |
| **5/31/25** | $15328 | $11908 | $12976 | $20772 |
| **6/30/25** | $15669 | $12022 | $13083 | $20908 |
| **7/31/25** | $15627 | $12013 | $13119 | $21039 |
| **8/31/25** | $16089 | $12078 | $13343 | $21194 |
| **9/30/25** | $16307 | $12167 | $13341 | $21341 |
| **10/31/25** | $16434 | $12263 | $13361 | $21481 |
| **11/30/25** | $16660 | $12289 | $13407 | $21566 |
| **12/31/25** | $16728 | $12263 | $13382 | $21715 |
| **1/31/26** | $17258 | $12292 | $13443 | $21839 |
| **2/28/26** | $17995 | $12465 | $13562 | $21984 |
| **3/31/26** | $17246 | $12244 | $13464 | $22255 |

---

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) | 13.44% | 3.99% | 5.60% |
| Class C (including sales charge) | 12.44% | 3.99% | 5.60% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.12% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class C shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class C shares of the Fund.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Class C: PASCX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4218TSRAR_033126

# Institutional Class: PAAIX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 | $13 | 0.13% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g05a64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1029963 | $1001698 | $1002650 | $1007733 |
| **5/31/16** | $1007491 | $1005932 | $996885 | $1014131 |
| **6/30/16** | $1040621 | $1025081 | $1013158 | $1020983 |
| **7/31/16** | $1064143 | $1031206 | $1016412 | $1024660 |
| **8/31/16** | $1068848 | $1030680 | $1011266 | $1030640 |
| **9/30/16** | $1080770 | $1030557 | $1018977 | $1037432 |
| **10/31/16** | $1083607 | $1020565 | $1017769 | $1043956 |
| **11/30/16** | $1058077 | $1003709 | $1002852 | $1049367 |
| **12/31/16** | $1077360 | $1006459 | $1003955 | $1056182 |
| **1/31/17** | $1101516 | $1002793 | $1011399 | $1064580 |
| **2/28/17** | $1121807 | $1011378 | $1013874 | $1070538 |
| **3/31/17** | $1132098 | $1010911 | $1014538 | $1074412 |
| **4/30/17** | $1136940 | $1017767 | $1019059 | $1080050 |
| **5/31/17** | $1151467 | $1023707 | $1018555 | $1083663 |
| **6/30/17** | $1153208 | $1020842 | $1010481 | $1088782 |
| **7/31/17** | $1176663 | $1024198 | $1015567 | $1093570 |
| **8/31/17** | $1191323 | $1033532 | $1022571 | $1102044 |
| **9/30/17** | $1190677 | $1028761 | $1017592 | $1111926 |
| **10/31/17** | $1199585 | $1033100 | $1019243 | $1117249 |
| **11/30/17** | $1205523 | $1034700 | $1018133 | $1124633 |
| **12/31/17** | $1227995 | $1037013 | $1022982 | $1131487 |
| **1/31/18** | $1257305 | $1029610 | $1015283 | $1140712 |
| **2/28/18** | $1226985 | $1027288 | $1010648 | $1148296 |
| **3/31/18** | $1231330 | $1035806 | $1018915 | $1153177 |
| **4/30/18** | $1232346 | $1031952 | $1017551 | $1160741 |
| **5/31/18** | $1216090 | $1035807 | $1022270 | $1167993 |
| **6/30/18** | $1202152 | $1037738 | $1025177 | $1173789 |
| **7/31/18** | $1216487 | $1038022 | $1021191 | $1179460 |
| **8/31/18** | $1199080 | $1041212 | $1028062 | $1186272 |
| **9/30/18** | $1206395 | $1037229 | $1020913 | $1193453 |
| **10/31/18** | $1169179 | $1035202 | $1013000 | $1200954 |
| **11/30/18** | $1179517 | $1040267 | $1016255 | $1205014 |
| **12/31/18** | $1166854 | $1055294 | $1020390 | $1210718 |
| **1/31/19** | $1219070 | $1066471 | $1031822 | $1214716 |
| **2/28/19** | $1222266 | $1067753 | $1032834 | $1223152 |
| **3/31/19** | $1229694 | $1086877 | $1046580 | $1232552 |
| **4/30/19** | $1237192 | $1087524 | $1051114 | $1241999 |
| **5/31/19** | $1224338 | $1103173 | $1062552 | $1247369 |
| **6/30/19** | $1262651 | $1118641 | $1073099 | $1252095 |
| **7/31/19** | $1257264 | $1127444 | $1074745 | $1259974 |
| **8/31/19** | $1242181 | $1153012 | $1088551 | $1266199 |
| **9/30/19** | $1255108 | $1147669 | $1079578 | $1273229 |
| **10/31/19** | $1273581 | $1145688 | $1082600 | $1281826 |
| **11/30/19** | $1274668 | $1144344 | $1082769 | $1290477 |
| **12/31/19** | $1309336 | $1141998 | $1090332 | $1299337 |
| **1/31/20** | $1289497 | $1162607 | $1104468 | $1307032 |
| **2/29/20** | $1245412 | $1176836 | $1114022 | $1312948 |
| **3/31/20** | $1099234 | $1158521 | $1093684 | $1312594 |
| **4/30/20** | $1160056 | $1177276 | $1115895 | $1307987 |
| **5/31/20** | $1198762 | $1180613 | $1122824 | $1312209 |
| **6/30/20** | $1234453 | $1186505 | $1134778 | $1323673 |
| **7/31/20** | $1274526 | $1199470 | $1151012 | $1335533 |
| **8/31/20** | $1285657 | $1190779 | $1167327 | $1345730 |
| **9/30/20** | $1265684 | $1195129 | $1163232 | $1354602 |
| **10/31/20** | $1249891 | $1195216 | $1158423 | $1361688 |
| **11/30/20** | $1362697 | $1202035 | $1167311 | $1370173 |
| **12/31/20** | $1419470 | $1205728 | $1181816 | $1381461 |
| **1/31/21** | $1444654 | $1199261 | $1189126 | $1390340 |
| **2/28/21** | $1481285 | $1180606 | $1180564 | $1400519 |
| **3/31/21** | $1507373 | $1175955 | $1182490 | $1413242 |
| **4/30/21** | $1547507 | $1179029 | $1197555 | $1427447 |
| **5/31/21** | $1587641 | $1181661 | $1208714 | $1442358 |
| **6/30/21** | $1599237 | $1187424 | $1209719 | $1459954 |
| **7/31/21** | $1606490 | $1202182 | $1237543 | $1472360 |
| **8/31/21** | $1617369 | $1199773 | $1235239 | $1482349 |
| **9/30/21** | $1589763 | $1188446 | $1230077 | $1494819 |
| **10/31/21** | $1617216 | $1185338 | $1240055 | $1514675 |
| **11/30/21** | $1582276 | $1193793 | $1243026 | $1533251 |
| **12/31/21** | $1640631 | $1188952 | $1249004 | $1549644 |
| **1/31/22** | $1614936 | $1170272 | $1233851 | $1564950 |
| **2/28/22** | $1591810 | $1154705 | $1245816 | $1581708 |
| **3/31/22** | $1605185 | $1129814 | $1227211 | $1605050 |
| **4/30/22** | $1546649 | $1099449 | $1215743 | $1616323 |
| **5/31/22** | $1547950 | $1097936 | $1215218 | $1637627 |
| **6/30/22** | $1441636 | $1081273 | $1185207 | $1664046 |
| **7/31/22** | $1499512 | $1108814 | $1227904 | $1670578 |
| **8/31/22** | $1467943 | $1079868 | $1198617 | $1678354 |
| **9/30/22** | $1352855 | $1045202 | $1138551 | $1692018 |
| **10/31/22** | $1397862 | $1041624 | $1151006 | $1707929 |
| **11/30/22** | $1474639 | $1068168 | $1165157 | $1719125 |
| **12/31/22** | $1451404 | $1055562 | $1157277 | $1726375 |
| **1/31/23** | $1528738 | $1079874 | $1172768 | $1742215 |
| **2/28/23** | $1483166 | $1062650 | $1158853 | $1755029 |
| **3/31/23** | $1497930 | $1086213 | $1191315 | $1764234 |
| **4/30/23** | $1509046 | $1091806 | $1193623 | $1777148 |
| **5/31/23** | $1472918 | $1087507 | $1180079 | $1787172 |
| **6/30/23** | $1509048 | $1086858 | $1174366 | $1798345 |
| **7/31/23** | $1543915 | $1087210 | $1179723 | $1809031 |
| **8/31/23** | $1513232 | $1085844 | $1174485 | $1824748 |
| **9/30/23** | $1475778 | $1067119 | $1162566 | $1839007 |
| **10/31/23** | $1443389 | $1059542 | $1161154 | $1848855 |
| **11/30/23** | $1512391 | $1095972 | $1183240 | $1858947 |
| **12/31/23** | $1575707 | $1130998 | $1207785 | $1869939 |
| **1/31/24** | $1572844 | $1128781 | $1212246 | $1883131 |
| **2/29/24** | $1578569 | $1121036 | $1201337 | $1898188 |
| **3/31/24** | $1606112 | $1131144 | $1210941 | $1913962 |
| **4/30/24** | $1568559 | $1112932 | $1198563 | $1925732 |
| **5/31/24** | $1603223 | $1122780 | $1215174 | $1934512 |
| **6/30/24** | $1607141 | $1132522 | $1224446 | $1941677 |
| **7/31/24** | $1646589 | $1154402 | $1242657 | $1952695 |
| **8/31/24** | $1667043 | $1167045 | $1251244 | $1963559 |
| **9/30/24** | $1699010 | $1180588 | $1267321 | $1975580 |
| **10/31/24** | $1647029 | $1164612 | $1250594 | $1988977 |
| **11/30/24** | $1685643 | $1178445 | $1256231 | $2001971 |
| **12/31/24** | $1640667 | $1169402 | $1245141 | $2017116 |
| **1/31/25** | $1669477 | $1173932 | $1260162 | $2033612 |
| **2/28/25** | $1696771 | $1188068 | $1281963 | $2046276 |
| **3/31/25** | $1696009 | $1183110 | $1295008 | $2055250 |
| **4/30/25** | $1692936 | $1194759 | $1302845 | $2066799 |
| **5/31/25** | $1712908 | $1190809 | $1297621 | $2077226 |
| **6/30/25** | $1751763 | $1202213 | $1308336 | $2090807 |
| **7/31/25** | $1748651 | $1201251 | $1311902 | $2103885 |
| **8/31/25** | $1801546 | $1207833 | $1334303 | $2119438 |
| **9/30/25** | $1829740 | $1216730 | $1334061 | $2134072 |
| **10/31/25** | $1845473 | $1226335 | $1336118 | $2148111 |
| **11/30/25** | $1872219 | $1228914 | $1340706 | $2156565 |
| **12/31/25** | $1881183 | $1226279 | $1338179 | $2171492 |
| **1/31/26** | $1943780 | $1229243 | $1344341 | $2183920 |
| **2/28/26** | $2027790 | $1246523 | $1356206 | $2198396 |
| **3/31/26** | $1945684 | $1224396 | $1346395 | $2225547 |

---

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 | 14.72% | 5.24% | 6.88% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.09% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Institutional Class: PAAIX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0034TSRAR_033126

# I-2: PALPX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 | $24 | 0.23% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g68u79.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1029907 | $1001698 | $1002650 | $1007733 |
| **5/31/16** | $1007477 | $1005932 | $996885 | $1014131 |
| **6/30/16** | $1040342 | $1025081 | $1013158 | $1020983 |
| **7/31/16** | $1063815 | $1031206 | $1016412 | $1024660 |
| **8/31/16** | $1068510 | $1030680 | $1011266 | $1030640 |
| **9/30/16** | $1080145 | $1030557 | $1018977 | $1037432 |
| **10/31/16** | $1082975 | $1020565 | $1017769 | $1043956 |
| **11/30/16** | $1057504 | $1003709 | $1002852 | $1049367 |
| **12/31/16** | $1077382 | $1006459 | $1003955 | $1056182 |
| **1/31/17** | $1101474 | $1002793 | $1011399 | $1064580 |
| **2/28/17** | $1120747 | $1011378 | $1013874 | $1070538 |
| **3/31/17** | $1131771 | $1010911 | $1014538 | $1074412 |
| **4/30/17** | $1136599 | $1017767 | $1019059 | $1080050 |
| **5/31/17** | $1151084 | $1023707 | $1018555 | $1083663 |
| **6/30/17** | $1151650 | $1020842 | $1010481 | $1088782 |
| **7/31/17** | $1176008 | $1024198 | $1015567 | $1093570 |
| **8/31/17** | $1190623 | $1033532 | $1022571 | $1102044 |
| **9/30/17** | $1189681 | $1028761 | $1017592 | $1111926 |
| **10/31/17** | $1197573 | $1033100 | $1019243 | $1117249 |
| **11/30/17** | $1204478 | $1034700 | $1018133 | $1124633 |
| **12/31/17** | $1226565 | $1037013 | $1022982 | $1131487 |
| **1/31/18** | $1255769 | $1029610 | $1015283 | $1140712 |
| **2/28/18** | $1224551 | $1027288 | $1010648 | $1148296 |
| **3/31/18** | $1228624 | $1035806 | $1018915 | $1153177 |
| **4/30/18** | $1229636 | $1031952 | $1017551 | $1160741 |
| **5/31/18** | $1214455 | $1035807 | $1022270 | $1167993 |
| **6/30/18** | $1200348 | $1037738 | $1025177 | $1173789 |
| **7/31/18** | $1213605 | $1038022 | $1021191 | $1179460 |
| **8/31/18** | $1196268 | $1041212 | $1028062 | $1186272 |
| **9/30/18** | $1203231 | $1037229 | $1020913 | $1193453 |
| **10/31/18** | $1166176 | $1035202 | $1013000 | $1200954 |
| **11/30/18** | $1176469 | $1040267 | $1016255 | $1205014 |
| **12/31/18** | $1163428 | $1055294 | $1020390 | $1210718 |
| **1/31/19** | $1215395 | $1066471 | $1031822 | $1214716 |
| **2/28/19** | $1218577 | $1067753 | $1032834 | $1223152 |
| **3/31/19** | $1225707 | $1086877 | $1046580 | $1232552 |
| **4/30/19** | $1233168 | $1087524 | $1051114 | $1241999 |
| **5/31/19** | $1221444 | $1103173 | $1062552 | $1247369 |
| **6/30/19** | $1259334 | $1118641 | $1073099 | $1252095 |
| **7/31/19** | $1252904 | $1127444 | $1074745 | $1259974 |
| **8/31/19** | $1237899 | $1153012 | $1088551 | $1266199 |
| **9/30/19** | $1251531 | $1147669 | $1079578 | $1273229 |
| **10/31/19** | $1269905 | $1145688 | $1082600 | $1281826 |
| **11/30/19** | $1269905 | $1144344 | $1082769 | $1290477 |
| **12/31/19** | $1303983 | $1141998 | $1090332 | $1299337 |
| **1/31/20** | $1284258 | $1162607 | $1104468 | $1307032 |
| **2/29/20** | $1240427 | $1176836 | $1114022 | $1312948 |
| **3/31/20** | $1095941 | $1158521 | $1093684 | $1312594 |
| **4/30/20** | $1155300 | $1177276 | $1115895 | $1307987 |
| **5/31/20** | $1193773 | $1180613 | $1122824 | $1312209 |
| **6/30/20** | $1229032 | $1186505 | $1134778 | $1323673 |
| **7/31/20** | $1269963 | $1199470 | $1151012 | $1335533 |
| **8/31/20** | $1279919 | $1190779 | $1167327 | $1345730 |
| **9/30/20** | $1259744 | $1195129 | $1163232 | $1354602 |
| **10/31/20** | $1244053 | $1195216 | $1158423 | $1361688 |
| **11/30/20** | $1356130 | $1202035 | $1167311 | $1370173 |
| **12/31/20** | $1413261 | $1205728 | $1181816 | $1381461 |
| **1/31/21** | $1437138 | $1199261 | $1189126 | $1390340 |
| **2/28/21** | $1474658 | $1180606 | $1180564 | $1400519 |
| **3/31/21** | $1500279 | $1175955 | $1182490 | $1413242 |
| **4/30/21** | $1540130 | $1179029 | $1197555 | $1427447 |
| **5/31/21** | $1579981 | $1181661 | $1208714 | $1442358 |
| **6/30/21** | $1591247 | $1187424 | $1209719 | $1459954 |
| **7/31/21** | $1598448 | $1202182 | $1237543 | $1472360 |
| **8/31/21** | $1609248 | $1199773 | $1235239 | $1482349 |
| **9/30/21** | $1581465 | $1188446 | $1230077 | $1494819 |
| **10/31/21** | $1608710 | $1185338 | $1240055 | $1514675 |
| **11/30/21** | $1574035 | $1193793 | $1243026 | $1533251 |
| **12/31/21** | $1631511 | $1188952 | $1249004 | $1549644 |
| **1/31/22** | $1606019 | $1170272 | $1233851 | $1564950 |
| **2/28/22** | $1583075 | $1154705 | $1245816 | $1581708 |
| **3/31/22** | $1595999 | $1129814 | $1227211 | $1605050 |
| **4/30/22** | $1537939 | $1099449 | $1215743 | $1616323 |
| **5/31/22** | $1539230 | $1097936 | $1215218 | $1637627 |
| **6/30/22** | $1432228 | $1081273 | $1185207 | $1664046 |
| **7/31/22** | $1489621 | $1108814 | $1227904 | $1670578 |
| **8/31/22** | $1459620 | $1079868 | $1198617 | $1678354 |
| **9/30/22** | $1345169 | $1045202 | $1138551 | $1692018 |
| **10/31/22** | $1388477 | $1041624 | $1151006 | $1707929 |
| **11/30/22** | $1464594 | $1068168 | $1165157 | $1719125 |
| **12/31/22** | $1442356 | $1055562 | $1157277 | $1726375 |
| **1/31/23** | $1518989 | $1079874 | $1172768 | $1742215 |
| **2/28/23** | $1473830 | $1062650 | $1158853 | $1755029 |
| **3/31/23** | $1488173 | $1086213 | $1191315 | $1764234 |
| **4/30/23** | $1497810 | $1091806 | $1193623 | $1777148 |
| **5/31/23** | $1462016 | $1087507 | $1180079 | $1787172 |
| **6/30/23** | $1498916 | $1086858 | $1174366 | $1798345 |
| **7/31/23** | $1533454 | $1087210 | $1179723 | $1809031 |
| **8/31/23** | $1503061 | $1085844 | $1174485 | $1824748 |
| **9/30/23** | $1464208 | $1067119 | $1162566 | $1839007 |
| **10/31/23** | $1433529 | $1059542 | $1161154 | $1848855 |
| **11/30/23** | $1501859 | $1095972 | $1183240 | $1858947 |
| **12/31/23** | $1564057 | $1130998 | $1207785 | $1869939 |
| **1/31/24** | $1561224 | $1128781 | $1212246 | $1883131 |
| **2/29/24** | $1565474 | $1121036 | $1201337 | $1898188 |
| **3/31/24** | $1593819 | $1131144 | $1210941 | $1913962 |
| **4/30/24** | $1555225 | $1112932 | $1198563 | $1925732 |
| **5/31/24** | $1589531 | $1122780 | $1215174 | $1934512 |
| **6/30/24** | $1594502 | $1132522 | $1224446 | $1941677 |
| **7/31/24** | $1633533 | $1154402 | $1242657 | $1952695 |
| **8/31/24** | $1653771 | $1167045 | $1251244 | $1963559 |
| **9/30/24** | $1684976 | $1180588 | $1267321 | $1975580 |
| **10/31/24** | $1632091 | $1164612 | $1250594 | $1988977 |
| **11/30/24** | $1671755 | $1178445 | $1256231 | $2001971 |
| **12/31/24** | $1626771 | $1169402 | $1245141 | $2017116 |
| **1/31/25** | $1655258 | $1173932 | $1260162 | $2033612 |
| **2/28/25** | $1682246 | $1188068 | $1281963 | $2046276 |
| **3/31/25** | $1681124 | $1183110 | $1295008 | $2055250 |
| **4/30/25** | $1678087 | $1194759 | $1302845 | $2066799 |
| **5/31/25** | $1697829 | $1190809 | $1297621 | $2077226 |
| **6/30/25** | $1735906 | $1202213 | $1308336 | $2090807 |
| **7/31/25** | $1732831 | $1201251 | $1311902 | $2103885 |
| **8/31/25** | $1785108 | $1207833 | $1334303 | $2119438 |
| **9/30/25** | $1812519 | $1216730 | $1334061 | $2134072 |
| **10/31/25** | $1828064 | $1226335 | $1336118 | $2148111 |
| **11/30/25** | $1856045 | $1228914 | $1340706 | $2156565 |
| **12/31/25** | $1862844 | $1226279 | $1338179 | $2171492 |
| **1/31/26** | $1924668 | $1229243 | $1344341 | $2183920 |
| **2/28/26** | $2009268 | $1246523 | $1356206 | $2198396 |
| **3/31/26** | $1926129 | $1224396 | $1346395 | $2225547 |

---

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 | 14.57% | 5.12% | 6.77% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.09% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# I-2: PALPX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1922TSRAR_033126

# Class R: PATRX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 R | $85 | 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:

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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](g119941g86l86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10291 | $10017 | $10027 | $10077 |
| **5/31/16** | $10056 | $10059 | $9969 | $10141 |
| **6/30/16** | $10383 | $10251 | $10132 | $10210 |
| **7/31/16** | $10619 | $10312 | $10164 | $10247 |
| **8/31/16** | $10657 | $10307 | $10113 | $10306 |
| **9/30/16** | $10765 | $10306 | $10190 | $10374 |
| **10/31/16** | $10784 | $10206 | $10178 | $10440 |
| **11/30/16** | $10529 | $10037 | $10029 | $10494 |
| **12/31/16** | $10717 | $10065 | $10040 | $10562 |
| **1/31/17** | $10948 | $10028 | $10114 | $10646 |
| **2/28/17** | $11141 | $10114 | $10139 | $10705 |
| **3/31/17** | $11239 | $10109 | $10145 | $10744 |
| **4/30/17** | $11287 | $10178 | $10191 | $10801 |
| **5/31/17** | $11422 | $10237 | $10186 | $10837 |
| **6/30/17** | $11424 | $10208 | $10105 | $10888 |
| **7/31/17** | $11658 | $10242 | $10156 | $10936 |
| **8/31/17** | $11794 | $10335 | $10226 | $11020 |
| **9/30/17** | $11785 | $10288 | $10176 | $11119 |
| **10/31/17** | $11854 | $10331 | $10192 | $11172 |
| **11/30/17** | $11913 | $10347 | $10181 | $11246 |
| **12/31/17** | $12123 | $10370 | $10230 | $11315 |
| **1/31/18** | $12414 | $10296 | $10153 | $11407 |
| **2/28/18** | $12103 | $10273 | $10106 | $11483 |
| **3/31/18** | $12138 | $10358 | $10189 | $11532 |
| **4/30/18** | $12138 | $10320 | $10176 | $11607 |
| **5/31/18** | $11977 | $10358 | $10223 | $11680 |
| **6/30/18** | $11833 | $10377 | $10252 | $11738 |
| **7/31/18** | $11965 | $10380 | $10212 | $11795 |
| **8/31/18** | $11783 | $10412 | $10281 | $11863 |
| **9/30/18** | $11844 | $10372 | $10209 | $11935 |
| **10/31/18** | $11476 | $10352 | $10130 | $12010 |
| **11/30/18** | $11568 | $10403 | $10163 | $12050 |
| **12/31/18** | $11438 | $10553 | $10204 | $12107 |
| **1/31/19** | $11942 | $10665 | $10318 | $12147 |
| **2/28/19** | $11963 | $10678 | $10328 | $12232 |
| **3/31/19** | $12039 | $10869 | $10466 | $12326 |
| **4/30/19** | $12102 | $10875 | $10511 | $12420 |
| **5/31/19** | $11975 | $11032 | $10626 | $12474 |
| **6/30/19** | $12337 | $11186 | $10731 | $12521 |
| **7/31/19** | $12274 | $11274 | $10747 | $12600 |
| **8/31/19** | $12125 | $11530 | $10886 | $12662 |
| **9/30/19** | $12241 | $11477 | $10796 | $12732 |
| **10/31/19** | $12422 | $11457 | $10826 | $12818 |
| **11/30/19** | $12412 | $11443 | $10828 | $12905 |
| **12/31/19** | $12747 | $11420 | $10903 | $12993 |
| **1/31/20** | $12552 | $11626 | $11045 | $13070 |
| **2/29/20** | $12110 | $11768 | $11140 | $13129 |
| **3/31/20** | $10693 | $11585 | $10937 | $13126 |
| **4/30/20** | $11266 | $11773 | $11159 | $13080 |
| **5/31/20** | $11634 | $11806 | $11228 | $13122 |
| **6/30/20** | $11979 | $11865 | $11348 | $13237 |
| **7/31/20** | $12360 | $11995 | $11510 | $13355 |
| **8/31/20** | $12458 | $11908 | $11673 | $13457 |
| **9/30/20** | $12263 | $11951 | $11632 | $13546 |
| **10/31/20** | $12098 | $11952 | $11584 | $13617 |
| **11/30/20** | $13176 | $12020 | $11673 | $13702 |
| **12/31/20** | $13725 | $12057 | $11818 | $13815 |
| **1/31/21** | $13959 | $11993 | $11891 | $13903 |
| **2/28/21** | $14315 | $11806 | $11806 | $14005 |
| **3/31/21** | $14548 | $11760 | $11825 | $14132 |
| **4/30/21** | $14926 | $11790 | $11976 | $14274 |
| **5/31/21** | $15305 | $11817 | $12087 | $14424 |
| **6/30/21** | $15411 | $11874 | $12097 | $14600 |
| **7/31/21** | $15470 | $12022 | $12375 | $14724 |
| **8/31/21** | $15575 | $11998 | $12352 | $14823 |
| **9/30/21** | $15292 | $11884 | $12301 | $14948 |
| **10/31/21** | $15546 | $11853 | $12401 | $15147 |
| **11/30/21** | $15207 | $11938 | $12430 | $15333 |
| **12/31/21** | $15754 | $11890 | $12490 | $15496 |
| **1/31/22** | $15506 | $11703 | $12339 | $15650 |
| **2/28/22** | $15269 | $11547 | $12458 | $15817 |
| **3/31/22** | $15387 | $11298 | $12272 | $16050 |
| **4/30/22** | $14821 | $10994 | $12157 | $16163 |
| **5/31/22** | $14821 | $10979 | $12152 | $16376 |
| **6/30/22** | $13789 | $10813 | $11852 | $16640 |
| **7/31/22** | $14335 | $11088 | $12279 | $16706 |
| **8/31/22** | $14031 | $10799 | $11986 | $16784 |
| **9/30/22** | $12922 | $10452 | $11386 | $16920 |
| **10/31/22** | $13343 | $10416 | $11510 | $17079 |
| **11/30/22** | $14070 | $10682 | $11652 | $17191 |
| **12/31/22** | $13840 | $10556 | $11573 | $17264 |
| **1/31/23** | $14570 | $10799 | $11728 | $17422 |
| **2/28/23** | $14132 | $10626 | $11589 | $17550 |
| **3/31/23** | $14254 | $10862 | $11913 | $17642 |
| **4/30/23** | $14348 | $10918 | $11936 | $17771 |
| **5/31/23** | $14001 | $10875 | $11801 | $17872 |
| **6/30/23** | $14343 | $10869 | $11744 | $17983 |
| **7/31/23** | $14664 | $10872 | $11797 | $18090 |
| **8/31/23** | $14370 | $10858 | $11745 | $18247 |
| **9/30/23** | $13999 | $10671 | $11626 | $18390 |
| **10/31/23** | $13689 | $10595 | $11612 | $18489 |
| **11/30/23** | $14336 | $10960 | $11832 | $18589 |
| **12/31/23** | $14926 | $11310 | $12078 | $18699 |
| **1/31/24** | $14885 | $11288 | $12122 | $18831 |
| **2/29/24** | $14926 | $11210 | $12013 | $18982 |
| **3/31/24** | $15180 | $11311 | $12109 | $19140 |
| **4/30/24** | $14808 | $11129 | $11986 | $19257 |
| **5/31/24** | $15125 | $11228 | $12152 | $19345 |
| **6/30/24** | $15154 | $11325 | $12244 | $19417 |
| **7/31/24** | $15531 | $11544 | $12427 | $19527 |
| **8/31/24** | $15712 | $11670 | $12512 | $19636 |
| **9/30/24** | $16002 | $11806 | $12673 | $19756 |
| **10/31/24** | $15493 | $11646 | $12506 | $19890 |
| **11/30/24** | $15861 | $11784 | $12562 | $20020 |
| **12/31/24** | $15428 | $11694 | $12451 | $20171 |
| **1/31/25** | $15702 | $11739 | $12602 | $20336 |
| **2/28/25** | $15932 | $11881 | $12820 | $20463 |
| **3/31/25** | $15916 | $11831 | $12950 | $20552 |
| **4/30/25** | $15873 | $11948 | $13028 | $20668 |
| **5/31/25** | $16062 | $11908 | $12976 | $20772 |
| **6/30/25** | $16409 | $12022 | $13083 | $20908 |
| **7/31/25** | $16379 | $12013 | $13119 | $21039 |
| **8/31/25** | $16866 | $12078 | $13343 | $21194 |
| **9/30/25** | $17118 | $12167 | $13341 | $21341 |
| **10/31/25** | $17252 | $12263 | $13361 | $21481 |
| **11/30/25** | $17505 | $12289 | $13407 | $21566 |
| **12/31/25** | $17574 | $12263 | $13382 | $21715 |
| **1/31/26** | $18134 | $12292 | $13443 | $21839 |
| **2/28/26** | $18928 | $12465 | $13562 | $21984 |
| **3/31/26** | $18142 | $12244 | $13464 | $22255 |

---

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 | 13.98% | 4.51% | 6.14% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.12% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class R shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class R shares of the Fund.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Class R: PATRX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4518TSRAR_033126

# I-3: PAANX

# PIMCO All Asset Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset 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 | $30 | 0.28% |

---

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

* Positions in emerging markets equities, through exposure to certain Underlying PIMCO Funds ("UPFs"), contributed to performance, as these exposures posted positive returns.

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

* Positions in commodities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* There were no material 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. 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](g119941g97g72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS: 1-10 Year Index** | **Consumer Price Index + 500 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1029838 | $1001698 | $1002650 | $1007733 |
| **5/31/16** | $1007241 | $1005932 | $996885 | $1014131 |
| **6/30/16** | $1040238 | $1025081 | $1013158 | $1020983 |
| **7/31/16** | $1063617 | $1031206 | $1016412 | $1024660 |
| **8/31/16** | $1068183 | $1030680 | $1011266 | $1030640 |
| **9/30/16** | $1079966 | $1030557 | $1018977 | $1037432 |
| **10/31/16** | $1082663 | $1020565 | $1017769 | $1043956 |
| **11/30/16** | $1057025 | $1003709 | $1002852 | $1049367 |
| **12/31/16** | $1076154 | $1006459 | $1003955 | $1056182 |
| **1/31/17** | $1100143 | $1002793 | $1011399 | $1064580 |
| **2/28/17** | $1120281 | $1011378 | $1013874 | $1070538 |
| **3/31/17** | $1130415 | $1010911 | $1014538 | $1074412 |
| **4/30/17** | $1135110 | $1017767 | $1019059 | $1080050 |
| **5/31/17** | $1149468 | $1023707 | $1018555 | $1083663 |
| **6/30/17** | $1151065 | $1020842 | $1010481 | $1088782 |
| **7/31/17** | $1174328 | $1024198 | $1015567 | $1093570 |
| **8/31/17** | $1188808 | $1033532 | $1022571 | $1102044 |
| **9/30/17** | $1188017 | $1028761 | $1017592 | $1111926 |
| **10/31/17** | $1196752 | $1033100 | $1019243 | $1117249 |
| **11/30/17** | $1202529 | $1034700 | $1018133 | $1124633 |
| **12/31/17** | $1224791 | $1037013 | $1022982 | $1131487 |
| **1/31/18** | $1253866 | $1029610 | $1015283 | $1140712 |
| **2/28/18** | $1223487 | $1027288 | $1010648 | $1148296 |
| **3/31/18** | $1227664 | $1035806 | $1018915 | $1153177 |
| **4/30/18** | $1228539 | $1031952 | $1017551 | $1160741 |
| **5/31/18** | $1213372 | $1035807 | $1022270 | $1167993 |
| **6/30/18** | $1199459 | $1037738 | $1025177 | $1173789 |
| **7/31/18** | $1212707 | $1038022 | $1021191 | $1179460 |
| **8/31/18** | $1195383 | $1041212 | $1028062 | $1186272 |
| **9/30/18** | $1202518 | $1037229 | $1020913 | $1193453 |
| **10/31/18** | $1165486 | $1035202 | $1013000 | $1200954 |
| **11/30/18** | $1174744 | $1040267 | $1016255 | $1205014 |
| **12/31/18** | $1162619 | $1055294 | $1020390 | $1210718 |
| **1/31/19** | $1214550 | $1066471 | $1031822 | $1214716 |
| **2/28/19** | $1216669 | $1067753 | $1032834 | $1223152 |
| **3/31/19** | $1224660 | $1086877 | $1046580 | $1232552 |
| **4/30/19** | $1231050 | $1087524 | $1051114 | $1241999 |
| **5/31/19** | $1219336 | $1103173 | $1062552 | $1247369 |
| **6/30/19** | $1256633 | $1118641 | $1073099 | $1252095 |
| **7/31/19** | $1251286 | $1127444 | $1074745 | $1259974 |
| **8/31/19** | $1235244 | $1153012 | $1088551 | $1266199 |
| **9/30/19** | $1248680 | $1147669 | $1079578 | $1273229 |
| **10/31/19** | $1268089 | $1145688 | $1082600 | $1281826 |
| **11/30/19** | $1268089 | $1144344 | $1082769 | $1290477 |
| **12/31/19** | $1302778 | $1141998 | $1090332 | $1299337 |
| **1/31/20** | $1283105 | $1162607 | $1104468 | $1307032 |
| **2/29/20** | $1238295 | $1176836 | $1114022 | $1312948 |
| **3/31/20** | $1094165 | $1158521 | $1093684 | $1312594 |
| **4/30/20** | $1153368 | $1177276 | $1115895 | $1307987 |
| **5/31/20** | $1191741 | $1180613 | $1122824 | $1312209 |
| **6/30/20** | $1226814 | $1186505 | $1134778 | $1323673 |
| **7/31/20** | $1266531 | $1199470 | $1151012 | $1335533 |
| **8/31/20** | $1277563 | $1190779 | $1167327 | $1345730 |
| **9/30/20** | $1257380 | $1195129 | $1163232 | $1354602 |
| **10/31/20** | $1241733 | $1195216 | $1158423 | $1361688 |
| **11/30/20** | $1353500 | $1202035 | $1167311 | $1370173 |
| **12/31/20** | $1409352 | $1205728 | $1181816 | $1381461 |
| **1/31/21** | $1434296 | $1199261 | $1189126 | $1390340 |
| **2/28/21** | $1471712 | $1180606 | $1180564 | $1400519 |
| **3/31/21** | $1495974 | $1175955 | $1182490 | $1413242 |
| **4/30/21** | $1536880 | $1179029 | $1197555 | $1427447 |
| **5/31/21** | $1575448 | $1181661 | $1208714 | $1442358 |
| **6/30/21** | $1586818 | $1187424 | $1209719 | $1459954 |
| **7/31/21** | $1595195 | $1202182 | $1237543 | $1472360 |
| **8/31/21** | $1605965 | $1199773 | $1235239 | $1482349 |
| **9/30/21** | $1578691 | $1188446 | $1230077 | $1494819 |
| **10/31/21** | $1604612 | $1185338 | $1240055 | $1514675 |
| **11/30/21** | $1571285 | $1193793 | $1243026 | $1533251 |
| **12/31/21** | $1628352 | $1188952 | $1249004 | $1549644 |
| **1/31/22** | $1602948 | $1170272 | $1233851 | $1564950 |
| **2/28/22** | $1578815 | $1154705 | $1245816 | $1581708 |
| **3/31/22** | $1591502 | $1129814 | $1227211 | $1605050 |
| **4/30/22** | $1534938 | $1099449 | $1215743 | $1616323 |
| **5/31/22** | $1534938 | $1097936 | $1215218 | $1637627 |
| **6/30/22** | $1429478 | $1081273 | $1185207 | $1664046 |
| **7/31/22** | $1486657 | $1108814 | $1227904 | $1670578 |
| **8/31/22** | $1455468 | $1079868 | $1198617 | $1678354 |
| **9/30/22** | $1341198 | $1045202 | $1138551 | $1692018 |
| **10/31/22** | $1385643 | $1041624 | $1151006 | $1707929 |
| **11/30/22** | $1461461 | $1068168 | $1165157 | $1719125 |
| **12/31/22** | $1439197 | $1055562 | $1157277 | $1726375 |
| **1/31/23** | $1515518 | $1079874 | $1172768 | $1742215 |
| **2/28/23** | $1469181 | $1062650 | $1158853 | $1755029 |
| **3/31/23** | $1483312 | $1086213 | $1191315 | $1764234 |
| **4/30/23** | $1494279 | $1091806 | $1193623 | $1777148 |
| **5/31/23** | $1458635 | $1087507 | $1180079 | $1787172 |
| **6/30/23** | $1495320 | $1086858 | $1174366 | $1798345 |
| **7/31/23** | $1529711 | $1087210 | $1179723 | $1809031 |
| **8/31/23** | $1498072 | $1085844 | $1174485 | $1824748 |
| **9/30/23** | $1460634 | $1067119 | $1162566 | $1839007 |
| **10/31/23** | $1428700 | $1059542 | $1161154 | $1848855 |
| **11/30/23** | $1496733 | $1095972 | $1183240 | $1858947 |
| **12/31/23** | $1559879 | $1130998 | $1207785 | $1869939 |
| **1/31/24** | $1555648 | $1128781 | $1212246 | $1883131 |
| **2/29/24** | $1561289 | $1121036 | $1201337 | $1898188 |
| **3/31/24** | $1589562 | $1131144 | $1210941 | $1913962 |
| **4/30/24** | $1551139 | $1112932 | $1198563 | $1925732 |
| **5/31/24** | $1585292 | $1122780 | $1215174 | $1934512 |
| **6/30/24** | $1588668 | $1132522 | $1224446 | $1941677 |
| **7/31/24** | $1627521 | $1154402 | $1242657 | $1952695 |
| **8/31/24** | $1647667 | $1167045 | $1251244 | $1963559 |
| **9/30/24** | $1679956 | $1180588 | $1267321 | $1975580 |
| **10/31/24** | $1627320 | $1164612 | $1250594 | $1988977 |
| **11/30/24** | $1666797 | $1178445 | $1256231 | $2001971 |
| **12/31/24** | $1622842 | $1169402 | $1245141 | $2017116 |
| **1/31/25** | $1651182 | $1173932 | $1260162 | $2033612 |
| **2/28/25** | $1676539 | $1188068 | $1281963 | $2046276 |
| **3/31/25** | $1675195 | $1183110 | $1295008 | $2055250 |
| **4/30/25** | $1672174 | $1194759 | $1302845 | $2066799 |
| **5/31/25** | $1691811 | $1190809 | $1297621 | $2077226 |
| **6/30/25** | $1729500 | $1202213 | $1308336 | $2090807 |
| **7/31/25** | $1726442 | $1201251 | $1311902 | $2103885 |
| **8/31/25** | $1779963 | $1207833 | $1334303 | $2119438 |
| **9/30/25** | $1806807 | $1216730 | $1334061 | $2134072 |
| **10/31/25** | $1820718 | $1226335 | $1336118 | $2148111 |
| **11/30/25** | $1848539 | $1228914 | $1340706 | $2156565 |
| **12/31/25** | $1856592 | $1226279 | $1338179 | $2171492 |
| **1/31/26** | $1918047 | $1229243 | $1344341 | $2183920 |
| **2/28/26** | $2002143 | $1246523 | $1356206 | $2198396 |
| **3/31/26** | $1919276 | $1224396 | $1346395 | $2225547 |

---

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 | 14.57% | 5.11% | 6.74% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS: 1-10 Year Index | 3.97% | 2.63% | 3.02% |
| Consumer Price Index + 500 Basis Points | 8.29% | 9.51% | 8.33% |

---

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 | $9968911 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $7773 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 99.8% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO All Asset: Multi-Real Fund | 20.6% |
| PIMCO All Asset: Multi-RAE PLUS Fund | 16.8% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.0% |
| PIMCO Total Return Fund | 7.0% |
| PIMCO Low Duration Fund | 5.3% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.2% |
| PIMCO High Yield Fund | 3.7% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 3.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.3% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.09% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds and it includes increase in waiver by 0.02%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# I-3: PAANX
![Image](g119941g86l46.jpg)

# PIMCO All Asset Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2175TSRAR_033126

# Class A: PAUAX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset All Authority 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 | $285 | 2.67% |

---

## 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:

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

* Positions in emerging markets equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns. 

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

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

* There were no other material 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](g119941g91h37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/16** | $9450 | $10000 | $10000 | $10000 |
| **4/30/16** | $9802 | $10017 | $10035 | $10089 |
| **5/31/16** | $9520 | $10059 | $9964 | $10164 |
| **6/30/16** | $9871 | $10251 | $10171 | $10245 |
| **7/31/16** | $10071 | $10312 | $10259 | $10294 |
| **8/31/16** | $10106 | $10307 | $10213 | $10366 |
| **9/30/16** | $10248 | $10306 | $10269 | $10446 |
| **10/31/16** | $10307 | $10206 | $10228 | $10524 |
| **11/30/16** | $9940 | $10037 | $10031 | $10591 |
| **12/31/16** | $10145 | $10065 | $10022 | $10672 |
| **1/31/17** | $10363 | $10028 | $10106 | $10769 |
| **2/28/17** | $10508 | $10114 | $10153 | $10842 |
| **3/31/17** | $10599 | $10109 | $10148 | $10894 |
| **4/30/17** | $10659 | $10178 | $10208 | $10964 |
| **5/31/17** | $10780 | $10237 | $10204 | $11014 |
| **6/30/17** | $10774 | $10208 | $10107 | $11079 |
| **7/31/17** | $10993 | $10242 | $10152 | $11141 |
| **8/31/17** | $11128 | $10335 | $10260 | $11240 |
| **9/30/17** | $11101 | $10288 | $10194 | $11353 |
| **10/31/17** | $11138 | $10331 | $10216 | $11421 |
| **11/30/17** | $11114 | $10347 | $10229 | $11510 |
| **12/31/17** | $11319 | $10370 | $10323 | $11593 |
| **1/31/18** | $11522 | $10296 | $10234 | $11701 |
| **2/28/18** | $11231 | $10273 | $10135 | $11792 |
| **3/31/18** | $11322 | $10358 | $10241 | $11856 |
| **4/30/18** | $11335 | $10320 | $10236 | $11948 |
| **5/31/18** | $11106 | $10358 | $10279 | $12036 |
| **6/30/18** | $10940 | $10377 | $10320 | $12110 |
| **7/31/18** | $11004 | $10380 | $10271 | $12183 |
| **8/31/18** | $10710 | $10412 | $10345 | $12267 |
| **9/30/18** | $10793 | $10372 | $10236 | $12356 |
| **10/31/18** | $10549 | $10352 | $10089 | $12448 |
| **11/30/18** | $10574 | $10403 | $10137 | $12505 |
| **12/31/18** | $10577 | $10553 | $10193 | $12579 |
| **1/31/19** | $10990 | $10665 | $10330 | $12635 |
| **2/28/19** | $10964 | $10678 | $10328 | $12738 |
| **3/31/19** | $10957 | $10869 | $10518 | $12850 |
| **4/30/19** | $10957 | $10875 | $10553 | $12963 |
| **5/31/19** | $10917 | $11032 | $10728 | $13035 |
| **6/30/19** | $11154 | $11186 | $10820 | $13100 |
| **7/31/19** | $11046 | $11274 | $10858 | $13197 |
| **8/31/19** | $10831 | $11530 | $11117 | $13278 |
| **9/30/19** | $10958 | $11477 | $10965 | $13367 |
| **10/31/19** | $11106 | $11457 | $10993 | $13473 |
| **11/30/19** | $11025 | $11443 | $11010 | $13579 |
| **12/31/19** | $11333 | $11420 | $11052 | $13688 |
| **1/31/20** | $11060 | $11626 | $11284 | $13785 |
| **2/29/20** | $10732 | $11768 | $11440 | $13864 |
| **3/31/20** | $9118 | $11585 | $11239 | $13877 |
| **4/30/20** | $9665 | $11773 | $11551 | $13846 |
| **5/31/20** | $9980 | $11806 | $11586 | $13908 |
| **6/30/20** | $10307 | $11865 | $11715 | $14045 |
| **7/31/20** | $10637 | $11995 | $11985 | $14187 |
| **8/31/20** | $10595 | $11908 | $12116 | $14311 |
| **9/30/20** | $10452 | $11951 | $12071 | $14422 |
| **10/31/20** | $10341 | $11952 | $11993 | $14514 |
| **11/30/20** | $11314 | $12020 | $12127 | $14622 |
| **12/31/20** | $11804 | $12057 | $12267 | $14759 |
| **1/31/21** | $12103 | $11993 | $12307 | $14871 |
| **2/28/21** | $12345 | $11806 | $12109 | $14997 |
| **3/31/21** | $12486 | $11760 | $12086 | $15150 |
| **4/30/21** | $12795 | $11790 | $12255 | $15319 |
| **5/31/21** | $13177 | $11817 | $12404 | $15496 |
| **6/30/21** | $13295 | $11874 | $12479 | $15702 |
| **7/31/21** | $13295 | $12022 | $12811 | $15853 |
| **8/31/21** | $13371 | $11998 | $12789 | $15979 |
| **9/30/21** | $13164 | $11884 | $12697 | $16131 |
| **10/31/21** | $13413 | $11853 | $12841 | $16363 |
| **11/30/21** | $13071 | $11938 | $12956 | $16581 |
| **12/31/21** | $13564 | $11890 | $12997 | $16777 |
| **1/31/22** | $13301 | $11703 | $12734 | $16961 |
| **2/28/22** | $13087 | $11547 | $12843 | $17162 |
| **3/31/22** | $13192 | $11298 | $12604 | $17433 |
| **4/30/22** | $12624 | $10994 | $12347 | $17575 |
| **5/31/22** | $12607 | $10979 | $12224 | $17826 |
| **6/30/22** | $11595 | $10813 | $11837 | $18132 |
| **7/31/22** | $12069 | $11088 | $12353 | $18225 |
| **8/31/22** | $11714 | $10799 | $12024 | $18331 |
| **9/30/22** | $10585 | $10452 | $11228 | $18501 |
| **10/31/22** | $10925 | $10416 | $11368 | $18696 |
| **11/30/22** | $11604 | $10682 | $11576 | $18840 |
| **12/31/22** | $11387 | $10556 | $11458 | $18942 |
| **1/31/23** | $12140 | $10799 | $11667 | $19137 |
| **2/28/23** | $11656 | $10626 | $11507 | $19300 |
| **3/31/23** | $11765 | $10862 | $11840 | $19423 |
| **4/30/23** | $11838 | $10918 | $11853 | $19588 |
| **5/31/23** | $11421 | $10875 | $11711 | $19721 |
| **6/30/23** | $11650 | $10869 | $11672 | $19868 |
| **7/31/23** | $11868 | $10872 | $11686 | $20009 |
| **8/31/23** | $11559 | $10858 | $11582 | $20205 |
| **9/30/23** | $11212 | $10671 | $11368 | $20386 |
| **10/31/23** | $10957 | $10595 | $11286 | $20519 |
| **11/30/23** | $11466 | $10960 | $11592 | $20655 |
| **12/31/23** | $11966 | $11310 | $11904 | $20801 |
| **1/31/24** | $11911 | $11288 | $11925 | $20972 |
| **2/29/24** | $11819 | $11210 | $11797 | $21163 |
| **3/31/24** | $12001 | $11311 | $11894 | $21363 |
| **4/30/24** | $11667 | $11129 | $11693 | $21519 |
| **5/31/24** | $11908 | $11228 | $11894 | $21643 |
| **6/30/24** | $11889 | $11325 | $11988 | $21749 |
| **7/31/24** | $12225 | $11544 | $12201 | $21898 |
| **8/31/24** | $12375 | $11670 | $12297 | $22045 |
| **9/30/24** | $12615 | $11806 | $12482 | $22206 |
| **10/31/24** | $12127 | $11646 | $12258 | $22382 |
| **11/30/24** | $12390 | $11784 | $12317 | $22559 |
| **12/31/24** | $12059 | $11694 | $12122 | $22750 |
| **1/31/25** | $12247 | $11739 | $12279 | $22962 |
| **2/28/25** | $12512 | $11881 | $12547 | $23132 |
| **3/31/25** | $12506 | $11831 | $12627 | $23261 |
| **4/30/25** | $12525 | $11948 | $12642 | $23419 |
| **5/31/25** | $12620 | $11908 | $12568 | $23564 |
| **6/30/25** | $12920 | $12022 | $12688 | $23746 |
| **7/31/25** | $12844 | $12013 | $12704 | $23922 |
| **8/31/25** | $13265 | $12078 | $12899 | $24126 |
| **9/30/25** | $13469 | $12167 | $12955 | $24320 |
| **10/31/25** | $13566 | $12263 | $13001 | $24508 |
| **11/30/25** | $13778 | $12289 | $13025 | $24634 |
| **12/31/25** | $13840 | $12263 | $12972 | $24833 |
| **1/31/26** | $14304 | $12292 | $13012 | $25004 |
| **2/28/26** | $14970 | $12465 | $13182 | $25198 |
| **3/31/26** | $14233 | $12244 | $13006 | $25537 |

---

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) | 13.81% | 2.65% | 4.18% |
| Class A (including sales charge) | 7.55% | 1.50% | 3.59% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Consumer Price Index +650 Basis Points | 9.79% | 11.01% | 9.83% |

---

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 | $966014 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $1972 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 141.5% |
| Other Assets and Liabilities, Net | (41.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 18.5% |
| PIMCO Total Return Fund | 17.1% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 14.6% |
| PIMCO All Asset: Multi-Real Fund | 12.5% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 11.2% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 8.1% |
| PIMCO High Yield Fund | 7.0% |
| PIMCO TRENDS Managed Futures Strategy Fund | 6.0% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.1% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.71% as a result of lower expenses related to interest by 0.54% and the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.17%.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class A shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class A shares of the Fund.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Class A: PAUAX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS4019TSRAR_033126

# Class C: PAUCX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset All Authority 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 | $364 | 3.42% |

---

## 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:

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

* Positions in emerging markets equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns. 

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

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

* There were no other material 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](g119941g10m91.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10360 | $10017 | $10035 | $10089 |
| **5/31/16** | $10050 | $10059 | $9964 | $10164 |
| **6/30/16** | $10417 | $10251 | $10171 | $10245 |
| **7/31/16** | $10616 | $10312 | $10259 | $10294 |
| **8/31/16** | $10665 | $10307 | $10213 | $10366 |
| **9/30/16** | $10794 | $10306 | $10269 | $10446 |
| **10/31/16** | $10856 | $10206 | $10228 | $10524 |
| **11/30/16** | $10458 | $10037 | $10031 | $10591 |
| **12/31/16** | $10660 | $10065 | $10022 | $10672 |
| **1/31/17** | $10888 | $10028 | $10106 | $10769 |
| **2/28/17** | $11041 | $10114 | $10153 | $10842 |
| **3/31/17** | $11129 | $10109 | $10148 | $10894 |
| **4/30/17** | $11180 | $10178 | $10208 | $10964 |
| **5/31/17** | $11294 | $10237 | $10204 | $11014 |
| **6/30/17** | $11283 | $10208 | $10107 | $11079 |
| **7/31/17** | $11513 | $10242 | $10152 | $11141 |
| **8/31/17** | $11641 | $10335 | $10260 | $11240 |
| **9/30/17** | $11603 | $10288 | $10194 | $11353 |
| **10/31/17** | $11642 | $10331 | $10216 | $11421 |
| **11/30/17** | $11616 | $10347 | $10229 | $11510 |
| **12/31/17** | $11806 | $10370 | $10323 | $11593 |
| **1/31/18** | $12018 | $10296 | $10234 | $11701 |
| **2/28/18** | $11713 | $10273 | $10135 | $11792 |
| **3/31/18** | $11802 | $10358 | $10241 | $11856 |
| **4/30/18** | $11815 | $10320 | $10236 | $11948 |
| **5/31/18** | $11564 | $10358 | $10279 | $12036 |
| **6/30/18** | $11375 | $10377 | $10320 | $12110 |
| **7/31/18** | $11441 | $10380 | $10271 | $12183 |
| **8/31/18** | $11135 | $10412 | $10345 | $12267 |
| **9/30/18** | $11199 | $10372 | $10236 | $12356 |
| **10/31/18** | $10945 | $10352 | $10089 | $12448 |
| **11/30/18** | $10959 | $10403 | $10137 | $12505 |
| **12/31/18** | $10961 | $10553 | $10193 | $12579 |
| **1/31/19** | $11389 | $10665 | $10330 | $12635 |
| **2/28/19** | $11348 | $10678 | $10328 | $12738 |
| **3/31/19** | $11335 | $10869 | $10518 | $12850 |
| **4/30/19** | $11321 | $10875 | $10553 | $12963 |
| **5/31/19** | $11280 | $11032 | $10728 | $13035 |
| **6/30/19** | $11522 | $11186 | $10820 | $13100 |
| **7/31/19** | $11397 | $11274 | $10858 | $13197 |
| **8/31/19** | $11161 | $11530 | $11117 | $13278 |
| **9/30/19** | $11281 | $11477 | $10965 | $13367 |
| **10/31/19** | $11434 | $11457 | $10993 | $13473 |
| **11/30/19** | $11336 | $11443 | $11010 | $13579 |
| **12/31/19** | $11653 | $11420 | $11052 | $13688 |
| **1/31/20** | $11372 | $11626 | $11284 | $13785 |
| **2/29/20** | $11021 | $11768 | $11440 | $13864 |
| **3/31/20** | $9362 | $11585 | $11239 | $13877 |
| **4/30/20** | $9910 | $11773 | $11551 | $13846 |
| **5/31/20** | $10234 | $11806 | $11586 | $13908 |
| **6/30/20** | $10556 | $11865 | $11715 | $14045 |
| **7/31/20** | $10893 | $11995 | $11985 | $14187 |
| **8/31/20** | $10837 | $11908 | $12116 | $14311 |
| **9/30/20** | $10680 | $11951 | $12071 | $14422 |
| **10/31/20** | $10566 | $11952 | $11993 | $14514 |
| **11/30/20** | $11547 | $12020 | $12127 | $14622 |
| **12/31/20** | $12049 | $12057 | $12267 | $14759 |
| **1/31/21** | $12340 | $11993 | $12307 | $14871 |
| **2/28/21** | $12587 | $11806 | $12109 | $14997 |
| **3/31/21** | $12724 | $11760 | $12086 | $15150 |
| **4/30/21** | $13038 | $11790 | $12255 | $15319 |
| **5/31/21** | $13412 | $11817 | $12404 | $15496 |
| **6/30/21** | $13512 | $11874 | $12479 | $15702 |
| **7/31/21** | $13512 | $12022 | $12811 | $15853 |
| **8/31/21** | $13589 | $11998 | $12789 | $15979 |
| **9/30/21** | $13366 | $11884 | $12697 | $16131 |
| **10/31/21** | $13602 | $11853 | $12841 | $16363 |
| **11/30/21** | $13255 | $11938 | $12956 | $16581 |
| **12/31/21** | $13757 | $11890 | $12997 | $16777 |
| **1/31/22** | $13474 | $11703 | $12734 | $16961 |
| **2/28/22** | $13242 | $11547 | $12843 | $17162 |
| **3/31/22** | $13341 | $11298 | $12604 | $17433 |
| **4/30/22** | $12768 | $10994 | $12347 | $17575 |
| **5/31/22** | $12734 | $10979 | $12224 | $17826 |
| **6/30/22** | $11713 | $10813 | $11837 | $18132 |
| **7/31/22** | $12174 | $11088 | $12353 | $18225 |
| **8/31/22** | $11816 | $10799 | $12024 | $18331 |
| **9/30/22** | $10674 | $10452 | $11228 | $18501 |
| **10/31/22** | $10999 | $10416 | $11368 | $18696 |
| **11/30/22** | $11682 | $10682 | $11576 | $18840 |
| **12/31/22** | $11466 | $10556 | $11458 | $18942 |
| **1/31/23** | $12203 | $10799 | $11667 | $19137 |
| **2/28/23** | $11700 | $10626 | $11507 | $19300 |
| **3/31/23** | $11808 | $10862 | $11840 | $19423 |
| **4/30/23** | $11881 | $10918 | $11853 | $19588 |
| **5/31/23** | $11446 | $10875 | $11711 | $19721 |
| **6/30/23** | $11658 | $10869 | $11672 | $19868 |
| **7/31/23** | $11876 | $10872 | $11686 | $20009 |
| **8/31/23** | $11568 | $10858 | $11582 | $20205 |
| **9/30/23** | $11217 | $10671 | $11368 | $20386 |
| **10/31/23** | $10962 | $10595 | $11286 | $20519 |
| **11/30/23** | $11452 | $10960 | $11592 | $20655 |
| **12/31/23** | $11958 | $11310 | $11904 | $20801 |
| **1/31/24** | $11884 | $11288 | $11925 | $20972 |
| **2/29/24** | $11792 | $11210 | $11797 | $21163 |
| **3/31/24** | $11954 | $11311 | $11894 | $21363 |
| **4/30/24** | $11603 | $11129 | $11693 | $21519 |
| **5/31/24** | $11843 | $11228 | $11894 | $21643 |
| **6/30/24** | $11824 | $11325 | $11988 | $21749 |
| **7/31/24** | $12157 | $11544 | $12201 | $21898 |
| **8/31/24** | $12305 | $11670 | $12297 | $22045 |
| **9/30/24** | $12519 | $11806 | $12482 | $22206 |
| **10/31/24** | $12037 | $11646 | $12258 | $22382 |
| **11/30/24** | $12297 | $11784 | $12317 | $22559 |
| **12/31/24** | $11940 | $11694 | $12122 | $22750 |
| **1/31/25** | $12126 | $11739 | $12279 | $22962 |
| **2/28/25** | $12387 | $11881 | $12547 | $23132 |
| **3/31/25** | $12360 | $11831 | $12627 | $23261 |
| **4/30/25** | $12379 | $11948 | $12642 | $23419 |
| **5/31/25** | $12473 | $11908 | $12568 | $23564 |
| **6/30/25** | $12769 | $12022 | $12688 | $23746 |
| **7/31/25** | $12675 | $12013 | $12704 | $23922 |
| **8/31/25** | $13090 | $12078 | $12899 | $24126 |
| **9/30/25** | $13265 | $12167 | $12955 | $24320 |
| **10/31/25** | $13359 | $12263 | $13001 | $24508 |
| **11/30/25** | $13568 | $12289 | $13025 | $24634 |
| **12/31/25** | $13599 | $12263 | $12972 | $24833 |
| **1/31/26** | $14053 | $12292 | $13012 | $25004 |
| **2/28/26** | $14706 | $12465 | $13182 | $25198 |
| **3/31/26** | $13960 | $12244 | $13006 | $25537 |

---

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) | 12.95% | 1.87% | 3.39% |
| Class C (including sales charge) | 11.95% | 1.87% | 3.39% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Consumer Price Index +650 Basis Points | 9.79% | 11.01% | 9.83% |

---

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 | $966014 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $1972 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 141.5% |
| Other Assets and Liabilities, Net | (41.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 18.5% |
| PIMCO Total Return Fund | 17.1% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 14.6% |
| PIMCO All Asset: Multi-Real Fund | 12.5% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 11.2% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 8.1% |
| PIMCO High Yield Fund | 7.0% |
| PIMCO TRENDS Managed Futures Strategy Fund | 6.0% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.1% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.71% as a result of lower expenses related to interest by 0.54% and the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.17%.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class C shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class C shares of the Fund.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Class C: PAUCX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS4219TSRAR_033126

# Institutional Class: PAUIX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset All Authority 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 | $241 | 2.25% |

---

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

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

* Positions in emerging markets equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns. 

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

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

* There were no other material 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g97j10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1037313 | $1001698 | $1003462 | $1008872 |
| **5/31/16** | $1007463 | $1005932 | $996365 | $1016450 |
| **6/30/16** | $1045488 | $1025081 | $1017077 | $1024497 |
| **7/31/16** | $1066723 | $1031206 | $1025894 | $1029412 |
| **8/31/16** | $1071719 | $1030680 | $1021292 | $1036617 |
| **9/30/16** | $1086722 | $1030557 | $1026882 | $1044649 |
| **10/31/16** | $1094251 | $1020565 | $1022774 | $1052420 |
| **11/30/16** | $1055350 | $1003709 | $1003146 | $1059105 |
| **12/31/16** | $1077425 | $1006459 | $1002162 | $1067210 |
| **1/31/17** | $1100540 | $1002793 | $1010587 | $1076913 |
| **2/28/17** | $1117234 | $1011378 | $1015346 | $1084197 |
| **3/31/17** | $1126606 | $1010911 | $1014803 | $1089412 |
| **4/30/17** | $1133036 | $1017767 | $1020806 | $1096404 |
| **5/31/17** | $1145897 | $1023707 | $1020368 | $1101388 |
| **6/30/17** | $1146112 | $1020842 | $1010694 | $1107897 |
| **7/31/17** | $1170830 | $1024198 | $1015197 | $1114083 |
| **8/31/17** | $1185140 | $1033532 | $1025998 | $1123985 |
| **9/30/17** | $1182406 | $1028761 | $1019424 | $1135330 |
| **10/31/17** | $1186365 | $1033100 | $1021605 | $1142094 |
| **11/30/17** | $1185046 | $1034700 | $1022931 | $1150956 |
| **12/31/17** | $1207179 | $1037013 | $1032296 | $1159309 |
| **1/31/18** | $1228832 | $1029610 | $1023444 | $1170080 |
| **2/28/18** | $1199059 | $1027288 | $1013498 | $1179211 |
| **3/31/18** | $1208655 | $1035806 | $1024144 | $1185617 |
| **4/30/18** | $1211371 | $1031952 | $1023556 | $1194762 |
| **5/31/18** | $1186926 | $1035807 | $1027920 | $1203618 |
| **6/30/18** | $1170247 | $1037738 | $1032044 | $1211015 |
| **7/31/18** | $1177082 | $1038022 | $1027078 | $1218295 |
| **8/31/18** | $1147006 | $1041212 | $1034476 | $1226750 |
| **9/30/18** | $1154543 | $1037229 | $1023582 | $1235603 |
| **10/31/18** | $1129743 | $1035202 | $1008911 | $1244792 |
| **11/30/18** | $1132499 | $1040267 | $1013731 | $1250483 |
| **12/31/18** | $1133086 | $1055294 | $1019270 | $1257878 |
| **1/31/19** | $1178868 | $1066471 | $1032983 | $1263541 |
| **2/28/19** | $1174576 | $1067753 | $1032848 | $1273770 |
| **3/31/19** | $1175004 | $1086877 | $1051833 | $1285010 |
| **4/30/19** | $1176442 | $1087524 | $1055329 | $1296324 |
| **5/31/19** | $1172127 | $1103173 | $1072766 | $1303469 |
| **6/30/19** | $1198529 | $1118641 | $1081965 | $1309970 |
| **7/31/19** | $1186977 | $1127444 | $1085809 | $1319735 |
| **8/31/19** | $1163873 | $1153012 | $1111650 | $1327805 |
| **9/30/19** | $1177352 | $1147669 | $1096518 | $1336731 |
| **10/31/19** | $1194773 | $1145688 | $1099322 | $1347288 |
| **11/30/19** | $1186062 | $1144344 | $1100999 | $1357928 |
| **12/31/19** | $1219409 | $1141998 | $1105173 | $1368817 |
| **1/31/20** | $1191427 | $1162607 | $1128378 | $1378520 |
| **2/29/20** | $1156082 | $1176836 | $1143995 | $1386388 |
| **3/31/20** | $983254 | $1158521 | $1123882 | $1387734 |
| **4/30/20** | $1040832 | $1177276 | $1155144 | $1384643 |
| **5/31/20** | $1076265 | $1180613 | $1158615 | $1390778 |
| **6/30/20** | $1112369 | $1186505 | $1171548 | $1404506 |
| **7/31/20** | $1147918 | $1199470 | $1198467 | $1418673 |
| **8/31/20** | $1143474 | $1190779 | $1211560 | $1431123 |
| **9/30/20** | $1127748 | $1195129 | $1207092 | $1442213 |
| **10/31/20** | $1117237 | $1195216 | $1199296 | $1451438 |
| **11/30/20** | $1222353 | $1202035 | $1212744 | $1462159 |
| **12/31/20** | $1275359 | $1205728 | $1226657 | $1475865 |
| **1/31/21** | $1307744 | $1199261 | $1230713 | $1487063 |
| **2/28/21** | $1335502 | $1180606 | $1210888 | $1499653 |
| **3/31/21** | $1351816 | $1175955 | $1208598 | $1514959 |
| **4/30/21** | $1386846 | $1179029 | $1225511 | $1531874 |
| **5/31/21** | $1428244 | $1181661 | $1240355 | $1549580 |
| **6/30/21** | $1440411 | $1187424 | $1247867 | $1570176 |
| **7/31/21** | $1440411 | $1202182 | $1281123 | $1585299 |
| **8/31/21** | $1450243 | $1199773 | $1278870 | $1597877 |
| **9/30/21** | $1427873 | $1188446 | $1269727 | $1613133 |
| **10/31/21** | $1454910 | $1185338 | $1284134 | $1636280 |
| **11/30/21** | $1419424 | $1193793 | $1295618 | $1658117 |
| **12/31/21** | $1473151 | $1188952 | $1299718 | $1677679 |
| **1/31/22** | $1444581 | $1170272 | $1273431 | $1696126 |
| **2/28/22** | $1421367 | $1154705 | $1284307 | $1716162 |
| **3/31/22** | $1434199 | $1129814 | $1260428 | $1743297 |
| **4/30/22** | $1372474 | $1099449 | $1234667 | $1757545 |
| **5/31/22** | $1370658 | $1097936 | $1222418 | $1782609 |
| **6/30/22** | $1263470 | $1081273 | $1183735 | $1813229 |
| **7/31/22** | $1315040 | $1108814 | $1235269 | $1822501 |
| **8/31/22** | $1276362 | $1079868 | $1202417 | $1833126 |
| **9/30/22** | $1154862 | $1045202 | $1122842 | $1850136 |
| **10/31/22** | $1190026 | $1041624 | $1136792 | $1869594 |
| **11/30/22** | $1265906 | $1068168 | $1157553 | $1884000 |
| **12/31/22** | $1242305 | $1055562 | $1145757 | $1894177 |
| **1/31/23** | $1324473 | $1079874 | $1166747 | $1913691 |
| **2/28/23** | $1271651 | $1062650 | $1150748 | $1929959 |
| **3/31/23** | $1284707 | $1086213 | $1184009 | $1942342 |
| **4/30/23** | $1292613 | $1091806 | $1185307 | $1958786 |
| **5/31/23** | $1247154 | $1087507 | $1171128 | $1972133 |
| **6/30/23** | $1273161 | $1086858 | $1167183 | $1986767 |
| **7/31/23** | $1298941 | $1087210 | $1168648 | $2000882 |
| **8/31/23** | $1265228 | $1085844 | $1158211 | $2020517 |
| **9/30/23** | $1226689 | $1067119 | $1136833 | $2038613 |
| **10/31/23** | $1200801 | $1059542 | $1128608 | $2051903 |
| **11/30/23** | $1256560 | $1095972 | $1159183 | $2065492 |
| **12/31/23** | $1313055 | $1130998 | $1190389 | $2080108 |
| **1/31/24** | $1306986 | $1128781 | $1192502 | $2097183 |
| **2/29/24** | $1296870 | $1121036 | $1179688 | $2116336 |
| **3/31/24** | $1318131 | $1131144 | $1189396 | $2136320 |
| **4/30/24** | $1279422 | $1112932 | $1169341 | $2151938 |
| **5/31/24** | $1305907 | $1122780 | $1189428 | $2164303 |
| **6/30/24** | $1307078 | $1132522 | $1198763 | $2174919 |
| **7/31/24** | $1343955 | $1154402 | $1220143 | $2189795 |
| **8/31/24** | $1360345 | $1167045 | $1229715 | $2204529 |
| **9/30/24** | $1388275 | $1180588 | $1248175 | $2220589 |
| **10/31/24** | $1334722 | $1164612 | $1225783 | $2238192 |
| **11/30/24** | $1363558 | $1178445 | $1231723 | $2255919 |
| **12/31/24** | $1326962 | $1169402 | $1212246 | $2275028 |
| **1/31/25** | $1349805 | $1173932 | $1227924 | $2296226 |
| **2/28/25** | $1378878 | $1188068 | $1254696 | $2313189 |
| **3/31/25** | $1377445 | $1183110 | $1262741 | $2326068 |
| **4/30/25** | $1381644 | $1194759 | $1264242 | $2341854 |
| **5/31/25** | $1392143 | $1190809 | $1256813 | $2356434 |
| **6/30/25** | $1426459 | $1202213 | $1268808 | $2374586 |
| **7/31/25** | $1418005 | $1201251 | $1270358 | $2392190 |
| **8/31/25** | $1466611 | $1207833 | $1289898 | $2412605 |
| **9/30/25** | $1488633 | $1216730 | $1295494 | $2432046 |
| **10/31/25** | $1499281 | $1226335 | $1300088 | $2450838 |
| **11/30/25** | $1522707 | $1228914 | $1302485 | $2463384 |
| **12/31/25** | $1531247 | $1226279 | $1297224 | $2483269 |
| **1/31/26** | $1582512 | $1229243 | $1301241 | $2500388 |
| **2/28/26** | $1658294 | $1246523 | $1318245 | $2519850 |
| **3/31/26** | $1573823 | $1224396 | $1300619 | $2553695 |

---

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 | 14.26% | 3.09% | 4.64% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Consumer Price Index +650 Basis Points | 9.79% | 11.01% | 9.83% |

---

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 | $966014 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $1972 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 141.5% |
| Other Assets and Liabilities, Net | (41.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 18.5% |
| PIMCO Total Return Fund | 17.1% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 14.6% |
| PIMCO All Asset: Multi-Real Fund | 12.5% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 11.2% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 8.1% |
| PIMCO High Yield Fund | 7.0% |
| PIMCO TRENDS Managed Futures Strategy Fund | 6.0% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.1% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.68% as a result of lower expenses related to interest by 0.51% and the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.17%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Institutional Class: PAUIX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS1860TSRAR_033126

# I-2: PAUPX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset All Authority 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 | $252 | 2.35% |

---

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

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

* Positions in emerging markets equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns. 

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

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

* There were no other material 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g24n10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1037267 | $1001698 | $1003462 | $1008872 |
| **5/31/16** | $1007453 | $1005932 | $996365 | $1016450 |
| **6/30/16** | $1043988 | $1025081 | $1017077 | $1024497 |
| **7/31/16** | $1066439 | $1031206 | $1025894 | $1029412 |
| **8/31/16** | $1071428 | $1030680 | $1021292 | $1036617 |
| **9/30/16** | $1084886 | $1030557 | $1026882 | $1044649 |
| **10/31/16** | $1092403 | $1020565 | $1022774 | $1052420 |
| **11/30/16** | $1053567 | $1003709 | $1003146 | $1059105 |
| **12/31/16** | $1075255 | $1006459 | $1002162 | $1067210 |
| **1/31/17** | $1099605 | $1002793 | $1010587 | $1076913 |
| **2/28/17** | $1114984 | $1011378 | $1015346 | $1084197 |
| **3/31/17** | $1125423 | $1010911 | $1014803 | $1089412 |
| **4/30/17** | $1131839 | $1017767 | $1020806 | $1096404 |
| **5/31/17** | $1144671 | $1023707 | $1020368 | $1101388 |
| **6/30/17** | $1144682 | $1020842 | $1010694 | $1107897 |
| **7/31/17** | $1168043 | $1024198 | $1015197 | $1114083 |
| **8/31/17** | $1183617 | $1033532 | $1025998 | $1123985 |
| **9/30/17** | $1179296 | $1028761 | $1019424 | $1135330 |
| **10/31/17** | $1184561 | $1033100 | $1021605 | $1142094 |
| **11/30/17** | $1183245 | $1034700 | $1022931 | $1150956 |
| **12/31/17** | $1204996 | $1037013 | $1032296 | $1159309 |
| **1/31/18** | $1226586 | $1029610 | $1023444 | $1170080 |
| **2/28/18** | $1196900 | $1027288 | $1013498 | $1179211 |
| **3/31/18** | $1206210 | $1035806 | $1024144 | $1185617 |
| **4/30/18** | $1208918 | $1031952 | $1023556 | $1194762 |
| **5/31/18** | $1183196 | $1035807 | $1027920 | $1203618 |
| **6/30/18** | $1166340 | $1037738 | $1032044 | $1211015 |
| **7/31/18** | $1174515 | $1038022 | $1027078 | $1218295 |
| **8/31/18** | $1143176 | $1041212 | $1034476 | $1226750 |
| **9/30/18** | $1151719 | $1037229 | $1023582 | $1235603 |
| **10/31/18** | $1127010 | $1035202 | $1008911 | $1244792 |
| **11/30/18** | $1128383 | $1040267 | $1013731 | $1250483 |
| **12/31/18** | $1129939 | $1055294 | $1019270 | $1257878 |
| **1/31/19** | $1174111 | $1066471 | $1032983 | $1263541 |
| **2/28/19** | $1171261 | $1067753 | $1032848 | $1273770 |
| **3/31/19** | $1171445 | $1086877 | $1051833 | $1285010 |
| **4/30/19** | $1171445 | $1087524 | $1055329 | $1296324 |
| **5/31/19** | $1167149 | $1103173 | $1072766 | $1303469 |
| **6/30/19** | $1193223 | $1118641 | $1081965 | $1309970 |
| **7/31/19** | $1181722 | $1127444 | $1085809 | $1319735 |
| **8/31/19** | $1158720 | $1153012 | $1111650 | $1327805 |
| **9/30/19** | $1173271 | $1147669 | $1096518 | $1336731 |
| **10/31/19** | $1189165 | $1145688 | $1099322 | $1347288 |
| **11/30/19** | $1180496 | $1144344 | $1100999 | $1357928 |
| **12/31/19** | $1214771 | $1141998 | $1105173 | $1368817 |
| **1/31/20** | $1185464 | $1162607 | $1128378 | $1378520 |
| **2/29/20** | $1150295 | $1176836 | $1143995 | $1386388 |
| **3/31/20** | $978098 | $1158521 | $1123882 | $1387734 |
| **4/30/20** | $1036842 | $1177276 | $1155144 | $1384643 |
| **5/31/20** | $1072089 | $1180613 | $1158615 | $1390778 |
| **6/30/20** | $1106331 | $1186505 | $1171548 | $1404506 |
| **7/31/20** | $1141687 | $1199470 | $1198467 | $1418673 |
| **8/31/20** | $1137267 | $1190779 | $1211560 | $1431123 |
| **9/30/20** | $1122822 | $1195129 | $1207092 | $1442213 |
| **10/31/20** | $1110877 | $1195216 | $1199296 | $1451438 |
| **11/30/20** | $1215395 | $1202035 | $1212744 | $1462159 |
| **12/31/20** | $1269216 | $1205728 | $1226657 | $1475865 |
| **1/31/21** | $1301406 | $1199261 | $1230713 | $1487063 |
| **2/28/21** | $1328997 | $1180606 | $1210888 | $1499653 |
| **3/31/21** | $1344955 | $1175955 | $1208598 | $1514959 |
| **4/30/21** | $1378183 | $1179029 | $1225511 | $1531874 |
| **5/31/21** | $1419323 | $1181661 | $1240355 | $1549580 |
| **6/30/21** | $1431159 | $1187424 | $1247867 | $1570176 |
| **7/31/21** | $1432787 | $1202182 | $1281123 | $1585299 |
| **8/31/21** | $1440928 | $1199773 | $1278870 | $1597877 |
| **9/30/21** | $1419976 | $1188446 | $1269727 | $1613133 |
| **10/31/21** | $1446831 | $1185338 | $1284134 | $1636280 |
| **11/30/21** | $1409905 | $1193793 | $1295618 | $1658117 |
| **12/31/21** | $1464524 | $1188952 | $1299718 | $1677679 |
| **1/31/22** | $1436155 | $1170272 | $1273431 | $1696126 |
| **2/28/22** | $1413106 | $1154705 | $1284307 | $1716162 |
| **3/31/22** | $1423729 | $1129814 | $1260428 | $1743297 |
| **4/30/22** | $1364256 | $1099449 | $1234667 | $1757545 |
| **5/31/22** | $1362454 | $1097936 | $1222418 | $1782609 |
| **6/30/22** | $1254008 | $1081273 | $1183735 | $1813229 |
| **7/31/22** | $1305192 | $1108814 | $1235269 | $1822501 |
| **8/31/22** | $1266804 | $1079868 | $1202417 | $1833126 |
| **9/30/22** | $1145898 | $1045202 | $1122842 | $1850136 |
| **10/31/22** | $1180789 | $1041624 | $1136792 | $1869594 |
| **11/30/22** | $1257917 | $1068168 | $1157553 | $1884000 |
| **12/31/22** | $1234041 | $1055562 | $1145757 | $1894177 |
| **1/31/23** | $1315534 | $1079874 | $1166747 | $1913691 |
| **2/28/23** | $1263146 | $1062650 | $1150748 | $1929959 |
| **3/31/23** | $1275834 | $1086213 | $1184009 | $1942342 |
| **4/30/23** | $1283674 | $1091806 | $1185307 | $1958786 |
| **5/31/23** | $1238598 | $1087507 | $1171128 | $1972133 |
| **6/30/23** | $1264150 | $1086858 | $1167183 | $1986767 |
| **7/31/23** | $1287742 | $1087210 | $1168648 | $2000882 |
| **8/31/23** | $1254320 | $1085844 | $1158211 | $2020517 |
| **9/30/23** | $1217771 | $1067119 | $1136833 | $2038613 |
| **10/31/23** | $1190139 | $1059542 | $1128608 | $2051903 |
| **11/30/23** | $1245402 | $1095972 | $1159183 | $2065492 |
| **12/31/23** | $1300990 | $1130998 | $1190389 | $2080108 |
| **1/31/24** | $1294976 | $1128781 | $1192502 | $2097183 |
| **2/29/24** | $1284953 | $1121036 | $1179688 | $2116336 |
| **3/31/24** | $1305708 | $1131144 | $1189396 | $2136320 |
| **4/30/24** | $1269382 | $1112932 | $1169341 | $2151938 |
| **5/31/24** | $1295618 | $1122780 | $1189428 | $2164303 |
| **6/30/24** | $1294500 | $1132522 | $1198763 | $2174919 |
| **7/31/24** | $1331022 | $1154402 | $1220143 | $2189795 |
| **8/31/24** | $1349283 | $1167045 | $1229715 | $2204529 |
| **9/30/24** | $1374574 | $1180588 | $1248175 | $2220589 |
| **10/31/24** | $1323589 | $1164612 | $1225783 | $2238192 |
| **11/30/24** | $1352141 | $1178445 | $1231723 | $2255919 |
| **12/31/24** | $1315502 | $1169402 | $1212246 | $2275028 |
| **1/31/25** | $1336057 | $1173932 | $1227924 | $2296226 |
| **2/28/25** | $1364833 | $1188068 | $1254696 | $2313189 |
| **3/31/25** | $1365182 | $1183110 | $1262741 | $2326068 |
| **4/30/25** | $1369338 | $1194759 | $1264242 | $2341854 |
| **5/31/25** | $1379727 | $1190809 | $1256813 | $2356434 |
| **6/30/25** | $1413415 | $1202213 | $1268808 | $2374586 |
| **7/31/25** | $1402961 | $1201251 | $1270358 | $2392190 |
| **8/31/25** | $1451050 | $1207833 | $1289898 | $2412605 |
| **9/30/25** | $1472485 | $1216730 | $1295494 | $2432046 |
| **10/31/25** | $1485124 | $1226335 | $1300088 | $2450838 |
| **11/30/25** | $1508296 | $1228914 | $1302485 | $2463384 |
| **12/31/25** | $1514214 | $1226279 | $1297224 | $2483269 |
| **1/31/26** | $1567112 | $1229243 | $1301241 | $2500388 |
| **2/28/26** | $1639847 | $1246523 | $1318245 | $2519850 |
| **3/31/26** | $1558169 | $1224396 | $1300619 | $2553695 |

---

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 | 14.14% | 2.99% | 4.53% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Consumer Price Index +650 Basis Points | 9.79% | 11.01% | 9.83% |

---

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 | $966014 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $1972 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 141.5% |
| Other Assets and Liabilities, Net | (41.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 18.5% |
| PIMCO Total Return Fund | 17.1% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 14.6% |
| PIMCO All Asset: Multi-Real Fund | 12.5% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 11.2% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 8.1% |
| PIMCO High Yield Fund | 7.0% |
| PIMCO TRENDS Managed Futures Strategy Fund | 6.0% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.1% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.68% as a result of lower expenses related to interest by 0.51% and the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.17%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# I-2: PAUPX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS1932TSRAR_033126

# I-3: PAUNX

# PIMCO All Asset All Authority Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO All Asset All Authority 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 | $257 | 2.40% |

---

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

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

* Positions in emerging markets equities, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns. 

* Positions in emerging markets bonds, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

* Positions in liquid alternatives, through exposure to certain UPFs, contributed to performance, as these exposures posted positive returns.

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

* There were no other material 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. 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](g119941g72b12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **Consumer Price Index +650 Basis Points** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1037147 | $1001698 | $1003462 | $1008872 |
| **5/31/16** | $1007130 | $1005932 | $996365 | $1016450 |
| **6/30/16** | $1044975 | $1025081 | $1017077 | $1024497 |
| **7/31/16** | $1066020 | $1031206 | $1025894 | $1029412 |
| **8/31/16** | $1070830 | $1030680 | $1021292 | $1036617 |
| **9/30/16** | $1085644 | $1030557 | $1026882 | $1044649 |
| **10/31/16** | $1092981 | $1020565 | $1022774 | $1052420 |
| **11/30/16** | $1053952 | $1003709 | $1003146 | $1059105 |
| **12/31/16** | $1075817 | $1006459 | $1002162 | $1067210 |
| **1/31/17** | $1098712 | $1002793 | $1010587 | $1076913 |
| **2/28/17** | $1115208 | $1011378 | $1015346 | $1084197 |
| **3/31/17** | $1124374 | $1010911 | $1014803 | $1089412 |
| **4/30/17** | $1130606 | $1017767 | $1020806 | $1096404 |
| **5/31/17** | $1143246 | $1023707 | $1020368 | $1101388 |
| **6/30/17** | $1143273 | $1020842 | $1010694 | $1107897 |
| **7/31/17** | $1167733 | $1024198 | $1015197 | $1114083 |
| **8/31/17** | $1181807 | $1033532 | $1025998 | $1123985 |
| **9/30/17** | $1178886 | $1028761 | $1019424 | $1135330 |
| **10/31/17** | $1182632 | $1033100 | $1021605 | $1142094 |
| **11/30/17** | $1181122 | $1034700 | $1022931 | $1150956 |
| **12/31/17** | $1202980 | $1037013 | $1032296 | $1159309 |
| **1/31/18** | $1224352 | $1029610 | $1023444 | $1170080 |
| **2/28/18** | $1194503 | $1027288 | $1013498 | $1179211 |
| **3/31/18** | $1203859 | $1035806 | $1024144 | $1185617 |
| **4/30/18** | $1206385 | $1031952 | $1023556 | $1194762 |
| **5/31/18** | $1182041 | $1035807 | $1027920 | $1203618 |
| **6/30/18** | $1165506 | $1037738 | $1032044 | $1211015 |
| **7/31/18** | $1172314 | $1038022 | $1027078 | $1218295 |
| **8/31/18** | $1140998 | $1041212 | $1034476 | $1226750 |
| **9/30/18** | $1149590 | $1037229 | $1023582 | $1235603 |
| **10/31/18** | $1124897 | $1035202 | $1008911 | $1244792 |
| **11/30/18** | $1126269 | $1040267 | $1013731 | $1250483 |
| **12/31/18** | $1127726 | $1055294 | $1019270 | $1257878 |
| **1/31/19** | $1173290 | $1066471 | $1032983 | $1263541 |
| **2/28/19** | $1169019 | $1067753 | $1032848 | $1273770 |
| **3/31/19** | $1169048 | $1086877 | $1051833 | $1285010 |
| **4/30/19** | $1169048 | $1087524 | $1055329 | $1296324 |
| **5/31/19** | $1164756 | $1103173 | $1072766 | $1303469 |
| **6/30/19** | $1191127 | $1118641 | $1081965 | $1309970 |
| **7/31/19** | $1179646 | $1127444 | $1085809 | $1319735 |
| **8/31/19** | $1156685 | $1153012 | $1111650 | $1327805 |
| **9/30/19** | $1169570 | $1147669 | $1096518 | $1336731 |
| **10/31/19** | $1186875 | $1145688 | $1099322 | $1347288 |
| **11/30/19** | $1178222 | $1144344 | $1100999 | $1357928 |
| **12/31/19** | $1212165 | $1141998 | $1105173 | $1368817 |
| **1/31/20** | $1182921 | $1162607 | $1128378 | $1378520 |
| **2/29/20** | $1147828 | $1176836 | $1143995 | $1386388 |
| **3/31/20** | $975866 | $1158521 | $1123882 | $1387734 |
| **4/30/20** | $1034477 | $1177276 | $1155144 | $1384643 |
| **5/31/20** | $1069643 | $1180613 | $1158615 | $1390778 |
| **6/30/20** | $1103692 | $1186505 | $1171548 | $1404506 |
| **7/31/20** | $1140432 | $1199470 | $1198467 | $1418673 |
| **8/31/20** | $1136023 | $1190779 | $1211560 | $1431123 |
| **9/30/20** | $1120071 | $1195129 | $1207092 | $1442213 |
| **10/31/20** | $1108156 | $1195216 | $1199296 | $1451438 |
| **11/30/20** | $1212418 | $1202035 | $1212744 | $1462159 |
| **12/31/20** | $1266002 | $1205728 | $1226657 | $1475865 |
| **1/31/21** | $1298111 | $1199261 | $1230713 | $1487063 |
| **2/28/21** | $1325633 | $1180606 | $1210888 | $1499653 |
| **3/31/21** | $1341392 | $1175955 | $1208598 | $1514959 |
| **4/30/21** | $1374532 | $1179029 | $1225511 | $1531874 |
| **5/31/21** | $1417141 | $1181661 | $1240355 | $1549580 |
| **6/30/21** | $1427279 | $1187424 | $1247867 | $1570176 |
| **7/31/21** | $1428903 | $1202182 | $1281123 | $1585299 |
| **8/31/21** | $1437022 | $1199773 | $1278870 | $1597877 |
| **9/30/21** | $1416112 | $1188446 | $1269727 | $1613133 |
| **10/31/21** | $1442894 | $1185338 | $1284134 | $1636280 |
| **11/30/21** | $1406068 | $1193793 | $1295618 | $1658117 |
| **12/31/21** | $1460400 | $1188952 | $1299718 | $1677679 |
| **1/31/22** | $1432111 | $1170272 | $1273431 | $1696126 |
| **2/28/22** | $1409126 | $1154705 | $1284307 | $1716162 |
| **3/31/22** | $1419337 | $1129814 | $1260428 | $1743297 |
| **4/30/22** | $1360048 | $1099449 | $1234667 | $1757545 |
| **5/31/22** | $1358252 | $1097936 | $1222418 | $1782609 |
| **6/30/22** | $1250021 | $1081273 | $1183735 | $1813229 |
| **7/31/22** | $1301042 | $1108814 | $1235269 | $1822501 |
| **8/31/22** | $1262776 | $1079868 | $1202417 | $1833126 |
| **9/30/22** | $1141736 | $1045202 | $1122842 | $1850136 |
| **10/31/22** | $1178330 | $1041624 | $1136792 | $1869594 |
| **11/30/22** | $1253348 | $1068168 | $1157553 | $1884000 |
| **12/31/22** | $1229422 | $1055562 | $1145757 | $1894177 |
| **1/31/23** | $1310610 | $1079874 | $1166747 | $1913691 |
| **2/28/23** | $1258418 | $1062650 | $1150748 | $1929959 |
| **3/31/23** | $1270914 | $1086213 | $1184009 | $1942342 |
| **4/30/23** | $1278723 | $1091806 | $1185307 | $1958786 |
| **5/31/23** | $1233821 | $1087507 | $1171128 | $1972133 |
| **6/30/23** | $1259169 | $1086858 | $1167183 | $1986767 |
| **7/31/23** | $1282669 | $1087210 | $1168648 | $2000882 |
| **8/31/23** | $1249378 | $1085844 | $1158211 | $2020517 |
| **9/30/23** | $1212791 | $1067119 | $1136833 | $2038613 |
| **10/31/23** | $1187238 | $1059542 | $1128608 | $2051903 |
| **11/30/23** | $1240310 | $1095972 | $1159183 | $2065492 |
| **12/31/23** | $1297437 | $1130998 | $1190389 | $2080108 |
| **1/31/24** | $1291449 | $1128781 | $1192502 | $2097183 |
| **2/29/24** | $1279472 | $1121036 | $1179688 | $2116336 |
| **3/31/24** | $1300024 | $1131144 | $1189396 | $2136320 |
| **4/30/24** | $1263856 | $1112932 | $1169341 | $2151938 |
| **5/31/24** | $1289977 | $1122780 | $1189428 | $2164303 |
| **6/30/24** | $1288730 | $1132522 | $1198763 | $2174919 |
| **7/31/24** | $1325089 | $1154402 | $1220143 | $2189795 |
| **8/31/24** | $1343269 | $1167045 | $1229715 | $2204529 |
| **9/30/24** | $1368241 | $1180588 | $1248175 | $2220589 |
| **10/31/24** | $1317490 | $1164612 | $1225783 | $2238192 |
| **11/30/24** | $1345911 | $1178445 | $1231723 | $2255919 |
| **12/31/24** | $1309268 | $1169402 | $1212246 | $2275028 |
| **1/31/25** | $1329725 | $1173932 | $1227924 | $2296226 |
| **2/28/25** | $1358366 | $1188068 | $1254696 | $2313189 |
| **3/31/25** | $1358558 | $1183110 | $1262741 | $2326068 |
| **4/30/25** | $1362694 | $1194759 | $1264242 | $2341854 |
| **5/31/25** | $1373033 | $1190809 | $1256813 | $2356434 |
| **6/30/25** | $1406392 | $1202213 | $1268808 | $2374586 |
| **7/31/25** | $1395990 | $1201251 | $1270358 | $2392190 |
| **8/31/25** | $1443840 | $1207833 | $1289898 | $2412605 |
| **9/30/25** | $1464990 | $1216730 | $1295494 | $2432046 |
| **10/31/25** | $1477565 | $1226335 | $1300088 | $2450838 |
| **11/30/25** | $1500619 | $1228914 | $1302485 | $2463384 |
| **12/31/25** | $1506104 | $1226279 | $1297224 | $2483269 |
| **1/31/26** | $1558719 | $1229243 | $1301241 | $2500388 |
| **2/28/26** | $1631065 | $1246523 | $1318245 | $2519850 |
| **3/31/26** | $1549638 | $1224396 | $1300619 | $2553695 |

---

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 | 14.06% | 2.93% | 4.48% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| Consumer Price Index +650 Basis Points | 9.79% | 11.01% | 9.83% |

---

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 | $966014 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $1972 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 141.5% |
| Other Assets and Liabilities, Net | (41.5%) |
| 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. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 18.5% |
| PIMCO Total Return Fund | 17.1% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 14.6% |
| PIMCO All Asset: Multi-Real Fund | 12.5% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 11.2% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 8.1% |
| PIMCO High Yield Fund | 7.0% |
| PIMCO TRENDS Managed Futures Strategy Fund | 6.0% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.1% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.68% as a result of lower expenses related to interest by 0.51% and the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds by 0.17%.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# I-3: PAUNX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS2174TSRAR_033126

# Class A: PGMAX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Core Asset Allocation 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 | 1.24% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance versus the 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate (USD Hedged) Index ("Index"), as these securities posted positive returns during the period.

* Overweight exposure to South Korean equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* Overweight exposure to eurozone equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* U.K. duration and curve positioning, particularly overweight exposure to the 2-year, 12-year, and 15-year tenors of the curve over most of the period, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Australian duration and curve positioning, particularly overweight exposure to the 3-year, 5-year, and 7-year tenors of the curve, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Underweight exposure to the Offshore Chinese Renminbi ("CNH") detracted from relative performance versus the Index, as the CNH appreciated against the U.S. dollar during the period.

## 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](g119941g68j51.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $9454 | $10000 | $10000 | $10000 |
| **4/30/16** | $9577 | $10148 | $10017 | $10095 |
| **5/31/16** | $9604 | $10160 | $10059 | $10120 |
| **6/30/16** | $9571 | $10099 | $10251 | $10160 |
| **7/31/16** | $9907 | $10534 | $10312 | $10447 |
| **8/31/16** | $9960 | $10570 | $10307 | $10466 |
| **9/30/16** | $9991 | $10634 | $10306 | $10504 |
| **10/31/16** | $9893 | $10454 | $10206 | $10357 |
| **11/30/16** | $9840 | $10533 | $10037 | $10335 |
| **12/31/16** | $10011 | $10761 | $10065 | $10481 |
| **1/31/17** | $10181 | $11055 | $10028 | $10637 |
| **2/28/17** | $10359 | $11365 | $10114 | $10853 |
| **3/31/17** | $10456 | $11504 | $10109 | $10930 |
| **4/30/17** | $10582 | $11683 | $10178 | $11062 |
| **5/31/17** | $10707 | $11941 | $10237 | $11235 |
| **6/30/17** | $10734 | $11996 | $10208 | $11253 |
| **7/31/17** | $10896 | $12331 | $10242 | $11456 |
| **8/31/17** | $10940 | $12378 | $10335 | $11524 |
| **9/30/17** | $11086 | $12617 | $10288 | $11637 |
| **10/31/17** | $11230 | $12879 | $10331 | $11801 |
| **11/30/17** | $11356 | $13129 | $10347 | $11946 |
| **12/31/17** | $11438 | $13340 | $10370 | $12072 |
| **1/31/18** | $11818 | $14093 | $10296 | $12446 |
| **2/28/18** | $11411 | $13501 | $10273 | $12121 |
| **3/31/18** | $11315 | $13212 | $10358 | $12006 |
| **4/30/18** | $11406 | $13338 | $10320 | $12057 |
| **5/31/18** | $11378 | $13355 | $10358 | $12084 |
| **6/30/18** | $11337 | $13283 | $10377 | $12053 |
| **7/31/18** | $11539 | $13683 | $10380 | $12273 |
| **8/31/18** | $11521 | $13791 | $10412 | $12346 |
| **9/30/18** | $11594 | $13851 | $10372 | $12359 |
| **10/31/18** | $11087 | $12813 | $10352 | $11794 |
| **11/30/18** | $11161 | $13000 | $10403 | $11920 |
| **12/31/18** | $10804 | $12084 | $10553 | $11485 |
| **1/31/19** | $11407 | $13039 | $10665 | $12078 |
| **2/28/19** | $11537 | $13387 | $10678 | $12278 |
| **3/31/19** | $11658 | $13556 | $10869 | $12459 |
| **4/30/19** | $11854 | $14013 | $10875 | $12714 |
| **5/31/19** | $11443 | $13182 | $11032 | $12335 |
| **6/30/19** | $11826 | $14045 | $11186 | $12888 |
| **7/31/19** | $11882 | $14087 | $11274 | $12952 |
| **8/31/19** | $11667 | $13752 | $11530 | $12885 |
| **9/30/19** | $11808 | $14042 | $11477 | $13024 |
| **10/31/19** | $11976 | $14426 | $11457 | $13228 |
| **11/30/19** | $12125 | $14778 | $11443 | $13416 |
| **12/31/19** | $12404 | $15299 | $11420 | $13688 |
| **1/31/20** | $12375 | $15130 | $11626 | $13696 |
| **2/29/20** | $11693 | $13908 | $11768 | $13100 |
| **3/31/20** | $10511 | $12030 | $11585 | $11957 |
| **4/30/20** | $11405 | $13319 | $11773 | $12803 |
| **5/31/20** | $11887 | $13898 | $11806 | $13152 |
| **6/30/20** | $12157 | $14342 | $11865 | $13430 |
| **7/31/20** | $12703 | $15101 | $11995 | $13915 |
| **8/31/20** | $13169 | $16025 | $11908 | $14386 |
| **9/30/20** | $12889 | $15508 | $11951 | $14128 |
| **10/31/20** | $12640 | $15131 | $11952 | $13923 |
| **11/30/20** | $13670 | $16996 | $12020 | $14984 |
| **12/31/20** | $14193 | $17785 | $12057 | $15420 |
| **1/31/21** | $14065 | $17705 | $11993 | $15345 |
| **2/28/21** | $14193 | $18115 | $11806 | $15463 |
| **3/31/21** | $14450 | $18598 | $11760 | $15686 |
| **4/30/21** | $14859 | $19412 | $11790 | $16114 |
| **5/31/21** | $15074 | $19714 | $11817 | $16279 |
| **6/30/21** | $15182 | $19974 | $11874 | $16439 |
| **7/31/21** | $15311 | $20111 | $12022 | $16589 |
| **8/31/21** | $15548 | $20614 | $11998 | $16825 |
| **9/30/21** | $15085 | $19763 | $11884 | $16344 |
| **10/31/21** | $15440 | $20772 | $11853 | $16828 |
| **11/30/21** | $15290 | $20271 | $11938 | $16633 |
| **12/31/21** | $15731 | $21082 | $11890 | $17005 |
| **1/31/22** | $15063 | $20047 | $11703 | $16397 |
| **2/28/22** | $14621 | $19529 | $11547 | $16055 |
| **3/31/22** | $14697 | $19952 | $11298 | $16126 |
| **4/30/22** | $13759 | $18355 | $10994 | $15178 |
| **5/31/22** | $13781 | $18377 | $10979 | $15180 |
| **6/30/22** | $12860 | $16828 | $10813 | $14320 |
| **7/31/22** | $13564 | $18003 | $11088 | $15066 |
| **8/31/22** | $13185 | $17340 | $10799 | $14576 |
| **9/30/22** | $12297 | $15680 | $10452 | $13552 |
| **10/31/22** | $12665 | $16626 | $10416 | $14024 |
| **11/30/22** | $13326 | $17916 | $10682 | $14819 |
| **12/31/22** | $12946 | $17211 | $10556 | $14400 |
| **1/31/23** | $13565 | $18444 | $10799 | $15151 |
| **2/28/23** | $13120 | $17916 | $10626 | $14794 |
| **3/31/23** | $13394 | $18468 | $10862 | $15199 |
| **4/30/23** | $13503 | $18734 | $10918 | $15362 |
| **5/31/23** | $13339 | $18533 | $10875 | $15239 |
| **6/30/23** | $13757 | $19609 | $10869 | $15766 |
| **7/31/23** | $14074 | $20327 | $10872 | $16114 |
| **8/31/23** | $13757 | $19759 | $10858 | $15836 |
| **9/30/23** | $13237 | $18942 | $10671 | $15334 |
| **10/31/23** | $12874 | $18372 | $10595 | $15014 |
| **11/30/23** | $13886 | $20068 | $10960 | $16052 |
| **12/31/23** | $14526 | $21032 | $11310 | $16719 |
| **1/31/24** | $14570 | $21155 | $11288 | $16765 |
| **2/29/24** | $14900 | $22063 | $11210 | $17151 |
| **3/31/24** | $15280 | $22756 | $11311 | $17536 |
| **4/30/24** | $14746 | $22005 | $11129 | $17076 |
| **5/31/24** | $15280 | $22899 | $11228 | $17552 |
| **6/30/24** | $15536 | $23409 | $11325 | $17848 |
| **7/31/24** | $15747 | $23786 | $11544 | $18158 |
| **8/31/24** | $15992 | $24390 | $11670 | $18514 |
| **9/30/24** | $16236 | $24957 | $11806 | $18858 |
| **10/31/24** | $15936 | $24397 | $11646 | $18502 |
| **11/30/24** | $16336 | $25309 | $11784 | $19006 |
| **12/31/24** | $16134 | $24710 | $11694 | $18677 |
| **1/31/25** | $16615 | $25540 | $11739 | $19082 |
| **2/28/25** | $16782 | $25386 | $11881 | $19105 |
| **3/31/25** | $16430 | $24383 | $11831 | $18621 |
| **4/30/25** | $16397 | $24610 | $11948 | $18798 |
| **5/31/25** | $17037 | $26025 | $11908 | $19421 |
| **6/30/25** | $17610 | $27193 | $12022 | $20019 |
| **7/31/25** | $17745 | $27562 | $12013 | $20176 |
| **8/31/25** | $18127 | $28243 | $12078 | $20519 |
| **9/30/25** | $18567 | $29266 | $12167 | $21025 |
| **10/31/25** | $19008 | $29921 | $12263 | $21374 |
| **11/30/25** | $19132 | $29917 | $12289 | $21390 |
| **12/31/25** | $19526 | $30230 | $12263 | $21506 |
| **1/31/26** | $20336 | $31126 | $12292 | $21909 |
| **2/28/26** | $20987 | $31526 | $12465 | $22202 |
| **3/31/26** | $19701 | $29262 | $12244 | $21087 |

---

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) | 19.91% | 6.40% | 7.62% |
| Class A (including sales charge) | 13.32% | 5.20% | 7.02% |
| MSCI All Country World Index | 20.01% | 9.49% | 11.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 13.25% | 6.10% | 7.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate (USD Hedged) Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $308623 |
| # of Portfolio Holdings | 917 |
| Portfolio Turnover Rate | 476% |
| Total Net Advisory Fees Paid During the Reporting Period | $2176 |

---

---

| | |
|:---|:---|
| 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 | 17.8% |
| Sovereign Issues | 9.8% |
| Asset-Backed Securities | 6.8% |
| U.S. Treasury Obligations | 4.0% |
| Common Stocks | 2.4% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Corporate Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 72.6% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (21.1%) |
| 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)**.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class A shares of the Fund, stated as a percentage of the Fund's average daily net assets, decrease by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class A shares of the Fund.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PGMAX
![Image](g119941g89g96.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4090TSRAR_033126

# Class C: PGMCX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Core Asset Allocation 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 | $218 | 1.99% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance versus the 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate (USD Hedged) Index ("Index"), as these securities posted positive returns during the period.

* Overweight exposure to South Korean equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* Overweight exposure to eurozone equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* U.K. duration and curve positioning, particularly overweight exposure to the 2-year, 12-year, and 15-year tenors of the curve over most of the period, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Australian duration and curve positioning, particularly overweight exposure to the 3-year, 5-year, and 7-year tenors of the curve, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Underweight exposure to the Offshore Chinese Renminbi ("CNH") detracted from relative performance versus the Index, as the CNH appreciated against the U.S. dollar during the period.

## 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](g119941g54q25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10124 | $10148 | $10017 | $10095 |
| **5/31/16** | $10143 | $10160 | $10059 | $10120 |
| **6/30/16** | $10103 | $10099 | $10251 | $10160 |
| **7/31/16** | $10457 | $10534 | $10312 | $10447 |
| **8/31/16** | $10505 | $10570 | $10307 | $10466 |
| **9/30/16** | $10528 | $10634 | $10306 | $10504 |
| **10/31/16** | $10413 | $10454 | $10206 | $10357 |
| **11/30/16** | $10355 | $10533 | $10037 | $10335 |
| **12/31/16** | $10535 | $10761 | $10065 | $10481 |
| **1/31/17** | $10699 | $11055 | $10028 | $10637 |
| **2/28/17** | $10882 | $11365 | $10114 | $10853 |
| **3/31/17** | $10981 | $11504 | $10109 | $10930 |
| **4/30/17** | $11097 | $11683 | $10178 | $11062 |
| **5/31/17** | $11232 | $11941 | $10237 | $11235 |
| **6/30/17** | $11251 | $11996 | $10208 | $11253 |
| **7/31/17** | $11406 | $12331 | $10242 | $11456 |
| **8/31/17** | $11444 | $12378 | $10335 | $11524 |
| **9/30/17** | $11599 | $12617 | $10288 | $11637 |
| **10/31/17** | $11734 | $12879 | $10331 | $11801 |
| **11/30/17** | $11870 | $13129 | $10347 | $11946 |
| **12/31/17** | $11944 | $13340 | $10370 | $12072 |
| **1/31/18** | $12332 | $14093 | $10296 | $12446 |
| **2/28/18** | $11896 | $13501 | $10273 | $12121 |
| **3/31/18** | $11792 | $13212 | $10358 | $12006 |
| **4/30/18** | $11880 | $13338 | $10320 | $12057 |
| **5/31/18** | $11841 | $13355 | $10358 | $12084 |
| **6/30/18** | $11790 | $13283 | $10377 | $12053 |
| **7/31/18** | $11996 | $13683 | $10380 | $12273 |
| **8/31/18** | $11966 | $13791 | $10412 | $12346 |
| **9/30/18** | $12031 | $13851 | $10372 | $12359 |
| **10/31/18** | $11500 | $12813 | $10352 | $11794 |
| **11/30/18** | $11569 | $13000 | $10403 | $11920 |
| **12/31/18** | $11191 | $12084 | $10553 | $11485 |
| **1/31/19** | $11813 | $13039 | $10665 | $12078 |
| **2/28/19** | $11941 | $13387 | $10678 | $12278 |
| **3/31/19** | $12059 | $13556 | $10869 | $12459 |
| **4/30/19** | $12248 | $14013 | $10875 | $12714 |
| **5/31/19** | $11821 | $13182 | $11032 | $12335 |
| **6/30/19** | $12208 | $14045 | $11186 | $12888 |
| **7/31/19** | $12258 | $14087 | $11274 | $12952 |
| **8/31/19** | $12029 | $13752 | $11530 | $12885 |
| **9/30/19** | $12169 | $14042 | $11477 | $13024 |
| **10/31/19** | $12338 | $14426 | $11457 | $13228 |
| **11/30/19** | $12477 | $14778 | $11443 | $13416 |
| **12/31/19** | $12759 | $15299 | $11420 | $13688 |
| **1/31/20** | $12719 | $15130 | $11626 | $13696 |
| **2/29/20** | $12018 | $13908 | $11768 | $13100 |
| **3/31/20** | $10789 | $12030 | $11585 | $11957 |
| **4/30/20** | $11701 | $13319 | $11773 | $12803 |
| **5/31/20** | $12188 | $13898 | $11806 | $13152 |
| **6/30/20** | $12455 | $14342 | $11865 | $13430 |
| **7/31/20** | $13010 | $15101 | $11995 | $13915 |
| **8/31/20** | $13480 | $16025 | $11908 | $14386 |
| **9/30/20** | $13176 | $15508 | $11951 | $14128 |
| **10/31/20** | $12923 | $15131 | $11952 | $13923 |
| **11/30/20** | $13954 | $16996 | $12020 | $14984 |
| **12/31/20** | $14494 | $17785 | $12057 | $15420 |
| **1/31/21** | $14348 | $17705 | $11993 | $15345 |
| **2/28/21** | $14471 | $18115 | $11806 | $15463 |
| **3/31/21** | $14723 | $18598 | $11760 | $15686 |
| **4/30/21** | $15129 | $19412 | $11790 | $16114 |
| **5/31/21** | $15332 | $19714 | $11817 | $16279 |
| **6/30/21** | $15434 | $19974 | $11874 | $16439 |
| **7/31/21** | $15546 | $20111 | $12022 | $16589 |
| **8/31/21** | $15783 | $20614 | $11998 | $16825 |
| **9/30/21** | $15310 | $19763 | $11884 | $16344 |
| **10/31/21** | $15659 | $20772 | $11853 | $16828 |
| **11/30/21** | $15490 | $20271 | $11938 | $16633 |
| **12/31/21** | $15941 | $21082 | $11890 | $17005 |
| **1/31/22** | $15253 | $20047 | $11703 | $16397 |
| **2/28/22** | $14791 | $19529 | $11547 | $16055 |
| **3/31/22** | $14847 | $19952 | $11298 | $16126 |
| **4/30/22** | $13900 | $18355 | $10994 | $15178 |
| **5/31/22** | $13923 | $18377 | $10979 | $15180 |
| **6/30/22** | $12975 | $16828 | $10813 | $14320 |
| **7/31/22** | $13677 | $18003 | $11088 | $15066 |
| **8/31/22** | $13281 | $17340 | $10799 | $14576 |
| **9/30/22** | $12387 | $15680 | $10452 | $13552 |
| **10/31/22** | $12749 | $16626 | $10416 | $14024 |
| **11/30/22** | $13405 | $17916 | $10682 | $14819 |
| **12/31/22** | $13009 | $17211 | $10556 | $14400 |
| **1/31/23** | $13620 | $18444 | $10799 | $15151 |
| **2/28/23** | $13168 | $17916 | $10626 | $14794 |
| **3/31/23** | $13444 | $18468 | $10862 | $15199 |
| **4/30/23** | $13546 | $18734 | $10918 | $15362 |
| **5/31/23** | $13365 | $18533 | $10875 | $15239 |
| **6/30/23** | $13780 | $19609 | $10869 | $15766 |
| **7/31/23** | $14087 | $20327 | $10872 | $16114 |
| **8/31/23** | $13757 | $19759 | $10858 | $15836 |
| **9/30/23** | $13236 | $18942 | $10671 | $15334 |
| **10/31/23** | $12871 | $18372 | $10595 | $15014 |
| **11/30/23** | $13853 | $20068 | $10960 | $16052 |
| **12/31/23** | $14492 | $21032 | $11310 | $16719 |
| **1/31/24** | $14526 | $21155 | $11288 | $16765 |
| **2/29/24** | $14845 | $22063 | $11210 | $17151 |
| **3/31/24** | $15225 | $22756 | $11311 | $17536 |
| **4/30/24** | $14684 | $22005 | $11129 | $17076 |
| **5/31/24** | $15202 | $22899 | $11228 | $17552 |
| **6/30/24** | $15443 | $23409 | $11325 | $17848 |
| **7/31/24** | $15639 | $23786 | $11544 | $18158 |
| **8/31/24** | $15881 | $24390 | $11670 | $18514 |
| **9/30/24** | $16111 | $24957 | $11806 | $18858 |
| **10/31/24** | $15800 | $24397 | $11646 | $18502 |
| **11/30/24** | $16191 | $25309 | $11784 | $19006 |
| **12/31/24** | $15973 | $24710 | $11694 | $18677 |
| **1/31/25** | $16433 | $25540 | $11739 | $19082 |
| **2/28/25** | $16594 | $25386 | $11881 | $19105 |
| **3/31/25** | $16240 | $24383 | $11831 | $18621 |
| **4/30/25** | $16205 | $24610 | $11948 | $18798 |
| **5/31/25** | $16818 | $26025 | $11908 | $19421 |
| **6/30/25** | $17373 | $27193 | $12022 | $20019 |
| **7/31/25** | $17489 | $27562 | $12013 | $20176 |
| **8/31/25** | $17859 | $28243 | $12078 | $20519 |
| **9/30/25** | $18286 | $29266 | $12167 | $21025 |
| **10/31/25** | $18703 | $29921 | $12263 | $21374 |
| **11/30/25** | $18808 | $29917 | $12289 | $21390 |
| **12/31/25** | $19197 | $30230 | $12263 | $21506 |
| **1/31/26** | $19969 | $31126 | $12292 | $21909 |
| **2/28/26** | $20600 | $31526 | $12465 | $22202 |
| **3/31/26** | $19335 | $29262 | $12244 | $21087 |

---

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) | 19.06% | 5.60% | 6.82% |
| Class C (including sales charge) | 18.06% | 5.60% | 6.82% |
| MSCI All Country World Index | 20.01% | 9.49% | 11.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 13.25% | 6.10% | 7.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate (USD Hedged) Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $308623 |
| # of Portfolio Holdings | 917 |
| Portfolio Turnover Rate | 476% |
| Total Net Advisory Fees Paid During the Reporting Period | $2176 |

---

---

| | |
|:---|:---|
| 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 | 17.8% |
| Sovereign Issues | 9.8% |
| Asset-Backed Securities | 6.8% |
| U.S. Treasury Obligations | 4.0% |
| Common Stocks | 2.4% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Corporate Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 72.6% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (21.1%) |
| 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)**.

Change to Shareholder Expenses. Effective September 2, 2025, the supervisory and administrative fee for Class C shares of the Fund, stated as a percentage of the Fund's average daily net assets, decreased by 0.05%. This supervisory and administrative fee decrease will result in the Fund's Management Fees decreasing by 0.05% for Class C shares of the Fund.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PGMCX
![Image](g119941g89g96.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4290TSRAR_033126

# Institutional Class: PGAIX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Core Asset Allocation 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 | $90 | 0.82% |

---

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

* Overweight exposure to U.S. equities contributed to relative performance versus the 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate (USD Hedged) Index ("Index"), as these securities posted positive returns during the period.

* Overweight exposure to South Korean equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* Overweight exposure to eurozone equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* U.K. duration and curve positioning, particularly overweight exposure to the 2-year, 12-year, and 15-year tenors of the curve over most of the period, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Australian duration and curve positioning, particularly overweight exposure to the 3-year, 5-year, and 7-year tenors of the curve, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Underweight exposure to the Offshore Chinese Renminbi ("CNH") detracted from relative performance versus the Index, as the CNH appreciated against the U.S. dollar during the period.

## 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g39e58.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1012939 | $1014762 | $1001698 | $1009536 |
| **5/31/16** | $1016636 | $1016044 | $1005932 | $1012008 |
| **6/30/16** | $1013500 | $1009889 | $1025081 | $1016035 |
| **7/31/16** | $1049730 | $1053412 | $1031206 | $1044736 |
| **8/31/16** | $1055304 | $1056955 | $1030680 | $1046631 |
| **9/30/16** | $1059278 | $1063432 | $1030557 | $1050430 |
| **10/31/16** | $1049003 | $1045383 | $1020565 | $1035658 |
| **11/30/16** | $1043398 | $1053326 | $1003709 | $1033539 |
| **12/31/16** | $1063080 | $1076081 | $1006459 | $1048068 |
| **1/31/17** | $1080938 | $1105505 | $1002793 | $1063735 |
| **2/28/17** | $1099737 | $1136516 | $1011378 | $1085281 |
| **3/31/17** | $1111887 | $1150419 | $1010911 | $1093047 |
| **4/30/17** | $1125113 | $1168348 | $1017767 | $1106233 |
| **5/31/17** | $1139283 | $1194149 | $1023707 | $1123473 |
| **6/30/17** | $1142117 | $1199579 | $1020842 | $1125280 |
| **7/31/17** | $1160066 | $1233102 | $1024198 | $1145629 |
| **8/31/17** | $1164789 | $1237827 | $1033532 | $1152438 |
| **9/30/17** | $1180575 | $1261742 | $1028761 | $1163669 |
| **10/31/17** | $1195771 | $1287941 | $1033100 | $1180131 |
| **11/30/17** | $1210968 | $1312874 | $1034700 | $1194569 |
| **12/31/17** | $1220229 | $1334041 | $1037013 | $1207193 |
| **1/31/18** | $1260393 | $1409302 | $1029610 | $1244609 |
| **2/28/18** | $1218316 | $1350114 | $1027288 | $1212124 |
| **3/31/18** | $1208321 | $1321213 | $1035806 | $1200574 |
| **4/30/18** | $1217949 | $1333829 | $1031952 | $1205667 |
| **5/31/18** | $1216023 | $1335495 | $1035807 | $1208371 |
| **6/30/18** | $1211674 | $1328263 | $1037738 | $1205347 |
| **7/31/18** | $1234040 | $1368317 | $1038022 | $1227288 |
| **8/31/18** | $1233068 | $1379068 | $1041212 | $1234582 |
| **9/30/18** | $1240288 | $1385070 | $1037229 | $1235917 |
| **10/31/18** | $1186532 | $1281274 | $1035202 | $1179380 |
| **11/30/18** | $1195329 | $1300014 | $1040267 | $1192037 |
| **12/31/18** | $1157350 | $1208449 | $1055294 | $1148540 |
| **1/31/19** | $1222358 | $1303867 | $1066471 | $1207828 |
| **2/28/19** | $1236148 | $1338741 | $1067753 | $1227792 |
| **3/31/19** | $1250181 | $1355577 | $1086877 | $1245853 |
| **4/30/19** | $1271050 | $1401348 | $1087524 | $1271390 |
| **5/31/19** | $1228317 | $1318223 | $1103173 | $1233457 |
| **6/30/19** | $1270056 | $1404539 | $1118641 | $1288835 |
| **7/31/19** | $1276019 | $1408656 | $1127444 | $1295157 |
| **8/31/19** | $1254156 | $1375238 | $1153012 | $1288472 |
| **9/30/19** | $1269062 | $1404175 | $1147669 | $1302350 |
| **10/31/19** | $1287944 | $1442606 | $1145688 | $1322838 |
| **11/30/19** | $1303845 | $1477822 | $1144344 | $1341592 |
| **12/31/19** | $1334463 | $1529864 | $1141998 | $1368838 |
| **1/31/20** | $1332443 | $1512965 | $1162607 | $1369647 |
| **2/29/20** | $1259709 | $1390763 | $1176836 | $1309977 |
| **3/31/20** | $1131927 | $1203005 | $1158521 | $1195711 |
| **4/30/20** | $1229399 | $1331877 | $1177276 | $1280308 |
| **5/31/20** | $1280755 | $1389803 | $1180613 | $1315169 |
| **6/30/20** | $1311592 | $1434210 | $1186505 | $1343009 |
| **7/31/20** | $1371014 | $1510061 | $1199470 | $1391495 |
| **8/31/20** | $1421792 | $1602484 | $1190779 | $1438562 |
| **9/30/20** | $1391260 | $1550814 | $1195129 | $1412834 |
| **10/31/20** | $1365681 | $1513117 | $1195216 | $1392269 |
| **11/30/20** | $1476893 | $1699628 | $1202035 | $1498415 |
| **12/31/20** | $1534608 | $1778541 | $1205728 | $1541999 |
| **1/31/21** | $1520927 | $1770453 | $1199261 | $1534483 |
| **2/28/21** | $1535748 | $1811461 | $1180606 | $1546261 |
| **3/31/21** | $1564477 | $1859845 | $1175955 | $1568604 |
| **4/30/21** | $1608254 | $1941162 | $1179029 | $1611394 |
| **5/31/21** | $1632447 | $1971371 | $1181661 | $1627880 |
| **6/30/21** | $1645166 | $1997351 | $1187424 | $1643928 |
| **7/31/21** | $1659011 | $2011113 | $1202182 | $1658895 |
| **8/31/21** | $1685546 | $2061449 | $1199773 | $1682479 |
| **9/30/21** | $1635937 | $1976291 | $1188446 | $1634423 |
| **10/31/21** | $1675162 | $2077169 | $1185338 | $1682770 |
| **11/30/21** | $1659011 | $2027149 | $1193793 | $1663258 |
| **12/31/21** | $1708620 | $2108235 | $1188952 | $1700478 |
| **1/31/22** | $1637091 | $2004695 | $1170272 | $1639683 |
| **2/28/22** | $1588635 | $1952919 | $1154705 | $1605549 |
| **3/31/22** | $1596711 | $1995218 | $1129814 | $1612571 |
| **4/30/22** | $1496340 | $1835517 | $1099449 | $1517791 |
| **5/31/22** | $1499801 | $1837664 | $1097936 | $1518021 |
| **6/30/22** | $1398864 | $1682756 | $1081273 | $1432028 |
| **7/31/22** | $1476579 | $1800267 | $1108814 | $1506619 |
| **8/31/22** | $1435982 | $1733991 | $1079868 | $1457607 |
| **9/30/22** | $1339708 | $1567997 | $1045202 | $1355168 |
| **10/31/22** | $1380305 | $1662621 | $1041624 | $1402381 |
| **11/30/22** | $1453380 | $1791580 | $1068168 | $1481940 |
| **12/31/22** | $1411772 | $1721080 | $1055562 | $1439955 |
| **1/31/23** | $1479387 | $1844441 | $1079874 | $1515148 |
| **2/28/23** | $1431590 | $1791580 | $1062650 | $1479427 |
| **3/31/23** | $1462315 | $1846818 | $1086213 | $1519917 |
| **4/30/23** | $1475194 | $1873362 | $1091806 | $1536154 |
| **5/31/23** | $1457632 | $1853296 | $1087507 | $1523864 |
| **6/30/23** | $1503741 | $1960902 | $1086858 | $1576586 |
| **7/31/23** | $1539040 | $2032685 | $1087210 | $1611420 |
| **8/31/23** | $1504917 | $1975884 | $1085844 | $1583592 |
| **9/30/23** | $1449471 | $1894179 | $1067119 | $1533379 |
| **10/31/23** | $1410392 | $1837228 | $1059542 | $1501362 |
| **11/30/23** | $1520523 | $2006797 | $1095972 | $1605152 |
| **12/31/23** | $1591455 | $2103192 | $1130998 | $1671932 |
| **1/31/24** | $1597394 | $2115520 | $1128781 | $1676502 |
| **2/29/24** | $1633023 | $2206305 | $1121036 | $1715067 |
| **3/31/24** | $1676727 | $2275576 | $1131144 | $1753562 |
| **4/30/24** | $1617916 | $2200497 | $1112932 | $1707555 |
| **5/31/24** | $1677928 | $2289868 | $1122780 | $1755209 |
| **6/30/24** | $1705533 | $2340868 | $1132522 | $1784756 |
| **7/31/24** | $1729538 | $2378621 | $1154402 | $1815818 |
| **8/31/24** | $1757143 | $2439029 | $1167045 | $1851443 |
| **9/30/24** | $1784749 | $2495690 | $1180588 | $1885843 |
| **10/31/24** | $1752342 | $2439669 | $1164612 | $1850237 |
| **11/30/24** | $1796751 | $2530922 | $1178445 | $1900551 |
| **12/31/24** | $1776079 | $2471011 | $1169402 | $1867724 |
| **1/31/25** | $1829277 | $2553954 | $1173932 | $1908233 |
| **2/28/25** | $1847412 | $2538568 | $1188068 | $1910527 |
| **3/31/25** | $1809842 | $2438282 | $1183110 | $1862053 |
| **4/30/25** | $1807406 | $2461023 | $1194759 | $1879806 |
| **5/31/25** | $1878046 | $2602480 | $1190809 | $1942150 |
| **6/30/25** | $1941379 | $2719334 | $1202213 | $2001912 |
| **7/31/25** | $1957212 | $2756213 | $1201251 | $2017561 |
| **8/31/25** | $2001057 | $2824267 | $1207833 | $2051873 |
| **9/30/25** | $2050123 | $2926623 | $1216730 | $2102537 |
| **10/31/25** | $2099228 | $2992080 | $1226335 | $2137391 |
| **11/30/25** | $2113959 | $2991748 | $1228914 | $2139046 |
| **12/31/25** | $2159029 | $3022971 | $1226279 | $2150606 |
| **1/31/26** | $2248317 | $3112586 | $1229243 | $2190937 |
| **2/28/26** | $2320243 | $3152599 | $1246523 | $2220156 |
| **3/31/26** | $2179962 | $2926188 | $1224396 | $2108725 |

---

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 | 20.45% | 6.86% | 8.10% |
| MSCI All Country World Index | 20.01% | 9.49% | 11.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 13.25% | 6.10% | 7.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate (USD Hedged) Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $308623 |
| # of Portfolio Holdings | 917 |
| Portfolio Turnover Rate | 476% |
| Total Net Advisory Fees Paid During the Reporting Period | $2176 |

---

---

| | |
|:---|:---|
| 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 | 17.8% |
| Sovereign Issues | 9.8% |
| Asset-Backed Securities | 6.8% |
| U.S. Treasury Obligations | 4.0% |
| Common Stocks | 2.4% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Corporate Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 72.6% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (21.1%) |
| 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 increased during the year by 0.06% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PGAIX
![Image](g119941g89g96.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1828TSRAR_033126

# I-2: PGAPX

# PIMCO Global Core Asset Allocation Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Core Asset Allocation 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 | $101 | 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:

* Overweight exposure to U.S. equities contributed to relative performance versus the 60% MSCI All Country World Index (ACWI) and 40% Bloomberg Global Aggregate (USD Hedged) Index ("Index"), as these securities posted positive returns during the period.

* Overweight exposure to South Korean equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* Overweight exposure to eurozone equities contributed to relative performance versus the Index, as these securities posted positive returns during the period.

* U.K. duration and curve positioning, particularly overweight exposure to the 2-year, 12-year, and 15-year tenors of the curve over most of the period, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Australian duration and curve positioning, particularly overweight exposure to the 3-year, 5-year, and 7-year tenors of the curve, detracted from relative performance versus the Index, as these interest rates rose during the period.

* Underweight exposure to the Offshore Chinese Renminbi ("CNH") detracted from relative performance versus the Index, as the CNH appreciated against the U.S. dollar during the period.

## 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 $1,000,000 Investment
![Growth of 10K Chart](g119941g04q20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **MSCI All Country World Index** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1012963 | $1014762 | $1001698 | $1009536 |
| **5/31/16** | $1016667 | $1016044 | $1005932 | $1012008 |
| **6/30/16** | $1013302 | $1009889 | $1025081 | $1016035 |
| **7/31/16** | $1049591 | $1053412 | $1031206 | $1044736 |
| **8/31/16** | $1055174 | $1056955 | $1030680 | $1046631 |
| **9/30/16** | $1058866 | $1063432 | $1030557 | $1050430 |
| **10/31/16** | $1048577 | $1045383 | $1020565 | $1035658 |
| **11/30/16** | $1043900 | $1053326 | $1003709 | $1033539 |
| **12/31/16** | $1062341 | $1076081 | $1006459 | $1048068 |
| **1/31/17** | $1080220 | $1105505 | $1002793 | $1063735 |
| **2/28/17** | $1099980 | $1136516 | $1011378 | $1085281 |
| **3/31/17** | $1110982 | $1150419 | $1010911 | $1093047 |
| **4/30/17** | $1124219 | $1168348 | $1017767 | $1106233 |
| **5/31/17** | $1138402 | $1194149 | $1023707 | $1123473 |
| **6/30/17** | $1141238 | $1199579 | $1020842 | $1125280 |
| **7/31/17** | $1158258 | $1233102 | $1024198 | $1145629 |
| **8/31/17** | $1163931 | $1237827 | $1033532 | $1152438 |
| **9/30/17** | $1179234 | $1261742 | $1028761 | $1163669 |
| **10/31/17** | $1194437 | $1287941 | $1033100 | $1180131 |
| **11/30/17** | $1209641 | $1312874 | $1034700 | $1194569 |
| **12/31/17** | $1218587 | $1334041 | $1037013 | $1207193 |
| **1/31/18** | $1258760 | $1409302 | $1029610 | $1244609 |
| **2/28/18** | $1215718 | $1350114 | $1027288 | $1212124 |
| **3/31/18** | $1206415 | $1321213 | $1035806 | $1200574 |
| **4/30/18** | $1216043 | $1333829 | $1031952 | $1205667 |
| **5/31/18** | $1214117 | $1335495 | $1035807 | $1208371 |
| **6/30/18** | $1209554 | $1328263 | $1037738 | $1205347 |
| **7/31/18** | $1231917 | $1368317 | $1038022 | $1227288 |
| **8/31/18** | $1229972 | $1379068 | $1041212 | $1234582 |
| **9/30/18** | $1237849 | $1385070 | $1037229 | $1235917 |
| **10/31/18** | $1184114 | $1281274 | $1035202 | $1179380 |
| **11/30/18** | $1192907 | $1300014 | $1040267 | $1192037 |
| **12/31/18** | $1154572 | $1208449 | $1055294 | $1148540 |
| **1/31/19** | $1219535 | $1303867 | $1066471 | $1207828 |
| **2/28/19** | $1233315 | $1338741 | $1067753 | $1227792 |
| **3/31/19** | $1247070 | $1355577 | $1086877 | $1245853 |
| **4/30/19** | $1267921 | $1401348 | $1087524 | $1271390 |
| **5/31/19** | $1225227 | $1318223 | $1103173 | $1233457 |
| **6/30/19** | $1265935 | $1404539 | $1118641 | $1288835 |
| **7/31/19** | $1271893 | $1408656 | $1127444 | $1295157 |
| **8/31/19** | $1250049 | $1375238 | $1153012 | $1288472 |
| **9/30/19** | $1264942 | $1404175 | $1147669 | $1302350 |
| **10/31/19** | $1283807 | $1442606 | $1145688 | $1322838 |
| **11/30/19** | $1299693 | $1477822 | $1144344 | $1341592 |
| **12/31/19** | $1330370 | $1529864 | $1141998 | $1368838 |
| **1/31/20** | $1327344 | $1512965 | $1162607 | $1369647 |
| **2/29/20** | $1254724 | $1390763 | $1176836 | $1309977 |
| **3/31/20** | $1127870 | $1203005 | $1158521 | $1195711 |
| **4/30/20** | $1224126 | $1331877 | $1177276 | $1280308 |
| **5/31/20** | $1276439 | $1389803 | $1180613 | $1315169 |
| **6/30/20** | $1305923 | $1434210 | $1186505 | $1343009 |
| **7/31/20** | $1365234 | $1510061 | $1199470 | $1391495 |
| **8/31/20** | $1415918 | $1602484 | $1190779 | $1438562 |
| **9/30/20** | $1386212 | $1550814 | $1195129 | $1412834 |
| **10/31/20** | $1359576 | $1513117 | $1195216 | $1392269 |
| **11/30/20** | $1470562 | $1699628 | $1202035 | $1498415 |
| **12/31/20** | $1527718 | $1778541 | $1205728 | $1541999 |
| **1/31/21** | $1514067 | $1770453 | $1199261 | $1534483 |
| **2/28/21** | $1528856 | $1811461 | $1180606 | $1546261 |
| **3/31/21** | $1557192 | $1859845 | $1175955 | $1568604 |
| **4/30/21** | $1600862 | $1941162 | $1179029 | $1611394 |
| **5/31/21** | $1624996 | $1971371 | $1181661 | $1627880 |
| **6/30/21** | $1637409 | $1997351 | $1187424 | $1643928 |
| **7/31/21** | $1651217 | $2011113 | $1202182 | $1658895 |
| **8/31/21** | $1676532 | $2061449 | $1199773 | $1682479 |
| **9/30/21** | $1628203 | $1976291 | $1188446 | $1634423 |
| **10/31/21** | $1667326 | $2077169 | $1185338 | $1682770 |
| **11/30/21** | $1650066 | $2027149 | $1193793 | $1663258 |
| **12/31/21** | $1699545 | $2108235 | $1188952 | $1700478 |
| **1/31/22** | $1628203 | $2004695 | $1170272 | $1639683 |
| **2/28/22** | $1579875 | $1952919 | $1154705 | $1605549 |
| **3/31/22** | $1587930 | $1995218 | $1129814 | $1612571 |
| **4/30/22** | $1487821 | $1835517 | $1099449 | $1517791 |
| **5/31/22** | $1491273 | $1837664 | $1097936 | $1518021 |
| **6/30/22** | $1391499 | $1682756 | $1081273 | $1432028 |
| **7/31/22** | $1467841 | $1800267 | $1108814 | $1506619 |
| **8/31/22** | $1427357 | $1733991 | $1079868 | $1457607 |
| **9/30/22** | $1331351 | $1567997 | $1045202 | $1355168 |
| **10/31/22** | $1371836 | $1662621 | $1041624 | $1402381 |
| **11/30/22** | $1443550 | $1791580 | $1068168 | $1481940 |
| **12/31/22** | $1402364 | $1721080 | $1055562 | $1439955 |
| **1/31/23** | $1469752 | $1844441 | $1079874 | $1515148 |
| **2/28/23** | $1422116 | $1791580 | $1062650 | $1479427 |
| **3/31/23** | $1453600 | $1846818 | $1086213 | $1519917 |
| **4/30/23** | $1465266 | $1873362 | $1091806 | $1536154 |
| **5/31/23** | $1447767 | $1853296 | $1087507 | $1523864 |
| **6/30/23** | $1493443 | $1960902 | $1086858 | $1576586 |
| **7/31/23** | $1528611 | $2032685 | $1087210 | $1611420 |
| **8/31/23** | $1494616 | $1975884 | $1085844 | $1583592 |
| **9/30/23** | $1439017 | $1894179 | $1067119 | $1533379 |
| **10/31/23** | $1400092 | $1837228 | $1059542 | $1501362 |
| **11/30/23** | $1508608 | $2006797 | $1095972 | $1605152 |
| **12/31/23** | $1578812 | $2103192 | $1130998 | $1671932 |
| **1/31/24** | $1585908 | $2115520 | $1128781 | $1676502 |
| **2/29/24** | $1621387 | $2206305 | $1121036 | $1715067 |
| **3/31/24** | $1663369 | $2275576 | $1131144 | $1753562 |
| **4/30/24** | $1606012 | $2200497 | $1112932 | $1707555 |
| **5/31/24** | $1664564 | $2289868 | $1122780 | $1755209 |
| **6/30/24** | $1692048 | $2340868 | $1132522 | $1784756 |
| **7/31/24** | $1715947 | $2378621 | $1154402 | $1815818 |
| **8/31/24** | $1743431 | $2439029 | $1167045 | $1851443 |
| **9/30/24** | $1770915 | $2495690 | $1180588 | $1885843 |
| **10/31/24** | $1738651 | $2439669 | $1164612 | $1850237 |
| **11/30/24** | $1782864 | $2530922 | $1178445 | $1900551 |
| **12/31/24** | $1760989 | $2471011 | $1169402 | $1867724 |
| **1/31/25** | $1813915 | $2553954 | $1173932 | $1908233 |
| **2/28/25** | $1831957 | $2538568 | $1188068 | $1910527 |
| **3/31/25** | $1794192 | $2438282 | $1183110 | $1862053 |
| **4/30/25** | $1791769 | $2461023 | $1194759 | $1879806 |
| **5/31/25** | $1862034 | $2602480 | $1190809 | $1942150 |
| **6/30/25** | $1925031 | $2719334 | $1202213 | $2001912 |
| **7/31/25** | $1940780 | $2756213 | $1201251 | $2017561 |
| **8/31/25** | $1983181 | $2824267 | $1207833 | $2051873 |
| **9/30/25** | $2032355 | $2926623 | $1216730 | $2102537 |
| **10/31/25** | $2081180 | $2992080 | $1226335 | $2137391 |
| **11/30/25** | $2093387 | $2991748 | $1228914 | $2139046 |
| **12/31/25** | $2138840 | $3022971 | $1226279 | $2150606 |
| **1/31/26** | $2226366 | $3112586 | $1229243 | $2190937 |
| **2/28/26** | $2299099 | $3152599 | $1246523 | $2220156 |
| **3/31/26** | $2159110 | $2926188 | $1224396 | $2108725 |

---

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 | 20.34% | 6.75% | 8.00% |
| MSCI All Country World Index | 20.01% | 9.49% | 11.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 13.25% | 6.10% | 7.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate (USD Hedged) Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $308623 |
| # of Portfolio Holdings | 917 |
| Portfolio Turnover Rate | 476% |
| Total Net Advisory Fees Paid During the Reporting Period | $2176 |

---

---

| | |
|:---|:---|
| 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 | 17.8% |
| Sovereign Issues | 9.8% |
| Asset-Backed Securities | 6.8% |
| U.S. Treasury Obligations | 4.0% |
| Common Stocks | 2.4% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Corporate Bonds & Notes | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 72.6% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (21.1%) |
| 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 increased during the year by 0.06% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PGAPX
![Image](g119941g89g96.jpg)

# PIMCO Global Core Asset Allocation Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1933TSRAR_033126

# Class A: PCMBX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Intermediate Municipal 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 | $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:

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Intermediate Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g25y59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/16** | $9775 | $10000 | $10000 |
| **4/30/16** | $9822 | $10074 | $10065 |
| **5/31/16** | $9830 | $10101 | $10055 |
| **6/30/16** | $9954 | $10261 | $10169 |
| **7/31/16** | $9961 | $10268 | $10192 |
| **8/31/16** | $9968 | $10282 | $10192 |
| **9/30/16** | $9946 | $10230 | $10154 |
| **10/31/16** | $9881 | $10123 | $10069 |
| **11/30/16** | $9502 | $9745 | $9693 |
| **12/31/16** | $9561 | $9860 | $9784 |
| **1/31/17** | $9627 | $9925 | $9880 |
| **2/28/17** | $9687 | $9994 | $9943 |
| **3/31/17** | $9706 | $10015 | $9960 |
| **4/30/17** | $9773 | $10088 | $10045 |
| **5/31/17** | $9882 | $10248 | $10192 |
| **6/30/17** | $9841 | $10211 | $10151 |
| **7/31/17** | $9908 | $10294 | $10244 |
| **8/31/17** | $9996 | $10372 | $10293 |
| **9/30/17** | $9955 | $10320 | $10226 |
| **10/31/17** | $9972 | $10345 | $10237 |
| **11/30/17** | $9899 | $10289 | $10125 |
| **12/31/17** | $9967 | $10397 | $10214 |
| **1/31/18** | $9892 | $10275 | $10127 |
| **2/28/18** | $9850 | $10244 | $10081 |
| **3/31/18** | $9869 | $10282 | $10105 |
| **4/30/18** | $9836 | $10245 | $10069 |
| **5/31/18** | $9926 | $10362 | $10193 |
| **6/30/18** | $9935 | $10371 | $10211 |
| **7/31/18** | $9953 | $10396 | $10249 |
| **8/31/18** | $9974 | $10423 | $10269 |
| **9/30/18** | $9919 | $10356 | $10207 |
| **10/31/18** | $9866 | $10292 | $10154 |
| **11/30/18** | $9937 | $10406 | $10261 |
| **12/31/18** | $10039 | $10530 | $10387 |
| **1/31/19** | $10119 | $10610 | $10493 |
| **2/28/19** | $10171 | $10667 | $10539 |
| **3/31/19** | $10284 | $10835 | $10651 |
| **4/30/19** | $10313 | $10876 | $10657 |
| **5/31/19** | $10447 | $11026 | $10804 |
| **6/30/19** | $10485 | $11067 | $10847 |
| **7/31/19** | $10565 | $11156 | $10945 |
| **8/31/19** | $10679 | $11332 | $11049 |
| **9/30/19** | $10589 | $11241 | $10946 |
| **10/31/19** | $10605 | $11261 | $10979 |
| **11/30/19** | $10612 | $11289 | $11005 |
| **12/31/19** | $10638 | $11324 | $11037 |
| **1/31/20** | $10792 | $11527 | $11207 |
| **2/29/20** | $10903 | $11676 | $11295 |
| **3/31/20** | $10513 | $11252 | $10986 |
| **4/30/20** | $10402 | $11111 | $10944 |
| **5/31/20** | $10685 | $11465 | $11299 |
| **6/30/20** | $10787 | $11559 | $11333 |
| **7/31/20** | $10922 | $11754 | $11498 |
| **8/31/20** | $10894 | $11699 | $11459 |
| **9/30/20** | $10889 | $11701 | $11457 |
| **10/31/20** | $10862 | $11666 | $11430 |
| **11/30/20** | $10996 | $11842 | $11545 |
| **12/31/20** | $11046 | $11914 | $11580 |
| **1/31/21** | $11103 | $11990 | $11615 |
| **2/28/21** | $10936 | $11799 | $11420 |
| **3/31/21** | $10971 | $11872 | $11475 |
| **4/30/21** | $11039 | $11972 | $11547 |
| **5/31/21** | $11060 | $12008 | $11546 |
| **6/30/21** | $11071 | $12040 | $11551 |
| **7/31/21** | $11147 | $12140 | $11644 |
| **8/31/21** | $11113 | $12096 | $11627 |
| **9/30/21** | $11025 | $12009 | $11541 |
| **10/31/21** | $10991 | $11973 | $11500 |
| **11/30/21** | $11056 | $12075 | $11555 |
| **12/31/21** | $11060 | $12095 | $11582 |
| **1/31/22** | $10785 | $11764 | $11241 |
| **2/28/22** | $10721 | $11722 | $11208 |
| **3/31/22** | $10425 | $11342 | $10885 |
| **4/30/22** | $10166 | $11028 | $10636 |
| **5/31/22** | $10246 | $11192 | $10824 |
| **6/30/22** | $10142 | $11008 | $10761 |
| **7/31/22** | $10369 | $11299 | $11036 |
| **8/31/22** | $10221 | $11052 | $10846 |
| **9/30/22** | $9963 | $10627 | $10490 |
| **10/31/22** | $9915 | $10539 | $10453 |
| **11/30/22** | $10247 | $11032 | $10827 |
| **12/31/22** | $10282 | $11064 | $10899 |
| **1/31/23** | $10502 | $11381 | $11159 |
| **2/28/23** | $10312 | $11124 | $10922 |
| **3/31/23** | $10492 | $11371 | $11143 |
| **4/30/23** | $10480 | $11345 | $11095 |
| **5/31/23** | $10401 | $11247 | $10975 |
| **6/30/23** | $10460 | $11359 | $11063 |
| **7/31/23** | $10482 | $11404 | $11102 |
| **8/31/23** | $10414 | $11240 | $10990 |
| **9/30/23** | $10211 | $10911 | $10742 |
| **10/31/23** | $10132 | $10818 | $10680 |
| **11/30/23** | $10612 | $11504 | $11200 |
| **12/31/23** | $10843 | $11772 | $11437 |
| **1/31/24** | $10831 | $11712 | $11396 |
| **2/29/24** | $10845 | $11727 | $11393 |
| **3/31/24** | $10873 | $11726 | $11370 |
| **4/30/24** | $10761 | $11581 | $11228 |
| **5/31/24** | $10755 | $11547 | $11107 |
| **6/30/24** | $10875 | $11724 | $11245 |
| **7/31/24** | $10963 | $11831 | $11357 |
| **8/31/24** | $11053 | $11924 | $11510 |
| **9/30/24** | $11151 | $12042 | $11617 |
| **10/31/24** | $11014 | $11867 | $11452 |
| **11/30/24** | $11148 | $12072 | $11585 |
| **12/31/24** | $11022 | $11896 | $11460 |
| **1/31/25** | $11050 | $11955 | $11505 |
| **2/28/25** | $11185 | $12074 | $11648 |
| **3/31/25** | $11033 | $11869 | $11503 |
| **4/30/25** | $10979 | $11774 | $11413 |
| **5/31/25** | $10950 | $11781 | $11512 |
| **6/30/25** | $11050 | $11855 | $11627 |
| **7/31/25** | $11019 | $11831 | $11707 |
| **8/31/25** | $11123 | $11934 | $11850 |
| **9/30/25** | $11333 | $12210 | $12005 |
| **10/31/25** | $11449 | $12361 | $12076 |
| **11/30/25** | $11476 | $12390 | $12108 |
| **12/31/25** | $11480 | $12401 | $12117 |
| **1/31/26** | $11568 | $12517 | $12242 |
| **2/28/26** | $11707 | $12673 | $12372 |
| **3/31/26** | $11464 | $12379 | $12015 |

---

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) | 3.91% | 0.88% | 1.61% |
| Class A (including sales charge) | 1.57% | 0.43% | 1.38% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Intermediate Municipal Bond Index | 4.44% | 0.92% | 1.85% |

---

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 | $330436 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid During the Reporting Period | $583 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.1% |
| Electric Power & Light Revenue | 11.0% |
| Health, Hospital & Nursing Home Revenue | 10.1% |
| Ad Valorem Property Tax | 9.0% |
| Port, Airport & Marina Revenue | 7.8% |
| Sovereign | 7.0% |
| Resource Recovery Revenue | 5.4% |
| Lease (Abatement) | 4.1% |
| College & University Revenue | 3.8% |
| Special Tax | 3.7% |
| U.S. Government Agencies | 3.3% |
| Other Investments | 13.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments FR_72201W154 | 5.7% |
| 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. |

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO California Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PCMBX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4038TSRAR_033126

# Class C: PCFCX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Intermediate Municipal 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 | $155 | 1.53% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Intermediate Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g04q05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10042 | $10074 | $10065 |
| **5/31/16** | $10043 | $10101 | $10055 |
| **6/30/16** | $10165 | $10261 | $10169 |
| **7/31/16** | $10165 | $10268 | $10192 |
| **8/31/16** | $10165 | $10282 | $10192 |
| **9/30/16** | $10136 | $10230 | $10154 |
| **10/31/16** | $10065 | $10123 | $10069 |
| **11/30/16** | $9672 | $9745 | $9693 |
| **12/31/16** | $9725 | $9860 | $9784 |
| **1/31/17** | $9787 | $9925 | $9880 |
| **2/28/17** | $9842 | $9994 | $9943 |
| **3/31/17** | $9855 | $10015 | $9960 |
| **4/30/17** | $9918 | $10088 | $10045 |
| **5/31/17** | $10021 | $10248 | $10192 |
| **6/30/17** | $9973 | $10211 | $10151 |
| **7/31/17** | $10035 | $10294 | $10244 |
| **8/31/17** | $10118 | $10372 | $10293 |
| **9/30/17** | $10070 | $10320 | $10226 |
| **10/31/17** | $10081 | $10345 | $10237 |
| **11/30/17** | $10001 | $10289 | $10125 |
| **12/31/17** | $10064 | $10397 | $10214 |
| **1/31/18** | $9982 | $10275 | $10127 |
| **2/28/18** | $9933 | $10244 | $10081 |
| **3/31/18** | $9946 | $10282 | $10105 |
| **4/30/18** | $9906 | $10245 | $10069 |
| **5/31/18** | $9991 | $10362 | $10193 |
| **6/30/18** | $9994 | $10371 | $10211 |
| **7/31/18** | $10006 | $10396 | $10249 |
| **8/31/18** | $10020 | $10423 | $10269 |
| **9/30/18** | $9959 | $10356 | $10207 |
| **10/31/18** | $9899 | $10292 | $10154 |
| **11/30/18** | $9965 | $10406 | $10261 |
| **12/31/18** | $10060 | $10530 | $10387 |
| **1/31/19** | $10135 | $10610 | $10493 |
| **2/28/19** | $10180 | $10667 | $10539 |
| **3/31/19** | $10287 | $10835 | $10651 |
| **4/30/19** | $10310 | $10876 | $10657 |
| **5/31/19** | $10437 | $11026 | $10804 |
| **6/30/19** | $10469 | $11067 | $10847 |
| **7/31/19** | $10543 | $11156 | $10945 |
| **8/31/19** | $10648 | $11332 | $11049 |
| **9/30/19** | $10553 | $11241 | $10946 |
| **10/31/19** | $10562 | $11261 | $10979 |
| **11/30/19** | $10562 | $11289 | $11005 |
| **12/31/19** | $10581 | $11324 | $11037 |
| **1/31/20** | $10727 | $11527 | $11207 |
| **2/29/20** | $10832 | $11676 | $11295 |
| **3/31/20** | $10438 | $11252 | $10986 |
| **4/30/20** | $10321 | $11111 | $10944 |
| **5/31/20** | $10595 | $11465 | $11299 |
| **6/30/20** | $10690 | $11559 | $11333 |
| **7/31/20** | $10816 | $11754 | $11498 |
| **8/31/20** | $10782 | $11699 | $11459 |
| **9/30/20** | $10771 | $11701 | $11457 |
| **10/31/20** | $10737 | $11666 | $11430 |
| **11/30/20** | $10863 | $11842 | $11545 |
| **12/31/20** | $10904 | $11914 | $11580 |
| **1/31/21** | $10955 | $11990 | $11615 |
| **2/28/21** | $10784 | $11799 | $11420 |
| **3/31/21** | $10811 | $11872 | $11475 |
| **4/30/21** | $10871 | $11972 | $11547 |
| **5/31/21** | $10885 | $12008 | $11546 |
| **6/30/21** | $10889 | $12040 | $11551 |
| **7/31/21** | $10957 | $12140 | $11644 |
| **8/31/21** | $10917 | $12096 | $11627 |
| **9/30/21** | $10824 | $12009 | $11541 |
| **10/31/21** | $10783 | $11973 | $11500 |
| **11/30/21** | $10840 | $12075 | $11555 |
| **12/31/21** | $10837 | $12095 | $11582 |
| **1/31/22** | $10561 | $11764 | $11241 |
| **2/28/22** | $10492 | $11722 | $11208 |
| **3/31/22** | $10196 | $11342 | $10885 |
| **4/30/22** | $9936 | $11028 | $10636 |
| **5/31/22** | $10009 | $11192 | $10824 |
| **6/30/22** | $9901 | $11008 | $10761 |
| **7/31/22** | $10116 | $11299 | $11036 |
| **8/31/22** | $9965 | $11052 | $10846 |
| **9/30/22** | $9708 | $10627 | $10490 |
| **10/31/22** | $9655 | $10539 | $10453 |
| **11/30/22** | $9972 | $11032 | $10827 |
| **12/31/22** | $9999 | $11064 | $10899 |
| **1/31/23** | $10208 | $11381 | $11159 |
| **2/28/23** | $10017 | $11124 | $10922 |
| **3/31/23** | $10185 | $11371 | $11143 |
| **4/30/23** | $10167 | $11345 | $11095 |
| **5/31/23** | $10084 | $11247 | $10975 |
| **6/30/23** | $10135 | $11359 | $11063 |
| **7/31/23** | $10150 | $11404 | $11102 |
| **8/31/23** | $10078 | $11240 | $10990 |
| **9/30/23** | $9875 | $10911 | $10742 |
| **10/31/23** | $9792 | $10818 | $10680 |
| **11/30/23** | $10250 | $11504 | $11200 |
| **12/31/23** | $10467 | $11772 | $11437 |
| **1/31/24** | $10449 | $11712 | $11396 |
| **2/29/24** | $10456 | $11727 | $11393 |
| **3/31/24** | $10476 | $11726 | $11370 |
| **4/30/24** | $10362 | $11581 | $11228 |
| **5/31/24** | $10349 | $11547 | $11107 |
| **6/30/24** | $10459 | $11724 | $11245 |
| **7/31/24** | $10536 | $11831 | $11357 |
| **8/31/24** | $10615 | $11924 | $11510 |
| **9/30/24** | $10703 | $12042 | $11617 |
| **10/31/24** | $10565 | $11867 | $11452 |
| **11/30/24** | $10687 | $12072 | $11585 |
| **12/31/24** | $10560 | $11896 | $11460 |
| **1/31/25** | $10580 | $11955 | $11505 |
| **2/28/25** | $10703 | $12074 | $11648 |
| **3/31/25** | $10551 | $11869 | $11503 |
| **4/30/25** | $10493 | $11774 | $11413 |
| **5/31/25** | $10458 | $11781 | $11512 |
| **6/30/25** | $10547 | $11855 | $11627 |
| **7/31/25** | $10511 | $11831 | $11707 |
| **8/31/25** | $10603 | $11934 | $11850 |
| **9/30/25** | $10797 | $12210 | $12005 |
| **10/31/25** | $10900 | $12361 | $12076 |
| **11/30/25** | $10919 | $12390 | $12108 |
| **12/31/25** | $10916 | $12401 | $12117 |
| **1/31/26** | $10993 | $12517 | $12242 |
| **2/28/26** | $11118 | $12673 | $12372 |
| **3/31/26** | $10881 | $12379 | $12015 |

---

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) | 3.13% | 0.13% | 0.85% |
| Class C (including sales charge) | 2.13% | 0.13% | 0.85% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Intermediate Municipal Bond Index | 4.44% | 0.92% | 1.85% |

---

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 | $330436 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid During the Reporting Period | $583 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.1% |
| Electric Power & Light Revenue | 11.0% |
| Health, Hospital & Nursing Home Revenue | 10.1% |
| Ad Valorem Property Tax | 9.0% |
| Port, Airport & Marina Revenue | 7.8% |
| Sovereign | 7.0% |
| Resource Recovery Revenue | 5.4% |
| Lease (Abatement) | 4.1% |
| College & University Revenue | 3.8% |
| Special Tax | 3.7% |
| U.S. Government Agencies | 3.3% |
| Other Investments | 13.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments FR_72201W154 | 5.7% |
| 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. |

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO California Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PCFCX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4238TSRAR_033126

# Institutional Class: PCIMX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Intermediate Municipal 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 | $45 | 0.45% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Intermediate Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g24g96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1005133 | $1007353 | $1006486 |
| **5/31/16** | $1006139 | $1010078 | $1005480 |
| **6/30/16** | $1019189 | $1026147 | $1016901 |
| **7/31/16** | $1020153 | $1026773 | $1019221 |
| **8/31/16** | $1021133 | $1028159 | $1019197 |
| **9/30/16** | $1019188 | $1023027 | $1015400 |
| **10/31/16** | $1012850 | $1012295 | $1006929 |
| **11/30/16** | $974229 | $974540 | $969261 |
| **12/31/16** | $980553 | $985982 | $978417 |
| **1/31/17** | $987637 | $992482 | $987998 |
| **2/28/17** | $993974 | $999374 | $994295 |
| **3/31/17** | $996267 | $1001543 | $996024 |
| **4/30/17** | $1003428 | $1008810 | $1004452 |
| **5/31/17** | $1014812 | $1024821 | $1019195 |
| **6/30/17** | $1010913 | $1021145 | $1015084 |
| **7/31/17** | $1018070 | $1029407 | $1024379 |
| **8/31/17** | $1027442 | $1037241 | $1029270 |
| **9/30/17** | $1023451 | $1031967 | $1022637 |
| **10/31/17** | $1025500 | $1034486 | $1023708 |
| **11/30/17** | $1018262 | $1028947 | $1012543 |
| **12/31/17** | $1025634 | $1039702 | $1021422 |
| **1/31/18** | $1018178 | $1027461 | $1012654 |
| **2/28/18** | $1014096 | $1024391 | $1008061 |
| **3/31/18** | $1016315 | $1028172 | $1010491 |
| **4/30/18** | $1013165 | $1024503 | $1006891 |
| **5/31/18** | $1022726 | $1036235 | $1019333 |
| **6/30/18** | $1023992 | $1037119 | $1021117 |
| **7/31/18** | $1026132 | $1039636 | $1024855 |
| **8/31/18** | $1028592 | $1042306 | $1026931 |
| **9/30/18** | $1023177 | $1035558 | $1020657 |
| **10/31/18** | $1017931 | $1029181 | $1015394 |
| **11/30/18** | $1025644 | $1040572 | $1026123 |
| **12/31/18** | $1036365 | $1053031 | $1038726 |
| **1/31/19** | $1044966 | $1060991 | $1049311 |
| **2/28/19** | $1050539 | $1066672 | $1053891 |
| **3/31/19** | $1062498 | $1083534 | $1065130 |
| **4/30/19** | $1065834 | $1087606 | $1065750 |
| **5/31/19** | $1080085 | $1102600 | $1080379 |
| **6/30/19** | $1084259 | $1106671 | $1084681 |
| **7/31/19** | $1092883 | $1115590 | $1094494 |
| **8/31/19** | $1104922 | $1133187 | $1104923 |
| **9/30/19** | $1095924 | $1124103 | $1094582 |
| **10/31/19** | $1097912 | $1126118 | $1097901 |
| **11/30/19** | $1098865 | $1128934 | $1100494 |
| **12/31/19** | $1101860 | $1132381 | $1103695 |
| **1/31/20** | $1118130 | $1152726 | $1120719 |
| **2/29/20** | $1129942 | $1167591 | $1129461 |
| **3/31/20** | $1089882 | $1125239 | $1098619 |
| **4/30/20** | $1078607 | $1111117 | $1094354 |
| **5/31/20** | $1108276 | $1146463 | $1129925 |
| **6/30/20** | $1119164 | $1155899 | $1133332 |
| **7/31/20** | $1133477 | $1175367 | $1149825 |
| **8/31/20** | $1130864 | $1169852 | $1145866 |
| **9/30/20** | $1130658 | $1170100 | $1145706 |
| **10/31/20** | $1128214 | $1166585 | $1143041 |
| **11/30/20** | $1142443 | $1184190 | $1154548 |
| **12/31/20** | $1147921 | $1191404 | $1158016 |
| **1/31/21** | $1154154 | $1198996 | $1161521 |
| **2/28/21** | $1137099 | $1179946 | $1141998 |
| **3/31/21** | $1141074 | $1187223 | $1147457 |
| **4/30/21** | $1148481 | $1197181 | $1154653 |
| **5/31/21** | $1150950 | $1200752 | $1154591 |
| **6/30/21** | $1152422 | $1204050 | $1155053 |
| **7/31/21** | $1160696 | $1214035 | $1164396 |
| **8/31/21** | $1157488 | $1209580 | $1162687 |
| **9/30/21** | $1148616 | $1200851 | $1154057 |
| **10/31/21** | $1145383 | $1197340 | $1149951 |
| **11/30/21** | $1152459 | $1207533 | $1155470 |
| **12/31/21** | $1153227 | $1209481 | $1158226 |
| **1/31/22** | $1124797 | $1176374 | $1124119 |
| **2/28/22** | $1118422 | $1172159 | $1120834 |
| **3/31/22** | $1087914 | $1134161 | $1088478 |
| **4/30/22** | $1061136 | $1102791 | $1063623 |
| **5/31/22** | $1069833 | $1119173 | $1082407 |
| **6/30/22** | $1059205 | $1100843 | $1076100 |
| **7/31/22** | $1083181 | $1129929 | $1103568 |
| **8/31/22** | $1068033 | $1105165 | $1084607 |
| **9/30/22** | $1041458 | $1062748 | $1049013 |
| **10/31/22** | $1036665 | $1053910 | $1045253 |
| **11/30/22** | $1071709 | $1103205 | $1082724 |
| **12/31/22** | $1075614 | $1106363 | $1089866 |
| **1/31/23** | $1098990 | $1138143 | $1115894 |
| **2/28/23** | $1079325 | $1112408 | $1092156 |
| **3/31/23** | $1098539 | $1137089 | $1114328 |
| **4/30/23** | $1097517 | $1134492 | $1109539 |
| **5/31/23** | $1089593 | $1124661 | $1097469 |
| **6/30/23** | $1096078 | $1135927 | $1106251 |
| **7/31/23** | $1098617 | $1140420 | $1110188 |
| **8/31/23** | $1091850 | $1124003 | $1099025 |
| **9/30/23** | $1070894 | $1091060 | $1074223 |
| **10/31/23** | $1062828 | $1081775 | $1068020 |
| **11/30/23** | $1113516 | $1150447 | $1119984 |
| **12/31/23** | $1138065 | $1177186 | $1143664 |
| **1/31/24** | $1137145 | $1171174 | $1139622 |
| **2/29/24** | $1138915 | $1172678 | $1139274 |
| **3/31/24** | $1142128 | $1172641 | $1137025 |
| **4/30/24** | $1130724 | $1158118 | $1122797 |
| **5/31/24** | $1130422 | $1154721 | $1110679 |
| **6/30/24** | $1143298 | $1172420 | $1124460 |
| **7/31/24** | $1152861 | $1183106 | $1135670 |
| **8/31/24** | $1162648 | $1192437 | $1151021 |
| **9/30/24** | $1173253 | $1204223 | $1161683 |
| **10/31/24** | $1159164 | $1186664 | $1145203 |
| **11/30/24** | $1173605 | $1207162 | $1158463 |
| **12/31/24** | $1160694 | $1189588 | $1145985 |
| **1/31/25** | $1163977 | $1195550 | $1150505 |
| **2/28/25** | $1178468 | $1207404 | $1164782 |
| **3/31/25** | $1162785 | $1186941 | $1150339 |
| **4/30/25** | $1157420 | $1177379 | $1141287 |
| **5/31/25** | $1154619 | $1178135 | $1151235 |
| **6/30/25** | $1165480 | $1185469 | $1162679 |
| **7/31/25** | $1162619 | $1183075 | $1170733 |
| **8/31/25** | $1173908 | $1193358 | $1185003 |
| **9/30/25** | $1196370 | $1220994 | $1200483 |
| **10/31/25** | $1208971 | $1236137 | $1207619 |
| **11/30/25** | $1212090 | $1238973 | $1210793 |
| **12/31/25** | $1212894 | $1240088 | $1211671 |
| **1/31/26** | $1222515 | $1251726 | $1224158 |
| **2/28/26** | $1237480 | $1267326 | $1237171 |
| **3/31/26** | $1212192 | $1237891 | $1201463 |

---

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 | 4.25% | 1.22% | 1.94% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Intermediate Municipal Bond Index | 4.44% | 0.92% | 1.85% |

---

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 | $330436 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid During the Reporting Period | $583 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.1% |
| Electric Power & Light Revenue | 11.0% |
| Health, Hospital & Nursing Home Revenue | 10.1% |
| Ad Valorem Property Tax | 9.0% |
| Port, Airport & Marina Revenue | 7.8% |
| Sovereign | 7.0% |
| Resource Recovery Revenue | 5.4% |
| Lease (Abatement) | 4.1% |
| College & University Revenue | 3.8% |
| Special Tax | 3.7% |
| U.S. Government Agencies | 3.3% |
| Other Investments | 13.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments FR_72201W154 | 5.7% |
| 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. |

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO California Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PCIMX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS0054TSRAR_033126

# I-2: PCIPX

# PIMCO California Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Intermediate Municipal 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 | $56 | 0.55% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Intermediate Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g32b99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California Intermediate Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1005048 | $1007353 | $1006486 |
| **5/31/16** | $1005971 | $1010078 | $1005480 |
| **6/30/16** | $1018940 | $1026147 | $1016901 |
| **7/31/16** | $1019817 | $1026773 | $1019221 |
| **8/31/16** | $1020710 | $1028159 | $1019197 |
| **9/30/16** | $1018676 | $1023027 | $1015400 |
| **10/31/16** | $1012261 | $1012295 | $1006929 |
| **11/30/16** | $973583 | $974540 | $969261 |
| **12/31/16** | $979814 | $985982 | $978417 |
| **1/31/17** | $986816 | $992482 | $987998 |
| **2/28/17** | $993071 | $999374 | $994295 |
| **3/31/17** | $995272 | $1001543 | $996024 |
| **4/30/17** | $1002349 | $1008810 | $1004452 |
| **5/31/17** | $1013637 | $1024821 | $1019195 |
| **6/30/17** | $1009654 | $1021145 | $1015084 |
| **7/31/17** | $1016720 | $1029407 | $1024379 |
| **8/31/17** | $1025992 | $1037241 | $1029270 |
| **9/30/17** | $1021920 | $1031967 | $1022637 |
| **10/31/17** | $1023881 | $1034486 | $1023708 |
| **11/30/17** | $1016570 | $1028947 | $1012543 |
| **12/31/17** | $1023840 | $1039702 | $1021422 |
| **1/31/18** | $1016313 | $1027461 | $1012654 |
| **2/28/18** | $1012158 | $1024391 | $1008061 |
| **3/31/18** | $1014284 | $1028172 | $1010491 |
| **4/30/18** | $1011057 | $1024503 | $1006891 |
| **5/31/18** | $1020505 | $1036235 | $1019333 |
| **6/30/18** | $1021682 | $1037119 | $1021117 |
| **7/31/18** | $1023733 | $1039636 | $1024855 |
| **8/31/18** | $1026091 | $1042306 | $1026931 |
| **9/30/18** | $1020614 | $1035558 | $1020657 |
| **10/31/18** | $1015295 | $1029181 | $1015394 |
| **11/30/18** | $1022895 | $1040572 | $1026123 |
| **12/31/18** | $1033506 | $1053031 | $1038726 |
| **1/31/19** | $1041998 | $1060991 | $1049311 |
| **2/28/19** | $1047476 | $1066672 | $1053891 |
| **3/31/19** | $1059311 | $1083534 | $1065130 |
| **4/30/19** | $1062550 | $1087606 | $1065750 |
| **5/31/19** | $1076593 | $1102600 | $1080379 |
| **6/30/19** | $1080671 | $1106671 | $1084681 |
| **7/31/19** | $1089174 | $1115590 | $1094494 |
| **8/31/19** | $1101074 | $1133187 | $1104923 |
| **9/30/19** | $1092023 | $1124103 | $1094582 |
| **10/31/19** | $1093911 | $1126118 | $1097901 |
| **11/30/19** | $1094768 | $1128934 | $1100494 |
| **12/31/19** | $1097659 | $1132381 | $1103695 |
| **1/31/20** | $1113770 | $1152726 | $1120719 |
| **2/29/20** | $1125451 | $1167591 | $1129461 |
| **3/31/20** | $1085461 | $1125239 | $1098619 |
| **4/30/20** | $1074143 | $1111117 | $1094354 |
| **5/31/20** | $1103597 | $1146463 | $1129925 |
| **6/30/20** | $1114348 | $1155899 | $1133332 |
| **7/31/20** | $1128498 | $1175367 | $1149825 |
| **8/31/20** | $1125807 | $1169852 | $1145866 |
| **9/30/20** | $1125509 | $1170100 | $1145706 |
| **10/31/20** | $1122978 | $1166585 | $1143041 |
| **11/30/20** | $1137052 | $1184190 | $1154548 |
| **12/31/20** | $1142397 | $1191404 | $1158016 |
| **1/31/21** | $1148513 | $1198996 | $1161521 |
| **2/28/21** | $1131453 | $1179946 | $1141998 |
| **3/31/21** | $1135310 | $1187223 | $1147457 |
| **4/30/21** | $1142574 | $1197181 | $1154653 |
| **5/31/21** | $1144941 | $1200752 | $1154591 |
| **6/30/21** | $1146310 | $1204050 | $1155053 |
| **7/31/21** | $1154439 | $1214035 | $1164396 |
| **8/31/21** | $1151154 | $1209580 | $1162687 |
| **9/30/21** | $1142236 | $1200851 | $1154057 |
| **10/31/21** | $1138924 | $1197340 | $1149951 |
| **11/30/21** | $1145867 | $1207533 | $1155470 |
| **12/31/21** | $1146527 | $1209481 | $1158226 |
| **1/31/22** | $1118172 | $1176374 | $1124119 |
| **2/28/22** | $1111749 | $1172159 | $1120834 |
| **3/31/22** | $1081330 | $1134161 | $1088478 |
| **4/30/22** | $1054627 | $1102791 | $1063623 |
| **5/31/22** | $1063183 | $1119173 | $1082407 |
| **6/30/22** | $1052537 | $1100843 | $1076100 |
| **7/31/22** | $1076273 | $1129929 | $1103568 |
| **8/31/22** | $1061131 | $1105165 | $1084607 |
| **9/30/22** | $1034635 | $1062748 | $1049013 |
| **10/31/22** | $1029792 | $1053910 | $1045253 |
| **11/30/22** | $1064506 | $1103205 | $1082724 |
| **12/31/22** | $1068288 | $1106363 | $1089866 |
| **1/31/23** | $1091419 | $1138143 | $1115894 |
| **2/28/23** | $1071806 | $1112408 | $1092156 |
| **3/31/23** | $1090785 | $1137089 | $1114328 |
| **4/30/23** | $1089685 | $1134492 | $1109539 |
| **5/31/23** | $1081727 | $1124661 | $1097469 |
| **6/30/23** | $1088070 | $1135927 | $1106251 |
| **7/31/23** | $1090504 | $1140420 | $1110188 |
| **8/31/23** | $1083694 | $1124003 | $1099025 |
| **9/30/23** | $1062804 | $1091060 | $1074223 |
| **10/31/23** | $1054708 | $1081775 | $1068020 |
| **11/30/23** | $1104920 | $1150447 | $1119984 |
| **12/31/23** | $1129183 | $1177186 | $1143664 |
| **1/31/24** | $1128178 | $1171174 | $1139622 |
| **2/29/24** | $1129846 | $1172678 | $1139274 |
| **3/31/24** | $1132938 | $1172641 | $1137025 |
| **4/30/24** | $1121533 | $1158118 | $1122797 |
| **5/31/24** | $1121132 | $1154721 | $1110679 |
| **6/30/24** | $1133820 | $1172420 | $1124460 |
| **7/31/24** | $1143207 | $1183106 | $1135670 |
| **8/31/24** | $1152807 | $1192437 | $1151021 |
| **9/30/24** | $1163234 | $1204223 | $1161683 |
| **10/31/24** | $1149168 | $1186664 | $1145203 |
| **11/30/24** | $1163386 | $1207162 | $1158463 |
| **12/31/24** | $1150490 | $1189588 | $1145985 |
| **1/31/25** | $1153643 | $1195550 | $1150505 |
| **2/28/25** | $1167917 | $1207404 | $1164782 |
| **3/31/25** | $1152283 | $1186941 | $1150339 |
| **4/30/25** | $1146876 | $1177379 | $1141287 |
| **5/31/25** | $1144001 | $1178135 | $1151235 |
| **6/30/25** | $1154673 | $1185469 | $1162679 |
| **7/31/25** | $1151739 | $1183075 | $1170733 |
| **8/31/25** | $1162823 | $1193358 | $1185003 |
| **9/30/25** | $1184979 | $1220994 | $1200483 |
| **10/31/25** | $1197353 | $1236137 | $1207619 |
| **11/30/25** | $1200349 | $1238973 | $1210793 |
| **12/31/25** | $1201041 | $1240088 | $1211671 |
| **1/31/26** | $1210465 | $1251726 | $1224158 |
| **2/28/26** | $1225192 | $1267326 | $1237171 |
| **3/31/26** | $1200057 | $1237891 | $1201463 |

---

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 | 4.15% | 1.12% | 1.84% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Intermediate Municipal Bond Index | 4.44% | 0.92% | 1.85% |

---

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 | $330436 |
| # of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid During the Reporting Period | $583 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 15.1% |
| Electric Power & Light Revenue | 11.0% |
| Health, Hospital & Nursing Home Revenue | 10.1% |
| Ad Valorem Property Tax | 9.0% |
| Port, Airport & Marina Revenue | 7.8% |
| Sovereign | 7.0% |
| Resource Recovery Revenue | 5.4% |
| Lease (Abatement) | 4.1% |
| College & University Revenue | 3.8% |
| Special Tax | 3.7% |
| U.S. Government Agencies | 3.3% |
| Other Investments | 13.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments FR_72201W154 | 5.7% |
| 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. |

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO California Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PCIPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1918TSRAR_033126

# Class A: PCTTX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $81 | 0.79% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market.

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

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g41k07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/16** | $9774 | $10000 | $10000 |
| **4/30/16** | $9885 | $10074 | $10075 |
| **5/31/16** | $9958 | $10101 | $10105 |
| **6/30/16** | $10151 | $10261 | $10265 |
| **7/31/16** | $10151 | $10268 | $10269 |
| **8/31/16** | $10191 | $10282 | $10286 |
| **9/30/16** | $10141 | $10230 | $10224 |
| **10/31/16** | $9978 | $10123 | $10104 |
| **11/30/16** | $9477 | $9745 | $9715 |
| **12/31/16** | $9575 | $9860 | $9829 |
| **1/31/17** | $9651 | $9925 | $9906 |
| **2/28/17** | $9729 | $9994 | $9964 |
| **3/31/17** | $9762 | $10015 | $9983 |
| **4/30/17** | $9858 | $10088 | $10053 |
| **5/31/17** | $10020 | $10248 | $10221 |
| **6/30/17** | $10026 | $10211 | $10187 |
| **7/31/17** | $10075 | $10294 | $10276 |
| **8/31/17** | $10162 | $10372 | $10340 |
| **9/30/17** | $10083 | $10320 | $10291 |
| **10/31/17** | $10124 | $10345 | $10325 |
| **11/30/17** | $10119 | $10289 | $10269 |
| **12/31/17** | $10237 | $10397 | $10382 |
| **1/31/18** | $10116 | $10275 | $10258 |
| **2/28/18** | $10062 | $10244 | $10225 |
| **3/31/18** | $10114 | $10282 | $10271 |
| **4/30/18** | $10087 | $10245 | $10229 |
| **5/31/18** | $10234 | $10362 | $10367 |
| **6/30/18** | $10239 | $10371 | $10370 |
| **7/31/18** | $10260 | $10396 | $10395 |
| **8/31/18** | $10304 | $10423 | $10427 |
| **9/30/18** | $10227 | $10356 | $10347 |
| **10/31/18** | $10113 | $10292 | $10276 |
| **11/30/18** | $10213 | $10406 | $10383 |
| **12/31/18** | $10313 | $10530 | $10497 |
| **1/31/19** | $10374 | $10610 | $10566 |
| **2/28/19** | $10437 | $10667 | $10618 |
| **3/31/19** | $10655 | $10835 | $10793 |
| **4/30/19** | $10716 | $10876 | $10840 |
| **5/31/19** | $10877 | $11026 | $10999 |
| **6/30/19** | $10917 | $11067 | $11036 |
| **7/31/19** | $10997 | $11156 | $11129 |
| **8/31/19** | $11235 | $11332 | $11309 |
| **9/30/19** | $11164 | $11241 | $11225 |
| **10/31/19** | $11163 | $11261 | $11245 |
| **11/30/19** | $11172 | $11289 | $11270 |
| **12/31/19** | $11210 | $11324 | $11302 |
| **1/31/20** | $11437 | $11527 | $11505 |
| **2/29/20** | $11634 | $11676 | $11654 |
| **3/31/20** | $11162 | $11252 | $11247 |
| **4/30/20** | $10960 | $11111 | $11127 |
| **5/31/20** | $11377 | $11465 | $11503 |
| **6/30/20** | $11523 | $11559 | $11570 |
| **7/31/20** | $11730 | $11754 | $11768 |
| **8/31/20** | $11644 | $11699 | $11690 |
| **9/30/20** | $11629 | $11701 | $11687 |
| **10/31/20** | $11594 | $11666 | $11655 |
| **11/30/20** | $11841 | $11842 | $11835 |
| **12/31/20** | $11939 | $11914 | $11884 |
| **1/31/21** | $12023 | $11990 | $11941 |
| **2/28/21** | $11755 | $11799 | $11724 |
| **3/31/21** | $11829 | $11872 | $11805 |
| **4/30/21** | $11975 | $11972 | $11899 |
| **5/31/21** | $12049 | $12008 | $11931 |
| **6/30/21** | $12103 | $12040 | $11962 |
| **7/31/21** | $12198 | $12140 | $12062 |
| **8/31/21** | $12129 | $12096 | $12021 |
| **9/30/21** | $11999 | $12009 | $11932 |
| **10/31/21** | $11992 | $11973 | $11899 |
| **11/30/21** | $12108 | $12075 | $12005 |
| **12/31/21** | $12129 | $12095 | $12029 |
| **1/31/22** | $11791 | $11764 | $11672 |
| **2/28/22** | $11713 | $11722 | $11637 |
| **3/31/22** | $11295 | $11342 | $11249 |
| **4/30/22** | $10851 | $11028 | $10923 |
| **5/31/22** | $11046 | $11192 | $11108 |
| **6/30/22** | $10715 | $11008 | $10935 |
| **7/31/22** | $11098 | $11299 | $11244 |
| **8/31/22** | $10872 | $11052 | $11003 |
| **9/30/22** | $10347 | $10627 | $10596 |
| **10/31/22** | $10225 | $10539 | $10527 |
| **11/30/22** | $10857 | $11032 | $11011 |
| **12/31/22** | $10845 | $11064 | $11046 |
| **1/31/23** | $11217 | $11381 | $11345 |
| **2/28/23** | $10941 | $11124 | $11087 |
| **3/31/23** | $11119 | $11371 | $11328 |
| **4/30/23** | $11147 | $11345 | $11300 |
| **5/31/23** | $11059 | $11247 | $11205 |
| **6/30/23** | $11187 | $11359 | $11316 |
| **7/31/23** | $11205 | $11404 | $11362 |
| **8/31/23** | $11086 | $11240 | $11231 |
| **9/30/23** | $10764 | $10911 | $10908 |
| **10/31/23** | $10601 | $10818 | $10814 |
| **11/30/23** | $11343 | $11504 | $11475 |
| **12/31/23** | $11668 | $11772 | $11734 |
| **1/31/24** | $11667 | $11712 | $11686 |
| **2/29/24** | $11712 | $11727 | $11699 |
| **3/31/24** | $11746 | $11726 | $11685 |
| **4/30/24** | $11605 | $11581 | $11535 |
| **5/31/24** | $11641 | $11547 | $11500 |
| **6/30/24** | $11816 | $11724 | $11662 |
| **7/31/24** | $11915 | $11831 | $11765 |
| **8/31/24** | $11985 | $11924 | $11864 |
| **9/30/24** | $12105 | $12042 | $11985 |
| **10/31/24** | $11970 | $11867 | $11821 |
| **11/30/24** | $12135 | $12072 | $12009 |
| **12/31/24** | $11987 | $11896 | $11854 |
| **1/31/25** | $11996 | $11955 | $11870 |
| **2/28/25** | $12140 | $12074 | $12002 |
| **3/31/25** | $11934 | $11869 | $11797 |
| **4/30/25** | $11876 | $11774 | $11674 |
| **5/31/25** | $11785 | $11781 | $11697 |
| **6/30/25** | $11863 | $11855 | $11781 |
| **7/31/25** | $11782 | $11831 | $11769 |
| **8/31/25** | $11874 | $11934 | $11887 |
| **9/30/25** | $12228 | $12210 | $12152 |
| **10/31/25** | $12391 | $12361 | $12300 |
| **11/30/25** | $12423 | $12390 | $12335 |
| **12/31/25** | $12413 | $12401 | $12341 |
| **1/31/26** | $12493 | $12517 | $12462 |
| **2/28/26** | $12666 | $12673 | $12600 |
| **3/31/26** | $12407 | $12379 | $12302 |

---

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) | 3.97% | 0.96% | 2.41% |
| Class A (including sales charge) | 1.66% | 0.50% | 2.18% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Municipal Bond Index | 4.28% | 0.83% | 2.09% |

---

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 | $565512 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $947 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 16.1% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Local or Guaranteed Housing | 10.6% |
| Special Tax | 7.2% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.5% |
| Electric Power & Light Revenue | 5.1% |
| College & University Revenue | 4.9% |
| Water Revenue | 3.8% |
| U.S. Government Agencies | 2.9% |
| Lease (Abatement) | 2.6% |
| Other Investments | 15.4% |
| Affiliated Investments FR_72201W154 | 6.7% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PCTTX
![Image](g119941g89g96.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6040TSRAR_033126

# Class C: PCTGX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Municipal 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)**.

## What were the Fund costs for the reporting period?
(based 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 | $156 | 1.54% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market.

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

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g92l41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10107 | $10074 | $10075 |
| **5/31/16** | $10176 | $10101 | $10105 |
| **6/30/16** | $10366 | $10261 | $10265 |
| **7/31/16** | $10360 | $10268 | $10269 |
| **8/31/16** | $10394 | $10282 | $10286 |
| **9/30/16** | $10336 | $10230 | $10224 |
| **10/31/16** | $10164 | $10123 | $10104 |
| **11/30/16** | $9648 | $9745 | $9715 |
| **12/31/16** | $9740 | $9860 | $9829 |
| **1/31/17** | $9812 | $9925 | $9906 |
| **2/28/17** | $9886 | $9994 | $9964 |
| **3/31/17** | $9913 | $10015 | $9983 |
| **4/30/17** | $10005 | $10088 | $10053 |
| **5/31/17** | $10163 | $10248 | $10221 |
| **6/30/17** | $10162 | $10211 | $10187 |
| **7/31/17** | $10206 | $10294 | $10276 |
| **8/31/17** | $10287 | $10372 | $10340 |
| **9/30/17** | $10200 | $10320 | $10291 |
| **10/31/17** | $10236 | $10345 | $10325 |
| **11/30/17** | $10225 | $10289 | $10269 |
| **12/31/17** | $10337 | $10397 | $10382 |
| **1/31/18** | $10208 | $10275 | $10258 |
| **2/28/18** | $10148 | $10244 | $10225 |
| **3/31/18** | $10194 | $10282 | $10271 |
| **4/30/18** | $10161 | $10245 | $10229 |
| **5/31/18** | $10302 | $10362 | $10367 |
| **6/30/18** | $10300 | $10371 | $10370 |
| **7/31/18** | $10315 | $10396 | $10395 |
| **8/31/18** | $10352 | $10423 | $10427 |
| **9/30/18** | $10269 | $10356 | $10347 |
| **10/31/18** | $10148 | $10292 | $10276 |
| **11/30/18** | $10242 | $10406 | $10383 |
| **12/31/18** | $10336 | $10530 | $10497 |
| **1/31/19** | $10390 | $10610 | $10566 |
| **2/28/19** | $10447 | $10667 | $10618 |
| **3/31/19** | $10659 | $10835 | $10793 |
| **4/30/19** | $10714 | $10876 | $10840 |
| **5/31/19** | $10868 | $11026 | $10999 |
| **6/30/19** | $10901 | $11067 | $11036 |
| **7/31/19** | $10974 | $11156 | $11129 |
| **8/31/19** | $11204 | $11332 | $11309 |
| **9/30/19** | $11127 | $11241 | $11225 |
| **10/31/19** | $11119 | $11261 | $11245 |
| **11/30/19** | $11121 | $11289 | $11270 |
| **12/31/19** | $11152 | $11324 | $11302 |
| **1/31/20** | $11370 | $11527 | $11505 |
| **2/29/20** | $11559 | $11676 | $11654 |
| **3/31/20** | $11083 | $11252 | $11247 |
| **4/30/20** | $10876 | $11111 | $11127 |
| **5/31/20** | $11283 | $11465 | $11503 |
| **6/30/20** | $11421 | $11559 | $11570 |
| **7/31/20** | $11618 | $11754 | $11768 |
| **8/31/20** | $11526 | $11699 | $11690 |
| **9/30/20** | $11504 | $11701 | $11687 |
| **10/31/20** | $11462 | $11666 | $11655 |
| **11/30/20** | $11700 | $11842 | $11835 |
| **12/31/20** | $11788 | $11914 | $11884 |
| **1/31/21** | $11864 | $11990 | $11941 |
| **2/28/21** | $11592 | $11799 | $11724 |
| **3/31/21** | $11658 | $11872 | $11805 |
| **4/30/21** | $11794 | $11972 | $11899 |
| **5/31/21** | $11860 | $12008 | $11931 |
| **6/30/21** | $11906 | $12040 | $11962 |
| **7/31/21** | $11992 | $12140 | $12062 |
| **8/31/21** | $11916 | $12096 | $12021 |
| **9/30/21** | $11782 | $12009 | $11932 |
| **10/31/21** | $11767 | $11973 | $11899 |
| **11/30/21** | $11873 | $12075 | $12005 |
| **12/31/21** | $11886 | $12095 | $12029 |
| **1/31/22** | $11548 | $11764 | $11672 |
| **2/28/22** | $11465 | $11722 | $11637 |
| **3/31/22** | $11049 | $11342 | $11249 |
| **4/30/22** | $10607 | $11028 | $10923 |
| **5/31/22** | $10791 | $11192 | $11108 |
| **6/30/22** | $10461 | $11008 | $10935 |
| **7/31/22** | $10829 | $11299 | $11244 |
| **8/31/22** | $10601 | $11052 | $11003 |
| **9/30/22** | $10082 | $10627 | $10596 |
| **10/31/22** | $9957 | $10539 | $10527 |
| **11/30/22** | $10567 | $11032 | $11011 |
| **12/31/22** | $10548 | $11064 | $11046 |
| **1/31/23** | $10903 | $11381 | $11345 |
| **2/28/23** | $10628 | $11124 | $11087 |
| **3/31/23** | $10795 | $11371 | $11328 |
| **4/30/23** | $10815 | $11345 | $11300 |
| **5/31/23** | $10724 | $11247 | $11205 |
| **6/30/23** | $10840 | $11359 | $11316 |
| **7/31/23** | $10851 | $11404 | $11362 |
| **8/31/23** | $10729 | $11240 | $11231 |
| **9/30/23** | $10411 | $10911 | $10908 |
| **10/31/23** | $10246 | $10818 | $10814 |
| **11/30/23** | $10957 | $11504 | $11475 |
| **12/31/23** | $11264 | $11772 | $11734 |
| **1/31/24** | $11256 | $11712 | $11686 |
| **2/29/24** | $11292 | $11727 | $11699 |
| **3/31/24** | $11318 | $11726 | $11685 |
| **4/30/24** | $11176 | $11581 | $11535 |
| **5/31/24** | $11203 | $11547 | $11500 |
| **6/30/24** | $11365 | $11724 | $11662 |
| **7/31/24** | $11453 | $11831 | $11765 |
| **8/31/24** | $11512 | $11924 | $11864 |
| **9/30/24** | $11621 | $12042 | $11985 |
| **10/31/24** | $11483 | $11867 | $11821 |
| **11/30/24** | $11635 | $12072 | $12009 |
| **12/31/24** | $11486 | $11896 | $11854 |
| **1/31/25** | $11486 | $11955 | $11870 |
| **2/28/25** | $11618 | $12074 | $12002 |
| **3/31/25** | $11413 | $11869 | $11797 |
| **4/30/25** | $11351 | $11774 | $11674 |
| **5/31/25** | $11257 | $11781 | $11697 |
| **6/30/25** | $11324 | $11855 | $11781 |
| **7/31/25** | $11240 | $11831 | $11769 |
| **8/31/25** | $11320 | $11934 | $11887 |
| **9/30/25** | $11651 | $12210 | $12152 |
| **10/31/25** | $11799 | $12361 | $12300 |
| **11/30/25** | $11823 | $12390 | $12335 |
| **12/31/25** | $11805 | $12401 | $12341 |
| **1/31/26** | $11873 | $12517 | $12462 |
| **2/28/26** | $12031 | $12673 | $12600 |
| **3/31/26** | $11778 | $12379 | $12302 |

---

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) | 3.19% | 0.20% | 1.65% |
| Class C (including sales charge) | 2.19% | 0.20% | 1.65% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Municipal Bond Index | 4.28% | 0.83% | 2.09% |

---

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 | $565512 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $947 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 16.1% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Local or Guaranteed Housing | 10.6% |
| Special Tax | 7.2% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.5% |
| Electric Power & Light Revenue | 5.1% |
| College & University Revenue | 4.9% |
| Water Revenue | 3.8% |
| U.S. Government Agencies | 2.9% |
| Lease (Abatement) | 2.6% |
| Other Investments | 15.4% |
| Affiliated Investments FR_72201W154 | 6.7% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PCTGX
![Image](g119941g89g96.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6240TSRAR_033126

# Institutional Class: PCTIX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.44% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market.

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

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g22e08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1011639 | $1007353 | $1007549 |
| **5/31/16** | $1019468 | $1010078 | $1010455 |
| **6/30/16** | $1039451 | $1026147 | $1026467 |
| **7/31/16** | $1039826 | $1026773 | $1026912 |
| **8/31/16** | $1044141 | $1028159 | $1028631 |
| **9/30/16** | $1039365 | $1023027 | $1022350 |
| **10/31/16** | $1022958 | $1012295 | $1010436 |
| **11/30/16** | $971924 | $974540 | $971481 |
| **12/31/16** | $982218 | $985982 | $982907 |
| **1/31/17** | $990294 | $992482 | $990606 |
| **2/28/17** | $998582 | $999374 | $996375 |
| **3/31/17** | $1002303 | $1001543 | $998318 |
| **4/30/17** | $1012434 | $1008810 | $1005318 |
| **5/31/17** | $1029402 | $1024821 | $1022082 |
| **6/30/17** | $1030299 | $1021145 | $1018676 |
| **7/31/17** | $1035636 | $1029407 | $1027642 |
| **8/31/17** | $1044895 | $1037241 | $1033968 |
| **9/30/17** | $1037035 | $1031967 | $1029138 |
| **10/31/17** | $1041578 | $1034486 | $1032481 |
| **11/30/17** | $1041389 | $1028947 | $1026948 |
| **12/31/17** | $1053806 | $1039702 | $1038198 |
| **1/31/18** | $1041659 | $1027461 | $1025778 |
| **2/28/18** | $1036412 | $1024391 | $1022464 |
| **3/31/18** | $1042057 | $1028172 | $1027059 |
| **4/30/18** | $1039617 | $1024503 | $1022904 |
| **5/31/18** | $1054995 | $1036235 | $1036685 |
| **6/30/18** | $1055837 | $1037119 | $1037014 |
| **7/31/18** | $1058332 | $1039636 | $1039467 |
| **8/31/18** | $1063163 | $1042306 | $1042702 |
| **9/30/18** | $1055502 | $1035558 | $1034714 |
| **10/31/18** | $1044058 | $1029181 | $1027597 |
| **11/30/18** | $1054754 | $1040572 | $1038292 |
| **12/31/18** | $1065327 | $1053031 | $1049728 |
| **1/31/19** | $1071949 | $1060991 | $1056578 |
| **2/28/19** | $1078714 | $1066672 | $1061813 |
| **3/31/19** | $1101580 | $1083534 | $1079266 |
| **4/30/19** | $1108279 | $1087606 | $1083974 |
| **5/31/19** | $1125223 | $1102600 | $1099877 |
| **6/30/19** | $1129680 | $1106671 | $1103633 |
| **7/31/19** | $1138308 | $1115590 | $1112854 |
| **8/31/19** | $1163281 | $1133187 | $1130889 |
| **9/30/19** | $1156235 | $1124103 | $1122478 |
| **10/31/19** | $1156466 | $1126118 | $1124455 |
| **11/30/19** | $1157776 | $1128934 | $1127006 |
| **12/31/19** | $1162055 | $1132381 | $1130246 |
| **1/31/20** | $1185953 | $1152726 | $1150493 |
| **2/29/20** | $1206632 | $1167591 | $1165389 |
| **3/31/20** | $1158018 | $1125239 | $1124696 |
| **4/30/20** | $1137378 | $1111117 | $1112658 |
| **5/31/20** | $1181017 | $1146463 | $1150345 |
| **6/30/20** | $1196582 | $1155899 | $1156958 |
| **7/31/20** | $1218452 | $1175367 | $1176835 |
| **8/31/20** | $1209823 | $1169852 | $1169024 |
| **9/30/20** | $1208621 | $1170100 | $1168694 |
| **10/31/20** | $1205328 | $1166585 | $1165480 |
| **11/30/20** | $1231413 | $1184190 | $1183463 |
| **12/31/20** | $1241962 | $1191404 | $1188408 |
| **1/31/21** | $1250992 | $1198996 | $1194072 |
| **2/28/21** | $1223424 | $1179946 | $1172388 |
| **3/31/21** | $1231484 | $1187223 | $1180458 |
| **4/30/21** | $1247081 | $1197181 | $1189857 |
| **5/31/21** | $1255142 | $1200752 | $1193117 |
| **6/30/21** | $1261211 | $1204050 | $1196227 |
| **7/31/21** | $1271472 | $1214035 | $1206184 |
| **8/31/21** | $1264622 | $1209580 | $1202109 |
| **9/30/21** | $1251452 | $1200851 | $1193239 |
| **10/31/21** | $1251042 | $1197340 | $1189865 |
| **11/30/21** | $1263527 | $1207533 | $1200510 |
| **12/31/21** | $1266154 | $1209481 | $1202860 |
| **1/31/22** | $1231218 | $1176374 | $1167194 |
| **2/28/22** | $1223358 | $1172159 | $1163665 |
| **3/31/22** | $1180121 | $1134161 | $1124939 |
| **4/30/22** | $1134066 | $1102791 | $1092322 |
| **5/31/22** | $1154742 | $1119173 | $1110758 |
| **6/30/22** | $1120460 | $1100843 | $1093532 |
| **7/31/22** | $1160850 | $1129929 | $1124371 |
| **8/31/22** | $1137548 | $1105165 | $1100303 |
| **9/30/22** | $1082917 | $1062748 | $1059632 |
| **10/31/22** | $1070449 | $1053910 | $1052727 |
| **11/30/22** | $1136994 | $1103205 | $1101104 |
| **12/31/22** | $1136071 | $1106363 | $1104644 |
| **1/31/23** | $1175369 | $1138143 | $1134471 |
| **2/28/23** | $1146724 | $1112408 | $1108681 |
| **3/31/23** | $1165825 | $1137089 | $1132846 |
| **4/30/23** | $1169005 | $1134492 | $1129990 |
| **5/31/23** | $1160200 | $1124661 | $1120541 |
| **6/30/23** | $1173949 | $1135927 | $1131645 |
| **7/31/23** | $1176134 | $1140420 | $1136221 |
| **8/31/23** | $1163987 | $1124003 | $1123094 |
| **9/30/23** | $1130556 | $1091060 | $1090842 |
| **10/31/23** | $1113683 | $1081775 | $1081393 |
| **11/30/23** | $1192009 | $1150447 | $1147496 |
| **12/31/23** | $1226544 | $1177186 | $1173393 |
| **1/31/24** | $1226794 | $1171174 | $1168621 |
| **2/29/24** | $1231810 | $1172678 | $1169930 |
| **3/31/24** | $1235793 | $1172641 | $1168475 |
| **4/30/24** | $1221297 | $1158118 | $1153538 |
| **5/31/24** | $1225539 | $1154721 | $1150015 |
| **6/30/24** | $1244274 | $1172420 | $1166157 |
| **7/31/24** | $1255035 | $1183106 | $1176539 |
| **8/31/24** | $1262781 | $1192437 | $1186376 |
| **9/30/24** | $1275793 | $1204223 | $1198463 |
| **10/31/24** | $1261919 | $1186664 | $1182133 |
| **11/30/24** | $1279771 | $1207162 | $1200873 |
| **12/31/24** | $1264514 | $1189588 | $1185391 |
| **1/31/25** | $1265782 | $1195550 | $1187036 |
| **2/28/25** | $1281383 | $1207404 | $1200207 |
| **3/31/25** | $1259925 | $1186941 | $1179728 |
| **4/30/25** | $1254224 | $1177379 | $1167378 |
| **5/31/25** | $1244986 | $1178135 | $1169671 |
| **6/30/25** | $1253533 | $1185469 | $1178134 |
| **7/31/25** | $1245329 | $1183075 | $1176891 |
| **8/31/25** | $1255455 | $1193358 | $1188682 |
| **9/30/25** | $1293262 | $1220994 | $1215206 |
| **10/31/25** | $1310936 | $1236137 | $1229965 |
| **11/30/25** | $1314683 | $1238973 | $1233496 |
| **12/31/25** | $1313961 | $1240088 | $1234081 |
| **1/31/26** | $1322819 | $1251726 | $1246200 |
| **2/28/26** | $1341546 | $1267326 | $1259976 |
| **3/31/26** | $1314459 | $1237891 | $1230162 |

---

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 | 4.33% | 1.31% | 2.77% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Municipal Bond Index | 4.28% | 0.83% | 2.09% |

---

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 | $565512 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $947 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 16.1% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Local or Guaranteed Housing | 10.6% |
| Special Tax | 7.2% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.5% |
| Electric Power & Light Revenue | 5.1% |
| College & University Revenue | 4.9% |
| Water Revenue | 3.8% |
| U.S. Government Agencies | 2.9% |
| Lease (Abatement) | 2.6% |
| Other Investments | 15.4% |
| Affiliated Investments FR_72201W154 | 6.7% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PCTIX
![Image](g119941g89g96.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2062TSRAR_033126

# I-2: PCTPX

# PIMCO California Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.54% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg California Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market.

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

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g45o61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1011554 | $1007353 | $1007549 |
| **5/31/16** | $1019296 | $1010078 | $1010455 |
| **6/30/16** | $1039187 | $1026147 | $1026467 |
| **7/31/16** | $1039482 | $1026773 | $1026912 |
| **8/31/16** | $1043704 | $1028159 | $1028631 |
| **9/30/16** | $1038838 | $1023027 | $1022350 |
| **10/31/16** | $1022360 | $1012295 | $1010436 |
| **11/30/16** | $971273 | $974540 | $971481 |
| **12/31/16** | $981470 | $985982 | $982907 |
| **1/31/17** | $989462 | $992482 | $990606 |
| **2/28/17** | $997668 | $999374 | $996375 |
| **3/31/17** | $1001295 | $1001543 | $998318 |
| **4/30/17** | $1011339 | $1008810 | $1005318 |
| **5/31/17** | $1028202 | $1024821 | $1022082 |
| **6/30/17** | $1029008 | $1021145 | $1018676 |
| **7/31/17** | $1034256 | $1029407 | $1027642 |
| **8/31/17** | $1043414 | $1037241 | $1033968 |
| **9/30/17** | $1035479 | $1031967 | $1029138 |
| **10/31/17** | $1039931 | $1034486 | $1032481 |
| **11/30/17** | $1039656 | $1028947 | $1026948 |
| **12/31/17** | $1051949 | $1039702 | $1038198 |
| **1/31/18** | $1039738 | $1027461 | $1025778 |
| **2/28/18** | $1034421 | $1024391 | $1022464 |
| **3/31/18** | $1039964 | $1028172 | $1027059 |
| **4/30/18** | $1037449 | $1024503 | $1022904 |
| **5/31/18** | $1052707 | $1036235 | $1036685 |
| **6/30/18** | $1053458 | $1037119 | $1037014 |
| **7/31/18** | $1055862 | $1039636 | $1039467 |
| **8/31/18** | $1060583 | $1042306 | $1042702 |
| **9/30/18** | $1052863 | $1035558 | $1034714 |
| **10/31/18** | $1041359 | $1029181 | $1027597 |
| **11/30/18** | $1051935 | $1040572 | $1038292 |
| **12/31/18** | $1062394 | $1053031 | $1049728 |
| **1/31/19** | $1068912 | $1060991 | $1056578 |
| **2/28/19** | $1075578 | $1066672 | $1061813 |
| **3/31/19** | $1098284 | $1083534 | $1079266 |
| **4/30/19** | $1104874 | $1087606 | $1083974 |
| **5/31/19** | $1121680 | $1102600 | $1099877 |
| **6/30/19** | $1126038 | $1106671 | $1103633 |
| **7/31/19** | $1134541 | $1115590 | $1112854 |
| **8/31/19** | $1159328 | $1133187 | $1130889 |
| **9/30/19** | $1152218 | $1124103 | $1122478 |
| **10/31/19** | $1152349 | $1126118 | $1124455 |
| **11/30/19** | $1153555 | $1128934 | $1127006 |
| **12/31/19** | $1157720 | $1132381 | $1130246 |
| **1/31/20** | $1181424 | $1152726 | $1150493 |
| **2/29/20** | $1201933 | $1167591 | $1165389 |
| **3/31/20** | $1153421 | $1125239 | $1124696 |
| **4/30/20** | $1132769 | $1111117 | $1112658 |
| **5/31/20** | $1176131 | $1146463 | $1150345 |
| **6/30/20** | $1191533 | $1155899 | $1156958 |
| **7/31/20** | $1213201 | $1175367 | $1176835 |
| **8/31/20** | $1204512 | $1169852 | $1169024 |
| **9/30/20** | $1203217 | $1170100 | $1168694 |
| **10/31/20** | $1199834 | $1166585 | $1165480 |
| **11/30/20** | $1225704 | $1184190 | $1183463 |
| **12/31/20** | $1236087 | $1191404 | $1188408 |
| **1/31/21** | $1244980 | $1198996 | $1194072 |
| **2/28/21** | $1217453 | $1179946 | $1172388 |
| **3/31/21** | $1225369 | $1187223 | $1180458 |
| **4/30/21** | $1240781 | $1197181 | $1189857 |
| **5/31/21** | $1248703 | $1200752 | $1193117 |
| **6/30/21** | $1254635 | $1204050 | $1196227 |
| **7/31/21** | $1264732 | $1214035 | $1206184 |
| **8/31/21** | $1257815 | $1209580 | $1202109 |
| **9/30/21** | $1244613 | $1200851 | $1193239 |
| **10/31/21** | $1244101 | $1197340 | $1189865 |
| **11/30/21** | $1256413 | $1207533 | $1200510 |
| **12/31/21** | $1258911 | $1209481 | $1202860 |
| **1/31/22** | $1224076 | $1176374 | $1167194 |
| **2/28/22** | $1216168 | $1172159 | $1163665 |
| **3/31/22** | $1173083 | $1134161 | $1124939 |
| **4/30/22** | $1127204 | $1102791 | $1092322 |
| **5/31/22** | $1147661 | $1119173 | $1110758 |
| **6/30/22** | $1113502 | $1100843 | $1093532 |
| **7/31/22** | $1153547 | $1129929 | $1124371 |
| **8/31/22** | $1130293 | $1105165 | $1100303 |
| **9/30/22** | $1075914 | $1062748 | $1059632 |
| **10/31/22** | $1063434 | $1053910 | $1052727 |
| **11/30/22** | $1129454 | $1103205 | $1101104 |
| **12/31/22** | $1128434 | $1106363 | $1104644 |
| **1/31/23** | $1167376 | $1138143 | $1134471 |
| **2/28/23** | $1138838 | $1112408 | $1108681 |
| **3/31/23** | $1157704 | $1137089 | $1132846 |
| **4/30/23** | $1160773 | $1134492 | $1129990 |
| **5/31/23** | $1151933 | $1124661 | $1120541 |
| **6/30/23** | $1165484 | $1135927 | $1131645 |
| **7/31/23** | $1167562 | $1140420 | $1136221 |
| **8/31/23** | $1155407 | $1124003 | $1123094 |
| **9/30/23** | $1122127 | $1091060 | $1090842 |
| **10/31/23** | $1105290 | $1081775 | $1081393 |
| **11/30/23** | $1182925 | $1150447 | $1147496 |
| **12/31/23** | $1217092 | $1177186 | $1173393 |
| **1/31/24** | $1217239 | $1171174 | $1168621 |
| **2/29/24** | $1222120 | $1172678 | $1169930 |
| **3/31/24** | $1225967 | $1172641 | $1168475 |
| **4/30/24** | $1211487 | $1158118 | $1153538 |
| **5/31/24** | $1215584 | $1154721 | $1150015 |
| **6/30/24** | $1234071 | $1172420 | $1166157 |
| **7/31/24** | $1244637 | $1183106 | $1176539 |
| **8/31/24** | $1252206 | $1192437 | $1186376 |
| **9/30/24** | $1265011 | $1204223 | $1198463 |
| **10/31/24** | $1251147 | $1186664 | $1182133 |
| **11/30/24** | $1268740 | $1207162 | $1200873 |
| **12/31/24** | $1253506 | $1189588 | $1185391 |
| **1/31/25** | $1254654 | $1195550 | $1187036 |
| **2/28/25** | $1270022 | $1207404 | $1200207 |
| **3/31/25** | $1248654 | $1186941 | $1179728 |
| **4/30/25** | $1242905 | $1177379 | $1167378 |
| **5/31/25** | $1233644 | $1178135 | $1169671 |
| **6/30/25** | $1242017 | $1185469 | $1178134 |
| **7/31/25** | $1233783 | $1183075 | $1176891 |
| **8/31/25** | $1243706 | $1193358 | $1188682 |
| **9/30/25** | $1281059 | $1220994 | $1215206 |
| **10/31/25** | $1298450 | $1236137 | $1229965 |
| **11/30/25** | $1302062 | $1238973 | $1233496 |
| **12/31/25** | $1301235 | $1240088 | $1234081 |
| **1/31/26** | $1309897 | $1251726 | $1246200 |
| **2/28/26** | $1328340 | $1267326 | $1259976 |
| **3/31/26** | $1301412 | $1237891 | $1230162 |

---

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 | 4.23% | 1.21% | 2.67% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Municipal Bond Index | 4.28% | 0.83% | 2.09% |

---

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 | $565512 |
| # of Portfolio Holdings | 313 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid During the Reporting Period | $947 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 16.1% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Local or Guaranteed Housing | 10.6% |
| Special Tax | 7.2% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.5% |
| Electric Power & Light Revenue | 5.1% |
| College & University Revenue | 4.9% |
| Water Revenue | 3.8% |
| U.S. Government Agencies | 2.9% |
| Lease (Abatement) | 2.6% |
| Other Investments | 15.4% |
| Affiliated Investments FR_72201W154 | 6.7% |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PCTPX
![Image](g119941g89g96.jpg)

# PIMCO California Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2068TSRAR_033126

# Class A: PCDAX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Short Duration Municipal 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 | $74 | 0.73% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg California 1 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

* Overweight exposure to the electric utility sector detracted from relative performance versus the Index, as the sector underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g86v54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/16** | $9775 | $10000 | $10000 |
| **4/30/16** | $9790 | $10074 | $10010 |
| **5/31/16** | $9785 | $10101 | $10015 |
| **6/30/16** | $9820 | $10261 | $10033 |
| **7/31/16** | $9834 | $10268 | $10049 |
| **8/31/16** | $9829 | $10282 | $10035 |
| **9/30/16** | $9804 | $10230 | $10012 |
| **10/31/16** | $9789 | $10123 | $10022 |
| **11/30/16** | $9686 | $9745 | $9972 |
| **12/31/16** | $9690 | $9860 | $9992 |
| **1/31/17** | $9735 | $9925 | $10031 |
| **2/28/17** | $9772 | $9994 | $10061 |
| **3/31/17** | $9769 | $10015 | $10058 |
| **4/30/17** | $9785 | $10088 | $10073 |
| **5/31/17** | $9831 | $10248 | $10093 |
| **6/30/17** | $9819 | $10211 | $10081 |
| **7/31/17** | $9846 | $10294 | $10106 |
| **8/31/17** | $9884 | $10372 | $10126 |
| **9/30/17** | $9862 | $10320 | $10113 |
| **10/31/17** | $9859 | $10345 | $10114 |
| **11/30/17** | $9797 | $10289 | $10061 |
| **12/31/17** | $9814 | $10397 | $10068 |
| **1/31/18** | $9812 | $10275 | $10099 |
| **2/28/18** | $9811 | $10244 | $10117 |
| **3/31/18** | $9809 | $10282 | $10109 |
| **4/30/18** | $9788 | $10245 | $10100 |
| **5/31/18** | $9827 | $10362 | $10136 |
| **6/30/18** | $9847 | $10371 | $10167 |
| **7/31/18** | $9866 | $10396 | $10188 |
| **8/31/18** | $9866 | $10423 | $10187 |
| **9/30/18** | $9845 | $10356 | $10162 |
| **10/31/18** | $9835 | $10292 | $10171 |
| **11/30/18** | $9867 | $10406 | $10198 |
| **12/31/18** | $9908 | $10530 | $10234 |
| **1/31/19** | $9939 | $10610 | $10259 |
| **2/28/19** | $9962 | $10667 | $10276 |
| **3/31/19** | $9994 | $10835 | $10303 |
| **4/30/19** | $10006 | $10876 | $10311 |
| **5/31/19** | $10048 | $11026 | $10348 |
| **6/30/19** | $10068 | $11067 | $10376 |
| **7/31/19** | $10109 | $11156 | $10405 |
| **8/31/19** | $10130 | $11332 | $10419 |
| **9/30/19** | $10109 | $11241 | $10397 |
| **10/31/19** | $10119 | $11261 | $10426 |
| **11/30/19** | $10128 | $11289 | $10444 |
| **12/31/19** | $10147 | $11324 | $10455 |
| **1/31/20** | $10186 | $11527 | $10486 |
| **2/29/20** | $10215 | $11676 | $10503 |
| **3/31/20** | $10072 | $11252 | $10456 |
| **4/30/20** | $10039 | $11111 | $10493 |
| **5/31/20** | $10169 | $11465 | $10596 |
| **6/30/20** | $10197 | $11559 | $10587 |
| **7/31/20** | $10244 | $11754 | $10605 |
| **8/31/20** | $10240 | $11699 | $10606 |
| **9/30/20** | $10246 | $11701 | $10611 |
| **10/31/20** | $10241 | $11666 | $10603 |
| **11/30/20** | $10268 | $11842 | $10612 |
| **12/31/20** | $10284 | $11914 | $10616 |
| **1/31/21** | $10299 | $11990 | $10629 |
| **2/28/21** | $10255 | $11799 | $10625 |
| **3/31/21** | $10271 | $11872 | $10628 |
| **4/30/21** | $10288 | $11972 | $10634 |
| **5/31/21** | $10294 | $12008 | $10639 |
| **6/30/21** | $10290 | $12040 | $10635 |
| **7/31/21** | $10305 | $12140 | $10648 |
| **8/31/21** | $10300 | $12096 | $10646 |
| **9/30/21** | $10274 | $12009 | $10632 |
| **10/31/21** | $10258 | $11973 | $10631 |
| **11/30/21** | $10263 | $12075 | $10634 |
| **12/31/21** | $10258 | $12095 | $10631 |
| **1/31/22** | $10160 | $11764 | $10557 |
| **2/28/22** | $10125 | $11722 | $10545 |
| **3/31/22** | $10016 | $11342 | $10458 |
| **4/30/22** | $9920 | $11028 | $10420 |
| **5/31/22** | $9980 | $11192 | $10501 |
| **6/30/22** | $9958 | $11008 | $10503 |
| **7/31/22** | $10040 | $11299 | $10550 |
| **8/31/22** | $9956 | $11052 | $10479 |
| **9/30/22** | $9864 | $10627 | $10385 |
| **10/31/22** | $9845 | $10539 | $10401 |
| **11/30/22** | $9995 | $11032 | $10525 |
| **12/31/22** | $10011 | $11064 | $10517 |
| **1/31/23** | $10108 | $11381 | $10604 |
| **2/28/23** | $10030 | $11124 | $10512 |
| **3/31/23** | $10119 | $11371 | $10618 |
| **4/30/23** | $10103 | $11345 | $10590 |
| **5/31/23** | $10078 | $11247 | $10581 |
| **6/30/23** | $10118 | $11359 | $10630 |
| **7/31/23** | $10134 | $11404 | $10648 |
| **8/31/23** | $10121 | $11240 | $10669 |
| **9/30/23** | $10046 | $10911 | $10618 |
| **10/31/23** | $10034 | $10818 | $10639 |
| **11/30/23** | $10245 | $11504 | $10798 |
| **12/31/23** | $10352 | $11772 | $10853 |
| **1/31/24** | $10349 | $11712 | $10854 |
| **2/29/24** | $10370 | $11727 | $10866 |
| **3/31/24** | $10369 | $11726 | $10859 |
| **4/30/24** | $10347 | $11581 | $10862 |
| **5/31/24** | $10338 | $11547 | $10887 |
| **6/30/24** | $10413 | $11724 | $10942 |
| **7/31/24** | $10480 | $11831 | $11011 |
| **8/31/24** | $10559 | $11924 | $11085 |
| **9/30/24** | $10603 | $12042 | $11119 |
| **10/31/24** | $10548 | $11867 | $11091 |
| **11/30/24** | $10613 | $12072 | $11131 |
| **12/31/24** | $10580 | $11896 | $11131 |
| **1/31/25** | $10601 | $11955 | $11176 |
| **2/28/25** | $10666 | $12074 | $11220 |
| **3/31/25** | $10620 | $11869 | $11229 |
| **4/30/25** | $10610 | $11774 | $11209 |
| **5/31/25** | $10645 | $11781 | $11259 |
| **6/30/25** | $10711 | $11855 | $11321 |
| **7/31/25** | $10745 | $11831 | $11378 |
| **8/31/25** | $10813 | $11934 | $11430 |
| **9/30/25** | $10880 | $12210 | $11433 |
| **10/31/25** | $10916 | $12361 | $11426 |
| **11/30/25** | $10937 | $12390 | $11458 |
| **12/31/25** | $10960 | $12401 | $11489 |
| **1/31/26** | $11003 | $12517 | $11555 |
| **2/28/26** | $11070 | $12673 | $11594 |
| **3/31/26** | $10988 | $12379 | $11549 |

---

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) | 3.47% | 1.36% | 1.18% |
| Class A (including sales charge) | 1.14% | 0.90% | 0.95% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California 1 Year Municipal Bond Index | 2.86% | 1.68% | 1.45% |

---

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 | $232830 |
| # of Portfolio Holdings | 131 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $351 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.3% |
| Local or Guaranteed Housing | 9.8% |
| Electric Power & Light Revenue | 7.1% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.5% |
| Resource Recovery Revenue | 5.9% |
| Highway Revenue Tolls | 5.5% |
| General Fund | 4.6% |
| College & University Revenue | 4.1% |
| Water Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments FR_72201W154 | 9.1% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value 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](g119941g89g22.jpg)

# Class A: PCDAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4117TSRAR_033126

# Institutional Class: PCDIX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Short Duration Municipal 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 | $34 | 0.33% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg California 1 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

* Overweight exposure to the electric utility sector detracted from relative performance versus the Index, as the sector underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g29w73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1001921 | $1007353 | $1000994 |
| **5/31/16** | $1001694 | $1010078 | $1001496 |
| **6/30/16** | $1005568 | $1026147 | $1003283 |
| **7/31/16** | $1007346 | $1026773 | $1004923 |
| **8/31/16** | $1007168 | $1028159 | $1003484 |
| **9/30/16** | $1005045 | $1023027 | $1001222 |
| **10/31/16** | $1003783 | $1012295 | $1002216 |
| **11/30/16** | $993509 | $974540 | $997171 |
| **12/31/16** | $994346 | $985982 | $999221 |
| **1/31/17** | $999275 | $992482 | $1003148 |
| **2/28/17** | $1003401 | $999374 | $1006130 |
| **3/31/17** | $1003386 | $1001543 | $1005805 |
| **4/30/17** | $1005363 | $1008810 | $1007317 |
| **5/31/17** | $1010436 | $1024821 | $1009318 |
| **6/30/17** | $1009568 | $1021145 | $1008110 |
| **7/31/17** | $1012675 | $1029407 | $1010608 |
| **8/31/17** | $1016856 | $1037241 | $1012635 |
| **9/30/17** | $1014966 | $1031967 | $1011297 |
| **10/31/17** | $1015012 | $1034486 | $1011363 |
| **11/30/17** | $1008947 | $1028947 | $1006069 |
| **12/31/17** | $1011107 | $1039702 | $1006829 |
| **1/31/18** | $1011196 | $1027461 | $1009885 |
| **2/28/18** | $1011426 | $1024391 | $1011727 |
| **3/31/18** | $1011568 | $1028172 | $1010938 |
| **4/30/18** | $1009730 | $1024503 | $1009952 |
| **5/31/18** | $1014071 | $1036235 | $1013572 |
| **6/30/18** | $1016440 | $1037119 | $1016704 |
| **7/31/18** | $1018741 | $1039636 | $1018758 |
| **8/31/18** | $1019180 | $1042306 | $1018661 |
| **9/30/18** | $1017316 | $1035558 | $1016245 |
| **10/31/18** | $1016633 | $1029181 | $1017057 |
| **11/30/18** | $1020267 | $1040572 | $1019842 |
| **12/31/18** | $1024805 | $1053031 | $1023364 |
| **1/31/19** | $1028353 | $1060991 | $1025896 |
| **2/28/19** | $1031052 | $1066672 | $1027557 |
| **3/31/19** | $1034706 | $1083534 | $1030320 |
| **4/30/19** | $1036282 | $1087606 | $1031147 |
| **5/31/19** | $1041025 | $1102600 | $1034775 |
| **6/30/19** | $1043449 | $1106671 | $1037551 |
| **7/31/19** | $1048036 | $1115590 | $1040506 |
| **8/31/19** | $1050605 | $1133187 | $1041931 |
| **9/30/19** | $1048752 | $1124103 | $1039650 |
| **10/31/19** | $1050101 | $1126118 | $1042633 |
| **11/30/19** | $1051424 | $1128934 | $1044369 |
| **12/31/19** | $1053742 | $1132381 | $1045459 |
| **1/31/20** | $1058182 | $1152726 | $1048562 |
| **2/29/20** | $1061545 | $1167591 | $1050255 |
| **3/31/20** | $1046969 | $1125239 | $1045626 |
| **4/30/20** | $1043916 | $1111117 | $1049263 |
| **5/31/20** | $1057768 | $1146463 | $1059587 |
| **6/30/20** | $1060993 | $1155899 | $1058694 |
| **7/31/20** | $1066342 | $1175367 | $1060491 |
| **8/31/20** | $1066191 | $1169852 | $1060583 |
| **9/30/20** | $1067196 | $1170100 | $1061084 |
| **10/31/20** | $1067112 | $1166585 | $1060258 |
| **11/30/20** | $1070207 | $1184190 | $1061223 |
| **12/31/20** | $1072275 | $1191404 | $1061578 |
| **1/31/21** | $1074194 | $1198996 | $1062906 |
| **2/28/21** | $1069933 | $1179946 | $1062482 |
| **3/31/21** | $1071947 | $1187223 | $1062837 |
| **4/30/21** | $1074107 | $1197181 | $1063426 |
| **5/31/21** | $1075089 | $1200752 | $1063890 |
| **6/30/21** | $1074997 | $1204050 | $1063548 |
| **7/31/21** | $1076995 | $1214035 | $1064844 |
| **8/31/21** | $1076755 | $1209580 | $1064588 |
| **9/30/21** | $1074407 | $1200851 | $1063219 |
| **10/31/21** | $1073075 | $1197340 | $1063122 |
| **11/30/21** | $1073952 | $1207533 | $1063358 |
| **12/31/21** | $1073899 | $1209481 | $1063111 |
| **1/31/22** | $1063884 | $1176374 | $1055654 |
| **2/28/22** | $1060590 | $1172159 | $1054454 |
| **3/31/22** | $1049571 | $1134161 | $1045849 |
| **4/30/22** | $1039826 | $1102791 | $1041985 |
| **5/31/22** | $1046467 | $1119173 | $1050107 |
| **6/30/22** | $1044486 | $1100843 | $1050331 |
| **7/31/22** | $1053404 | $1129929 | $1054975 |
| **8/31/22** | $1045032 | $1105165 | $1047946 |
| **9/30/22** | $1035715 | $1062748 | $1038488 |
| **10/31/22** | $1034073 | $1053910 | $1040145 |
| **11/30/22** | $1050110 | $1103205 | $1052525 |
| **12/31/22** | $1052179 | $1106363 | $1051746 |
| **1/31/23** | $1062776 | $1138143 | $1060394 |
| **2/28/23** | $1054855 | $1112408 | $1051208 |
| **3/31/23** | $1064652 | $1137089 | $1061762 |
| **4/30/23** | $1063270 | $1134492 | $1059015 |
| **5/31/23** | $1060958 | $1124661 | $1058080 |
| **6/30/23** | $1065518 | $1135927 | $1063045 |
| **7/31/23** | $1067574 | $1140420 | $1064772 |
| **8/31/23** | $1066619 | $1124003 | $1066853 |
| **9/30/23** | $1059048 | $1091060 | $1061816 |
| **10/31/23** | $1058048 | $1081775 | $1063891 |
| **11/30/23** | $1080722 | $1150447 | $1079812 |
| **12/31/23** | $1092309 | $1177186 | $1085283 |
| **1/31/24** | $1092396 | $1171174 | $1085428 |
| **2/29/24** | $1094946 | $1172678 | $1086615 |
| **3/31/24** | $1095238 | $1172641 | $1085929 |
| **4/30/24** | $1093303 | $1158118 | $1086162 |
| **5/31/24** | $1092688 | $1154721 | $1088661 |
| **6/30/24** | $1101015 | $1172420 | $1094236 |
| **7/31/24** | $1108469 | $1183106 | $1101062 |
| **8/31/24** | $1117227 | $1192437 | $1108459 |
| **9/30/24** | $1122213 | $1204223 | $1111944 |
| **10/31/24** | $1116779 | $1186664 | $1109091 |
| **11/30/24** | $1124021 | $1207162 | $1113120 |
| **12/31/24** | $1120900 | $1189588 | $1113113 |
| **1/31/25** | $1123510 | $1195550 | $1117582 |
| **2/28/25** | $1130790 | $1207404 | $1122008 |
| **3/31/25** | $1126277 | $1186941 | $1122871 |
| **4/30/25** | $1125567 | $1177379 | $1120858 |
| **5/31/25** | $1129625 | $1178135 | $1125929 |
| **6/30/25** | $1137051 | $1185469 | $1132062 |
| **7/31/25** | $1140969 | $1183075 | $1137787 |
| **8/31/25** | $1148638 | $1193358 | $1142969 |
| **9/30/25** | $1156122 | $1220994 | $1143266 |
| **10/31/25** | $1160319 | $1236137 | $1142646 |
| **11/30/25** | $1162913 | $1238973 | $1145849 |
| **12/31/25** | $1165801 | $1240088 | $1148891 |
| **1/31/26** | $1170773 | $1251726 | $1155510 |
| **2/28/26** | $1178227 | $1267326 | $1159418 |
| **3/31/26** | $1169975 | $1237891 | $1154944 |

---

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 | 3.88% | 1.77% | 1.58% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California 1 Year Municipal Bond Index | 2.86% | 1.68% | 1.45% |

---

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 | $232830 |
| # of Portfolio Holdings | 131 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $351 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.3% |
| Local or Guaranteed Housing | 9.8% |
| Electric Power & Light Revenue | 7.1% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.5% |
| Resource Recovery Revenue | 5.9% |
| Highway Revenue Tolls | 5.5% |
| General Fund | 4.6% |
| College & University Revenue | 4.1% |
| Water Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments FR_72201W154 | 9.1% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value 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](g119941g89g22.jpg)

# Institutional Class: PCDIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1888TSRAR_033126

# I-2: PCDPX

# PIMCO California Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Short Duration Municipal 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 | $44 | 0.43% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg California 1 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

* Overweight exposure to the electric utility sector detracted from relative performance versus the Index, as the sector underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g94l36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg California 1 Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1001837 | $1007353 | $1000994 |
| **5/31/16** | $1001527 | $1010078 | $1001496 |
| **6/30/16** | $1005317 | $1026147 | $1003283 |
| **7/31/16** | $1007010 | $1026773 | $1004923 |
| **8/31/16** | $1006747 | $1028159 | $1003484 |
| **9/30/16** | $1004535 | $1023027 | $1001222 |
| **10/31/16** | $1003193 | $1012295 | $1002216 |
| **11/30/16** | $992840 | $974540 | $997171 |
| **12/31/16** | $993587 | $985982 | $999221 |
| **1/31/17** | $998435 | $992482 | $1003148 |
| **2/28/17** | $1002480 | $999374 | $1006130 |
| **3/31/17** | $1002375 | $1001543 | $1005805 |
| **4/30/17** | $1004273 | $1008810 | $1007317 |
| **5/31/17** | $1009255 | $1024821 | $1009318 |
| **6/30/17** | $1008300 | $1021145 | $1008110 |
| **7/31/17** | $1011324 | $1029407 | $1010608 |
| **8/31/17** | $1015413 | $1037241 | $1012635 |
| **9/30/17** | $1013439 | $1031967 | $1011297 |
| **10/31/17** | $1013402 | $1034486 | $1011363 |
| **11/30/17** | $1007264 | $1028947 | $1006069 |
| **12/31/17** | $1009331 | $1039702 | $1006829 |
| **1/31/18** | $1009338 | $1027461 | $1009885 |
| **2/28/18** | $1009489 | $1024391 | $1011727 |
| **3/31/18** | $1009542 | $1028172 | $1010938 |
| **4/30/18** | $1007628 | $1024503 | $1009952 |
| **5/31/18** | $1011875 | $1036235 | $1013572 |
| **6/30/18** | $1014151 | $1037119 | $1016704 |
| **7/31/18** | $1016363 | $1039636 | $1018758 |
| **8/31/18** | $1016706 | $1042306 | $1018661 |
| **9/30/18** | $1014772 | $1035558 | $1016245 |
| **10/31/18** | $1014006 | $1029181 | $1017057 |
| **11/30/18** | $1017539 | $1040572 | $1019842 |
| **12/31/18** | $1021983 | $1053031 | $1023364 |
| **1/31/19** | $1025439 | $1060991 | $1025896 |
| **2/28/19** | $1028051 | $1066672 | $1027557 |
| **3/31/19** | $1031608 | $1083534 | $1030320 |
| **4/30/19** | $1033094 | $1087606 | $1031147 |
| **5/31/19** | $1037729 | $1102600 | $1034775 |
| **6/30/19** | $1040066 | $1106671 | $1037551 |
| **7/31/19** | $1044549 | $1115590 | $1040506 |
| **8/31/19** | $1047015 | $1133187 | $1041931 |
| **9/30/19** | $1045088 | $1124103 | $1039650 |
| **10/31/19** | $1046344 | $1126118 | $1042633 |
| **11/30/19** | $1047574 | $1128934 | $1044369 |
| **12/31/19** | $1049795 | $1132381 | $1045459 |
| **1/31/20** | $1054126 | $1152726 | $1048562 |
| **2/29/20** | $1057395 | $1167591 | $1050255 |
| **3/31/20** | $1042791 | $1125239 | $1045626 |
| **4/30/20** | $1039665 | $1111117 | $1049263 |
| **5/31/20** | $1053372 | $1146463 | $1059587 |
| **6/30/20** | $1056496 | $1155899 | $1058694 |
| **7/31/20** | $1061727 | $1175367 | $1060491 |
| **8/31/20** | $1061493 | $1169852 | $1060583 |
| **9/30/20** | $1062406 | $1170100 | $1061084 |
| **10/31/20** | $1062229 | $1166585 | $1060258 |
| **11/30/20** | $1065226 | $1184190 | $1061223 |
| **12/31/20** | $1067186 | $1191404 | $1061578 |
| **1/31/21** | $1069014 | $1198996 | $1062906 |
| **2/28/21** | $1064691 | $1179946 | $1062482 |
| **3/31/21** | $1066606 | $1187223 | $1062837 |
| **4/30/21** | $1068661 | $1197181 | $1063426 |
| **5/31/21** | $1069553 | $1200752 | $1063890 |
| **6/30/21** | $1069374 | $1204050 | $1063548 |
| **7/31/21** | $1071267 | $1214035 | $1064844 |
| **8/31/21** | $1070940 | $1209580 | $1064588 |
| **9/30/21** | $1068514 | $1200851 | $1063219 |
| **10/31/21** | $1067098 | $1197340 | $1063122 |
| **11/30/21** | $1067883 | $1207533 | $1063358 |
| **12/31/21** | $1067734 | $1209481 | $1063111 |
| **1/31/22** | $1057699 | $1176374 | $1055654 |
| **2/28/22** | $1054346 | $1172159 | $1054454 |
| **3/31/22** | $1043305 | $1134161 | $1045849 |
| **4/30/22** | $1033530 | $1102791 | $1041985 |
| **5/31/22** | $1040046 | $1119173 | $1050107 |
| **6/30/22** | $1037992 | $1100843 | $1050331 |
| **7/31/22** | $1046764 | $1129929 | $1054975 |
| **8/31/22** | $1038358 | $1105165 | $1047946 |
| **9/30/22** | $1029009 | $1062748 | $1038488 |
| **10/31/22** | $1027294 | $1053910 | $1040145 |
| **11/30/22** | $1043143 | $1103205 | $1052525 |
| **12/31/22** | $1045104 | $1106363 | $1051746 |
| **1/31/23** | $1055546 | $1138143 | $1060394 |
| **2/28/23** | $1047599 | $1112408 | $1051208 |
| **3/31/23** | $1057234 | $1137089 | $1061762 |
| **4/30/23** | $1055781 | $1134492 | $1059015 |
| **5/31/23** | $1053396 | $1124661 | $1058080 |
| **6/30/23** | $1057831 | $1135927 | $1063045 |
| **7/31/23** | $1059789 | $1140420 | $1064772 |
| **8/31/23** | $1058751 | $1124003 | $1066853 |
| **9/30/23** | $1051161 | $1091060 | $1061816 |
| **10/31/23** | $1050080 | $1081775 | $1063891 |
| **11/30/23** | $1072497 | $1150447 | $1079812 |
| **12/31/23** | $1083901 | $1177186 | $1085283 |
| **1/31/24** | $1083899 | $1171174 | $1085428 |
| **2/29/24** | $1086342 | $1172678 | $1086615 |
| **3/31/24** | $1086540 | $1172641 | $1085929 |
| **4/30/24** | $1084532 | $1158118 | $1086162 |
| **5/31/24** | $1083823 | $1154721 | $1088661 |
| **6/30/24** | $1091999 | $1172420 | $1094236 |
| **7/31/24** | $1099300 | $1183106 | $1101062 |
| **8/31/24** | $1107884 | $1192437 | $1108459 |
| **9/30/24** | $1112743 | $1204223 | $1111944 |
| **10/31/24** | $1107261 | $1186664 | $1109091 |
| **11/30/24** | $1114348 | $1207162 | $1113120 |
| **12/31/24** | $1111159 | $1189588 | $1113113 |
| **1/31/25** | $1113648 | $1195550 | $1117582 |
| **2/28/25** | $1120780 | $1207404 | $1122008 |
| **3/31/25** | $1116218 | $1186941 | $1122871 |
| **4/30/25** | $1115423 | $1177379 | $1120858 |
| **5/31/25** | $1119345 | $1178135 | $1125929 |
| **6/30/25** | $1126614 | $1185469 | $1132062 |
| **7/31/25** | $1130400 | $1183075 | $1137787 |
| **8/31/25** | $1137900 | $1193358 | $1142969 |
| **9/30/25** | $1145222 | $1220994 | $1143266 |
| **10/31/25** | $1149276 | $1236137 | $1142646 |
| **11/30/25** | $1151758 | $1238973 | $1145849 |
| **12/31/25** | $1154516 | $1240088 | $1148891 |
| **1/31/26** | $1159342 | $1251726 | $1155510 |
| **2/28/26** | $1166635 | $1267326 | $1159418 |
| **3/31/26** | $1158368 | $1237891 | $1154944 |

---

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 | 3.78% | 1.66% | 1.48% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California 1 Year Municipal Bond Index | 2.86% | 1.68% | 1.45% |

---

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 | $232830 |
| # of Portfolio Holdings | 131 |
| Portfolio Turnover Rate | 54% |
| Total Net Advisory Fees Paid During the Reporting Period | $351 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.3% |
| Local or Guaranteed Housing | 9.8% |
| Electric Power & Light Revenue | 7.1% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.5% |
| Resource Recovery Revenue | 5.9% |
| Highway Revenue Tolls | 5.5% |
| General Fund | 4.6% |
| College & University Revenue | 4.1% |
| Water Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 6.2% |
| Affiliated Investments FR_72201W154 | 9.1% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value 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](g119941g89g22.jpg)

# I-2: PCDPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1929TSRAR_033126

# Class A: PYMAX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $86 | 0.85% |

---

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

* Security selection within the transportation sector contributed to relative performance versus the Bloomberg High Yield Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader high yield municipal market.

* Overweight exposure to the electric utility sector contributed to relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

* Underweight exposure to the special tax sector detracted from relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g34e72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/16** | $9775 | $10000 | $10000 |
| **4/30/16** | $9891 | $10074 | $10061 |
| **5/31/16** | $9974 | $10101 | $10193 |
| **6/30/16** | $10201 | $10261 | $10510 |
| **7/31/16** | $10221 | $10268 | $10579 |
| **8/31/16** | $10275 | $10282 | $10617 |
| **9/30/16** | $10251 | $10230 | $10645 |
| **10/31/16** | $10091 | $10123 | $10513 |
| **11/30/16** | $9589 | $9745 | $9888 |
| **12/31/16** | $9690 | $9860 | $10024 |
| **1/31/17** | $9755 | $9925 | $10165 |
| **2/28/17** | $9900 | $9994 | $10407 |
| **3/31/17** | $9991 | $10015 | $10431 |
| **4/30/17** | $10114 | $10088 | $10501 |
| **5/31/17** | $10274 | $10248 | $10662 |
| **6/30/17** | $10278 | $10211 | $10639 |
| **7/31/17** | $10334 | $10294 | $10709 |
| **8/31/17** | $10471 | $10372 | $10856 |
| **9/30/17** | $10436 | $10320 | $10798 |
| **10/31/17** | $10423 | $10345 | $10828 |
| **11/30/17** | $10446 | $10289 | $10855 |
| **12/31/17** | $10609 | $10397 | $10996 |
| **1/31/18** | $10550 | $10275 | $10893 |
| **2/28/18** | $10527 | $10244 | $10901 |
| **3/31/18** | $10587 | $10282 | $11060 |
| **4/30/18** | $10609 | $10245 | $11110 |
| **5/31/18** | $10773 | $10362 | $11342 |
| **6/30/18** | $10809 | $10371 | $11399 |
| **7/31/18** | $10877 | $10396 | $11439 |
| **8/31/18** | $10914 | $10423 | $11530 |
| **9/30/18** | $10860 | $10356 | $11485 |
| **10/31/18** | $10714 | $10292 | $11341 |
| **11/30/18** | $10727 | $10406 | $11421 |
| **12/31/18** | $10815 | $10530 | $11519 |
| **1/31/19** | $10873 | $10610 | $11596 |
| **2/28/19** | $10982 | $10667 | $11659 |
| **3/31/19** | $11226 | $10835 | $11960 |
| **4/30/19** | $11311 | $10876 | $12027 |
| **5/31/19** | $11498 | $11026 | $12222 |
| **6/30/19** | $11530 | $11067 | $12286 |
| **7/31/19** | $11612 | $11156 | $12363 |
| **8/31/19** | $11883 | $11332 | $12661 |
| **9/30/19** | $11838 | $11241 | $12635 |
| **10/31/19** | $11821 | $11261 | $12662 |
| **11/30/19** | $11855 | $11289 | $12711 |
| **12/31/19** | $11904 | $11324 | $12749 |
| **1/31/20** | $12152 | $11527 | $13063 |
| **2/29/20** | $12448 | $11676 | $13338 |
| **3/31/20** | $11487 | $11252 | $11872 |
| **4/30/20** | $11147 | $11111 | $11471 |
| **5/31/20** | $11521 | $11465 | $11939 |
| **6/30/20** | $11882 | $11559 | $12412 |
| **7/31/20** | $12141 | $11754 | $12749 |
| **8/31/20** | $12126 | $11699 | $12783 |
| **9/30/20** | $12103 | $11701 | $12795 |
| **10/31/20** | $12080 | $11666 | $12818 |
| **11/30/20** | $12378 | $11842 | $13126 |
| **12/31/20** | $12605 | $11914 | $13372 |
| **1/31/21** | $12796 | $11990 | $13651 |
| **2/28/21** | $12610 | $11799 | $13508 |
| **3/31/21** | $12701 | $11872 | $13654 |
| **4/30/21** | $12873 | $11972 | $13854 |
| **5/31/21** | $13004 | $12008 | $14013 |
| **6/30/21** | $13164 | $12040 | $14191 |
| **7/31/21** | $13313 | $12140 | $14362 |
| **8/31/21** | $13261 | $12096 | $14339 |
| **9/30/21** | $13157 | $12009 | $14245 |
| **10/31/21** | $13094 | $11973 | $14187 |
| **11/30/21** | $13270 | $12075 | $14374 |
| **12/31/21** | $13260 | $12095 | $14411 |
| **1/31/22** | $12922 | $11764 | $14008 |
| **2/28/22** | $12817 | $11722 | $13975 |
| **3/31/22** | $12359 | $11342 | $13470 |
| **4/30/22** | $11946 | $11028 | $12992 |
| **5/31/22** | $12105 | $11192 | $13134 |
| **6/30/22** | $11716 | $11008 | $12715 |
| **7/31/22** | $12126 | $11299 | $13189 |
| **8/31/22** | $11848 | $11052 | $12896 |
| **9/30/22** | $11198 | $10627 | $12101 |
| **10/31/22** | $10960 | $10539 | $11853 |
| **11/30/22** | $11559 | $11032 | $12543 |
| **12/31/22** | $11503 | $11064 | $12523 |
| **1/31/23** | $11924 | $11381 | $13079 |
| **2/28/23** | $11628 | $11124 | $12668 |
| **3/31/23** | $11802 | $11371 | $12865 |
| **4/30/23** | $11900 | $11345 | $12939 |
| **5/31/23** | $11844 | $11247 | $12850 |
| **6/30/23** | $12007 | $11359 | $13078 |
| **7/31/23** | $12020 | $11404 | $13163 |
| **8/31/23** | $11907 | $11240 | $12963 |
| **9/30/23** | $11548 | $10911 | $12523 |
| **10/31/23** | $11316 | $10818 | $12322 |
| **11/30/23** | $12108 | $11504 | $13277 |
| **12/31/23** | $12494 | $11772 | $13676 |
| **1/31/24** | $12539 | $11712 | $13613 |
| **2/29/24** | $12614 | $11727 | $13720 |
| **3/31/24** | $12660 | $11726 | $13883 |
| **4/30/24** | $12498 | $11581 | $13797 |
| **5/31/24** | $12576 | $11547 | $13902 |
| **6/30/24** | $12814 | $11724 | $14242 |
| **7/31/24** | $12964 | $11831 | $14398 |
| **8/31/24** | $13059 | $11924 | $14568 |
| **9/30/24** | $13239 | $12042 | $14699 |
| **10/31/24** | $13056 | $11867 | $14475 |
| **11/30/24** | $13269 | $12072 | $14786 |
| **12/31/24** | $13022 | $11896 | $14540 |
| **1/31/25** | $13098 | $11955 | $14650 |
| **2/28/25** | $13279 | $12074 | $14833 |
| **3/31/25** | $13041 | $11869 | $14659 |
| **4/30/25** | $12914 | $11774 | $14398 |
| **5/31/25** | $12837 | $11781 | $14408 |
| **6/30/25** | $12896 | $11855 | $14492 |
| **7/31/25** | $12769 | $11831 | $14274 |
| **8/31/25** | $12896 | $11934 | $14350 |
| **9/30/25** | $13304 | $12210 | $14728 |
| **10/31/25** | $13435 | $12361 | $14876 |
| **11/30/25** | $13466 | $12390 | $14934 |
| **12/31/25** | $13436 | $12401 | $14898 |
| **1/31/26** | $13517 | $12517 | $15043 |
| **2/28/26** | $13757 | $12673 | $15295 |
| **3/31/26** | $13482 | $12379 | $15004 |

---

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) | 3.38% | 1.20% | 3.27% |
| Class A (including sales charge) | 1.06% | 0.74% | 3.03% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg High Yield Municipal Bond Index | 2.35% | 1.90% | 4.14% |

---

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 | $6038179 |
| # of Portfolio Holdings | 974 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $17126 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.2% |
| Health, Hospital & Nursing Home Revenue | 10.2% |
| Ad Valorem Property Tax | 6.8% |
| Loan Participations and Assignments | 6.4% |
| Tobacco Settlement Funded | 6.1% |
| Industrial Revenue | 5.3% |
| Sales Tax Revenue | 5.1% |
| Port, Airport & Marina Revenue | 4.2% |
| Special Assessment | 4.1% |
| Natural Gas Revenue | 4.0% |
| Electric Power & Light Revenue | 4.0% |
| Other Investments | 25.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments FR_72201W154 | 7.5% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PYMAX
![Image](g119941g89g96.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4025TSRAR_033126

# Class C: PYMCX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $162 | 1.60% |

---

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

* Security selection within the transportation sector contributed to relative performance versus the Bloomberg High Yield Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader high yield municipal market.

* Overweight exposure to the electric utility sector contributed to relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

* Underweight exposure to the special tax sector detracted from relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g80a57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10112 | $10074 | $10061 |
| **5/31/16** | $10191 | $10101 | $10193 |
| **6/30/16** | $10417 | $10261 | $10510 |
| **7/31/16** | $10430 | $10268 | $10579 |
| **8/31/16** | $10479 | $10282 | $10617 |
| **9/30/16** | $10447 | $10230 | $10645 |
| **10/31/16** | $10278 | $10123 | $10513 |
| **11/30/16** | $9761 | $9745 | $9888 |
| **12/31/16** | $9857 | $9860 | $10024 |
| **1/31/17** | $9917 | $9925 | $10165 |
| **2/28/17** | $10059 | $9994 | $10407 |
| **3/31/17** | $10145 | $10015 | $10431 |
| **4/30/17** | $10263 | $10088 | $10501 |
| **5/31/17** | $10419 | $10248 | $10662 |
| **6/30/17** | $10416 | $10211 | $10639 |
| **7/31/17** | $10467 | $10294 | $10709 |
| **8/31/17** | $10599 | $10372 | $10856 |
| **9/30/17** | $10557 | $10320 | $10798 |
| **10/31/17** | $10537 | $10345 | $10828 |
| **11/30/17** | $10554 | $10289 | $10855 |
| **12/31/17** | $10712 | $10397 | $10996 |
| **1/31/18** | $10645 | $10275 | $10893 |
| **2/28/18** | $10616 | $10244 | $10901 |
| **3/31/18** | $10669 | $10282 | $11060 |
| **4/30/18** | $10685 | $10245 | $11110 |
| **5/31/18** | $10843 | $10362 | $11342 |
| **6/30/18** | $10873 | $10371 | $11399 |
| **7/31/18** | $10935 | $10396 | $11439 |
| **8/31/18** | $10965 | $10423 | $11530 |
| **9/30/18** | $10905 | $10356 | $11485 |
| **10/31/18** | $10751 | $10292 | $11341 |
| **11/30/18** | $10756 | $10406 | $11421 |
| **12/31/18** | $10838 | $10530 | $11519 |
| **1/31/19** | $10890 | $10610 | $11596 |
| **2/28/19** | $10992 | $10667 | $11659 |
| **3/31/19** | $11229 | $10835 | $11960 |
| **4/30/19** | $11307 | $10876 | $12027 |
| **5/31/19** | $11487 | $11026 | $12222 |
| **6/30/19** | $11512 | $11067 | $12286 |
| **7/31/19** | $11587 | $11156 | $12363 |
| **8/31/19** | $11849 | $11332 | $12661 |
| **9/30/19** | $11798 | $11241 | $12635 |
| **10/31/19** | $11773 | $11261 | $12662 |
| **11/30/19** | $11799 | $11289 | $12711 |
| **12/31/19** | $11842 | $11324 | $12749 |
| **1/31/20** | $12080 | $11527 | $13063 |
| **2/29/20** | $12367 | $11676 | $13338 |
| **3/31/20** | $11405 | $11252 | $11872 |
| **4/30/20** | $11061 | $11111 | $11471 |
| **5/31/20** | $11425 | $11465 | $11939 |
| **6/30/20** | $11775 | $11559 | $12412 |
| **7/31/20** | $12024 | $11754 | $12749 |
| **8/31/20** | $12002 | $11699 | $12783 |
| **9/30/20** | $11972 | $11701 | $12795 |
| **10/31/20** | $11942 | $11666 | $12818 |
| **11/30/20** | $12229 | $11842 | $13126 |
| **12/31/20** | $12445 | $11914 | $13372 |
| **1/31/21** | $12626 | $11990 | $13651 |
| **2/28/21** | $12435 | $11799 | $13508 |
| **3/31/21** | $12516 | $11872 | $13654 |
| **4/30/21** | $12678 | $11972 | $13854 |
| **5/31/21** | $12799 | $12008 | $14013 |
| **6/30/21** | $12949 | $12040 | $14191 |
| **7/31/21** | $13086 | $12140 | $14362 |
| **8/31/21** | $13027 | $12096 | $14339 |
| **9/30/21** | $12918 | $12009 | $14245 |
| **10/31/21** | $12847 | $11973 | $14187 |
| **11/30/21** | $13012 | $12075 | $14374 |
| **12/31/21** | $12993 | $12095 | $14411 |
| **1/31/22** | $12654 | $11764 | $14008 |
| **2/28/22** | $12544 | $11722 | $13975 |
| **3/31/22** | $12089 | $11342 | $13470 |
| **4/30/22** | $11677 | $11028 | $12992 |
| **5/31/22** | $11825 | $11192 | $13134 |
| **6/30/22** | $11439 | $11008 | $12715 |
| **7/31/22** | $11831 | $11299 | $13189 |
| **8/31/22** | $11552 | $11052 | $12896 |
| **9/30/22** | $10912 | $10627 | $12101 |
| **10/31/22** | $10672 | $10539 | $11853 |
| **11/30/22** | $11249 | $11032 | $12543 |
| **12/31/22** | $11188 | $11064 | $12523 |
| **1/31/23** | $11590 | $11381 | $13079 |
| **2/28/23** | $11295 | $11124 | $12668 |
| **3/31/23** | $11457 | $11371 | $12865 |
| **4/30/23** | $11545 | $11345 | $12939 |
| **5/31/23** | $11484 | $11247 | $12850 |
| **6/30/23** | $11634 | $11359 | $13078 |
| **7/31/23** | $11640 | $11404 | $13163 |
| **8/31/23** | $11523 | $11240 | $12963 |
| **9/30/23** | $11168 | $10911 | $12523 |
| **10/31/23** | $10938 | $10818 | $12322 |
| **11/30/23** | $11696 | $11504 | $13277 |
| **12/31/23** | $12061 | $11772 | $13676 |
| **1/31/24** | $12096 | $11712 | $13613 |
| **2/29/24** | $12162 | $11727 | $13720 |
| **3/31/24** | $12199 | $11726 | $13883 |
| **4/30/24** | $12035 | $11581 | $13797 |
| **5/31/24** | $12102 | $11547 | $13902 |
| **6/30/24** | $12324 | $11724 | $14242 |
| **7/31/24** | $12461 | $11831 | $14398 |
| **8/31/24** | $12543 | $11924 | $14568 |
| **9/30/24** | $12709 | $12042 | $14699 |
| **10/31/24** | $12525 | $11867 | $14475 |
| **11/30/24** | $12721 | $12072 | $14786 |
| **12/31/24** | $12477 | $11896 | $14540 |
| **1/31/25** | $12541 | $11955 | $14650 |
| **2/28/25** | $12707 | $12074 | $14833 |
| **3/31/25** | $12472 | $11869 | $14659 |
| **4/30/25** | $12343 | $11774 | $14398 |
| **5/31/25** | $12261 | $11781 | $14408 |
| **6/30/25** | $12310 | $11855 | $14492 |
| **7/31/25** | $12182 | $11831 | $14274 |
| **8/31/25** | $12294 | $11934 | $14350 |
| **9/30/25** | $12676 | $12210 | $14728 |
| **10/31/25** | $12792 | $12361 | $14876 |
| **11/30/25** | $12814 | $12390 | $14934 |
| **12/31/25** | $12777 | $12401 | $14898 |
| **1/31/26** | $12846 | $12517 | $15043 |
| **2/28/26** | $13067 | $12673 | $15295 |
| **3/31/26** | $12798 | $12379 | $15004 |

---

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) | 2.61% | 0.45% | 2.50% |
| Class C (including sales charge) | 1.62% | 0.45% | 2.50% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg High Yield Municipal Bond Index | 2.35% | 1.90% | 4.14% |

---

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 | $6038179 |
| # of Portfolio Holdings | 974 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $17126 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.2% |
| Health, Hospital & Nursing Home Revenue | 10.2% |
| Ad Valorem Property Tax | 6.8% |
| Loan Participations and Assignments | 6.4% |
| Tobacco Settlement Funded | 6.1% |
| Industrial Revenue | 5.3% |
| Sales Tax Revenue | 5.1% |
| Port, Airport & Marina Revenue | 4.2% |
| Special Assessment | 4.1% |
| Natural Gas Revenue | 4.0% |
| Electric Power & Light Revenue | 4.0% |
| Other Investments | 25.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments FR_72201W154 | 7.5% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PYMCX
![Image](g119941g89g96.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4225TSRAR_033126

# Institutional Class: PHMIX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $56 | 0.55% |

---

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

* Security selection within the transportation sector contributed to relative performance versus the Bloomberg High Yield Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader high yield municipal market.

* Overweight exposure to the electric utility sector contributed to relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

* Underweight exposure to the special tax sector detracted from relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g35j07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1012119 | $1007353 | $1006114 |
| **5/31/16** | $1020855 | $1010078 | $1019346 |
| **6/30/16** | $1044403 | $1026147 | $1051031 |
| **7/31/16** | $1046668 | $1026773 | $1057899 |
| **8/31/16** | $1052459 | $1028159 | $1061724 |
| **9/30/16** | $1050268 | $1023027 | $1064538 |
| **10/31/16** | $1034139 | $1012295 | $1051329 |
| **11/30/16** | $982925 | $974540 | $988762 |
| **12/31/16** | $993516 | $985982 | $1002422 |
| **1/31/17** | $1000466 | $992482 | $1016487 |
| **2/28/17** | $1015518 | $999374 | $1040724 |
| **3/31/17** | $1025183 | $1001543 | $1043081 |
| **4/30/17** | $1037988 | $1008810 | $1050149 |
| **5/31/17** | $1054715 | $1024821 | $1066222 |
| **6/30/17** | $1055379 | $1021145 | $1063880 |
| **7/31/17** | $1061417 | $1029407 | $1070854 |
| **8/31/17** | $1075725 | $1037241 | $1085616 |
| **9/30/17** | $1072408 | $1031967 | $1079797 |
| **10/31/17** | $1071308 | $1034486 | $1082765 |
| **11/30/17** | $1073935 | $1028947 | $1085494 |
| **12/31/17** | $1091028 | $1039702 | $1099589 |
| **1/31/18** | $1085159 | $1027461 | $1089292 |
| **2/28/18** | $1083044 | $1024391 | $1090059 |
| **3/31/18** | $1089518 | $1028172 | $1106021 |
| **4/30/18** | $1092029 | $1024503 | $1110969 |
| **5/31/18** | $1109203 | $1036235 | $1134194 |
| **6/30/18** | $1113175 | $1037119 | $1139863 |
| **7/31/18** | $1120532 | $1039636 | $1143872 |
| **8/31/18** | $1124647 | $1042306 | $1153036 |
| **9/30/18** | $1119362 | $1035558 | $1148475 |
| **10/31/18** | $1104540 | $1029181 | $1134108 |
| **11/30/18** | $1106132 | $1040572 | $1142063 |
| **12/31/18** | $1115494 | $1053031 | $1151894 |
| **1/31/19** | $1121807 | $1060991 | $1159611 |
| **2/28/19** | $1133254 | $1066672 | $1165893 |
| **3/31/19** | $1158709 | $1083534 | $1195998 |
| **4/30/19** | $1167776 | $1087606 | $1202747 |
| **5/31/19** | $1187391 | $1102600 | $1222241 |
| **6/30/19** | $1191016 | $1106671 | $1228635 |
| **7/31/19** | $1199775 | $1115590 | $1236342 |
| **8/31/19** | $1228077 | $1133187 | $1266093 |
| **9/30/19** | $1223748 | $1124103 | $1263502 |
| **10/31/19** | $1222274 | $1126118 | $1266213 |
| **11/30/19** | $1226092 | $1128934 | $1271104 |
| **12/31/19** | $1231558 | $1132381 | $1274884 |
| **1/31/20** | $1257481 | $1152726 | $1306302 |
| **2/29/20** | $1288367 | $1167591 | $1333832 |
| **3/31/20** | $1189209 | $1125239 | $1187159 |
| **4/30/20** | $1154346 | $1111117 | $1147100 |
| **5/31/20** | $1193348 | $1146463 | $1193926 |
| **6/30/20** | $1231019 | $1155899 | $1241193 |
| **7/31/20** | $1258178 | $1175367 | $1274926 |
| **8/31/20** | $1257002 | $1169852 | $1278275 |
| **9/30/20** | $1254933 | $1170100 | $1279547 |
| **10/31/20** | $1252870 | $1166585 | $1281818 |
| **11/30/20** | $1284049 | $1184190 | $1312615 |
| **12/31/20** | $1307999 | $1191404 | $1337209 |
| **1/31/21** | $1328074 | $1198996 | $1365113 |
| **2/28/21** | $1309094 | $1179946 | $1350813 |
| **3/31/21** | $1318848 | $1187223 | $1365430 |
| **4/30/21** | $1337055 | $1197181 | $1385431 |
| **5/31/21** | $1350957 | $1200752 | $1401335 |
| **6/30/21** | $1367984 | $1204050 | $1419127 |
| **7/31/21** | $1383773 | $1214035 | $1436153 |
| **8/31/21** | $1378724 | $1209580 | $1433902 |
| **9/30/21** | $1368287 | $1200851 | $1424549 |
| **10/31/21** | $1362038 | $1197340 | $1418727 |
| **11/30/21** | $1380675 | $1207533 | $1437370 |
| **12/31/21** | $1380013 | $1209481 | $1441080 |
| **1/31/22** | $1345159 | $1176374 | $1400760 |
| **2/28/22** | $1334528 | $1172159 | $1397505 |
| **3/31/22** | $1287265 | $1134161 | $1347007 |
| **4/30/22** | $1244549 | $1102791 | $1299162 |
| **5/31/22** | $1261374 | $1119173 | $1313441 |
| **6/30/22** | $1221211 | $1100843 | $1271492 |
| **7/31/22** | $1264192 | $1129929 | $1318943 |
| **8/31/22** | $1235513 | $1105165 | $1289598 |
| **9/30/22** | $1168124 | $1062748 | $1210140 |
| **10/31/22** | $1143482 | $1053910 | $1185319 |
| **11/30/22** | $1206307 | $1103205 | $1254331 |
| **12/31/22** | $1200844 | $1106363 | $1252275 |
| **1/31/23** | $1245038 | $1138143 | $1307883 |
| **2/28/23** | $1214402 | $1112408 | $1266828 |
| **3/31/23** | $1232964 | $1137089 | $1286514 |
| **4/30/23** | $1243451 | $1134492 | $1293924 |
| **5/31/23** | $1237934 | $1124661 | $1284978 |
| **6/30/23** | $1255267 | $1135927 | $1307780 |
| **7/31/23** | $1256918 | $1140420 | $1316305 |
| **8/31/23** | $1245431 | $1124003 | $1296343 |
| **9/30/23** | $1208197 | $1091060 | $1252271 |
| **10/31/23** | $1184254 | $1081775 | $1232212 |
| **11/30/23** | $1267428 | $1150447 | $1327727 |
| **12/31/23** | $1308134 | $1177186 | $1367605 |
| **1/31/24** | $1313121 | $1171174 | $1361258 |
| **2/29/24** | $1321345 | $1172678 | $1371954 |
| **3/31/24** | $1326537 | $1172641 | $1388252 |
| **4/30/24** | $1309819 | $1158118 | $1379728 |
| **5/31/24** | $1318416 | $1154721 | $1390196 |
| **6/30/24** | $1343595 | $1172420 | $1424199 |
| **7/31/24** | $1359731 | $1183106 | $1439826 |
| **8/31/24** | $1370002 | $1192437 | $1456796 |
| **9/30/24** | $1389257 | $1204223 | $1469900 |
| **10/31/24** | $1370395 | $1186664 | $1447504 |
| **11/30/24** | $1393106 | $1207162 | $1478618 |
| **12/31/24** | $1367514 | $1189588 | $1454009 |
| **1/31/25** | $1375806 | $1195550 | $1465030 |
| **2/28/25** | $1395151 | $1207404 | $1483318 |
| **3/31/25** | $1370469 | $1186941 | $1465879 |
| **4/30/25** | $1357524 | $1177379 | $1439765 |
| **5/31/25** | $1349695 | $1178135 | $1440783 |
| **6/30/25** | $1356283 | $1185469 | $1449224 |
| **7/31/25** | $1343293 | $1183075 | $1427382 |
| **8/31/25** | $1356929 | $1193358 | $1434998 |
| **9/30/25** | $1400251 | $1220994 | $1472835 |
| **10/31/25** | $1414443 | $1236137 | $1487591 |
| **11/30/25** | $1417950 | $1238973 | $1493389 |
| **12/31/25** | $1415209 | $1240088 | $1489751 |
| **1/31/26** | $1424122 | $1251726 | $1504302 |
| **2/28/26** | $1449750 | $1267326 | $1529456 |
| **3/31/26** | $1421087 | $1237891 | $1500388 |

---

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 | 3.69% | 1.50% | 3.58% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg High Yield Municipal Bond Index | 2.35% | 1.90% | 4.14% |

---

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 | $6038179 |
| # of Portfolio Holdings | 974 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $17126 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.2% |
| Health, Hospital & Nursing Home Revenue | 10.2% |
| Ad Valorem Property Tax | 6.8% |
| Loan Participations and Assignments | 6.4% |
| Tobacco Settlement Funded | 6.1% |
| Industrial Revenue | 5.3% |
| Sales Tax Revenue | 5.1% |
| Port, Airport & Marina Revenue | 4.2% |
| Special Assessment | 4.1% |
| Natural Gas Revenue | 4.0% |
| Electric Power & Light Revenue | 4.0% |
| Other Investments | 25.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments FR_72201W154 | 7.5% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PHMIX
![Image](g119941g89g96.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1886TSRAR_033126

# I-2: PYMPX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $66 | 0.65% |

---

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

* Security selection within the transportation sector contributed to relative performance versus the Bloomberg High Yield Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader high yield municipal market.

* Overweight exposure to the electric utility sector contributed to relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

* Underweight exposure to the special tax sector detracted from relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g49b08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1012037 | $1007353 | $1006114 |
| **5/31/16** | $1020688 | $1010078 | $1019346 |
| **6/30/16** | $1044145 | $1026147 | $1051031 |
| **7/31/16** | $1046321 | $1026773 | $1057899 |
| **8/31/16** | $1052025 | $1028159 | $1061724 |
| **9/30/16** | $1049743 | $1023027 | $1064538 |
| **10/31/16** | $1033540 | $1012295 | $1051329 |
| **11/30/16** | $982301 | $974540 | $988762 |
| **12/31/16** | $992796 | $985982 | $1002422 |
| **1/31/17** | $999660 | $992482 | $1016487 |
| **2/28/17** | $1014621 | $999374 | $1040724 |
| **3/31/17** | $1024185 | $1001543 | $1043081 |
| **4/30/17** | $1036896 | $1008810 | $1050149 |
| **5/31/17** | $1053517 | $1024821 | $1066222 |
| **6/30/17** | $1054082 | $1021145 | $1063880 |
| **7/31/17** | $1060029 | $1029407 | $1070854 |
| **8/31/17** | $1074228 | $1037241 | $1085616 |
| **9/30/17** | $1070825 | $1031967 | $1079797 |
| **10/31/17** | $1069640 | $1034486 | $1082765 |
| **11/30/17** | $1072174 | $1028947 | $1085494 |
| **12/31/17** | $1089145 | $1039702 | $1099589 |
| **1/31/18** | $1083198 | $1027461 | $1089292 |
| **2/28/18** | $1081004 | $1024391 | $1090059 |
| **3/31/18** | $1087370 | $1028172 | $1106021 |
| **4/30/18** | $1089789 | $1024503 | $1110969 |
| **5/31/18** | $1106835 | $1036235 | $1134194 |
| **6/30/18** | $1110706 | $1037119 | $1139863 |
| **7/31/18** | $1117954 | $1039636 | $1143872 |
| **8/31/18** | $1121956 | $1042306 | $1153036 |
| **9/30/18** | $1116601 | $1035558 | $1148475 |
| **10/31/18** | $1101721 | $1029181 | $1134108 |
| **11/30/18** | $1103209 | $1040572 | $1142063 |
| **12/31/18** | $1112455 | $1053031 | $1151894 |
| **1/31/19** | $1118659 | $1060991 | $1159611 |
| **2/28/19** | $1129988 | $1066672 | $1165893 |
| **3/31/19** | $1155273 | $1083534 | $1195998 |
| **4/30/19** | $1164222 | $1087606 | $1202747 |
| **5/31/19** | $1183673 | $1102600 | $1222241 |
| **6/30/19** | $1187196 | $1106671 | $1228635 |
| **7/31/19** | $1195827 | $1115590 | $1236342 |
| **8/31/19** | $1223927 | $1133187 | $1266093 |
| **9/30/19** | $1219520 | $1124103 | $1263502 |
| **10/31/19** | $1217949 | $1126118 | $1266213 |
| **11/30/19** | $1221651 | $1128934 | $1271104 |
| **12/31/19** | $1226995 | $1132381 | $1274884 |
| **1/31/20** | $1252715 | $1152726 | $1306302 |
| **2/29/20** | $1283388 | $1167591 | $1333832 |
| **3/31/20** | $1184513 | $1125239 | $1187159 |
| **4/30/20** | $1149693 | $1111117 | $1147100 |
| **5/31/20** | $1188439 | $1146463 | $1193926 |
| **6/30/20** | $1225855 | $1155899 | $1241193 |
| **7/31/20** | $1252786 | $1175367 | $1274926 |
| **8/31/20** | $1251517 | $1169852 | $1278275 |
| **9/30/20** | $1249354 | $1170100 | $1279547 |
| **10/31/20** | $1247190 | $1166585 | $1281818 |
| **11/30/20** | $1278127 | $1184190 | $1312615 |
| **12/31/20** | $1301845 | $1191404 | $1337209 |
| **1/31/21** | $1321723 | $1198996 | $1365113 |
| **2/28/21** | $1302735 | $1179946 | $1350813 |
| **3/31/21** | $1312331 | $1187223 | $1365430 |
| **4/30/21** | $1330331 | $1197181 | $1385431 |
| **5/31/21** | $1344057 | $1200752 | $1401335 |
| **6/30/21** | $1360886 | $1204050 | $1419127 |
| **7/31/21** | $1376475 | $1214035 | $1436153 |
| **8/31/21** | $1371340 | $1209580 | $1433902 |
| **9/30/21** | $1360847 | $1200851 | $1424549 |
| **10/31/21** | $1354513 | $1197340 | $1418727 |
| **11/30/21** | $1372936 | $1207533 | $1437370 |
| **12/31/21** | $1372153 | $1209481 | $1441080 |
| **1/31/22** | $1337391 | $1176374 | $1400760 |
| **2/28/22** | $1326717 | $1172159 | $1397505 |
| **3/31/22** | $1279621 | $1134161 | $1347007 |
| **4/30/22** | $1237051 | $1102791 | $1299162 |
| **5/31/22** | $1253673 | $1119173 | $1313441 |
| **6/30/22** | $1213654 | $1100843 | $1271492 |
| **7/31/22** | $1256266 | $1129929 | $1318943 |
| **8/31/22** | $1227661 | $1105165 | $1289598 |
| **9/30/22** | $1160599 | $1062748 | $1210140 |
| **10/31/22** | $1136019 | $1053910 | $1185319 |
| **11/30/22** | $1198328 | $1103205 | $1254331 |
| **12/31/22** | $1192793 | $1106363 | $1252275 |
| **1/31/23** | $1236593 | $1138143 | $1307883 |
| **2/28/23** | $1206072 | $1112408 | $1266828 |
| **3/31/23** | $1224399 | $1137089 | $1286514 |
| **4/30/23** | $1234718 | $1134492 | $1293924 |
| **5/31/23** | $1229139 | $1124661 | $1284978 |
| **6/30/23** | $1246240 | $1135927 | $1307780 |
| **7/31/23** | $1247781 | $1140420 | $1316305 |
| **8/31/23** | $1236275 | $1124003 | $1296343 |
| **9/30/23** | $1199212 | $1091060 | $1252271 |
| **10/31/23** | $1175351 | $1081775 | $1232212 |
| **11/30/23** | $1257800 | $1150447 | $1327727 |
| **12/31/23** | $1298086 | $1177186 | $1367605 |
| **1/31/24** | $1302929 | $1171174 | $1361258 |
| **2/29/24** | $1310986 | $1172678 | $1371954 |
| **3/31/24** | $1316028 | $1172641 | $1388252 |
| **4/30/24** | $1299335 | $1158118 | $1379728 |
| **5/31/24** | $1307745 | $1154721 | $1390196 |
| **6/30/24** | $1332619 | $1172420 | $1424199 |
| **7/31/24** | $1348509 | $1183106 | $1439826 |
| **8/31/24** | $1358573 | $1192437 | $1456796 |
| **9/30/24** | $1377563 | $1204223 | $1469900 |
| **10/31/24** | $1358744 | $1186664 | $1447504 |
| **11/30/24** | $1381139 | $1207162 | $1478618 |
| **12/31/24** | $1355652 | $1189588 | $1454009 |
| **1/31/25** | $1363754 | $1195550 | $1465030 |
| **2/28/25** | $1382825 | $1207404 | $1483318 |
| **3/31/25** | $1358252 | $1186941 | $1465879 |
| **4/30/25** | $1345313 | $1177379 | $1439765 |
| **5/31/25** | $1337438 | $1178135 | $1440783 |
| **6/30/25** | $1343860 | $1185469 | $1449224 |
| **7/31/25** | $1330876 | $1183075 | $1427382 |
| **8/31/25** | $1344267 | $1193358 | $1434998 |
| **9/30/25** | $1387077 | $1220994 | $1472835 |
| **10/31/25** | $1401010 | $1236137 | $1487591 |
| **11/30/25** | $1404376 | $1238973 | $1493389 |
| **12/31/25** | $1401540 | $1240088 | $1489751 |
| **1/31/26** | $1410247 | $1251726 | $1504302 |
| **2/28/26** | $1435516 | $1267326 | $1529456 |
| **3/31/26** | $1407019 | $1237891 | $1500388 |

---

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 | 3.59% | 1.40% | 3.47% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg High Yield Municipal Bond Index | 2.35% | 1.90% | 4.14% |

---

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 | $6038179 |
| # of Portfolio Holdings | 974 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $17126 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.2% |
| Health, Hospital & Nursing Home Revenue | 10.2% |
| Ad Valorem Property Tax | 6.8% |
| Loan Participations and Assignments | 6.4% |
| Tobacco Settlement Funded | 6.1% |
| Industrial Revenue | 5.3% |
| Sales Tax Revenue | 5.1% |
| Port, Airport & Marina Revenue | 4.2% |
| Special Assessment | 4.1% |
| Natural Gas Revenue | 4.0% |
| Electric Power & Light Revenue | 4.0% |
| Other Investments | 25.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments FR_72201W154 | 7.5% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PYMPX
![Image](g119941g89g96.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1919TSRAR_033126

# I-3: PYMNX

# PIMCO High Yield Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $71 | 0.70% |

---

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

* Security selection within the transportation sector contributed to relative performance versus the Bloomberg High Yield Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader high yield municipal market.

* Overweight exposure to the electric utility sector contributed to relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

* A tactical allocation to taxable municipals contributed to relative performance versus the Index, as select taxable municipal holdings outperformed the broader high yield municipal market.

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

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

* Underweight exposure to the special tax sector detracted from relative performance versus the Index, as the sector outperformed the broader high yield municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g01k15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1011996 | $1007353 | $1006114 |
| **5/31/16** | $1020601 | $1010078 | $1019346 |
| **6/30/16** | $1044016 | $1026147 | $1051031 |
| **7/31/16** | $1046148 | $1026773 | $1057899 |
| **8/31/16** | $1051803 | $1028159 | $1061724 |
| **9/30/16** | $1049485 | $1023027 | $1064538 |
| **10/31/16** | $1033236 | $1012295 | $1051329 |
| **11/30/16** | $981942 | $974540 | $988762 |
| **12/31/16** | $992398 | $985982 | $1002422 |
| **1/31/17** | $999213 | $992482 | $1016487 |
| **2/28/17** | $1014131 | $999374 | $1040724 |
| **3/31/17** | $1023653 | $1001543 | $1043081 |
| **4/30/17** | $1036312 | $1008810 | $1050149 |
| **5/31/17** | $1052880 | $1024821 | $1066222 |
| **6/30/17** | $1053412 | $1021145 | $1063880 |
| **7/31/17** | $1059305 | $1029407 | $1070854 |
| **8/31/17** | $1073449 | $1037241 | $1085616 |
| **9/30/17** | $1070006 | $1031967 | $1079797 |
| **10/31/17** | $1068772 | $1034486 | $1082765 |
| **11/30/17** | $1071261 | $1028947 | $1085494 |
| **12/31/17** | $1088174 | $1039702 | $1099589 |
| **1/31/18** | $1082182 | $1027461 | $1089292 |
| **2/28/18** | $1079948 | $1024391 | $1090059 |
| **3/31/18** | $1086266 | $1028172 | $1106021 |
| **4/30/18** | $1088636 | $1024503 | $1110969 |
| **5/31/18** | $1105617 | $1036235 | $1134194 |
| **6/30/18** | $1109440 | $1037119 | $1139863 |
| **7/31/18** | $1116631 | $1039636 | $1143872 |
| **8/31/18** | $1120590 | $1042306 | $1153036 |
| **9/30/18** | $1115186 | $1035558 | $1148475 |
| **10/31/18** | $1100279 | $1029181 | $1134108 |
| **11/30/18** | $1101730 | $1040572 | $1142063 |
| **12/31/18** | $1110913 | $1053031 | $1151894 |
| **1/31/19** | $1117059 | $1060991 | $1159611 |
| **2/28/19** | $1128328 | $1066672 | $1165893 |
| **3/31/19** | $1153528 | $1083534 | $1195998 |
| **4/30/19** | $1162412 | $1087606 | $1202747 |
| **5/31/19** | $1181788 | $1102600 | $1222241 |
| **6/30/19** | $1185250 | $1106671 | $1228635 |
| **7/31/19** | $1193815 | $1115590 | $1236342 |
| **8/31/19** | $1221822 | $1133187 | $1266093 |
| **9/30/19** | $1217366 | $1124103 | $1263502 |
| **10/31/19** | $1215744 | $1126118 | $1266213 |
| **11/30/19** | $1219393 | $1128934 | $1271104 |
| **12/31/19** | $1224673 | $1132381 | $1274884 |
| **1/31/20** | $1250295 | $1152726 | $1306302 |
| **2/29/20** | $1280855 | $1167591 | $1333832 |
| **3/31/20** | $1182123 | $1125239 | $1187159 |
| **4/30/20** | $1147324 | $1111117 | $1147100 |
| **5/31/20** | $1185941 | $1146463 | $1193926 |
| **6/30/20** | $1223229 | $1155899 | $1241193 |
| **7/31/20** | $1250059 | $1175367 | $1274926 |
| **8/31/20** | $1248732 | $1169852 | $1278275 |
| **9/30/20** | $1246523 | $1170100 | $1279547 |
| **10/31/20** | $1244317 | $1166585 | $1281818 |
| **11/30/20** | $1275128 | $1184190 | $1312615 |
| **12/31/20** | $1298748 | $1191404 | $1337209 |
| **1/31/21** | $1318514 | $1198996 | $1365113 |
| **2/28/21** | $1299520 | $1179946 | $1350813 |
| **3/31/21** | $1309036 | $1187223 | $1365430 |
| **4/30/21** | $1326944 | $1197181 | $1385431 |
| **5/31/21** | $1340572 | $1200752 | $1401335 |
| **6/30/21** | $1357301 | $1204050 | $1419127 |
| **7/31/21** | $1372799 | $1214035 | $1436153 |
| **8/31/21** | $1367647 | $1209580 | $1433902 |
| **9/30/21** | $1357129 | $1200851 | $1424549 |
| **10/31/21** | $1350761 | $1197340 | $1418727 |
| **11/30/21** | $1369084 | $1207533 | $1437370 |
| **12/31/21** | $1368242 | $1209481 | $1441080 |
| **1/31/22** | $1333541 | $1176374 | $1400760 |
| **2/28/22** | $1322854 | $1172159 | $1397505 |
| **3/31/22** | $1275839 | $1134161 | $1347007 |
| **4/30/22** | $1233351 | $1102791 | $1299162 |
| **5/31/22** | $1249882 | $1119173 | $1313441 |
| **6/30/22** | $1209938 | $1100843 | $1271492 |
| **7/31/22** | $1252366 | $1129929 | $1318943 |
| **8/31/22** | $1223796 | $1105165 | $1289598 |
| **9/30/22** | $1156894 | $1062748 | $1210140 |
| **10/31/22** | $1132351 | $1053910 | $1185319 |
| **11/30/22** | $1194422 | $1103205 | $1254331 |
| **12/31/22** | $1188856 | $1106363 | $1252275 |
| **1/31/23** | $1232469 | $1138143 | $1307883 |
| **2/28/23** | $1202000 | $1112408 | $1266828 |
| **3/31/23** | $1220209 | $1137089 | $1286514 |
| **4/30/23** | $1230445 | $1134492 | $1293924 |
| **5/31/23** | $1224837 | $1124661 | $1284978 |
| **6/30/23** | $1241825 | $1135927 | $1307780 |
| **7/31/23** | $1243311 | $1140420 | $1316305 |
| **8/31/23** | $1231793 | $1124003 | $1296343 |
| **9/30/23** | $1194813 | $1091060 | $1252271 |
| **10/31/23** | $1170993 | $1081775 | $1232212 |
| **11/30/23** | $1253083 | $1150447 | $1327727 |
| **12/31/23** | $1293155 | $1177186 | $1367605 |
| **1/31/24** | $1297938 | $1171174 | $1361258 |
| **2/29/24** | $1305913 | $1172678 | $1371954 |
| **3/31/24** | $1310879 | $1172641 | $1388252 |
| **4/30/24** | $1294198 | $1158118 | $1379728 |
| **5/31/24** | $1302515 | $1154721 | $1390196 |
| **6/30/24** | $1327239 | $1172420 | $1424199 |
| **7/31/24** | $1343008 | $1183106 | $1439826 |
| **8/31/24** | $1352984 | $1192437 | $1456796 |
| **9/30/24** | $1371843 | $1204223 | $1469900 |
| **10/31/24** | $1353044 | $1186664 | $1447504 |
| **11/30/24** | $1375294 | $1207162 | $1478618 |
| **12/31/24** | $1349859 | $1189588 | $1454009 |
| **1/31/25** | $1357867 | $1195550 | $1465030 |
| **2/28/25** | $1376804 | $1207404 | $1483318 |
| **3/31/25** | $1352284 | $1186941 | $1465879 |
| **4/30/25** | $1339347 | $1177379 | $1439765 |
| **5/31/25** | $1331449 | $1178135 | $1440783 |
| **6/30/25** | $1337789 | $1185469 | $1449224 |
| **7/31/25** | $1324808 | $1183075 | $1427382 |
| **8/31/25** | $1338081 | $1193358 | $1434998 |
| **9/30/25** | $1380622 | $1220994 | $1472835 |
| **10/31/25** | $1394429 | $1236137 | $1487591 |
| **11/30/25** | $1397726 | $1238973 | $1493389 |
| **12/31/25** | $1394843 | $1240088 | $1489751 |
| **1/31/26** | $1403449 | $1251726 | $1504302 |
| **2/28/26** | $1428542 | $1267326 | $1529456 |
| **3/31/26** | $1400127 | $1237891 | $1500388 |

---

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 | 3.54% | 1.35% | 3.42% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg High Yield Municipal Bond Index | 2.35% | 1.90% | 4.14% |

---

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 | $6038179 |
| # of Portfolio Holdings | 974 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $17126 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.2% |
| Health, Hospital & Nursing Home Revenue | 10.2% |
| Ad Valorem Property Tax | 6.8% |
| Loan Participations and Assignments | 6.4% |
| Tobacco Settlement Funded | 6.1% |
| Industrial Revenue | 5.3% |
| Sales Tax Revenue | 5.1% |
| Port, Airport & Marina Revenue | 4.2% |
| Special Assessment | 4.1% |
| Natural Gas Revenue | 4.0% |
| Electric Power & Light Revenue | 4.0% |
| Other Investments | 25.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments FR_72201W154 | 7.5% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-3: PYMNX
![Image](g119941g89g96.jpg)

# PIMCO High Yield Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2232TSRAR_033126

# Class A: PMLAX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Municipal 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)**.

## What were the Fund costs for the reporting period?
(based 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 | $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:

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

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

## 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](g119941g31j62.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $9775 | $10000 |
| **4/30/16** | $9870 | $10074 |
| **5/31/16** | $9913 | $10101 |
| **6/30/16** | $10087 | $10261 |
| **7/31/16** | $10102 | $10268 |
| **8/31/16** | $10127 | $10282 |
| **9/30/16** | $10102 | $10230 |
| **10/31/16** | $9994 | $10123 |
| **11/30/16** | $9547 | $9745 |
| **12/31/16** | $9622 | $9860 |
| **1/31/17** | $9706 | $9925 |
| **2/28/17** | $9771 | $9994 |
| **3/31/17** | $9798 | $10015 |
| **4/30/17** | $9895 | $10088 |
| **5/31/17** | $10034 | $10248 |
| **6/30/17** | $10033 | $10211 |
| **7/31/17** | $10099 | $10294 |
| **8/31/17** | $10208 | $10372 |
| **9/30/17** | $10195 | $10320 |
| **10/31/17** | $10211 | $10345 |
| **11/30/17** | $10187 | $10289 |
| **12/31/17** | $10308 | $10397 |
| **1/31/18** | $10231 | $10275 |
| **2/28/18** | $10187 | $10244 |
| **3/31/18** | $10237 | $10282 |
| **4/30/18** | $10222 | $10245 |
| **5/31/18** | $10368 | $10362 |
| **6/30/18** | $10378 | $10371 |
| **7/31/18** | $10417 | $10396 |
| **8/31/18** | $10429 | $10423 |
| **9/30/18** | $10370 | $10356 |
| **10/31/18** | $10272 | $10292 |
| **11/30/18** | $10325 | $10406 |
| **12/31/18** | $10418 | $10530 |
| **1/31/19** | $10479 | $10610 |
| **2/28/19** | $10541 | $10667 |
| **3/31/19** | $10733 | $10835 |
| **4/30/19** | $10805 | $10876 |
| **5/31/19** | $10943 | $11026 |
| **6/30/19** | $10969 | $11067 |
| **7/31/19** | $11039 | $11156 |
| **8/31/19** | $11243 | $11332 |
| **9/30/19** | $11179 | $11241 |
| **10/31/19** | $11182 | $11261 |
| **11/30/19** | $11208 | $11289 |
| **12/31/19** | $11255 | $11324 |
| **1/31/20** | $11447 | $11527 |
| **2/29/20** | $11615 | $11676 |
| **3/31/20** | $11124 | $11252 |
| **4/30/20** | $10922 | $11111 |
| **5/31/20** | $11245 | $11465 |
| **6/30/20** | $11446 | $11559 |
| **7/31/20** | $11646 | $11754 |
| **8/31/20** | $11585 | $11699 |
| **9/30/20** | $11560 | $11701 |
| **10/31/20** | $11523 | $11666 |
| **11/30/20** | $11758 | $11842 |
| **12/31/20** | $11880 | $11914 |
| **1/31/21** | $11987 | $11990 |
| **2/28/21** | $11778 | $11799 |
| **3/31/21** | $11842 | $11872 |
| **4/30/21** | $11975 | $11972 |
| **5/31/21** | $12049 | $12008 |
| **6/30/21** | $12111 | $12040 |
| **7/31/21** | $12207 | $12140 |
| **8/31/21** | $12143 | $12096 |
| **9/30/21** | $12034 | $12009 |
| **10/31/21** | $12005 | $11973 |
| **11/30/21** | $12127 | $12075 |
| **12/31/21** | $12145 | $12095 |
| **1/31/22** | $11837 | $11764 |
| **2/28/22** | $11740 | $11722 |
| **3/31/22** | $11341 | $11342 |
| **4/30/22** | $10993 | $11028 |
| **5/31/22** | $11085 | $11192 |
| **6/30/22** | $10852 | $11008 |
| **7/31/22** | $11134 | $11299 |
| **8/31/22** | $10913 | $11052 |
| **9/30/22** | $10483 | $10627 |
| **10/31/22** | $10333 | $10539 |
| **11/30/22** | $10835 | $11032 |
| **12/31/22** | $10820 | $11064 |
| **1/31/23** | $11146 | $11381 |
| **2/28/23** | $10904 | $11124 |
| **3/31/23** | $11093 | $11371 |
| **4/30/23** | $11146 | $11345 |
| **5/31/23** | $11094 | $11247 |
| **6/30/23** | $11201 | $11359 |
| **7/31/23** | $11243 | $11404 |
| **8/31/23** | $11132 | $11240 |
| **9/30/23** | $10851 | $10911 |
| **10/31/23** | $10678 | $10818 |
| **11/30/23** | $11386 | $11504 |
| **12/31/23** | $11693 | $11772 |
| **1/31/24** | $11703 | $11712 |
| **2/29/24** | $11740 | $11727 |
| **3/31/24** | $11765 | $11726 |
| **4/30/24** | $11640 | $11581 |
| **5/31/24** | $11693 | $11547 |
| **6/30/24** | $11852 | $11724 |
| **7/31/24** | $11939 | $11831 |
| **8/31/24** | $12029 | $11924 |
| **9/30/24** | $12152 | $12042 |
| **10/31/24** | $12000 | $11867 |
| **11/30/24** | $12189 | $12072 |
| **12/31/24** | $11995 | $11896 |
| **1/31/25** | $12042 | $11955 |
| **2/28/25** | $12192 | $12074 |
| **3/31/25** | $11980 | $11869 |
| **4/30/25** | $11913 | $11774 |
| **5/31/25** | $11847 | $11781 |
| **6/30/25** | $11948 | $11855 |
| **7/31/25** | $11869 | $11831 |
| **8/31/25** | $11987 | $11934 |
| **9/30/25** | $12312 | $12210 |
| **10/31/25** | $12458 | $12361 |
| **11/30/25** | $12480 | $12390 |
| **12/31/25** | $12480 | $12401 |
| **1/31/26** | $12572 | $12517 |
| **2/28/26** | $12756 | $12673 |
| **3/31/26** | $12500 | $12379 |

---

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) | 4.34% | 1.09% | 2.49% |
| Class A (including sales charge) | 1.99% | 0.63% | 2.26% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $4839521 |
| # of Portfolio Holdings | 740 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid During the Reporting Period | $8612 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 12.8% |
| Local or Guaranteed Housing | 10.6% |
| Port, Airport & Marina Revenue | 7.0% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.1% |
| Income Tax Revenue | 5.7% |
| Natural Gas Revenue | 4.5% |
| Industrial Revenue | 4.1% |
| Electric Power & Light Revenue | 4.0% |
| Sales Tax Revenue | 4.0% |
| Water Revenue | 2.8% |
| Other Investments | 21.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 8.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g119941g89g22.jpg)

# Class A: PMLAX
![Image](g119941g89g96.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4012TSRAR_033126

# Class C: PMLCX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Municipal 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)**.

## What were the Fund costs for the reporting period?
(based 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 | $127 | 1.25% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

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

## 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](g119941g97g46.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10092 | $10074 |
| **5/31/16** | $10133 | $10101 |
| **6/30/16** | $10307 | $10261 |
| **7/31/16** | $10318 | $10268 |
| **8/31/16** | $10339 | $10282 |
| **9/30/16** | $10309 | $10230 |
| **10/31/16** | $10194 | $10123 |
| **11/30/16** | $9734 | $9745 |
| **12/31/16** | $9807 | $9860 |
| **1/31/17** | $9888 | $9925 |
| **2/28/17** | $9951 | $9994 |
| **3/31/17** | $9974 | $10015 |
| **4/30/17** | $10068 | $10088 |
| **5/31/17** | $10206 | $10248 |
| **6/30/17** | $10200 | $10211 |
| **7/31/17** | $10263 | $10294 |
| **8/31/17** | $10369 | $10372 |
| **9/30/17** | $10351 | $10320 |
| **10/31/17** | $10363 | $10345 |
| **11/30/17** | $10335 | $10289 |
| **12/31/17** | $10454 | $10397 |
| **1/31/18** | $10371 | $10275 |
| **2/28/18** | $10322 | $10244 |
| **3/31/18** | $10368 | $10282 |
| **4/30/18** | $10349 | $10245 |
| **5/31/18** | $10492 | $10362 |
| **6/30/18** | $10498 | $10371 |
| **7/31/18** | $10534 | $10396 |
| **8/31/18** | $10540 | $10423 |
| **9/30/18** | $10477 | $10356 |
| **10/31/18** | $10373 | $10292 |
| **11/30/18** | $10423 | $10406 |
| **12/31/18** | $10512 | $10530 |
| **1/31/19** | $10569 | $10610 |
| **2/28/19** | $10628 | $10667 |
| **3/31/19** | $10816 | $10835 |
| **4/30/19** | $10885 | $10876 |
| **5/31/19** | $11019 | $11026 |
| **6/30/19** | $11041 | $11067 |
| **7/31/19** | $11107 | $11156 |
| **8/31/19** | $11307 | $11332 |
| **9/30/19** | $11238 | $11241 |
| **10/31/19** | $11237 | $11261 |
| **11/30/19** | $11258 | $11289 |
| **12/31/19** | $11301 | $11324 |
| **1/31/20** | $11488 | $11527 |
| **2/29/20** | $11653 | $11676 |
| **3/31/20** | $11155 | $11252 |
| **4/30/20** | $10948 | $11111 |
| **5/31/20** | $11267 | $11465 |
| **6/30/20** | $11464 | $11559 |
| **7/31/20** | $11659 | $11754 |
| **8/31/20** | $11593 | $11699 |
| **9/30/20** | $11563 | $11701 |
| **10/31/20** | $11522 | $11666 |
| **11/30/20** | $11752 | $11842 |
| **12/31/20** | $11868 | $11914 |
| **1/31/21** | $11970 | $11990 |
| **2/28/21** | $11757 | $11799 |
| **3/31/21** | $11816 | $11872 |
| **4/30/21** | $11944 | $11972 |
| **5/31/21** | $12012 | $12008 |
| **6/30/21** | $12069 | $12040 |
| **7/31/21** | $12160 | $12140 |
| **8/31/21** | $12091 | $12096 |
| **9/30/21** | $11978 | $12009 |
| **10/31/21** | $11944 | $11973 |
| **11/30/21** | $12060 | $12075 |
| **12/31/21** | $12073 | $12095 |
| **1/31/22** | $11761 | $11764 |
| **2/28/22** | $11660 | $11722 |
| **3/31/22** | $11260 | $11342 |
| **4/30/22** | $10909 | $11028 |
| **5/31/22** | $10996 | $11192 |
| **6/30/22** | $10761 | $11008 |
| **7/31/22** | $11035 | $11299 |
| **8/31/22** | $10812 | $11052 |
| **9/30/22** | $10382 | $10627 |
| **10/31/22** | $10229 | $10539 |
| **11/30/22** | $10721 | $11032 |
| **12/31/22** | $10702 | $11064 |
| **1/31/23** | $11020 | $11381 |
| **2/28/23** | $10777 | $11124 |
| **3/31/23** | $10959 | $11371 |
| **4/30/23** | $11007 | $11345 |
| **5/31/23** | $10950 | $11247 |
| **6/30/23** | $11051 | $11359 |
| **7/31/23** | $11089 | $11404 |
| **8/31/23** | $10974 | $11240 |
| **9/30/23** | $10693 | $10911 |
| **10/31/23** | $10518 | $10818 |
| **11/30/23** | $11211 | $11504 |
| **12/31/23** | $11507 | $11772 |
| **1/31/24** | $11513 | $11712 |
| **2/29/24** | $11544 | $11727 |
| **3/31/24** | $11564 | $11726 |
| **4/30/24** | $11437 | $11581 |
| **5/31/24** | $11483 | $11547 |
| **6/30/24** | $11636 | $11724 |
| **7/31/24** | $11716 | $11831 |
| **8/31/24** | $11799 | $11924 |
| **9/30/24** | $11915 | $12042 |
| **10/31/24** | $11761 | $11867 |
| **11/30/24** | $11941 | $12072 |
| **12/31/24** | $11746 | $11896 |
| **1/31/25** | $11787 | $11955 |
| **2/28/25** | $11929 | $12074 |
| **3/31/25** | $11717 | $11869 |
| **4/30/25** | $11647 | $11774 |
| **5/31/25** | $11577 | $11781 |
| **6/30/25** | $11671 | $11855 |
| **7/31/25** | $11589 | $11831 |
| **8/31/25** | $11699 | $11934 |
| **9/30/25** | $12012 | $12210 |
| **10/31/25** | $12149 | $12361 |
| **11/30/25** | $12166 | $12390 |
| **12/31/25** | $12161 | $12401 |
| **1/31/26** | $12245 | $12517 |
| **2/28/26** | $12420 | $12673 |
| **3/31/26** | $12165 | $12379 |

---

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) | 3.82% | 0.58% | 1.98% |
| Class C (including sales charge) | 2.82% | 0.58% | 1.98% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $4839521 |
| # of Portfolio Holdings | 740 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid During the Reporting Period | $8612 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 12.8% |
| Local or Guaranteed Housing | 10.6% |
| Port, Airport & Marina Revenue | 7.0% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.1% |
| Income Tax Revenue | 5.7% |
| Natural Gas Revenue | 4.5% |
| Industrial Revenue | 4.1% |
| Electric Power & Light Revenue | 4.0% |
| Sales Tax Revenue | 4.0% |
| Water Revenue | 2.8% |
| Other Investments | 21.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 8.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g119941g89g22.jpg)

# Class C: PMLCX
![Image](g119941g89g96.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4212TSRAR_033126

# Institutional Class: PFMIX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.44% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

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

## 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](g119941g12t59.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1009934 | $1007353 |
| **5/31/16** | $1014689 | $1010078 |
| **6/30/16** | $1032729 | $1026147 |
| **7/31/16** | $1034560 | $1026773 |
| **8/31/16** | $1037369 | $1028159 |
| **9/30/16** | $1035101 | $1023027 |
| **10/31/16** | $1024257 | $1012295 |
| **11/30/16** | $978679 | $974540 |
| **12/31/16** | $986703 | $985982 |
| **1/31/17** | $995542 | $992482 |
| **2/28/17** | $1002465 | $999374 |
| **3/31/17** | $1005519 | $1001543 |
| **4/30/17** | $1015667 | $1008810 |
| **5/31/17** | $1030228 | $1024821 |
| **6/30/17** | $1030360 | $1021145 |
| **7/31/17** | $1037460 | $1029407 |
| **8/31/17** | $1048910 | $1037241 |
| **9/30/17** | $1047786 | $1031967 |
| **10/31/17** | $1049696 | $1034486 |
| **11/30/17** | $1047499 | $1028947 |
| **12/31/17** | $1060310 | $1039702 |
| **1/31/18** | $1052631 | $1027461 |
| **2/28/18** | $1048296 | $1024391 |
| **3/31/18** | $1053781 | $1028172 |
| **4/30/18** | $1052521 | $1024503 |
| **5/31/18** | $1067772 | $1036235 |
| **6/30/18** | $1069087 | $1037119 |
| **7/31/18** | $1073428 | $1039636 |
| **8/31/18** | $1074903 | $1042306 |
| **9/30/18** | $1069132 | $1035558 |
| **10/31/18** | $1059274 | $1029181 |
| **11/30/18** | $1065056 | $1040572 |
| **12/31/18** | $1074925 | $1053031 |
| **1/31/19** | $1081485 | $1060991 |
| **2/28/19** | $1088117 | $1066672 |
| **3/31/19** | $1108188 | $1083534 |
| **4/30/19** | $1115932 | $1087606 |
| **5/31/19** | $1130529 | $1102600 |
| **6/30/19** | $1133476 | $1106671 |
| **7/31/19** | $1141035 | $1115590 |
| **8/31/19** | $1162374 | $1133187 |
| **9/30/19** | $1156049 | $1124103 |
| **10/31/19** | $1156667 | $1126118 |
| **11/30/19** | $1159682 | $1128934 |
| **12/31/19** | $1164846 | $1132381 |
| **1/31/20** | $1185005 | $1152726 |
| **2/29/20** | $1202708 | $1167591 |
| **3/31/20** | $1152137 | $1125239 |
| **4/30/20** | $1131524 | $1111117 |
| **5/31/20** | $1165297 | $1146463 |
| **6/30/20** | $1186369 | $1155899 |
| **7/31/20** | $1207489 | $1175367 |
| **8/31/20** | $1201451 | $1169852 |
| **9/30/20** | $1199137 | $1170100 |
| **10/31/20** | $1195677 | $1166585 |
| **11/30/20** | $1220295 | $1184190 |
| **12/31/20** | $1233343 | $1191404 |
| **1/31/21** | $1244712 | $1198996 |
| **2/28/21** | $1223358 | $1179946 |
| **3/31/21** | $1230269 | $1187223 |
| **4/30/21** | $1244494 | $1197181 |
| **5/31/21** | $1252428 | $1200752 |
| **6/30/21** | $1259182 | $1204050 |
| **7/31/21** | $1269596 | $1214035 |
| **8/31/21** | $1263254 | $1209580 |
| **9/30/21** | $1252241 | $1200851 |
| **10/31/21** | $1249553 | $1197340 |
| **11/30/21** | $1262498 | $1207533 |
| **12/31/21** | $1264790 | $1209481 |
| **1/31/22** | $1232960 | $1176374 |
| **2/28/22** | $1223132 | $1172159 |
| **3/31/22** | $1181953 | $1134161 |
| **4/30/22** | $1145947 | $1102791 |
| **5/31/22** | $1155862 | $1119173 |
| **6/30/22** | $1131849 | $1100843 |
| **7/31/22** | $1161505 | $1129929 |
| **8/31/22** | $1138798 | $1105165 |
| **9/30/22** | $1094257 | $1062748 |
| **10/31/22** | $1078844 | $1053910 |
| **11/30/22** | $1131496 | $1103205 |
| **12/31/22** | $1130306 | $1106363 |
| **1/31/23** | $1164653 | $1138143 |
| **2/28/23** | $1139643 | $1112408 |
| **3/31/23** | $1159727 | $1137089 |
| **4/30/23** | $1165540 | $1134492 |
| **5/31/23** | $1160357 | $1124661 |
| **6/30/23** | $1171850 | $1135927 |
| **7/31/23** | $1176596 | $1140420 |
| **8/31/23** | $1165250 | $1124003 |
| **9/30/23** | $1136192 | $1091060 |
| **10/31/23** | $1118344 | $1081775 |
| **11/30/23** | $1192779 | $1150447 |
| **12/31/23** | $1225203 | $1177186 |
| **1/31/24** | $1226615 | $1171174 |
| **2/29/24** | $1230749 | $1172678 |
| **3/31/24** | $1233686 | $1172641 |
| **4/30/24** | $1220984 | $1158118 |
| **5/31/24** | $1226797 | $1154721 |
| **6/30/24** | $1243822 | $1172420 |
| **7/31/24** | $1253275 | $1183106 |
| **8/31/24** | $1263066 | $1192437 |
| **9/30/24** | $1276333 | $1204223 |
| **10/31/24** | $1260613 | $1186664 |
| **11/30/24** | $1280802 | $1207162 |
| **12/31/24** | $1260791 | $1189588 |
| **1/31/25** | $1266123 | $1195550 |
| **2/28/25** | $1282133 | $1207404 |
| **3/31/25** | $1260190 | $1186941 |
| **4/30/25** | $1253421 | $1177379 |
| **5/31/25** | $1246802 | $1178135 |
| **6/30/25** | $1257745 | $1185469 |
| **7/31/25** | $1249754 | $1183075 |
| **8/31/25** | $1262541 | $1193358 |
| **9/30/25** | $1297100 | $1220994 |
| **10/31/25** | $1312815 | $1236137 |
| **11/30/25** | $1315530 | $1238973 |
| **12/31/25** | $1315884 | $1240088 |
| **1/31/26** | $1325853 | $1251726 |
| **2/28/26** | $1345635 | $1267326 |
| **3/31/26** | $1318932 | $1237891 |

---

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 | 4.66% | 1.40% | 2.81% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $4839521 |
| # of Portfolio Holdings | 740 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid During the Reporting Period | $8612 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 12.8% |
| Local or Guaranteed Housing | 10.6% |
| Port, Airport & Marina Revenue | 7.0% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.1% |
| Income Tax Revenue | 5.7% |
| Natural Gas Revenue | 4.5% |
| Industrial Revenue | 4.1% |
| Electric Power & Light Revenue | 4.0% |
| Sales Tax Revenue | 4.0% |
| Water Revenue | 2.8% |
| Other Investments | 21.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 8.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g119941g89g22.jpg)

# Institutional Class: PFMIX
![Image](g119941g89g96.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0040TSRAR_033126

# I-2: PMUPX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 0.54% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

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

## 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](g119941g66j01.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1009849 | $1007353 |
| **5/31/16** | $1014521 | $1010078 |
| **6/30/16** | $1032475 | $1026147 |
| **7/31/16** | $1034218 | $1026773 |
| **8/31/16** | $1036938 | $1028159 |
| **9/30/16** | $1034580 | $1023027 |
| **10/31/16** | $1023660 | $1012295 |
| **11/30/16** | $978002 | $974540 |
| **12/31/16** | $985931 | $985982 |
| **1/31/17** | $994685 | $992482 |
| **2/28/17** | $1001526 | $999374 |
| **3/31/17** | $1004487 | $1001543 |
| **4/30/17** | $1014547 | $1008810 |
| **5/31/17** | $1029006 | $1024821 |
| **6/30/17** | $1029047 | $1021145 |
| **7/31/17** | $1036056 | $1029407 |
| **8/31/17** | $1047402 | $1037241 |
| **9/30/17** | $1046191 | $1031967 |
| **10/31/17** | $1048012 | $1034486 |
| **11/30/17** | $1045733 | $1028947 |
| **12/31/17** | $1058430 | $1039702 |
| **1/31/18** | $1050678 | $1027461 |
| **2/28/18** | $1046270 | $1024391 |
| **3/31/18** | $1051652 | $1028172 |
| **4/30/18** | $1050311 | $1024503 |
| **5/31/18** | $1065439 | $1036235 |
| **6/30/18** | $1066661 | $1037119 |
| **7/31/18** | $1070905 | $1039636 |
| **8/31/18** | $1072277 | $1042306 |
| **9/30/18** | $1066441 | $1035558 |
| **10/31/18** | $1056518 | $1029181 |
| **11/30/18** | $1062194 | $1040572 |
| **12/31/18** | $1071946 | $1053031 |
| **1/31/19** | $1078398 | $1060991 |
| **2/28/19** | $1084930 | $1066672 |
| **3/31/19** | $1104849 | $1083534 |
| **4/30/19** | $1112480 | $1087606 |
| **5/31/19** | $1126934 | $1102600 |
| **6/30/19** | $1129787 | $1106671 |
| **7/31/19** | $1137226 | $1115590 |
| **8/31/19** | $1158390 | $1133187 |
| **9/30/19** | $1151999 | $1124103 |
| **10/31/19** | $1152517 | $1126118 |
| **11/30/19** | $1155424 | $1128934 |
| **12/31/19** | $1160471 | $1132381 |
| **1/31/20** | $1180452 | $1152726 |
| **2/29/20** | $1197997 | $1167591 |
| **3/31/20** | $1147529 | $1125239 |
| **4/30/20** | $1126909 | $1111117 |
| **5/31/20** | $1160448 | $1146463 |
| **6/30/20** | $1181335 | $1155899 |
| **7/31/20** | $1202258 | $1175367 |
| **8/31/20** | $1196153 | $1169852 |
| **9/30/20** | $1193751 | $1170100 |
| **10/31/20** | $1190202 | $1166585 |
| **11/30/20** | $1214612 | $1184190 |
| **12/31/20** | $1227485 | $1191404 |
| **1/31/21** | $1238707 | $1198996 |
| **2/28/21** | $1217360 | $1179946 |
| **3/31/21** | $1224133 | $1187223 |
| **4/30/21** | $1238177 | $1197181 |
| **5/31/21** | $1245970 | $1200752 |
| **6/30/21** | $1252587 | $1204050 |
| **7/31/21** | $1262836 | $1214035 |
| **8/31/21** | $1256425 | $1209580 |
| **9/30/21** | $1245368 | $1200851 |
| **10/31/21** | $1242591 | $1197340 |
| **11/30/21** | $1255362 | $1207533 |
| **12/31/21** | $1257527 | $1209481 |
| **1/31/22** | $1225781 | $1176374 |
| **2/28/22** | $1215916 | $1172159 |
| **3/31/22** | $1174878 | $1134161 |
| **4/30/22** | $1138987 | $1102791 |
| **5/31/22** | $1148753 | $1119173 |
| **6/30/22** | $1124794 | $1100843 |
| **7/31/22** | $1154171 | $1129929 |
| **8/31/22** | $1131511 | $1105165 |
| **9/30/22** | $1087156 | $1062748 |
| **10/31/22** | $1071758 | $1053910 |
| **11/30/22** | $1123972 | $1103205 |
| **12/31/22** | $1122689 | $1106363 |
| **1/31/23** | $1156715 | $1138143 |
| **2/28/23** | $1131788 | $1112408 |
| **3/31/23** | $1151630 | $1137089 |
| **4/30/23** | $1157315 | $1134492 |
| **5/31/23** | $1152071 | $1124661 |
| **6/30/23** | $1163380 | $1135927 |
| **7/31/23** | $1168000 | $1140420 |
| **8/31/23** | $1156638 | $1124003 |
| **9/30/23** | $1127697 | $1091060 |
| **10/31/23** | $1109891 | $1081775 |
| **11/30/23** | $1183669 | $1150447 |
| **12/31/23** | $1215740 | $1177186 |
| **1/31/24** | $1217043 | $1171174 |
| **2/29/24** | $1221047 | $1172678 |
| **3/31/24** | $1223857 | $1172641 |
| **4/30/24** | $1211156 | $1158118 |
| **5/31/24** | $1216814 | $1154721 |
| **6/30/24** | $1233607 | $1172420 |
| **7/31/24** | $1242878 | $1183106 |
| **8/31/24** | $1252474 | $1192437 |
| **9/30/24** | $1265534 | $1204223 |
| **10/31/24** | $1249839 | $1186664 |
| **11/30/24** | $1269751 | $1207162 |
| **12/31/24** | $1249805 | $1189588 |
| **1/31/25** | $1254981 | $1195550 |
| **2/28/25** | $1270754 | $1207404 |
| **3/31/25** | $1248908 | $1186941 |
| **4/30/25** | $1242094 | $1177379 |
| **5/31/25** | $1235427 | $1178135 |
| **6/30/25** | $1246173 | $1185469 |
| **7/31/25** | $1238149 | $1183075 |
| **8/31/25** | $1250708 | $1193358 |
| **9/30/25** | $1284839 | $1220994 |
| **10/31/25** | $1300289 | $1236137 |
| **11/30/25** | $1302879 | $1238973 |
| **12/31/25** | $1303116 | $1240088 |
| **1/31/26** | $1312876 | $1251726 |
| **2/28/26** | $1332364 | $1267326 |
| **3/31/26** | $1305817 | $1237891 |

---

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 | 4.56% | 1.30% | 2.70% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $4839521 |
| # of Portfolio Holdings | 740 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid During the Reporting Period | $8612 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 12.8% |
| Local or Guaranteed Housing | 10.6% |
| Port, Airport & Marina Revenue | 7.0% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.1% |
| Income Tax Revenue | 5.7% |
| Natural Gas Revenue | 4.5% |
| Industrial Revenue | 4.1% |
| Electric Power & Light Revenue | 4.0% |
| Sales Tax Revenue | 4.0% |
| Water Revenue | 2.8% |
| Other Investments | 21.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 8.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g119941g89g22.jpg)

# I-2: PMUPX
![Image](g119941g89g96.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1916TSRAR_033126

# I-3: PMUNX

# PIMCO Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $60 | 0.59% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

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

## 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 (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g88r69.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1009811 | $1007353 |
| **5/31/16** | $1014436 | $1010078 |
| **6/30/16** | $1032346 | $1026147 |
| **7/31/16** | $1034045 | $1026773 |
| **8/31/16** | $1036721 | $1028159 |
| **9/30/16** | $1034328 | $1023027 |
| **10/31/16** | $1023361 | $1012295 |
| **11/30/16** | $977700 | $974540 |
| **12/31/16** | $985592 | $985982 |
| **1/31/17** | $994295 | $992482 |
| **2/28/17** | $1001095 | $999374 |
| **3/31/17** | $1004017 | $1001543 |
| **4/30/17** | $1014025 | $1008810 |
| **5/31/17** | $1028433 | $1024821 |
| **6/30/17** | $1028438 | $1021145 |
| **7/31/17** | $1035394 | $1029407 |
| **8/31/17** | $1046688 | $1037241 |
| **9/30/17** | $1045437 | $1031967 |
| **10/31/17** | $1047210 | $1034486 |
| **11/30/17** | $1044889 | $1028947 |
| **12/31/17** | $1057534 | $1039702 |
| **1/31/18** | $1049741 | $1027461 |
| **2/28/18** | $1045298 | $1024391 |
| **3/31/18** | $1050633 | $1028172 |
| **4/30/18** | $1049248 | $1024503 |
| **5/31/18** | $1064318 | $1036235 |
| **6/30/18** | $1065497 | $1037119 |
| **7/31/18** | $1069688 | $1039636 |
| **8/31/18** | $1071022 | $1042306 |
| **9/30/18** | $1065140 | $1035558 |
| **10/31/18** | $1055184 | $1029181 |
| **11/30/18** | $1060814 | $1040572 |
| **12/31/18** | $1070508 | $1053031 |
| **1/31/19** | $1076905 | $1060991 |
| **2/28/19** | $1083384 | $1066672 |
| **3/31/19** | $1103229 | $1083534 |
| **4/30/19** | $1110802 | $1087606 |
| **5/31/19** | $1125190 | $1102600 |
| **6/30/19** | $1127985 | $1106671 |
| **7/31/19** | $1135363 | $1115590 |
| **8/31/19** | $1156449 | $1133187 |
| **9/30/19** | $1150016 | $1124103 |
| **10/31/19** | $1150483 | $1126118 |
| **11/30/19** | $1153341 | $1128934 |
| **12/31/19** | $1158329 | $1132381 |
| **1/31/20** | $1178227 | $1152726 |
| **2/29/20** | $1195689 | $1167591 |
| **3/31/20** | $1145267 | $1125239 |
| **4/30/20** | $1124639 | $1111117 |
| **5/31/20** | $1158061 | $1146463 |
| **6/30/20** | $1178858 | $1155899 |
| **7/31/20** | $1199693 | $1175367 |
| **8/31/20** | $1193542 | $1169852 |
| **9/30/20** | $1191096 | $1170100 |
| **10/31/20** | $1187509 | $1166585 |
| **11/30/20** | $1211811 | $1184190 |
| **12/31/20** | $1224613 | $1191404 |
| **1/31/21** | $1235746 | $1198996 |
| **2/28/21** | $1214404 | $1179946 |
| **3/31/21** | $1221109 | $1187223 |
| **4/30/21** | $1235076 | $1197181 |
| **5/31/21** | $1242792 | $1200752 |
| **6/30/21** | $1249341 | $1204050 |
| **7/31/21** | $1259518 | $1214035 |
| **8/31/21** | $1253044 | $1209580 |
| **9/30/21** | $1241962 | $1200851 |
| **10/31/21** | $1239110 | $1197340 |
| **11/30/21** | $1251783 | $1207533 |
| **12/31/21** | $1253873 | $1209481 |
| **1/31/22** | $1222153 | $1176374 |
| **2/28/22** | $1212283 | $1172159 |
| **3/31/22** | $1171317 | $1134161 |
| **4/30/22** | $1135489 | $1102791 |
| **5/31/22** | $1145183 | $1119173 |
| **6/30/22** | $1121245 | $1100843 |
| **7/31/22** | $1150479 | $1129929 |
| **8/31/22** | $1127846 | $1105165 |
| **9/30/22** | $1083599 | $1062748 |
| **10/31/22** | $1068209 | $1053910 |
| **11/30/22** | $1120211 | $1103205 |
| **12/31/22** | $1118880 | $1106363 |
| **1/31/23** | $1152744 | $1138143 |
| **2/28/23** | $1127858 | $1112408 |
| **3/31/23** | $1147581 | $1137089 |
| **4/30/23** | $1153203 | $1134492 |
| **5/31/23** | $1147931 | $1124661 |
| **6/30/23** | $1159152 | $1135927 |
| **7/31/23** | $1163711 | $1140420 |
| **8/31/23** | $1152342 | $1124003 |
| **9/30/23** | $1123464 | $1091060 |
| **10/31/23** | $1105680 | $1081775 |
| **11/30/23** | $1179142 | $1150447 |
| **12/31/23** | $1211039 | $1177186 |
| **1/31/24** | $1212251 | $1171174 |
| **2/29/24** | $1216194 | $1172678 |
| **3/31/24** | $1218941 | $1172641 |
| **4/30/24** | $1206242 | $1158118 |
| **5/31/24** | $1211824 | $1154721 |
| **6/30/24** | $1228503 | $1172420 |
| **7/31/24** | $1237682 | $1183106 |
| **8/31/24** | $1247183 | $1192437 |
| **9/30/24** | $1260139 | $1204223 |
| **10/31/24** | $1244460 | $1186664 |
| **11/30/24** | $1264225 | $1207162 |
| **12/31/24** | $1244313 | $1189588 |
| **1/31/25** | $1249414 | $1195550 |
| **2/28/25** | $1265067 | $1207404 |
| **3/31/25** | $1243269 | $1186941 |
| **4/30/25** | $1236436 | $1177379 |
| **5/31/25** | $1229747 | $1178135 |
| **6/30/25** | $1240396 | $1185469 |
| **7/31/25** | $1232357 | $1183075 |
| **8/31/25** | $1244802 | $1193358 |
| **9/30/25** | $1278725 | $1220994 |
| **10/31/25** | $1294046 | $1236137 |
| **11/30/25** | $1296574 | $1238973 |
| **12/31/25** | $1296753 | $1240088 |
| **1/31/26** | $1306412 | $1251726 |
| **2/28/26** | $1325753 | $1267326 |
| **3/31/26** | $1299284 | $1237891 |

---

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 | 4.51% | 1.25% | 2.65% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $4839521 |
| # of Portfolio Holdings | 740 |
| Portfolio Turnover Rate | 56% |
| Total Net Advisory Fees Paid During the Reporting Period | $8612 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 12.8% |
| Local or Guaranteed Housing | 10.6% |
| Port, Airport & Marina Revenue | 7.0% |
| Sovereign | 6.9% |
| Ad Valorem Property Tax | 6.1% |
| Income Tax Revenue | 5.7% |
| Natural Gas Revenue | 4.5% |
| Industrial Revenue | 4.1% |
| Electric Power & Light Revenue | 4.0% |
| Sales Tax Revenue | 4.0% |
| Water Revenue | 2.8% |
| Other Investments | 21.8% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 8.6% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g119941g89g22.jpg)

# I-3: PMUNX
![Image](g119941g89g96.jpg)

# PIMCO Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2233TSRAR_033126

# Class A: PMNTX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO National Intermediate Municipal 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 | $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:

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg 1-15 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g17b59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/16** | $9779 | $10000 | $10000 |
| **4/30/16** | $9858 | $10074 | $10060 |
| **5/31/16** | $9854 | $10101 | $10065 |
| **6/30/16** | $10017 | $10261 | $10190 |
| **7/31/16** | $10014 | $10268 | $10203 |
| **8/31/16** | $10038 | $10282 | $10207 |
| **9/30/16** | $10007 | $10230 | $10170 |
| **10/31/16** | $9910 | $10123 | $10087 |
| **11/30/16** | $9526 | $9745 | $9762 |
| **12/31/16** | $9590 | $9860 | $9857 |
| **1/31/17** | $9653 | $9925 | $9927 |
| **2/28/17** | $9699 | $9994 | $9993 |
| **3/31/17** | $9726 | $10015 | $10010 |
| **4/30/17** | $9808 | $10088 | $10081 |
| **5/31/17** | $9928 | $10248 | $10213 |
| **6/30/17** | $9909 | $10211 | $10174 |
| **7/31/17** | $9982 | $10294 | $10249 |
| **8/31/17** | $10075 | $10372 | $10316 |
| **9/30/17** | $10038 | $10320 | $10269 |
| **10/31/17** | $10056 | $10345 | $10283 |
| **11/30/17** | $10007 | $10289 | $10200 |
| **12/31/17** | $10064 | $10397 | $10284 |
| **1/31/18** | $9987 | $10275 | $10194 |
| **2/28/18** | $9950 | $10244 | $10168 |
| **3/31/18** | $9960 | $10282 | $10191 |
| **4/30/18** | $9940 | $10245 | $10163 |
| **5/31/18** | $10016 | $10362 | $10259 |
| **6/30/18** | $10027 | $10371 | $10277 |
| **7/31/18** | $10055 | $10396 | $10310 |
| **8/31/18** | $10077 | $10423 | $10328 |
| **9/30/18** | $10018 | $10356 | $10270 |
| **10/31/18** | $9960 | $10292 | $10228 |
| **11/30/18** | $10050 | $10406 | $10332 |
| **12/31/18** | $10137 | $10530 | $10447 |
| **1/31/19** | $10234 | $10610 | $10535 |
| **2/28/19** | $10294 | $10667 | $10586 |
| **3/31/19** | $10411 | $10835 | $10709 |
| **4/30/19** | $10451 | $10876 | $10731 |
| **5/31/19** | $10579 | $11026 | $10861 |
| **6/30/19** | $10617 | $11067 | $10906 |
| **7/31/19** | $10694 | $11156 | $10992 |
| **8/31/19** | $10822 | $11332 | $11120 |
| **9/30/19** | $10739 | $11241 | $11030 |
| **10/31/19** | $10746 | $11261 | $11058 |
| **11/30/19** | $10764 | $11289 | $11084 |
| **12/31/19** | $10801 | $11324 | $11119 |
| **1/31/20** | $10957 | $11527 | $11290 |
| **2/29/20** | $11063 | $11676 | $11396 |
| **3/31/20** | $10618 | $11252 | $11064 |
| **4/30/20** | $10515 | $11111 | $10985 |
| **5/31/20** | $10812 | $11465 | $11297 |
| **6/30/20** | $10939 | $11559 | $11362 |
| **7/31/20** | $11097 | $11754 | $11521 |
| **8/31/20** | $11081 | $11699 | $11483 |
| **9/30/20** | $11066 | $11701 | $11492 |
| **10/31/20** | $11041 | $11666 | $11463 |
| **11/30/20** | $11178 | $11842 | $11590 |
| **12/31/20** | $11255 | $11914 | $11645 |
| **1/31/21** | $11318 | $11990 | $11701 |
| **2/28/21** | $11161 | $11799 | $11553 |
| **3/31/21** | $11204 | $11872 | $11608 |
| **4/30/21** | $11290 | $11972 | $11680 |
| **5/31/21** | $11313 | $12008 | $11697 |
| **6/30/21** | $11337 | $12040 | $11712 |
| **7/31/21** | $11412 | $12140 | $11798 |
| **8/31/21** | $11374 | $12096 | $11773 |
| **9/30/21** | $11285 | $12009 | $11701 |
| **10/31/21** | $11257 | $11973 | $11667 |
| **11/30/21** | $11312 | $12075 | $11729 |
| **12/31/21** | $11322 | $12095 | $11746 |
| **1/31/22** | $11056 | $11764 | $11459 |
| **2/28/22** | $10998 | $11722 | $11423 |
| **3/31/22** | $10712 | $11342 | $11119 |
| **4/30/22** | $10478 | $11028 | $10886 |
| **5/31/22** | $10596 | $11192 | $11040 |
| **6/30/22** | $10478 | $11008 | $10947 |
| **7/31/22** | $10713 | $11299 | $11191 |
| **8/31/22** | $10533 | $11052 | $10998 |
| **9/30/22** | $10271 | $10627 | $10664 |
| **10/31/22** | $10187 | $10539 | $10624 |
| **11/30/22** | $10586 | $11032 | $10995 |
| **12/31/22** | $10602 | $11064 | $11047 |
| **1/31/23** | $10876 | $11381 | $11296 |
| **2/28/23** | $10681 | $11124 | $11083 |
| **3/31/23** | $10867 | $11371 | $11298 |
| **4/30/23** | $10870 | $11345 | $11267 |
| **5/31/23** | $10802 | $11247 | $11167 |
| **6/30/23** | $10874 | $11359 | $11252 |
| **7/31/23** | $10911 | $11404 | $11296 |
| **8/31/23** | $10832 | $11240 | $11182 |
| **9/30/23** | $10594 | $10911 | $10931 |
| **10/31/23** | $10493 | $10818 | $10886 |
| **11/30/23** | $11030 | $11504 | $11412 |
| **12/31/23** | $11299 | $11772 | $11628 |
| **1/31/24** | $11297 | $11712 | $11583 |
| **2/29/24** | $11339 | $11727 | $11595 |
| **3/31/24** | $11361 | $11726 | $11594 |
| **4/30/24** | $11252 | $11581 | $11475 |
| **5/31/24** | $11243 | $11547 | $11407 |
| **6/30/24** | $11384 | $11724 | $11554 |
| **7/31/24** | $11471 | $11831 | $11657 |
| **8/31/24** | $11550 | $11924 | $11760 |
| **9/30/24** | $11658 | $12042 | $11856 |
| **10/31/24** | $11489 | $11867 | $11706 |
| **11/30/24** | $11643 | $12072 | $11849 |
| **12/31/24** | $11505 | $11896 | $11730 |
| **1/31/25** | $11569 | $11955 | $11811 |
| **2/28/25** | $11700 | $12074 | $11926 |
| **3/31/25** | $11537 | $11869 | $11776 |
| **4/30/25** | $11501 | $11774 | $11703 |
| **5/31/25** | $11510 | $11781 | $11769 |
| **6/30/25** | $11609 | $11855 | $11859 |
| **7/31/25** | $11595 | $11831 | $11888 |
| **8/31/25** | $11697 | $11934 | $11988 |
| **9/30/25** | $11911 | $12210 | $12166 |
| **10/31/25** | $12015 | $12361 | $12271 |
| **11/30/25** | $12045 | $12390 | $12304 |
| **12/31/25** | $12055 | $12401 | $12338 |
| **1/31/26** | $12168 | $12517 | $12469 |
| **2/28/26** | $12305 | $12673 | $12595 |
| **3/31/26** | $12057 | $12379 | $12304 |

---

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) | 4.51% | 1.48% | 2.12% |
| Class A (including sales charge) | 2.11% | 1.02% | 1.89% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-15 Year Municipal Bond Index | 4.49% | 1.17% | 2.10% |

---

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 | $1446781 |
| # of Portfolio Holdings | 539 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid During the Reporting Period | $2580 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.5% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Port, Airport & Marina Revenue | 8.4% |
| Ad Valorem Property Tax | 7.3% |
| Sovereign | 6.9% |
| Electric Power & Light Revenue | 6.5% |
| Natural Gas Revenue | 5.8% |
| Industrial Revenue | 5.4% |
| Resource Recovery Revenue | 2.7% |
| College & University Revenue | 2.5% |
| Sales Tax Revenue | 2.5% |
| Other Investments | 19.9% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments FR_72201W154 | 8.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

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

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO National Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PMNTX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS6041TSRAR_033126

# Class C: PMNNX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO National Intermediate Municipal 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 | $133 | 1.30% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg 1-15 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g21m46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10077 | $10074 | $10060 |
| **5/31/16** | $10068 | $10101 | $10065 |
| **6/30/16** | $10231 | $10261 | $10190 |
| **7/31/16** | $10223 | $10268 | $10203 |
| **8/31/16** | $10243 | $10282 | $10207 |
| **9/30/16** | $10208 | $10230 | $10170 |
| **10/31/16** | $10104 | $10123 | $10087 |
| **11/30/16** | $9709 | $9745 | $9762 |
| **12/31/16** | $9769 | $9860 | $9857 |
| **1/31/17** | $9829 | $9925 | $9927 |
| **2/28/17** | $9873 | $9994 | $9993 |
| **3/31/17** | $9896 | $10015 | $10010 |
| **4/30/17** | $9975 | $10088 | $10081 |
| **5/31/17** | $10093 | $10248 | $10213 |
| **6/30/17** | $10069 | $10211 | $10174 |
| **7/31/17** | $10140 | $10294 | $10249 |
| **8/31/17** | $10230 | $10372 | $10316 |
| **9/30/17** | $10188 | $10320 | $10269 |
| **10/31/17** | $10202 | $10345 | $10283 |
| **11/30/17** | $10148 | $10289 | $10200 |
| **12/31/17** | $10202 | $10397 | $10284 |
| **1/31/18** | $10119 | $10275 | $10194 |
| **2/28/18** | $10078 | $10244 | $10168 |
| **3/31/18** | $10083 | $10282 | $10191 |
| **4/30/18** | $10059 | $10245 | $10163 |
| **5/31/18** | $10132 | $10362 | $10259 |
| **6/30/18** | $10139 | $10371 | $10277 |
| **7/31/18** | $10163 | $10396 | $10310 |
| **8/31/18** | $10181 | $10423 | $10328 |
| **9/30/18** | $10117 | $10356 | $10270 |
| **10/31/18** | $10054 | $10292 | $10228 |
| **11/30/18** | $10140 | $10406 | $10332 |
| **12/31/18** | $10224 | $10530 | $10447 |
| **1/31/19** | $10318 | $10610 | $10535 |
| **2/28/19** | $10374 | $10667 | $10586 |
| **3/31/19** | $10488 | $10835 | $10709 |
| **4/30/19** | $10524 | $10876 | $10731 |
| **5/31/19** | $10648 | $11026 | $10861 |
| **6/30/19** | $10682 | $11067 | $10906 |
| **7/31/19** | $10755 | $11156 | $10992 |
| **8/31/19** | $10879 | $11332 | $11120 |
| **9/30/19** | $10792 | $11241 | $11030 |
| **10/31/19** | $10794 | $11261 | $11058 |
| **11/30/19** | $10808 | $11289 | $11084 |
| **12/31/19** | $10840 | $11324 | $11119 |
| **1/31/20** | $10992 | $11527 | $11290 |
| **2/29/20** | $11094 | $11676 | $11396 |
| **3/31/20** | $10644 | $11252 | $11064 |
| **4/30/20** | $10536 | $11111 | $10985 |
| **5/31/20** | $10828 | $11465 | $11297 |
| **6/30/20** | $10951 | $11559 | $11362 |
| **7/31/20** | $11104 | $11754 | $11521 |
| **8/31/20** | $11084 | $11699 | $11483 |
| **9/30/20** | $11065 | $11701 | $11492 |
| **10/31/20** | $11035 | $11666 | $11463 |
| **11/30/20** | $11167 | $11842 | $11590 |
| **12/31/20** | $11239 | $11914 | $11645 |
| **1/31/21** | $11298 | $11990 | $11701 |
| **2/28/21** | $11136 | $11799 | $11553 |
| **3/31/21** | $11175 | $11872 | $11608 |
| **4/30/21** | $11256 | $11972 | $11680 |
| **5/31/21** | $11274 | $12008 | $11697 |
| **6/30/21** | $11294 | $12040 | $11712 |
| **7/31/21** | $11363 | $12140 | $11798 |
| **8/31/21** | $11320 | $12096 | $11773 |
| **9/30/21** | $11228 | $12009 | $11701 |
| **10/31/21** | $11195 | $11973 | $11667 |
| **11/30/21** | $11245 | $12075 | $11729 |
| **12/31/21** | $11249 | $12095 | $11746 |
| **1/31/22** | $10980 | $11764 | $11459 |
| **2/28/22** | $10919 | $11722 | $11423 |
| **3/31/22** | $10630 | $11342 | $11119 |
| **4/30/22** | $10394 | $11028 | $10886 |
| **5/31/22** | $10507 | $11192 | $11040 |
| **6/30/22** | $10385 | $11008 | $10947 |
| **7/31/22** | $10614 | $11299 | $11191 |
| **8/31/22** | $10431 | $11052 | $10998 |
| **9/30/22** | $10167 | $10627 | $10664 |
| **10/31/22** | $10079 | $10539 | $10624 |
| **11/30/22** | $10470 | $11032 | $10995 |
| **12/31/22** | $10481 | $11064 | $11047 |
| **1/31/23** | $10748 | $11381 | $11296 |
| **2/28/23** | $10551 | $11124 | $11083 |
| **3/31/23** | $10730 | $11371 | $11298 |
| **4/30/23** | $10729 | $11345 | $11267 |
| **5/31/23** | $10657 | $11247 | $11167 |
| **6/30/23** | $10724 | $11359 | $11252 |
| **7/31/23** | $10756 | $11404 | $11296 |
| **8/31/23** | $10674 | $11240 | $11182 |
| **9/30/23** | $10435 | $10911 | $10931 |
| **10/31/23** | $10331 | $10818 | $10886 |
| **11/30/23** | $10856 | $11504 | $11412 |
| **12/31/23** | $11116 | $11772 | $11628 |
| **1/31/24** | $11109 | $11712 | $11583 |
| **2/29/24** | $11146 | $11727 | $11595 |
| **3/31/24** | $11163 | $11726 | $11594 |
| **4/30/24** | $11051 | $11581 | $11475 |
| **5/31/24** | $11038 | $11547 | $11407 |
| **6/30/24** | $11171 | $11724 | $11554 |
| **7/31/24** | $11252 | $11831 | $11657 |
| **8/31/24** | $11324 | $11924 | $11760 |
| **9/30/24** | $11426 | $12042 | $11856 |
| **10/31/24** | $11256 | $11867 | $11706 |
| **11/30/24** | $11401 | $12072 | $11849 |
| **12/31/24** | $11262 | $11896 | $11730 |
| **1/31/25** | $11319 | $11955 | $11811 |
| **2/28/25** | $11443 | $12074 | $11926 |
| **3/31/25** | $11279 | $11869 | $11776 |
| **4/30/25** | $11239 | $11774 | $11703 |
| **5/31/25** | $11243 | $11781 | $11769 |
| **6/30/25** | $11335 | $11855 | $11859 |
| **7/31/25** | $11317 | $11831 | $11888 |
| **8/31/25** | $11412 | $11934 | $11988 |
| **9/30/25** | $11616 | $12210 | $12166 |
| **10/31/25** | $11712 | $12361 | $12271 |
| **11/30/25** | $11737 | $12390 | $12304 |
| **12/31/25** | $11742 | $12401 | $12338 |
| **1/31/26** | $11846 | $12517 | $12469 |
| **2/28/26** | $11975 | $12673 | $12595 |
| **3/31/26** | $11729 | $12379 | $12304 |

---

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) | 3.99% | 0.97% | 1.61% |
| Class C (including sales charge) | 2.99% | 0.97% | 1.61% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-15 Year Municipal Bond Index | 4.49% | 1.17% | 2.10% |

---

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 | $1446781 |
| # of Portfolio Holdings | 539 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid During the Reporting Period | $2580 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.5% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Port, Airport & Marina Revenue | 8.4% |
| Ad Valorem Property Tax | 7.3% |
| Sovereign | 6.9% |
| Electric Power & Light Revenue | 6.5% |
| Natural Gas Revenue | 5.8% |
| Industrial Revenue | 5.4% |
| Resource Recovery Revenue | 2.7% |
| College & University Revenue | 2.5% |
| Sales Tax Revenue | 2.5% |
| Other Investments | 19.9% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments FR_72201W154 | 8.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

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

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO National Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PMNNX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS6241TSRAR_033126

# Institutional Class: PMNIX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO National Intermediate Municipal 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 | $46 | 0.45% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg 1-15 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g46g98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1008385 | $1007353 | $1006030 |
| **5/31/16** | $1008254 | $1010078 | $1006487 |
| **6/30/16** | $1025257 | $1026147 | $1018950 |
| **7/31/16** | $1025216 | $1026773 | $1020326 |
| **8/31/16** | $1027956 | $1028159 | $1020684 |
| **9/30/16** | $1025140 | $1023027 | $1016992 |
| **10/31/16** | $1015422 | $1012295 | $1008738 |
| **11/30/16** | $976387 | $974540 | $976232 |
| **12/31/16** | $983253 | $985982 | $985717 |
| **1/31/17** | $989959 | $992482 | $992655 |
| **2/28/17** | $994973 | $999374 | $999281 |
| **3/31/17** | $998077 | $1001543 | $1000966 |
| **4/30/17** | $1006735 | $1008810 | $1008110 |
| **5/31/17** | $1019366 | $1024821 | $1021320 |
| **6/30/17** | $1017719 | $1021145 | $1017403 |
| **7/31/17** | $1025501 | $1029407 | $1024857 |
| **8/31/17** | $1035419 | $1037241 | $1031648 |
| **9/30/17** | $1031862 | $1031967 | $1026851 |
| **10/31/17** | $1033981 | $1034486 | $1028307 |
| **11/30/17** | $1029324 | $1028947 | $1019951 |
| **12/31/17** | $1035504 | $1039702 | $1028408 |
| **1/31/18** | $1027845 | $1027461 | $1019444 |
| **2/28/18** | $1024280 | $1024391 | $1016835 |
| **3/31/18** | $1025611 | $1028172 | $1019066 |
| **4/30/18** | $1023843 | $1024503 | $1016347 |
| **5/31/18** | $1032015 | $1036235 | $1025871 |
| **6/30/18** | $1033430 | $1037119 | $1027681 |
| **7/31/18** | $1036681 | $1039636 | $1030968 |
| **8/31/18** | $1039271 | $1042306 | $1032803 |
| **9/30/18** | $1033410 | $1035558 | $1027048 |
| **10/31/18** | $1027750 | $1029181 | $1022829 |
| **11/30/18** | $1037331 | $1040572 | $1033239 |
| **12/31/18** | $1046655 | $1053031 | $1044659 |
| **1/31/19** | $1056974 | $1060991 | $1053524 |
| **2/28/19** | $1063426 | $1066672 | $1058637 |
| **3/31/19** | $1075858 | $1083534 | $1070927 |
| **4/30/19** | $1080247 | $1087606 | $1073104 |
| **5/31/19** | $1093828 | $1102600 | $1086125 |
| **6/30/19** | $1098019 | $1106671 | $1090622 |
| **7/31/19** | $1106346 | $1115590 | $1099215 |
| **8/31/19** | $1119907 | $1133187 | $1111995 |
| **9/30/19** | $1111698 | $1124103 | $1102968 |
| **10/31/19** | $1112760 | $1126118 | $1105847 |
| **11/30/19** | $1114934 | $1128934 | $1108417 |
| **12/31/19** | $1119065 | $1132381 | $1111915 |
| **1/31/20** | $1135595 | $1152726 | $1128960 |
| **2/29/20** | $1146858 | $1167591 | $1139634 |
| **3/31/20** | $1101082 | $1125239 | $1106375 |
| **4/30/20** | $1090682 | $1111117 | $1098489 |
| **5/31/20** | $1121800 | $1146463 | $1129654 |
| **6/30/20** | $1135330 | $1155899 | $1136190 |
| **7/31/20** | $1152040 | $1175367 | $1152113 |
| **8/31/20** | $1150716 | $1169852 | $1148257 |
| **9/30/20** | $1149541 | $1170100 | $1149207 |
| **10/31/20** | $1147301 | $1166585 | $1146313 |
| **11/30/20** | $1161798 | $1184190 | $1158996 |
| **12/31/20** | $1170211 | $1191404 | $1164539 |
| **1/31/21** | $1177105 | $1198996 | $1170084 |
| **2/28/21** | $1161026 | $1179946 | $1155309 |
| **3/31/21** | $1165917 | $1187223 | $1160755 |
| **4/30/21** | $1175218 | $1197181 | $1168026 |
| **5/31/21** | $1177941 | $1200752 | $1169719 |
| **6/30/21** | $1180795 | $1204050 | $1171183 |
| **7/31/21** | $1188947 | $1214035 | $1179760 |
| **8/31/21** | $1185304 | $1209580 | $1177342 |
| **9/30/21** | $1176416 | $1200851 | $1170138 |
| **10/31/21** | $1173842 | $1197340 | $1166709 |
| **11/30/21** | $1179885 | $1207533 | $1172901 |
| **12/31/21** | $1181264 | $1209481 | $1174590 |
| **1/31/22** | $1153831 | $1176374 | $1145890 |
| **2/28/22** | $1148135 | $1172159 | $1142346 |
| **3/31/22** | $1118580 | $1134161 | $1111933 |
| **4/30/22** | $1094549 | $1102791 | $1088624 |
| **5/31/22** | $1107185 | $1119173 | $1103958 |
| **6/30/22** | $1095120 | $1100843 | $1094677 |
| **7/31/22** | $1119987 | $1129929 | $1119116 |
| **8/31/22** | $1101508 | $1105165 | $1099769 |
| **9/30/22** | $1074493 | $1062748 | $1066405 |
| **10/31/22** | $1065949 | $1053910 | $1062353 |
| **11/30/22** | $1108015 | $1103205 | $1099548 |
| **12/31/22** | $1110043 | $1106363 | $1104725 |
| **1/31/23** | $1139088 | $1138143 | $1129562 |
| **2/28/23** | $1118951 | $1112408 | $1108290 |
| **3/31/23** | $1138798 | $1137089 | $1129804 |
| **4/30/23** | $1139452 | $1134492 | $1126681 |
| **5/31/23** | $1132598 | $1124661 | $1116732 |
| **6/30/23** | $1140529 | $1135927 | $1125160 |
| **7/31/23** | $1144675 | $1140420 | $1129576 |
| **8/31/23** | $1136807 | $1124003 | $1118201 |
| **9/30/23** | $1112112 | $1091060 | $1093080 |
| **10/31/23** | $1101879 | $1081775 | $1088591 |
| **11/30/23** | $1158574 | $1150447 | $1141190 |
| **12/31/23** | $1187177 | $1177186 | $1162808 |
| **1/31/24** | $1187257 | $1171174 | $1158319 |
| **2/29/24** | $1192044 | $1172678 | $1159463 |
| **3/31/24** | $1194708 | $1172641 | $1159416 |
| **4/30/24** | $1183579 | $1158118 | $1147510 |
| **5/31/24** | $1183041 | $1154721 | $1140695 |
| **6/30/24** | $1198112 | $1172420 | $1155435 |
| **7/31/24** | $1207629 | $1183106 | $1165692 |
| **8/31/24** | $1216368 | $1192437 | $1176005 |
| **9/30/24** | $1228073 | $1204223 | $1185610 |
| **10/31/24** | $1210668 | $1186664 | $1170566 |
| **11/30/24** | $1227203 | $1207162 | $1184948 |
| **12/31/24** | $1213089 | $1189588 | $1173039 |
| **1/31/25** | $1220130 | $1195550 | $1181050 |
| **2/28/25** | $1234292 | $1207404 | $1192601 |
| **3/31/25** | $1217462 | $1186941 | $1177600 |
| **4/30/25** | $1213971 | $1177379 | $1170316 |
| **5/31/25** | $1215289 | $1178135 | $1176928 |
| **6/30/25** | $1226078 | $1185469 | $1185878 |
| **7/31/25** | $1225011 | $1183075 | $1188823 |
| **8/31/25** | $1236156 | $1193358 | $1198809 |
| **9/30/25** | $1259158 | $1220994 | $1216593 |
| **10/31/25** | $1270508 | $1236137 | $1227131 |
| **11/30/25** | $1274044 | $1238973 | $1230407 |
| **12/31/25** | $1275488 | $1240088 | $1233802 |
| **1/31/26** | $1287790 | $1251726 | $1246861 |
| **2/28/26** | $1302678 | $1267326 | $1259510 |
| **3/31/26** | $1276783 | $1237891 | $1230424 |

---

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 | 4.87% | 1.83% | 2.47% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-15 Year Municipal Bond Index | 4.49% | 1.17% | 2.10% |

---

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 | $1446781 |
| # of Portfolio Holdings | 539 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid During the Reporting Period | $2580 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.5% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Port, Airport & Marina Revenue | 8.4% |
| Ad Valorem Property Tax | 7.3% |
| Sovereign | 6.9% |
| Electric Power & Light Revenue | 6.5% |
| Natural Gas Revenue | 5.8% |
| Industrial Revenue | 5.4% |
| Resource Recovery Revenue | 2.7% |
| College & University Revenue | 2.5% |
| Sales Tax Revenue | 2.5% |
| Other Investments | 19.9% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments FR_72201W154 | 8.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

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

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO National Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PMNIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2064TSRAR_033126

# I-2: PMNPX

# PIMCO National Intermediate Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO National Intermediate Municipal 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 | $56 | 0.55% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg 1-15 Year Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g34r45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-15 Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1008299 | $1007353 | $1006030 |
| **5/31/16** | $1008085 | $1010078 | $1006487 |
| **6/30/16** | $1025001 | $1026147 | $1018950 |
| **7/31/16** | $1024873 | $1026773 | $1020326 |
| **8/31/16** | $1027524 | $1028159 | $1020684 |
| **9/30/16** | $1024620 | $1023027 | $1016992 |
| **10/31/16** | $1014827 | $1012295 | $1008738 |
| **11/30/16** | $975735 | $974540 | $976232 |
| **12/31/16** | $982511 | $985982 | $985717 |
| **1/31/17** | $989134 | $992482 | $992655 |
| **2/28/17** | $994067 | $999374 | $999281 |
| **3/31/17** | $997078 | $1001543 | $1000966 |
| **4/30/17** | $1005650 | $1008810 | $1008110 |
| **5/31/17** | $1018181 | $1024821 | $1021320 |
| **6/30/17** | $1016448 | $1021145 | $1017403 |
| **7/31/17** | $1024139 | $1029407 | $1024857 |
| **8/31/17** | $1033957 | $1037241 | $1031648 |
| **9/30/17** | $1030317 | $1031967 | $1026851 |
| **10/31/17** | $1032347 | $1034486 | $1028307 |
| **11/30/17** | $1027612 | $1028947 | $1019951 |
| **12/31/17** | $1033692 | $1039702 | $1028408 |
| **1/31/18** | $1025961 | $1027461 | $1019444 |
| **2/28/18** | $1022324 | $1024391 | $1016835 |
| **3/31/18** | $1023563 | $1028172 | $1019066 |
| **4/30/18** | $1021715 | $1024503 | $1016347 |
| **5/31/18** | $1029782 | $1036235 | $1025871 |
| **6/30/18** | $1031107 | $1037119 | $1027681 |
| **7/31/18** | $1034265 | $1039636 | $1030968 |
| **8/31/18** | $1036752 | $1042306 | $1032803 |
| **9/30/18** | $1030829 | $1035558 | $1027048 |
| **10/31/18** | $1025096 | $1029181 | $1022829 |
| **11/30/18** | $1034561 | $1040572 | $1033239 |
| **12/31/18** | $1043775 | $1053031 | $1044659 |
| **1/31/19** | $1053978 | $1060991 | $1053524 |
| **2/28/19** | $1060330 | $1066672 | $1058637 |
| **3/31/19** | $1072634 | $1083534 | $1070927 |
| **4/30/19** | $1076922 | $1087606 | $1073104 |
| **5/31/19** | $1090367 | $1102600 | $1086125 |
| **6/30/19** | $1094461 | $1106671 | $1090622 |
| **7/31/19** | $1102668 | $1115590 | $1099215 |
| **8/31/19** | $1116083 | $1133187 | $1111995 |
| **9/30/19** | $1107817 | $1124103 | $1102968 |
| **10/31/19** | $1108781 | $1126118 | $1105847 |
| **11/30/19** | $1110853 | $1128934 | $1108417 |
| **12/31/19** | $1114875 | $1132381 | $1111915 |
| **1/31/20** | $1131244 | $1152726 | $1128960 |
| **2/29/20** | $1142377 | $1167591 | $1139634 |
| **3/31/20** | $1096689 | $1125239 | $1106375 |
| **4/30/20** | $1086241 | $1111117 | $1098489 |
| **5/31/20** | $1117135 | $1146463 | $1129654 |
| **6/30/20** | $1130517 | $1155899 | $1136190 |
| **7/31/20** | $1147054 | $1175367 | $1152113 |
| **8/31/20** | $1145644 | $1169852 | $1148257 |
| **9/30/20** | $1144381 | $1170100 | $1149207 |
| **10/31/20** | $1142051 | $1166585 | $1146313 |
| **11/30/20** | $1156389 | $1184190 | $1158996 |
| **12/31/20** | $1164655 | $1191404 | $1164539 |
| **1/31/21** | $1171427 | $1198996 | $1170084 |
| **2/28/21** | $1155335 | $1179946 | $1155309 |
| **3/31/21** | $1160104 | $1187223 | $1160755 |
| **4/30/21** | $1169256 | $1197181 | $1168026 |
| **5/31/21** | $1171866 | $1200752 | $1169719 |
| **6/30/21** | $1174609 | $1204050 | $1171183 |
| **7/31/21** | $1182615 | $1214035 | $1179760 |
| **8/31/21** | $1178895 | $1209580 | $1177342 |
| **9/30/21** | $1169957 | $1200851 | $1170138 |
| **10/31/21** | $1167298 | $1197340 | $1166709 |
| **11/30/21** | $1173211 | $1207533 | $1172901 |
| **12/31/21** | $1174477 | $1209481 | $1174590 |
| **1/31/22** | $1147109 | $1176374 | $1145890 |
| **2/28/22** | $1141358 | $1172159 | $1142346 |
| **3/31/22** | $1111882 | $1134161 | $1111933 |
| **4/30/22** | $1087901 | $1102791 | $1088624 |
| **5/31/22** | $1100368 | $1119173 | $1103958 |
| **6/30/22** | $1088287 | $1100843 | $1094677 |
| **7/31/22** | $1112907 | $1129929 | $1119116 |
| **8/31/22** | $1094452 | $1105165 | $1099769 |
| **9/30/22** | $1067501 | $1062748 | $1066405 |
| **10/31/22** | $1058926 | $1053910 | $1062353 |
| **11/30/22** | $1100627 | $1103205 | $1099548 |
| **12/31/22** | $1102542 | $1106363 | $1104725 |
| **1/31/23** | $1131302 | $1138143 | $1129562 |
| **2/28/23** | $1111218 | $1112408 | $1108290 |
| **3/31/23** | $1130826 | $1137089 | $1129804 |
| **4/30/23** | $1131390 | $1134492 | $1126681 |
| **5/31/23** | $1124489 | $1124661 | $1116732 |
| **6/30/23** | $1132265 | $1135927 | $1125160 |
| **7/31/23** | $1136291 | $1140420 | $1129576 |
| **8/31/23** | $1128386 | $1124003 | $1118201 |
| **9/30/23** | $1103792 | $1091060 | $1093080 |
| **10/31/23** | $1093543 | $1081775 | $1088591 |
| **11/30/23** | $1149720 | $1150447 | $1141190 |
| **12/31/23** | $1178003 | $1177186 | $1162808 |
| **1/31/24** | $1177987 | $1171174 | $1158319 |
| **2/29/24** | $1182644 | $1172678 | $1159463 |
| **3/31/24** | $1185188 | $1172641 | $1159416 |
| **4/30/24** | $1174052 | $1158118 | $1147510 |
| **5/31/24** | $1173411 | $1154721 | $1140695 |
| **6/30/24** | $1188268 | $1172420 | $1155435 |
| **7/31/24** | $1197606 | $1183106 | $1165692 |
| **8/31/24** | $1206164 | $1192437 | $1176005 |
| **9/30/24** | $1217678 | $1204223 | $1185610 |
| **10/31/24** | $1200318 | $1186664 | $1170566 |
| **11/30/24** | $1216609 | $1207162 | $1184948 |
| **12/31/24** | $1202515 | $1189588 | $1173039 |
| **1/31/25** | $1209389 | $1195550 | $1181050 |
| **2/28/25** | $1223334 | $1207404 | $1192601 |
| **3/31/25** | $1206557 | $1186941 | $1177600 |
| **4/30/25** | $1203003 | $1177379 | $1170316 |
| **5/31/25** | $1204204 | $1178135 | $1176928 |
| **6/30/25** | $1214799 | $1185469 | $1185878 |
| **7/31/25** | $1213640 | $1183075 | $1188823 |
| **8/31/25** | $1224575 | $1193358 | $1198809 |
| **9/30/25** | $1247263 | $1220994 | $1216593 |
| **10/31/25** | $1258392 | $1236137 | $1227131 |
| **11/30/25** | $1261799 | $1238973 | $1230407 |
| **12/31/25** | $1263119 | $1240088 | $1233802 |
| **1/31/26** | $1275195 | $1251726 | $1246861 |
| **2/28/26** | $1289839 | $1267326 | $1259510 |
| **3/31/26** | $1264095 | $1237891 | $1230424 |

---

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 | 4.77% | 1.73% | 2.37% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-15 Year Municipal Bond Index | 4.49% | 1.17% | 2.10% |

---

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 | $1446781 |
| # of Portfolio Holdings | 539 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid During the Reporting Period | $2580 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Local or Guaranteed Housing | 11.5% |
| Health, Hospital & Nursing Home Revenue | 10.7% |
| Port, Airport & Marina Revenue | 8.4% |
| Ad Valorem Property Tax | 7.3% |
| Sovereign | 6.9% |
| Electric Power & Light Revenue | 6.5% |
| Natural Gas Revenue | 5.8% |
| Industrial Revenue | 5.4% |
| Resource Recovery Revenue | 2.7% |
| College & University Revenue | 2.5% |
| Sales Tax Revenue | 2.5% |
| Other Investments | 19.9% |
| Short-Term Instruments | 0.3% |
| Affiliated Investments FR_72201W154 | 8.5% |
| Other Assets and Liabilities, Net | 1.1% |
| Total | 100.0% |

---

---

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

---

## 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)**.

Reorganization. At a meeting held on August 19-20, 2025, the Board of Trustees considered and approved an Agreement and Plan of Reorganization providing for the reorganization of PIMCO National Municipal Intermediate Value Fund with and into the Fund. The Reorganization closed on November 21, 2025.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PMNPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2069TSRAR_033126

# Class A: PNYAX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO New York Municipal 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)**.

## What were the Fund costs for the reporting period?
(based 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 | $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:

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg New York Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market. 

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g25z18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/16** | $9775 | $10000 | $10000 |
| **4/30/16** | $9834 | $10074 | $10080 |
| **5/31/16** | $9874 | $10101 | $10104 |
| **6/30/16** | $10054 | $10261 | $10252 |
| **7/31/16** | $10053 | $10268 | $10265 |
| **8/31/16** | $10086 | $10282 | $10276 |
| **9/30/16** | $10043 | $10230 | $10224 |
| **10/31/16** | $9935 | $10123 | $10114 |
| **11/30/16** | $9559 | $9745 | $9757 |
| **12/31/16** | $9637 | $9860 | $9874 |
| **1/31/17** | $9687 | $9925 | $9934 |
| **2/28/17** | $9766 | $9994 | $9997 |
| **3/31/17** | $9810 | $10015 | $10021 |
| **4/30/17** | $9870 | $10088 | $10093 |
| **5/31/17** | $10010 | $10248 | $10255 |
| **6/30/17** | $10010 | $10211 | $10219 |
| **7/31/17** | $10060 | $10294 | $10299 |
| **8/31/17** | $10110 | $10372 | $10367 |
| **9/30/17** | $10064 | $10320 | $10308 |
| **10/31/17** | $10086 | $10345 | $10333 |
| **11/30/17** | $10047 | $10289 | $10274 |
| **12/31/17** | $10161 | $10397 | $10377 |
| **1/31/18** | $10068 | $10275 | $10255 |
| **2/28/18** | $10039 | $10244 | $10222 |
| **3/31/18** | $10065 | $10282 | $10252 |
| **4/30/18** | $10044 | $10245 | $10210 |
| **5/31/18** | $10178 | $10362 | $10325 |
| **6/30/18** | $10186 | $10371 | $10331 |
| **7/31/18** | $10210 | $10396 | $10350 |
| **8/31/18** | $10220 | $10423 | $10370 |
| **9/30/18** | $10160 | $10356 | $10307 |
| **10/31/18** | $10084 | $10292 | $10242 |
| **11/30/18** | $10156 | $10406 | $10362 |
| **12/31/18** | $10227 | $10530 | $10485 |
| **1/31/19** | $10279 | $10610 | $10563 |
| **2/28/19** | $10352 | $10667 | $10620 |
| **3/31/19** | $10535 | $10835 | $10785 |
| **4/30/19** | $10596 | $10876 | $10822 |
| **5/31/19** | $10722 | $11026 | $10971 |
| **6/30/19** | $10751 | $11067 | $11005 |
| **7/31/19** | $10799 | $11156 | $11092 |
| **8/31/19** | $10989 | $11332 | $11251 |
| **9/30/19** | $10941 | $11241 | $11159 |
| **10/31/19** | $10920 | $11261 | $11173 |
| **11/30/19** | $10937 | $11289 | $11201 |
| **12/31/19** | $10963 | $11324 | $11231 |
| **1/31/20** | $11131 | $11527 | $11428 |
| **2/29/20** | $11289 | $11676 | $11567 |
| **3/31/20** | $10886 | $11252 | $11140 |
| **4/30/20** | $10653 | $11111 | $10948 |
| **5/31/20** | $10955 | $11465 | $11301 |
| **6/30/20** | $11106 | $11559 | $11401 |
| **7/31/20** | $11266 | $11754 | $11569 |
| **8/31/20** | $11185 | $11699 | $11482 |
| **9/30/20** | $11152 | $11701 | $11462 |
| **10/31/20** | $11130 | $11666 | $11424 |
| **11/30/20** | $11338 | $11842 | $11645 |
| **12/31/20** | $11442 | $11914 | $11744 |
| **1/31/21** | $11534 | $11990 | $11825 |
| **2/28/21** | $11347 | $11799 | $11624 |
| **3/31/21** | $11401 | $11872 | $11698 |
| **4/30/21** | $11524 | $11972 | $11824 |
| **5/31/21** | $11596 | $12008 | $11879 |
| **6/30/21** | $11649 | $12041 | $11918 |
| **7/31/21** | $11732 | $12140 | $12012 |
| **8/31/21** | $11668 | $12096 | $11950 |
| **9/30/21** | $11575 | $12009 | $11854 |
| **10/31/21** | $11570 | $11973 | $11826 |
| **11/30/21** | $11673 | $12075 | $11939 |
| **12/31/21** | $11686 | $12095 | $11963 |
| **1/31/22** | $11394 | $11764 | $11625 |
| **2/28/22** | $11331 | $11722 | $11581 |
| **3/31/22** | $10942 | $11342 | $11181 |
| **4/30/22** | $10616 | $11028 | $10856 |
| **5/31/22** | $10774 | $11192 | $11074 |
| **6/30/22** | $10517 | $11008 | $10837 |
| **7/31/22** | $10806 | $11299 | $11135 |
| **8/31/22** | $10550 | $11052 | $10858 |
| **9/30/22** | $10138 | $10627 | $10437 |
| **10/31/22** | $10031 | $10539 | $10339 |
| **11/30/22** | $10567 | $11032 | $10869 |
| **12/31/22** | $10536 | $11064 | $10894 |
| **1/31/23** | $10902 | $11381 | $11250 |
| **2/28/23** | $10649 | $11124 | $10979 |
| **3/31/23** | $10831 | $11371 | $11244 |
| **4/30/23** | $10867 | $11345 | $11227 |
| **5/31/23** | $10815 | $11247 | $11127 |
| **6/30/23** | $10938 | $11359 | $11263 |
| **7/31/23** | $10955 | $11404 | $11292 |
| **8/31/23** | $10822 | $11240 | $11112 |
| **9/30/23** | $10546 | $10911 | $10762 |
| **10/31/23** | $10390 | $10818 | $10670 |
| **11/30/23** | $11041 | $11504 | $11410 |
| **12/31/23** | $11353 | $11772 | $11691 |
| **1/31/24** | $11340 | $11712 | $11623 |
| **2/29/24** | $11361 | $11727 | $11623 |
| **3/31/24** | $11362 | $11726 | $11605 |
| **4/30/24** | $11247 | $11581 | $11465 |
| **5/31/24** | $11260 | $11547 | $11432 |
| **6/30/24** | $11416 | $11724 | $11631 |
| **7/31/24** | $11500 | $11831 | $11732 |
| **8/31/24** | $11556 | $11924 | $11814 |
| **9/30/24** | $11660 | $12042 | $11932 |
| **10/31/24** | $11542 | $11867 | $11740 |
| **11/30/24** | $11713 | $12072 | $11974 |
| **12/31/24** | $11572 | $11896 | $11789 |
| **1/31/25** | $11569 | $11956 | $11844 |
| **2/28/25** | $11685 | $12074 | $11952 |
| **3/31/25** | $11477 | $11869 | $11718 |
| **4/30/25** | $11411 | $11774 | $11645 |
| **5/31/25** | $11335 | $11781 | $11623 |
| **6/30/25** | $11388 | $11855 | $11692 |
| **7/31/25** | $11322 | $11831 | $11646 |
| **8/31/25** | $11411 | $11934 | $11732 |
| **9/30/25** | $11729 | $12210 | $12040 |
| **10/31/25** | $11863 | $12361 | $12199 |
| **11/30/25** | $11873 | $12390 | $12212 |
| **12/31/25** | $11874 | $12401 | $12224 |
| **1/31/26** | $11952 | $12517 | $12338 |
| **2/28/26** | $12119 | $12673 | $12507 |
| **3/31/26** | $11905 | $12379 | $12212 |

---

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) | 3.74% | 0.87% | 1.99% |
| Class A (including sales charge) | 1.40% | 0.41% | 1.76% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg New York Municipal Bond Index | 4.21% | 0.86% | 2.02% |

---

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 | $960279 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 44% |
| Total Net Advisory Fees Paid During the Reporting Period | $2036 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Income Tax Revenue | 16.4% |
| Water Revenue | 8.4% |
| College & University Revenue | 7.5% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.7% |
| Local or Guaranteed Housing | 6.5% |
| Sales Tax Revenue | 5.3% |
| Ad Valorem Property Tax | 5.3% |
| Electric Power & Light Revenue | 4.6% |
| Health, Hospital & Nursing Home Revenue | 4.3% |
| Natural Gas Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 4.6% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PNYAX
![Image](g119941g89g96.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4037TSRAR_033126

# Class C: PBFCX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO New York Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $155 | 1.53% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg New York Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market. 

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g29q85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10053 | $10074 | $10080 |
| **5/31/16** | $10088 | $10101 | $10104 |
| **6/30/16** | $10265 | $10261 | $10252 |
| **7/31/16** | $10257 | $10268 | $10265 |
| **8/31/16** | $10284 | $10282 | $10276 |
| **9/30/16** | $10234 | $10230 | $10224 |
| **10/31/16** | $10118 | $10123 | $10114 |
| **11/30/16** | $9729 | $9745 | $9757 |
| **12/31/16** | $9801 | $9860 | $9874 |
| **1/31/17** | $9846 | $9925 | $9934 |
| **2/28/17** | $9920 | $9994 | $9997 |
| **3/31/17** | $9958 | $10015 | $10021 |
| **4/30/17** | $10013 | $10088 | $10093 |
| **5/31/17** | $10148 | $10248 | $10255 |
| **6/30/17** | $10142 | $10211 | $10219 |
| **7/31/17** | $10186 | $10294 | $10299 |
| **8/31/17** | $10231 | $10372 | $10367 |
| **9/30/17** | $10177 | $10320 | $10308 |
| **10/31/17** | $10194 | $10345 | $10333 |
| **11/30/17** | $10148 | $10289 | $10274 |
| **12/31/17** | $10256 | $10397 | $10377 |
| **1/31/18** | $10156 | $10275 | $10255 |
| **2/28/18** | $10121 | $10244 | $10222 |
| **3/31/18** | $10141 | $10282 | $10252 |
| **4/30/18** | $10113 | $10245 | $10210 |
| **5/31/18** | $10242 | $10362 | $10325 |
| **6/30/18** | $10243 | $10371 | $10331 |
| **7/31/18** | $10262 | $10396 | $10350 |
| **8/31/18** | $10264 | $10423 | $10370 |
| **9/30/18** | $10199 | $10356 | $10307 |
| **10/31/18** | $10115 | $10292 | $10242 |
| **11/30/18** | $10181 | $10406 | $10362 |
| **12/31/18** | $10246 | $10530 | $10485 |
| **1/31/19** | $10292 | $10610 | $10563 |
| **2/28/19** | $10358 | $10667 | $10620 |
| **3/31/19** | $10536 | $10835 | $10785 |
| **4/30/19** | $10590 | $10876 | $10822 |
| **5/31/19** | $10709 | $11026 | $10971 |
| **6/30/19** | $10732 | $11067 | $11005 |
| **7/31/19** | $10773 | $11156 | $11092 |
| **8/31/19** | $10955 | $11332 | $11251 |
| **9/30/19** | $10901 | $11241 | $11159 |
| **10/31/19** | $10873 | $11261 | $11173 |
| **11/30/19** | $10883 | $11289 | $11201 |
| **12/31/19** | $10902 | $11324 | $11231 |
| **1/31/20** | $11062 | $11527 | $11428 |
| **2/29/20** | $11213 | $11676 | $11567 |
| **3/31/20** | $10806 | $11252 | $11140 |
| **4/30/20** | $10568 | $11111 | $10948 |
| **5/31/20** | $10861 | $11465 | $11301 |
| **6/30/20** | $11004 | $11559 | $11401 |
| **7/31/20** | $11155 | $11754 | $11569 |
| **8/31/20** | $11067 | $11699 | $11482 |
| **9/30/20** | $11028 | $11701 | $11462 |
| **10/31/20** | $10999 | $11666 | $11424 |
| **11/30/20** | $11198 | $11842 | $11645 |
| **12/31/20** | $11293 | $11914 | $11744 |
| **1/31/21** | $11377 | $11990 | $11825 |
| **2/28/21** | $11186 | $11799 | $11624 |
| **3/31/21** | $11232 | $11872 | $11698 |
| **4/30/21** | $11346 | $11972 | $11824 |
| **5/31/21** | $11410 | $12008 | $11879 |
| **6/30/21** | $11456 | $12041 | $11918 |
| **7/31/21** | $11529 | $12140 | $12012 |
| **8/31/21** | $11459 | $12096 | $11950 |
| **9/30/21** | $11361 | $12009 | $11854 |
| **10/31/21** | $11349 | $11973 | $11826 |
| **11/30/21** | $11442 | $12075 | $11939 |
| **12/31/21** | $11448 | $12095 | $11963 |
| **1/31/22** | $11155 | $11764 | $11625 |
| **2/28/22** | $11087 | $11722 | $11581 |
| **3/31/22** | $10700 | $11342 | $11181 |
| **4/30/22** | $10374 | $11028 | $10856 |
| **5/31/22** | $10522 | $11192 | $11074 |
| **6/30/22** | $10265 | $11008 | $10837 |
| **7/31/22** | $10540 | $11299 | $11135 |
| **8/31/22** | $10284 | $11052 | $10858 |
| **9/30/22** | $9875 | $10627 | $10437 |
| **10/31/22** | $9766 | $10539 | $10339 |
| **11/30/22** | $10281 | $11032 | $10869 |
| **12/31/22** | $10243 | $11064 | $10894 |
| **1/31/23** | $10594 | $11381 | $11250 |
| **2/28/23** | $10341 | $11124 | $10979 |
| **3/31/23** | $10511 | $11371 | $11244 |
| **4/30/23** | $10540 | $11345 | $11227 |
| **5/31/23** | $10483 | $11247 | $11127 |
| **6/30/23** | $10595 | $11359 | $11263 |
| **7/31/23** | $10606 | $11404 | $11292 |
| **8/31/23** | $10470 | $11240 | $11112 |
| **9/30/23** | $10196 | $10911 | $10762 |
| **10/31/23** | $10040 | $10818 | $10670 |
| **11/30/23** | $10662 | $11504 | $11410 |
| **12/31/23** | $10956 | $11772 | $11691 |
| **1/31/24** | $10937 | $11712 | $11623 |
| **2/29/24** | $10951 | $11727 | $11623 |
| **3/31/24** | $10944 | $11726 | $11605 |
| **4/30/24** | $10827 | $11581 | $11465 |
| **5/31/24** | $10832 | $11547 | $11432 |
| **6/30/24** | $10976 | $11724 | $11631 |
| **7/31/24** | $11050 | $11831 | $11732 |
| **8/31/24** | $11096 | $11924 | $11814 |
| **9/30/24** | $11190 | $12042 | $11932 |
| **10/31/24** | $11069 | $11867 | $11740 |
| **11/30/24** | $11226 | $12072 | $11974 |
| **12/31/24** | $11084 | $11896 | $11789 |
| **1/31/25** | $11074 | $11956 | $11844 |
| **2/28/25** | $11178 | $12074 | $11952 |
| **3/31/25** | $10973 | $11869 | $11718 |
| **4/30/25** | $10903 | $11774 | $11645 |
| **5/31/25** | $10823 | $11781 | $11623 |
| **6/30/25** | $10867 | $11855 | $11692 |
| **7/31/25** | $10797 | $11831 | $11646 |
| **8/31/25** | $10875 | $11934 | $11732 |
| **9/30/25** | $11171 | $12210 | $12040 |
| **10/31/25** | $11292 | $12361 | $12199 |
| **11/30/25** | $11294 | $12390 | $12212 |
| **12/31/25** | $11289 | $12401 | $12224 |
| **1/31/26** | $11355 | $12517 | $12338 |
| **2/28/26** | $11507 | $12673 | $12507 |
| **3/31/26** | $11297 | $12379 | $12212 |

---

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) | 2.96% | 0.12% | 1.23% |
| Class C (including sales charge) | 1.96% | 0.12% | 1.23% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg New York Municipal Bond Index | 4.21% | 0.86% | 2.02% |

---

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 | $960279 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 44% |
| Total Net Advisory Fees Paid During the Reporting Period | $2036 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Income Tax Revenue | 16.4% |
| Water Revenue | 8.4% |
| College & University Revenue | 7.5% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.7% |
| Local or Guaranteed Housing | 6.5% |
| Sales Tax Revenue | 5.3% |
| Ad Valorem Property Tax | 5.3% |
| Electric Power & Light Revenue | 4.6% |
| Health, Hospital & Nursing Home Revenue | 4.3% |
| Natural Gas Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 4.6% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PBFCX
![Image](g119941g89g96.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4237TSRAR_033126

# Institutional Class: PNYIX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO New York Municipal 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)**.

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

---

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

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg New York Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market. 

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g61f93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1006338 | $1007353 | $1007972 |
| **5/31/16** | $1010706 | $1010078 | $1010449 |
| **6/30/16** | $1029371 | $1026147 | $1025190 |
| **7/31/16** | $1029525 | $1026773 | $1026461 |
| **8/31/16** | $1033228 | $1028159 | $1027578 |
| **9/30/16** | $1029099 | $1023027 | $1022356 |
| **10/31/16** | $1018336 | $1012295 | $1011358 |
| **11/30/16** | $980096 | $974540 | $975662 |
| **12/31/16** | $988385 | $985982 | $987434 |
| **1/31/17** | $993775 | $992482 | $993442 |
| **2/28/17** | $1002069 | $999374 | $999682 |
| **3/31/17** | $1006951 | $1001543 | $1002063 |
| **4/30/17** | $1013299 | $1008810 | $1009290 |
| **5/31/17** | $1027932 | $1024821 | $1025511 |
| **6/30/17** | $1028276 | $1021145 | $1021904 |
| **7/31/17** | $1033662 | $1029407 | $1029914 |
| **8/31/17** | $1039153 | $1037241 | $1036727 |
| **9/30/17** | $1034645 | $1031967 | $1030807 |
| **10/31/17** | $1037246 | $1034486 | $1033293 |
| **11/30/17** | $1033485 | $1028947 | $1027417 |
| **12/31/17** | $1045524 | $1039702 | $1037685 |
| **1/31/18** | $1036207 | $1027461 | $1025471 |
| **2/28/18** | $1033514 | $1024391 | $1022232 |
| **3/31/18** | $1036477 | $1028172 | $1025231 |
| **4/30/18** | $1034539 | $1024503 | $1020973 |
| **5/31/18** | $1048654 | $1036235 | $1032502 |
| **6/30/18** | $1049790 | $1037119 | $1033077 |
| **7/31/18** | $1052600 | $1039636 | $1035007 |
| **8/31/18** | $1053938 | $1042306 | $1037009 |
| **9/30/18** | $1048022 | $1035558 | $1030694 |
| **10/31/18** | $1040398 | $1029181 | $1024197 |
| **11/30/18** | $1048173 | $1040572 | $1036208 |
| **12/31/18** | $1055746 | $1053031 | $1048491 |
| **1/31/19** | $1061443 | $1060991 | $1056250 |
| **2/28/19** | $1069188 | $1066672 | $1061993 |
| **3/31/19** | $1088454 | $1083534 | $1078476 |
| **4/30/19** | $1095050 | $1087606 | $1082196 |
| **5/31/19** | $1108336 | $1102600 | $1097116 |
| **6/30/19** | $1111666 | $1106671 | $1100515 |
| **7/31/19** | $1116950 | $1115590 | $1109212 |
| **8/31/19** | $1136924 | $1133187 | $1125125 |
| **9/30/19** | $1132182 | $1124103 | $1115931 |
| **10/31/19** | $1130375 | $1126118 | $1117271 |
| **11/30/19** | $1132472 | $1128934 | $1120071 |
| **12/31/19** | $1135481 | $1132381 | $1123112 |
| **1/31/20** | $1153193 | $1152726 | $1142834 |
| **2/29/20** | $1169875 | $1167591 | $1156691 |
| **3/31/20** | $1128398 | $1125239 | $1114013 |
| **4/30/20** | $1104581 | $1111117 | $1094839 |
| **5/31/20** | $1136203 | $1146463 | $1130146 |
| **6/30/20** | $1152130 | $1155899 | $1140144 |
| **7/31/20** | $1169113 | $1175367 | $1156890 |
| **8/31/20** | $1160950 | $1169852 | $1148198 |
| **9/30/20** | $1157885 | $1170100 | $1146174 |
| **10/31/20** | $1155880 | $1166585 | $1142374 |
| **11/30/20** | $1177842 | $1184190 | $1164523 |
| **12/31/20** | $1189031 | $1191404 | $1174353 |
| **1/31/21** | $1198820 | $1198996 | $1182451 |
| **2/28/21** | $1179731 | $1179946 | $1162446 |
| **3/31/21** | $1185664 | $1187223 | $1169780 |
| **4/30/21** | $1198790 | $1197181 | $1182398 |
| **5/31/21** | $1206576 | $1200752 | $1187884 |
| **6/30/21** | $1212488 | $1204050 | $1191791 |
| **7/31/21** | $1221459 | $1214035 | $1201186 |
| **8/31/21** | $1215094 | $1209580 | $1194973 |
| **9/30/21** | $1205775 | $1200851 | $1185374 |
| **10/31/21** | $1205573 | $1197340 | $1182600 |
| **11/30/21** | $1216590 | $1207533 | $1193872 |
| **12/31/21** | $1218344 | $1209481 | $1196288 |
| **1/31/22** | $1188204 | $1176374 | $1162462 |
| **2/28/22** | $1181918 | $1172159 | $1158078 |
| **3/31/22** | $1141755 | $1134161 | $1118116 |
| **4/30/22** | $1108063 | $1102791 | $1085558 |
| **5/31/22** | $1124748 | $1119173 | $1107358 |
| **6/30/22** | $1098262 | $1100843 | $1083699 |
| **7/31/22** | $1128719 | $1129929 | $1113523 |
| **8/31/22** | $1102363 | $1105165 | $1085814 |
| **9/30/22** | $1059578 | $1062748 | $1043658 |
| **10/31/22** | $1048713 | $1053910 | $1033872 |
| **11/30/22** | $1105016 | $1103205 | $1086947 |
| **12/31/22** | $1102058 | $1106363 | $1089398 |
| **1/31/23** | $1140718 | $1138143 | $1125049 |
| **2/28/23** | $1114476 | $1112408 | $1097949 |
| **3/31/23** | $1133834 | $1137089 | $1124437 |
| **4/30/23** | $1137948 | $1134492 | $1122722 |
| **5/31/23** | $1132773 | $1124661 | $1112736 |
| **6/30/23** | $1146011 | $1135927 | $1126277 |
| **7/31/23** | $1148116 | $1140420 | $1129207 |
| **8/31/23** | $1134461 | $1124003 | $1111190 |
| **9/30/23** | $1105814 | $1091060 | $1076155 |
| **10/31/23** | $1089843 | $1081775 | $1067014 |
| **11/30/23** | $1158409 | $1150447 | $1140976 |
| **12/31/23** | $1191450 | $1177186 | $1169098 |
| **1/31/24** | $1190460 | $1171174 | $1162332 |
| **2/29/24** | $1192957 | $1172678 | $1162305 |
| **3/31/24** | $1193342 | $1172641 | $1160506 |
| **4/30/24** | $1181622 | $1158118 | $1146479 |
| **5/31/24** | $1183322 | $1154721 | $1143249 |
| **6/30/24** | $1200049 | $1172420 | $1163125 |
| **7/31/24** | $1209207 | $1183106 | $1173151 |
| **8/31/24** | $1215403 | $1192437 | $1181430 |
| **9/30/24** | $1226692 | $1204223 | $1193215 |
| **10/31/24** | $1214639 | $1186664 | $1174021 |
| **11/30/24** | $1232922 | $1207162 | $1197423 |
| **12/31/24** | $1218475 | $1189588 | $1178893 |
| **1/31/25** | $1218516 | $1195550 | $1184370 |
| **2/28/25** | $1231031 | $1207404 | $1195156 |
| **3/31/25** | $1209391 | $1186941 | $1171830 |
| **4/30/25** | $1202821 | $1177379 | $1164486 |
| **5/31/25** | $1195117 | $1178135 | $1162279 |
| **6/30/25** | $1201031 | $1185469 | $1169171 |
| **7/31/25** | $1194365 | $1183075 | $1164567 |
| **8/31/25** | $1204090 | $1193358 | $1173195 |
| **9/30/25** | $1237975 | $1220994 | $1204022 |
| **10/31/25** | $1252567 | $1236137 | $1219873 |
| **11/30/25** | $1253887 | $1238973 | $1221229 |
| **12/31/25** | $1254404 | $1240088 | $1222449 |
| **1/31/26** | $1262973 | $1251726 | $1233798 |
| **2/28/26** | $1280945 | $1267326 | $1250720 |
| **3/31/26** | $1258706 | $1237891 | $1221158 |

---

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 | 4.08% | 1.20% | 2.33% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg New York Municipal Bond Index | 4.21% | 0.86% | 2.02% |

---

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 | $960279 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 44% |
| Total Net Advisory Fees Paid During the Reporting Period | $2036 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Income Tax Revenue | 16.4% |
| Water Revenue | 8.4% |
| College & University Revenue | 7.5% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.7% |
| Local or Guaranteed Housing | 6.5% |
| Sales Tax Revenue | 5.3% |
| Ad Valorem Property Tax | 5.3% |
| Electric Power & Light Revenue | 4.6% |
| Health, Hospital & Nursing Home Revenue | 4.3% |
| Natural Gas Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 4.6% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PNYIX
![Image](g119941g89g96.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0055TSRAR_033126

# I-2: PNYPX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO New York Municipal 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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $56 | 0.55% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg New York Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market. 

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g47g67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1006253 | $1007353 | $1007972 |
| **5/31/16** | $1010538 | $1010078 | $1010449 |
| **6/30/16** | $1029116 | $1026147 | $1025190 |
| **7/31/16** | $1029183 | $1026773 | $1026461 |
| **8/31/16** | $1032798 | $1028159 | $1027578 |
| **9/30/16** | $1028580 | $1023027 | $1022356 |
| **10/31/16** | $1017743 | $1012295 | $1011358 |
| **11/30/16** | $979443 | $974540 | $975662 |
| **12/31/16** | $987639 | $985982 | $987434 |
| **1/31/17** | $992945 | $992482 | $993442 |
| **2/28/17** | $1001156 | $999374 | $999682 |
| **3/31/17** | $1005945 | $1001543 | $1002063 |
| **4/30/17** | $1012209 | $1008810 | $1009290 |
| **5/31/17** | $1026740 | $1024821 | $1025511 |
| **6/30/17** | $1026995 | $1021145 | $1021904 |
| **7/31/17** | $1032292 | $1029407 | $1029914 |
| **8/31/17** | $1037689 | $1037241 | $1036727 |
| **9/30/17** | $1033098 | $1031967 | $1030807 |
| **10/31/17** | $1035611 | $1034486 | $1033293 |
| **11/30/17** | $1031770 | $1028947 | $1027417 |
| **12/31/17** | $1043697 | $1039702 | $1037685 |
| **1/31/18** | $1034312 | $1027461 | $1025471 |
| **2/28/18** | $1031544 | $1024391 | $1022232 |
| **3/31/18** | $1034411 | $1028172 | $1025231 |
| **4/30/18** | $1032395 | $1024503 | $1020973 |
| **5/31/18** | $1046393 | $1036235 | $1032502 |
| **6/30/18** | $1047437 | $1037119 | $1033077 |
| **7/31/18** | $1050154 | $1039636 | $1035007 |
| **8/31/18** | $1051392 | $1042306 | $1037009 |
| **9/30/18** | $1045412 | $1035558 | $1030694 |
| **10/31/18** | $1037717 | $1029181 | $1024197 |
| **11/30/18** | $1045382 | $1040572 | $1036208 |
| **12/31/18** | $1052851 | $1053031 | $1048491 |
| **1/31/19** | $1058446 | $1060991 | $1056250 |
| **2/28/19** | $1066087 | $1066672 | $1061993 |
| **3/31/19** | $1085206 | $1083534 | $1078476 |
| **4/30/19** | $1091696 | $1087606 | $1082196 |
| **5/31/19** | $1104845 | $1102600 | $1097116 |
| **6/30/19** | $1108080 | $1106671 | $1100515 |
| **7/31/19** | $1113254 | $1115590 | $1109212 |
| **8/31/19** | $1133060 | $1133187 | $1125125 |
| **9/30/19** | $1128248 | $1124103 | $1115931 |
| **10/31/19** | $1126353 | $1126118 | $1117271 |
| **11/30/19** | $1128347 | $1128934 | $1120071 |
| **12/31/19** | $1131252 | $1132381 | $1123112 |
| **1/31/20** | $1148799 | $1152726 | $1142834 |
| **2/29/20** | $1165329 | $1167591 | $1156691 |
| **3/31/20** | $1123921 | $1125239 | $1114013 |
| **4/30/20** | $1100108 | $1111117 | $1094839 |
| **5/31/20** | $1131506 | $1146463 | $1130146 |
| **6/30/20** | $1147275 | $1155899 | $1140144 |
| **7/31/20** | $1164082 | $1175367 | $1156890 |
| **8/31/20** | $1155861 | $1169852 | $1148198 |
| **9/30/20** | $1152715 | $1170100 | $1146174 |
| **10/31/20** | $1150619 | $1166585 | $1142374 |
| **11/30/20** | $1172391 | $1184190 | $1164523 |
| **12/31/20** | $1183418 | $1191404 | $1174353 |
| **1/31/21** | $1193070 | $1198996 | $1182451 |
| **2/28/21** | $1173981 | $1179946 | $1162446 |
| **3/31/21** | $1179786 | $1187223 | $1169780 |
| **4/30/21** | $1192743 | $1197181 | $1182398 |
| **5/31/21** | $1200395 | $1200752 | $1187884 |
| **6/30/21** | $1206177 | $1204050 | $1191791 |
| **7/31/21** | $1214996 | $1214035 | $1201186 |
| **8/31/21** | $1208565 | $1209580 | $1194973 |
| **9/30/21** | $1199196 | $1200851 | $1185374 |
| **10/31/21** | $1198894 | $1197340 | $1182600 |
| **11/30/21** | $1209750 | $1207533 | $1193872 |
| **12/31/21** | $1211386 | $1209481 | $1196288 |
| **1/31/22** | $1181322 | $1176374 | $1162462 |
| **2/28/22** | $1174981 | $1172159 | $1158078 |
| **3/31/22** | $1134955 | $1134161 | $1118116 |
| **4/30/22** | $1101368 | $1102791 | $1085558 |
| **5/31/22** | $1117863 | $1119173 | $1107358 |
| **6/30/22** | $1091452 | $1100843 | $1083699 |
| **7/31/22** | $1121627 | $1129929 | $1113523 |
| **8/31/22** | $1095342 | $1105165 | $1085814 |
| **9/30/22** | $1052734 | $1062748 | $1043658 |
| **10/31/22** | $1041855 | $1053910 | $1033872 |
| **11/30/22** | $1097703 | $1103205 | $1086947 |
| **12/31/22** | $1094667 | $1106363 | $1089398 |
| **1/31/23** | $1132978 | $1138143 | $1125049 |
| **2/28/23** | $1106827 | $1112408 | $1097949 |
| **3/31/23** | $1125952 | $1137089 | $1124437 |
| **4/30/23** | $1129951 | $1134492 | $1122722 |
| **5/31/23** | $1124718 | $1124661 | $1112736 |
| **6/30/23** | $1137763 | $1135927 | $1126277 |
| **7/31/23** | $1139762 | $1140420 | $1129207 |
| **8/31/23** | $1126112 | $1124003 | $1111190 |
| **9/30/23** | $1097581 | $1091060 | $1076155 |
| **10/31/23** | $1081640 | $1081775 | $1067014 |
| **11/30/23** | $1149598 | $1150447 | $1140976 |
| **12/31/23** | $1182286 | $1177186 | $1169098 |
| **1/31/24** | $1181208 | $1171174 | $1162332 |
| **2/29/24** | $1183592 | $1172678 | $1162305 |
| **3/31/24** | $1183874 | $1172641 | $1160506 |
| **4/30/24** | $1172151 | $1158118 | $1146479 |
| **5/31/24** | $1173731 | $1154721 | $1143249 |
| **6/30/24** | $1190232 | $1172420 | $1163125 |
| **7/31/24** | $1199215 | $1183106 | $1173151 |
| **8/31/24** | $1205251 | $1192437 | $1181430 |
| **9/30/24** | $1216352 | $1204223 | $1193215 |
| **10/31/24** | $1204298 | $1186664 | $1174021 |
| **11/30/24** | $1222323 | $1207162 | $1197423 |
| **12/31/24** | $1207897 | $1189588 | $1178893 |
| **1/31/25** | $1207832 | $1195550 | $1184370 |
| **2/28/25** | $1220145 | $1207404 | $1195156 |
| **3/31/25** | $1198601 | $1186941 | $1171830 |
| **4/30/25** | $1191994 | $1177379 | $1164486 |
| **5/31/25** | $1184255 | $1178135 | $1162279 |
| **6/30/25** | $1190022 | $1185469 | $1169171 |
| **7/31/25** | $1183317 | $1183075 | $1164567 |
| **8/31/25** | $1192848 | $1193358 | $1173195 |
| **9/30/25** | $1226319 | $1220994 | $1204022 |
| **10/31/25** | $1240663 | $1236137 | $1219873 |
| **11/30/25** | $1241875 | $1238973 | $1221229 |
| **12/31/25** | $1242278 | $1240088 | $1222449 |
| **1/31/26** | $1250660 | $1251726 | $1233798 |
| **2/28/26** | $1268360 | $1267326 | $1250720 |
| **3/31/26** | $1246238 | $1237891 | $1221158 |

---

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 | 3.97% | 1.10% | 2.23% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg New York Municipal Bond Index | 4.21% | 0.86% | 2.02% |

---

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 | $960279 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 44% |
| Total Net Advisory Fees Paid During the Reporting Period | $2036 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Income Tax Revenue | 16.4% |
| Water Revenue | 8.4% |
| College & University Revenue | 7.5% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.7% |
| Local or Guaranteed Housing | 6.5% |
| Sales Tax Revenue | 5.3% |
| Ad Valorem Property Tax | 5.3% |
| Electric Power & Light Revenue | 4.6% |
| Health, Hospital & Nursing Home Revenue | 4.3% |
| Natural Gas Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 4.6% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PNYPX
![Image](g119941g89g96.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1992TSRAR_033126

# I-3: PNYNX

# PIMCO New York Municipal Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO New York Municipal 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)**.

## What were the Fund costs for the reporting period?
(based 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 | $61 | 0.60% |

---

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

* Security selection within the industrial revenue sector contributed to relative performance versus the Bloomberg New York Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market. 

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

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

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

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

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g38p71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg New York Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1006215 | $1007353 | $1007972 |
| **5/31/16** | $1010453 | $1010078 | $1010449 |
| **6/30/16** | $1028989 | $1026147 | $1025190 |
| **7/31/16** | $1029012 | $1026773 | $1026461 |
| **8/31/16** | $1032583 | $1028159 | $1027578 |
| **9/30/16** | $1028330 | $1023027 | $1022356 |
| **10/31/16** | $1017446 | $1012295 | $1011358 |
| **11/30/16** | $979116 | $974540 | $975662 |
| **12/31/16** | $987272 | $985982 | $987434 |
| **1/31/17** | $992530 | $992482 | $993442 |
| **2/28/17** | $1000699 | $999374 | $999682 |
| **3/31/17** | $1005447 | $1001543 | $1002063 |
| **4/30/17** | $1011661 | $1008810 | $1009290 |
| **5/31/17** | $1026141 | $1024821 | $1025511 |
| **6/30/17** | $1026358 | $1021145 | $1021904 |
| **7/31/17** | $1031603 | $1029407 | $1029914 |
| **8/31/17** | $1036952 | $1037241 | $1036727 |
| **9/30/17** | $1032325 | $1031967 | $1030807 |
| **10/31/17** | $1034789 | $1034486 | $1033293 |
| **11/30/17** | $1030909 | $1028947 | $1027417 |
| **12/31/17** | $1042786 | $1039702 | $1037685 |
| **1/31/18** | $1033361 | $1027461 | $1025471 |
| **2/28/18** | $1030557 | $1024391 | $1022232 |
| **3/31/18** | $1033380 | $1028172 | $1025231 |
| **4/30/18** | $1031321 | $1024503 | $1020973 |
| **5/31/18** | $1045260 | $1036235 | $1032502 |
| **6/30/18** | $1046264 | $1037119 | $1033077 |
| **7/31/18** | $1048931 | $1039636 | $1035007 |
| **8/31/18** | $1050131 | $1042306 | $1037009 |
| **9/30/18** | $1044107 | $1035558 | $1030694 |
| **10/31/18** | $1036379 | $1029181 | $1024197 |
| **11/30/18** | $1043997 | $1040572 | $1036208 |
| **12/31/18** | $1051406 | $1053031 | $1048491 |
| **1/31/19** | $1056945 | $1060991 | $1056250 |
| **2/28/19** | $1064536 | $1066672 | $1061993 |
| **3/31/19** | $1083581 | $1083534 | $1078476 |
| **4/30/19** | $1090014 | $1087606 | $1082196 |
| **5/31/19** | $1103100 | $1102600 | $1097116 |
| **6/30/19** | $1106278 | $1106671 | $1100515 |
| **7/31/19** | $1111396 | $1115590 | $1109212 |
| **8/31/19** | $1131127 | $1133187 | $1125125 |
| **9/30/19** | $1126270 | $1124103 | $1115931 |
| **10/31/19** | $1124329 | $1126118 | $1117271 |
| **11/30/19** | $1126277 | $1128934 | $1120071 |
| **12/31/19** | $1129125 | $1132381 | $1123112 |
| **1/31/20** | $1146594 | $1152726 | $1142834 |
| **2/29/20** | $1163044 | $1167591 | $1156691 |
| **3/31/20** | $1121667 | $1125239 | $1114013 |
| **4/30/20** | $1097856 | $1111117 | $1094839 |
| **5/31/20** | $1129143 | $1146463 | $1130146 |
| **6/30/20** | $1144832 | $1155899 | $1140144 |
| **7/31/20** | $1161561 | $1175367 | $1156890 |
| **8/31/20** | $1153303 | $1169852 | $1148198 |
| **9/30/20** | $1150116 | $1170100 | $1146174 |
| **10/31/20** | $1147979 | $1166585 | $1142374 |
| **11/30/20** | $1169649 | $1184190 | $1164523 |
| **12/31/20** | $1180610 | $1191404 | $1174353 |
| **1/31/21** | $1190180 | $1198996 | $1182451 |
| **2/28/21** | $1171091 | $1179946 | $1162446 |
| **3/31/21** | $1176831 | $1187223 | $1169780 |
| **4/30/21** | $1189713 | $1197181 | $1182398 |
| **5/31/21** | $1197288 | $1200752 | $1187884 |
| **6/30/21** | $1203006 | $1204050 | $1191791 |
| **7/31/21** | $1211759 | $1214035 | $1201186 |
| **8/31/21** | $1205283 | $1209580 | $1194973 |
| **9/30/21** | $1195886 | $1200851 | $1185374 |
| **10/31/21** | $1195528 | $1197340 | $1182600 |
| **11/30/21** | $1206290 | $1207533 | $1193872 |
| **12/31/21** | $1207854 | $1209481 | $1196288 |
| **1/31/22** | $1177820 | $1176374 | $1162462 |
| **2/28/22** | $1171460 | $1172159 | $1158078 |
| **3/31/22** | $1131506 | $1134161 | $1118116 |
| **4/30/22** | $1097985 | $1102791 | $1085558 |
| **5/31/22** | $1114390 | $1119173 | $1107358 |
| **6/30/22** | $1088021 | $1100843 | $1083699 |
| **7/31/22** | $1118054 | $1129929 | $1113523 |
| **8/31/22** | $1091805 | $1105165 | $1085814 |
| **9/30/22** | $1049289 | $1062748 | $1043658 |
| **10/31/22** | $1038404 | $1053910 | $1033872 |
| **11/30/22** | $1094030 | $1103205 | $1086947 |
| **12/31/22** | $1090952 | $1106363 | $1089398 |
| **1/31/23** | $1129089 | $1138143 | $1125049 |
| **2/28/23** | $1102987 | $1112408 | $1097949 |
| **3/31/23** | $1121994 | $1137089 | $1124437 |
| **4/30/23** | $1125935 | $1134492 | $1122722 |
| **5/31/23** | $1120674 | $1124661 | $1112736 |
| **6/30/23** | $1133625 | $1135927 | $1126277 |
| **7/31/23** | $1135572 | $1140420 | $1129207 |
| **8/31/23** | $1121924 | $1124003 | $1111190 |
| **9/30/23** | $1093452 | $1091060 | $1076155 |
| **10/31/23** | $1077526 | $1081775 | $1067014 |
| **11/30/23** | $1145184 | $1150447 | $1140976 |
| **12/31/23** | $1177698 | $1177186 | $1169098 |
| **1/31/24** | $1176576 | $1171174 | $1162332 |
| **2/29/24** | $1178903 | $1172678 | $1162305 |
| **3/31/24** | $1179136 | $1172641 | $1160506 |
| **4/30/24** | $1167412 | $1158118 | $1146479 |
| **5/31/24** | $1168931 | $1154721 | $1143249 |
| **6/30/24** | $1185319 | $1172420 | $1163125 |
| **7/31/24** | $1194210 | $1183106 | $1173151 |
| **8/31/24** | $1200167 | $1192437 | $1181430 |
| **9/30/24** | $1211175 | $1204223 | $1193215 |
| **10/31/24** | $1199122 | $1186664 | $1174021 |
| **11/30/24** | $1217021 | $1207162 | $1197423 |
| **12/31/24** | $1202609 | $1189588 | $1178893 |
| **1/31/25** | $1202493 | $1195550 | $1184370 |
| **2/28/25** | $1214702 | $1207404 | $1195156 |
| **3/31/25** | $1193202 | $1186941 | $1171830 |
| **4/30/25** | $1186582 | $1177379 | $1164486 |
| **5/31/25** | $1178825 | $1178135 | $1162279 |
| **6/30/25** | $1184519 | $1185469 | $1169171 |
| **7/31/25** | $1177793 | $1183075 | $1164567 |
| **8/31/25** | $1187229 | $1193358 | $1173195 |
| **9/30/25** | $1220495 | $1220994 | $1204022 |
| **10/31/25** | $1234716 | $1236137 | $1219873 |
| **11/30/25** | $1235875 | $1238973 | $1221229 |
| **12/31/25** | $1236226 | $1240088 | $1222449 |
| **1/31/26** | $1244514 | $1251726 | $1233798 |
| **2/28/26** | $1262081 | $1267326 | $1250720 |
| **3/31/26** | $1240018 | $1237891 | $1221158 |

---

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 | 3.92% | 1.05% | 2.17% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg New York Municipal Bond Index | 4.21% | 0.86% | 2.02% |

---

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 | $960279 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 44% |
| Total Net Advisory Fees Paid During the Reporting Period | $2036 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Income Tax Revenue | 16.4% |
| Water Revenue | 8.4% |
| College & University Revenue | 7.5% |
| Sovereign | 7.0% |
| Port, Airport & Marina Revenue | 6.7% |
| Local or Guaranteed Housing | 6.5% |
| Sales Tax Revenue | 5.3% |
| Ad Valorem Property Tax | 5.3% |
| Electric Power & Light Revenue | 4.6% |
| Health, Hospital & Nursing Home Revenue | 4.3% |
| Natural Gas Revenue | 3.7% |
| Other Investments | 17.3% |
| Short-Term Instruments | 4.6% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-3: PNYNX
![Image](g119941g89g96.jpg)

# PIMCO New York Municipal Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2234TSRAR_033126

# Class A: PSDAX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $74 | 0.73% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g35f72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $9781 | $10000 | $10000 |
| **4/30/16** | $9799 | $10074 | $10011 |
| **5/31/16** | $9793 | $10101 | $10016 |
| **6/30/16** | $9823 | $10261 | $10034 |
| **7/31/16** | $9829 | $10268 | $10051 |
| **8/31/16** | $9835 | $10282 | $10036 |
| **9/30/16** | $9807 | $10230 | $10015 |
| **10/31/16** | $9790 | $10123 | $10022 |
| **11/30/16** | $9670 | $9745 | $9978 |
| **12/31/16** | $9678 | $9860 | $9998 |
| **1/31/17** | $9721 | $9925 | $10034 |
| **2/28/17** | $9777 | $9994 | $10067 |
| **3/31/17** | $9787 | $10015 | $10067 |
| **4/30/17** | $9808 | $10088 | $10083 |
| **5/31/17** | $9852 | $10248 | $10102 |
| **6/30/17** | $9827 | $10211 | $10093 |
| **7/31/17** | $9871 | $10294 | $10118 |
| **8/31/17** | $9904 | $10372 | $10140 |
| **9/30/17** | $9890 | $10320 | $10128 |
| **10/31/17** | $9888 | $10345 | $10129 |
| **11/30/17** | $9839 | $10289 | $10083 |
| **12/31/17** | $9862 | $10397 | $10090 |
| **1/31/18** | $9861 | $10275 | $10118 |
| **2/28/18** | $9849 | $10244 | $10136 |
| **3/31/18** | $9848 | $10282 | $10128 |
| **4/30/18** | $9836 | $10245 | $10119 |
| **5/31/18** | $9871 | $10362 | $10152 |
| **6/30/18** | $9896 | $10371 | $10188 |
| **7/31/18** | $9907 | $10396 | $10209 |
| **8/31/18** | $9909 | $10423 | $10206 |
| **9/30/18** | $9898 | $10356 | $10186 |
| **10/31/18** | $9887 | $10292 | $10195 |
| **11/30/18** | $9926 | $10406 | $10227 |
| **12/31/18** | $9963 | $10530 | $10265 |
| **1/31/19** | $10000 | $10610 | $10297 |
| **2/28/19** | $10026 | $10667 | $10321 |
| **3/31/19** | $10088 | $10835 | $10349 |
| **4/30/19** | $10090 | $10876 | $10357 |
| **5/31/19** | $10152 | $11026 | $10395 |
| **6/30/19** | $10177 | $11067 | $10427 |
| **7/31/19** | $10226 | $11156 | $10462 |
| **8/31/19** | $10263 | $11332 | $10476 |
| **9/30/19** | $10227 | $11241 | $10454 |
| **10/31/19** | $10251 | $11261 | $10484 |
| **11/30/19** | $10263 | $11289 | $10503 |
| **12/31/19** | $10275 | $11324 | $10518 |
| **1/31/20** | $10334 | $11527 | $10555 |
| **2/29/20** | $10357 | $11676 | $10577 |
| **3/31/20** | $10223 | $11252 | $10524 |
| **4/30/20** | $10199 | $11111 | $10548 |
| **5/31/20** | $10343 | $11465 | $10652 |
| **6/30/20** | $10402 | $11559 | $10652 |
| **7/31/20** | $10460 | $11754 | $10679 |
| **8/31/20** | $10456 | $11699 | $10681 |
| **9/30/20** | $10463 | $11701 | $10689 |
| **10/31/20** | $10457 | $11666 | $10680 |
| **11/30/20** | $10499 | $11842 | $10694 |
| **12/31/20** | $10530 | $11914 | $10703 |
| **1/31/21** | $10547 | $11990 | $10721 |
| **2/28/21** | $10505 | $11799 | $10717 |
| **3/31/21** | $10523 | $11872 | $10725 |
| **4/30/21** | $10553 | $11972 | $10732 |
| **5/31/21** | $10558 | $12008 | $10737 |
| **6/30/21** | $10551 | $12040 | $10736 |
| **7/31/21** | $10581 | $12140 | $10750 |
| **8/31/21** | $10573 | $12096 | $10747 |
| **9/30/21** | $10542 | $12009 | $10736 |
| **10/31/21** | $10521 | $11973 | $10734 |
| **11/30/21** | $10538 | $12075 | $10737 |
| **12/31/21** | $10524 | $12095 | $10736 |
| **1/31/22** | $10429 | $11764 | $10665 |
| **2/28/22** | $10399 | $11722 | $10651 |
| **3/31/22** | $10281 | $11342 | $10563 |
| **4/30/22** | $10190 | $11028 | $10520 |
| **5/31/22** | $10247 | $11192 | $10600 |
| **6/30/22** | $10207 | $11008 | $10603 |
| **7/31/22** | $10304 | $11299 | $10661 |
| **8/31/22** | $10217 | $11052 | $10576 |
| **9/30/22** | $10082 | $10627 | $10485 |
| **10/31/22** | $10059 | $10539 | $10499 |
| **11/30/22** | $10212 | $11032 | $10620 |
| **12/31/22** | $10245 | $11064 | $10614 |
| **1/31/23** | $10361 | $11381 | $10704 |
| **2/28/23** | $10269 | $11124 | $10613 |
| **3/31/23** | $10378 | $11371 | $10727 |
| **4/30/23** | $10373 | $11345 | $10696 |
| **5/31/23** | $10344 | $11247 | $10684 |
| **6/30/23** | $10394 | $11359 | $10735 |
| **7/31/23** | $10414 | $11404 | $10758 |
| **8/31/23** | $10412 | $11240 | $10770 |
| **9/30/23** | $10335 | $10911 | $10725 |
| **10/31/23** | $10333 | $10818 | $10755 |
| **11/30/23** | $10550 | $11504 | $10911 |
| **12/31/23** | $10666 | $11772 | $10974 |
| **1/31/24** | $10677 | $11712 | $10971 |
| **2/29/24** | $10690 | $11727 | $10988 |
| **3/31/24** | $10703 | $11726 | $10987 |
| **4/30/24** | $10665 | $11581 | $10988 |
| **5/31/24** | $10667 | $11547 | $11015 |
| **6/30/24** | $10756 | $11724 | $11077 |
| **7/31/24** | $10822 | $11831 | $11150 |
| **8/31/24** | $10903 | $11924 | $11223 |
| **9/30/24** | $10955 | $12042 | $11258 |
| **10/31/24** | $10890 | $11867 | $11230 |
| **11/30/24** | $10969 | $12072 | $11274 |
| **12/31/24** | $10930 | $11896 | $11272 |
| **1/31/25** | $10969 | $11955 | $11331 |
| **2/28/25** | $11035 | $12074 | $11378 |
| **3/31/25** | $11007 | $11869 | $11390 |
| **4/30/25** | $10994 | $11774 | $11370 |
| **5/31/25** | $11048 | $11781 | $11425 |
| **6/30/25** | $11127 | $11855 | $11484 |
| **7/31/25** | $11167 | $11831 | $11542 |
| **8/31/25** | $11236 | $11934 | $11589 |
| **9/30/25** | $11289 | $12210 | $11598 |
| **10/31/25** | $11319 | $12361 | $11591 |
| **11/30/25** | $11345 | $12390 | $11624 |
| **12/31/25** | $11374 | $12401 | $11662 |
| **1/31/26** | $11440 | $12517 | $11728 |
| **2/28/26** | $11494 | $12673 | $11776 |
| **3/31/26** | $11414 | $12379 | $11736 |

---

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) | 3.70% | 1.64% | 1.56% |
| Class A (including sales charge) | 1.38% | 1.17% | 1.33% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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 | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PSDAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4039TSRAR_033126

# Class C: PSDCX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $105 | 1.03% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g09u55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10016 | $10074 | $10011 |
| **5/31/16** | $10008 | $10101 | $10016 |
| **6/30/16** | $10036 | $10261 | $10034 |
| **7/31/16** | $10039 | $10268 | $10051 |
| **8/31/16** | $10043 | $10282 | $10036 |
| **9/30/16** | $10012 | $10230 | $10015 |
| **10/31/16** | $9992 | $10123 | $10022 |
| **11/30/16** | $9867 | $9745 | $9978 |
| **12/31/16** | $9873 | $9860 | $9998 |
| **1/31/17** | $9914 | $9925 | $10034 |
| **2/28/17** | $9969 | $9994 | $10067 |
| **3/31/17** | $9976 | $10015 | $10067 |
| **4/30/17** | $9995 | $10088 | $10083 |
| **5/31/17** | $10037 | $10248 | $10102 |
| **6/30/17** | $10009 | $10211 | $10093 |
| **7/31/17** | $10052 | $10294 | $10118 |
| **8/31/17** | $10083 | $10372 | $10140 |
| **9/30/17** | $10067 | $10320 | $10128 |
| **10/31/17** | $10061 | $10345 | $10129 |
| **11/30/17** | $10010 | $10289 | $10083 |
| **12/31/17** | $10030 | $10397 | $10090 |
| **1/31/18** | $10027 | $10275 | $10118 |
| **2/28/18** | $10012 | $10244 | $10136 |
| **3/31/18** | $10009 | $10282 | $10128 |
| **4/30/18** | $9994 | $10245 | $10119 |
| **5/31/18** | $10027 | $10362 | $10152 |
| **6/30/18** | $10050 | $10371 | $10188 |
| **7/31/18** | $10059 | $10396 | $10209 |
| **8/31/18** | $10058 | $10423 | $10206 |
| **9/30/18** | $10044 | $10356 | $10186 |
| **10/31/18** | $10031 | $10292 | $10195 |
| **11/30/18** | $10067 | $10406 | $10227 |
| **12/31/18** | $10102 | $10530 | $10265 |
| **1/31/19** | $10137 | $10610 | $10297 |
| **2/28/19** | $10162 | $10667 | $10321 |
| **3/31/19** | $10222 | $10835 | $10349 |
| **4/30/19** | $10221 | $10876 | $10357 |
| **5/31/19** | $10282 | $11026 | $10395 |
| **6/30/19** | $10304 | $11067 | $10427 |
| **7/31/19** | $10351 | $11156 | $10462 |
| **8/31/19** | $10386 | $11332 | $10476 |
| **9/30/19** | $10347 | $11241 | $10454 |
| **10/31/19** | $10369 | $11261 | $10484 |
| **11/30/19** | $10379 | $11289 | $10503 |
| **12/31/19** | $10388 | $11324 | $10518 |
| **1/31/20** | $10445 | $11527 | $10555 |
| **2/29/20** | $10466 | $11676 | $10577 |
| **3/31/20** | $10328 | $11252 | $10524 |
| **4/30/20** | $10301 | $11111 | $10548 |
| **5/31/20** | $10444 | $11465 | $10652 |
| **6/30/20** | $10501 | $11559 | $10652 |
| **7/31/20** | $10557 | $11754 | $10679 |
| **8/31/20** | $10550 | $11699 | $10681 |
| **9/30/20** | $10554 | $11701 | $10689 |
| **10/31/20** | $10545 | $11666 | $10680 |
| **11/30/20** | $10586 | $11842 | $10694 |
| **12/31/20** | $10613 | $11914 | $10703 |
| **1/31/21** | $10628 | $11990 | $10721 |
| **2/28/21** | $10583 | $11799 | $10717 |
| **3/31/21** | $10598 | $11872 | $10725 |
| **4/30/21** | $10626 | $11972 | $10732 |
| **5/31/21** | $10629 | $12008 | $10737 |
| **6/30/21** | $10619 | $12040 | $10736 |
| **7/31/21** | $10647 | $12140 | $10750 |
| **8/31/21** | $10636 | $12096 | $10747 |
| **9/30/21** | $10601 | $12009 | $10736 |
| **10/31/21** | $10578 | $11973 | $10734 |
| **11/30/21** | $10593 | $12075 | $10737 |
| **12/31/21** | $10576 | $12095 | $10736 |
| **1/31/22** | $10478 | $11764 | $10665 |
| **2/28/22** | $10445 | $11722 | $10651 |
| **3/31/22** | $10324 | $11342 | $10563 |
| **4/30/22** | $10230 | $11028 | $10520 |
| **5/31/22** | $10284 | $11192 | $10600 |
| **6/30/22** | $10242 | $11008 | $10603 |
| **7/31/22** | $10336 | $11299 | $10661 |
| **8/31/22** | $10247 | $11052 | $10576 |
| **9/30/22** | $10109 | $10627 | $10485 |
| **10/31/22** | $10083 | $10539 | $10499 |
| **11/30/22** | $10234 | $11032 | $10620 |
| **12/31/22** | $10264 | $11064 | $10614 |
| **1/31/23** | $10379 | $11381 | $10704 |
| **2/28/23** | $10284 | $11124 | $10613 |
| **3/31/23** | $10390 | $11371 | $10727 |
| **4/30/23** | $10383 | $11345 | $10696 |
| **5/31/23** | $10351 | $11247 | $10684 |
| **6/30/23** | $10398 | $11359 | $10735 |
| **7/31/23** | $10416 | $11404 | $10758 |
| **8/31/23** | $10411 | $11240 | $10770 |
| **9/30/23** | $10332 | $10911 | $10725 |
| **10/31/23** | $10327 | $10818 | $10755 |
| **11/30/23** | $10541 | $11504 | $10911 |
| **12/31/23** | $10654 | $11772 | $10974 |
| **1/31/24** | $10663 | $11712 | $10971 |
| **2/29/24** | $10673 | $11727 | $10988 |
| **3/31/24** | $10684 | $11726 | $10987 |
| **4/30/24** | $10643 | $11581 | $10988 |
| **5/31/24** | $10642 | $11547 | $11015 |
| **6/30/24** | $10729 | $11724 | $11077 |
| **7/31/24** | $10791 | $11831 | $11150 |
| **8/31/24** | $10869 | $11924 | $11223 |
| **9/30/24** | $10918 | $12042 | $11258 |
| **10/31/24** | $10851 | $11867 | $11230 |
| **11/30/24** | $10927 | $12072 | $11274 |
| **12/31/24** | $10885 | $11896 | $11272 |
| **1/31/25** | $10922 | $11955 | $11331 |
| **2/28/25** | $10985 | $12074 | $11378 |
| **3/31/25** | $10954 | $11869 | $11390 |
| **4/30/25** | $10939 | $11774 | $11370 |
| **5/31/25** | $10989 | $11781 | $11425 |
| **6/30/25** | $11065 | $11855 | $11484 |
| **7/31/25** | $11102 | $11831 | $11542 |
| **8/31/25** | $11167 | $11934 | $11589 |
| **9/30/25** | $11218 | $12210 | $11598 |
| **10/31/25** | $11244 | $12361 | $11591 |
| **11/30/25** | $11268 | $12390 | $11624 |
| **12/31/25** | $11293 | $12401 | $11662 |
| **1/31/26** | $11357 | $12517 | $11728 |
| **2/28/26** | $11408 | $12673 | $11776 |
| **3/31/26** | $11326 | $12379 | $11736 |

---

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) | 3.39% | 1.34% | 1.25% |
| Class C (including sales charge) | 2.39% | 1.34% | 1.25% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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 | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PSDCX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4239TSRAR_033126

# Institutional Class: PSDIX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $34 | 0.33% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g47k76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1002221 | $1007353 | $1001110 |
| **5/31/16** | $1001961 | $1010078 | $1001615 |
| **6/30/16** | $1005312 | $1026147 | $1003352 |
| **7/31/16** | $1006275 | $1026773 | $1005108 |
| **8/31/16** | $1007235 | $1028159 | $1003596 |
| **9/30/16** | $1004742 | $1023027 | $1001455 |
| **10/31/16** | $1003304 | $1012295 | $1002162 |
| **11/30/16** | $991291 | $974540 | $997808 |
| **12/31/16** | $992514 | $985982 | $999774 |
| **1/31/17** | $997253 | $992482 | $1003413 |
| **2/28/17** | $1003305 | $999374 | $1006710 |
| **3/31/17** | $1004677 | $1001543 | $1006697 |
| **4/30/17** | $1007108 | $1008810 | $1008301 |
| **5/31/17** | $1011977 | $1024821 | $1010185 |
| **6/30/17** | $1009770 | $1021145 | $1009327 |
| **7/31/17** | $1014601 | $1029407 | $1011752 |
| **8/31/17** | $1018333 | $1037241 | $1014029 |
| **9/30/17** | $1017308 | $1031967 | $1012820 |
| **10/31/17** | $1017371 | $1034486 | $1012919 |
| **11/30/17** | $1012730 | $1028947 | $1008350 |
| **12/31/17** | $1015419 | $1039702 | $1009016 |
| **1/31/18** | $1015639 | $1027461 | $1011826 |
| **2/28/18** | $1014732 | $1024391 | $1013561 |
| **3/31/18** | $1015028 | $1028172 | $1012809 |
| **4/30/18** | $1014104 | $1024503 | $1011889 |
| **5/31/18** | $1018031 | $1036235 | $1015228 |
| **6/30/18** | $1020929 | $1037119 | $1018800 |
| **7/31/18** | $1022466 | $1039636 | $1020920 |
| **8/31/18** | $1023053 | $1042306 | $1020552 |
| **9/30/18** | $1022134 | $1035558 | $1018596 |
| **10/31/18** | $1021407 | $1029181 | $1019494 |
| **11/30/18** | $1025748 | $1040572 | $1022697 |
| **12/31/18** | $1029914 | $1053031 | $1026541 |
| **1/31/19** | $1034050 | $1060991 | $1029733 |
| **2/28/19** | $1037141 | $1066672 | $1032069 |
| **3/31/19** | $1043854 | $1083534 | $1034892 |
| **4/30/19** | $1044424 | $1087606 | $1035655 |
| **5/31/19** | $1051215 | $1102600 | $1039511 |
| **6/30/19** | $1054100 | $1106671 | $1042725 |
| **7/31/19** | $1059519 | $1115590 | $1046161 |
| **8/31/19** | $1063772 | $1133187 | $1047637 |
| **9/30/19** | $1060319 | $1124103 | $1045440 |
| **10/31/19** | $1063188 | $1126118 | $1048447 |
| **11/30/19** | $1064839 | $1128934 | $1050267 |
| **12/31/19** | $1066407 | $1132381 | $1051820 |
| **1/31/20** | $1072950 | $1152726 | $1055526 |
| **2/29/20** | $1075639 | $1167591 | $1057665 |
| **3/31/20** | $1062042 | $1125239 | $1052397 |
| **4/30/20** | $1059871 | $1111117 | $1054823 |
| **5/31/20** | $1075230 | $1146463 | $1065248 |
| **6/30/20** | $1081731 | $1155899 | $1065236 |
| **7/31/20** | $1088202 | $1175367 | $1067906 |
| **8/31/20** | $1088062 | $1169852 | $1068080 |
| **9/30/20** | $1089185 | $1170100 | $1068879 |
| **10/31/20** | $1088909 | $1166585 | $1068019 |
| **11/30/20** | $1093673 | $1184190 | $1069356 |
| **12/31/20** | $1097254 | $1191404 | $1070310 |
| **1/31/21** | $1099381 | $1198996 | $1072078 |
| **2/28/21** | $1095344 | $1179946 | $1071725 |
| **3/31/21** | $1097553 | $1187223 | $1072500 |
| **4/30/21** | $1101124 | $1197181 | $1073239 |
| **5/31/21** | $1101970 | $1200752 | $1073668 |
| **6/30/21** | $1101641 | $1204050 | $1073612 |
| **7/31/21** | $1105136 | $1214035 | $1074958 |
| **8/31/21** | $1104697 | $1209580 | $1074737 |
| **9/30/21** | $1101728 | $1200851 | $1073621 |
| **10/31/21** | $1099946 | $1197340 | $1073388 |
| **11/30/21** | $1102079 | $1207533 | $1073699 |
| **12/31/21** | $1101031 | $1209481 | $1073609 |
| **1/31/22** | $1091490 | $1176374 | $1066507 |
| **2/28/22** | $1088633 | $1172159 | $1065138 |
| **3/31/22** | $1076683 | $1134161 | $1056276 |
| **4/30/22** | $1067478 | $1102791 | $1052018 |
| **5/31/22** | $1073782 | $1119173 | $1060029 |
| **6/30/22** | $1069935 | $1100843 | $1060336 |
| **7/31/22** | $1080470 | $1129929 | $1066057 |
| **8/31/22** | $1071761 | $1105165 | $1057618 |
| **9/30/22** | $1057961 | $1062748 | $1048512 |
| **10/31/22** | $1055869 | $1053910 | $1049865 |
| **11/30/22** | $1072308 | $1103205 | $1061967 |
| **12/31/22** | $1076126 | $1106363 | $1061441 |
| **1/31/23** | $1088728 | $1138143 | $1070350 |
| **2/28/23** | $1079337 | $1112408 | $1061303 |
| **3/31/23** | $1091181 | $1137089 | $1072697 |
| **4/30/23** | $1091018 | $1134492 | $1069590 |
| **5/31/23** | $1088362 | $1124661 | $1068423 |
| **6/30/23** | $1093922 | $1135927 | $1073510 |
| **7/31/23** | $1096468 | $1140420 | $1075820 |
| **8/31/23** | $1096581 | $1124003 | $1076984 |
| **9/30/23** | $1088833 | $1091060 | $1072542 |
| **10/31/23** | $1088977 | $1081775 | $1075496 |
| **11/30/23** | $1112204 | $1150447 | $1091075 |
| **12/31/23** | $1124820 | $1177186 | $1097449 |
| **1/31/24** | $1126348 | $1171174 | $1097088 |
| **2/29/24** | $1128082 | $1172678 | $1098780 |
| **3/31/24** | $1129881 | $1172641 | $1098703 |
| **4/30/24** | $1126223 | $1158118 | $1098838 |
| **5/31/24** | $1126832 | $1154721 | $1101496 |
| **6/30/24** | $1136602 | $1172420 | $1107723 |
| **7/31/24** | $1143892 | $1183106 | $1115008 |
| **8/31/24** | $1152868 | $1192437 | $1122317 |
| **9/30/24** | $1158727 | $1204223 | $1125845 |
| **10/31/24** | $1152305 | $1186664 | $1123031 |
| **11/30/24** | $1161068 | $1207162 | $1127445 |
| **12/31/24** | $1157294 | $1189588 | $1127177 |
| **1/31/25** | $1161877 | $1195550 | $1133088 |
| **2/28/25** | $1169209 | $1207404 | $1137844 |
| **3/31/25** | $1166598 | $1186941 | $1139038 |
| **4/30/25** | $1165631 | $1177379 | $1137045 |
| **5/31/25** | $1171691 | $1178135 | $1142475 |
| **6/30/25** | $1180482 | $1185469 | $1148388 |
| **7/31/25** | $1185145 | $1183075 | $1154223 |
| **8/31/25** | $1192815 | $1193358 | $1158898 |
| **9/30/25** | $1198904 | $1220994 | $1159792 |
| **10/31/25** | $1202471 | $1236137 | $1159146 |
| **11/30/25** | $1205617 | $1238973 | $1162437 |
| **12/31/25** | $1209079 | $1240088 | $1166237 |
| **1/31/26** | $1216597 | $1251726 | $1172752 |
| **2/28/26** | $1222697 | $1267326 | $1177553 |
| **3/31/26** | $1214601 | $1237891 | $1173646 |

---

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 | 4.11% | 2.05% | 1.96% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PSDIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS0053TSRAR_033126

# I-2: PSDPX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $44 | 0.43% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g75m70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1002136 | $1007353 | $1001110 |
| **5/31/16** | $1001794 | $1010078 | $1001615 |
| **6/30/16** | $1005062 | $1026147 | $1003352 |
| **7/31/16** | $1005940 | $1026773 | $1005108 |
| **8/31/16** | $1006814 | $1028159 | $1003596 |
| **9/30/16** | $1004234 | $1023027 | $1001455 |
| **10/31/16** | $1002717 | $1012295 | $1002162 |
| **11/30/16** | $990629 | $974540 | $997808 |
| **12/31/16** | $991768 | $985982 | $999774 |
| **1/31/17** | $996426 | $992482 | $1003413 |
| **2/28/17** | $1002396 | $999374 | $1006710 |
| **3/31/17** | $1003675 | $1001543 | $1006697 |
| **4/30/17** | $1006027 | $1008810 | $1008301 |
| **5/31/17** | $1010807 | $1024821 | $1010185 |
| **6/30/17** | $1008515 | $1021145 | $1009327 |
| **7/31/17** | $1013259 | $1029407 | $1011752 |
| **8/31/17** | $1016900 | $1037241 | $1014029 |
| **9/30/17** | $1015789 | $1031967 | $1012820 |
| **10/31/17** | $1015769 | $1034486 | $1012919 |
| **11/30/17** | $1011048 | $1028947 | $1008350 |
| **12/31/17** | $1013643 | $1039702 | $1009016 |
| **1/31/18** | $1013779 | $1027461 | $1011826 |
| **2/28/18** | $1012795 | $1024391 | $1013561 |
| **3/31/18** | $1013002 | $1028172 | $1012809 |
| **4/30/18** | $1011999 | $1024503 | $1011889 |
| **5/31/18** | $1015833 | $1036235 | $1015228 |
| **6/30/18** | $1018637 | $1037119 | $1018800 |
| **7/31/18** | $1020086 | $1039636 | $1020920 |
| **8/31/18** | $1020577 | $1042306 | $1020552 |
| **9/30/18** | $1019584 | $1035558 | $1018596 |
| **10/31/18** | $1018772 | $1029181 | $1019494 |
| **11/30/18** | $1023012 | $1040572 | $1022697 |
| **12/31/18** | $1027085 | $1053031 | $1026541 |
| **1/31/19** | $1031125 | $1060991 | $1029733 |
| **2/28/19** | $1034129 | $1066672 | $1032069 |
| **3/31/19** | $1040735 | $1083534 | $1034892 |
| **4/30/19** | $1041218 | $1087606 | $1035655 |
| **5/31/19** | $1047897 | $1102600 | $1039511 |
| **6/30/19** | $1050694 | $1106671 | $1042725 |
| **7/31/19** | $1056006 | $1115590 | $1046161 |
| **8/31/19** | $1060150 | $1133187 | $1047637 |
| **9/30/19** | $1056627 | $1124103 | $1045440 |
| **10/31/19** | $1059397 | $1126118 | $1048447 |
| **11/30/19** | $1060953 | $1128934 | $1050267 |
| **12/31/19** | $1062425 | $1132381 | $1051820 |
| **1/31/20** | $1068850 | $1152726 | $1055526 |
| **2/29/20** | $1071447 | $1167591 | $1057665 |
| **3/31/20** | $1057816 | $1125239 | $1052397 |
| **4/30/20** | $1055567 | $1111117 | $1054823 |
| **5/31/20** | $1070775 | $1146463 | $1065248 |
| **6/30/20** | $1077161 | $1155899 | $1065236 |
| **7/31/20** | $1083508 | $1175367 | $1067906 |
| **8/31/20** | $1083282 | $1169852 | $1068080 |
| **9/30/20** | $1084311 | $1170100 | $1068879 |
| **10/31/20** | $1083941 | $1166585 | $1068019 |
| **11/30/20** | $1088598 | $1184190 | $1069356 |
| **12/31/20** | $1092064 | $1191404 | $1070310 |
| **1/31/21** | $1094097 | $1198996 | $1072078 |
| **2/28/21** | $1089994 | $1179946 | $1071725 |
| **3/31/21** | $1092099 | $1187223 | $1072500 |
| **4/30/21** | $1095556 | $1197181 | $1073239 |
| **5/31/21** | $1096312 | $1200752 | $1073668 |
| **6/30/21** | $1095894 | $1204050 | $1073612 |
| **7/31/21** | $1099276 | $1214035 | $1074958 |
| **8/31/21** | $1098749 | $1209580 | $1074737 |
| **9/30/21** | $1095702 | $1200851 | $1073621 |
| **10/31/21** | $1093837 | $1197340 | $1073388 |
| **11/30/21** | $1095869 | $1207533 | $1073699 |
| **12/31/21** | $1094728 | $1209481 | $1073609 |
| **1/31/22** | $1085155 | $1176374 | $1066507 |
| **2/28/22** | $1082233 | $1172159 | $1065138 |
| **3/31/22** | $1070265 | $1134161 | $1056276 |
| **4/30/22** | $1061023 | $1102791 | $1052018 |
| **5/31/22** | $1067204 | $1119173 | $1060029 |
| **6/30/22** | $1063293 | $1100843 | $1060336 |
| **7/31/22** | $1073672 | $1129929 | $1066057 |
| **8/31/22** | $1064926 | $1105165 | $1057618 |
| **9/30/22** | $1051122 | $1062748 | $1048512 |
| **10/31/22** | $1048959 | $1053910 | $1049865 |
| **11/30/22** | $1065205 | $1103205 | $1061967 |
| **12/31/22** | $1068900 | $1106363 | $1061441 |
| **1/31/23** | $1081331 | $1138143 | $1070350 |
| **2/28/23** | $1071921 | $1112408 | $1061303 |
| **3/31/23** | $1083586 | $1137089 | $1072697 |
| **4/30/23** | $1083342 | $1134492 | $1069590 |
| **5/31/23** | $1080613 | $1124661 | $1068423 |
| **6/30/23** | $1086038 | $1135927 | $1073510 |
| **7/31/23** | $1088480 | $1140420 | $1075820 |
| **8/31/23** | $1088499 | $1124003 | $1076984 |
| **9/30/23** | $1080716 | $1091060 | $1072542 |
| **10/31/23** | $1080771 | $1081775 | $1075496 |
| **11/30/23** | $1103734 | $1150447 | $1091075 |
| **12/31/23** | $1116157 | $1177186 | $1097449 |
| **1/31/24** | $1117582 | $1171174 | $1097088 |
| **2/29/24** | $1119214 | $1172678 | $1098780 |
| **3/31/24** | $1120904 | $1172641 | $1098703 |
| **4/30/24** | $1117183 | $1158118 | $1098838 |
| **5/31/24** | $1117686 | $1154721 | $1101496 |
| **6/30/24** | $1127291 | $1172420 | $1107723 |
| **7/31/24** | $1134426 | $1183106 | $1115008 |
| **8/31/24** | $1143226 | $1192437 | $1122317 |
| **9/30/24** | $1148948 | $1204223 | $1125845 |
| **10/31/24** | $1142483 | $1186664 | $1123031 |
| **11/30/24** | $1151074 | $1207162 | $1127445 |
| **12/31/24** | $1147234 | $1189588 | $1127177 |
| **1/31/25** | $1151677 | $1195550 | $1133088 |
| **2/28/25** | $1158856 | $1207404 | $1137844 |
| **3/31/25** | $1156178 | $1186941 | $1139038 |
| **4/30/25** | $1155129 | $1177379 | $1137045 |
| **5/31/25** | $1161033 | $1178135 | $1142475 |
| **6/30/25** | $1169652 | $1185469 | $1148388 |
| **7/31/25** | $1174173 | $1183075 | $1154223 |
| **8/31/25** | $1181668 | $1193358 | $1158898 |
| **9/30/25** | $1187606 | $1220994 | $1159792 |
| **10/31/25** | $1191033 | $1236137 | $1159146 |
| **11/30/25** | $1194057 | $1238973 | $1162437 |
| **12/31/25** | $1197382 | $1240088 | $1166237 |
| **1/31/26** | $1204726 | $1251726 | $1172752 |
| **2/28/26** | $1210674 | $1267326 | $1177553 |
| **3/31/26** | $1202558 | $1237891 | $1173646 |

---

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 | 4.01% | 1.95% | 1.86% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PSDPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1917TSRAR_033126

# Class C-2: PCCMX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $125 | 1.23% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g36f86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C-2 (excluding sales charge)** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10015 | $10074 | $10011 |
| **5/31/16** | $10005 | $10101 | $10016 |
| **6/30/16** | $10031 | $10261 | $10034 |
| **7/31/16** | $10033 | $10268 | $10051 |
| **8/31/16** | $10035 | $10282 | $10036 |
| **9/30/16** | $10002 | $10230 | $10015 |
| **10/31/16** | $9980 | $10123 | $10022 |
| **11/30/16** | $9854 | $9745 | $9978 |
| **12/31/16** | $9858 | $9860 | $9998 |
| **1/31/17** | $9898 | $9925 | $10034 |
| **2/28/17** | $9951 | $9994 | $10067 |
| **3/31/17** | $9957 | $10015 | $10067 |
| **4/30/17** | $9974 | $10088 | $10083 |
| **5/31/17** | $10014 | $10248 | $10102 |
| **6/30/17** | $9985 | $10211 | $10093 |
| **7/31/17** | $10025 | $10294 | $10118 |
| **8/31/17** | $10054 | $10372 | $10140 |
| **9/30/17** | $10037 | $10320 | $10128 |
| **10/31/17** | $10030 | $10345 | $10129 |
| **11/30/17** | $9977 | $10289 | $10083 |
| **12/31/17** | $9995 | $10397 | $10090 |
| **1/31/18** | $9990 | $10275 | $10118 |
| **2/28/18** | $9974 | $10244 | $10136 |
| **3/31/18** | $9969 | $10282 | $10128 |
| **4/30/18** | $9953 | $10245 | $10119 |
| **5/31/18** | $9984 | $10362 | $10152 |
| **6/30/18** | $10005 | $10371 | $10188 |
| **7/31/18** | $10012 | $10396 | $10209 |
| **8/31/18** | $10010 | $10423 | $10206 |
| **9/30/18** | $9994 | $10356 | $10186 |
| **10/31/18** | $9979 | $10292 | $10195 |
| **11/30/18** | $10014 | $10406 | $10227 |
| **12/31/18** | $10047 | $10530 | $10265 |
| **1/31/19** | $10080 | $10610 | $10297 |
| **2/28/19** | $10103 | $10667 | $10321 |
| **3/31/19** | $10161 | $10835 | $10349 |
| **4/30/19** | $10159 | $10876 | $10357 |
| **5/31/19** | $10217 | $11026 | $10395 |
| **6/30/19** | $10238 | $11067 | $10427 |
| **7/31/19** | $10282 | $11156 | $10462 |
| **8/31/19** | $10316 | $11332 | $10476 |
| **9/30/19** | $10275 | $11241 | $10454 |
| **10/31/19** | $10295 | $11261 | $10484 |
| **11/30/19** | $10303 | $11289 | $10503 |
| **12/31/19** | $10310 | $11324 | $10518 |
| **1/31/20** | $10366 | $11527 | $10555 |
| **2/29/20** | $10384 | $11676 | $10577 |
| **3/31/20** | $10245 | $11252 | $10524 |
| **4/30/20** | $10217 | $11111 | $10548 |
| **5/31/20** | $10357 | $11465 | $10652 |
| **6/30/20** | $10412 | $11559 | $10652 |
| **7/31/20** | $10466 | $11754 | $10679 |
| **8/31/20** | $10457 | $11699 | $10681 |
| **9/30/20** | $10460 | $11701 | $10689 |
| **10/31/20** | $10449 | $11666 | $10680 |
| **11/30/20** | $10487 | $11842 | $10694 |
| **12/31/20** | $10513 | $11914 | $10703 |
| **1/31/21** | $10526 | $11990 | $10721 |
| **2/28/21** | $10480 | $11799 | $10717 |
| **3/31/21** | $10493 | $11872 | $10725 |
| **4/30/21** | $10519 | $11972 | $10732 |
| **5/31/21** | $10520 | $12008 | $10737 |
| **6/30/21** | $10509 | $12040 | $10736 |
| **7/31/21** | $10534 | $12140 | $10750 |
| **8/31/21** | $10522 | $12096 | $10747 |
| **9/30/21** | $10486 | $12009 | $10736 |
| **10/31/21** | $10461 | $11973 | $10734 |
| **11/30/21** | $10474 | $12075 | $10737 |
| **12/31/21** | $10455 | $12095 | $10736 |
| **1/31/22** | $10357 | $11764 | $10665 |
| **2/28/22** | $10323 | $11722 | $10651 |
| **3/31/22** | $10202 | $11342 | $10563 |
| **4/30/22** | $10107 | $11028 | $10520 |
| **5/31/22** | $10159 | $11192 | $10600 |
| **6/30/22** | $10115 | $11008 | $10603 |
| **7/31/22** | $10207 | $11299 | $10661 |
| **8/31/22** | $10117 | $11052 | $10576 |
| **9/30/22** | $9979 | $10627 | $10485 |
| **10/31/22** | $9952 | $10539 | $10499 |
| **11/30/22** | $10099 | $11032 | $10620 |
| **12/31/22** | $10127 | $11064 | $10614 |
| **1/31/23** | $10239 | $11381 | $10704 |
| **2/28/23** | $10143 | $11124 | $10613 |
| **3/31/23** | $10246 | $11371 | $10727 |
| **4/30/23** | $10238 | $11345 | $10696 |
| **5/31/23** | $10206 | $11247 | $10684 |
| **6/30/23** | $10249 | $11359 | $10735 |
| **7/31/23** | $10265 | $11404 | $10758 |
| **8/31/23** | $10258 | $11240 | $10770 |
| **9/30/23** | $10178 | $10911 | $10725 |
| **10/31/23** | $10172 | $10818 | $10755 |
| **11/30/23** | $10382 | $11504 | $10911 |
| **12/31/23** | $10491 | $11772 | $10974 |
| **1/31/24** | $10498 | $11712 | $10971 |
| **2/29/24** | $10506 | $11727 | $10988 |
| **3/31/24** | $10515 | $11726 | $10987 |
| **4/30/24** | $10473 | $11581 | $10988 |
| **5/31/24** | $10471 | $11547 | $11015 |
| **6/30/24** | $10554 | $11724 | $11077 |
| **7/31/24** | $10614 | $11831 | $11150 |
| **8/31/24** | $10688 | $11924 | $11223 |
| **9/30/24** | $10735 | $12042 | $11258 |
| **10/31/24** | $10668 | $11867 | $11230 |
| **11/30/24** | $10740 | $12072 | $11274 |
| **12/31/24** | $10698 | $11896 | $11272 |
| **1/31/25** | $10732 | $11955 | $11331 |
| **2/28/25** | $10792 | $12074 | $11378 |
| **3/31/25** | $10760 | $11869 | $11390 |
| **4/30/25** | $10743 | $11774 | $11370 |
| **5/31/25** | $10791 | $11781 | $11425 |
| **6/30/25** | $10864 | $11855 | $11484 |
| **7/31/25** | $10899 | $11831 | $11542 |
| **8/31/25** | $10960 | $11934 | $11589 |
| **9/30/25** | $11008 | $12210 | $11598 |
| **10/31/25** | $11032 | $12361 | $11591 |
| **11/30/25** | $11054 | $12390 | $11624 |
| **12/31/25** | $11077 | $12401 | $11662 |
| **1/31/26** | $11137 | $12517 | $11728 |
| **2/28/26** | $11185 | $12673 | $11776 |
| **3/31/26** | $11103 | $12379 | $11736 |

---

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) | 3.18% | 1.14% | 1.05% |
| Class C-2 (including sales charge) | 2.18% | 1.14% | 1.05% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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 | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C-2: PCCMX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4839TSRAR_033126

# I-3: PSDUX

# PIMCO Short Duration Municipal Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Short Duration Municipal 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 | $49 | 0.48% |

---

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

* Overweight exposure to the housing sector contributed to relative performance versus the Bloomberg 1-Year Municipal Bond Index ("Index"), as the sector outperformed the broader municipal market. 

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

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

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (7/30/2021), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g79w78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Municipal Bond Index** | **Bloomberg 1-Year Municipal Bond Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1002098 | $1007353 | $1001110 |
| **5/31/16** | $1001711 | $1010078 | $1001615 |
| **6/30/16** | $1004938 | $1026147 | $1003352 |
| **7/31/16** | $1005773 | $1026773 | $1005108 |
| **8/31/16** | $1006604 | $1028159 | $1003596 |
| **9/30/16** | $1003989 | $1023027 | $1001455 |
| **10/31/16** | $1002425 | $1012295 | $1002162 |
| **11/30/16** | $990300 | $974540 | $997808 |
| **12/31/16** | $991396 | $985982 | $999774 |
| **1/31/17** | $996003 | $992482 | $1003413 |
| **2/28/17** | $1001932 | $999374 | $1006710 |
| **3/31/17** | $1003175 | $1001543 | $1006697 |
| **4/30/17** | $1005479 | $1008810 | $1008301 |
| **5/31/17** | $1010212 | $1024821 | $1010185 |
| **6/30/17** | $1007884 | $1021145 | $1009327 |
| **7/31/17** | $1012577 | $1029407 | $1011752 |
| **8/31/17** | $1016173 | $1037241 | $1014029 |
| **9/30/17** | $1015025 | $1031967 | $1012820 |
| **10/31/17** | $1014958 | $1034486 | $1012919 |
| **11/30/17** | $1010204 | $1028947 | $1008350 |
| **12/31/17** | $1012756 | $1039702 | $1009016 |
| **1/31/18** | $1012847 | $1027461 | $1011826 |
| **2/28/18** | $1011826 | $1024391 | $1013561 |
| **3/31/18** | $1011993 | $1028172 | $1012809 |
| **4/30/18** | $1010946 | $1024503 | $1011889 |
| **5/31/18** | $1014732 | $1036235 | $1015228 |
| **6/30/18** | $1017496 | $1037119 | $1018800 |
| **7/31/18** | $1018898 | $1039636 | $1020920 |
| **8/31/18** | $1019353 | $1042306 | $1020552 |
| **9/30/18** | $1018312 | $1035558 | $1018596 |
| **10/31/18** | $1017458 | $1029181 | $1019494 |
| **11/30/18** | $1021657 | $1040572 | $1022697 |
| **12/31/18** | $1025676 | $1053031 | $1026541 |
| **1/31/19** | $1029664 | $1060991 | $1029733 |
| **2/28/19** | $1032624 | $1066672 | $1032069 |
| **3/31/19** | $1039176 | $1083534 | $1034892 |
| **4/30/19** | $1039614 | $1087606 | $1035655 |
| **5/31/19** | $1046241 | $1102600 | $1039511 |
| **6/30/19** | $1048984 | $1106671 | $1042725 |
| **7/31/19** | $1054243 | $1115590 | $1046161 |
| **8/31/19** | $1058340 | $1133187 | $1047637 |
| **9/30/19** | $1054774 | $1124103 | $1045440 |
| **10/31/19** | $1057495 | $1126118 | $1048447 |
| **11/30/19** | $1059006 | $1128934 | $1050267 |
| **12/31/19** | $1060431 | $1132381 | $1051820 |
| **1/31/20** | $1066802 | $1152726 | $1055526 |
| **2/29/20** | $1069349 | $1167591 | $1057665 |
| **3/31/20** | $1055698 | $1125239 | $1052397 |
| **4/30/20** | $1053409 | $1111117 | $1054823 |
| **5/31/20** | $1068540 | $1146463 | $1065248 |
| **6/30/20** | $1074869 | $1155899 | $1065236 |
| **7/31/20** | $1081162 | $1175367 | $1067906 |
| **8/31/20** | $1080885 | $1169852 | $1068080 |
| **9/30/20** | $1081868 | $1170100 | $1068879 |
| **10/31/20** | $1081456 | $1166585 | $1068019 |
| **11/30/20** | $1086055 | $1184190 | $1069356 |
| **12/31/20** | $1089472 | $1191404 | $1070310 |
| **1/31/21** | $1091446 | $1198996 | $1072078 |
| **2/28/21** | $1087312 | $1179946 | $1071725 |
| **3/31/21** | $1089366 | $1187223 | $1072500 |
| **4/30/21** | $1092776 | $1197181 | $1073239 |
| **5/31/21** | $1093477 | $1200752 | $1073668 |
| **6/30/21** | $1093015 | $1204050 | $1073612 |
| **7/31/21** | $1096349 | $1214035 | $1074958 |
| **8/31/21** | $1095737 | $1209580 | $1074737 |
| **9/30/21** | $1092616 | $1200851 | $1073621 |
| **10/31/21** | $1090668 | $1197340 | $1073388 |
| **11/30/21** | $1092607 | $1207533 | $1073699 |
| **12/31/21** | $1091382 | $1209481 | $1073609 |
| **1/31/22** | $1081765 | $1176374 | $1066507 |
| **2/28/22** | $1078810 | $1172159 | $1065138 |
| **3/31/22** | $1066840 | $1134161 | $1056276 |
| **4/30/22** | $1057588 | $1102791 | $1052018 |
| **5/31/22** | $1063697 | $1119173 | $1060029 |
| **6/30/22** | $1059762 | $1100843 | $1060336 |
| **7/31/22** | $1070006 | $1129929 | $1066057 |
| **8/31/22** | $1061215 | $1105165 | $1057618 |
| **9/30/22** | $1047420 | $1062748 | $1048512 |
| **10/31/22** | $1045222 | $1053910 | $1049865 |
| **11/30/22** | $1061367 | $1103205 | $1061967 |
| **12/31/22** | $1064995 | $1106363 | $1061441 |
| **1/31/23** | $1077334 | $1138143 | $1070350 |
| **2/28/23** | $1067914 | $1112408 | $1061303 |
| **3/31/23** | $1079480 | $1137089 | $1072697 |
| **4/30/23** | $1079197 | $1134492 | $1069590 |
| **5/31/23** | $1076443 | $1124661 | $1068423 |
| **6/30/23** | $1081799 | $1135927 | $1073510 |
| **7/31/23** | $1084192 | $1140420 | $1075820 |
| **8/31/23** | $1084170 | $1124003 | $1076984 |
| **9/30/23** | $1076376 | $1091060 | $1072542 |
| **10/31/23** | $1076388 | $1081775 | $1075496 |
| **11/30/23** | $1099228 | $1150447 | $1091075 |
| **12/31/23** | $1111552 | $1177186 | $1097449 |
| **1/31/24** | $1112926 | $1171174 | $1097088 |
| **2/29/24** | $1114508 | $1172678 | $1098780 |
| **3/31/24** | $1116143 | $1172641 | $1098703 |
| **4/30/24** | $1112394 | $1158118 | $1098838 |
| **5/31/24** | $1112844 | $1154721 | $1101496 |
| **6/30/24** | $1122366 | $1172420 | $1107723 |
| **7/31/24** | $1129421 | $1183106 | $1115008 |
| **8/31/24** | $1138130 | $1192437 | $1122317 |
| **9/30/24** | $1143783 | $1204223 | $1125845 |
| **10/31/24** | $1137299 | $1186664 | $1123031 |
| **11/30/24** | $1145802 | $1207162 | $1127445 |
| **12/31/24** | $1141932 | $1189588 | $1127177 |
| **1/31/25** | $1146304 | $1195550 | $1133088 |
| **2/28/25** | $1153406 | $1207404 | $1137844 |
| **3/31/25** | $1150693 | $1186941 | $1139038 |
| **4/30/25** | $1149598 | $1177379 | $1137045 |
| **5/31/25** | $1155424 | $1178135 | $1142475 |
| **6/30/25** | $1163955 | $1185469 | $1148388 |
| **7/31/25** | $1168404 | $1183075 | $1154223 |
| **8/31/25** | $1175810 | $1193358 | $1158898 |
| **9/30/25** | $1181672 | $1220994 | $1159792 |
| **10/31/25** | $1185029 | $1236137 | $1159146 |
| **11/30/25** | $1187992 | $1238973 | $1162437 |
| **12/31/25** | $1191248 | $1240088 | $1166237 |
| **1/31/26** | $1198503 | $1251726 | $1172752 |
| **2/28/26** | $1204374 | $1267326 | $1177553 |
| **3/31/26** | $1196252 | $1237891 | $1173646 |

---

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 | 3.96% | 1.89% | 1.81% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-Year Municipal Bond Index | 3.04% | 1.82% | 1.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $595617 |
| # of Portfolio Holdings | 230 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $904 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 15.9% |
| Local or Guaranteed Housing | 13.8% |
| Electric Power & Light Revenue | 7.7% |
| Sovereign | 6.8% |
| College & University Revenue | 5.7% |
| Industrial Revenue | 5.2% |
| Ad Valorem Property Tax | 4.8% |
| Natural Gas Revenue | 4.7% |
| Resource Recovery Revenue | 4.1% |
| Port, Airport & Marina Revenue | 3.7% |
| Highway Revenue Tolls | 2.4% |
| Other Investments | 13.7% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments FR_72201W154 | 8.8% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-3: PSDUX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2235TSRAR_033126

# Institutional Class: GCMFX

# PIMCO California Municipal Opportunistic Value Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO California Municipal Opportunistic Value 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 | $61 | 0.60% |

---

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

* Security selection within the special tax sector contributed to relative performance versus the Bloomberg California Municipal Bond Index ("Index"), as the Fund's holdings outperformed the broader municipal market.

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

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

* Security selection within the education sector detracted from relative performance versus the Index, as the Fund's holdings underperformed the broader municipal market.

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

## 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 Municipal Bond Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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 $250,000 Investment
![Growth of 10K Chart](g119941g21m86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg California Municipal Bond Index** |
| **3/31/16** | $250000 | $250000 | $250000 |
| **4/30/16** | $250870 | $251838 | $251887 |
| **5/31/16** | $251518 | $252519 | $252614 |
| **6/30/16** | $253370 | $256537 | $256617 |
| **7/31/16** | $253258 | $256693 | $256728 |
| **8/31/16** | $254114 | $257040 | $257158 |
| **9/30/16** | $253223 | $255757 | $255588 |
| **10/31/16** | $252608 | $253074 | $252609 |
| **11/30/16** | $247764 | $243635 | $242870 |
| **12/31/16** | $248575 | $246495 | $245727 |
| **1/31/17** | $249237 | $248120 | $247651 |
| **2/28/17** | $250096 | $249843 | $249094 |
| **3/31/17** | $250521 | $250386 | $249579 |
| **4/30/17** | $251433 | $252203 | $251329 |
| **5/31/17** | $253623 | $256205 | $255521 |
| **6/30/17** | $253775 | $255286 | $254669 |
| **7/31/17** | $254943 | $257352 | $256910 |
| **8/31/17** | $256124 | $259310 | $258492 |
| **9/30/17** | $256029 | $257992 | $257285 |
| **10/31/17** | $256219 | $258622 | $258120 |
| **11/30/17** | $255375 | $257237 | $256737 |
| **12/31/17** | $257167 | $259925 | $259549 |
| **1/31/18** | $256852 | $256865 | $256444 |
| **2/28/18** | $256728 | $256098 | $255616 |
| **3/31/18** | $256710 | $257043 | $256765 |
| **4/30/18** | $256429 | $256126 | $255726 |
| **5/31/18** | $258489 | $259059 | $259171 |
| **6/30/18** | $258980 | $259280 | $259253 |
| **7/31/18** | $259500 | $259909 | $259867 |
| **8/31/18** | $260039 | $260576 | $260675 |
| **9/30/18** | $259009 | $258889 | $258678 |
| **10/31/18** | $258282 | $257295 | $256899 |
| **11/30/18** | $259893 | $260143 | $259573 |
| **12/31/18** | $261863 | $263258 | $262432 |
| **1/31/19** | $263263 | $265248 | $264144 |
| **2/28/19** | $264064 | $266668 | $265453 |
| **3/31/19** | $266778 | $270883 | $269816 |
| **4/30/19** | $267637 | $271901 | $270993 |
| **5/31/19** | $270087 | $275650 | $274969 |
| **6/30/19** | $270909 | $276668 | $275908 |
| **7/31/19** | $272286 | $278898 | $278213 |
| **8/31/19** | $274473 | $283297 | $282722 |
| **9/30/19** | $273138 | $281026 | $280620 |
| **10/31/19** | $273682 | $281529 | $281114 |
| **11/30/19** | $274282 | $282234 | $281751 |
| **12/31/19** | $275106 | $283095 | $282562 |
| **1/31/20** | $277554 | $288181 | $287623 |
| **2/29/20** | $279449 | $291898 | $291347 |
| **3/31/20** | $274070 | $281310 | $281174 |
| **4/30/20** | $273005 | $277779 | $278164 |
| **5/31/20** | $277098 | $286616 | $287586 |
| **6/30/20** | $277409 | $288975 | $289239 |
| **7/31/20** | $279388 | $293842 | $294209 |
| **8/31/20** | $279132 | $292463 | $292256 |
| **9/30/20** | $279220 | $292525 | $292174 |
| **10/31/20** | $279805 | $291646 | $291370 |
| **11/30/20** | $281972 | $296048 | $295866 |
| **12/31/20** | $282454 | $297851 | $297102 |
| **1/31/21** | $283465 | $299749 | $298518 |
| **2/28/21** | $282647 | $294986 | $293097 |
| **3/31/21** | $283991 | $296806 | $295115 |
| **4/30/21** | $285390 | $299295 | $297464 |
| **5/31/21** | $286152 | $300188 | $298279 |
| **6/30/21** | $286404 | $301012 | $299057 |
| **7/31/21** | $287221 | $303509 | $301546 |
| **8/31/21** | $286871 | $302395 | $300527 |
| **9/30/21** | $286538 | $300213 | $298310 |
| **10/31/21** | $286848 | $299335 | $297466 |
| **11/30/21** | $287346 | $301883 | $300127 |
| **12/31/21** | $287392 | $302370 | $300715 |
| **1/31/22** | $283922 | $294093 | $291798 |
| **2/28/22** | $283342 | $293040 | $290916 |
| **3/31/22** | $280171 | $283540 | $281235 |
| **4/30/22** | $276761 | $275698 | $273081 |
| **5/31/22** | $279527 | $279793 | $277689 |
| **6/30/22** | $277547 | $275211 | $273383 |
| **7/31/22** | $281816 | $282482 | $281093 |
| **8/31/22** | $277865 | $276291 | $275076 |
| **9/30/22** | $271399 | $265687 | $264908 |
| **10/31/22** | $269711 | $263477 | $263182 |
| **11/30/22** | $278995 | $275801 | $275276 |
| **12/31/22** | $279208 | $276591 | $276161 |
| **1/31/23** | $285042 | $284536 | $283618 |
| **2/28/23** | $280853 | $278102 | $277170 |
| **3/31/23** | $285099 | $284272 | $283211 |
| **4/30/23** | $285197 | $283623 | $282497 |
| **5/31/23** | $284182 | $281165 | $280135 |
| **6/30/23** | $286145 | $283982 | $282911 |
| **7/31/23** | $286836 | $285105 | $284055 |
| **8/31/23** | $284382 | $281001 | $280774 |
| **9/30/23** | $278714 | $272765 | $272710 |
| **10/31/23** | $275332 | $270444 | $270348 |
| **11/30/23** | $289147 | $287612 | $286874 |
| **12/31/23** | $295291 | $294296 | $293348 |
| **1/31/24** | $295169 | $292793 | $292155 |
| **2/29/24** | $295687 | $293169 | $292482 |
| **3/31/24** | $295585 | $293160 | $292119 |
| **4/30/24** | $293401 | $289529 | $288384 |
| **5/31/24** | $293955 | $288680 | $287504 |
| **6/30/24** | $297447 | $293105 | $291539 |
| **7/31/24** | $299762 | $295777 | $294135 |
| **8/31/24** | $301252 | $298109 | $296594 |
| **9/30/24** | $304186 | $301056 | $299616 |
| **10/31/24** | $300763 | $296666 | $295533 |
| **11/30/24** | $305004 | $301791 | $300218 |
| **12/31/24** | $301855 | $297397 | $296348 |
| **1/31/25** | $301492 | $298887 | $296759 |
| **2/28/25** | $304194 | $301851 | $300052 |
| **3/31/25** | $300347 | $296735 | $294932 |
| **4/30/25** | $298408 | $294345 | $291845 |
| **5/31/25** | $296477 | $294534 | $292418 |
| **6/30/25** | $297631 | $296367 | $294534 |
| **7/31/25** | $295674 | $295769 | $294223 |
| **8/31/25** | $297515 | $298339 | $297171 |
| **9/30/25** | $305289 | $305248 | $303801 |
| **10/31/25** | $309057 | $309034 | $307491 |
| **11/30/25** | $310190 | $309743 | $308374 |
| **12/31/25** | $310136 | $310022 | $308520 |
| **1/31/26** | $311014 | $312932 | $311550 |
| **2/28/26** | $315099 | $316832 | $314994 |
| **3/31/26** | $310197 | $309473 | $307541 |

---

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 | 3.28% | 1.78% | 2.18% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg California Municipal Bond Index | 4.28% | 0.83% | 2.09% |

---

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 | $198681 |
| # of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 11% |
| Total Net Advisory Fees Paid During the Reporting Period | $803 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 38.3% |
| Lease (Abatement) | 16.2% |
| Port, Airport & Marina Revenue | 12.9% |
| Local or Guaranteed Housing | 7.2% |
| Health, Hospital & Nursing Home Revenue | 6.4% |
| Electric Power & Light Revenue | 2.9% |
| Lease (Appropriation) | 2.8% |
| Water Revenue | 2.3% |
| Lease (Non-Terminable) | 1.6% |
| College & University Revenue | 1.4% |
| Highway Revenue Tolls | 1.3% |
| Other Investments | 3.7% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments FR_72201W154 | 2.8% |
| 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](g119941g89g22.jpg)

# Institutional Class: GCMFX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2208TSRAR_033126

# Institutional Class: GNMFX

# PIMCO National Municipal Opportunistic Value Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO National Municipal Opportunistic Value 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 | $61 | 0.60% |

---

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

* Underweight exposure to the pre-refunded segment contributed to relative performance versus the Bloomberg Municipal Bond Index ("Index"), as the segment underperformed the broader municipal market.

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

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

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

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

* Overweight exposure to the healthcare sector detracted from relative performance versus the Index, as the sector underperformed the broader municipal market.

## 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 $250,000 Investment
![Growth of 10K Chart](g119941g12q50.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** |
| **3/31/16** | $250000 | $250000 |
| **4/30/16** | $250856 | $251838 |
| **5/31/16** | $251729 | $252519 |
| **6/30/16** | $253315 | $256537 |
| **7/31/16** | $253438 | $256693 |
| **8/31/16** | $254284 | $257040 |
| **9/30/16** | $253622 | $255757 |
| **10/31/16** | $253025 | $253074 |
| **11/30/16** | $249105 | $243635 |
| **12/31/16** | $250416 | $246495 |
| **1/31/17** | $250836 | $248120 |
| **2/28/17** | $251944 | $249843 |
| **3/31/17** | $252381 | $250386 |
| **4/30/17** | $253328 | $252203 |
| **5/31/17** | $255814 | $256205 |
| **6/30/17** | $256004 | $255286 |
| **7/31/17** | $256719 | $257352 |
| **8/31/17** | $257933 | $259310 |
| **9/30/17** | $257794 | $257992 |
| **10/31/17** | $258013 | $258622 |
| **11/30/17** | $257688 | $257237 |
| **12/31/17** | $259512 | $259925 |
| **1/31/18** | $258973 | $256865 |
| **2/28/18** | $258879 | $256098 |
| **3/31/18** | $259122 | $257043 |
| **4/30/18** | $258824 | $256126 |
| **5/31/18** | $260639 | $259059 |
| **6/30/18** | $261120 | $259280 |
| **7/31/18** | $261656 | $259909 |
| **8/31/18** | $261953 | $260576 |
| **9/30/18** | $261157 | $258889 |
| **10/31/18** | $260419 | $257295 |
| **11/30/18** | $262587 | $260143 |
| **12/31/18** | $264924 | $263258 |
| **1/31/19** | $266608 | $265248 |
| **2/28/19** | $267679 | $266668 |
| **3/31/19** | $271488 | $270883 |
| **4/30/19** | $272362 | $271901 |
| **5/31/19** | $275898 | $275650 |
| **6/30/19** | $276735 | $276668 |
| **7/31/19** | $278400 | $278898 |
| **8/31/19** | $281975 | $283297 |
| **9/30/19** | $280398 | $281026 |
| **10/31/19** | $280721 | $281529 |
| **11/30/19** | $281069 | $282234 |
| **12/31/19** | $281923 | $283095 |
| **1/31/20** | $285505 | $288181 |
| **2/29/20** | $288249 | $291898 |
| **3/31/20** | $282026 | $281310 |
| **4/30/20** | $277719 | $277779 |
| **5/31/20** | $283427 | $286616 |
| **6/30/20** | $285047 | $288975 |
| **7/31/20** | $287748 | $293842 |
| **8/31/20** | $287368 | $292463 |
| **9/30/20** | $287582 | $292525 |
| **10/31/20** | $287517 | $291646 |
| **11/30/20** | $289608 | $296048 |
| **12/31/20** | $290821 | $297851 |
| **1/31/21** | $292030 | $299749 |
| **2/28/21** | $290032 | $294986 |
| **3/31/21** | $291091 | $296806 |
| **4/30/21** | $292787 | $299295 |
| **5/31/21** | $293574 | $300188 |
| **6/30/21** | $294135 | $301012 |
| **7/31/21** | $295262 | $303509 |
| **8/31/21** | $294957 | $302395 |
| **9/30/21** | $294119 | $300213 |
| **10/31/21** | $294113 | $299335 |
| **11/30/21** | $294940 | $301883 |
| **12/31/21** | $294952 | $302370 |
| **1/31/22** | $290382 | $294093 |
| **2/28/22** | $289561 | $293040 |
| **3/31/22** | $284750 | $283540 |
| **4/30/22** | $280521 | $275698 |
| **5/31/22** | $283569 | $279793 |
| **6/30/22** | $279934 | $275211 |
| **7/31/22** | $285735 | $282482 |
| **8/31/22** | $280966 | $276291 |
| **9/30/22** | $273661 | $265687 |
| **10/31/22** | $272001 | $263477 |
| **11/30/22** | $281360 | $275801 |
| **12/31/22** | $281541 | $276591 |
| **1/31/23** | $287435 | $284536 |
| **2/28/23** | $282961 | $278102 |
| **3/31/23** | $287254 | $284272 |
| **4/30/23** | $287387 | $283623 |
| **5/31/23** | $286105 | $281165 |
| **6/30/23** | $288114 | $283982 |
| **7/31/23** | $288550 | $285105 |
| **8/31/23** | $285793 | $281001 |
| **9/30/23** | $279801 | $272765 |
| **10/31/23** | $276406 | $270444 |
| **11/30/23** | $290939 | $287612 |
| **12/31/23** | $296868 | $294296 |
| **1/31/24** | $296475 | $292793 |
| **2/29/24** | $297324 | $293169 |
| **3/31/24** | $297265 | $293160 |
| **4/30/24** | $294809 | $289529 |
| **5/31/24** | $295727 | $288680 |
| **6/30/24** | $299270 | $293105 |
| **7/31/24** | $301664 | $295777 |
| **8/31/24** | $303200 | $298109 |
| **9/30/24** | $305865 | $301056 |
| **10/31/24** | $302742 | $296666 |
| **11/30/24** | $307354 | $301791 |
| **12/31/24** | $303903 | $297397 |
| **1/31/25** | $303583 | $298887 |
| **2/28/25** | $306362 | $301851 |
| **3/31/25** | $302523 | $296735 |
| **4/30/25** | $301238 | $294345 |
| **5/31/25** | $299354 | $294534 |
| **6/30/25** | $300560 | $296367 |
| **7/31/25** | $298646 | $295769 |
| **8/31/25** | $301514 | $298339 |
| **9/30/25** | $309093 | $305248 |
| **10/31/25** | $312652 | $309034 |
| **11/30/25** | $313863 | $309743 |
| **12/31/25** | $313250 | $310022 |
| **1/31/26** | $314216 | $312932 |
| **2/28/26** | $318423 | $316832 |
| **3/31/26** | $313876 | $309473 |

---

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 | 3.75% | 1.52% | 2.30% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |

---

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 | $203336 |
| # of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 6% |
| Total Net Advisory Fees Paid During the Reporting Period | $861 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Ad Valorem Property Tax | 26.0% |
| Health, Hospital & Nursing Home Revenue | 11.3% |
| Lease (Appropriation) | 10.9% |
| Port, Airport & Marina Revenue | 9.9% |
| Local or Guaranteed Housing | 8.8% |
| Sales Tax Revenue | 4.8% |
| College & University Revenue | 3.9% |
| Natural Gas Revenue | 3.2% |
| Water Revenue | 3.0% |
| Miscellaneous Taxes | 2.5% |
| Highway Revenue Tolls | 2.5% |
| Appropriations | 2.4% |
| Other Investments | 9.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments FR_72201W154 | 1.2% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: GNMFX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2210TSRAR_033126

# Class A: PAEMX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets 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 | $143 | 1.36% |

---

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

* Security selection within Ukrainian sovereign debt contributed to relative performance against the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price depreciated in select holdings in which the fund had no exposure.

* Long exposure to the Nigerian naira contributed to relative performance versus the Index, as the currency had positive carry. 

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

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select off-benchmark holdings depreciated. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance versus the Index, as spreads widened.

## 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](g119941g06g51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/16** | $9625 | $10000 | $10000 |
| **4/30/16** | $9885 | $10017 | $10191 |
| **5/31/16** | $9847 | $10059 | $10161 |
| **6/30/16** | $10263 | $10251 | $10540 |
| **7/31/16** | $10468 | $10312 | $10704 |
| **8/31/16** | $10674 | $10307 | $10897 |
| **9/30/16** | $10725 | $10306 | $10934 |
| **10/31/16** | $10659 | $10206 | $10773 |
| **11/30/16** | $10227 | $10037 | $10325 |
| **12/31/16** | $10442 | $10065 | $10473 |
| **1/31/17** | $10591 | $10028 | $10624 |
| **2/28/17** | $10834 | $10114 | $10844 |
| **3/31/17** | $10911 | $10109 | $10882 |
| **4/30/17** | $11088 | $10178 | $11059 |
| **5/31/17** | $11173 | $10237 | $11151 |
| **6/30/17** | $11115 | $10208 | $11122 |
| **7/31/17** | $11229 | $10242 | $11195 |
| **8/31/17** | $11411 | $10335 | $11389 |
| **9/30/17** | $11436 | $10288 | $11387 |
| **10/31/17** | $11479 | $10331 | $11408 |
| **11/30/17** | $11427 | $10347 | $11377 |
| **12/31/17** | $11504 | $10370 | $11449 |
| **1/31/18** | $11529 | $10296 | $11427 |
| **2/28/18** | $11335 | $10273 | $11203 |
| **3/31/18** | $11358 | $10358 | $11245 |
| **4/30/18** | $11226 | $10320 | $11080 |
| **5/31/18** | $11084 | $10358 | $10960 |
| **6/30/18** | $10965 | $10377 | $10850 |
| **7/31/18** | $11176 | $10380 | $11074 |
| **8/31/18** | $10919 | $10412 | $10861 |
| **9/30/18** | $11143 | $10372 | $11053 |
| **10/31/18** | $10892 | $10352 | $10806 |
| **11/30/18** | $10833 | $10403 | $10764 |
| **12/31/18** | $10983 | $10553 | $10921 |
| **1/31/19** | $11459 | $10665 | $11404 |
| **2/28/19** | $11545 | $10678 | $11475 |
| **3/31/19** | $11688 | $10869 | $11641 |
| **4/30/19** | $11695 | $10875 | $11655 |
| **5/31/19** | $11738 | $11032 | $11722 |
| **6/30/19** | $12133 | $11186 | $12079 |
| **7/31/19** | $12268 | $11274 | $12218 |
| **8/31/19** | $12255 | $11530 | $12285 |
| **9/30/19** | $12225 | $11477 | $12241 |
| **10/31/19** | $12306 | $11457 | $12286 |
| **11/30/19** | $12293 | $11443 | $12266 |
| **12/31/19** | $12571 | $11420 | $12496 |
| **1/31/20** | $12793 | $11626 | $12713 |
| **2/29/20** | $12708 | $11768 | $12610 |
| **3/31/20** | $10929 | $11585 | $11027 |
| **4/30/20** | $11150 | $11773 | $11269 |
| **5/31/20** | $11856 | $11806 | $11916 |
| **6/30/20** | $12213 | $11865 | $12263 |
| **7/31/20** | $12681 | $11995 | $12716 |
| **8/31/20** | $12751 | $11908 | $12754 |
| **9/30/20** | $12519 | $11951 | $12543 |
| **10/31/20** | $12528 | $11952 | $12528 |
| **11/30/20** | $13077 | $12020 | $12997 |
| **12/31/20** | $13342 | $12057 | $13231 |
| **1/31/21** | $13184 | $11993 | $13070 |
| **2/28/21** | $12859 | $11806 | $12735 |
| **3/31/21** | $12695 | $11760 | $12603 |
| **4/30/21** | $13000 | $11790 | $12844 |
| **5/31/21** | $13147 | $11817 | $12983 |
| **6/30/21** | $13238 | $11874 | $13098 |
| **7/31/21** | $13305 | $12022 | $13169 |
| **8/31/21** | $13445 | $11998 | $13290 |
| **9/30/21** | $13160 | $11884 | $13029 |
| **10/31/21** | $13089 | $11853 | $13037 |
| **11/30/21** | $12814 | $11938 | $12848 |
| **12/31/21** | $13025 | $11890 | $13031 |
| **1/31/22** | $12666 | $11703 | $12654 |
| **2/28/22** | $11966 | $11547 | $11958 |
| **3/31/22** | $11942 | $11298 | $11824 |
| **4/30/22** | $11289 | $10994 | $11176 |
| **5/31/22** | $11315 | $10979 | $11197 |
| **6/30/22** | $10592 | $10813 | $10577 |
| **7/31/22** | $10870 | $11088 | $10916 |
| **8/31/22** | $10745 | $10799 | $10788 |
| **9/30/22** | $10070 | $10452 | $10133 |
| **10/31/22** | $10041 | $10416 | $10141 |
| **11/30/22** | $10824 | $10682 | $10846 |
| **12/31/22** | $10853 | $10556 | $10887 |
| **1/31/23** | $11264 | $10799 | $11225 |
| **2/28/23** | $10986 | $10626 | $10978 |
| **3/31/23** | $11114 | $10862 | $11131 |
| **4/30/23** | $11149 | $10918 | $11188 |
| **5/31/23** | $11007 | $10875 | $11088 |
| **6/30/23** | $11301 | $10869 | $11302 |
| **7/31/23** | $11495 | $10872 | $11483 |
| **8/31/23** | $11339 | $10858 | $11323 |
| **9/30/23** | $11019 | $10671 | $11005 |
| **10/31/23** | $10935 | $10595 | $10845 |
| **11/30/23** | $11548 | $10960 | $11473 |
| **12/31/23** | $12120 | $11310 | $12025 |
| **1/31/24** | $12033 | $11288 | $11883 |
| **2/29/24** | $12122 | $11210 | $11965 |
| **3/31/24** | $12385 | $11311 | $12192 |
| **4/30/24** | $12141 | $11129 | $11948 |
| **5/31/24** | $12368 | $11228 | $12165 |
| **6/30/24** | $12427 | $11325 | $12246 |
| **7/31/24** | $12705 | $11544 | $12469 |
| **8/31/24** | $12961 | $11670 | $12760 |
| **9/30/24** | $13247 | $11806 | $12989 |
| **10/31/24** | $12970 | $11646 | $12756 |
| **11/30/24** | $13168 | $11784 | $12907 |
| **12/31/24** | $13015 | $11694 | $12714 |
| **1/31/25** | $13241 | $11739 | $12870 |
| **2/28/25** | $13491 | $11881 | $13082 |
| **3/31/25** | $13367 | $11831 | $13012 |
| **4/30/25** | $13322 | $11948 | $13001 |
| **5/31/25** | $13444 | $11908 | $13112 |
| **6/30/25** | $13797 | $12022 | $13410 |
| **7/31/25** | $13970 | $12013 | $13568 |
| **8/31/25** | $14218 | $12078 | $13776 |
| **9/30/25** | $14471 | $12167 | $13999 |
| **10/31/25** | $14810 | $12263 | $14307 |
| **11/30/25** | $14891 | $12289 | $14350 |
| **12/31/25** | $14968 | $12263 | $14424 |
| **1/31/26** | $15129 | $12292 | $14504 |
| **2/28/26** | $15318 | $12465 | $14707 |
| **3/31/26** | $14798 | $12244 | $14259 |

---

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) | 10.71% | 3.11% | 4.40% |
| Class A (including sales charge) | 6.56% | 2.33% | 4.00% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 9.59% | 2.50% | 3.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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 | $3067575 |
| # of Portfolio Holdings | 1535 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $11102 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 7.9% |
| United States | 7.4% |
| Colombia | 5.1% |
| Luxembourg | 4.2% |
| Indonesia | 3.9% |
| Argentina | 3.7% |
| South Africa | 3.6% |
| Egypt | 2.8% |
| Dominican Republic | 2.7% |
| Other Countries | 56.6% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.20% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PAEMX
![Image](g119941g89g96.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4001TSRAR_033126

# Class C: PEBCX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets 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 | $221 | 2.11% |

---

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

* Security selection within Ukrainian sovereign debt contributed to relative performance against the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price depreciated in select holdings in which the fund had no exposure.

* Long exposure to the Nigerian naira contributed to relative performance versus the Index, as the currency had positive carry. 

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

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select off-benchmark holdings depreciated. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance versus the Index, as spreads widened.

## 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](g119941g17u59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10263 | $10017 | $10191 |
| **5/31/16** | $10218 | $10059 | $10161 |
| **6/30/16** | $10643 | $10251 | $10540 |
| **7/31/16** | $10849 | $10312 | $10704 |
| **8/31/16** | $11056 | $10307 | $10897 |
| **9/30/16** | $11101 | $10306 | $10934 |
| **10/31/16** | $11026 | $10206 | $10773 |
| **11/30/16** | $10573 | $10037 | $10325 |
| **12/31/16** | $10788 | $10065 | $10473 |
| **1/31/17** | $10935 | $10028 | $10624 |
| **2/28/17** | $11179 | $10114 | $10844 |
| **3/31/17** | $11251 | $10109 | $10882 |
| **4/30/17** | $11427 | $10178 | $11059 |
| **5/31/17** | $11508 | $10237 | $11151 |
| **6/30/17** | $11440 | $10208 | $11122 |
| **7/31/17** | $11551 | $10242 | $11195 |
| **8/31/17** | $11731 | $10335 | $11389 |
| **9/30/17** | $11749 | $10288 | $11387 |
| **10/31/17** | $11786 | $10331 | $11408 |
| **11/30/17** | $11726 | $10347 | $11377 |
| **12/31/17** | $11797 | $10370 | $11449 |
| **1/31/18** | $11815 | $10296 | $11427 |
| **2/28/18** | $11610 | $10273 | $11203 |
| **3/31/18** | $11625 | $10358 | $11245 |
| **4/30/18** | $11483 | $10320 | $11080 |
| **5/31/18** | $11331 | $10358 | $10960 |
| **6/30/18** | $11202 | $10377 | $10850 |
| **7/31/18** | $11411 | $10380 | $11074 |
| **8/31/18** | $11141 | $10412 | $10861 |
| **9/30/18** | $11363 | $10372 | $11053 |
| **10/31/18** | $11100 | $10352 | $10806 |
| **11/30/18** | $11033 | $10403 | $10764 |
| **12/31/18** | $11178 | $10553 | $10921 |
| **1/31/19** | $11656 | $10665 | $11404 |
| **2/28/19** | $11736 | $10678 | $11475 |
| **3/31/19** | $11874 | $10869 | $11641 |
| **4/30/19** | $11874 | $10875 | $11655 |
| **5/31/19** | $11910 | $11032 | $11722 |
| **6/30/19** | $12304 | $11186 | $12079 |
| **7/31/19** | $12432 | $11274 | $12218 |
| **8/31/19** | $12411 | $11530 | $12285 |
| **9/30/19** | $12374 | $11477 | $12241 |
| **10/31/19** | $12448 | $11457 | $12286 |
| **11/30/19** | $12427 | $11443 | $12266 |
| **12/31/19** | $12699 | $11420 | $12496 |
| **1/31/20** | $12916 | $11626 | $12713 |
| **2/29/20** | $12822 | $11768 | $12610 |
| **3/31/20** | $11020 | $11585 | $11027 |
| **4/30/20** | $11237 | $11773 | $11269 |
| **5/31/20** | $11941 | $11806 | $11916 |
| **6/30/20** | $12293 | $11865 | $12263 |
| **7/31/20** | $12755 | $11995 | $12716 |
| **8/31/20** | $12817 | $11908 | $12754 |
| **9/30/20** | $12576 | $11951 | $12543 |
| **10/31/20** | $12577 | $11952 | $12528 |
| **11/30/20** | $13120 | $12020 | $12997 |
| **12/31/20** | $13377 | $12057 | $13231 |
| **1/31/21** | $13211 | $11993 | $13070 |
| **2/28/21** | $12878 | $11806 | $12735 |
| **3/31/21** | $12705 | $11760 | $12603 |
| **4/30/21** | $13002 | $11790 | $12844 |
| **5/31/21** | $13141 | $11817 | $12983 |
| **6/30/21** | $13224 | $11874 | $13098 |
| **7/31/21** | $13282 | $12022 | $13169 |
| **8/31/21** | $13414 | $11998 | $13290 |
| **9/30/21** | $13121 | $11884 | $13029 |
| **10/31/21** | $13042 | $11853 | $13037 |
| **11/30/21** | $12760 | $11938 | $12848 |
| **12/31/21** | $12961 | $11890 | $13031 |
| **1/31/22** | $12597 | $11703 | $12654 |
| **2/28/22** | $11893 | $11547 | $11958 |
| **3/31/22** | $11862 | $11298 | $11824 |
| **4/30/22** | $11206 | $10994 | $11176 |
| **5/31/22** | $11225 | $10979 | $11197 |
| **6/30/22** | $10502 | $10813 | $10577 |
| **7/31/22** | $10770 | $11088 | $10916 |
| **8/31/22** | $10639 | $10799 | $10788 |
| **9/30/22** | $9964 | $10452 | $10133 |
| **10/31/22** | $9930 | $10416 | $10141 |
| **11/30/22** | $10697 | $10682 | $10846 |
| **12/31/22** | $10718 | $10556 | $10887 |
| **1/31/23** | $11118 | $10799 | $11225 |
| **2/28/23** | $10837 | $10626 | $10978 |
| **3/31/23** | $10956 | $10862 | $11131 |
| **4/30/23** | $10984 | $10918 | $11188 |
| **5/31/23** | $10838 | $10875 | $11088 |
| **6/30/23** | $11120 | $10869 | $11302 |
| **7/31/23** | $11304 | $10872 | $11483 |
| **8/31/23** | $11143 | $10858 | $11323 |
| **9/30/23** | $10822 | $10671 | $11005 |
| **10/31/23** | $10734 | $10595 | $10845 |
| **11/30/23** | $11328 | $10960 | $11473 |
| **12/31/23** | $11882 | $11310 | $12025 |
| **1/31/24** | $11789 | $11288 | $11883 |
| **2/29/24** | $11869 | $11210 | $11965 |
| **3/31/24** | $12120 | $11311 | $12192 |
| **4/30/24** | $11873 | $11129 | $11948 |
| **5/31/24** | $12087 | $11228 | $12165 |
| **6/30/24** | $12137 | $11325 | $12246 |
| **7/31/24** | $12401 | $11544 | $12469 |
| **8/31/24** | $12643 | $11670 | $12760 |
| **9/30/24** | $12914 | $11806 | $12989 |
| **10/31/24** | $12636 | $11646 | $12756 |
| **11/30/24** | $12821 | $11784 | $12907 |
| **12/31/24** | $12664 | $11694 | $12714 |
| **1/31/25** | $12876 | $11739 | $12870 |
| **2/28/25** | $13112 | $11881 | $13082 |
| **3/31/25** | $12983 | $11831 | $13012 |
| **4/30/25** | $12932 | $11948 | $13001 |
| **5/31/25** | $13041 | $11908 | $13112 |
| **6/30/25** | $13376 | $12022 | $13410 |
| **7/31/25** | $13535 | $12013 | $13568 |
| **8/31/25** | $13767 | $12078 | $13776 |
| **9/30/25** | $14003 | $12167 | $13999 |
| **10/31/25** | $14322 | $12263 | $14307 |
| **11/30/25** | $14392 | $12289 | $14350 |
| **12/31/25** | $14457 | $12263 | $14424 |
| **1/31/26** | $14603 | $12292 | $14504 |
| **2/28/26** | $14777 | $12465 | $14707 |
| **3/31/26** | $14267 | $12244 | $14259 |

---

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) | 9.89% | 2.35% | 3.62% |
| Class C (including sales charge) | 8.89% | 2.35% | 3.62% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 9.59% | 2.50% | 3.61% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. 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 | $3067575 |
| # of Portfolio Holdings | 1535 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $11102 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 7.9% |
| United States | 7.4% |
| Colombia | 5.1% |
| Luxembourg | 4.2% |
| Indonesia | 3.9% |
| Argentina | 3.7% |
| South Africa | 3.6% |
| Egypt | 2.8% |
| Dominican Republic | 2.7% |
| Other Countries | 56.6% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.20% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PEBCX
![Image](g119941g89g96.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4201TSRAR_033126

# Institutional Class: PEBIX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets 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 | $104 | 0.99% |

---

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

* Security selection within Ukrainian sovereign debt contributed to relative performance against the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price depreciated in select holdings in which the fund had no exposure.

* Long exposure to the Nigerian naira contributed to relative performance versus the Index, as the currency had positive carry. 

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

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select off-benchmark holdings depreciated. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance versus the Index, as spreads widened.

## 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](g119941g44c93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027279 | $1001698 | $1019142 |
| **5/31/16** | $1023743 | $1005932 | $1016103 |
| **6/30/16** | $1067229 | $1025081 | $1054016 |
| **7/31/16** | $1088952 | $1031206 | $1070411 |
| **8/31/16** | $1110731 | $1030680 | $1089660 |
| **9/30/16** | $1116342 | $1030557 | $1093354 |
| **10/31/16** | $1109852 | $1020565 | $1077344 |
| **11/30/16** | $1065195 | $1003709 | $1032465 |
| **12/31/16** | $1087959 | $1006459 | $1047307 |
| **1/31/17** | $1103727 | $1002793 | $1062351 |
| **2/28/17** | $1129361 | $1011378 | $1084404 |
| **3/31/17** | $1137768 | $1010911 | $1088168 |
| **4/30/17** | $1156566 | $1017767 | $1105917 |
| **5/31/17** | $1165854 | $1023707 | $1115090 |
| **6/30/17** | $1160136 | $1020842 | $1112230 |
| **7/31/17** | $1172410 | $1024198 | $1119547 |
| **8/31/17** | $1191784 | $1033532 | $1138885 |
| **9/30/17** | $1194751 | $1028761 | $1138734 |
| **10/31/17** | $1199622 | $1033100 | $1140775 |
| **11/30/17** | $1194546 | $1034700 | $1137736 |
| **12/31/17** | $1203022 | $1037013 | $1144911 |
| **1/31/18** | $1205917 | $1029610 | $1142664 |
| **2/28/18** | $1186002 | $1027288 | $1120277 |
| **3/31/18** | $1188788 | $1035806 | $1124493 |
| **4/30/18** | $1175321 | $1031952 | $1108049 |
| **5/31/18** | $1160838 | $1035807 | $1096038 |
| **6/30/18** | $1148727 | $1037738 | $1085027 |
| **7/31/18** | $1171221 | $1038022 | $1107384 |
| **8/31/18** | $1144658 | $1041212 | $1086094 |
| **9/30/18** | $1168423 | $1037229 | $1105294 |
| **10/31/18** | $1142479 | $1035202 | $1080638 |
| **11/30/18** | $1136700 | $1040267 | $1076395 |
| **12/31/18** | $1152768 | $1055294 | $1092122 |
| **1/31/19** | $1203102 | $1066471 | $1140377 |
| **2/28/19** | $1212394 | $1067753 | $1147467 |
| **3/31/19** | $1227787 | $1086877 | $1164131 |
| **4/30/19** | $1228930 | $1087524 | $1165529 |
| **5/31/19** | $1233854 | $1103173 | $1172207 |
| **6/30/19** | $1275780 | $1118641 | $1207896 |
| **7/31/19** | $1290294 | $1127444 | $1221787 |
| **8/31/19** | $1289395 | $1153012 | $1228482 |
| **9/30/19** | $1286648 | $1147669 | $1224056 |
| **10/31/19** | $1295561 | $1145688 | $1228596 |
| **11/30/19** | $1294571 | $1144344 | $1226578 |
| **12/31/19** | $1324205 | $1141998 | $1249596 |
| **1/31/20** | $1348108 | $1162607 | $1271343 |
| **2/29/20** | $1339479 | $1176836 | $1261004 |
| **3/31/20** | $1152317 | $1158521 | $1102697 |
| **4/30/20** | $1176043 | $1177276 | $1126948 |
| **5/31/20** | $1250882 | $1180613 | $1191581 |
| **6/30/20** | $1288934 | $1186505 | $1226279 |
| **7/31/20** | $1338691 | $1199470 | $1271595 |
| **8/31/20** | $1346470 | $1190779 | $1275372 |
| **9/30/20** | $1322416 | $1195129 | $1254267 |
| **10/31/20** | $1323782 | $1195216 | $1252766 |
| **11/30/20** | $1382188 | $1202035 | $1299739 |
| **12/31/20** | $1410717 | $1205728 | $1323064 |
| **1/31/21** | $1394410 | $1199261 | $1307014 |
| **2/28/21** | $1360396 | $1180606 | $1273504 |
| **3/31/21** | $1343460 | $1175955 | $1260288 |
| **4/30/21** | $1376177 | $1179029 | $1284390 |
| **5/31/21** | $1392172 | $1181661 | $1298300 |
| **6/30/21** | $1402216 | $1187424 | $1309849 |
| **7/31/21** | $1409760 | $1202182 | $1316947 |
| **8/31/21** | $1425093 | $1199773 | $1328952 |
| **9/30/21** | $1395260 | $1188446 | $1302882 |
| **10/31/21** | $1388224 | $1185338 | $1303661 |
| **11/30/21** | $1359404 | $1193793 | $1284763 |
| **12/31/21** | $1382271 | $1188952 | $1303082 |
| **1/31/22** | $1344616 | $1170272 | $1265434 |
| **2/28/22** | $1270617 | $1154705 | $1195775 |
| **3/31/22** | $1268539 | $1129814 | $1182429 |
| **4/30/22** | $1199506 | $1099449 | $1117628 |
| **5/31/22** | $1202610 | $1097936 | $1119741 |
| **6/30/22** | $1126202 | $1081273 | $1057736 |
| **7/31/22** | $1156010 | $1108814 | $1091552 |
| **8/31/22** | $1143106 | $1079868 | $1078796 |
| **9/30/22** | $1071639 | $1045202 | $1013291 |
| **10/31/22** | $1068945 | $1041624 | $1014085 |
| **11/30/22** | $1152557 | $1068168 | $1084561 |
| **12/31/22** | $1156046 | $1055562 | $1088684 |
| **1/31/23** | $1200188 | $1079874 | $1122522 |
| **2/28/23** | $1170870 | $1062650 | $1097775 |
| **3/31/23** | $1184950 | $1086213 | $1113138 |
| **4/30/23** | $1188969 | $1091806 | $1118754 |
| **5/31/23** | $1174295 | $1087507 | $1108807 |
| **6/30/23** | $1206028 | $1086858 | $1130172 |
| **7/31/23** | $1227063 | $1087210 | $1148350 |
| **8/31/23** | $1210723 | $1085844 | $1132321 |
| **9/30/23** | $1176972 | $1067119 | $1100497 |
| **10/31/23** | $1168372 | $1059542 | $1084495 |
| **11/30/23** | $1234188 | $1095972 | $1147323 |
| **12/31/23** | $1295763 | $1130998 | $1202455 |
| **1/31/24** | $1286787 | $1128781 | $1188292 |
| **2/29/24** | $1296718 | $1121036 | $1196462 |
| **3/31/24** | $1325296 | $1131144 | $1219237 |
| **4/30/24** | $1299531 | $1112932 | $1194751 |
| **5/31/24** | $1324330 | $1122780 | $1216524 |
| **6/30/24** | $1330954 | $1132522 | $1224576 |
| **7/31/24** | $1361144 | $1154402 | $1246901 |
| **8/31/24** | $1389079 | $1167045 | $1275995 |
| **9/30/24** | $1420125 | $1180588 | $1298861 |
| **10/31/24** | $1390847 | $1164612 | $1275552 |
| **11/30/24** | $1412564 | $1178445 | $1290694 |
| **12/31/24** | $1396574 | $1169402 | $1271364 |
| **1/31/25** | $1421267 | $1173932 | $1286961 |
| **2/28/25** | $1448535 | $1188068 | $1308193 |
| **3/31/25** | $1435623 | $1183110 | $1301190 |
| **4/30/25** | $1431252 | $1194759 | $1300120 |
| **5/31/25** | $1444770 | $1190809 | $1311172 |
| **6/30/25** | $1483173 | $1202213 | $1341020 |
| **7/31/25** | $1502171 | $1201251 | $1356826 |
| **8/31/25** | $1529399 | $1207833 | $1377599 |
| **9/30/25** | $1557027 | $1216730 | $1399909 |
| **10/31/25** | $1594100 | $1226335 | $1430684 |
| **11/30/25** | $1603253 | $1228914 | $1434990 |
| **12/31/25** | $1612071 | $1226279 | $1442413 |
| **1/31/26** | $1629914 | $1229243 | $1450449 |
| **2/28/26** | $1650689 | $1246523 | $1470744 |
| **3/31/26** | $1595190 | $1224396 | $1425932 |

---

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 | 11.11% | 3.49% | 4.78% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 9.59% | 2.50% | 3.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3067575 |
| # of Portfolio Holdings | 1535 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $11102 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 7.9% |
| United States | 7.4% |
| Colombia | 5.1% |
| Luxembourg | 4.2% |
| Indonesia | 3.9% |
| Argentina | 3.7% |
| South Africa | 3.6% |
| Egypt | 2.8% |
| Dominican Republic | 2.7% |
| Other Countries | 56.6% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.20% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PEBIX
![Image](g119941g89g96.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0137TSRAR_033126

# I-2: PEMPX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets 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 | $115 | 1.09% |

---

## 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 Ukrainian sovereign debt contributed to relative performance against the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price depreciated in select holdings in which the fund had no exposure.

* Long exposure to the Nigerian naira contributed to relative performance versus the Index, as the currency had positive carry. 

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

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select off-benchmark holdings depreciated. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance versus the Index, as spreads widened.

## 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](g119941g36l67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027193 | $1001698 | $1019142 |
| **5/31/16** | $1023573 | $1005932 | $1016103 |
| **6/30/16** | $1066966 | $1025081 | $1054016 |
| **7/31/16** | $1088591 | $1031206 | $1070411 |
| **8/31/16** | $1110272 | $1030680 | $1089660 |
| **9/30/16** | $1115777 | $1030557 | $1093354 |
| **10/31/16** | $1109201 | $1020565 | $1077344 |
| **11/30/16** | $1064484 | $1003709 | $1032465 |
| **12/31/16** | $1087135 | $1006459 | $1047307 |
| **1/31/17** | $1102803 | $1002793 | $1062351 |
| **2/28/17** | $1128330 | $1011378 | $1084404 |
| **3/31/17** | $1136628 | $1010911 | $1088168 |
| **4/30/17** | $1155319 | $1017767 | $1105917 |
| **5/31/17** | $1164499 | $1023707 | $1115090 |
| **6/30/17** | $1158686 | $1020842 | $1112230 |
| **7/31/17** | $1170852 | $1024198 | $1119547 |
| **8/31/17** | $1190101 | $1033532 | $1138885 |
| **9/30/17** | $1192962 | $1028761 | $1138734 |
| **10/31/17** | $1197728 | $1033100 | $1140775 |
| **11/30/17** | $1192562 | $1034700 | $1137736 |
| **12/31/17** | $1200920 | $1037013 | $1144911 |
| **1/31/18** | $1203710 | $1029610 | $1142664 |
| **2/28/18** | $1183740 | $1027288 | $1120277 |
| **3/31/18** | $1186417 | $1035806 | $1124493 |
| **4/30/18** | $1172883 | $1031952 | $1108049 |
| **5/31/18** | $1158332 | $1035807 | $1096038 |
| **6/30/18** | $1146146 | $1037738 | $1085027 |
| **7/31/18** | $1168494 | $1038022 | $1107384 |
| **8/31/18** | $1141887 | $1041212 | $1086094 |
| **9/30/18** | $1165509 | $1037229 | $1105294 |
| **10/31/18** | $1139532 | $1035202 | $1080638 |
| **11/30/18** | $1133672 | $1040267 | $1076395 |
| **12/31/18** | $1149602 | $1055294 | $1092122 |
| **1/31/19** | $1199701 | $1066471 | $1140377 |
| **2/28/19** | $1208875 | $1067753 | $1147467 |
| **3/31/19** | $1224120 | $1086877 | $1164131 |
| **4/30/19** | $1225161 | $1087524 | $1165529 |
| **5/31/19** | $1229964 | $1103173 | $1172207 |
| **6/30/19** | $1271663 | $1118641 | $1207896 |
| **7/31/19** | $1286023 | $1127444 | $1221787 |
| **8/31/19** | $1285013 | $1153012 | $1228482 |
| **9/30/19** | $1282178 | $1147669 | $1224056 |
| **10/31/19** | $1290953 | $1145688 | $1228596 |
| **11/30/19** | $1289859 | $1144344 | $1226578 |
| **12/31/19** | $1319275 | $1141998 | $1249596 |
| **1/31/20** | $1342973 | $1162607 | $1271343 |
| **2/29/20** | $1334273 | $1176836 | $1261004 |
| **3/31/20** | $1147736 | $1158521 | $1102697 |
| **4/30/20** | $1171272 | $1177276 | $1126948 |
| **5/31/20** | $1245706 | $1180613 | $1191581 |
| **6/30/20** | $1283495 | $1186505 | $1226279 |
| **7/31/20** | $1332926 | $1199470 | $1271595 |
| **8/31/20** | $1340566 | $1190779 | $1275372 |
| **9/30/20** | $1316508 | $1195129 | $1254267 |
| **10/31/20** | $1317752 | $1195216 | $1252766 |
| **11/30/20** | $1375784 | $1202035 | $1299739 |
| **12/31/20** | $1404051 | $1205728 | $1323064 |
| **1/31/21** | $1387718 | $1199261 | $1307014 |
| **2/28/21** | $1353763 | $1180606 | $1273504 |
| **3/31/21** | $1336796 | $1175955 | $1260288 |
| **4/30/21** | $1369236 | $1179029 | $1284390 |
| **5/31/21** | $1385056 | $1181661 | $1298300 |
| **6/30/21** | $1394934 | $1187424 | $1309849 |
| **7/31/21** | $1402318 | $1202182 | $1316947 |
| **8/31/21** | $1417451 | $1199773 | $1328952 |
| **9/30/21** | $1387657 | $1188446 | $1302882 |
| **10/31/21** | $1380545 | $1185338 | $1303661 |
| **11/30/21** | $1351772 | $1193793 | $1284763 |
| **12/31/21** | $1374387 | $1188952 | $1303082 |
| **1/31/22** | $1336839 | $1170272 | $1265434 |
| **2/28/22** | $1263169 | $1154705 | $1195775 |
| **3/31/22** | $1260997 | $1129814 | $1182429 |
| **4/30/22** | $1192270 | $1099449 | $1117628 |
| **5/31/22** | $1195260 | $1097936 | $1119741 |
| **6/30/22** | $1119224 | $1081273 | $1057736 |
| **7/31/22** | $1148752 | $1108814 | $1091552 |
| **8/31/22** | $1135829 | $1079868 | $1078796 |
| **9/30/22** | $1064722 | $1045202 | $1013291 |
| **10/31/22** | $1061960 | $1041624 | $1014085 |
| **11/30/22** | $1144940 | $1068168 | $1084561 |
| **12/31/22** | $1148300 | $1055562 | $1088684 |
| **1/31/23** | $1192053 | $1079874 | $1122522 |
| **2/28/23** | $1162843 | $1062650 | $1097775 |
| **3/31/23** | $1176727 | $1086213 | $1113138 |
| **4/30/23** | $1180624 | $1091806 | $1118754 |
| **5/31/23** | $1165956 | $1087507 | $1108807 |
| **6/30/23** | $1197360 | $1086858 | $1130172 |
| **7/31/23** | $1218151 | $1087210 | $1148350 |
| **8/31/23** | $1201834 | $1085844 | $1132321 |
| **9/30/23** | $1168232 | $1067119 | $1100497 |
| **10/31/23** | $1159605 | $1059542 | $1084495 |
| **11/30/23** | $1224829 | $1095972 | $1147323 |
| **12/31/23** | $1285828 | $1130998 | $1202455 |
| **1/31/24** | $1276818 | $1128781 | $1188292 |
| **2/29/24** | $1286572 | $1121036 | $1196462 |
| **3/31/24** | $1314817 | $1131144 | $1219237 |
| **4/30/24** | $1289154 | $1112932 | $1194751 |
| **5/31/24** | $1313636 | $1122780 | $1216524 |
| **6/30/24** | $1320106 | $1132522 | $1224576 |
| **7/31/24** | $1349938 | $1154402 | $1246901 |
| **8/31/24** | $1377503 | $1167045 | $1275995 |
| **9/30/24** | $1408184 | $1180588 | $1298861 |
| **10/31/24** | $1379036 | $1164612 | $1275552 |
| **11/30/24** | $1400452 | $1178445 | $1290694 |
| **12/31/24** | $1384481 | $1169402 | $1271364 |
| **1/31/25** | $1408837 | $1173932 | $1286961 |
| **2/28/25** | $1435758 | $1188068 | $1308193 |
| **3/31/25** | $1422845 | $1183110 | $1301190 |
| **4/30/25** | $1418402 | $1194759 | $1300120 |
| **5/31/25** | $1431680 | $1190809 | $1311172 |
| **6/30/25** | $1469619 | $1202213 | $1341020 |
| **7/31/25** | $1488318 | $1201251 | $1356826 |
| **8/31/25** | $1515164 | $1207833 | $1377599 |
| **9/30/25** | $1542412 | $1216730 | $1399909 |
| **10/31/25** | $1579006 | $1226335 | $1430684 |
| **11/30/25** | $1587951 | $1228914 | $1434990 |
| **12/31/25** | $1596545 | $1226279 | $1442413 |
| **1/31/26** | $1614081 | $1229243 | $1450449 |
| **2/28/26** | $1634529 | $1246523 | $1470744 |
| **3/31/26** | $1579442 | $1224396 | $1425932 |

---

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 | 11.01% | 3.39% | 4.68% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 9.59% | 2.50% | 3.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3067575 |
| # of Portfolio Holdings | 1535 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $11102 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 7.9% |
| United States | 7.4% |
| Colombia | 5.1% |
| Luxembourg | 4.2% |
| Indonesia | 3.9% |
| Argentina | 3.7% |
| South Africa | 3.6% |
| Egypt | 2.8% |
| Dominican Republic | 2.7% |
| Other Countries | 56.6% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.20% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PEMPX
![Image](g119941g89g96.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1914TSRAR_033126

# I-3: PEBNX

# PIMCO Emerging Markets Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets 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-3 | $120 | 1.14% |

---

## 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 Ukrainian sovereign debt contributed to relative performance against the J.P. Morgan Emerging Markets Bond Index (EMBI) Global ("Index"), as the price depreciated in select holdings in which the fund had no exposure.

* Long exposure to the Nigerian naira contributed to relative performance versus the Index, as the currency had positive carry. 

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

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select off-benchmark holdings depreciated. 

* Overweight exposure to Senegalese sovereign debt detracted from relative performance versus the Index, as spreads widened.

## 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](g119941g48j71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Markets Bond Index (EMBI) Global** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027155 | $1001698 | $1019142 |
| **5/31/16** | $1023490 | $1005932 | $1016103 |
| **6/30/16** | $1066837 | $1025081 | $1054016 |
| **7/31/16** | $1088413 | $1031206 | $1070411 |
| **8/31/16** | $1110042 | $1030680 | $1089660 |
| **9/30/16** | $1115514 | $1030557 | $1093354 |
| **10/31/16** | $1108887 | $1020565 | $1077344 |
| **11/30/16** | $1064137 | $1003709 | $1032465 |
| **12/31/16** | $1086741 | $1006459 | $1047307 |
| **1/31/17** | $1102352 | $1002793 | $1062351 |
| **2/28/17** | $1127826 | $1011378 | $1084404 |
| **3/31/17** | $1136078 | $1010911 | $1088168 |
| **4/30/17** | $1154707 | $1017767 | $1105917 |
| **5/31/17** | $1163833 | $1023707 | $1115090 |
| **6/30/17** | $1157982 | $1020842 | $1112230 |
| **7/31/17** | $1170085 | $1024198 | $1119547 |
| **8/31/17** | $1189271 | $1033532 | $1138885 |
| **9/30/17** | $1192084 | $1028761 | $1138734 |
| **10/31/17** | $1196793 | $1033100 | $1140775 |
| **11/30/17** | $1191583 | $1034700 | $1137736 |
| **12/31/17** | $1199886 | $1037013 | $1144911 |
| **1/31/18** | $1202620 | $1029610 | $1142664 |
| **2/28/18** | $1182623 | $1027288 | $1120277 |
| **3/31/18** | $1185251 | $1035806 | $1124493 |
| **4/30/18** | $1171687 | $1031952 | $1108049 |
| **5/31/18** | $1157066 | $1035807 | $1096038 |
| **6/30/18** | $1144717 | $1037738 | $1085027 |
| **7/31/18** | $1166959 | $1038022 | $1107384 |
| **8/31/18** | $1140333 | $1041212 | $1086094 |
| **9/30/18** | $1163881 | $1037229 | $1105294 |
| **10/31/18** | $1137892 | $1035202 | $1080638 |
| **11/30/18** | $1131990 | $1040267 | $1076395 |
| **12/31/18** | $1147854 | $1055294 | $1092122 |
| **1/31/19** | $1197835 | $1066471 | $1140377 |
| **2/28/19** | $1206949 | $1067753 | $1147467 |
| **3/31/19** | $1222105 | $1086877 | $1164131 |
| **4/30/19** | $1223095 | $1087524 | $1165529 |
| **5/31/19** | $1227839 | $1103173 | $1172207 |
| **6/30/19** | $1269422 | $1118641 | $1207896 |
| **7/31/19** | $1283705 | $1127444 | $1221787 |
| **8/31/19** | $1282641 | $1153012 | $1228482 |
| **9/30/19** | $1279763 | $1147669 | $1224056 |
| **10/31/19** | $1288468 | $1145688 | $1228596 |
| **11/30/19** | $1287327 | $1144344 | $1226578 |
| **12/31/19** | $1316632 | $1141998 | $1249596 |
| **1/31/20** | $1340227 | $1162607 | $1271343 |
| **2/29/20** | $1331494 | $1176836 | $1261004 |
| **3/31/20** | $1145300 | $1158521 | $1102697 |
| **4/30/20** | $1168739 | $1177276 | $1126948 |
| **5/31/20** | $1242960 | $1180613 | $1191581 |
| **6/30/20** | $1280616 | $1186505 | $1226279 |
| **7/31/20** | $1329871 | $1199470 | $1271595 |
| **8/31/20** | $1337440 | $1190779 | $1275372 |
| **9/30/20** | $1313383 | $1195129 | $1254267 |
| **10/31/20** | $1314572 | $1195216 | $1252766 |
| **11/30/20** | $1372412 | $1202035 | $1299739 |
| **12/31/20** | $1400547 | $1205728 | $1323064 |
| **1/31/21** | $1384199 | $1199261 | $1307014 |
| **2/28/21** | $1350278 | $1180606 | $1273504 |
| **3/31/21** | $1333300 | $1175955 | $1260288 |
| **4/30/21** | $1365592 | $1179029 | $1284390 |
| **5/31/21** | $1381303 | $1181661 | $1298300 |
| **6/30/21** | $1391098 | $1187424 | $1309849 |
| **7/31/21** | $1398401 | $1202182 | $1316947 |
| **8/31/21** | $1413435 | $1199773 | $1328952 |
| **9/30/21** | $1383668 | $1188446 | $1302882 |
| **10/31/21** | $1376519 | $1185338 | $1303661 |
| **11/30/21** | $1347774 | $1193793 | $1284763 |
| **12/31/21** | $1370259 | $1188952 | $1303082 |
| **1/31/22** | $1332772 | $1170272 | $1265434 |
| **2/28/22** | $1259270 | $1154705 | $1195775 |
| **3/31/22** | $1257055 | $1129814 | $1182429 |
| **4/30/22** | $1188495 | $1099449 | $1117628 |
| **5/31/22** | $1191428 | $1097936 | $1119741 |
| **6/30/22** | $1115590 | $1081273 | $1057736 |
| **7/31/22** | $1144975 | $1108814 | $1091552 |
| **8/31/22** | $1132044 | $1079868 | $1078796 |
| **9/30/22** | $1061125 | $1045202 | $1013291 |
| **10/31/22** | $1058332 | $1041624 | $1014085 |
| **11/30/22** | $1140977 | $1068168 | $1084561 |
| **12/31/22** | $1144353 | $1055562 | $1088684 |
| **1/31/23** | $1187912 | $1079874 | $1122522 |
| **2/28/23** | $1158760 | $1062650 | $1097775 |
| **3/31/23** | $1172544 | $1086213 | $1113138 |
| **4/30/23** | $1176388 | $1091806 | $1118754 |
| **5/31/23** | $1161724 | $1087507 | $1108807 |
| **6/30/23** | $1192962 | $1086858 | $1130172 |
| **7/31/23** | $1213630 | $1087210 | $1148350 |
| **8/31/23** | $1197323 | $1085844 | $1132321 |
| **9/30/23** | $1163798 | $1067119 | $1100497 |
| **10/31/23** | $1155158 | $1059542 | $1084495 |
| **11/30/23** | $1220081 | $1095972 | $1147323 |
| **12/31/23** | $1280789 | $1130998 | $1202455 |
| **1/31/24** | $1271759 | $1128781 | $1188292 |
| **2/29/24** | $1281425 | $1121036 | $1196462 |
| **3/31/24** | $1309512 | $1131144 | $1219237 |
| **4/30/24** | $1283895 | $1112932 | $1194751 |
| **5/31/24** | $1308217 | $1122780 | $1216524 |
| **6/30/24** | $1314610 | $1132522 | $1224576 |
| **7/31/24** | $1344261 | $1154402 | $1246901 |
| **8/31/24** | $1371665 | $1167045 | $1275995 |
| **9/30/24** | $1402164 | $1180588 | $1298861 |
| **10/31/24** | $1373078 | $1164612 | $1275552 |
| **11/30/24** | $1394343 | $1178445 | $1290694 |
| **12/31/24** | $1378383 | $1169402 | $1271364 |
| **1/31/25** | $1402572 | $1173932 | $1286961 |
| **2/28/25** | $1429323 | $1188068 | $1308193 |
| **3/31/25** | $1416413 | $1183110 | $1301190 |
| **4/30/25** | $1411931 | $1194759 | $1300120 |
| **5/31/25** | $1425081 | $1190809 | $1311172 |
| **6/30/25** | $1462791 | $1202213 | $1341020 |
| **7/31/25** | $1481342 | $1201251 | $1356826 |
| **8/31/25** | $1507996 | $1207833 | $1377599 |
| **9/30/25** | $1535056 | $1216730 | $1399909 |
| **10/31/25** | $1571397 | $1226335 | $1430684 |
| **11/30/25** | $1580242 | $1228914 | $1434990 |
| **12/31/25** | $1588727 | $1226279 | $1442413 |
| **1/31/26** | $1606108 | $1229243 | $1450449 |
| **2/28/26** | $1626393 | $1246523 | $1470744 |
| **3/31/26** | $1571516 | $1224396 | $1425932 |

---

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 | 10.95% | 3.34% | 4.62% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Markets Bond Index (EMBI) Global | 9.59% | 2.50% | 3.61% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3067575 |
| # of Portfolio Holdings | 1535 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid During the Reporting Period | $11102 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Mexico | 7.9% |
| United States | 7.4% |
| Colombia | 5.1% |
| Luxembourg | 4.2% |
| Indonesia | 3.9% |
| Argentina | 3.7% |
| South Africa | 3.6% |
| Egypt | 2.8% |
| Dominican Republic | 2.7% |
| Other Countries | 56.6% |
| Short-Term Instruments | 5.0% |
| Affiliated Investments | 3.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.20% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-3: PEBNX
![Image](g119941g89g96.jpg)

# PIMCO Emerging Markets Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2180TSRAR_033126

# Institutional Class: PEMIX

# PIMCO Emerging Markets Corporate Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Corporate 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 | $97 | 0.94% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to the Egyptian pound contributed to relative performance versus the Index, as the currency had positive carry. 

* Security selection within Brazilian corporate debt detracted from relative performance versus the Index, as the price of select holdings depreciated. 

* Underweight exposure to Ghanaian quasi-sovereign debt detracted from relative performance versus the Index, as the price of select holdings appreciated.

## 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](g119941g34e17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1019318 | $1001698 | $1019051 |
| **5/31/16** | $1020228 | $1005932 | $1020591 |
| **6/30/16** | $1041766 | $1025081 | $1040467 |
| **7/31/16** | $1063380 | $1031206 | $1058164 |
| **8/31/16** | $1077971 | $1030680 | $1072366 |
| **9/30/16** | $1081572 | $1030557 | $1073368 |
| **10/31/16** | $1087375 | $1020565 | $1073247 |
| **11/30/16** | $1071812 | $1003709 | $1049567 |
| **12/31/16** | $1085894 | $1006459 | $1058152 |
| **1/31/17** | $1107846 | $1002793 | $1071604 |
| **2/28/17** | $1126750 | $1011378 | $1087773 |
| **3/31/17** | $1128128 | $1010911 | $1091054 |
| **4/30/17** | $1143801 | $1017767 | $1103497 |
| **5/31/17** | $1143864 | $1023707 | $1110179 |
| **6/30/17** | $1141717 | $1020842 | $1112406 |
| **7/31/17** | $1156686 | $1024198 | $1121221 |
| **8/31/17** | $1170424 | $1033532 | $1132029 |
| **9/30/17** | $1176649 | $1028761 | $1135480 |
| **10/31/17** | $1180473 | $1033100 | $1139130 |
| **11/30/17** | $1176961 | $1034700 | $1138855 |
| **12/31/17** | $1183725 | $1037013 | $1141610 |
| **1/31/18** | $1191371 | $1029610 | $1142180 |
| **2/28/18** | $1177445 | $1027288 | $1130283 |
| **3/31/18** | $1175797 | $1035806 | $1127337 |
| **4/30/18** | $1171359 | $1031952 | $1119116 |
| **5/31/18** | $1163749 | $1035807 | $1110831 |
| **6/30/18** | $1153584 | $1037738 | $1106723 |
| **7/31/18** | $1177578 | $1038022 | $1123458 |
| **8/31/18** | $1164759 | $1041212 | $1112210 |
| **9/30/18** | $1176873 | $1037229 | $1122647 |
| **10/31/18** | $1172427 | $1035202 | $1115339 |
| **11/30/18** | $1167465 | $1040267 | $1112960 |
| **12/31/18** | $1175731 | $1055294 | $1122001 |
| **1/31/19** | $1202801 | $1066471 | $1153657 |
| **2/28/19** | $1214693 | $1067753 | $1166886 |
| **3/31/19** | $1228586 | $1086877 | $1181911 |
| **4/30/19** | $1240580 | $1087524 | $1191791 |
| **5/31/19** | $1249155 | $1103173 | $1197692 |
| **6/30/19** | $1278678 | $1118641 | $1224548 |
| **7/31/19** | $1289684 | $1127444 | $1236833 |
| **8/31/19** | $1274603 | $1153012 | $1240967 |
| **9/30/19** | $1286289 | $1147669 | $1247916 |
| **10/31/19** | $1301595 | $1145688 | $1258188 |
| **11/30/19** | $1300631 | $1144344 | $1262624 |
| **12/31/19** | $1314907 | $1141998 | $1274060 |
| **1/31/20** | $1335433 | $1162607 | $1292555 |
| **2/29/20** | $1331207 | $1176836 | $1292138 |
| **3/31/20** | $1154882 | $1158521 | $1146374 |
| **4/30/20** | $1205595 | $1177276 | $1199084 |
| **5/31/20** | $1256525 | $1180613 | $1244710 |
| **6/30/20** | $1295892 | $1186505 | $1277819 |
| **7/31/20** | $1316314 | $1199470 | $1306606 |
| **8/31/20** | $1334919 | $1190779 | $1318447 |
| **9/30/20** | $1324475 | $1195129 | $1311372 |
| **10/31/20** | $1324330 | $1195216 | $1315201 |
| **11/30/20** | $1367480 | $1202035 | $1350271 |
| **12/31/20** | $1390522 | $1205728 | $1367647 |
| **1/31/21** | $1387785 | $1199261 | $1366048 |
| **2/28/21** | $1384244 | $1180606 | $1362842 |
| **3/31/21** | $1375380 | $1175955 | $1354100 |
| **4/30/21** | $1385456 | $1179029 | $1363806 |
| **5/31/21** | $1395187 | $1181661 | $1372256 |
| **6/30/21** | $1404389 | $1187424 | $1382818 |
| **7/31/21** | $1405959 | $1202182 | $1385557 |
| **8/31/21** | $1414854 | $1199773 | $1393875 |
| **9/30/21** | $1399790 | $1188446 | $1383645 |
| **10/31/21** | $1385812 | $1185338 | $1377315 |
| **11/30/21** | $1372506 | $1193793 | $1368533 |
| **12/31/21** | $1380518 | $1188952 | $1374320 |
| **1/31/22** | $1352940 | $1170272 | $1350914 |
| **2/28/22** | $1271982 | $1154705 | $1283579 |
| **3/31/22** | $1236473 | $1129814 | $1246983 |
| **4/30/22** | $1203683 | $1099449 | $1219802 |
| **5/31/22** | $1196533 | $1097936 | $1212369 |
| **6/30/22** | $1147169 | $1081273 | $1171950 |
| **7/31/22** | $1170594 | $1108814 | $1187224 |
| **8/31/22** | $1174372 | $1079868 | $1189445 |
| **9/30/22** | $1126398 | $1045202 | $1140830 |
| **10/31/22** | $1110105 | $1041624 | $1117111 |
| **11/30/22** | $1178898 | $1068168 | $1178390 |
| **12/31/22** | $1197161 | $1055562 | $1196808 |
| **1/31/23** | $1236788 | $1079874 | $1232681 |
| **2/28/23** | $1212948 | $1062650 | $1210671 |
| **3/31/23** | $1220758 | $1086213 | $1220121 |
| **4/30/23** | $1223971 | $1091806 | $1231115 |
| **5/31/23** | $1209619 | $1087507 | $1222703 |
| **6/30/23** | $1219227 | $1086858 | $1235888 |
| **7/31/23** | $1231159 | $1087210 | $1247463 |
| **8/31/23** | $1220940 | $1085844 | $1241245 |
| **9/30/23** | $1209625 | $1067119 | $1230688 |
| **10/31/23** | $1192137 | $1059542 | $1214779 |
| **11/30/23** | $1239488 | $1095972 | $1260017 |
| **12/31/23** | $1278863 | $1130998 | $1298861 |
| **1/31/24** | $1281696 | $1128781 | $1306426 |
| **2/29/24** | $1285752 | $1121036 | $1315140 |
| **3/31/24** | $1299979 | $1131144 | $1327418 |
| **4/30/24** | $1285455 | $1112932 | $1314851 |
| **5/31/24** | $1304501 | $1122780 | $1334590 |
| **6/30/24** | $1314274 | $1132522 | $1346588 |
| **7/31/24** | $1333064 | $1154402 | $1366927 |
| **8/31/24** | $1352844 | $1167045 | $1390207 |
| **9/30/24** | $1374043 | $1180588 | $1407906 |
| **10/31/24** | $1357048 | $1164612 | $1394502 |
| **11/30/24** | $1366454 | $1178445 | $1402555 |
| **12/31/24** | $1359409 | $1169402 | $1394259 |
| **1/31/25** | $1372337 | $1173932 | $1405425 |
| **2/28/25** | $1398790 | $1188068 | $1426667 |
| **3/31/25** | $1399587 | $1183110 | $1427941 |
| **4/30/25** | $1391935 | $1194759 | $1423353 |
| **5/31/25** | $1400949 | $1190809 | $1432516 |
| **6/30/25** | $1423670 | $1202213 | $1453027 |
| **7/31/25** | $1431549 | $1201251 | $1465535 |
| **8/31/25** | $1455702 | $1207833 | $1484808 |
| **9/30/25** | $1473797 | $1216730 | $1498581 |
| **10/31/25** | $1483841 | $1226335 | $1505086 |
| **11/30/25** | $1488486 | $1228914 | $1508855 |
| **12/31/25** | $1494521 | $1226279 | $1516106 |
| **1/31/26** | $1506182 | $1229243 | $1527851 |
| **2/28/26** | $1514537 | $1246523 | $1541786 |
| **3/31/26** | $1475898 | $1224396 | $1510688 |

---

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 | 5.45% | 1.42% | 3.97% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Corporate Emerging Markets Bond Index Diversified (CEMBI) | 5.79% | 2.21% | 4.21% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $59655 |
| # of Portfolio Holdings | 524 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid During the Reporting Period | $279 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Cayman Islands | 9.7% |
| United States | 6.0% |
| Mexico | 5.7% |
| India | 5.4% |
| Peru | 5.2% |
| United Kingdom | 5.0% |
| Chile | 4.5% |
| United Arab Emirates | 4.1% |
| Turkey | 3.6% |
| Colombia | 3.5% |
| Other Countries | 39.7% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 5.4% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

---

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

---

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

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

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PEMIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1948TSRAR_033126

# Class A: PLMAX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 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 | $147 | 1.38% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance against the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency provided a positive high carry.

* Overweight exposure to the Kazakhstani tenge contributed to relative performance versus the Index, as the currency provided a positive high carry.

* Overweight exposure to the Dominican peso contributed to relative performance versus the Index, as the currency appreciated. 

* Positioning within the Taiwanese dollar detracted from relative performance versus the Index, as the currency appreciated towards the start of the reporting period. 

* Underweight exposure to the Uruguayan peso in the early part of the reporting period detracted from relative performance versus the Index, as the currency appreciated.

## 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](g119941g41r80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/16** | $9625 | $10000 | $10000 |
| **4/30/16** | $9764 | $10017 | $10089 |
| **5/31/16** | $9483 | $10059 | $9787 |
| **6/30/16** | $9769 | $10251 | $10034 |
| **7/31/16** | $9838 | $10312 | $10071 |
| **8/31/16** | $9859 | $10307 | $10093 |
| **9/30/16** | $9949 | $10306 | $10184 |
| **10/31/16** | $9927 | $10206 | $10105 |
| **11/30/16** | $9546 | $10037 | $9771 |
| **12/31/16** | $9634 | $10065 | $9819 |
| **1/31/17** | $9855 | $10028 | $9999 |
| **2/28/17** | $10032 | $10114 | $10165 |
| **3/31/17** | $10235 | $10109 | $10327 |
| **4/30/17** | $10266 | $10178 | $10361 |
| **5/31/17** | $10387 | $10237 | $10522 |
| **6/30/17** | $10394 | $10208 | $10526 |
| **7/31/17** | $10572 | $10242 | $10697 |
| **8/31/17** | $10673 | $10335 | $10805 |
| **9/30/17** | $10616 | $10288 | $10737 |
| **10/31/17** | $10573 | $10331 | $10677 |
| **11/30/17** | $10725 | $10347 | $10853 |
| **12/31/17** | $10831 | $10370 | $10952 |
| **1/31/18** | $11167 | $10296 | $11268 |
| **2/28/18** | $11056 | $10273 | $11150 |
| **3/31/18** | $11144 | $10358 | $11227 |
| **4/30/18** | $10894 | $10320 | $11016 |
| **5/31/18** | $10565 | $10358 | $10754 |
| **6/30/18** | $10351 | $10377 | $10579 |
| **7/31/18** | $10475 | $10380 | $10670 |
| **8/31/18** | $10073 | $10412 | $10349 |
| **9/30/18** | $10214 | $10372 | $10461 |
| **10/31/18** | $10079 | $10352 | $10341 |
| **11/30/18** | $10217 | $10403 | $10515 |
| **12/31/18** | $10307 | $10553 | $10587 |
| **1/31/19** | $10608 | $10665 | $10874 |
| **2/28/19** | $10549 | $10678 | $10821 |
| **3/31/19** | $10481 | $10869 | $10743 |
| **4/30/19** | $10518 | $10875 | $10751 |
| **5/31/19** | $10453 | $11032 | $10680 |
| **6/30/19** | $10766 | $11186 | $10965 |
| **7/31/19** | $10737 | $11274 | $10966 |
| **8/31/19** | $10291 | $11530 | $10615 |
| **9/30/19** | $10398 | $11477 | $10736 |
| **10/31/19** | $10615 | $11457 | $10956 |
| **11/30/19** | $10551 | $11443 | $10887 |
| **12/31/19** | $10901 | $11420 | $11137 |
| **1/31/20** | $10731 | $11626 | $10991 |
| **2/29/20** | $10515 | $11768 | $10750 |
| **3/31/20** | $9502 | $11585 | $10193 |
| **4/30/20** | $9693 | $11773 | $10308 |
| **5/31/20** | $9994 | $11806 | $10459 |
| **6/30/20** | $10152 | $11865 | $10542 |
| **7/31/20** | $10359 | $11995 | $10733 |
| **8/31/20** | $10513 | $11908 | $10801 |
| **9/30/20** | $10380 | $11951 | $10692 |
| **10/31/20** | $10409 | $11952 | $10737 |
| **11/30/20** | $10830 | $12020 | $11100 |
| **12/31/20** | $11104 | $12057 | $11330 |
| **1/31/21** | $11003 | $11993 | $11265 |
| **2/28/21** | $10966 | $11806 | $11198 |
| **3/31/21** | $10769 | $11760 | $11039 |
| **4/30/21** | $10924 | $11790 | $11218 |
| **5/31/21** | $11131 | $11817 | $11400 |
| **6/30/21** | $10996 | $11874 | $11261 |
| **7/31/21** | $10917 | $12022 | $11204 |
| **8/31/21** | $11055 | $11998 | $11286 |
| **9/30/21** | $10854 | $11884 | $11084 |
| **10/31/21** | $10806 | $11853 | $11119 |
| **11/30/21** | $10593 | $11938 | $10829 |
| **12/31/21** | $10755 | $11890 | $10979 |
| **1/31/22** | $10769 | $11703 | $10994 |
| **2/28/22** | $10495 | $11547 | $10789 |
| **3/31/22** | $10575 | $11298 | $10372 |
| **4/30/22** | $10265 | $10994 | $10061 |
| **5/31/22** | $10356 | $10979 | $10152 |
| **6/30/22** | $10023 | $10813 | $9899 |
| **7/31/22** | $9926 | $11088 | $9819 |
| **8/31/22** | $9929 | $10799 | $9804 |
| **9/30/22** | $9610 | $10452 | $9506 |
| **10/31/22** | $9664 | $10416 | $9557 |
| **11/30/22** | $10150 | $10682 | $9993 |
| **12/31/22** | $10334 | $10556 | $10196 |
| **1/31/23** | $10662 | $10799 | $10498 |
| **2/28/23** | $10458 | $10626 | $10304 |
| **3/31/23** | $10690 | $10862 | $10515 |
| **4/30/23** | $10737 | $10918 | $10560 |
| **5/31/23** | $10675 | $10875 | $10472 |
| **6/30/23** | $10823 | $10869 | $10599 |
| **7/31/23** | $11011 | $10872 | $10798 |
| **8/31/23** | $10821 | $10858 | $10641 |
| **9/30/23** | $10665 | $10671 | $10502 |
| **10/31/23** | $10672 | $10595 | $10508 |
| **11/30/23** | $11069 | $10960 | $10871 |
| **12/31/23** | $11289 | $11310 | $11056 |
| **1/31/24** | $11128 | $11288 | $10897 |
| **2/29/24** | $11180 | $11210 | $10935 |
| **3/31/24** | $11222 | $11311 | $10932 |
| **4/30/24** | $11124 | $11129 | $10862 |
| **5/31/24** | $11296 | $11228 | $10998 |
| **6/30/24** | $11166 | $11325 | $10903 |
| **7/31/24** | $11280 | $11544 | $11000 |
| **8/31/24** | $11516 | $11670 | $11252 |
| **9/30/24** | $11764 | $11806 | $11475 |
| **10/31/24** | $11494 | $11646 | $11190 |
| **11/30/24** | $11417 | $11784 | $11097 |
| **12/31/24** | $11305 | $11694 | $10936 |
| **1/31/25** | $11513 | $11739 | $11106 |
| **2/28/25** | $11571 | $11881 | $11143 |
| **3/31/25** | $11686 | $11831 | $11279 |
| **4/30/25** | $12034 | $11948 | $11607 |
| **5/31/25** | $12271 | $11908 | $11806 |
| **6/30/25** | $12636 | $12022 | $12078 |
| **7/31/25** | $12479 | $12013 | $11923 |
| **8/31/25** | $12692 | $12078 | $12074 |
| **9/30/25** | $12837 | $12167 | $12167 |
| **10/31/25** | $12864 | $12263 | $12151 |
| **11/30/25** | $12977 | $12289 | $12213 |
| **12/31/25** | $13201 | $12263 | $12370 |
| **1/31/26** | $13488 | $12292 | $12554 |
| **2/28/26** | $13737 | $12465 | $12673 |
| **3/31/26** | $13259 | $12244 | $12278 |

---

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) | 13.46% | 4.25% | 3.25% |
| Class A (including sales charge) | 9.21% | 3.45% | 2.86% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 8.86% | 2.15% | 2.07% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 8.86% | 2.15% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $629494 |
| # of Portfolio Holdings | 1668 |
| Portfolio Turnover Rate | 124% |
| Total Net Advisory Fees Paid During the Reporting Period | $3042 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Malaysia | 11.8% |
| South Africa | 6.7% |
| Colombia | 6.0% |
| Supranational | 5.2% |
| United States | 3.8% |
| Poland | 3.8% |
| Peru | 2.7% |
| Turkey | 2.3% |
| Other Countries | 24.1% |
| Short-Term Instruments | 13.7% |
| Affiliated Investments | 11.8% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (8.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PLMAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4029TSRAR_033126

# Institutional Class: PLMIX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 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 | $105 | 0.98% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance against the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency provided a positive high carry.

* Overweight exposure to the Kazakhstani tenge contributed to relative performance versus the Index, as the currency provided a positive high carry.

* Overweight exposure to the Dominican peso contributed to relative performance versus the Index, as the currency appreciated. 

* Positioning within the Taiwanese dollar detracted from relative performance versus the Index, as the currency appreciated towards the start of the reporting period. 

* Underweight exposure to the Uruguayan peso in the early part of the reporting period detracted from relative performance versus the Index, as the currency appreciated.

## 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](g119941g25m05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus (Unhedged)** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1014812 | $1001698 | $1008889 | $1008889 |
| **5/31/16** | $985949 | $1005932 | $978665 | $978665 |
| **6/30/16** | $1015915 | $1025081 | $1003394 | $1003394 |
| **7/31/16** | $1023470 | $1031206 | $1007139 | $1007139 |
| **8/31/16** | $1026048 | $1030680 | $1009343 | $1009342 |
| **9/30/16** | $1035751 | $1030557 | $1018437 | $1018437 |
| **10/31/16** | $1033805 | $1020565 | $1010473 | $1010472 |
| **11/30/16** | $994428 | $1003709 | $977076 | $977075 |
| **12/31/16** | $1003944 | $1006459 | $981869 | $981869 |
| **1/31/17** | $1027280 | $1002793 | $999916 | $999915 |
| **2/28/17** | $1046071 | $1011378 | $1016496 | $1016496 |
| **3/31/17** | $1067646 | $1010911 | $1032727 | $1032727 |
| **4/30/17** | $1071225 | $1017767 | $1036123 | $1036123 |
| **5/31/17** | $1084161 | $1023707 | $1052170 | $1052169 |
| **6/30/17** | $1085265 | $1020842 | $1052627 | $1052627 |
| **7/31/17** | $1104197 | $1024198 | $1069676 | $1069675 |
| **8/31/17** | $1115173 | $1033532 | $1080459 | $1080458 |
| **9/30/17** | $1109610 | $1028761 | $1073705 | $1073705 |
| **10/31/17** | $1105425 | $1033100 | $1067664 | $1067663 |
| **11/30/17** | $1121723 | $1034700 | $1085294 | $1085294 |
| **12/31/17** | $1133228 | $1037013 | $1095158 | $1095157 |
| **1/31/18** | $1168701 | $1029610 | $1126755 | $1126755 |
| **2/28/18** | $1157421 | $1027288 | $1114968 | $1114967 |
| **3/31/18** | $1167051 | $1035806 | $1122710 | $1122710 |
| **4/30/18** | $1141302 | $1031952 | $1101633 | $1101632 |
| **5/31/18** | $1107199 | $1035807 | $1075431 | $1075430 |
| **6/30/18** | $1085121 | $1037738 | $1057866 | $1057866 |
| **7/31/18** | $1098514 | $1038022 | $1067043 | $1067043 |
| **8/31/18** | $1056770 | $1041212 | $1034856 | $1034855 |
| **9/30/18** | $1071855 | $1037229 | $1046095 | $1046095 |
| **10/31/18** | $1058078 | $1035202 | $1034141 | $1034141 |
| **11/30/18** | $1072867 | $1040267 | $1051547 | $1051546 |
| **12/31/18** | $1082705 | $1055294 | $1058672 | $1058672 |
| **1/31/19** | $1114639 | $1066471 | $1087406 | $1087406 |
| **2/28/19** | $1108760 | $1067753 | $1082119 | $1082118 |
| **3/31/19** | $1102086 | $1086877 | $1074292 | $1074291 |
| **4/30/19** | $1106271 | $1087524 | $1075121 | $1075120 |
| **5/31/19** | $1099888 | $1103173 | $1068006 | $1068006 |
| **6/30/19** | $1133131 | $1118641 | $1096487 | $1096486 |
| **7/31/19** | $1130412 | $1127444 | $1096592 | $1096592 |
| **8/31/19** | $1083930 | $1153012 | $1061511 | $1061510 |
| **9/30/19** | $1095459 | $1147669 | $1073637 | $1073637 |
| **10/31/19** | $1118715 | $1145688 | $1095602 | $1095602 |
| **11/30/19** | $1112418 | $1144344 | $1088669 | $1088668 |
| **12/31/19** | $1149674 | $1141998 | $1113708 | $1113707 |
| **1/31/20** | $1132133 | $1162607 | $1099109 | $1099109 |
| **2/29/20** | $1109714 | $1176836 | $1075035 | $1075034 |
| **3/31/20** | $1003112 | $1158521 | $1019293 | $1019293 |
| **4/30/20** | $1023632 | $1177276 | $1030790 | $1030790 |
| **5/31/20** | $1055738 | $1180613 | $1045888 | $1045888 |
| **6/30/20** | $1072796 | $1186505 | $1054189 | $1054188 |
| **7/31/20** | $1095051 | $1199470 | $1073328 | $1073327 |
| **8/31/20** | $1111621 | $1190779 | $1080074 | $1080074 |
| **9/30/20** | $1098005 | $1195129 | $1069198 | $1069198 |
| **10/31/20** | $1101409 | $1195216 | $1073690 | $1073689 |
| **11/30/20** | $1146237 | $1202035 | $1110010 | $1110009 |
| **12/31/20** | $1175777 | $1205728 | $1132978 | $1132978 |
| **1/31/21** | $1165476 | $1199261 | $1126462 | $1126461 |
| **2/28/21** | $1161904 | $1180606 | $1119814 | $1119814 |
| **3/31/21** | $1142790 | $1175955 | $1103865 | $1103865 |
| **4/30/21** | $1158243 | $1179029 | $1121826 | $1121826 |
| **5/31/21** | $1180512 | $1181661 | $1139967 | $1139967 |
| **6/30/21** | $1166637 | $1187424 | $1126134 | $1126134 |
| **7/31/21** | $1158590 | $1202182 | $1120397 | $1120396 |
| **8/31/21** | $1173622 | $1199773 | $1128631 | $1128630 |
| **9/30/21** | $1152700 | $1188446 | $1108426 | $1108426 |
| **10/31/21** | $1147986 | $1185338 | $1111909 | $1111908 |
| **11/30/21** | $1125750 | $1193793 | $1082891 | $1082890 |
| **12/31/21** | $1143414 | $1188952 | $1097921 | $1097920 |
| **1/31/22** | $1145234 | $1170272 | $1099360 | $1099359 |
| **2/28/22** | $1116396 | $1154705 | $1078851 | $1078851 |
| **3/31/22** | $1125348 | $1129814 | $1037222 | $1037222 |
| **4/30/22** | $1092717 | $1099449 | $1006088 | $1006088 |
| **5/31/22** | $1102792 | $1097936 | $1015235 | $1015235 |
| **6/30/22** | $1067622 | $1081273 | $989868 | $989868 |
| **7/31/22** | $1057693 | $1108814 | $981853 | $981853 |
| **8/31/22** | $1058349 | $1079868 | $980362 | $980361 |
| **9/30/22** | $1024666 | $1045202 | $950571 | $950571 |
| **10/31/22** | $1030851 | $1041624 | $955750 | $955750 |
| **11/30/22** | $1082969 | $1068168 | $999305 | $999305 |
| **12/31/22** | $1103021 | $1055562 | $1019581 | $1019580 |
| **1/31/23** | $1138387 | $1079874 | $1049774 | $1049773 |
| **2/28/23** | $1116920 | $1062650 | $1030424 | $1030424 |
| **3/31/23** | $1142122 | $1086213 | $1051503 | $1051502 |
| **4/30/23** | $1147450 | $1091806 | $1056039 | $1056038 |
| **5/31/23** | $1141275 | $1087507 | $1047200 | $1047200 |
| **6/30/23** | $1157493 | $1086858 | $1059950 | $1059949 |
| **7/31/23** | $1177999 | $1087210 | $1079771 | $1079771 |
| **8/31/23** | $1158008 | $1085844 | $1064105 | $1064105 |
| **9/30/23** | $1141656 | $1067119 | $1050151 | $1050151 |
| **10/31/23** | $1142803 | $1059542 | $1050829 | $1050829 |
| **11/30/23** | $1185747 | $1095972 | $1087146 | $1087146 |
| **12/31/23** | $1209655 | $1130998 | $1105629 | $1105629 |
| **1/31/24** | $1192820 | $1128781 | $1089717 | $1089717 |
| **2/29/24** | $1198791 | $1121036 | $1093469 | $1093468 |
| **3/31/24** | $1203759 | $1131144 | $1093229 | $1093228 |
| **4/30/24** | $1193553 | $1112932 | $1086153 | $1086152 |
| **5/31/24** | $1212475 | $1122780 | $1099820 | $1099820 |
| **6/30/24** | $1198890 | $1132522 | $1090329 | $1090329 |
| **7/31/24** | $1211587 | $1154402 | $1099956 | $1099955 |
| **8/31/24** | $1237348 | $1167045 | $1125172 | $1125172 |
| **9/30/24** | $1264401 | $1180588 | $1147462 | $1147462 |
| **10/31/24** | $1235823 | $1164612 | $1119044 | $1119044 |
| **11/30/24** | $1227873 | $1178445 | $1109656 | $1109655 |
| **12/31/24** | $1216240 | $1169402 | $1093648 | $1093648 |
| **1/31/25** | $1239082 | $1173932 | $1110591 | $1110590 |
| **2/28/25** | $1245757 | $1188068 | $1114269 | $1114269 |
| **3/31/25** | $1258472 | $1183110 | $1127875 | $1127875 |
| **4/30/25** | $1296378 | $1194759 | $1160687 | $1160687 |
| **5/31/25** | $1322433 | $1190809 | $1180608 | $1180608 |
| **6/30/25** | $1362106 | $1202213 | $1207791 | $1207790 |
| **7/31/25** | $1345664 | $1201251 | $1192268 | $1192268 |
| **8/31/25** | $1369086 | $1207833 | $1207352 | $1207351 |
| **9/30/25** | $1385224 | $1216730 | $1216679 | $1216679 |
| **10/31/25** | $1388605 | $1226335 | $1215063 | $1215063 |
| **11/30/25** | $1401198 | $1228914 | $1221272 | $1221272 |
| **12/31/25** | $1425874 | $1226279 | $1237040 | $1237039 |
| **1/31/26** | $1457446 | $1229243 | $1255382 | $1255382 |
| **2/28/26** | $1484761 | $1246523 | $1267294 | $1267294 |
| **3/31/26** | $1433555 | $1224396 | $1227842 | $1227842 |

---

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 | 13.91% | 4.64% | 3.67% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 8.86% | 2.15% | 2.07% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 8.86% | 2.15% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $629494 |
| # of Portfolio Holdings | 1668 |
| Portfolio Turnover Rate | 124% |
| Total Net Advisory Fees Paid During the Reporting Period | $3042 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Malaysia | 11.8% |
| South Africa | 6.7% |
| Colombia | 6.0% |
| Supranational | 5.2% |
| United States | 3.8% |
| Poland | 3.8% |
| Peru | 2.7% |
| Turkey | 2.3% |
| Other Countries | 24.1% |
| Short-Term Instruments | 13.7% |
| Affiliated Investments | 11.8% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (8.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PLMIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1872TSRAR_033126

# I-2: PLMPX

# PIMCO Emerging Markets Currency and Short-Term Investments Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Currency and Short-Term Investments Fund (the "Fund") for the period of April 1, 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 | $115 | 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:

* Overweight exposure to the Nigerian naira contributed to relative performance against the J.P. Morgan Emerging Local Markets Index Plus (Unhedged) ("Index"), as the currency provided a positive high carry.

* Overweight exposure to the Kazakhstani tenge contributed to relative performance versus the Index, as the currency provided a positive high carry.

* Overweight exposure to the Dominican peso contributed to relative performance versus the Index, as the currency appreciated. 

* Positioning within the Taiwanese dollar detracted from relative performance versus the Index, as the currency appreciated towards the start of the reporting period. 

* Underweight exposure to the Uruguayan peso in the early part of the reporting period detracted from relative performance versus the Index, as the currency appreciated.

## 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](g119941g62g52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Emerging Local Markets Index Plus (Unhedged)** | **J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1014727 | $1001698 | $1008889 | $1008889 |
| **5/31/16** | $985788 | $1005932 | $978665 | $978665 |
| **6/30/16** | $1015666 | $1025081 | $1003394 | $1003394 |
| **7/31/16** | $1023133 | $1031206 | $1007139 | $1007139 |
| **8/31/16** | $1025622 | $1030680 | $1009343 | $1009342 |
| **9/30/16** | $1035231 | $1030557 | $1018437 | $1018437 |
| **10/31/16** | $1033204 | $1020565 | $1010473 | $1010472 |
| **11/30/16** | $993766 | $1003709 | $977076 | $977075 |
| **12/31/16** | $1003186 | $1006459 | $981869 | $981869 |
| **1/31/17** | $1026425 | $1002793 | $999916 | $999915 |
| **2/28/17** | $1045119 | $1011378 | $1016496 | $1016496 |
| **3/31/17** | $1066580 | $1010911 | $1032727 | $1032727 |
| **4/30/17** | $1070074 | $1017767 | $1036123 | $1036123 |
| **5/31/17** | $1082904 | $1023707 | $1052170 | $1052169 |
| **6/30/17** | $1083913 | $1020842 | $1052627 | $1052627 |
| **7/31/17** | $1102735 | $1024198 | $1069676 | $1069675 |
| **8/31/17** | $1113603 | $1033532 | $1080459 | $1080458 |
| **9/30/17** | $1107951 | $1028761 | $1073705 | $1073705 |
| **10/31/17** | $1103681 | $1033100 | $1067664 | $1067663 |
| **11/30/17** | $1119863 | $1034700 | $1085294 | $1085294 |
| **12/31/17** | $1131251 | $1037013 | $1095158 | $1095157 |
| **1/31/18** | $1166568 | $1029610 | $1126755 | $1126755 |
| **2/28/18** | $1155222 | $1027288 | $1114968 | $1114967 |
| **3/31/18** | $1164733 | $1035806 | $1122710 | $1122710 |
| **4/30/18** | $1138944 | $1031952 | $1101633 | $1101632 |
| **5/31/18** | $1104817 | $1035807 | $1075431 | $1075430 |
| **6/30/18** | $1082694 | $1037738 | $1057866 | $1057866 |
| **7/31/18** | $1095966 | $1038022 | $1067043 | $1067043 |
| **8/31/18** | $1054219 | $1041212 | $1034856 | $1034855 |
| **9/30/18** | $1069190 | $1037229 | $1046095 | $1046095 |
| **10/31/18** | $1055356 | $1035202 | $1034141 | $1034141 |
| **11/30/18** | $1070014 | $1040267 | $1051547 | $1051546 |
| **12/31/18** | $1079752 | $1055294 | $1058672 | $1058672 |
| **1/31/19** | $1111510 | $1066471 | $1087406 | $1087406 |
| **2/28/19** | $1105562 | $1067753 | $1082119 | $1082118 |
| **3/31/19** | $1098814 | $1086877 | $1074292 | $1074291 |
| **4/30/19** | $1102897 | $1087524 | $1075121 | $1075120 |
| **5/31/19** | $1096426 | $1103173 | $1068006 | $1068006 |
| **6/30/19** | $1129478 | $1118641 | $1096487 | $1096486 |
| **7/31/19** | $1126672 | $1127444 | $1096592 | $1096592 |
| **8/31/19** | $1080244 | $1153012 | $1061511 | $1061510 |
| **9/30/19** | $1091651 | $1147669 | $1073637 | $1073637 |
| **10/31/19** | $1114732 | $1145688 | $1095602 | $1095602 |
| **11/30/19** | $1108362 | $1144344 | $1088669 | $1088668 |
| **12/31/19** | $1145389 | $1141998 | $1113708 | $1113707 |
| **1/31/20** | $1127821 | $1162607 | $1099109 | $1099109 |
| **2/29/20** | $1105401 | $1176836 | $1075035 | $1075034 |
| **3/31/20** | $999129 | $1158521 | $1019293 | $1019293 |
| **4/30/20** | $1019490 | $1177276 | $1030790 | $1030790 |
| **5/31/20** | $1051386 | $1180613 | $1045888 | $1045888 |
| **6/30/20** | $1068289 | $1186505 | $1054189 | $1054188 |
| **7/31/20** | $1090354 | $1199470 | $1073328 | $1073327 |
| **8/31/20** | $1106769 | $1190779 | $1080074 | $1080074 |
| **9/30/20** | $1093122 | $1195129 | $1069198 | $1069198 |
| **10/31/20** | $1096415 | $1195216 | $1073690 | $1073689 |
| **11/30/20** | $1140949 | $1202035 | $1110010 | $1110009 |
| **12/31/20** | $1170244 | $1205728 | $1132978 | $1132978 |
| **1/31/21** | $1159902 | $1199261 | $1126462 | $1126461 |
| **2/28/21** | $1156256 | $1180606 | $1119814 | $1119814 |
| **3/31/21** | $1135703 | $1175955 | $1103865 | $1103865 |
| **4/30/21** | $1152418 | $1179029 | $1121826 | $1121826 |
| **5/31/21** | $1174485 | $1181661 | $1139967 | $1139967 |
| **6/30/21** | $1160587 | $1187424 | $1126134 | $1126134 |
| **7/31/21** | $1152483 | $1202182 | $1120397 | $1120396 |
| **8/31/21** | $1167338 | $1199773 | $1128631 | $1128630 |
| **9/30/21** | $1146433 | $1188446 | $1108426 | $1108426 |
| **10/31/21** | $1141647 | $1185338 | $1111909 | $1111908 |
| **11/30/21** | $1119441 | $1193793 | $1082891 | $1082890 |
| **12/31/21** | $1136903 | $1188952 | $1097921 | $1097920 |
| **1/31/22** | $1138621 | $1170272 | $1099360 | $1099359 |
| **2/28/22** | $1109863 | $1154705 | $1078851 | $1078851 |
| **3/31/22** | $1118669 | $1129814 | $1037222 | $1037222 |
| **4/30/22** | $1086138 | $1099449 | $1006088 | $1006088 |
| **5/31/22** | $1096069 | $1097936 | $1015235 | $1015235 |
| **6/30/22** | $1061021 | $1081273 | $989868 | $989868 |
| **7/31/22** | $1051067 | $1108814 | $981853 | $981853 |
| **8/31/22** | $1051631 | $1079868 | $980362 | $980361 |
| **9/30/22** | $1018071 | $1045202 | $950571 | $950571 |
| **10/31/22** | $1024142 | $1041624 | $955750 | $955750 |
| **11/30/22** | $1075847 | $1068168 | $999305 | $999305 |
| **12/31/22** | $1095667 | $1055562 | $1019581 | $1019580 |
| **1/31/23** | $1130710 | $1079874 | $1049774 | $1049773 |
| **2/28/23** | $1109304 | $1062650 | $1030424 | $1030424 |
| **3/31/23** | $1134237 | $1086213 | $1051503 | $1051502 |
| **4/30/23** | $1139440 | $1091806 | $1056039 | $1056038 |
| **5/31/23** | $1133210 | $1087507 | $1047200 | $1047200 |
| **6/30/23** | $1149214 | $1086858 | $1059950 | $1059949 |
| **7/31/23** | $1169482 | $1087210 | $1079771 | $1079771 |
| **8/31/23** | $1149535 | $1085844 | $1064105 | $1064105 |
| **9/30/23** | $1133209 | $1067119 | $1050151 | $1050151 |
| **10/31/23** | $1134257 | $1059542 | $1050829 | $1050829 |
| **11/30/23** | $1176784 | $1095972 | $1087146 | $1087146 |
| **12/31/23** | $1200408 | $1130998 | $1105629 | $1105629 |
| **1/31/24** | $1183601 | $1128781 | $1089717 | $1089717 |
| **2/29/24** | $1189433 | $1121036 | $1093469 | $1093468 |
| **3/31/24** | $1194259 | $1131144 | $1093229 | $1093228 |
| **4/30/24** | $1184044 | $1112932 | $1086153 | $1086152 |
| **5/31/24** | $1202696 | $1122780 | $1099820 | $1099820 |
| **6/30/24** | $1189130 | $1132522 | $1090329 | $1090329 |
| **7/31/24** | $1201623 | $1154402 | $1099956 | $1099955 |
| **8/31/24** | $1227060 | $1167045 | $1125172 | $1125172 |
| **9/30/24** | $1253792 | $1180588 | $1147462 | $1147462 |
| **10/31/24** | $1225350 | $1164612 | $1119044 | $1119044 |
| **11/30/24** | $1217363 | $1178445 | $1109656 | $1109655 |
| **12/31/24** | $1205728 | $1169402 | $1093648 | $1093648 |
| **1/31/25** | $1228267 | $1173932 | $1110591 | $1110590 |
| **2/28/25** | $1234789 | $1188068 | $1114269 | $1114269 |
| **3/31/25** | $1247292 | $1183110 | $1127875 | $1127875 |
| **4/30/25** | $1284758 | $1194759 | $1160687 | $1160687 |
| **5/31/25** | $1310465 | $1190809 | $1180608 | $1180608 |
| **6/30/25** | $1349670 | $1202213 | $1207791 | $1207790 |
| **7/31/25** | $1333277 | $1201251 | $1192268 | $1192268 |
| **8/31/25** | $1356367 | $1207833 | $1207352 | $1207351 |
| **9/30/25** | $1372248 | $1216730 | $1216679 | $1216679 |
| **10/31/25** | $1375473 | $1226335 | $1215063 | $1215063 |
| **11/30/25** | $1387840 | $1228914 | $1221272 | $1221272 |
| **12/31/25** | $1412160 | $1226279 | $1237040 | $1237039 |
| **1/31/26** | $1443312 | $1229243 | $1255382 | $1255382 |
| **2/28/26** | $1470253 | $1246523 | $1267294 | $1267294 |
| **3/31/26** | $1419429 | $1224396 | $1227842 | $1227842 |

---

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 | 13.80% | 4.56% | 3.56% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Emerging Local Markets Index Plus (Unhedged) | 8.86% | 2.15% | 2.07% |
| J.P. Morgan Emerging Local Markets Index Plus +Bid (Unhedged) | 8.86% | 2.15% | 2.07% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $629494 |
| # of Portfolio Holdings | 1668 |
| Portfolio Turnover Rate | 124% |
| Total Net Advisory Fees Paid During the Reporting Period | $3042 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Brazil | 18.3% |
| Malaysia | 11.8% |
| South Africa | 6.7% |
| Colombia | 6.0% |
| Supranational | 5.2% |
| United States | 3.8% |
| Poland | 3.8% |
| Peru | 2.7% |
| Turkey | 2.3% |
| Other Countries | 24.1% |
| Short-Term Instruments | 13.7% |
| Affiliated Investments | 11.8% |
| Financial Derivative Instruments | (2.2%) |
| Other Assets and Liabilities, Net | (8.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PLMPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1915TSRAR_033126

# Class A: PELAX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 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 | $184 | 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:

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to South African local rates contributed to relative performance versus the Index, as South African local yields fell. 

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

* Overweight exposure in the 3-year and 10-year tenors of the Filipino local rates curve detracted from relative performance versus the Index, as 3-year and 10-year yields 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 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](g119941g84e11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/16** | $9626 | $10000 | $10000 |
| **4/30/16** | $9976 | $10017 | $10257 |
| **5/31/16** | $9417 | $10059 | $9700 |
| **6/30/16** | $9997 | $10251 | $10271 |
| **7/31/16** | $10027 | $10312 | $10332 |
| **8/31/16** | $10058 | $10307 | $10337 |
| **9/30/16** | $10258 | $10306 | $10546 |
| **10/31/16** | $10202 | $10206 | $10457 |
| **11/30/16** | $9443 | $10037 | $9721 |
| **12/31/16** | $9654 | $10065 | $9903 |
| **1/31/17** | $9890 | $10028 | $10126 |
| **2/28/17** | $10100 | $10114 | $10309 |
| **3/31/17** | $10374 | $10109 | $10547 |
| **4/30/17** | $10505 | $10178 | $10670 |
| **5/31/17** | $10652 | $10237 | $10880 |
| **6/30/17** | $10687 | $10208 | $10929 |
| **7/31/17** | $10920 | $10242 | $11156 |
| **8/31/17** | $11086 | $10335 | $11356 |
| **9/30/17** | $11054 | $10288 | $11317 |
| **10/31/17** | $10733 | $10331 | $10998 |
| **11/30/17** | $10881 | $10347 | $11184 |
| **12/31/17** | $11097 | $10370 | $11410 |
| **1/31/18** | $11614 | $10296 | $11921 |
| **2/28/18** | $11570 | $10273 | $11796 |
| **3/31/18** | $11679 | $10358 | $11917 |
| **4/30/18** | $11320 | $10320 | $11564 |
| **5/31/18** | $10671 | $10358 | $10989 |
| **6/30/18** | $10327 | $10377 | $10675 |
| **7/31/18** | $10526 | $10380 | $10877 |
| **8/31/18** | $9844 | $10412 | $10215 |
| **9/30/18** | $10069 | $10372 | $10480 |
| **10/31/18** | $9858 | $10352 | $10275 |
| **11/30/18** | $10141 | $10403 | $10563 |
| **12/31/18** | $10221 | $10553 | $10701 |
| **1/31/19** | $10814 | $10665 | $11285 |
| **2/28/19** | $10703 | $10678 | $11162 |
| **3/31/19** | $10583 | $10869 | $11014 |
| **4/30/19** | $10574 | $10875 | $10994 |
| **5/31/19** | $10664 | $11032 | $11027 |
| **6/30/19** | $11292 | $11186 | $11634 |
| **7/31/19** | $11430 | $11274 | $11742 |
| **8/31/19** | $11034 | $11530 | $11432 |
| **9/30/19** | $11196 | $11477 | $11542 |
| **10/31/19** | $11506 | $11457 | $11877 |
| **11/30/19** | $11359 | $11443 | $11661 |
| **12/31/19** | $11929 | $11420 | $12143 |
| **1/31/20** | $11806 | $11626 | $11987 |
| **2/29/20** | $11404 | $11768 | $11578 |
| **3/31/20** | $9541 | $11585 | $10296 |
| **4/30/20** | $10035 | $11773 | $10699 |
| **5/31/20** | $10746 | $11806 | $11253 |
| **6/30/20** | $10788 | $11865 | $11306 |
| **7/31/20** | $11171 | $11995 | $11648 |
| **8/31/20** | $11193 | $11908 | $11609 |
| **9/30/20** | $10946 | $11951 | $11375 |
| **10/31/20** | $11025 | $11952 | $11424 |
| **11/30/20** | $11687 | $12020 | $12051 |
| **12/31/20** | $12136 | $12057 | $12470 |
| **1/31/21** | $11993 | $11993 | $12336 |
| **2/28/21** | $11706 | $11806 | $12006 |
| **3/31/21** | $11302 | $11760 | $11637 |
| **4/30/21** | $11543 | $11790 | $11900 |
| **5/31/21** | $11831 | $11817 | $12197 |
| **6/30/21** | $11695 | $11874 | $12049 |
| **7/31/21** | $11636 | $12022 | $11997 |
| **8/31/21** | $11748 | $11998 | $12090 |
| **9/30/21** | $11373 | $11884 | $11675 |
| **10/31/21** | $11185 | $11853 | $11520 |
| **11/30/21** | $10993 | $11938 | $11205 |
| **12/31/21** | $11147 | $11890 | $11379 |
| **1/31/22** | $11168 | $11703 | $11379 |
| **2/28/22** | $10616 | $11547 | $10810 |
| **3/31/22** | $10586 | $11298 | $10644 |
| **4/30/22** | $10026 | $10994 | $10003 |
| **5/31/22** | $10201 | $10979 | $10179 |
| **6/30/22** | $9714 | $10813 | $9726 |
| **7/31/22** | $9875 | $11088 | $9754 |
| **8/31/22** | $9961 | $10799 | $9740 |
| **9/30/22** | $9489 | $10452 | $9266 |
| **10/31/22** | $9542 | $10416 | $9184 |
| **11/30/22** | $10201 | $10682 | $9837 |
| **12/31/22** | $10393 | $10556 | $10049 |
| **1/31/23** | $10880 | $10799 | $10481 |
| **2/28/23** | $10507 | $10626 | $10149 |
| **3/31/23** | $10964 | $10862 | $10568 |
| **4/30/23** | $11083 | $10918 | $10659 |
| **5/31/23** | $10922 | $10875 | $10491 |
| **6/30/23** | $11341 | $10869 | $10833 |
| **7/31/23** | $11654 | $10872 | $11144 |
| **8/31/23** | $11308 | $10858 | $10845 |
| **9/30/23** | $10913 | $10671 | $10480 |
| **10/31/23** | $10864 | $10595 | $10425 |
| **11/30/23** | $11464 | $10960 | $10974 |
| **12/31/23** | $11972 | $11310 | $11326 |
| **1/31/24** | $11784 | $11288 | $11153 |
| **2/29/24** | $11794 | $11210 | $11089 |
| **3/31/24** | $11829 | $11311 | $11086 |
| **4/30/24** | $11569 | $11129 | $10849 |
| **5/31/24** | $11794 | $11228 | $11024 |
| **6/30/24** | $11582 | $11325 | $10905 |
| **7/31/24** | $11859 | $11544 | $11153 |
| **8/31/24** | $12241 | $11670 | $11496 |
| **9/30/24** | $12662 | $11806 | $11886 |
| **10/31/24** | $12068 | $11646 | $11338 |
| **11/30/24** | $12034 | $11784 | $11273 |
| **12/31/24** | $11832 | $11694 | $11056 |
| **1/31/25** | $12138 | $11739 | $11283 |
| **2/28/25** | $12248 | $11881 | $11357 |
| **3/31/25** | $12404 | $11831 | $11533 |
| **4/30/25** | $12797 | $11948 | $11907 |
| **5/31/25** | $13000 | $11908 | $12075 |
| **6/30/25** | $13458 | $12022 | $12412 |
| **7/31/25** | $13313 | $12013 | $12319 |
| **8/31/25** | $13684 | $12078 | $12584 |
| **9/30/25** | $13914 | $12167 | $12760 |
| **10/31/25** | $14022 | $12263 | $12819 |
| **11/30/25** | $14227 | $12289 | $12992 |
| **12/31/25** | $14485 | $12263 | $13186 |
| **1/31/26** | $14802 | $12292 | $13473 |
| **2/28/26** | $15014 | $12465 | $13646 |
| **3/31/26** | $14113 | $12244 | $12889 |

---

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) | 13.78% | 4.54% | 3.90% |
| Class A (including sales charge) | 9.59% | 3.75% | 3.50% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 11.76% | 2.06% | 2.57% |

---

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 | $2770533 |
| # of Portfolio Holdings | 2108 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $10859 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| South Africa | 9.9% |
| Colombia | 9.1% |
| Mexico | 7.6% |
| Malaysia | 7.0% |
| Peru | 6.9% |
| Brazil | 5.9% |
| Poland | 5.5% |
| Chile | 5.3% |
| Indonesia | 4.6% |
| Other Countries | 32.7% |
| Short-Term Instruments | 4.7% |
| Affiliated Investments | 7.3% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (6.0%) |
| 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. |

---

## 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 0.28% 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](g119941g89g22.jpg)

# Class A: PELAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4032TSRAR_033126

# Class C: PELCX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 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 | $263 | 2.47% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to South African local rates contributed to relative performance versus the Index, as South African local yields fell. 

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

* Overweight exposure in the 3-year and 10-year tenors of the Filipino local rates curve detracted from relative performance versus the Index, as 3-year and 10-year yields 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 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](g119941g97g86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10357 | $10017 | $10257 |
| **5/31/16** | $9770 | $10059 | $9700 |
| **6/30/16** | $10367 | $10251 | $10271 |
| **7/31/16** | $10391 | $10312 | $10332 |
| **8/31/16** | $10416 | $10307 | $10337 |
| **9/30/16** | $10616 | $10306 | $10546 |
| **10/31/16** | $10552 | $10206 | $10457 |
| **11/30/16** | $9761 | $10037 | $9721 |
| **12/31/16** | $9972 | $10065 | $9903 |
| **1/31/17** | $10210 | $10028 | $10126 |
| **2/28/17** | $10421 | $10114 | $10309 |
| **3/31/17** | $10697 | $10109 | $10547 |
| **4/30/17** | $10825 | $10178 | $10670 |
| **5/31/17** | $10970 | $10237 | $10880 |
| **6/30/17** | $10999 | $10208 | $10929 |
| **7/31/17** | $11232 | $10242 | $11156 |
| **8/31/17** | $11395 | $10335 | $11356 |
| **9/30/17** | $11355 | $10288 | $11317 |
| **10/31/17** | $11019 | $10331 | $10998 |
| **11/30/17** | $11164 | $10347 | $11184 |
| **12/31/17** | $11378 | $10370 | $11410 |
| **1/31/18** | $11901 | $10296 | $11921 |
| **2/28/18** | $11849 | $10273 | $11796 |
| **3/31/18** | $11953 | $10358 | $11917 |
| **4/30/18** | $11578 | $10320 | $11564 |
| **5/31/18** | $10907 | $10358 | $10989 |
| **6/30/18** | $10549 | $10377 | $10675 |
| **7/31/18** | $10746 | $10380 | $10877 |
| **8/31/18** | $10043 | $10412 | $10215 |
| **9/30/18** | $10267 | $10372 | $10480 |
| **10/31/18** | $10044 | $10352 | $10275 |
| **11/30/18** | $10326 | $10403 | $10563 |
| **12/31/18** | $10401 | $10553 | $10701 |
| **1/31/19** | $10998 | $10665 | $11285 |
| **2/28/19** | $10879 | $10678 | $11162 |
| **3/31/19** | $10751 | $10869 | $11014 |
| **4/30/19** | $10734 | $10875 | $10994 |
| **5/31/19** | $10819 | $11032 | $11027 |
| **6/30/19** | $11450 | $11186 | $11634 |
| **7/31/19** | $11583 | $11274 | $11742 |
| **8/31/19** | $11173 | $11530 | $11432 |
| **9/30/19** | $11331 | $11477 | $11542 |
| **10/31/19** | $11638 | $11457 | $11877 |
| **11/30/19** | $11481 | $11443 | $11661 |
| **12/31/19** | $12050 | $11420 | $12143 |
| **1/31/20** | $11918 | $11626 | $11987 |
| **2/29/20** | $11505 | $11768 | $11578 |
| **3/31/20** | $9620 | $11585 | $10296 |
| **4/30/20** | $10112 | $11773 | $10699 |
| **5/31/20** | $10821 | $11806 | $11253 |
| **6/30/20** | $10857 | $11865 | $11306 |
| **7/31/20** | $11234 | $11995 | $11648 |
| **8/31/20** | $11250 | $11908 | $11609 |
| **9/30/20** | $10994 | $11951 | $11375 |
| **10/31/20** | $11067 | $11952 | $11424 |
| **11/30/20** | $11724 | $12020 | $12051 |
| **12/31/20** | $12166 | $12057 | $12470 |
| **1/31/21** | $12016 | $11993 | $12336 |
| **2/28/21** | $11721 | $11806 | $12006 |
| **3/31/21** | $11310 | $11760 | $11637 |
| **4/30/21** | $11543 | $11790 | $11900 |
| **5/31/21** | $11824 | $11817 | $12197 |
| **6/30/21** | $11681 | $11874 | $12049 |
| **7/31/21** | $11615 | $12022 | $11997 |
| **8/31/21** | $11719 | $11998 | $12090 |
| **9/30/21** | $11338 | $11884 | $11675 |
| **10/31/21** | $11144 | $11853 | $11520 |
| **11/30/21** | $10945 | $11938 | $11205 |
| **12/31/21** | $11091 | $11890 | $11379 |
| **1/31/22** | $11106 | $11703 | $11379 |
| **2/28/22** | $10550 | $11547 | $10810 |
| **3/31/22** | $10514 | $11298 | $10644 |
| **4/30/22** | $9951 | $10994 | $10003 |
| **5/31/22** | $10118 | $10979 | $10179 |
| **6/30/22** | $9629 | $10813 | $9726 |
| **7/31/22** | $9783 | $11088 | $9754 |
| **8/31/22** | $9861 | $10799 | $9740 |
| **9/30/22** | $9388 | $10452 | $9266 |
| **10/31/22** | $9435 | $10416 | $9184 |
| **11/30/22** | $10081 | $10682 | $9837 |
| **12/31/22** | $10263 | $10556 | $10049 |
| **1/31/23** | $10738 | $10799 | $10481 |
| **2/28/23** | $10364 | $10626 | $10149 |
| **3/31/23** | $10808 | $10862 | $10568 |
| **4/30/23** | $10918 | $10918 | $10659 |
| **5/31/23** | $10753 | $10875 | $10491 |
| **6/30/23** | $11159 | $10869 | $10833 |
| **7/31/23** | $11459 | $10872 | $11144 |
| **8/31/23** | $11113 | $10858 | $10845 |
| **9/30/23** | $10717 | $10671 | $10480 |
| **10/31/23** | $10662 | $10595 | $10425 |
| **11/30/23** | $11245 | $10960 | $10974 |
| **12/31/23** | $11736 | $11310 | $11326 |
| **1/31/24** | $11544 | $11288 | $11153 |
| **2/29/24** | $11548 | $11210 | $11089 |
| **3/31/24** | $11574 | $11311 | $11086 |
| **4/30/24** | $11313 | $11129 | $10849 |
| **5/31/24** | $11525 | $11228 | $11024 |
| **6/30/24** | $11311 | $11325 | $10905 |
| **7/31/24** | $11574 | $11544 | $11153 |
| **8/31/24** | $11939 | $11670 | $11496 |
| **9/30/24** | $12343 | $11806 | $11886 |
| **10/31/24** | $11757 | $11646 | $11338 |
| **11/30/24** | $11716 | $11784 | $11273 |
| **12/31/24** | $11512 | $11694 | $11056 |
| **1/31/25** | $11801 | $11739 | $11283 |
| **2/28/25** | $11902 | $11881 | $11357 |
| **3/31/25** | $12046 | $11831 | $11533 |
| **4/30/25** | $12420 | $11948 | $11907 |
| **5/31/25** | $12610 | $11908 | $12075 |
| **6/30/25** | $13046 | $12022 | $12412 |
| **7/31/25** | $12897 | $12013 | $12319 |
| **8/31/25** | $13248 | $12078 | $12584 |
| **9/30/25** | $13463 | $12167 | $12760 |
| **10/31/25** | $13558 | $12263 | $12819 |
| **11/30/25** | $13749 | $12289 | $12992 |
| **12/31/25** | $13990 | $12263 | $13186 |
| **1/31/26** | $14287 | $12292 | $13473 |
| **2/28/26** | $14483 | $12465 | $13646 |
| **3/31/26** | $13605 | $12244 | $12889 |

---

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) | 12.94% | 3.76% | 3.13% |
| Class C (including sales charge) | 11.94% | 3.76% | 3.13% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 11.76% | 2.06% | 2.57% |

---

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 | $2770533 |
| # of Portfolio Holdings | 2108 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $10859 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| South Africa | 9.9% |
| Colombia | 9.1% |
| Mexico | 7.6% |
| Malaysia | 7.0% |
| Peru | 6.9% |
| Brazil | 5.9% |
| Poland | 5.5% |
| Chile | 5.3% |
| Indonesia | 4.6% |
| Other Countries | 32.7% |
| Short-Term Instruments | 4.7% |
| Affiliated Investments | 7.3% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (6.0%) |
| 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. |

---

## 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 0.28% 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](g119941g89g22.jpg)

# Class C: PELCX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4232TSRAR_033126

# Institutional Class: PELBX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 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 | $141 | 1.32% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to South African local rates contributed to relative performance versus the Index, as South African local yields fell. 

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

* Overweight exposure in the 3-year and 10-year tenors of the Filipino local rates curve detracted from relative performance versus the Index, as 3-year and 10-year yields 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 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](g119941g85f51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1036737 | $1001698 | $1025724 |
| **5/31/16** | $978964 | $1005932 | $969956 |
| **6/30/16** | $1039663 | $1025081 | $1027063 |
| **7/31/16** | $1043225 | $1031206 | $1033244 |
| **8/31/16** | $1046853 | $1030680 | $1033659 |
| **9/30/16** | $1067992 | $1030557 | $1054573 |
| **10/31/16** | $1062522 | $1020565 | $1045656 |
| **11/30/16** | $983805 | $1003709 | $972130 |
| **12/31/16** | $1006205 | $1006459 | $990325 |
| **1/31/17** | $1031099 | $1002793 | $1012625 |
| **2/28/17** | $1053300 | $1011378 | $1030872 |
| **3/31/17** | $1082312 | $1010911 | $1054713 |
| **4/30/17** | $1096240 | $1017767 | $1067032 |
| **5/31/17** | $1111978 | $1023707 | $1087950 |
| **6/30/17** | $1116025 | $1020842 | $1092930 |
| **7/31/17** | $1140746 | $1024198 | $1115597 |
| **8/31/17** | $1158422 | $1033532 | $1135601 |
| **9/30/17** | $1155444 | $1028761 | $1131745 |
| **10/31/17** | $1122335 | $1033100 | $1099842 |
| **11/30/17** | $1138180 | $1034700 | $1118373 |
| **12/31/17** | $1161153 | $1037013 | $1140983 |
| **1/31/18** | $1215681 | $1029610 | $1192086 |
| **2/28/18** | $1211411 | $1027288 | $1179640 |
| **3/31/18** | $1223230 | $1035806 | $1191686 |
| **4/30/18** | $1186002 | $1031952 | $1156447 |
| **5/31/18** | $1118377 | $1035807 | $1098891 |
| **6/30/18** | $1082738 | $1037738 | $1067491 |
| **7/31/18** | $1103932 | $1038022 | $1087721 |
| **8/31/18** | $1032862 | $1041212 | $1021521 |
| **9/30/18** | $1056757 | $1037229 | $1048008 |
| **10/31/18** | $1034925 | $1035202 | $1027475 |
| **11/30/18** | $1065012 | $1040267 | $1056322 |
| **12/31/18** | $1073779 | $1055294 | $1070115 |
| **1/31/19** | $1136446 | $1066471 | $1128515 |
| **2/28/19** | $1125106 | $1067753 | $1116180 |
| **3/31/19** | $1112911 | $1086877 | $1101369 |
| **4/30/19** | $1112289 | $1087524 | $1099438 |
| **5/31/19** | $1122222 | $1103173 | $1102688 |
| **6/30/19** | $1188673 | $1118641 | $1163440 |
| **7/31/19** | $1203595 | $1127444 | $1174230 |
| **8/31/19** | $1162267 | $1153012 | $1143230 |
| **9/30/19** | $1179688 | $1147669 | $1154221 |
| **10/31/19** | $1212843 | $1145688 | $1187664 |
| **11/30/19** | $1197712 | $1144344 | $1166079 |
| **12/31/19** | $1258203 | $1141998 | $1214285 |
| **1/31/20** | $1245661 | $1162607 | $1198660 |
| **2/29/20** | $1203608 | $1176836 | $1157789 |
| **3/31/20** | $1007406 | $1158521 | $1029566 |
| **4/30/20** | $1059900 | $1177276 | $1069930 |
| **5/31/20** | $1135304 | $1180613 | $1125330 |
| **6/30/20** | $1140177 | $1186505 | $1130626 |
| **7/31/20** | $1181030 | $1199470 | $1164765 |
| **8/31/20** | $1183778 | $1190779 | $1160943 |
| **9/30/20** | $1157969 | $1195129 | $1137536 |
| **10/31/20** | $1166803 | $1195216 | $1142381 |
| **11/30/20** | $1237205 | $1202035 | $1205075 |
| **12/31/20** | $1285202 | $1205728 | $1246995 |
| **1/31/21** | $1270481 | $1199261 | $1233626 |
| **2/28/21** | $1240418 | $1180606 | $1200572 |
| **3/31/21** | $1198083 | $1175955 | $1163717 |
| **4/30/21** | $1223993 | $1179029 | $1190011 |
| **5/31/21** | $1254998 | $1181661 | $1219702 |
| **6/30/21** | $1240974 | $1187424 | $1204885 |
| **7/31/21** | $1235148 | $1202182 | $1199736 |
| **8/31/21** | $1247416 | $1199773 | $1208982 |
| **9/30/21** | $1208051 | $1188446 | $1167497 |
| **10/31/21** | $1188502 | $1185338 | $1151992 |
| **11/30/21** | $1168413 | $1193793 | $1120482 |
| **12/31/21** | $1185234 | $1188952 | $1137916 |
| **1/31/22** | $1187896 | $1170272 | $1137856 |
| **2/28/22** | $1129520 | $1154705 | $1080958 |
| **3/31/22** | $1126735 | $1129814 | $1064402 |
| **4/30/22** | $1067492 | $1099449 | $1000258 |
| **5/31/22** | $1086404 | $1097936 | $1017893 |
| **6/30/22** | $1034908 | $1081273 | $972568 |
| **7/31/22** | $1052404 | $1108814 | $975416 |
| **8/31/22** | $1061929 | $1079868 | $974047 |
| **9/30/22** | $1012029 | $1045202 | $926608 |
| **10/31/22** | $1017979 | $1041624 | $918434 |
| **11/30/22** | $1088619 | $1068168 | $983704 |
| **12/31/22** | $1109474 | $1055562 | $1004949 |
| **1/31/23** | $1161910 | $1079874 | $1048089 |
| **2/28/23** | $1122387 | $1062650 | $1014923 |
| **3/31/23** | $1171633 | $1086213 | $1056788 |
| **4/30/23** | $1184663 | $1091806 | $1065899 |
| **5/31/23** | $1167923 | $1087507 | $1049069 |
| **6/30/23** | $1213146 | $1086858 | $1083268 |
| **7/31/23** | $1246940 | $1087210 | $1114437 |
| **8/31/23** | $1210391 | $1085844 | $1084494 |
| **9/30/23** | $1168457 | $1067119 | $1047982 |
| **10/31/23** | $1163569 | $1059542 | $1042465 |
| **11/30/23** | $1228289 | $1095972 | $1097393 |
| **12/31/23** | $1283197 | $1130998 | $1132588 |
| **1/31/24** | $1263388 | $1128781 | $1115340 |
| **2/29/24** | $1264907 | $1121036 | $1108941 |
| **3/31/24** | $1269013 | $1131144 | $1108628 |
| **4/30/24** | $1241623 | $1112932 | $1084939 |
| **5/31/24** | $1266206 | $1122780 | $1102442 |
| **6/30/24** | $1243757 | $1132522 | $1090534 |
| **7/31/24** | $1273927 | $1154402 | $1115339 |
| **8/31/24** | $1315483 | $1167045 | $1149584 |
| **9/30/24** | $1361151 | $1180588 | $1188610 |
| **10/31/24** | $1297739 | $1164612 | $1133760 |
| **11/30/24** | $1294534 | $1178445 | $1127327 |
| **12/31/24** | $1273189 | $1169402 | $1105613 |
| **1/31/25** | $1306549 | $1173932 | $1128294 |
| **2/28/25** | $1318794 | $1188068 | $1135718 |
| **3/31/25** | $1336020 | $1183110 | $1153273 |
| **4/30/25** | $1378793 | $1194759 | $1190707 |
| **5/31/25** | $1401258 | $1190809 | $1207541 |
| **6/30/25** | $1451056 | $1202213 | $1241177 |
| **7/31/25** | $1435849 | $1201251 | $1231866 |
| **8/31/25** | $1476401 | $1207833 | $1258402 |
| **9/30/25** | $1501723 | $1216730 | $1275988 |
| **10/31/25** | $1513873 | $1226335 | $1281869 |
| **11/30/25** | $1536567 | $1228914 | $1299160 |
| **12/31/25** | $1564966 | $1226279 | $1318568 |
| **1/31/26** | $1599735 | $1229243 | $1347259 |
| **2/28/26** | $1623111 | $1246523 | $1364616 |
| **3/31/26** | $1526168 | $1224396 | $1288905 |

---

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 | 14.23% | 4.96% | 4.32% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 11.76% | 2.06% | 2.57% |

---

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 | $2770533 |
| # of Portfolio Holdings | 2108 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $10859 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| South Africa | 9.9% |
| Colombia | 9.1% |
| Mexico | 7.6% |
| Malaysia | 7.0% |
| Peru | 6.9% |
| Brazil | 5.9% |
| Poland | 5.5% |
| Chile | 5.3% |
| Indonesia | 4.6% |
| Other Countries | 32.7% |
| Short-Term Instruments | 4.7% |
| Affiliated Investments | 7.3% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (6.0%) |
| 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. |

---

## 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 0.28% 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](g119941g89g22.jpg)

# Institutional Class: PELBX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS0332TSRAR_033126

# I-2: PELPX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 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 | $152 | 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:

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to South African local rates contributed to relative performance versus the Index, as South African local yields fell. 

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

* Overweight exposure in the 3-year and 10-year tenors of the Filipino local rates curve detracted from relative performance versus the Index, as 3-year and 10-year yields 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 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](g119941g29w59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1036652 | $1001698 | $1025724 |
| **5/31/16** | $978805 | $1005932 | $969956 |
| **6/30/16** | $1039412 | $1025081 | $1027063 |
| **7/31/16** | $1042886 | $1031206 | $1033244 |
| **8/31/16** | $1046422 | $1030680 | $1033659 |
| **9/30/16** | $1067460 | $1030557 | $1054573 |
| **10/31/16** | $1061906 | $1020565 | $1045656 |
| **11/30/16** | $983153 | $1003709 | $972130 |
| **12/31/16** | $1005441 | $1006459 | $990325 |
| **1/31/17** | $1030236 | $1002793 | $1012625 |
| **2/28/17** | $1052339 | $1011378 | $1030872 |
| **3/31/17** | $1081229 | $1010911 | $1054713 |
| **4/30/17** | $1095061 | $1017767 | $1067032 |
| **5/31/17** | $1110687 | $1023707 | $1087950 |
| **6/30/17** | $1114623 | $1020842 | $1092930 |
| **7/31/17** | $1139224 | $1024198 | $1115597 |
| **8/31/17** | $1156780 | $1033532 | $1135601 |
| **9/30/17** | $1153708 | $1028761 | $1131745 |
| **10/31/17** | $1120556 | $1033100 | $1099842 |
| **11/30/17** | $1136283 | $1034700 | $1118373 |
| **12/31/17** | $1159118 | $1037013 | $1140983 |
| **1/31/18** | $1213456 | $1029610 | $1192086 |
| **2/28/18** | $1209102 | $1027288 | $1179640 |
| **3/31/18** | $1220796 | $1035806 | $1191686 |
| **4/30/18** | $1183548 | $1031952 | $1156447 |
| **5/31/18** | $1115965 | $1035807 | $1098891 |
| **6/30/18** | $1080304 | $1037738 | $1067491 |
| **7/31/18** | $1101360 | $1038022 | $1087721 |
| **8/31/18** | $1030355 | $1041212 | $1021521 |
| **9/30/18** | $1054115 | $1037229 | $1048008 |
| **10/31/18** | $1032250 | $1035202 | $1027475 |
| **11/30/18** | $1062167 | $1040267 | $1056322 |
| **12/31/18** | $1070823 | $1055294 | $1070115 |
| **1/31/19** | $1133228 | $1066471 | $1128515 |
| **2/28/19** | $1121835 | $1067753 | $1116180 |
| **3/31/19** | $1109582 | $1086877 | $1101369 |
| **4/30/19** | $1108881 | $1087524 | $1099438 |
| **5/31/19** | $1118686 | $1103173 | $1102688 |
| **6/30/19** | $1184840 | $1118641 | $1163440 |
| **7/31/19** | $1199613 | $1127444 | $1174230 |
| **8/31/19** | $1158318 | $1153012 | $1143230 |
| **9/30/19** | $1175591 | $1147669 | $1154221 |
| **10/31/19** | $1208530 | $1145688 | $1187664 |
| **11/30/19** | $1193354 | $1144344 | $1166079 |
| **12/31/19** | $1253521 | $1141998 | $1214285 |
| **1/31/20** | $1240921 | $1162607 | $1198660 |
| **2/29/20** | $1198933 | $1176836 | $1157789 |
| **3/31/20** | $1003406 | $1158521 | $1029566 |
| **4/30/20** | $1055609 | $1177276 | $1069930 |
| **5/31/20** | $1130617 | $1180613 | $1125330 |
| **6/30/20** | $1135378 | $1186505 | $1130626 |
| **7/31/20** | $1175955 | $1199470 | $1164765 |
| **8/31/20** | $1178598 | $1190779 | $1160943 |
| **9/30/20** | $1152806 | $1195129 | $1137536 |
| **10/31/20** | $1161497 | $1195216 | $1142381 |
| **11/30/20** | $1231483 | $1202035 | $1205075 |
| **12/31/20** | $1279141 | $1205728 | $1246995 |
| **1/31/21** | $1264393 | $1199261 | $1233626 |
| **2/28/21** | $1234379 | $1180606 | $1200572 |
| **3/31/21** | $1192150 | $1175955 | $1163717 |
| **4/30/21** | $1217825 | $1179029 | $1190011 |
| **5/31/21** | $1248574 | $1181661 | $1219702 |
| **6/30/21** | $1234519 | $1187424 | $1204885 |
| **7/31/21** | $1228617 | $1202182 | $1199736 |
| **8/31/21** | $1240717 | $1199773 | $1208982 |
| **9/30/21** | $1201461 | $1188446 | $1167497 |
| **10/31/21** | $1181914 | $1185338 | $1151992 |
| **11/30/21** | $1161836 | $1193793 | $1120482 |
| **12/31/21** | $1178455 | $1188952 | $1137916 |
| **1/31/22** | $1181006 | $1170272 | $1137856 |
| **2/28/22** | $1122873 | $1154705 | $1080958 |
| **3/31/22** | $1120013 | $1129814 | $1064402 |
| **4/30/22** | $1061029 | $1099449 | $1000258 |
| **5/31/22** | $1079742 | $1097936 | $1017893 |
| **6/30/22** | $1028475 | $1081273 | $972568 |
| **7/31/22** | $1045776 | $1108814 | $975416 |
| **8/31/22** | $1055156 | $1079868 | $974047 |
| **9/30/22** | $1005485 | $1045202 | $926608 |
| **10/31/22** | $1011317 | $1041624 | $918434 |
| **11/30/22** | $1081413 | $1068168 | $983704 |
| **12/31/22** | $1102023 | $1055562 | $1004949 |
| **1/31/23** | $1154018 | $1079874 | $1048089 |
| **2/28/23** | $1114678 | $1062650 | $1014923 |
| **3/31/23** | $1163487 | $1086213 | $1056788 |
| **4/30/23** | $1176338 | $1091806 | $1065899 |
| **5/31/23** | $1159618 | $1087507 | $1049069 |
| **6/30/23** | $1204415 | $1086858 | $1083268 |
| **7/31/23** | $1237869 | $1087210 | $1114437 |
| **8/31/23** | $1201485 | $1085844 | $1084494 |
| **9/30/23** | $1159762 | $1067119 | $1047982 |
| **10/31/23** | $1154817 | $1059542 | $1042465 |
| **11/30/23** | $1218953 | $1095972 | $1097393 |
| **12/31/23** | $1273336 | $1130998 | $1132588 |
| **1/31/24** | $1253578 | $1128781 | $1115340 |
| **2/29/24** | $1254990 | $1121036 | $1108941 |
| **3/31/24** | $1258958 | $1131144 | $1108628 |
| **4/30/24** | $1231683 | $1112932 | $1084939 |
| **5/31/24** | $1255957 | $1122780 | $1102442 |
| **6/30/24** | $1233597 | $1132522 | $1090534 |
| **7/31/24** | $1263415 | $1154402 | $1115339 |
| **8/31/24** | $1304512 | $1167045 | $1149584 |
| **9/30/24** | $1349699 | $1180588 | $1188610 |
| **10/31/24** | $1286710 | $1164612 | $1133760 |
| **11/30/24** | $1283424 | $1178445 | $1127327 |
| **12/31/24** | $1262155 | $1169402 | $1105613 |
| **1/31/25** | $1295113 | $1173932 | $1128294 |
| **2/28/25** | $1307150 | $1188068 | $1135718 |
| **3/31/25** | $1324119 | $1183110 | $1153273 |
| **4/30/25** | $1366401 | $1194759 | $1190707 |
| **5/31/25** | $1388543 | $1190809 | $1207541 |
| **6/30/25** | $1437770 | $1202213 | $1241177 |
| **7/31/25** | $1422583 | $1201251 | $1231866 |
| **8/31/25** | $1462634 | $1207833 | $1258402 |
| **9/30/25** | $1487610 | $1216730 | $1275988 |
| **10/31/25** | $1499514 | $1226335 | $1281869 |
| **11/30/25** | $1521876 | $1228914 | $1299160 |
| **12/31/25** | $1549871 | $1226279 | $1318568 |
| **1/31/26** | $1584176 | $1229243 | $1347259 |
| **2/28/26** | $1607205 | $1246523 | $1364616 |
| **3/31/26** | $1511081 | $1224396 | $1288905 |

---

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 | 14.12% | 4.86% | 4.21% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 11.76% | 2.06% | 2.57% |

---

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 | $2770533 |
| # of Portfolio Holdings | 2108 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $10859 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| South Africa | 9.9% |
| Colombia | 9.1% |
| Mexico | 7.6% |
| Malaysia | 7.0% |
| Peru | 6.9% |
| Brazil | 5.9% |
| Poland | 5.5% |
| Chile | 5.3% |
| Indonesia | 4.6% |
| Other Countries | 32.7% |
| Short-Term Instruments | 4.7% |
| Affiliated Investments | 7.3% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (6.0%) |
| 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. |

---

## 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 0.28% 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](g119941g89g22.jpg)

# I-2: PELPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1930TSRAR_033126

# I-3: PELNX

# PIMCO Emerging Markets Local Currency and Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Local Currency and Bond Fund (the "Fund") for the period of April 1, 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 | $157 | 1.47% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance versus the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) ("Index"), as the currency had positive carry. 

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency had positive carry. 

* Overweight exposure to South African local rates contributed to relative performance versus the Index, as South African local yields fell. 

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

* Overweight exposure in the 3-year and 10-year tenors of the Filipino local rates curve detracted from relative performance versus the Index, as 3-year and 10-year yields 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 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](g119941g34r85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1036613 | $1001698 | $1025724 |
| **5/31/16** | $978721 | $1005932 | $969956 |
| **6/30/16** | $1039281 | $1025081 | $1027063 |
| **7/31/16** | $1042709 | $1031206 | $1033244 |
| **8/31/16** | $1046201 | $1030680 | $1033659 |
| **9/30/16** | $1067197 | $1030557 | $1054573 |
| **10/31/16** | $1061597 | $1020565 | $1045656 |
| **11/30/16** | $982825 | $1003709 | $972130 |
| **12/31/16** | $1005076 | $1006459 | $990325 |
| **1/31/17** | $1029813 | $1002793 | $1012625 |
| **2/28/17** | $1051866 | $1011378 | $1030872 |
| **3/31/17** | $1080703 | $1010911 | $1054713 |
| **4/30/17** | $1094477 | $1017767 | $1067032 |
| **5/31/17** | $1110050 | $1023707 | $1087950 |
| **6/30/17** | $1113953 | $1020842 | $1092930 |
| **7/31/17** | $1138485 | $1024198 | $1115597 |
| **8/31/17** | $1155981 | $1033532 | $1135601 |
| **9/30/17** | $1152865 | $1028761 | $1131745 |
| **10/31/17** | $1119685 | $1033100 | $1099842 |
| **11/30/17** | $1135355 | $1034700 | $1118373 |
| **12/31/17** | $1158125 | $1037013 | $1140983 |
| **1/31/18** | $1212359 | $1029610 | $1192086 |
| **2/28/18** | $1207962 | $1027288 | $1179640 |
| **3/31/18** | $1219594 | $1035806 | $1191686 |
| **4/30/18** | $1182336 | $1031952 | $1156447 |
| **5/31/18** | $1114828 | $1035807 | $1098891 |
| **6/30/18** | $1079208 | $1037738 | $1067491 |
| **7/31/18** | $1100198 | $1038022 | $1087721 |
| **8/31/18** | $1029225 | $1041212 | $1021521 |
| **9/30/18** | $1052921 | $1037229 | $1048008 |
| **10/31/18** | $1031036 | $1035202 | $1027475 |
| **11/30/18** | $1060872 | $1040267 | $1056322 |
| **12/31/18** | $1069477 | $1055294 | $1070115 |
| **1/31/19** | $1131783 | $1066471 | $1128515 |
| **2/28/19** | $1120364 | $1067753 | $1116180 |
| **3/31/19** | $1108081 | $1086877 | $1101369 |
| **4/30/19** | $1107330 | $1087524 | $1099438 |
| **5/31/19** | $1117078 | $1103173 | $1102688 |
| **6/30/19** | $1183093 | $1118641 | $1163440 |
| **7/31/19** | $1197794 | $1127444 | $1174230 |
| **8/31/19** | $1156509 | $1153012 | $1143230 |
| **9/30/19** | $1173711 | $1147669 | $1154221 |
| **10/31/19** | $1206548 | $1145688 | $1187664 |
| **11/30/19** | $1191348 | $1144344 | $1166079 |
| **12/31/19** | $1251364 | $1141998 | $1214285 |
| **1/31/20** | $1238732 | $1162607 | $1198660 |
| **2/29/20** | $1196771 | $1176836 | $1157789 |
| **3/31/20** | $1001551 | $1158521 | $1029566 |
| **4/30/20** | $1053608 | $1177276 | $1069930 |
| **5/31/20** | $1128427 | $1180613 | $1125330 |
| **6/30/20** | $1133131 | $1186505 | $1130626 |
| **7/31/20** | $1173576 | $1199470 | $1164765 |
| **8/31/20** | $1176168 | $1190779 | $1160943 |
| **9/30/20** | $1150382 | $1195129 | $1137536 |
| **10/31/20** | $1159004 | $1195216 | $1142381 |
| **11/30/20** | $1228794 | $1202035 | $1205075 |
| **12/31/20** | $1276292 | $1205728 | $1246995 |
| **1/31/21** | $1261528 | $1199261 | $1233626 |
| **2/28/21** | $1231532 | $1180606 | $1200572 |
| **3/31/21** | $1189353 | $1175955 | $1163717 |
| **4/30/21** | $1214916 | $1179029 | $1190011 |
| **5/31/21** | $1245544 | $1181661 | $1219702 |
| **6/30/21** | $1231476 | $1187424 | $1204885 |
| **7/31/21** | $1225535 | $1202182 | $1199736 |
| **8/31/21** | $1237560 | $1199773 | $1208982 |
| **9/30/21** | $1198354 | $1188446 | $1167497 |
| **10/31/21** | $1178808 | $1185338 | $1151992 |
| **11/30/21** | $1158735 | $1193793 | $1120482 |
| **12/31/21** | $1175255 | $1188952 | $1137916 |
| **1/31/22** | $1177746 | $1170272 | $1137856 |
| **2/28/22** | $1119728 | $1154705 | $1080958 |
| **3/31/22** | $1116818 | $1129814 | $1064402 |
| **4/30/22** | $1057951 | $1099449 | $1000258 |
| **5/31/22** | $1076563 | $1097936 | $1017893 |
| **6/30/22** | $1025403 | $1081273 | $972568 |
| **7/31/22** | $1042610 | $1108814 | $975416 |
| **8/31/22** | $1051915 | $1079868 | $974047 |
| **9/30/22** | $1002350 | $1045202 | $926608 |
| **10/31/22** | $1008125 | $1041624 | $918434 |
| **11/30/22** | $1077954 | $1068168 | $983704 |
| **12/31/22** | $1098467 | $1055562 | $1004949 |
| **1/31/23** | $1150250 | $1079874 | $1048089 |
| **2/28/23** | $1110998 | $1062650 | $1014923 |
| **3/31/23** | $1159593 | $1086213 | $1056788 |
| **4/30/23** | $1172357 | $1091806 | $1065899 |
| **5/31/23** | $1155644 | $1087507 | $1049069 |
| **6/30/23** | $1200238 | $1086858 | $1083268 |
| **7/31/23** | $1233534 | $1087210 | $1114437 |
| **8/31/23** | $1197227 | $1085844 | $1084494 |
| **9/30/23** | $1155602 | $1067119 | $1047982 |
| **10/31/23** | $1150628 | $1059542 | $1042465 |
| **11/30/23** | $1214483 | $1095972 | $1097393 |
| **12/31/23** | $1268612 | $1130998 | $1132588 |
| **1/31/24** | $1248876 | $1128781 | $1115340 |
| **2/29/24** | $1250234 | $1121036 | $1108941 |
| **3/31/24** | $1254133 | $1131144 | $1108628 |
| **4/30/24** | $1226913 | $1112932 | $1084939 |
| **5/31/24** | $1251037 | $1122780 | $1102442 |
| **6/30/24** | $1228718 | $1132522 | $1090534 |
| **7/31/24** | $1258374 | $1154402 | $1115339 |
| **8/31/24** | $1299251 | $1167045 | $1149584 |
| **9/30/24** | $1344205 | $1180588 | $1188610 |
| **10/31/24** | $1281418 | $1164612 | $1133760 |
| **11/30/24** | $1278092 | $1178445 | $1127327 |
| **12/31/24** | $1256857 | $1169402 | $1105613 |
| **1/31/25** | $1289622 | $1173932 | $1128294 |
| **2/28/25** | $1301558 | $1188068 | $1135718 |
| **3/31/25** | $1318403 | $1183110 | $1153273 |
| **4/30/25** | $1360448 | $1194759 | $1190707 |
| **5/31/25** | $1382432 | $1190809 | $1207541 |
| **6/30/25** | $1431387 | $1202213 | $1241177 |
| **7/31/25** | $1416204 | $1201251 | $1231866 |
| **8/31/25** | $1455990 | $1207833 | $1258402 |
| **9/30/25** | $1480810 | $1216730 | $1275988 |
| **10/31/25** | $1492594 | $1226335 | $1281869 |
| **11/30/25** | $1514792 | $1228914 | $1299160 |
| **12/31/25** | $1542588 | $1226279 | $1318568 |
| **1/31/26** | $1576666 | $1229243 | $1347259 |
| **2/28/26** | $1599522 | $1246523 | $1364616 |
| **3/31/26** | $1503795 | $1224396 | $1288905 |

---

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 | 14.06% | 4.80% | 4.16% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) | 11.76% | 2.06% | 2.57% |

---

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 | $2770533 |
| # of Portfolio Holdings | 2108 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $10859 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| South Africa | 9.9% |
| Colombia | 9.1% |
| Mexico | 7.6% |
| Malaysia | 7.0% |
| Peru | 6.9% |
| Brazil | 5.9% |
| Poland | 5.5% |
| Chile | 5.3% |
| Indonesia | 4.6% |
| Other Countries | 32.7% |
| Short-Term Instruments | 4.7% |
| Affiliated Investments | 7.3% |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (6.0%) |
| 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. |

---

## 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 0.28% 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](g119941g89g22.jpg)

# I-3: PELNX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2179TSRAR_033126

# Class A: PGSAX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (the "Fund") for the period of April 1, 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 | $118 | 1.15% |

---

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

* Overweight exposure to emerging market external debt contributed to relative performance versus the Bloomberg Global Aggregate (USD Unhedged) Index ("Index"), as spreads tightened.

* Hedging most of the Fund's non-U.S. dollar currency risk back to the U.S. dollar, contributed to performance versus the Index, as the dollar benefitted from higher cash rates versus other developed markets.

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

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

* Overweight exposure to the intermediate section of the curve in the euro bloc detracted from relative performance versus the Index, as yields rose.

* Positioning within corporate credit, namely long exposure to Index credit default swaps, detracted from relative performance versus the Index, as credit spreads widened.

## 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 Unhedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g55h57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Unhedged) Index** | **PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged)** |
| **3/31/16** | $9627 | $10000 | $10000 |
| **4/30/16** | $9707 | $10133 | $10054 |
| **5/31/16** | $9619 | $9997 | $9963 |
| **6/30/16** | $9858 | $10289 | $10163 |
| **7/31/16** | $9996 | $10367 | $10253 |
| **8/31/16** | $10068 | $10316 | $10284 |
| **9/30/16** | $10124 | $10373 | $10304 |
| **10/31/16** | $10085 | $10085 | $10211 |
| **11/30/16** | $9836 | $9684 | $9937 |
| **12/31/16** | $9916 | $9640 | $9967 |
| **1/31/17** | $10013 | $9749 | $10038 |
| **2/28/17** | $10151 | $9795 | $10148 |
| **3/31/17** | $10238 | $9810 | $10208 |
| **4/30/17** | $10261 | $9920 | $10269 |
| **5/31/17** | $10343 | $10074 | $10363 |
| **6/30/17** | $10339 | $10065 | $10365 |
| **7/31/17** | $10429 | $10234 | $10439 |
| **8/31/17** | $10560 | $10336 | $10539 |
| **9/30/17** | $10541 | $10242 | $10493 |
| **10/31/17** | $10565 | $10204 | $10511 |
| **11/30/17** | $10600 | $10317 | $10551 |
| **12/31/17** | $10653 | $10353 | $10607 |
| **1/31/18** | $10736 | $10476 | $10615 |
| **2/28/18** | $10671 | $10383 | $10560 |
| **3/31/18** | $10725 | $10494 | $10624 |
| **4/30/18** | $10633 | $10326 | $10544 |
| **5/31/18** | $10591 | $10247 | $10518 |
| **6/30/18** | $10561 | $10202 | $10491 |
| **7/31/18** | $10631 | $10185 | $10520 |
| **8/31/18** | $10562 | $10195 | $10448 |
| **9/30/18** | $10547 | $10108 | $10459 |
| **10/31/18** | $10496 | $9995 | $10429 |
| **11/30/18** | $10515 | $10026 | $10500 |
| **12/31/18** | $10546 | $10229 | $10622 |
| **1/31/19** | $10751 | $10384 | $10798 |
| **2/28/19** | $10777 | $10325 | $10806 |
| **3/31/19** | $10883 | $10454 | $10946 |
| **4/30/19** | $10927 | $10423 | $10964 |
| **5/31/19** | $11009 | $10564 | $11082 |
| **6/30/19** | $11202 | $10798 | $11287 |
| **7/31/19** | $11291 | $10768 | $11392 |
| **8/31/19** | $11356 | $10987 | $11523 |
| **9/30/19** | $11335 | $10875 | $11492 |
| **10/31/19** | $11374 | $10948 | $11531 |
| **11/30/19** | $11337 | $10865 | $11507 |
| **12/31/19** | $11443 | $10928 | $11559 |
| **1/31/20** | $11556 | $11068 | $11697 |
| **2/29/20** | $11544 | $11142 | $11745 |
| **3/31/20** | $10850 | $10892 | $11349 |
| **4/30/20** | $11139 | $11106 | $11562 |
| **5/31/20** | $11383 | $11155 | $11674 |
| **6/30/20** | $11521 | $11254 | $11759 |
| **7/31/20** | $11774 | $11613 | $11941 |
| **8/31/20** | $11855 | $11595 | $11898 |
| **9/30/20** | $11859 | $11554 | $11896 |
| **10/31/20** | $11912 | $11565 | $11910 |
| **11/30/20** | $12116 | $11775 | $12071 |
| **12/31/20** | $12278 | $11933 | $12166 |
| **1/31/21** | $12256 | $11828 | $12093 |
| **2/28/21** | $12094 | $11624 | $11905 |
| **3/31/21** | $12047 | $11401 | $11854 |
| **4/30/21** | $12120 | $11545 | $11939 |
| **5/31/21** | $12217 | $11653 | $12026 |
| **6/30/21** | $12198 | $11550 | $12054 |
| **7/31/21** | $12270 | $11704 | $12160 |
| **8/31/21** | $12289 | $11656 | $12168 |
| **9/30/21** | $12197 | $11448 | $12044 |
| **10/31/21** | $12159 | $11421 | $12033 |
| **11/30/21** | $12174 | $11387 | $12083 |
| **12/31/21** | $12218 | $11371 | $12094 |
| **1/31/22** | $12111 | $11138 | $11945 |
| **2/28/22** | $11859 | $11006 | $11748 |
| **3/31/22** | $11672 | $10671 | $11527 |
| **4/30/22** | $11299 | $10086 | $11183 |
| **5/31/22** | $11274 | $10114 | $11175 |
| **6/30/22** | $10986 | $9789 | $10945 |
| **7/31/22** | $11247 | $9997 | $11194 |
| **8/31/22** | $11060 | $9603 | $10944 |
| **9/30/22** | $10552 | $9109 | $10536 |
| **10/31/22** | $10552 | $9047 | $10499 |
| **11/30/22** | $10949 | $9473 | $10817 |
| **12/31/22** | $10912 | $9524 | $10779 |
| **1/31/23** | $11223 | $9836 | $11054 |
| **2/28/23** | $11014 | $9509 | $10844 |
| **3/31/23** | $11165 | $9810 | $11081 |
| **4/30/23** | $11196 | $9853 | $11133 |
| **5/31/23** | $11103 | $9661 | $11060 |
| **6/30/23** | $11137 | $9660 | $11058 |
| **7/31/23** | $11264 | $9727 | $11133 |
| **8/31/23** | $11185 | $9594 | $11068 |
| **9/30/23** | $11047 | $9314 | $10899 |
| **10/31/23** | $10976 | $9202 | $10835 |
| **11/30/23** | $11349 | $9666 | $11212 |
| **12/31/23** | $11727 | $10068 | $11528 |
| **1/31/24** | $11693 | $9929 | $11482 |
| **2/29/24** | $11629 | $9804 | $11416 |
| **3/31/24** | $11769 | $9858 | $11492 |
| **4/30/24** | $11608 | $9610 | $11329 |
| **5/31/24** | $11747 | $9735 | $11429 |
| **6/30/24** | $11783 | $9749 | $11496 |
| **7/31/24** | $11965 | $10019 | $11684 |
| **8/31/24** | $12071 | $10256 | $11840 |
| **9/30/24** | $12256 | $10430 | $11998 |
| **10/31/24** | $12008 | $10081 | $11805 |
| **11/30/24** | $12124 | $10115 | $11877 |
| **12/31/24** | $12056 | $9898 | $11758 |
| **1/31/25** | $12178 | $9954 | $11842 |
| **2/28/25** | $12298 | $10097 | $11957 |
| **3/31/25** | $12302 | $10159 | $11960 |
| **4/30/25** | $12348 | $10457 | $12087 |
| **5/31/25** | $12387 | $10420 | $12103 |
| **6/30/25** | $12607 | $10618 | $12246 |
| **7/31/25** | $12604 | $10460 | $12218 |
| **8/31/25** | $12777 | $10612 | $12318 |
| **9/30/25** | $12860 | $10681 | $12402 |
| **10/31/25** | $12999 | $10654 | $12480 |
| **11/30/25** | $13022 | $10679 | $12515 |
| **12/31/25** | $13070 | $10706 | $12521 |
| **1/31/26** | $13168 | $10807 | $12592 |
| **2/28/26** | $13341 | $10928 | $12757 |
| **3/31/26** | $12882 | $10592 | $12513 |

---

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) | 4.71% | 1.35% | 2.96% |
| Class A (including sales charge) | 0.75% | 0.57% | 2.56% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 4.26% | (1.46%) | 0.58% |
| PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged) | 4.62% | 1.09% | 2.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $189313 |
| # of Portfolio Holdings | 1300 |
| Portfolio Turnover Rate | 622% |
| Total Net Advisory Fees Paid During the Reporting Period | $594 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 58.2% |
| Japan | 5.9% |
| United Kingdom | 5.4% |
| France | 4.3% |
| Australia | 3.7% |
| Ireland | 3.7% |
| Canada | 3.0% |
| China | 2.5% |
| Cayman Islands | 2.2% |
| Other Countries | 27.9% |
| Short-Term Instruments | 4.5% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | 0.9% |
| Other Assets and Liabilities, Net | (26.2%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.24% 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](g119941g89g22.jpg)

# Class A: PGSAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4087TSRAR_033126

# Institutional Class: PSAIX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (the "Fund") for the period of April 1, 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 | $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:

* Overweight exposure to emerging market external debt contributed to relative performance versus the Bloomberg Global Aggregate (USD Unhedged) Index ("Index"), as spreads tightened.

* Hedging most of the Fund's non-U.S. dollar currency risk back to the U.S. dollar, contributed to performance versus the Index, as the dollar benefitted from higher cash rates versus other developed markets.

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

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

* Overweight exposure to the intermediate section of the curve in the euro bloc detracted from relative performance versus the Index, as yields rose.

* Positioning within corporate credit, namely long exposure to Index credit default swaps, detracted from relative performance versus the Index, as credit spreads widened.

## 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 Unhedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g119941g01r27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Unhedged) Index** | **PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged)** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1008689 | $1013301 | $1005430 |
| **5/31/16** | $999901 | $999708 | $996301 |
| **6/30/16** | $1025054 | $1028901 | $1016266 |
| **7/31/16** | $1039701 | $1036657 | $1025332 |
| **8/31/16** | $1047567 | $1031622 | $1028418 |
| **9/30/16** | $1053783 | $1037302 | $1030444 |
| **10/31/16** | $1050073 | $1008512 | $1021066 |
| **11/30/16** | $1024426 | $968442 | $993712 |
| **12/31/16** | $1033157 | $963993 | $996684 |
| **1/31/17** | $1043558 | $974861 | $1003760 |
| **2/28/17** | $1058261 | $979468 | $1014811 |
| **3/31/17** | $1067792 | $980973 | $1020758 |
| **4/30/17** | $1070433 | $992030 | $1026862 |
| **5/31/17** | $1079396 | $1007382 | $1036310 |
| **6/30/17** | $1079345 | $1006498 | $1036455 |
| **7/31/17** | $1089147 | $1023420 | $1043948 |
| **8/31/17** | $1103121 | $1033559 | $1053897 |
| **9/30/17** | $1101512 | $1024249 | $1049345 |
| **10/31/17** | $1104392 | $1020373 | $1051097 |
| **11/30/17** | $1108419 | $1031705 | $1055080 |
| **12/31/17** | $1114365 | $1035280 | $1060651 |
| **1/31/18** | $1123369 | $1047617 | $1061531 |
| **2/28/18** | $1116963 | $1038321 | $1056001 |
| **3/31/18** | $1122969 | $1049373 | $1062443 |
| **4/30/18** | $1113754 | $1032565 | $1054389 |
| **5/31/18** | $1109732 | $1024732 | $1051775 |
| **6/30/18** | $1106898 | $1020176 | $1049092 |
| **7/31/18** | $1114628 | $1018473 | $1052009 |
| **8/31/18** | $1107789 | $1019542 | $1044813 |
| **9/30/18** | $1106567 | $1010753 | $1045941 |
| **10/31/18** | $1101545 | $999462 | $1042950 |
| **11/30/18** | $1104010 | $1002587 | $1049990 |
| **12/31/18** | $1107557 | $1022858 | $1062180 |
| **1/31/19** | $1129527 | $1038431 | $1079780 |
| **2/28/19** | $1132590 | $1032454 | $1080601 |
| **3/31/19** | $1144103 | $1045379 | $1094649 |
| **4/30/19** | $1149133 | $1042284 | $1096368 |
| **5/31/19** | $1158139 | $1056398 | $1108165 |
| **6/30/19** | $1178779 | $1079820 | $1128699 |
| **7/31/19** | $1188500 | $1076819 | $1139150 |
| **8/31/19** | $1195858 | $1098716 | $1152251 |
| **9/30/19** | $1193950 | $1087541 | $1149220 |
| **10/31/19** | $1198527 | $1094783 | $1153059 |
| **11/30/19** | $1195006 | $1086481 | $1150695 |
| **12/31/19** | $1206522 | $1092817 | $1155908 |
| **1/31/20** | $1218854 | $1106767 | $1169698 |
| **2/29/20** | $1218001 | $1114211 | $1174505 |
| **3/31/20** | $1145186 | $1089245 | $1134948 |
| **4/30/20** | $1176008 | $1110631 | $1156194 |
| **5/31/20** | $1202216 | $1115503 | $1167386 |
| **6/30/20** | $1217149 | $1125414 | $1175873 |
| **7/31/20** | $1244311 | $1161307 | $1194123 |
| **8/31/20** | $1253356 | $1159536 | $1189800 |
| **9/30/20** | $1254196 | $1155366 | $1189621 |
| **10/31/20** | $1260223 | $1156471 | $1190965 |
| **11/30/20** | $1282178 | $1177498 | $1207115 |
| **12/31/20** | $1299862 | $1193314 | $1216591 |
| **1/31/21** | $1297887 | $1182805 | $1209303 |
| **2/28/21** | $1281110 | $1162445 | $1190523 |
| **3/31/21** | $1276632 | $1140083 | $1185404 |
| **4/30/21** | $1284784 | $1154486 | $1193927 |
| **5/31/21** | $1295433 | $1165329 | $1202559 |
| **6/30/21** | $1293880 | $1155048 | $1205445 |
| **7/31/21** | $1301976 | $1170422 | $1216041 |
| **8/31/21** | $1304393 | $1165554 | $1216819 |
| **9/30/21** | $1295108 | $1144844 | $1204395 |
| **10/31/21** | $1291470 | $1142076 | $1203348 |
| **11/30/21** | $1293501 | $1138736 | $1208317 |
| **12/31/21** | $1298605 | $1137146 | $1209441 |
| **1/31/22** | $1287619 | $1113842 | $1194517 |
| **2/28/22** | $1261233 | $1100603 | $1174831 |
| **3/31/22** | $1241838 | $1067087 | $1152732 |
| **4/30/22** | $1202520 | $1008623 | $1118289 |
| **5/31/22** | $1200220 | $1011376 | $1117495 |
| **6/30/22** | $1170005 | $978923 | $1094497 |
| **7/31/22** | $1198206 | $999734 | $1119408 |
| **8/31/22** | $1178646 | $960283 | $1094445 |
| **9/30/22** | $1124867 | $910944 | $1053633 |
| **10/31/22** | $1125266 | $904679 | $1049851 |
| **11/30/22** | $1167939 | $947254 | $1081724 |
| **12/31/22** | $1164456 | $952377 | $1077949 |
| **1/31/23** | $1198029 | $983642 | $1105436 |
| **2/28/23** | $1176092 | $950942 | $1084378 |
| **3/31/23** | $1192620 | $981012 | $1108061 |
| **4/30/23** | $1196326 | $985341 | $1113346 |
| **5/31/23** | $1186823 | $966080 | $1105975 |
| **6/30/23** | $1190852 | $966004 | $1105776 |
| **7/31/23** | $1204797 | $972694 | $1113296 |
| **8/31/23** | $1196744 | $959387 | $1106783 |
| **9/30/23** | $1182422 | $931361 | $1089872 |
| **10/31/23** | $1175185 | $920228 | $1083528 |
| **11/30/23** | $1215477 | $966632 | $1121160 |
| **12/31/23** | $1256424 | $1006806 | $1152843 |
| **1/31/24** | $1253117 | $992914 | $1148209 |
| **2/29/24** | $1246691 | $980436 | $1141561 |
| **3/31/24** | $1262186 | $985833 | $1149232 |
| **4/30/24** | $1245337 | $960954 | $1132936 |
| **5/31/24** | $1260617 | $973548 | $1142940 |
| **6/30/24** | $1264932 | $974945 | $1149569 |
| **7/31/24** | $1284905 | $1001868 | $1168376 |
| **8/31/24** | $1296732 | $1025572 | $1184032 |
| **9/30/24** | $1316979 | $1043025 | $1199838 |
| **10/31/24** | $1290744 | $1008064 | $1180473 |
| **11/30/24** | $1303670 | $1011500 | $1187686 |
| **12/31/24** | $1296780 | $989800 | $1175762 |
| **1/31/25** | $1310380 | $995433 | $1184192 |
| **2/28/25** | $1323699 | $1009668 | $1195726 |
| **3/31/25** | $1324546 | $1015888 | $1195965 |
| **4/30/25** | $1330018 | $1045743 | $1208666 |
| **5/31/25** | $1334617 | $1042028 | $1210286 |
| **6/30/25** | $1358788 | $1061774 | $1224592 |
| **7/31/25** | $1358829 | $1045959 | $1221799 |
| **8/31/25** | $1378045 | $1061163 | $1231782 |
| **9/30/25** | $1387455 | $1068095 | $1240195 |
| **10/31/25** | $1402934 | $1065383 | $1248045 |
| **11/30/25** | $1405856 | $1067858 | $1251489 |
| **12/31/25** | $1411530 | $1070646 | $1252065 |
| **1/31/26** | $1422579 | $1080669 | $1259214 |
| **2/28/26** | $1441698 | $1092753 | $1275735 |
| **3/31/26** | $1392507 | $1059160 | $1251267 |

---

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 | 5.13% | 1.75% | 3.37% |
| Bloomberg Global Aggregate (USD Unhedged) Index | 4.26% | (1.46%) | 0.58% |
| PIMCO Global Advantage Bond Index (GLADI)(USD Partially Hedged) | 4.62% | 1.09% | 2.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $189313 |
| # of Portfolio Holdings | 1300 |
| Portfolio Turnover Rate | 622% |
| Total Net Advisory Fees Paid During the Reporting Period | $594 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 58.2% |
| Japan | 5.9% |
| United Kingdom | 5.4% |
| France | 4.3% |
| Australia | 3.7% |
| Ireland | 3.7% |
| Canada | 3.0% |
| China | 2.5% |
| Cayman Islands | 2.2% |
| Other Countries | 27.9% |
| Short-Term Instruments | 4.5% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | 0.9% |
| Other Assets and Liabilities, Net | (26.2%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 0.24% 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](g119941g89g22.jpg)

# Institutional Class: PSAIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1864TSRAR_033126

# Class A: PAIIX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 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 | 0.94% |

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to absolute performance, as they appreciated relative to the U.S. dollar. 

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

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

* Positioning within emerging market Asian currencies, including short exposure to the new Taiwanese dollar, detracted from absolute performance, as it appreciated relative to the U.S. dollar.

* Positioning within Japanese rates, particularly long exposure to the long-end of the curve throughout 2025, detracted from absolute performance, 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](g119941g08z09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/16** | $9625 | $10000 |
| **4/30/16** | $9685 | $10017 |
| **5/31/16** | $9717 | $10059 |
| **6/30/16** | $9923 | $10251 |
| **7/31/16** | $10042 | $10312 |
| **8/31/16** | $10053 | $10307 |
| **9/30/16** | $10100 | $10306 |
| **10/31/16** | $10041 | $10206 |
| **11/30/16** | $9886 | $10037 |
| **12/31/16** | $9958 | $10065 |
| **1/31/17** | $9925 | $10028 |
| **2/28/17** | $10040 | $10114 |
| **3/31/17** | $10059 | $10109 |
| **4/30/17** | $10106 | $10178 |
| **5/31/17** | $10173 | $10237 |
| **6/30/17** | $10153 | $10208 |
| **7/31/17** | $10210 | $10242 |
| **8/31/17** | $10318 | $10335 |
| **9/30/17** | $10296 | $10288 |
| **10/31/17** | $10346 | $10331 |
| **11/30/17** | $10356 | $10347 |
| **12/31/17** | $10353 | $10370 |
| **1/31/18** | $10344 | $10296 |
| **2/28/18** | $10285 | $10273 |
| **3/31/18** | $10349 | $10358 |
| **4/30/18** | $10321 | $10320 |
| **5/31/18** | $10294 | $10358 |
| **6/30/18** | $10300 | $10377 |
| **7/31/18** | $10356 | $10380 |
| **8/31/18** | $10343 | $10412 |
| **9/30/18** | $10358 | $10372 |
| **10/31/18** | $10303 | $10352 |
| **11/30/18** | $10260 | $10403 |
| **12/31/18** | $10269 | $10553 |
| **1/31/19** | $10408 | $10665 |
| **2/28/19** | $10476 | $10678 |
| **3/31/19** | $10537 | $10869 |
| **4/30/19** | $10599 | $10875 |
| **5/31/19** | $10664 | $11032 |
| **6/30/19** | $10749 | $11186 |
| **7/31/19** | $10802 | $11274 |
| **8/31/19** | $10895 | $11530 |
| **9/30/19** | $10869 | $11477 |
| **10/31/19** | $10882 | $11457 |
| **11/30/19** | $10871 | $11443 |
| **12/31/19** | $10924 | $11420 |
| **1/31/20** | $11062 | $11626 |
| **2/29/20** | $11069 | $11768 |
| **3/31/20** | $10628 | $11585 |
| **4/30/20** | $10869 | $11773 |
| **5/31/20** | $11011 | $11806 |
| **6/30/20** | $11130 | $11865 |
| **7/31/20** | $11285 | $11995 |
| **8/31/20** | $11374 | $11908 |
| **9/30/20** | $11409 | $11951 |
| **10/31/20** | $11464 | $11952 |
| **11/30/20** | $11581 | $12020 |
| **12/31/20** | $11681 | $12057 |
| **1/31/21** | $11710 | $11993 |
| **2/28/21** | $11654 | $11806 |
| **3/31/21** | $11643 | $11760 |
| **4/30/21** | $11665 | $11790 |
| **5/31/21** | $11685 | $11817 |
| **6/30/21** | $11640 | $11874 |
| **7/31/21** | $11672 | $12022 |
| **8/31/21** | $11670 | $11998 |
| **9/30/21** | $11644 | $11884 |
| **10/31/21** | $11553 | $11853 |
| **11/30/21** | $11537 | $11938 |
| **12/31/21** | $11578 | $11890 |
| **1/31/22** | $11531 | $11703 |
| **2/28/22** | $11417 | $11547 |
| **3/31/22** | $11292 | $11298 |
| **4/30/22** | $11101 | $10994 |
| **5/31/22** | $11068 | $10979 |
| **6/30/22** | $10900 | $10813 |
| **7/31/22** | $11059 | $11088 |
| **8/31/22** | $10915 | $10799 |
| **9/30/22** | $10669 | $10452 |
| **10/31/22** | $10669 | $10416 |
| **11/30/22** | $10918 | $10682 |
| **12/31/22** | $10920 | $10556 |
| **1/31/23** | $11151 | $10799 |
| **2/28/23** | $11012 | $10626 |
| **3/31/23** | $11120 | $10862 |
| **4/30/23** | $11177 | $10918 |
| **5/31/23** | $11114 | $10875 |
| **6/30/23** | $11114 | $10869 |
| **7/31/23** | $11170 | $10872 |
| **8/31/23** | $11145 | $10858 |
| **9/30/23** | $11034 | $10671 |
| **10/31/23** | $10947 | $10595 |
| **11/30/23** | $11289 | $10960 |
| **12/31/23** | $11666 | $11310 |
| **1/31/24** | $11646 | $11288 |
| **2/29/24** | $11594 | $11210 |
| **3/31/24** | $11752 | $11311 |
| **4/30/24** | $11632 | $11129 |
| **5/31/24** | $11777 | $11228 |
| **6/30/24** | $11842 | $11325 |
| **7/31/24** | $12021 | $11544 |
| **8/31/24** | $12050 | $11670 |
| **9/30/24** | $12213 | $11806 |
| **10/31/24** | $12001 | $11646 |
| **11/30/24** | $12169 | $11784 |
| **12/31/24** | $12187 | $11694 |
| **1/31/25** | $12281 | $11739 |
| **2/28/25** | $12436 | $11881 |
| **3/31/25** | $12478 | $11831 |
| **4/30/25** | $12484 | $11948 |
| **5/31/25** | $12504 | $11908 |
| **6/30/25** | $12735 | $12022 |
| **7/31/25** | $12735 | $12013 |
| **8/31/25** | $12906 | $12078 |
| **9/30/25** | $13006 | $12167 |
| **10/31/25** | $13154 | $12263 |
| **11/30/25** | $13228 | $12289 |
| **12/31/25** | $13273 | $12263 |
| **1/31/26** | $13322 | $12292 |
| **2/28/26** | $13398 | $12465 |
| **3/31/26** | $12986 | $12244 |

---

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) | 4.07% | 2.21% | 3.04% |
| Class A (including sales charge) | 0.17% | 1.43% | 2.65% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |

---

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 | $1837109 |
| # of Portfolio Holdings | 1727 |
| Portfolio Turnover Rate | 717% |
| Total Net Advisory Fees Paid During the Reporting Period | $4192 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 74.4% |
| United Kingdom | 8.5% |
| France | 5.2% |
| Canada | 4.1% |
| Australia | 3.8% |
| Ireland | 3.6% |
| Spain | 3.6% |
| Cayman Islands | 2.9% |
| Japan | 2.6% |
| Other Countries | 18.7% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (37.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class A: PAIIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4011TSRAR_033126

# Class C: PCIIX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 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 | $172 | 1.69% |

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to absolute performance, as they appreciated relative to the U.S. dollar. 

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

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

* Positioning within emerging market Asian currencies, including short exposure to the new Taiwanese dollar, detracted from absolute performance, as it appreciated relative to the U.S. dollar.

* Positioning within Japanese rates, particularly long exposure to the long-end of the curve throughout 2025, detracted from absolute performance, 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](g119941g37x23.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10055 | $10017 |
| **5/31/16** | $10083 | $10059 |
| **6/30/16** | $10291 | $10251 |
| **7/31/16** | $10407 | $10312 |
| **8/31/16** | $10412 | $10307 |
| **9/30/16** | $10454 | $10306 |
| **10/31/16** | $10386 | $10206 |
| **11/30/16** | $10220 | $10037 |
| **12/31/16** | $10288 | $10065 |
| **1/31/17** | $10248 | $10028 |
| **2/28/17** | $10361 | $10114 |
| **3/31/17** | $10373 | $10109 |
| **4/30/17** | $10415 | $10178 |
| **5/31/17** | $10477 | $10237 |
| **6/30/17** | $10450 | $10208 |
| **7/31/17** | $10503 | $10242 |
| **8/31/17** | $10607 | $10335 |
| **9/30/17** | $10578 | $10288 |
| **10/31/17** | $10622 | $10331 |
| **11/30/17** | $10627 | $10347 |
| **12/31/17** | $10616 | $10370 |
| **1/31/18** | $10601 | $10296 |
| **2/28/18** | $10534 | $10273 |
| **3/31/18** | $10592 | $10358 |
| **4/30/18** | $10557 | $10320 |
| **5/31/18** | $10523 | $10358 |
| **6/30/18** | $10522 | $10377 |
| **7/31/18** | $10574 | $10380 |
| **8/31/18** | $10553 | $10412 |
| **9/30/18** | $10562 | $10372 |
| **10/31/18** | $10499 | $10352 |
| **11/30/18** | $10449 | $10403 |
| **12/31/18** | $10451 | $10553 |
| **1/31/19** | $10586 | $10665 |
| **2/28/19** | $10649 | $10678 |
| **3/31/19** | $10705 | $10869 |
| **4/30/19** | $10761 | $10875 |
| **5/31/19** | $10820 | $11032 |
| **6/30/19** | $10900 | $11186 |
| **7/31/19** | $10947 | $11274 |
| **8/31/19** | $11033 | $11530 |
| **9/30/19** | $11000 | $11477 |
| **10/31/19** | $11007 | $11457 |
| **11/30/19** | $10989 | $11443 |
| **12/31/19** | $11035 | $11420 |
| **1/31/20** | $11168 | $11626 |
| **2/29/20** | $11168 | $11768 |
| **3/31/20** | $10717 | $11585 |
| **4/30/20** | $10953 | $11773 |
| **5/31/20** | $11089 | $11806 |
| **6/30/20** | $11202 | $11865 |
| **7/31/20** | $11350 | $11995 |
| **8/31/20** | $11433 | $11908 |
| **9/30/20** | $11461 | $11951 |
| **10/31/20** | $11509 | $11952 |
| **11/30/20** | $11620 | $12020 |
| **12/31/20** | $11712 | $12057 |
| **1/31/21** | $11734 | $11993 |
| **2/28/21** | $11671 | $11806 |
| **3/31/21** | $11652 | $11760 |
| **4/30/21** | $11667 | $11790 |
| **5/31/21** | $11680 | $11817 |
| **6/30/21** | $11628 | $11874 |
| **7/31/21** | $11652 | $12022 |
| **8/31/21** | $11643 | $11998 |
| **9/30/21** | $11610 | $11884 |
| **10/31/21** | $11512 | $11853 |
| **11/30/21** | $11490 | $11938 |
| **12/31/21** | $11522 | $11890 |
| **1/31/22** | $11468 | $11703 |
| **2/28/22** | $11347 | $11547 |
| **3/31/22** | $11217 | $11298 |
| **4/30/22** | $11020 | $10994 |
| **5/31/22** | $10980 | $10979 |
| **6/30/22** | $10807 | $10813 |
| **7/31/22** | $10957 | $11088 |
| **8/31/22** | $10808 | $10799 |
| **9/30/22** | $10557 | $10452 |
| **10/31/22** | $10551 | $10416 |
| **11/30/22** | $10791 | $10682 |
| **12/31/22** | $10785 | $10556 |
| **1/31/23** | $11007 | $10799 |
| **2/28/23** | $10863 | $10626 |
| **3/31/23** | $10962 | $10862 |
| **4/30/23** | $11012 | $10918 |
| **5/31/23** | $10943 | $10875 |
| **6/30/23** | $10936 | $10869 |
| **7/31/23** | $10984 | $10872 |
| **8/31/23** | $10953 | $10858 |
| **9/30/23** | $10837 | $10671 |
| **10/31/23** | $10746 | $10595 |
| **11/30/23** | $11074 | $10960 |
| **12/31/23** | $11437 | $11310 |
| **1/31/24** | $11410 | $11288 |
| **2/29/24** | $11352 | $11210 |
| **3/31/24** | $11499 | $11311 |
| **4/30/24** | $11375 | $11129 |
| **5/31/24** | $11509 | $11228 |
| **6/30/24** | $11566 | $11325 |
| **7/31/24** | $11734 | $11544 |
| **8/31/24** | $11753 | $11670 |
| **9/30/24** | $11906 | $11806 |
| **10/31/24** | $11692 | $11646 |
| **11/30/24** | $11848 | $11784 |
| **12/31/24** | $11858 | $11694 |
| **1/31/25** | $11942 | $11739 |
| **2/28/25** | $12085 | $11881 |
| **3/31/25** | $12119 | $11831 |
| **4/30/25** | $12117 | $11948 |
| **5/31/25** | $12130 | $11908 |
| **6/30/25** | $12346 | $12022 |
| **7/31/25** | $12338 | $12013 |
| **8/31/25** | $12495 | $12078 |
| **9/30/25** | $12585 | $12167 |
| **10/31/25** | $12719 | $12263 |
| **11/30/25** | $12783 | $12289 |
| **12/31/25** | $12819 | $12263 |
| **1/31/26** | $12858 | $12292 |
| **2/28/26** | $12924 | $12465 |
| **3/31/26** | $12519 | $12244 |

---

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) | 3.30% | 1.45% | 2.27% |
| Class C (including sales charge) | 2.31% | 1.45% | 2.27% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |

---

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 | $1837109 |
| # of Portfolio Holdings | 1727 |
| Portfolio Turnover Rate | 717% |
| Total Net Advisory Fees Paid During the Reporting Period | $4192 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 74.4% |
| United Kingdom | 8.5% |
| France | 5.2% |
| Canada | 4.1% |
| Australia | 3.8% |
| Ireland | 3.6% |
| Spain | 3.6% |
| Cayman Islands | 2.9% |
| Japan | 2.6% |
| Other Countries | 18.7% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (37.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Class C: PCIIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4211TSRAR_033126

# Institutional Class: PGBIX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 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 | 0.59% |

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to absolute performance, as they appreciated relative to the U.S. dollar. 

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

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

* Positioning within emerging market Asian currencies, including short exposure to the new Taiwanese dollar, detracted from absolute performance, as it appreciated relative to the U.S. dollar.

* Positioning within Japanese rates, particularly long exposure to the long-end of the curve throughout 2025, detracted from absolute performance, 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](g119941g47j16.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1006485 | $1001698 |
| **5/31/16** | $1010190 | $1005932 |
| **6/30/16** | $1031871 | $1025081 |
| **7/31/16** | $1044554 | $1031206 |
| **8/31/16** | $1046029 | $1030680 |
| **9/30/16** | $1051254 | $1030557 |
| **10/31/16** | $1045332 | $1020565 |
| **11/30/16** | $1029497 | $1003709 |
| **12/31/16** | $1037385 | $1006459 |
| **1/31/17** | $1034214 | $1002793 |
| **2/28/17** | $1046486 | $1011378 |
| **3/31/17** | $1048774 | $1010911 |
| **4/30/17** | $1053938 | $1017767 |
| **5/31/17** | $1061223 | $1023707 |
| **6/30/17** | $1059499 | $1020842 |
| **7/31/17** | $1065763 | $1024198 |
| **8/31/17** | $1077301 | $1033532 |
| **9/30/17** | $1075379 | $1028761 |
| **10/31/17** | $1080844 | $1033100 |
| **11/30/17** | $1082288 | $1034700 |
| **12/31/17** | $1082235 | $1037013 |
| **1/31/18** | $1081660 | $1029610 |
| **2/28/18** | $1075783 | $1027288 |
| **3/31/18** | $1082731 | $1035806 |
| **4/30/18** | $1080113 | $1031952 |
| **5/31/18** | $1077640 | $1035807 |
| **6/30/18** | $1078551 | $1037738 |
| **7/31/18** | $1084796 | $1038022 |
| **8/31/18** | $1083772 | $1041212 |
| **9/30/18** | $1085558 | $1037229 |
| **10/31/18** | $1080174 | $1035202 |
| **11/30/18** | $1076022 | $1040267 |
| **12/31/18** | $1077220 | $1055294 |
| **1/31/19** | $1092162 | $1066471 |
| **2/28/19** | $1099585 | $1067753 |
| **3/31/19** | $1106348 | $1086877 |
| **4/30/19** | $1113154 | $1087524 |
| **5/31/19** | $1120307 | $1103173 |
| **6/30/19** | $1129581 | $1118641 |
| **7/31/19** | $1135426 | $1127444 |
| **8/31/19** | $1145578 | $1153012 |
| **9/30/19** | $1143102 | $1147669 |
| **10/31/19** | $1144846 | $1145688 |
| **11/30/19** | $1144022 | $1144344 |
| **12/31/19** | $1149939 | $1141998 |
| **1/31/20** | $1164828 | $1162607 |
| **2/29/20** | $1165826 | $1176836 |
| **3/31/20** | $1119788 | $1158521 |
| **4/30/20** | $1145488 | $1177276 |
| **5/31/20** | $1160768 | $1180613 |
| **6/30/20** | $1173685 | $1186505 |
| **7/31/20** | $1190351 | $1199470 |
| **8/31/20** | $1200120 | $1190779 |
| **9/30/20** | $1204157 | $1195129 |
| **10/31/20** | $1210290 | $1195216 |
| **11/30/20** | $1223033 | $1202035 |
| **12/31/20** | $1233988 | $1205728 |
| **1/31/21** | $1237368 | $1199261 |
| **2/28/21** | $1231752 | $1180606 |
| **3/31/21** | $1230949 | $1175955 |
| **4/30/21** | $1233662 | $1179029 |
| **5/31/21** | $1236137 | $1181661 |
| **6/30/21** | $1231749 | $1187424 |
| **7/31/21** | $1235469 | $1202182 |
| **8/31/21** | $1235615 | $1199773 |
| **9/30/21** | $1233243 | $1188446 |
| **10/31/21** | $1223926 | $1185338 |
| **11/30/21** | $1222621 | $1193793 |
| **12/31/21** | $1227379 | $1188952 |
| **1/31/22** | $1222729 | $1170272 |
| **2/28/22** | $1210901 | $1154705 |
| **3/31/22** | $1198081 | $1129814 |
| **4/30/22** | $1178170 | $1099449 |
| **5/31/22** | $1174942 | $1097936 |
| **6/30/22** | $1157493 | $1081273 |
| **7/31/22** | $1174685 | $1108814 |
| **8/31/22** | $1159736 | $1079868 |
| **9/30/22** | $1133987 | $1045202 |
| **10/31/22** | $1134296 | $1041624 |
| **11/30/22** | $1161100 | $1068168 |
| **12/31/22** | $1161672 | $1055562 |
| **1/31/23** | $1186584 | $1079874 |
| **2/28/23** | $1172082 | $1062650 |
| **3/31/23** | $1183924 | $1086213 |
| **4/30/23** | $1190330 | $1091806 |
| **5/31/23** | $1183946 | $1087507 |
| **6/30/23** | $1184363 | $1086858 |
| **7/31/23** | $1190595 | $1087210 |
| **8/31/23** | $1188294 | $1085844 |
| **9/30/23** | $1176833 | $1067119 |
| **10/31/23** | $1167935 | $1059542 |
| **11/30/23** | $1204733 | $1095972 |
| **12/31/23** | $1245367 | $1130998 |
| **1/31/24** | $1243582 | $1128781 |
| **2/29/24** | $1238295 | $1121036 |
| **3/31/24** | $1255537 | $1131144 |
| **4/30/24** | $1243140 | $1112932 |
| **5/31/24** | $1258989 | $1122780 |
| **6/30/24** | $1266329 | $1132522 |
| **7/31/24** | $1285854 | $1154402 |
| **8/31/24** | $1289281 | $1167045 |
| **9/30/24** | $1307136 | $1180588 |
| **10/31/24** | $1284862 | $1164612 |
| **11/30/24** | $1303216 | $1178445 |
| **12/31/24** | $1305463 | $1169402 |
| **1/31/25** | $1315980 | $1173932 |
| **2/28/25** | $1332931 | $1188068 |
| **3/31/25** | $1337814 | $1183110 |
| **4/30/25** | $1338783 | $1194759 |
| **5/31/25** | $1341435 | $1190809 |
| **6/30/25** | $1366583 | $1202213 |
| **7/31/25** | $1366951 | $1201251 |
| **8/31/25** | $1385682 | $1207833 |
| **9/30/25** | $1396863 | $1216730 |
| **10/31/25** | $1413155 | $1226335 |
| **11/30/25** | $1421470 | $1228914 |
| **12/31/25** | $1426809 | $1226279 |
| **1/31/26** | $1432472 | $1229243 |
| **2/28/26** | $1441008 | $1246523 |
| **3/31/26** | $1397166 | $1224396 |

---

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 | 4.44% | 2.57% | 3.40% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |

---

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 | $1837109 |
| # of Portfolio Holdings | 1727 |
| Portfolio Turnover Rate | 717% |
| Total Net Advisory Fees Paid During the Reporting Period | $4192 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 74.4% |
| United Kingdom | 8.5% |
| France | 5.2% |
| Canada | 4.1% |
| Australia | 3.8% |
| Ireland | 3.6% |
| Spain | 3.6% |
| Cayman Islands | 2.9% |
| Japan | 2.6% |
| Other Countries | 18.7% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (37.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# Institutional Class: PGBIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS0249TSRAR_033126

# I-2: PGNPX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (the "Fund") for the period of April 1, 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 | 0.69% |

---

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

* Exposure to the U.S. cash rate contributed to absolute performance, as the Secured Overnight Financing Rate remained elevated.

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to absolute performance, as they appreciated relative to the U.S. dollar. 

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

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

* Positioning within emerging market Asian currencies, including short exposure to the new Taiwanese dollar, detracted from absolute performance, as it appreciated relative to the U.S. dollar.

* Positioning within Japanese rates, particularly long exposure to the long-end of the curve throughout 2025, detracted from absolute performance, 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](g119941g57h92.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1006400 | $1001698 |
| **5/31/16** | $1010023 | $1005932 |
| **6/30/16** | $1031616 | $1025081 |
| **7/31/16** | $1044208 | $1031206 |
| **8/31/16** | $1045595 | $1030680 |
| **9/30/16** | $1050726 | $1030557 |
| **10/31/16** | $1044723 | $1020565 |
| **11/30/16** | $1028813 | $1003709 |
| **12/31/16** | $1036603 | $1006459 |
| **1/31/17** | $1033354 | $1002793 |
| **2/28/17** | $1045535 | $1011378 |
| **3/31/17** | $1047728 | $1010911 |
| **4/30/17** | $1052806 | $1017767 |
| **5/31/17** | $1059995 | $1023707 |
| **6/30/17** | $1058180 | $1020842 |
| **7/31/17** | $1064351 | $1024198 |
| **8/31/17** | $1075783 | $1033532 |
| **9/30/17** | $1073772 | $1028761 |
| **10/31/17** | $1079139 | $1033100 |
| **11/30/17** | $1080491 | $1034700 |
| **12/31/17** | $1080344 | $1037013 |
| **1/31/18** | $1079681 | $1029610 |
| **2/28/18** | $1073732 | $1027288 |
| **3/31/18** | $1080571 | $1035806 |
| **4/30/18** | $1077872 | $1031952 |
| **5/31/18** | $1075313 | $1035807 |
| **6/30/18** | $1076130 | $1037738 |
| **7/31/18** | $1082273 | $1038022 |
| **8/31/18** | $1081150 | $1041212 |
| **9/30/18** | $1082852 | $1037229 |
| **10/31/18** | $1077390 | $1035202 |
| **11/30/18** | $1073154 | $1040267 |
| **12/31/18** | $1074257 | $1055294 |
| **1/31/19** | $1089068 | $1066471 |
| **2/28/19** | $1096387 | $1067753 |
| **3/31/19** | $1103037 | $1086877 |
| **4/30/19** | $1109735 | $1087524 |
| **5/31/19** | $1116768 | $1103173 |
| **6/30/19** | $1125927 | $1118641 |
| **7/31/19** | $1131657 | $1127444 |
| **8/31/19** | $1141673 | $1153012 |
| **9/30/19** | $1139118 | $1147669 |
| **10/31/19** | $1140760 | $1145688 |
| **11/30/19** | $1139843 | $1144344 |
| **12/31/19** | $1145642 | $1141998 |
| **1/31/20** | $1160374 | $1162607 |
| **2/29/20** | $1161280 | $1176836 |
| **3/31/20** | $1115327 | $1158521 |
| **4/30/20** | $1140832 | $1177276 |
| **5/31/20** | $1155953 | $1180613 |
| **6/30/20** | $1168722 | $1186505 |
| **7/31/20** | $1185212 | $1199470 |
| **8/31/20** | $1194843 | $1190779 |
| **9/30/20** | $1198765 | $1195129 |
| **10/31/20** | $1204766 | $1195216 |
| **11/30/20** | $1217354 | $1202035 |
| **12/31/20** | $1228143 | $1205728 |
| **1/31/21** | $1231412 | $1199261 |
| **2/28/21** | $1225731 | $1180606 |
| **3/31/21** | $1224828 | $1175955 |
| **4/30/21** | $1227420 | $1179029 |
| **5/31/21** | $1229785 | $1181661 |
| **6/30/21** | $1225318 | $1187424 |
| **7/31/21** | $1228911 | $1202182 |
| **8/31/21** | $1228955 | $1199773 |
| **9/30/21** | $1226493 | $1188446 |
| **10/31/21** | $1217123 | $1185338 |
| **11/30/21** | $1215725 | $1193793 |
| **12/31/21** | $1220346 | $1188952 |
| **1/31/22** | $1215625 | $1170272 |
| **2/28/22** | $1203773 | $1154705 |
| **3/31/22** | $1190926 | $1129814 |
| **4/30/22** | $1171036 | $1099449 |
| **5/31/22** | $1167731 | $1097936 |
| **6/30/22** | $1150295 | $1081273 |
| **7/31/22** | $1167283 | $1108814 |
| **8/31/22** | $1152336 | $1079868 |
| **9/30/22** | $1126650 | $1045202 |
| **10/31/22** | $1126868 | $1041624 |
| **11/30/22** | $1153404 | $1068168 |
| **12/31/22** | $1153868 | $1055562 |
| **1/31/23** | $1178519 | $1079874 |
| **2/28/23** | $1164024 | $1062650 |
| **3/31/23** | $1175679 | $1086213 |
| **4/30/23** | $1181948 | $1091806 |
| **5/31/23** | $1175509 | $1087507 |
| **6/30/23** | $1175819 | $1086858 |
| **7/31/23** | $1181913 | $1087210 |
| **8/31/23** | $1179530 | $1085844 |
| **9/30/23** | $1168054 | $1067119 |
| **10/31/23** | $1159125 | $1059542 |
| **11/30/23** | $1195546 | $1095972 |
| **12/31/23** | $1235763 | $1130998 |
| **1/31/24** | $1233890 | $1128781 |
| **2/29/24** | $1228549 | $1121036 |
| **3/31/24** | $1245550 | $1131144 |
| **4/30/24** | $1233151 | $1112932 |
| **5/31/24** | $1248758 | $1122780 |
| **6/30/24** | $1255943 | $1132522 |
| **7/31/24** | $1275201 | $1154402 |
| **8/31/24** | $1278485 | $1167045 |
| **9/30/24** | $1296091 | $1180588 |
| **10/31/24** | $1273896 | $1164612 |
| **11/30/24** | $1291985 | $1178445 |
| **12/31/24** | $1294103 | $1169402 |
| **1/31/25** | $1304414 | $1173932 |
| **2/28/25** | $1321115 | $1188068 |
| **3/31/25** | $1325851 | $1183110 |
| **4/30/25** | $1326704 | $1194759 |
| **5/31/25** | $1329215 | $1190809 |
| **6/30/25** | $1354029 | $1202213 |
| **7/31/25** | $1354281 | $1201251 |
| **8/31/25** | $1372721 | $1207833 |
| **9/30/25** | $1383695 | $1216730 |
| **10/31/25** | $1399711 | $1226335 |
| **11/30/25** | $1407840 | $1228914 |
| **12/31/25** | $1413005 | $1226279 |
| **1/31/26** | $1418495 | $1229243 |
| **2/28/26** | $1426841 | $1246523 |
| **3/31/26** | $1383316 | $1224396 |

---

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 | 4.33% | 2.46% | 3.30% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |

---

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 | $1837109 |
| # of Portfolio Holdings | 1727 |
| Portfolio Turnover Rate | 717% |
| Total Net Advisory Fees Paid During the Reporting Period | $4192 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 74.4% |
| United Kingdom | 8.5% |
| France | 5.2% |
| Canada | 4.1% |
| Australia | 3.8% |
| Ireland | 3.6% |
| Spain | 3.6% |
| Cayman Islands | 2.9% |
| Japan | 2.6% |
| Other Countries | 18.7% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (37.2%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

# I-2: PGNPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1913TSRAR_033126

# Class A: PFUAX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (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 | 0.98% |

---

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

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g119941g91t04.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $9625 | $10000 |
| **4/30/16** | $9868 | $10204 |
| **5/31/16** | $9606 | $9960 |
| **6/30/16** | $9964 | $10340 |
| **7/31/16** | $10091 | $10425 |
| **8/31/16** | $10056 | $10341 |
| **9/30/16** | $10159 | $10446 |
| **10/31/16** | $9766 | $9992 |
| **11/30/16** | $9336 | $9465 |
| **12/31/16** | $9294 | $9374 |
| **1/31/17** | $9514 | $9550 |
| **2/28/17** | $9571 | $9578 |
| **3/31/17** | $9620 | $9607 |
| **4/30/17** | $9690 | $9744 |
| **5/31/17** | $9843 | $9957 |
| **6/30/17** | $9903 | $9948 |
| **7/31/17** | $10225 | $10214 |
| **8/31/17** | $10294 | $10324 |
| **9/30/17** | $10200 | $10194 |
| **10/31/17** | $10087 | $10118 |
| **11/30/17** | $10209 | $10332 |
| **12/31/17** | $10259 | $10360 |
| **1/31/18** | $10677 | $10674 |
| **2/28/18** | $10492 | $10584 |
| **3/31/18** | $10604 | $10735 |
| **4/30/18** | $10319 | $10492 |
| **5/31/18** | $10177 | $10296 |
| **6/30/18** | $10110 | $10224 |
| **7/31/18** | $10143 | $10187 |
| **8/31/18** | $9985 | $10155 |
| **9/30/18** | $10007 | $10046 |
| **10/31/18** | $9793 | $9907 |
| **11/30/18** | $9838 | $9918 |
| **12/31/18** | $9846 | $10138 |
| **1/31/19** | $10146 | $10327 |
| **2/28/19** | $10065 | $10219 |
| **3/31/19** | $10113 | $10292 |
| **4/30/19** | $10077 | $10229 |
| **5/31/19** | $10109 | $10335 |
| **6/30/19** | $10417 | $10643 |
| **7/31/19** | $10275 | $10567 |
| **8/31/19** | $10326 | $10735 |
| **9/30/19** | $10253 | $10582 |
| **10/31/19** | $10362 | $10684 |
| **11/30/19** | $10238 | $10539 |
| **12/31/19** | $10502 | $10653 |
| **1/31/20** | $10485 | $10734 |
| **2/29/20** | $10357 | $10712 |
| **3/31/20** | $9581 | $10368 |
| **4/30/20** | $9887 | $10580 |
| **5/31/20** | $10126 | $10611 |
| **6/30/20** | $10333 | $10719 |
| **7/31/20** | $10856 | $11195 |
| **8/31/20** | $11052 | $11227 |
| **9/30/20** | $10910 | $11162 |
| **10/31/20** | $10975 | $11213 |
| **11/30/20** | $11356 | $11481 |
| **12/31/20** | $11748 | $11730 |
| **1/31/21** | $11636 | $11610 |
| **2/28/21** | $11403 | $11385 |
| **3/31/21** | $11183 | $11109 |
| **4/30/21** | $11370 | $11289 |
| **5/31/21** | $11500 | $11443 |
| **6/30/21** | $11257 | $11212 |
| **7/31/21** | $11386 | $11381 |
| **8/31/21** | $11329 | $11311 |
| **9/30/21** | $11061 | $11033 |
| **10/31/21** | $10969 | $10990 |
| **11/30/21** | $10911 | $10911 |
| **12/31/21** | $10882 | $10903 |
| **1/31/22** | $10710 | $10690 |
| **2/28/22** | $10538 | $10571 |
| **3/31/22** | $10184 | $10233 |
| **4/30/22** | $9479 | $9534 |
| **5/31/22** | $9491 | $9534 |
| **6/30/22** | $9013 | $9106 |
| **7/31/22** | $9175 | $9280 |
| **8/31/22** | $8723 | $8817 |
| **9/30/22** | $8155 | $8300 |
| **10/31/22** | $8168 | $8288 |
| **11/30/22** | $8735 | $8750 |
| **12/31/22** | $8819 | $8865 |
| **1/31/23** | $9149 | $9174 |
| **2/28/23** | $8755 | $8807 |
| **3/31/23** | $9034 | $9136 |
| **4/30/23** | $9055 | $9162 |
| **5/31/23** | $8839 | $8916 |
| **6/30/23** | $8859 | $8939 |
| **7/31/23** | $8988 | $9053 |
| **8/31/23** | $8811 | $8875 |
| **9/30/23** | $8529 | $8581 |
| **10/31/23** | $8453 | $8503 |
| **11/30/23** | $8902 | $8972 |
| **12/31/23** | $9371 | $9372 |
| **1/31/24** | $9135 | $9157 |
| **2/29/24** | $9063 | $9049 |
| **3/31/24** | $9139 | $9071 |
| **4/30/24** | $8899 | $8836 |
| **5/31/24** | $9030 | $8924 |
| **6/30/24** | $8955 | $8879 |
| **7/31/24** | $9242 | $9159 |
| **8/31/24** | $9468 | $9446 |
| **9/30/24** | $9671 | $9635 |
| **10/31/24** | $9405 | $9238 |
| **11/30/24** | $9421 | $9217 |
| **12/31/24** | $9180 | $8976 |
| **1/31/25** | $9257 | $9029 |
| **2/28/25** | $9346 | $9102 |
| **3/31/25** | $9476 | $9203 |
| **4/30/25** | $9885 | $9674 |
| **5/31/25** | $9891 | $9663 |
| **6/30/25** | $10177 | $9874 |
| **7/31/25** | $9854 | $9626 |
| **8/31/25** | $10089 | $9787 |
| **9/30/25** | $10107 | $9816 |
| **10/31/25** | $10059 | $9721 |
| **11/30/25** | $10046 | $9713 |
| **12/31/25** | $10139 | $9770 |
| **1/31/26** | $10271 | $9928 |
| **2/28/26** | $10362 | $10000 |
| **3/31/26** | $9836 | $9588 |

---

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) | 3.80% | (2.53%) | 0.22% |
| Class A (including sales charge) | (0.09%) | (3.28%) | (0.17%) |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# Class A: PFUAX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4042TSRAR_033126

# Administrative Class: PFUUX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $85 | 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:

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g31w94.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1025381 | $1020354 |
| **5/31/16** | $998292 | $996032 |
| **6/30/16** | $1035557 | $1034013 |
| **7/31/16** | $1048935 | $1042537 |
| **8/31/16** | $1045435 | $1034123 |
| **9/30/16** | $1056276 | $1044627 |
| **10/31/16** | $1015553 | $999181 |
| **11/30/16** | $970919 | $946530 |
| **12/31/16** | $966775 | $937430 |
| **1/31/17** | $989683 | $955037 |
| **2/28/17** | $995742 | $957798 |
| **3/31/17** | $1000998 | $960691 |
| **4/30/17** | $1008428 | $974370 |
| **5/31/17** | $1024417 | $995682 |
| **6/30/17** | $1030817 | $994767 |
| **7/31/17** | $1064477 | $1021449 |
| **8/31/17** | $1071827 | $1032371 |
| **9/30/17** | $1062189 | $1019393 |
| **10/31/17** | $1050570 | $1011756 |
| **11/30/17** | $1063400 | $1033229 |
| **12/31/17** | $1068722 | $1035999 |
| **1/31/18** | $1112360 | $1067436 |
| **2/28/18** | $1093284 | $1058396 |
| **3/31/18** | $1105105 | $1073537 |
| **4/30/18** | $1075481 | $1049196 |
| **5/31/18** | $1060802 | $1029575 |
| **6/30/18** | $1053969 | $1022384 |
| **7/31/18** | $1057590 | $1018667 |
| **8/31/18** | $1041175 | $1015487 |
| **9/30/18** | $1043624 | $1004605 |
| **10/31/18** | $1021427 | $990661 |
| **11/30/18** | $1026271 | $991786 |
| **12/31/18** | $1027248 | $1013763 |
| **1/31/19** | $1058683 | $1032661 |
| **2/28/19** | $1050300 | $1021884 |
| **3/31/19** | $1055443 | $1029160 |
| **4/30/19** | $1051864 | $1022880 |
| **5/31/19** | $1055316 | $1033542 |
| **6/30/19** | $1087576 | $1064342 |
| **7/31/19** | $1072900 | $1056731 |
| **8/31/19** | $1078323 | $1073490 |
| **9/30/19** | $1070895 | $1058206 |
| **10/31/19** | $1082435 | $1068351 |
| **11/30/19** | $1069621 | $1053867 |
| **12/31/19** | $1097272 | $1065339 |
| **1/31/20** | $1095691 | $1073407 |
| **2/29/20** | $1082454 | $1071232 |
| **3/31/20** | $1001406 | $1036770 |
| **4/30/20** | $1033536 | $1057958 |
| **5/31/20** | $1058684 | $1061110 |
| **6/30/20** | $1080394 | $1071860 |
| **7/31/20** | $1135223 | $1119491 |
| **8/31/20** | $1155890 | $1122691 |
| **9/30/20** | $1141154 | $1116196 |
| **10/31/20** | $1148095 | $1121337 |
| **11/30/20** | $1188101 | $1148052 |
| **12/31/20** | $1229329 | $1173007 |
| **1/31/21** | $1217732 | $1160981 |
| **2/28/21** | $1193554 | $1138469 |
| **3/31/21** | $1170614 | $1110947 |
| **4/30/21** | $1190361 | $1128920 |
| **5/31/21** | $1204150 | $1144251 |
| **6/30/21** | $1178853 | $1121171 |
| **7/31/21** | $1192550 | $1138057 |
| **8/31/21** | $1186708 | $1131079 |
| **9/30/21** | $1158766 | $1103327 |
| **10/31/21** | $1149271 | $1099021 |
| **11/30/21** | $1143287 | $1091128 |
| **12/31/21** | $1140477 | $1090313 |
| **1/31/22** | $1122540 | $1068982 |
| **2/28/22** | $1104610 | $1057148 |
| **3/31/22** | $1067720 | $1023272 |
| **4/30/22** | $993956 | $953395 |
| **5/31/22** | $995259 | $953445 |
| **6/30/22** | $945245 | $910562 |
| **7/31/22** | $962440 | $928043 |
| **8/31/22** | $915149 | $881726 |
| **9/30/22** | $855598 | $829990 |
| **10/31/22** | $857118 | $828810 |
| **11/30/22** | $916698 | $875025 |
| **12/31/22** | $925631 | $886476 |
| **1/31/23** | $960395 | $917355 |
| **2/28/23** | $919150 | $880719 |
| **3/31/23** | $948595 | $913606 |
| **4/30/23** | $950828 | $916216 |
| **5/31/23** | $928353 | $891555 |
| **6/30/23** | $930550 | $893862 |
| **7/31/23** | $944158 | $905293 |
| **8/31/23** | $925751 | $887451 |
| **9/30/23** | $896177 | $858124 |
| **10/31/23** | $888316 | $850272 |
| **11/30/23** | $935669 | $897194 |
| **12/31/23** | $985077 | $937187 |
| **1/31/24** | $960338 | $915723 |
| **2/29/24** | $952912 | $904878 |
| **3/31/24** | $961003 | $907088 |
| **4/30/24** | $935887 | $883598 |
| **5/31/24** | $949745 | $892439 |
| **6/30/24** | $941965 | $887930 |
| **7/31/24** | $972309 | $915927 |
| **8/31/24** | $996291 | $944623 |
| **9/30/24** | $1017743 | $963538 |
| **10/31/24** | $989821 | $923820 |
| **11/30/24** | $991688 | $921686 |
| **12/31/24** | $966445 | $897607 |
| **1/31/25** | $974693 | $902925 |
| **2/28/25** | $984098 | $910206 |
| **3/31/25** | $997923 | $920315 |
| **4/30/25** | $1041184 | $967377 |
| **5/31/25** | $1041896 | $966298 |
| **6/30/25** | $1072153 | $987442 |
| **7/31/25** | $1038258 | $962632 |
| **8/31/25** | $1063193 | $978654 |
| **9/30/25** | $1065195 | $981594 |
| **10/31/25** | $1060280 | $972077 |
| **11/30/25** | $1058957 | $971314 |
| **12/31/25** | $1068893 | $977013 |
| **1/31/26** | $1082886 | $992809 |
| **2/28/26** | $1092686 | $1000034 |
| **3/31/26** | $1037301 | $958775 |

---

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 | 3.95% | (2.39%) | 0.37% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# Administrative Class: PFUUX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1877TSRAR_033126

# Class C: PFRCX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (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 | $176 | 1.73% |

---

## 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:

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g119941g74q65.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10246 | $10204 |
| **5/31/16** | $9968 | $9960 |
| **6/30/16** | $10333 | $10340 |
| **7/31/16** | $10458 | $10425 |
| **8/31/16** | $10415 | $10341 |
| **9/30/16** | $10515 | $10446 |
| **10/31/16** | $10102 | $9992 |
| **11/30/16** | $9651 | $9465 |
| **12/31/16** | $9602 | $9374 |
| **1/31/17** | $9822 | $9550 |
| **2/28/17** | $9876 | $9578 |
| **3/31/17** | $9920 | $9607 |
| **4/30/17** | $9987 | $9744 |
| **5/31/17** | $10137 | $9957 |
| **6/30/17** | $10192 | $9948 |
| **7/31/17** | $10518 | $10214 |
| **8/31/17** | $10582 | $10324 |
| **9/30/17** | $10479 | $10194 |
| **10/31/17** | $10357 | $10118 |
| **11/30/17** | $10475 | $10332 |
| **12/31/17** | $10520 | $10360 |
| **1/31/18** | $10941 | $10674 |
| **2/28/18** | $10746 | $10584 |
| **3/31/18** | $10854 | $10735 |
| **4/30/18** | $10555 | $10492 |
| **5/31/18** | $10403 | $10296 |
| **6/30/18** | $10328 | $10224 |
| **7/31/18** | $10356 | $10187 |
| **8/31/18** | $10187 | $10155 |
| **9/30/18** | $10204 | $10046 |
| **10/31/18** | $9979 | $9907 |
| **11/30/18** | $10019 | $9918 |
| **12/31/18** | $10021 | $10138 |
| **1/31/19** | $10320 | $10327 |
| **2/28/19** | $10231 | $10219 |
| **3/31/19** | $10273 | $10292 |
| **4/30/19** | $10231 | $10229 |
| **5/31/19** | $10256 | $10335 |
| **6/30/19** | $10563 | $10643 |
| **7/31/19** | $10412 | $10567 |
| **8/31/19** | $10456 | $10735 |
| **9/30/19** | $10377 | $10582 |
| **10/31/19** | $10481 | $10684 |
| **11/30/19** | $10349 | $10539 |
| **12/31/19** | $10609 | $10653 |
| **1/31/20** | $10585 | $10734 |
| **2/29/20** | $10450 | $10712 |
| **3/31/20** | $9660 | $10368 |
| **4/30/20** | $9963 | $10580 |
| **5/31/20** | $10198 | $10611 |
| **6/30/20** | $10399 | $10719 |
| **7/31/20** | $10918 | $11195 |
| **8/31/20** | $11109 | $11227 |
| **9/30/20** | $10959 | $11162 |
| **10/31/20** | $11017 | $11213 |
| **11/30/20** | $11393 | $11481 |
| **12/31/20** | $11779 | $11730 |
| **1/31/21** | $11660 | $11610 |
| **2/28/21** | $11420 | $11385 |
| **3/31/21** | $11192 | $11109 |
| **4/30/21** | $11372 | $11289 |
| **5/31/21** | $11495 | $11443 |
| **6/30/21** | $11245 | $11212 |
| **7/31/21** | $11367 | $11381 |
| **8/31/21** | $11303 | $11311 |
| **9/30/21** | $11029 | $11033 |
| **10/31/21** | $10930 | $10990 |
| **11/30/21** | $10865 | $10911 |
| **12/31/21** | $10829 | $10903 |
| **1/31/22** | $10651 | $10690 |
| **2/28/22** | $10474 | $10571 |
| **3/31/22** | $10116 | $10233 |
| **4/30/22** | $9410 | $9534 |
| **5/31/22** | $9415 | $9534 |
| **6/30/22** | $8935 | $9106 |
| **7/31/22** | $9091 | $9280 |
| **8/31/22** | $8638 | $8817 |
| **9/30/22** | $8069 | $8300 |
| **10/31/22** | $8078 | $8288 |
| **11/30/22** | $8633 | $8750 |
| **12/31/22** | $8710 | $8865 |
| **1/31/23** | $9031 | $9174 |
| **2/28/23** | $8637 | $8807 |
| **3/31/23** | $8906 | $9136 |
| **4/30/23** | $8921 | $9162 |
| **5/31/23** | $8704 | $8916 |
| **6/30/23** | $8717 | $8939 |
| **7/31/23** | $8839 | $9053 |
| **8/31/23** | $8660 | $8875 |
| **9/30/23** | $8377 | $8581 |
| **10/31/23** | $8297 | $8503 |
| **11/30/23** | $8733 | $8972 |
| **12/31/23** | $9187 | $9372 |
| **1/31/24** | $8950 | $9157 |
| **2/29/24** | $8874 | $9049 |
| **3/31/24** | $8943 | $9071 |
| **4/30/24** | $8703 | $8836 |
| **5/31/24** | $8824 | $8924 |
| **6/30/24** | $8746 | $8879 |
| **7/31/24** | $9021 | $9159 |
| **8/31/24** | $9236 | $9446 |
| **9/30/24** | $9428 | $9635 |
| **10/31/24** | $9162 | $9238 |
| **11/30/24** | $9173 | $9217 |
| **12/31/24** | $8932 | $8976 |
| **1/31/25** | $9001 | $9029 |
| **2/28/25** | $9082 | $9102 |
| **3/31/25** | $9203 | $9203 |
| **4/30/25** | $9595 | $9674 |
| **5/31/25** | $9594 | $9663 |
| **6/30/25** | $9866 | $9874 |
| **7/31/25** | $9547 | $9626 |
| **8/31/25** | $9768 | $9787 |
| **9/30/25** | $9779 | $9816 |
| **10/31/25** | $9727 | $9721 |
| **11/30/25** | $9709 | $9713 |
| **12/31/25** | $9792 | $9770 |
| **1/31/26** | $9913 | $9928 |
| **2/28/26** | $9996 | $10000 |
| **3/31/26** | $9482 | $9588 |

---

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) | 3.03% | (3.26%) | (0.53%) |
| Class C (including sales charge) | 2.03% | (3.26%) | (0.53%) |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# Class C: PFRCX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS4242TSRAR_033126

# Institutional Class: PFUIX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (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 | $59 | 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:

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g96o36.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1025595 | $1020354 |
| **5/31/16** | $998708 | $996032 |
| **6/30/16** | $1036199 | $1034013 |
| **7/31/16** | $1049805 | $1042537 |
| **8/31/16** | $1046524 | $1034123 |
| **9/30/16** | $1057602 | $1044627 |
| **10/31/16** | $1017027 | $999181 |
| **11/30/16** | $972534 | $946530 |
| **12/31/16** | $968600 | $937430 |
| **1/31/17** | $991743 | $955037 |
| **2/28/17** | $998004 | $957798 |
| **3/31/17** | $1003494 | $960691 |
| **4/30/17** | $1011136 | $974370 |
| **5/31/17** | $1027381 | $995682 |
| **6/30/17** | $1034024 | $994767 |
| **7/31/17** | $1067978 | $1021449 |
| **8/31/17** | $1075578 | $1032371 |
| **9/30/17** | $1066135 | $1019393 |
| **10/31/17** | $1054691 | $1011756 |
| **11/30/17** | $1067788 | $1033229 |
| **12/31/17** | $1073367 | $1035999 |
| **1/31/18** | $1117419 | $1067436 |
| **2/28/18** | $1098469 | $1058396 |
| **3/31/18** | $1110589 | $1073537 |
| **4/30/18** | $1081038 | $1049196 |
| **5/31/18** | $1066509 | $1029575 |
| **6/30/18** | $1059866 | $1022384 |
| **7/31/18** | $1063729 | $1018667 |
| **8/31/18** | $1047463 | $1015487 |
| **9/30/18** | $1050121 | $1004605 |
| **10/31/18** | $1028006 | $990661 |
| **11/30/18** | $1033109 | $991786 |
| **12/31/18** | $1034303 | $1013763 |
| **1/31/19** | $1066170 | $1032661 |
| **2/28/19** | $1057933 | $1021884 |
| **3/31/19** | $1063339 | $1029160 |
| **4/30/19** | $1059951 | $1022880 |
| **5/31/19** | $1063668 | $1033542 |
| **6/30/19** | $1096382 | $1064342 |
| **7/31/19** | $1081820 | $1056731 |
| **8/31/19** | $1087538 | $1073490 |
| **9/30/19** | $1080254 | $1058206 |
| **10/31/19** | $1092123 | $1068351 |
| **11/30/19** | $1079424 | $1053867 |
| **12/31/19** | $1107560 | $1065339 |
| **1/31/20** | $1106205 | $1073407 |
| **2/29/20** | $1093051 | $1071232 |
| **3/31/20** | $1011421 | $1036770 |
| **4/30/20** | $1044080 | $1057958 |
| **5/31/20** | $1069707 | $1061110 |
| **6/30/20** | $1091866 | $1071860 |
| **7/31/20** | $1147530 | $1119491 |
| **8/31/20** | $1168651 | $1122691 |
| **9/30/20** | $1153990 | $1116196 |
| **10/31/20** | $1161265 | $1121337 |
| **11/30/20** | $1201968 | $1148052 |
| **12/31/20** | $1243968 | $1173007 |
| **1/31/21** | $1232470 | $1160981 |
| **2/28/21** | $1208233 | $1138469 |
| **3/31/21** | $1185265 | $1110947 |
| **4/30/21** | $1205521 | $1128920 |
| **5/31/21** | $1219727 | $1144251 |
| **6/30/21** | $1194351 | $1121171 |
| **7/31/21** | $1208490 | $1138057 |
| **8/31/21** | $1202816 | $1131079 |
| **9/30/21** | $1174742 | $1103327 |
| **10/31/21** | $1165366 | $1099021 |
| **11/30/21** | $1159537 | $1091128 |
| **12/31/21** | $1156952 | $1090313 |
| **1/31/22** | $1138988 | $1068982 |
| **2/28/22** | $1121012 | $1057148 |
| **3/31/22** | $1083802 | $1023272 |
| **4/30/22** | $1009146 | $953395 |
| **5/31/22** | $1010672 | $953445 |
| **6/30/22** | $960084 | $910562 |
| **7/31/22** | $977750 | $928043 |
| **8/31/22** | $929914 | $881726 |
| **9/30/22** | $869604 | $829990 |
| **10/31/22** | $871324 | $828810 |
| **11/30/22** | $932079 | $875025 |
| **12/31/22** | $941373 | $886476 |
| **1/31/23** | $976918 | $917355 |
| **2/28/23** | $935148 | $880719 |
| **3/31/23** | $965318 | $913606 |
| **4/30/23** | $967775 | $916216 |
| **5/31/23** | $945103 | $891555 |
| **6/30/23** | $947550 | $893862 |
| **7/31/23** | $961602 | $905293 |
| **8/31/23** | $943054 | $887451 |
| **9/30/23** | $913123 | $858124 |
| **10/31/23** | $905300 | $850272 |
| **11/30/23** | $953750 | $897194 |
| **12/31/23** | $1004327 | $937187 |
| **1/31/24** | $979306 | $915723 |
| **2/29/24** | $971928 | $904878 |
| **3/31/24** | $980389 | $907088 |
| **4/30/24** | $954983 | $883598 |
| **5/31/24** | $969334 | $892439 |
| **6/30/24** | $961565 | $887930 |
| **7/31/24** | $992740 | $915927 |
| **8/31/24** | $1017454 | $944623 |
| **9/30/24** | $1039561 | $963538 |
| **10/31/24** | $1011257 | $923820 |
| **11/30/24** | $1013375 | $921686 |
| **12/31/24** | $987787 | $897607 |
| **1/31/25** | $996430 | $902925 |
| **2/28/25** | $1006236 | $910206 |
| **3/31/25** | $1020574 | $920315 |
| **4/30/25** | $1065034 | $967377 |
| **5/31/25** | $1065993 | $966298 |
| **6/30/25** | $1097165 | $987442 |
| **7/31/25** | $1062709 | $962632 |
| **8/31/25** | $1088467 | $978654 |
| **9/30/25** | $1090733 | $981594 |
| **10/31/25** | $1085917 | $972077 |
| **11/30/25** | $1084790 | $971314 |
| **12/31/25** | $1095335 | $977013 |
| **1/31/26** | $1109906 | $992809 |
| **2/28/26** | $1120165 | $1000034 |
| **3/31/26** | $1063607 | $958775 |

---

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 | 4.22% | (2.14%) | 0.62% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# Institutional Class: PFUIX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1853TSRAR_033126

# I-2: PFUPX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (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 | $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:

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g66q75.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1025511 | $1020354 |
| **5/31/16** | $998544 | $996032 |
| **6/30/16** | $1035945 | $1034013 |
| **7/31/16** | $1049459 | $1042537 |
| **8/31/16** | $1046090 | $1034123 |
| **9/30/16** | $1057074 | $1044627 |
| **10/31/16** | $1016437 | $999181 |
| **11/30/16** | $971888 | $946530 |
| **12/31/16** | $967870 | $937430 |
| **1/31/17** | $990919 | $955037 |
| **2/28/17** | $997098 | $957798 |
| **3/31/17** | $1002495 | $960691 |
| **4/30/17** | $1010051 | $974370 |
| **5/31/17** | $1026193 | $995682 |
| **6/30/17** | $1032738 | $994767 |
| **7/31/17** | $1066567 | $1021449 |
| **8/31/17** | $1074074 | $1032371 |
| **9/30/17** | $1064553 | $1019393 |
| **10/31/17** | $1053038 | $1011756 |
| **11/30/17** | $1066029 | $1033229 |
| **12/31/17** | $1071504 | $1035999 |
| **1/31/18** | $1115390 | $1067436 |
| **2/28/18** | $1096390 | $1058396 |
| **3/31/18** | $1108390 | $1073537 |
| **4/30/18** | $1078810 | $1049196 |
| **5/31/18** | $1064221 | $1029575 |
| **6/30/18** | $1057501 | $1022384 |
| **7/31/18** | $1061269 | $1018667 |
| **8/31/18** | $1044948 | $1015487 |
| **9/30/18** | $1047522 | $1004605 |
| **10/31/18** | $1025374 | $990661 |
| **11/30/18** | $1030373 | $991786 |
| **12/31/18** | $1031482 | $1013763 |
| **1/31/19** | $1063175 | $1032661 |
| **2/28/19** | $1054852 | $1021884 |
| **3/31/19** | $1060152 | $1029160 |
| **4/30/19** | $1056688 | $1022880 |
| **5/31/19** | $1060299 | $1033542 |
| **6/30/19** | $1092830 | $1064342 |
| **7/31/19** | $1078222 | $1056731 |
| **8/31/19** | $1083826 | $1073490 |
| **9/30/19** | $1076485 | $1058206 |
| **10/31/19** | $1088222 | $1068351 |
| **11/30/19** | $1075477 | $1053867 |
| **12/31/19** | $1103417 | $1065339 |
| **1/31/20** | $1101970 | $1073407 |
| **2/29/20** | $1088780 | $1071232 |
| **3/31/20** | $1007384 | $1036770 |
| **4/30/20** | $1039817 | $1057958 |
| **5/31/20** | $1065251 | $1061110 |
| **6/30/20** | $1087231 | $1071860 |
| **7/31/20** | $1142560 | $1119491 |
| **8/31/20** | $1163507 | $1122691 |
| **9/30/20** | $1148817 | $1116196 |
| **10/31/20** | $1155958 | $1121337 |
| **11/30/20** | $1196381 | $1148052 |
| **12/31/20** | $1238069 | $1173007 |
| **1/31/21** | $1226530 | $1160981 |
| **2/28/21** | $1202317 | $1138469 |
| **3/31/21** | $1179360 | $1110947 |
| **4/30/21** | $1199410 | $1128920 |
| **5/31/21** | $1213448 | $1144251 |
| **6/30/21** | $1188104 | $1121171 |
| **7/31/21** | $1202066 | $1138057 |
| **8/31/21** | $1196324 | $1131079 |
| **9/30/21** | $1168302 | $1103327 |
| **10/31/21** | $1158878 | $1099021 |
| **11/30/21** | $1152986 | $1091128 |
| **12/31/21** | $1150312 | $1090313 |
| **1/31/22** | $1132363 | $1068982 |
| **2/28/22** | $1114406 | $1057148 |
| **3/31/22** | $1077322 | $1023272 |
| **4/30/22** | $1003023 | $953395 |
| **5/31/22** | $1004459 | $953445 |
| **6/30/22** | $954103 | $910562 |
| **7/31/22** | $971579 | $928043 |
| **8/31/22** | $923964 | $881726 |
| **9/30/22** | $863962 | $829990 |
| **10/31/22** | $865603 | $828810 |
| **11/30/22** | $925884 | $875025 |
| **12/31/22** | $935033 | $886476 |
| **1/31/23** | $970263 | $917355 |
| **2/28/23** | $928704 | $880719 |
| **3/31/23** | $958581 | $913606 |
| **4/30/23** | $960947 | $916216 |
| **5/31/23** | $938355 | $891555 |
| **6/30/23** | $940703 | $893862 |
| **7/31/23** | $954578 | $905293 |
| **8/31/23** | $936087 | $887451 |
| **9/30/23** | $906299 | $858124 |
| **10/31/23** | $898460 | $850272 |
| **11/30/23** | $946468 | $897194 |
| **12/31/23** | $996574 | $937187 |
| **1/31/24** | $971666 | $915723 |
| **2/29/24** | $964269 | $904878 |
| **3/31/24** | $972579 | $907088 |
| **4/30/24** | $947293 | $883598 |
| **5/31/24** | $961441 | $892439 |
| **6/30/24** | $953662 | $887930 |
| **7/31/24** | $984498 | $915927 |
| **8/31/24** | $1008918 | $944623 |
| **9/30/24** | $1030761 | $963538 |
| **10/31/24** | $1002609 | $923820 |
| **11/30/24** | $1004626 | $921686 |
| **12/31/24** | $979175 | $897607 |
| **1/31/25** | $987657 | $902925 |
| **2/28/25** | $997300 | $910206 |
| **3/31/25** | $1011431 | $920315 |
| **4/30/25** | $1055408 | $967377 |
| **5/31/25** | $1056272 | $966298 |
| **6/30/25** | $1087076 | $987442 |
| **7/31/25** | $1052847 | $962632 |
| **8/31/25** | $1078272 | $978654 |
| **9/30/25** | $1080431 | $981594 |
| **10/31/25** | $1075575 | $972077 |
| **11/30/25** | $1074367 | $971314 |
| **12/31/25** | $1084676 | $977013 |
| **1/31/26** | $1099014 | $992809 |
| **2/28/26** | $1109088 | $1000034 |
| **3/31/26** | $1053002 | $958775 |

---

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 | 4.11% | (2.24%) | 0.52% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# I-2: PFUPX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS1912TSRAR_033126

# I-3: PFUNX

# PIMCO International Bond Fund (Unhedged)

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g38f62.jpg)

This annual shareholder report contains important information about the PIMCO International Bond Fund (Unhedged) (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 | $74 | 0.73% |

---

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

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

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

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

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

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

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

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

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

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g119941g97x42.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate ex-USD (USD Unhedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1025471 | $1020354 |
| **5/31/16** | $998460 | $996032 |
| **6/30/16** | $1035815 | $1034013 |
| **7/31/16** | $1049284 | $1042537 |
| **8/31/16** | $1045871 | $1034123 |
| **9/30/16** | $1056813 | $1044627 |
| **10/31/16** | $1016138 | $999181 |
| **11/30/16** | $971562 | $946530 |
| **12/31/16** | $967508 | $937430 |
| **1/31/17** | $990502 | $955037 |
| **2/28/17** | $996641 | $957798 |
| **3/31/17** | $1001998 | $960691 |
| **4/30/17** | $1009503 | $974370 |
| **5/31/17** | $1025593 | $995682 |
| **6/30/17** | $1032098 | $994767 |
| **7/31/17** | $1065856 | $1021449 |
| **8/31/17** | $1073305 | $1032371 |
| **9/30/17** | $1063750 | $1019393 |
| **10/31/17** | $1052196 | $1011756 |
| **11/30/17** | $1065132 | $1033229 |
| **12/31/17** | $1070562 | $1035999 |
| **1/31/18** | $1114360 | $1067436 |
| **2/28/18** | $1095335 | $1058396 |
| **3/31/18** | $1107279 | $1073537 |
| **4/30/18** | $1077691 | $1049196 |
| **5/31/18** | $1063095 | $1029575 |
| **6/30/18** | $1056334 | $1022384 |
| **7/31/18** | $1060116 | $1018667 |
| **8/31/18** | $1043761 | $1015487 |
| **9/30/18** | $1046294 | $1004605 |
| **10/31/18** | $1024129 | $990661 |
| **11/30/18** | $1029078 | $991786 |
| **12/31/18** | $1030095 | $1013763 |
| **1/31/19** | $1061704 | $1032661 |
| **2/28/19** | $1053378 | $1021884 |
| **3/31/19** | $1058626 | $1029160 |
| **4/30/19** | $1055124 | $1022880 |
| **5/31/19** | $1058684 | $1033542 |
| **6/30/19** | $1091127 | $1064342 |
| **7/31/19** | $1076500 | $1056731 |
| **8/31/19** | $1082047 | $1073490 |
| **9/30/19** | $1074676 | $1058206 |
| **10/31/19** | $1086348 | $1068351 |
| **11/30/19** | $1073580 | $1053867 |
| **12/31/19** | $1101425 | $1065339 |
| **1/31/20** | $1099935 | $1073407 |
| **2/29/20** | $1086731 | $1071232 |
| **3/31/20** | $1005448 | $1036770 |
| **4/30/20** | $1037790 | $1057958 |
| **5/31/20** | $1063131 | $1061110 |
| **6/30/20** | $1085021 | $1071860 |
| **7/31/20** | $1140187 | $1119491 |
| **8/31/20** | $1161005 | $1122691 |
| **9/30/20** | $1146299 | $1116196 |
| **10/31/20** | $1153374 | $1121337 |
| **11/30/20** | $1193660 | $1148052 |
| **12/31/20** | $1235196 | $1173007 |
| **1/31/21** | $1223638 | $1160981 |
| **2/28/21** | $1199434 | $1138469 |
| **3/31/21** | $1176482 | $1110947 |
| **4/30/21** | $1196431 | $1128920 |
| **5/31/21** | $1210387 | $1144251 |
| **6/30/21** | $1185057 | $1121171 |
| **7/31/21** | $1198935 | $1138057 |
| **8/31/21** | $1193159 | $1131079 |
| **9/30/21** | $1165164 | $1103327 |
| **10/31/21** | $1155716 | $1099021 |
| **11/30/21** | $1149794 | $1091128 |
| **12/31/21** | $1147050 | $1090313 |
| **1/31/22** | $1129107 | $1068982 |
| **2/28/22** | $1111159 | $1057148 |
| **3/31/22** | $1074138 | $1023272 |
| **4/30/22** | $1000014 | $953395 |
| **5/31/22** | $1001405 | $953445 |
| **6/30/22** | $951162 | $910562 |
| **7/31/22** | $968545 | $928043 |
| **8/31/22** | $921038 | $881726 |
| **9/30/22** | $861187 | $829990 |
| **10/31/22** | $862788 | $828810 |
| **11/30/22** | $922837 | $875025 |
| **12/31/22** | $931913 | $886476 |
| **1/31/23** | $966987 | $917355 |
| **2/28/23** | $925532 | $880719 |
| **3/31/23** | $955264 | $913606 |
| **4/30/23** | $957586 | $916216 |
| **5/31/23** | $935030 | $891555 |
| **6/30/23** | $937328 | $893862 |
| **7/31/23** | $951115 | $905293 |
| **8/31/23** | $932652 | $887451 |
| **9/30/23** | $902935 | $858124 |
| **10/31/23** | $895088 | $850272 |
| **11/30/23** | $942879 | $897194 |
| **12/31/23** | $992750 | $937187 |
| **1/31/24** | $967898 | $915723 |
| **2/29/24** | $960491 | $904878 |
| **3/31/24** | $968728 | $907088 |
| **4/30/24** | $943503 | $883598 |
| **5/31/24** | $957551 | $892439 |
| **6/30/24** | $949767 | $887930 |
| **7/31/24** | $980436 | $915927 |
| **8/31/24** | $1004710 | $944623 |
| **9/30/24** | $1026423 | $963538 |
| **10/31/24** | $998349 | $923820 |
| **11/30/24** | $1000315 | $921686 |
| **12/31/24** | $974930 | $897607 |
| **1/31/25** | $983333 | $902925 |
| **2/28/25** | $992895 | $910206 |
| **3/31/25** | $1006924 | $920315 |
| **4/30/25** | $1050659 | $967377 |
| **5/31/25** | $1051468 | $966298 |
| **6/30/25** | $1082089 | $987442 |
| **7/31/25** | $1047972 | $962632 |
| **8/31/25** | $1073232 | $978654 |
| **9/30/25** | $1075337 | $981594 |
| **10/31/25** | $1070462 | $972077 |
| **11/30/25** | $1069220 | $971314 |
| **12/31/25** | $1079430 | $977013 |
| **1/31/26** | $1093653 | $992809 |
| **2/28/26** | $1103633 | $1000034 |
| **3/31/26** | $1047780 | $958775 |

---

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 | 4.06% | (2.29%) | 0.47% |
| Bloomberg Global Aggregate ex-USD (USD Unhedged) Index | 4.18% | (2.90%) | (0.42%) |

---

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 | $1189632 |
| # of Portfolio Holdings | 1719 |
| Portfolio Turnover Rate | 520% |
| Total Net Advisory Fees Paid During the Reporting Period | $2498 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| United States | 59.5% |
| China | 8.5% |
| United Kingdom | 6.8% |
| Australia | 4.6% |
| Ireland | 3.8% |
| Japan | 3.7% |
| Canada | 3.3% |
| Spain | 3.3% |
| Cayman Islands | 2.5% |
| Other Countries | 22.0% |
| Short-Term Instruments | 2.3% |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.6%) |
| Other Assets and Liabilities, Net | (22.3%) |
| 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 0.13% 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](g119941g89g22.jpg)

# I-3: PFUNX
![Image](g119941g89g96.jpg)

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

March 31, 2026

PIMS2183TSRAR_033126

# Institutional Class: PFSIX

# PIMCO Emerging Markets Full Spectrum Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g119941g78o05.jpg)

This annual shareholder report contains important information about the PIMCO Emerging Markets Full Spectrum Bond Fund (the "Fund") for the period of April 1, 2025 to 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 | $15 | 0.14% |

---

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

* Overweight exposure to the Nigerian naira contributed to relative performance versus the 50% JPMorgan Global Bond Index Emerging Markets - Global Diversified, 25% JPMorgan Corporate Emerging Markets Bond Index Diversified, 25% JPMorgan Emerging Markets Bond Index Global ("Index"), as the currency provided a positive high carry.

* Overweight exposure to the Turkish lira contributed to relative performance versus the Index, as the currency provided a positive high carry.

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

* Exposure to Brazilian corporate debt detracted from relative performance versus the Index, as the price deteriorated in select off-benchmark holdings. 

* Overweight exposure in the 5-year and 10-year tenors of the Indian local curve detracted from relative performance versus the Index, as Indian local yields rose. 

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

## 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](g119941g41k81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1028948 | $1001698 | $1022411 |
| **5/31/16** | $999170 | $1005932 | $994241 |
| **6/30/16** | $1045051 | $1025081 | $1037624 |
| **7/31/16** | $1056408 | $1031206 | $1049194 |
| **8/31/16** | $1066658 | $1030680 | $1057642 |
| **9/30/16** | $1080362 | $1030557 | $1069484 |
| **10/31/16** | $1077417 | $1020565 | $1061018 |
| **11/30/16** | $1022712 | $1003709 | $1006812 |
| **12/31/16** | $1043478 | $1006459 | $1021912 |
| **1/31/17** | $1063407 | $1002793 | $1040335 |
| **2/28/17** | $1086511 | $1011378 | $1059031 |
| **3/31/17** | $1102740 | $1010911 | $1072995 |
| **4/30/17** | $1117750 | $1017767 | $1086696 |
| **5/31/17** | $1128437 | $1023707 | $1101247 |
| **6/30/17** | $1129138 | $1020842 | $1103612 |
| **7/31/17** | $1147598 | $1024198 | $1119058 |
| **8/31/17** | $1165215 | $1033532 | $1136620 |
| **9/30/17** | $1165205 | $1028761 | $1135519 |
| **10/31/17** | $1149381 | $1033100 | $1120936 |
| **11/30/17** | $1155455 | $1034700 | $1129565 |
| **12/31/17** | $1171862 | $1037013 | $1143447 |
| **1/31/18** | $1202318 | $1029610 | $1168636 |
| **2/28/18** | $1192662 | $1027288 | $1153768 |
| **3/31/18** | $1200104 | $1035806 | $1159992 |
| **4/30/18** | $1174805 | $1031952 | $1136486 |
| **5/31/18** | $1134215 | $1035807 | $1103021 |
| **6/30/18** | $1109909 | $1037738 | $1083473 |
| **7/31/18** | $1131536 | $1038022 | $1103416 |
| **8/31/18** | $1084111 | $1041212 | $1061773 |
| **9/30/18** | $1105304 | $1037229 | $1082722 |
| **10/31/18** | $1086995 | $1035202 | $1064315 |
| **11/30/18** | $1098636 | $1040267 | $1077644 |
| **12/31/18** | $1110017 | $1055294 | $1090804 |
| **1/31/19** | $1160662 | $1066471 | $1140312 |
| **2/28/19** | $1160685 | $1067753 | $1139121 |
| **3/31/19** | $1161317 | $1086877 | $1139366 |
| **4/30/19** | $1163273 | $1087524 | $1141090 |
| **5/31/19** | $1170613 | $1103173 | $1145824 |
| **6/30/19** | $1222900 | $1118641 | $1192533 |
| **7/31/19** | $1236263 | $1127444 | $1204482 |
| **8/31/19** | $1210988 | $1153012 | $1191240 |
| **9/30/19** | $1222534 | $1147669 | $1197560 |
| **10/31/19** | $1244890 | $1145688 | $1218485 |
| **11/30/19** | $1236458 | $1144344 | $1207986 |
| **12/31/19** | $1278351 | $1141998 | $1241357 |
| **1/31/20** | $1282311 | $1162607 | $1243276 |
| **2/29/20** | $1256937 | $1176836 | $1219453 |
| **3/31/20** | $1079397 | $1158521 | $1079263 |
| **4/30/20** | $1122526 | $1177276 | $1118759 |
| **5/31/20** | $1187738 | $1180613 | $1174407 |
| **6/30/20** | $1208792 | $1186505 | $1193529 |
| **7/31/20** | $1245589 | $1199470 | $1229297 |
| **8/31/20** | $1253031 | $1190779 | $1230978 |
| **9/30/20** | $1231846 | $1195129 | $1211825 |
| **10/31/20** | $1235055 | $1195216 | $1214927 |
| **11/30/20** | $1294894 | $1202035 | $1267753 |
| **12/31/20** | $1333472 | $1205728 | $1299569 |
| **1/31/21** | $1318964 | $1199261 | $1288281 |
| **2/28/21** | $1295506 | $1180606 | $1262009 |
| **3/31/21** | $1268547 | $1175955 | $1237340 |
| **4/30/21** | $1290729 | $1179029 | $1259452 |
| **5/31/21** | $1308830 | $1181661 | $1280525 |
| **6/30/21** | $1309550 | $1187424 | $1278059 |
| **7/31/21** | $1306819 | $1202182 | $1277692 |
| **8/31/21** | $1320062 | $1199773 | $1287445 |
| **9/30/21** | $1288404 | $1188446 | $1256680 |
| **10/31/21** | $1269720 | $1185338 | $1247086 |
| **11/30/21** | $1250777 | $1193793 | $1223523 |
| **12/31/21** | $1265124 | $1188952 | $1238696 |
| **1/31/22** | $1246975 | $1170272 | $1224443 |
| **2/28/22** | $1179560 | $1154705 | $1161720 |
| **3/31/22** | $1168536 | $1129814 | $1141302 |
| **4/30/22** | $1116804 | $1099449 | $1085057 |
| **5/31/22** | $1121975 | $1097936 | $1093482 |
| **6/30/22** | $1068074 | $1081273 | $1044885 |
| **7/31/22** | $1086507 | $1108814 | $1058171 |
| **8/31/22** | $1088480 | $1079868 | $1054831 |
| **9/30/22** | $1038579 | $1045202 | $1002354 |
| **10/31/22** | $1037036 | $1041624 | $992919 |
| **11/30/22** | $1105460 | $1068168 | $1059068 |
| **12/31/22** | $1123813 | $1055562 | $1075650 |
| **1/31/23** | $1166029 | $1079874 | $1115156 |
| **2/28/23** | $1136533 | $1062650 | $1086388 |
| **3/31/23** | $1162451 | $1086213 | $1114715 |
| **4/30/23** | $1169300 | $1091806 | $1123437 |
| **5/31/23** | $1155478 | $1087507 | $1110152 |
| **6/30/23** | $1185621 | $1086858 | $1136588 |
| **7/31/23** | $1206312 | $1087210 | $1160171 |
| **8/31/23** | $1184120 | $1085844 | $1139090 |
| **9/30/23** | $1155057 | $1067119 | $1109490 |
| **10/31/23** | $1147085 | $1059542 | $1098951 |
| **11/30/23** | $1204864 | $1095972 | $1154050 |
| **12/31/23** | $1255023 | $1130998 | $1195314 |
| **1/31/24** | $1244609 | $1128781 | $1184433 |
| **2/29/24** | $1246526 | $1121036 | $1185047 |
| **3/31/24** | $1258669 | $1131144 | $1193285 |
| **4/30/24** | $1234476 | $1112932 | $1171720 |
| **5/31/24** | $1257784 | $1122780 | $1190908 |
| **6/30/24** | $1251134 | $1132522 | $1189123 |
| **7/31/24** | $1279204 | $1154402 | $1212557 |
| **8/31/24** | $1310100 | $1167045 | $1243408 |
| **9/30/24** | $1344844 | $1180588 | $1274041 |
| **10/31/24** | $1301527 | $1164612 | $1235897 |
| **11/30/24** | $1307017 | $1178445 | $1237843 |
| **12/31/24** | $1290930 | $1169402 | $1219456 |
| **1/31/25** | $1316189 | $1173932 | $1238146 |
| **2/28/25** | $1336358 | $1188068 | $1252004 |
| **3/31/25** | $1341936 | $1183110 | $1260285 |
| **4/30/25** | $1360739 | $1194759 | $1279467 |
| **5/31/25** | $1375047 | $1190809 | $1293290 |
| **6/30/25** | $1415599 | $1202213 | $1323292 |
| **7/31/25** | $1412354 | $1201251 | $1325075 |
| **8/31/25** | $1445166 | $1207833 | $1348775 |
| **9/30/25** | $1468864 | $1216730 | $1366788 |
| **10/31/25** | $1484930 | $1226335 | $1378933 |
| **11/30/25** | $1504278 | $1228914 | $1390134 |
| **12/31/25** | $1528780 | $1226279 | $1403985 |
| **1/31/26** | $1558199 | $1229243 | $1423934 |
| **2/28/26** | $1577372 | $1246523 | $1441335 |
| **3/31/26** | $1503020 | $1224396 | $1383104 |

---

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 | 12.00% | 3.45% | 4.16% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 9.75% | 2.25% | 3.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 50% JPMorgan Global Bond Index Emerging Markets-Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $214487 |
| # of Portfolio Holdings | 507 |
| Portfolio Turnover Rate | 108% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Colombia | 11.6% |
| Mexico | 5.3% |
| United States | 3.6% |
| Brazil | 3.0% |
| Chile | 1.4% |
| Peru | 1.3% |
| Paraguay | 1.1% |
| Costa Rica | 1.0% |
| Argentina | 0.9% |
| Other Countries | 6.7% |
| Short-Term Instruments | 3.5% |
| Affiliated Investments | 69.4% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (8.4%) |
| 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. |

---

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

---

| | |
|:---|:---|
| PIMCO Emerging Markets Local Currency and Bond Fund | 33.5% |
| PIMCO Emerging Markets Corporate Bond Fund | 20.7% |
| Mexico Bonos, 8.000% due 04/15/2032 | 5.3% |
| PIMCO Emerging Markets Bond Fund | 5.3% |
| Colombia TES, 11.000% due 08/22/2029 | 3.4% |
| Colombia TES, 12.750% due 11/28/2040 | 2.7% |
| Brazil Letras do Tesouro Nacional, –% due 04/01/2027 | 2.5% |
| Colombia TES, 11.750% due 01/24/2035 | 2.4% |
| Colombia TES, 13.250% due 02/09/2033 | 2.4% |
| Bonos de la Tesoreria de la Republica en pesos, 5.800% due 10/01/2029 | 1.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 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 the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

Changes to Principal Investment Strategies. Effective October 1, 2025, the Fund's principal investment strategies were modified to shift from primarily operating as a fund-of-funds to primarily making direct investment and/or using derivatives and to change the Fund's average portfolio duration guideline from 2 years (plus or minus) the Fund's benchmark to an absolute limit of minus 3 years to plus 7 years.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g119941g89g22.jpg)

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

# Institutional Class: PFSIX
![Image](g119941g86l46.jpg)

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

March 31, 2026

PIMS2078TSRAR_033126

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Steven Lipiner, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. Lipiner is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | March 31, 2026 | $6576508 |
|  | March 31, 2025 | $6503548 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees <sup>(1)</sup></u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $6500 |
| (d)  | <u>Fiscal Year Ended</u> | <u>All Other Fees <sup>(2)</sup></u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

------

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | | |
|:---|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025  |
|  PIMCO Funds |  | $— | $6500 |
| Pacific Investment Management Company LLC ("PIMCO") | Pacific Investment Management Company LLC ("PIMCO") | 23837833 | 26548184 |
|  Totals |  | $23837833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26554684 |

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(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner (Chair)

Peter B. McCarthy\*

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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;(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond Funds

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

● Equity-Related Strategy Funds

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

● Bond Funds

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

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

● PAPS Portfolio

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

● PAPS – All Asset Funds

● Income Fund

● Credit Bond Funds

● Total Return Fund

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

● Short Duration Strategy Funds

● Real Return Strategy Funds

● TRENDS Managed Futures Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

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![LOGO](g47704g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**Asset Allocation Funds**

PIMCO All Asset Fund

PIMCO All Asset All Authority Fund

PIMCO Global Core Asset Allocation Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx47704_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx47704_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx47704_3) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx47704_4) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx47704_5) | 14 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx47704_6) | 15 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx47704_7) | 16 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx47704_8) | 17 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx47704_9) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx47704_10) | 37 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx47704_11) | 60 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx47704_12) | 68 |
| &nbsp;&nbsp; [Glossary](#tx47704_13) | 69 |
| &nbsp;&nbsp; [Distribution Information](#tx47704_14) | 70 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx47704_15) | 72 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx47704_16) | 73 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx47704_17) | 74 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx47704_18) | 75 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset Fund](#tx47704_19) | 19 |
| &nbsp;&nbsp; [PIMCO All Asset All Authority Fund](#tx47704_20) | 20 |
| &nbsp;&nbsp; [PIMCO Global Core Asset Allocation Fund<sup>(1)</sup>](#tx47704_21) | 21 |

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<sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO All Asset Fund, PIMCO All Asset All Authority Fund and PIMCO Global Core Asset Allocation Fund (each, a "Fund" and collectively, the "Funds").

The PIMCO All Asset Fund and PIMCO All Asset All Authority Fund are each "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund invest substantially all of their assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). The cost of investing in the PIMCO All Asset Fund or PIMCO All Asset All Authority Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

The PIMCO Global Core Asset Allocation Fund may invest its assets in some or all of the Underlying PIMCO Funds, which, for PIMCO Global Core Asset Allocation Fund, is defined to include Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund. The PIMCO Global Core Asset Allocation Fund also may invest its respective assets in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively with the Underlying PIMCO Funds, "Acquired Funds").

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions

within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

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| | |
|:---|:---|
| **2** | **PIMCO ASSET ALLOCATION FUNDS** |

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Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks 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 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

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

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Important Information About the Funds (Cont.)

interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or

otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO All Asset Fund | 07/31/02 | 07/31/02 | 04/30/08 | 04/27/18 | 12/31/02 | 04/30/03 | 04/30/03 | 01/31/06 | Diversified |
|  PIMCO All Asset All Authority Fund | 10/31/03 | 10/31/03 | 07/10/08 | 04/27/18 |  | 07/29/05 | 07/29/05 |  | Diversified |
|  PIMCO Global Core Asset Allocation Fund | 10/29/08 | 10/29/08 | 10/29/08 |  |  | 10/29/08 | 10/29/08 |  | Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment

Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio 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

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|:---|:---|
| **4** | **PIMCO ASSET ALLOCATION FUNDS** |

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invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO All Asset Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $11.04 | $0.85 | $0.73 | $1.58 | $(0.88) | $0.00 | $0.00 | $(0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.12 | 0.67 | (0.07) | 0.60 | (0.68) | 0.00 | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.78 | 0.40 | 0.36 | 0.76 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.34 | 0.69 | (1.53) | (0.84) | (0.72) | 0.00 | 0.00 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.77 | 1.27 | (0.43) | 0.84 | (1.27) | 0.00 | 0.00 | (1.27) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 11.07 | 0.87 | 0.70 | 1.57 | (0.87) | 0.00 | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.15 | 0.66 | (0.07) | 0.59 | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.81 | 0.39 | 0.36 | 0.75 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.37 | 0.68 | (1.53) | (0.85) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.26 | (0.43) | 0.83 | (1.26) | 0.00 | 0.00 | (1.26) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 11.09 | 0.82 | 0.76 | 1.58 | (0.87) | 0.00 | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.17 | 0.63 | (0.05) | 0.58 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.82 | 0.42 | 0.34 | 0.76 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.38 | 0.67 | (1.52) | (0.85) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.55 | (0.72) | 0.83 | (1.25) | 0.00 | 0.00 | (1.25) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 11.06 | 0.82 | 0.75 | 1.57 | (0.86) | 0.00 | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.15 | 0.65 | (0.08) | 0.57 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.80 | 0.38 | 0.37 | 0.75 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.37 | 0.66 | (1.53) | (0.87) | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.80 | 1.22 | (0.41) | 0.81 | (1.24) | 0.00 | 0.00 | (1.24) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 11.03 | 0.83 | 0.72 | 1.55 | (0.84) | 0.00 | 0.00 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.12 | 0.62 | (0.08) | 0.54 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.78 | 0.35 | 0.37 | 0.72 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.34 | 0.63 | (1.52) | (0.89) | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.78 | 1.22 | (0.44) | 0.78 | (1.22) | 0.00 | 0.00 | (1.22) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.98 | 0.73 | 0.71 | 1.44 | (0.75) | 0.00 | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.07 | 0.53 | (0.07) | 0.46 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.73 | 0.27 | 0.37 | 0.64 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.29 | 0.55 | (1.52) | (0.97) | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.74 | 1.11 | (0.43) | 0.68 | (1.13) | 0.00 | 0.00 | (1.13) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.92 | 0.79 | 0.70 | 1.49 | (0.81) | 0.00 | 0.00 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.01 | 0.59 | (0.07) | 0.52 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.68 | 0.33 | 0.35 | 0.68 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.24 | 0.60 | (1.51) | (0.91) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.68 | 1.17 | (0.42) | 0.75 | (1.19) | 0.00 | 0.00 | (1.19) |
|  **PIMCO All Asset All Authority Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $6.56 | $0.48 | $0.44 | $0.92 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.47 | 0.20 | 0.09 | 0.29 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.16 | 0.01 | 0.17 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.51 | (1.34) | (0.83) | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.49 | 1.12 | (0.58) | 0.54 | (1.13) | 0.00 | 0.00 | (1.13) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 6.57 | 0.48 | 0.43 | 0.91 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.47 | 0.19 | 0.10 | 0.29 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.51 | 0.15 | 0.00 | 0.15 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.50 | (1.33) | (0.83) | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.50 | 1.13 | (0.61) | 0.52 | (1.12) | 0.00 | 0.00 | (1.12) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total Return<sup>(d)</sup> | Net Assets<br>End of Year or<br>Period (000s) | Expenses | Expenses<br>Excluding<br>Waivers | **Expenses<br>Excluding<br>Interest<br>Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** | Expenses<br>Excluding<br>Interest<br>Expense,<br>Dividends on<br>Securities<br>Sold Short<br>and Waivers | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover<br>Rate |
| $11.74 | 14.72% | $8986544 | 0.125% | 0.225% | 0.125% | 0.225% | 7.42% | 48% |
| 11.04 | 5.60 | 10232855 | 0.145 | 0.225 | 0.145 | 0.225 | 6.04 | 40 |
| 11.12 | 7.22 | 11918075 | 0.145 | 0.225 | 0.145 | 0.225 | 3.77 | 56 |
| 10.78 | (6.68) | 12563116 | 0.115 | 0.225 | 0.115 | 0.225 | 6.15 | 73 |
| 12.34 | 6.49 | 14678246 | 0.115 | 0.225 | 0.115 | 0.225 | 9.82 | 92 |
| 11.77 | 14.57 | 378550 | 0.225 | 0.325 | 0.225 | 0.325 | 7.55 | 48 |
| 11.07 | 5.48 | 328408 | 0.245 | 0.325 | 0.245 | 0.325 | 5.95 | 40 |
| 11.15 | 7.10 | 456245 | 0.245 | 0.325 | 0.245 | 0.325 | 3.62 | 56 |
| 10.81 | (6.76) | 540659 | 0.215 | 0.325 | 0.215 | 0.325 | 6.05 | 73 |
| 12.37 | 6.38 | 675717 | 0.215 | 0.325 | 0.215 | 0.325 | 9.69 | 92 |
| 11.80 | 14.57 | 9580 | 0.275 | 0.425 | 0.275 | 0.425 | 7.15 | 48 |
| 11.09 | 5.39 | 14108 | 0.295 | 0.425 | 0.295 | 0.425 | 5.66 | 40 |
| 11.17 | 7.16 | 35632 | 0.295 | 0.425 | 0.295 | 0.425 | 3.88 | 56 |
| 10.82 | (6.80) | 9906 | 0.265 | 0.425 | 0.265 | 0.425 | 5.96 | 73 |
| 12.38 | 6.39 | 11414 | 0.265 | 0.425 | 0.265 | 0.425 | 11.86 | 92 |
| 11.77 | 14.51 | 43023 | 0.375 | 0.475 | 0.375 | 0.475 | 7.09 | 48 |
| 11.06 | 5.24 | 53507 | 0.395 | 0.475 | 0.395 | 0.475 | 5.83 | 40 |
| 11.15 | 7.05 | 56098 | 0.395 | 0.475 | 0.395 | 0.475 | 3.49 | 56 |
| 10.80 | (6.97) | 63198 | 0.365 | 0.475 | 0.365 | 0.475 | 5.89 | 73 |
| 12.37 | 6.22 | 76092 | 0.365 | 0.475 | 0.365 | 0.475 | 9.40 | 92 |
| 11.74 | 14.38 | 498311 | 0.545 <sup>(h)</sup> | 0.645 <sup>(h)</sup> | 0.545 <sup>(h)</sup> | 0.645 <sup>(h)</sup> | 7.19 | 48 |
| 11.03 | 5.04 | 502387 | 0.595 | 0.675 | 0.595 | 0.675 | 5.61 | 40 |
| 11.12 | 6.76 | 591785 | 0.595 | 0.675 | 0.595 | 0.675 | 3.29 | 56 |
| 10.78 | (7.09) | 700680 | 0.565 | 0.675 | 0.565 | 0.675 | 5.66 | 73 |
| 12.34 | 5.96 | 902250 | 0.565 | 0.675 | 0.565 | 0.675 | 9.40 | 92 |
| 11.67 | 13.44 | 20675 | 1.295 <sup>(h)</sup> | 1.395 <sup>(h)</sup> | 1.295 <sup>(h)</sup> | 1.395 <sup>(h)</sup> | 6.36 | 48 |
| 10.98 | 4.27 | 22763 | 1.345 | 1.425 | 1.345 | 1.425 | 4.79 | 40 |
| 11.07 | 6.01 | 32159 | 1.345 | 1.425 | 1.345 | 1.425 | 2.49 | 56 |
| 10.73 | (7.80) | 41778 | 1.315 | 1.425 | 1.315 | 1.425 | 4.96 | 73 |
| 12.29 | 5.16 | 59622 | 1.315 | 1.425 | 1.315 | 1.425 | 8.64 | 92 |
| 11.60 | 13.98 | 32228 | 0.795 <sup>(h)</sup> | 0.895 <sup>(h)</sup> | 0.795 <sup>(h)</sup> | 0.895 <sup>(h)</sup> | 6.97 | 48 |
| 10.92 | 4.85 | 32085 | 0.845 | 0.925 | 0.845 | 0.925 | 5.36 | 40 |
| 11.01 | 6.49 | 36583 | 0.845 | 0.925 | 0.845 | 0.925 | 3.08 | 56 |
| 10.68 | (7.36) | 38180 | 0.815 | 0.925 | 0.815 | 0.925 | 5.43 | 73 |
| 12.24 | 5.77 | 44901 | 0.815 | 0.925 | 0.815 | 0.925 | 9.13 | 92 |
| $6.99 | 14.26% | $668794 | 2.25 %<sup>(g)</sup> | 2.25 %<sup>(g)</sup> | 0.26% | 0.26% | 6.95% | 66% |
| 6.56 | 4.50 | 685228 | 2.76 <sup>(g)</sup> | 2.72 <sup>(g)</sup> | 0.29 | 0.25 | 3.02 | 54 |
| 6.47 | 2.60 | 1072118 | 2.92 <sup>(g)</sup> | 2.92 <sup>(g)</sup> | 0.28 | 0.28 | 2.45 | 67 |
| 6.50 | (10.42) | 1503547 | 1.74 <sup>(g)</sup> | 1.78 <sup>(g)</sup> | 0.21 | 0.25 | 7.44 | 103 |
| 7.90 | 6.09 | 2363703 | 0.54 <sup>(g)</sup> | 0.58 <sup>(g)</sup> | 0.21 | 0.25 | 13.08 | 108 |
| 7.00 | 14.14 | 99879 | 2.35 <sup>(g)</sup> | 2.35 <sup>(g)</sup> | 0.36 | 0.36 | 7.00 | 66 |
| 6.57 | 4.55 | 101255 | 2.86 <sup>(g)</sup> | 2.82 <sup>(g)</sup> | 0.39 | 0.35 | 2.96 | 54 |
| 6.47 | 2.34 | 130447 | 3.02 <sup>(g)</sup> | 3.02 <sup>(g)</sup> | 0.38 | 0.38 | 2.43 | 67 |
| 6.51 | (10.39) | 170079 | 1.84 <sup>(g)</sup> | 1.88 <sup>(g)</sup> | 0.31 | 0.35 | 7.18 | 103 |
| 7.90 | 5.86 | 278555 | 0.64 <sup>(g)</sup> | 0.68 <sup>(g)</sup> | 0.31 | 0.35 | 13.22 | 108 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO All Asset All Authority Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $6.57 | $0.45 | $0.46 | $0.91 | $(0.48) | $0.00 | $0.00 | $(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.47 | 0.19 | 0.10 | 0.29 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.51 | 0.14 | 0.01 | 0.15 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.54 | (1.37) | (0.83) | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.50 | 1.17 | (0.66) | 0.51 | (1.11) | 0.00 | 0.00 | (1.11) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 6.56 | 0.45 | 0.44 | 0.89 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.46 | 0.17 | 0.10 | 0.27 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.50 | 0.13 | 0.00 | 0.13 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.90 | 0.48 | (1.34) | (0.86) | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.49 | 1.08 | (0.58) | 0.50 | (1.09) | 0.00 | 0.00 | (1.09) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 6.58 | 0.40 | 0.44 | 0.84 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.48 | 0.12 | 0.10 | 0.22 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.52 | 0.08 | 0.00 | 0.08 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.92 | 0.42 | (1.33) | (0.91) | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.51 | 1.00 | (0.57) | 0.43 | (1.02) | 0.00 | 0.00 | (1.02) |
|  **PIMCO Global Core Asset Allocation<br>Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $14.86 | $0.66 | $2.37 | $3.03 | $(0.44) | $0.00 | $0.00 | $(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.97 | 0.48 | 0.63 | 1.11 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.49 | 0.45 | 1.36 | 1.81 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.84 | 0.30 | (1.47) | (1.17) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.58 | 0.19 | 0.09 | 0.28 | (0.01) | 0.00 | (0.01) | (0.02) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 14.81 | 0.64 | 2.36 | 3.00 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.92 | 0.46 | 0.63 | 1.09 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.46 | 0.43 | 1.35 | 1.78 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.80 | 0.29 | (1.46) | (1.17) | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.55 | 0.17 | 0.10 | 0.27 | (0.01) | 0.00 | (0.01) | (0.02) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 14.62 | 0.58 | 2.32 | 2.90 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.74 | 0.40 | 0.63 | 1.03 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.30 | 0.39 | 1.32 | 1.71 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.63 | 0.24 | (1.44) | (1.20) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.42 | 0.12 | 0.10 | 0.22 | 0.00 | 0.00 | (0.01) | (0.01) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 14.04 | 0.44 | 2.23 | 2.67 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 13.23 | 0.28 | 0.60 | 0.88 | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.86 | 0.28 | 1.28 | 1.56 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 13.17 | 0.14 | (1.38) | (1.24) | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 13.06 | 0.01 | 0.10 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the 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> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(g)</sup> Ratio of expenses to average net assets includes line of credit expenses.

<sup>(h)</sup> Effective September 2, 2025, the Fund's supervisory and administrative fee was decreased by 0.05% to an annual rate of 0.20%. 

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| | | |
|:---|:---|:---|
| **8** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

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------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | Ratios to Average Net Assets<sup>(e)</sup> | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total Return<sup>(d)</sup> | Net Assets<br>End of Year or<br>Period (000s) | Expenses | Expenses<br>Excluding<br>Waivers | **Expenses<br>Excluding<br>Interest<br>Expense and**<br> **Dividends on**<br> **Securities**<br> **Sold Short** | Expenses<br>Excluding<br>Interest<br>Expense,<br>Dividends on<br>Securities<br>Sold Short<br>and Waivers | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover<br>Rate |
| $7.00 | 14.06% | $951 | 2.40 %<sup>(g)</sup> | 2.45 %<sup>(g)</sup> | 0.41% | 0.46% | 6.50% | 66% |
| 6.57 | 4.50 | 1169 | 2.91 <sup>(g)</sup> | 2.92 <sup>(g)</sup> | 0.44 | 0.45 | 2.93 | 54 |
| 6.47 | 2.29 | 1511 | 3.07 <sup>(g)</sup> | 3.12 <sup>(g)</sup> | 0.43 | 0.48 | 2.25 | 67 |
| 6.51 | (10.46) | 2307 | 1.49 <sup>(f)(g)</sup> | 1.58 <sup>(f)(g)</sup> | 0.36 <sup>(f)</sup> | 0.45 <sup>(f)</sup> | 7.54 | 103 |
| 7.90 | 5.81 | 13919 | 0.69 <sup>(g)</sup> | 0.78 <sup>(g)</sup> | 0.36 | 0.45 | 13.72 | 108 |
| 6.99 | 13.81 | 188496 | 2.67 <sup>(g)(h)</sup> | 2.67 <sup>(g)(h)</sup> | 0.68 <sup>(h)</sup> | 0.68 <sup>(h)</sup> | 6.49 | 66 |
| 6.56 | 4.21 | 201976 | 3.21 <sup>(g)</sup> | 3.17 <sup>(g)</sup> | 0.74 | 0.70 | 2.62 | 54 |
| 6.46 | 2.00 | 249885 | 3.37 <sup>(g)</sup> | 3.37 <sup>(g)</sup> | 0.73 | 0.73 | 2.07 | 67 |
| 6.50 | (10.81) | 308294 | 2.19 <sup>(g)</sup> | 2.23 <sup>(g)</sup> | 0.66 | 0.70 | 6.95 | 103 |
| 7.90 | 5.65 | 422624 | 0.99 <sup>(g)</sup> | 1.03 <sup>(g)</sup> | 0.66 | 0.70 | 12.65 | 108 |
| 7.01 | 12.95 | 7894 | 3.42 <sup>(g)(h)</sup> | 3.42 <sup>(g)(h)</sup> | 1.43 <sup>(h)</sup> | 1.43 <sup>(h)</sup> | 5.77 | 66 |
| 6.58 | 3.40 | 8659 | 3.96 <sup>(g)</sup> | 3.92 <sup>(g)</sup> | 1.49 | 1.45 | 1.83 | 54 |
| 6.48 | 1.23 | 12899 | 4.12 <sup>(g)</sup> | 4.12 <sup>(g)</sup> | 1.48 | 1.48 | 1.20 | 67 |
| 6.52 | (11.49) | 19998 | 2.89 <sup>(g)(f)</sup> | 2.93 <sup>(g)(f)</sup> | 1.41 <sup>(f)</sup> | 1.45 <sup>(f)</sup> | 5.98 | 103 |
| 7.92 | 4.84 | 38642 | 1.74 <sup>(g)</sup> | 1.78 <sup>(g)</sup> | 1.41 | 1.45 | 11.68 | 108 |
| $17.45 | 20.45% | $181090 | 0.82% | 1.02% | 0.75% | 0.95% | 4.00% | 476% |
| 14.86 | 7.94 | 165608 | 0.91 | 1.01 | 0.87 | 0.97 | 3.27 | 615 |
| 13.97 | 14.66 | 95684 | 1.10 | 1.17 | 0.94 | 1.01 | 3.55 | 594 |
| 12.49 | (8.42) | 129288 | 1.01 | 1.09 | 0.92 | 1.00 | 2.40 | 359 |
| 13.84 | 2.06 | 163073 | 0.86 | 1.00 | 0.85 | 0.99 | 1.31 | 119 |
| 17.39 | 20.34 | 27459 | 0.92 | 1.12 | 0.85 | 1.05 | 3.90 | 476 |
| 14.81 | 7.86 | 27381 | 1.01 | 1.11 | 0.97 | 1.07 | 3.17 | 615 |
| 13.92 | 14.43 | 28330 | 1.20 | 1.27 | 1.04 | 1.11 | 3.41 | 594 |
| 12.46 | (8.46) | 27407 | 1.11 | 1.19 | 1.02 | 1.10 | 2.29 | 359 |
| 13.80 | 1.97 | 36705 | 0.96 | 1.10 | 0.95 | 1.09 | 1.21 | 119 |
| 17.15 | 19.91 | 97345 | 1.24 <sup>(h)</sup> | 1.44 <sup>(h)</sup> | 1.17 <sup>(h)</sup> | 1.37 <sup>(h)</sup> | 3.58 | 476 |
| 14.62 | 7.53 | 90298 | 1.36 | 1.46 | 1.32 | 1.42 | 2.81 | 615 |
| 13.74 | 14.08 | 96675 | 1.55 | 1.62 | 1.39 | 1.46 | 3.06 | 594 |
| 12.30 | (8.80) | 99502 | 1.46 | 1.54 | 1.37 | 1.45 | 1.95 | 359 |
| 13.63 | 1.64 | 125611 | 1.31 | 1.45 | 1.30 | 1.44 | 0.86 | 119 |
| 16.45 | 19.06 | 2729 | 1.99 <sup>(h)</sup> | 2.19 <sup>(h)</sup> | 1.92 <sup>(h)</sup> | 2.12 <sup>(h)</sup> | 2.84 | 476 |
| 14.04 | 6.67 | 2614 | 2.11 | 2.21 | 2.07 | 2.17 | 2.07 | 615 |
| 13.23 | 13.25 | 3241 | 2.30 | 2.37 | 2.14 | 2.21 | 2.33 | 594 |
| 11.86 | (9.45) | 4713 | 2.21 | 2.29 | 2.12 | 2.20 | 1.16 | 359 |
| 13.17 | 0.84 | 7900 | 2.06 | 2.20 | 2.05 | 2.19 | 0.11 | 119 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $769 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 9951737 | 1366852 |
|  Receivable for investments in Affiliates sold | 11996 | 175 |
|  Receivable for Fund shares sold | 26453 | 362 |
|  Interest and/or dividends receivable | 19 | 0 |
|  Dividends receivable from Affiliates | 18993 | 3341 |
|  Reimbursement receivable from PIMCO | 904 | 9 |
|  Prepaid expenses | 0 | 202 |
|  **Total Assets** | 10010871 | 1371120 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for line of credit | $0 | $400000 |
|  Payable for investments in Affiliates purchased | 31723 | 3645 |
|  Payable for Fund shares redeemed | 8125 | 597 |
|  Accrued investment advisory fees | 1452 | 163 |
|  Accrued supervisory and administrative fees | 515 | 74 |
|  Accrued distribution fees | 29 | 5 |
|  Accrued servicing fees | 115 | 41 |
|  Other liabilities | 1 | 581 |
|  **Total Liabilities** | 41960 | 405106 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $9968911 | $966014 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $12887442 | $7983119 |
|  Distributable earnings (accumulated loss) | (2918531) | (7017105) |
|  **Net Assets** | $9968911 | $966014 |
|  Cost of investments in securities | $769 | $179 |
|  Cost of investments in Affiliates | $9101979 | $1274653 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Net Assets:** |  |  |
|  Institutional Class | $8986544 | $668794 |
|  I-2 | 378550 | 99879 |
|  I-3 | 9580 | 951 |
|  Administrative Class | 43023 | N/A |
|  Class A | 498311 | 188496 |
|  Class C | 20675 | 7894 |
|  Class R | 32228 | N/A |
|  **Shares Issued and Outstanding:** |  |  |
|  Institutional Class | 765422 | 95649 |
|  I-2 | 32151 | 14274 |
|  I-3 | 812 | 136 |
|  Administrative Class | 3656 | N/A |
|  Class A | 42459 | 26985 |
|  Class C | 1771 | 1126 |
|  Class R | 2778 | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |
|  Institutional Class | $11.74 | $6.99 |
|  I-2 | 11.77 | 7.00 |
|  I-3 | 11.80 | 7.00 |
|  Administrative Class | 11.77 | N/A |
|  Class A | 11.74 | 6.99 |
|  Class C | 11.67 | 7.01 |
|  Class R | 11.60 | 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<sub>11</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Global Core Asset Allocation Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $143067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 223919 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 8600 |
|  Cash | 275 |
|  Deposits with counterparty | 4419 |
|  Foreign currency, at value | 2063 |
|  Receivable for investments sold | 1135 |
|  Receivable for investments sold on a delayed-delivery basis | 296 |
|  Receivable for TBA investments sold | 140660 |
|  Receivable for Fund shares sold | 17 |
|  Interest and/or dividends receivable | 703 |
|  Dividends receivable from Affiliates | 816 |
|  Reimbursement receivable from PIMCO | 55 |
|  **Total Assets** | 526870 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $15580 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1969 |
|  Payable for investments purchased | 16330 |
|  Payable for investments in Affiliates purchased | 840 |
|  Payable for investments purchased on a delayed-delivery basis | 6232 |
|  Payable for TBA investments purchased | 175401 |
|  Deposits from counterparty | 641 |
|  Payable for Fund shares redeemed | 156 |
|  Accrued investment advisory fees | 236 |
|  Accrued supervisory and administrative fees | 29 |
|  Accrued distribution fees | 2 |
|  Accrued servicing fees | 21 |
|  Foreign capital gains tax payable | 18 |
|  Other liabilities | 5 |
|  **Total Liabilities** | 218247 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $308623 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $319850 |
|  Distributable earnings (accumulated loss) | (11227) |
|  **Net Assets** | $308623 |
|  Cost of investments in securities | $145851 |
|  Cost of investments in Affiliates | $224199 |
|  Cost of foreign currency held | $2063 |
|  Proceeds received on short sales | $15551 |
|  Cost or premiums of financial derivative instruments, net | $5626 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $181090 |
|  I-2 | 27459 |
|  Class A | 97345 |
|  Class C | 2729 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 10376 |
|  I-2 | 1579 |
|  Class A | 5675 |
|  Class C | 166 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $17.45 |
|  I-2 | 17.39 |
|  Class A | 17.15 |
|  Class C | 16.45 |

---

<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>13</sub> |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
|  **Investment Income:** |  |  |
|  Interest | $0 | $15 |
|  Dividends | 112 | 18 |
|  Dividends from Investments in Affiliates | 788203 | 91649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 788315 | 91682 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 18240 | 1994 |
|  Supervisory and administrative fees | 6517 | 950 |
|  Distribution and/or servicing fees - Administrative Class | 122 | N/A |
|  Distribution and/or servicing fees - Class A | 1254 | 492 |
|  Distribution and/or servicing fees - Class C | 215 | 82 |
|  Distribution and/or servicing fees - Class R | 160 | N/A |
|  Trustee fees | 70 | 6 |
|  Interest expense | 34 | 19854 |
|  Miscellaneous expense | 0 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 26612 | 23424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (10473) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 16139 | 23401 |
|  **Net Investment Income (Loss)** | 772176 | 68281 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in Affiliates | 134857 | 26338 |
|  Net capital gain distributions received from Affiliate investments | 27112 | 1617 |
|  **Net Realized Gain (Loss)** | 161969 | 27955 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in Affiliates | 496420 | 35726 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 496420 | 35726 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1430565 | $131962 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations PIMCO Global Core Asset Allocation Fund

---

| | |
|:---|:---|
| Year Ended March 31, 2026 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $5211 |
|  Dividends, net of foreign taxes\*\* | 196 |
|  Dividends from Investments in Affiliates | 9491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 14898 |
|  **Expenses:** |  |
|  Investment advisory fees | 2787 |
|  Supervisory and administrative fees | 356 |
|  Distribution and/or servicing fees - Class A | 240 |
|  Distribution and/or servicing fees - Class C | 26 |
|  Trustee fees | 2 |
|  Interest expense | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3022 |
|  **Net Investment Income (Loss)** | 11876 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 1661 |
|  Investments in Affiliates | 60 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1511 |
|  Over the counter financial derivative instruments | 43373 |
|  Foreign currency | 271 |
|  **Net Realized Gain (Loss)** | 46876 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (1600) |
|  Investments in Affiliates | (404) |
|  Exchange-traded or centrally cleared financial derivative instruments | 334 |
|  Over the counter financial derivative instruments | (522) |
|  Foreign currency assets and liabilities | 16 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (2176) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $56576 |
|  \* Foreign tax withholdings - Interest | $30 |
|  \*\* Foreign tax withholdings - Dividends | $2 |

---

---

| | |
|:---|:---|
| <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 Fund** | **PIMCO**<br> **All Asset Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** | **PIMCO**<br> **All Asset**<br> **All Authority Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 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) | $772176 | $725646 | $68281 | $34453 |
|  Net realized gain (loss) | 161969 | (347829) | 27955 | (76157) |
|  Net change in unrealized appreciation (depreciation) | 496420 | 262849 | 35726 | 91695 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1430565 | 640666 | 131962 | 49991 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (690454) | (656741) | (47396) | (23122) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (25014) | (22247) | (6806) | (3233) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (776) | (1454) | (68) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3377) | (3224) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (35731) | (30528) | (12649) | (5499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1366) | (1296) | (470) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2247) | (1824) | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (758965) | (717314) | (67389) | (32065) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (1888802) | (1863816) | (96846) | (486499) |
|  **Total Increase (Decrease) in Net Assets** | (1217202) | (1940464) | (32273) | (468573) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 11186113 | 13126577 | 998287 | 1466860 |
|  End of year | $9968911 | $11186113 | $966014 | $998287 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Global Core Asset Allocation Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $11876 | $9041 |
|  Net realized gain (loss) | 46876 | 17005 |
|  Net change in unrealized appreciation (depreciation) | (2176) | (3436) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 56576 | 22610 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4708) | (2398) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (737) | (379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2161) | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (44) | (13) |
|  **Total Distributions<sup>(a)</sup>** | (7650) | (3750) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (26204) | 43111 |
|  **Total Increase (Decrease) in Net Assets** | 22722 | 61971 |
|  **Net Assets:** |  |  |
|  Beginning of year | 285901 | 223930 |
|  End of year | $308623 | $285901 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Units 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** |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2026 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO All<br>Asset All<br>Authority Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $131962 |
|  **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 | (908986) |
|  Proceeds from sales of long-term securities | 1004820 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 213 |
| (Increase) decrease in receivable for investments sold | (34) |
| (Increase) decrease in dividends receivable from Affiliates | 212 |
| (Increase) decrease in reimbursement receivable from PIMCO | (29) |
|  Increase (decrease) in payable for investments purchased | (172) |
|  Increase (decrease) in accrued investment advisory fees | 4 |
|  Increase (decrease) in accrued supervisory and administrative fees | (8) |
|  Increase (decrease) in accrued servicing fees | (1) |
|  Increase (decrease) in other liabilities | 181 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (26338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received from Affiliate investments | (1617) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (35726) |
|  **Net Cash Provided by (Used for) Operating Activities** | 164481 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 95761 |
|  Payments on shares redeemed | (254203) |
|  Cash distributions paid\* | (6039) |
|  **Net Cash Received from (Used for) Financing Activities** | (164481) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 0 |
|  End of year | $0 |
|  \* Reinvestment of distributions | $61350 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $19673 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset Fund March 31, 2026

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% |
| 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% (b) | 769020 | $— | 769 |
|  |  |  | 769 |
|  Total Investments in Securities<br> (Cost $769) | Total Investments in Securities<br> (Cost $769) |  | 769 |
| INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% |
| MUTUAL FUNDS (a) 99.2% | MUTUAL FUNDS (a) 99.2% | MUTUAL FUNDS (a) 99.2% | MUTUAL FUNDS (a) 99.2% |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 158022276 |  | 1671876 |
|  PIMCO All Asset: Multi-Real Fund | 208015763 |  | 2048955 |
|  PIMCO Emerging Markets Bond Fund | 5703129 |  | 50530 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 48701038 |  | 367693 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 131043909 |  | 800678 |
|  PIMCO Extended Duration Fund | 11763522 |  | 147632 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Fund | 46582296 | $— | 372193 |
|  PIMCO High Yield Spectrum Fund | 14805465 |  | 135322 |
|  PIMCO Income Fund | 12075766 |  | 130177 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 32195590 |  | 311653 |
|  PIMCO Investment Grade Credit Bond Fund | 7135992 |  | 64367 |
|  PIMCO Long Duration Total Return Fund | 24091959 |  | 171294 |
|  PIMCO Long-Term U.S. Government Fund | 16705970 |  | 231211 |
|  PIMCO Low Duration Fund | 57481758 |  | 532856 |
|  PIMCO RAE Emerging Markets Fund | 19176349 |  | 245841 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 37788873 |  | 338210 |
|  PIMCO RAE International Fund | 6816963 |  | 67829 |
|  PIMCO RAE PLUS EMG Fund | 11111705 |  | 98005 |
|  PIMCO RAE PLUS International Fund | 10309342 |  | 99691 |
|  PIMCO RAE U.S. Fund | 7304201 |  | 107664 |
|  PIMCO RAE U.S. Small Fund | 13375021 |  | 157156 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 41430013 |  | 333512 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Real Return Fund | 10169543 | $— | 105051 |
|  PIMCO RealEstateRealReturn Strategy Fund | 6634207 |  | 185890 |
|  PIMCO Total Return Fund | 80104232 |  | 700111 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 37544759 |  | 417122 |
| Total Mutual Funds (Cost $9,042,759) | Total Mutual Funds (Cost $9,042,759) |  | 9892519 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% | MUTUAL FUNDS 0.6% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.740% (b) | 59219942 |  | 59218 |
| Total Short-Term Instruments<br>(Cost $59,220) | Total Short-Term Instruments<br>(Cost $59,220) |  | 59218 |
| Total Investments in Affiliates<br>(Cost $9,101,979) | Total Investments in Affiliates<br>(Cost $9,101,979) |  | 9951737 |
| Total Investments 99.8%<br>(Cost $9,102,748) | Total Investments 99.8%<br>(Cost $9,102,748) | $— | 9952506 |
| Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% |  | 16405 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 9968911 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 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 |
| &nbsp;&nbsp; Mutual Funds | $769 | $0 | $0 | $769 |
|  | $769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $769 |
|  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 | 9892519 | 0 | 0 | 9892519 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 59218 | 0 | 0 | 59218 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9951737 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9951737 |
|  Total Investments | $9952506 | $0 | $0 | $9952506 |

---

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 | **19** |

---

------

Schedule of Investments PIMCO All Asset All Authority Fund March 31, 2026

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% | INVESTMENTS IN SECURITIES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (b) | 178998 | $— | 179 |
|  Total Short-Term Instruments (Cost $179) | Total Short-Term Instruments (Cost $179) |  | 179 |
|  Total Investments in Securities (Cost $179) | Total Investments in Securities (Cost $179) |  | 179 |
| INVESTMENTS IN AFFILIATES 141.5% | INVESTMENTS IN AFFILIATES 141.5% | INVESTMENTS IN AFFILIATES 141.5% | INVESTMENTS IN AFFILIATES 141.5% |
| MUTUAL FUNDS (a) 140.5% | MUTUAL FUNDS (a) 140.5% | MUTUAL FUNDS (a) 140.5% | MUTUAL FUNDS (a) 140.5% |
|  PIMCO All Asset: Multi-Real Fund | 12269680 |  | 120856 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 14469150 |  | 140785 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 1204470 |  | 21235 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 6508834 |  | 49142 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 17666353 |  | 107941 |
|  PIMCO Extended Duration Fund | 1314213 |  | 16493 |
|  PIMCO High Yield Fund | 8513726 |  | 68025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Spectrum Fund | 2696352 | $— | 24645 |
|  PIMCO Income Fund | 1063752 |  | 11467 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8977303 |  | 86900 |
|  PIMCO Investment Grade Credit Bond Fund | 649520 |  | 5859 |
|  PIMCO Long Duration Total Return Fund | 2612898 |  | 18578 |
|  PIMCO Long-Term Real Return Fund | 1245601 |  | 14075 |
|  PIMCO Long-Term U.S. Government Fund | 1828838 |  | 25311 |
|  PIMCO Low Duration Fund | 19250777 |  | 178455 |
|  PIMCO RAE Emerging Markets Fund | 1621038 |  | 20782 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 4714064 |  | 42191 |
|  PIMCO RAE International Fund | 398482 |  | 3965 |
|  PIMCO RAE PLUS EMG Fund | 1175548 |  | 10368 |
|  PIMCO RAE PLUS International Fund | 1399988 |  | 13538 |
|  PIMCO RAE U.S. Small Fund | 1126196 |  | 13233 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 5124745 |  | 41254 |
|  PIMCO Real Return Fund | 1988285 |  | 20539 |
|  PIMCO RealEstateRealReturn Strategy Fund | 2803858 |  | 78564 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Total Return Fund | 18875757 |  | 164974 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 5230722 |  | 58113 |
| Total Mutual Funds (Cost $1,265,089) | Total Mutual Funds (Cost $1,265,089) |  | 1357288 |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% | MUTUAL FUNDS 1.0% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  3.740% (b) | 9564309 |  | 9564 |
| Total Short-Term Instruments<br>(Cost $9,564) | Total Short-Term Instruments<br>(Cost $9,564) |  | 9564 |
| Total Investments in Affiliates<br>(Cost $1,274,653) | Total Investments in Affiliates<br>(Cost $1,274,653) |  | 1366852 |
| Total Investments 141.5%<br>(Cost $1,274,832) | Total Investments 141.5%<br>(Cost $1,274,832) | $— | 1367031 |
| Other Assets and Liabilities, net (41.5)% | Other Assets and Liabilities, net (41.5)% |  | (401017) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 966014 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Institutional Class Shares of each Fund.

(b) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 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 |
| &nbsp;&nbsp; Mutual Funds | $179 | $0 | $0 | $179 |
|  | $179 | $0 | $0 | $179 |
|  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 | 1357288 | 0 | 0 | 1357288 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 9564 | 0 | 0 | 9564 |
|  | $1366852 | $0 | $0 | $1366852 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367031 | $&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;1367031 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation 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 46.3% | INVESTMENTS IN SECURITIES 46.3% | INVESTMENTS IN SECURITIES 46.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 5 | 0 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 39 | 1 |
|  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) | 66 | 0 |
|  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) | 79 | 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) | 120 | 1 |
|  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) | 113 | 2 |
|  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) | 27 | 0 |
|  |  | 4 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) |
|  7.250% due 03/31/2031 (a) | 623 | 405 |
|  Total Corporate Bonds & Notes (Cost $626) | Total Corporate Bonds & Notes (Cost $626) | 409 |
| 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 (d) | 23 | 0 |
|  0.000% due 12/31/2027 (d) | 29 | 0 |
|  0.000% due 12/31/2028 (d) | 47 | 0 |
|  0.000% due 12/31/2029 (d) | 47 | 0 |
|  0.000% due 12/31/2030 (d) | 58 | 0 |
|  0.000% due 12/31/2031 (d) | 58 | 0 |
|  0.000% due 12/31/2032 (d) | 110 | 1 |
|  Total Convertible Bonds & Notes (Cost $20) | Total Convertible Bonds & Notes (Cost $20) | 1 |
| U.S. GOVERNMENT AGENCIES 17.8% | U.S. GOVERNMENT AGENCIES 17.8% | U.S. GOVERNMENT AGENCIES 17.8% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.337% due 07/15/2041 •  | 251 | 250 |
|  4.581% due 04/15/2049 - 12/15/2050 •  | 365 | 366 |
|  4.612% due 04/25/2055 •  | 1011 | 1018 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.196% due 03/25/2049 •  | 188 | 187 |
|  4.461% due 12/25/2047 •  | 321 | 322 |
|  4.481% due 01/25/2051 •  | 224 | 225 |
|  4.632% due 08/25/2054 •  | 43 | 44 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.323% due 05/20/2074 •  | 86 | 86 |
|  4.523% due 05/20/2074 •  | 162 | 164 |
|  4.573% due 09/20/2071 •  | 1970 | 1983 |
|  4.927% due 08/20/2068 •  | 314 | 317 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 7010 | 6148 |
|  3.500% due 06/01/2056 | 800 | 732 |
|  4.500% due 05/01/2056 | 5300 | 5110 |
|  5.000% due 04/01/2056 | 16400 | 16176 |
|  5.500% due 05/01/2056 | 1000 | 1003 |
|  6.000% due 06/01/2056 | 7400 | 7532 |
|  6.500% due 05/01/2056 | 12900 | 13336 |
|  Total U.S. Government Agencies (Cost $55,261) | Total U.S. Government Agencies (Cost $55,261) | 54999 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 4.0% | U.S. TREASURY OBLIGATIONS 4.0% | U.S. TREASURY OBLIGATIONS 4.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (i)(m) | 2700 | 1740 |
|  4.000% due 11/15/2042 (m) | 2050 | 1856 |
|  4.000% due 11/15/2052 (m) | 1550 | 1332 |
|  4.625% due 02/15/2055 (m) | 800 | 763 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  1.500% due 02/15/2053 (m) | 2407 | 1847 |
|  1.750% due 01/15/2034 (k)(m) | 3174 | 3162 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 (m) | 1470 | 1508 |
|  Total U.S. Treasury Obligations (Cost $13,816) |  | 12208 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.273% due 07/25/2037 •  | 159 | 143 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.203% due 07/25/2036 ~ | 37 | 32 |
|  4.335% due 02/25/2036 ~ | 24 | 22 |
|  4.509% due 08/25/2033 ~ | 23 | 21 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.096% due 09/20/2036 ~ | 39 | 35 |
|  4.433% due 03/25/2035 •  | 31 | 31 |
|  6.000% due 04/25/2036 | 143 | 68 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.093% due 07/25/2035 •  | 247 | 182 |
|  4.113% due 09/25/2047 •  | 58 | 54 |
|  4.859% due 02/25/2036 •  | 72 | 67 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.413% due 04/25/2035 •  | 40 | 40 |
|  4.438% due 04/25/2035 •  | 52 | 51 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 12/25/2036 | 33 | 28 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.859% due 01/25/2035 ~ | 1 | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.291% due 07/19/2035 •  | 7 | 7 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.057% due 04/25/2055 ~ | 5000 | 4882 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.453% due 01/25/2045 •  | 842 | 863 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,520) | Total Non-Agency Mortgage-Backed Securities (Cost $6,520) | 6527 |
| ASSET-BACKED SECURITIES 6.8% | ASSET-BACKED SECURITIES 6.8% | ASSET-BACKED SECURITIES 6.8% |
| AUTOMOBILE SEQUENTIAL 0.8% | AUTOMOBILE SEQUENTIAL 0.8% | AUTOMOBILE SEQUENTIAL 0.8% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  6.160% due 09/10/2029 | 1911 | 1962 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 284 | 286 |
|  Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC |
|  5.810% due 12/10/2027 | 142 | 143 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 85 | 86 |
|  |  | 2477 |
| HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% | HOME EQUITY OTHER 2.7% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.273% due 04/25/2036 •  | 67 | 65 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.273% due 06/25/2036 •  | 100 | 75 |
|  4.693% due 08/25/2035 •  | 87 | 88 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.273% due 05/25/2035 •  | 247 | 228 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.093% due 07/25/2036 •  | 199 | 182 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.293% due 03/25/2037 •  | 171 | 170 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.073% due 05/25/2035 •  | 17 | 16 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.573% due 02/25/2036 •  | 583 | 577 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.063% due 10/25/2036 •  | 360 | 334 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.113% due 09/25/2036 •  | 1504 | 374 |
|  4.393% due 01/25/2036 •  | 896 | 822 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.858% due 05/25/2035 •  | 1924 | 1907 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.288% due 07/25/2036 •  | 63 | 61 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.303% due 03/25/2036 •  | 346 | 343 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.513% due 07/25/2035 •  | 168 | 162 |
|  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 •  | 34 | 34 |
|  4.588% due 02/25/2036 •  | 100 | 99 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  4.233% due 02/25/2037 •  | 8631 | 2711 |
|  |  | 8248 |
| HOME EQUITY SEQUENTIAL 1.4% | HOME EQUITY SEQUENTIAL 1.4% | HOME EQUITY SEQUENTIAL 1.4% |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.856% due 11/25/2034 þ | 4562 | 4514 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 363 | 347 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.993% due 06/25/2036 •  | 1140 | 1173 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.228% due 11/25/2036 •  | 203 | 203 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.498% due 11/25/2036 •  | 687 | 676 |
|  |  | 2052 |
| OTHER ABS 1.1% | OTHER ABS 1.1% | OTHER ABS 1.1% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.969% due 10/20/2031 •  | 7 | 7 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  | 5 | 5 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  3.280% due 12/28/2048 | 55 | 52 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  | 139 | 139 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | 426 | 413 |
|  5.387% due 11/15/2068 •  | 119 | 120 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.089% due 07/20/2032 •  | 83 | 83 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 188 | 179 |
|  5.472% due 10/16/2056 •  | 452 | 462 |
|  5.500% due 06/17/2052 | 1507 | 1538 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.139% due 07/20/2032 •  | 252 | 252 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  4.933% due 10/13/2032 •  | 98 | 98 |
|  |  | 3348 |
|  Total Asset-Backed Securities (Cost $20,710) |  | 20986 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 21

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 9.8% | SOVEREIGN ISSUES 9.8% | SOVEREIGN ISSUES 9.8% | SOVEREIGN ISSUES 9.8% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (d) | BRL | 13500 | 2524 |
|  0.000% due 10/01/2026 (d) |  | 21800 | 3943 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (f) | COP | 283690 | 67 |
|  3.000% due 03/25/2033 (f) |  | 40527 | 9 |
|  6.500% due 01/22/2031 (f) |  | 1832229 | 478 |
|  11.000% due 08/22/2029 |  | 13533500 | 3412 |
|  11.750% due 01/24/2035 |  | 3759600 | 932 |
|  12.750% due 11/28/2040 |  | 4442000 | 1177 |
|  13.250% due 02/09/2033 |  | 3021000 | 810 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | EGP | 12100 | 217 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  3.250% due 05/25/2055 | EUR | 600 | 558 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | JPY | 460000 | 2249 |
|  2.800% due 06/20/2055 |  | 280000 | 1495 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | MXN | 44000 | 2462 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | PEN | 6300 | 1984 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 3100 | 846 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.875% due 02/28/2035 | ZAR | 90800 | 5274 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.700% due 04/30/2032 | EUR | 1800 | 1809 |
|  Total Sovereign Issues (Cost $30,989) | Total Sovereign Issues (Cost $30,989) | Total Sovereign Issues (Cost $30,989) | 30246 |
|  |  | <br> **SHARES** |  |
| COMMON STOCKS 2.4% | COMMON STOCKS 2.4% | COMMON STOCKS 2.4% | COMMON STOCKS 2.4% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Warner Bros Discovery, Inc. (b) |  | 30900 | 849 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Udemy, Inc. (b) |  | 35000 | 162 |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  Calavo Growers, Inc. |  | 5100 | 131 |
|  Kenvue, Inc. |  | 51500 | 888 |
|  |  |  | 1019 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Brighthouse Financial, Inc. (b) |  | 6100 | 365 |
|  Heritage Commerce Corp. |  | 8600 | 107 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Laurentian Bank of Canada |  | 4728 | 138 |
|  |  |  | 610 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Amicus Therapeutics, Inc. (b) |  | 31000 | 448 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  CSG Systems International, Inc. |  | 4800 | 384 |
|  Norfolk Southern Corp. |  | 2208 | 634 |
|  Qube Holdings Ltd. |  | 111355 | 376 |
|  Sun Country Airlines Holdings, Inc. (b) |  | 14200 | 234 |
|  UniFirst Corp. |  | 1300 | 327 |
|  |  |  | 1955 |
| INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% |
|  Qorvo, Inc. (b) |  | 7100 | 550 |
|  SEMrush Holdings, Inc. Class A (b) |  | 18200 | 217 |
|  Silicon Laboratories, Inc. (b) |  | 2500 | 520 |
|  |  |  | 1287 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Allied Gold Corp. (b) |  | 9243 | 287 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Kaisa Group Holdings Ltd. (b) |  | 347363 | 4 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  AES Corp. |  | 61000 | 859 |
|  Total Common Stocks (Cost $7,698) | Total Common Stocks (Cost $7,698) | Total Common Stocks (Cost $7,698) | 7480 |
| SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% |
| 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% (h) |  | 503241 | 503 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% |
|  38.754% due 04/07/2026 (d)(e) | TRY | 1000 | 23 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 3.1% | U.S. TREASURY BILLS 3.1% | U.S. TREASURY BILLS 3.1% | U.S. TREASURY BILLS 3.1% |
|  3.690% due 04/14/2026 -07/28/2026 (c)(d)(m) | 9768 | $— | 9685 |
|  Total Short-Term Instruments<br> (Cost $10,211) | Total Short-Term Instruments<br> (Cost $10,211) |  | 10211 |
|  Total Investments in Securities<br> (Cost $145,851) | Total Investments in Securities<br> (Cost $145,851) |  | 143067 |
|  | <br> **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 72.6% | INVESTMENTS IN AFFILIATES 72.6% | INVESTMENTS IN AFFILIATES 72.6% | INVESTMENTS IN AFFILIATES 72.6% |
| MUTUAL FUNDS (g) 42.7% | MUTUAL FUNDS (g) 42.7% | MUTUAL FUNDS (g) 42.7% | MUTUAL FUNDS (g) 42.7% |
|  PIMCO Income Fund | 3061979 |  | 33008 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 6773355 |  | 65566 |
|  PIMCO Total Return Fund | 3796755 |  | 33184 |
| Total Mutual Funds (Cost $132,569) | Total Mutual Funds (Cost $132,569) |  | 131758 |
| SHORT-TERM INSTRUMENTS 29.9% | SHORT-TERM INSTRUMENTS 29.9% | SHORT-TERM INSTRUMENTS 29.9% | SHORT-TERM INSTRUMENTS 29.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 29.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 29.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 29.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 29.9% |
|  PIMCO Short Asset Portfolio | 7462611 |  | 73246 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1942223 |  | 18915 |
| Total Short-Term Instruments<br> (Cost $91,630) | Total Short-Term Instruments<br> (Cost $91,630) |  | 92161 |
| Total Investments in Affiliates (Cost $224,199) | Total Investments in Affiliates (Cost $224,199) |  | 223919 |
| Total Investments 118.9%<br>(Cost $370,050) |  | $— | 366986 |
|  <br> Financial Derivative<br>Instruments (j)(l) 2.2%<br>(Cost or Premiums, net $5,626) | <br> Financial Derivative<br>Instruments (j)(l) 2.2%<br>(Cost or Premiums, net $5,626) |  | 6689 |
| Other Assets and Liabilities, net (21.1)% | Other Assets and Liabilities, net (21.1)% |  | (65052) |
| Net Assets 100.0% |  | $— | 308623 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security did not produce income within the last twelve months.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

(g) Institutional Class Shares of each Fund.

(h) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% | U.S. Government Agencies (5.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 04/01/2041 | $3800 | $(3527) | $(3497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | (10014) | (10066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2056 | 2400 | (2010) | (2017) |
|  Total Short Sales (5.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15551) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15580) |

---

(i) Securities with an aggregate market value of $1 have been pledged as collateral as of March 31, 2026 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | Liability |
|  3-Month EURIBOR December Futures  | 12/2026 | 56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15726 | $(62) | $0 | $0 |
|  Arabica Coffee September Futures  | 09/2026 | 1 | 104 | 0 | 0 | 0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 34 | 2432 | 5 | 11 | 0 |
|  Brent Crude December Futures  | 10/2026 | 4 | 318 | 3 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  Canada Government 5-Year Bond June Futures  | 06/2026 | 22 | 1795 | 11 | 5 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 25 | 2157 | 18 | 9 | 0 |
|  Cocoa July Futures  | 07/2026 | 4 | 135 | 1 | 4 | 0 |
|  Euro-Bobl June Futures  | 06/2026 | 35 | 4670 | 12 | 19 | 0 |
|  Euro-BTP Future June Futures  | 06/2026 | 29 | 3898 | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | 0 |
|  Euro-Schatz June Futures  | 06/2026 | 4 | 489 | 1 | 1 | 0 |
|  Gas Oil September Futures  | 09/2026 | 3 | 279 | 77 | 0 | (5) |
|  Live Cattle June Futures  | 06/2026 | 7 | 681 | 21 | 9 | 0 |
|  LME Aluminum July Futures  | 07/2026 | 7 | 604 | 20 | 20 | 0 |
|  LME Aluminum May Futures  | 05/2026 | 9 | 788 | 74 | 0 | 0 |
|  LME Lead Futures May Futures  | 05/2026 | 12 | 565 | (10) | 0 | 0 |
|  LME Nickel July Futures  | 07/2026 | 1 | 103 | 0 | 4 | 0 |
|  LME Nickel May Futures  | 05/2026 | 5 | 511 | (7) | 0 | 0 |
|  LME Zinc July Futures  | 07/2026 | 8 | 647 | 6 | 10 | (3) |
|  LME Zinc May Futures  | 05/2026 | 9 | 729 | (13) | 0 | 0 |
|  Long Guilt June Futures  | 06/2026 | 57 | 6623 | 16 | 50 | 0 |
|  New York Harbor September Futures  | 08/2026 | 2 | 266 | 54 | 0 | (9) |
|  RBOB Gasoline September Futures  | 08/2026 | 5 | 556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | 0 | (18) |
|  Silver July Futures  | 07/2026 | 1 | 377 | 10 | 9 | 0 |
|  Soybean July Futures  | 07/2026 | 9 | 534 | (3) | 5 | 0 |
|  Soybean Meal December Futures  | 12/2026 | 10 | 312 | 0 | 2 | 0 |
|  Soybean Meal July Futures  | 07/2026 | 32 | 1006 | (2) | 4 | 0 |
|  Soybean Meal May Futures  | 05/2026 | 3 | 95 | 2 | 0 | 0 |
|  Soybean November Futures  | 11/2026 | 14 | 810 | 19 | 9 | 0 |
|  Soybean Oil July December Futures  | 12/2026 | 7 | 274 | 16 | 1 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 37 | 4213 | 44 | 14 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 4 | 466 | 3 | 1 | 0 |
|  WTI Crude September Futures  | 08/2026 | 3 | 234 | 43 | 0 | (14) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | Liability |
|  Arabica Coffee July Futures  | 07/2026 | 1 | $(109) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 100 | (7434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) |
|  Cocoa September Futures  | 09/2026 | 4 | (137) | 8 | 0 | (6) |
|  Corn July Futures  | 07/2026 | 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100) | (8) | 0 | (3) |
|  Corn September Futures  | 09/2026 | 27 | (635) | (27) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Cotton No. 2 December Futures  | 12/2026 | 16 | $(595) | $(45) | $2 | $0 |
|  Cotton No. 2 July Futures  | 07/2026 | 6 | (216) | (10) | 1 | 0 |
|  Euro-Bund June Futures  | 06/2026 | 73 | (10580) | (35) | 0 | (77) |
|  Euro-Oat June Futures  | 06/2026 | 47 | (6448) | (21) | 0 | (60) |
|  Hard Red Winter Wheat July Futures  | 07/2026 | 7 | (227) | (10) | 0 | (2) |
|  Hard Red Winter Wheat September Futures  | 09/2026 | 2 | (66) | (4) | 0 | (1) |
|  Iron Ore July Futures  | 07/2026 | 4 | (42) | 0 | 0 | 0 |
|  Iron Ore May Futures  | 05/2026 | 5 | (53) | 0 | 1 | 0 |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 14 | (11495) | 46 | 3 | (25) |
|  Lean Hogs June Futures  | 06/2026 | 10 | (420) | 15 | 3 | 0 |
|  LME Aluminum May Futures  | 05/2026 | 9 | (788) | (65) | 0 | 0 |
|  LME Lead Futures July Futures  | 07/2026 | 9 | (430) | 6 | 7 | 0 |
|  LME Lead Futures May Futures  | 05/2026 | 12 | (565) | 48 | 0 | 0 |
|  LME Nickel July Futures  | 07/2026 | 2 | (206) | 6 | 0 | 0 |
|  LME Nickel May Futures  | 05/2026 | 5 | (511) | 22 | 0 | 0 |
|  LME Zinc May Futures  | 05/2026 | 9 | (729) | (3) | 0 | 0 |
|  Natural Gas July Futures  | 06/2026 | 20 | (647) | 33 | 12 | 0 |
|  Natural Gas September Futures  | 08/2026 | 6 | (197) | 9 | 5 | 0 |
|  Soybean Oil July Futures  | 07/2026 | 3 | (124) | (6) | 0 | (1) |
|  Sugar No. 11 October Futures  | 09/2026 | 34 | (611) | (76) | 4 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 26 | (5394) | (18) | 0 | (2) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 195 | (21095) | (136) | 0 | (27) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 63 | (6996) | (55) | 0 | (15) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 49 | (5562) | (47) | 0 | (15) |
|  Wheat July Futures  | 07/2026 | 14 | (439) | (16) | 0 | (4) |
|  Wheat September Futures  | 09/2026 | 5 | (160) | (12) | 0 | (2) |
|  White Sugar August Futures  | 07/2026 | 2 | (45) | (2) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425) | $38 | $(310) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | $(9) | $7 | $(2) | $0 | $(4) |
|  CDX.IG-46 10-Year Index | (1.000) | Quarterly | 06/20/2036 | 2400 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | (1) | 0 | (8) |
|  CDX.iTraxx Crossover 44 5-Year Index | (5.000) | Quarterly | 12/20/2030 | 80 | (10) | 3 | (7) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $5 | $&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;(12) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(3)</sup>** | **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>** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&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 |

---

#### 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 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 09/16/2028 | GBP | 3320 | $64 | $2 | $66 | $1 | $0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 |  | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | (47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 |  | 5500 | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 288 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 |  | 1130 | 55 | 23 | 78 | 0 | (5) |
|  Pay<sup>(5)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 09/16/2031 | INR | 483770 | (69) | (44) | (113) | 8 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | JPY | 510000 | (6) | 11 | 5 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/17/2027 |  | 270000 | (8) | 1 | (7) | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 06/17/2028 |  | 661000 | (2) | (1) | (3) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 |  | 690000 | 146 | 0 | 146 | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 |  | 260700 | (43) | 3 | (40) | 3 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 |  | 190000 | (34) | 0 | (34) | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 |  | 660000 | (133) | 8 | (125) | 10 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2032 |  | 70000 | (22) | 0 | (22) | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO ASSET ALLOCATION 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-Day JPY-MUTKCALM Compounded-OIS | 1.250% | Annual | 06/18/2035 |  | 290000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 |  | 160000 | (71) | (1) | (72) | 3 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 |  | 170000 | (55) | (2) | (57) | 4 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.300 | Annual | 12/18/2044 |  | 260000 | (356) | 8 | (348) | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 |  | 20400 | 14 | (1) | 13 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 |  | 190000 | 580 | (21) | 559 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 |  | 120000 | 158 | (12) | 146 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 |  | 60000 | (60) | 4 | (56) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 |  | 280000 | 157 | 23 | 180 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.750 | Annual | 06/17/2056 |  | 108800 | 43 | 0 | 43 | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 |  | 1540 | 12 | 11 | 23 | 0 | (6) |
|  Receive<sup>(5)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/16/2031 |  | 80480 | 25 | 14 | 39 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 |  | $23100 | (52) | 126 | 74 | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 |  | 7400 | 23 | (47) | (24) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 |  | 16400 | (64) | 104 | 40 | 0 | (7) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 |  | 18900 | 213 | 1 | 214 | 1 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 19500 | 91 | 116 | 207 | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 20600 | 310 | (184) | 126 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 |  | 3300 | (10) | 28 | 18 | 0 | (4) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 |  | 600 | 5 | 5 | 10 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 14200 | 189 | (158) | 31 | 18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 |  | 1200 | (1) | 14 | 13 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 |  | 1957 | 5 | 14 | 19 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 6900 | (30) | 92 | 62 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 3000 | 91 | (57) | 34 | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 |  | 3900 | 24 | 18 | 42 | 1 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 |  | 1100 | 23 | 11 | 34 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 |  | 3232 | 6 | 36 | 42 | 11 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 |  | 6400 | 47 | 108 | 155 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 5600 | 262 | 118 | 380 | 21 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 |  | 1250 | (24) | (5) | (29) | 0 | (5) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 |  | 900 | 19 | 2 | 21 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 |  | 1500 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 14000 | 0 | (25) | (25) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2029 |  | 11500 | (51) | (50) | (101) | 13 | 0 |
|  Pay | 1-Year BRL-CDI | 13.200 | Maturity | 01/02/2029 |  | 12100 | 0 | (25) | (25) | 14 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 9000 | 0 | (42) | (42) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 1000 | 0 | (4) | (4) | 0 | (1) |
|  Pay<sup>(5)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/16/2031 |  | 11040 | (11) | 1 | (10) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.610 | Quarterly | 08/22/2029 |  | 9019000 | (9) | 232 | 223 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 |  | 3076900 | 2 | (83) | (81) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.630 | Quarterly | 12/17/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22266500 | 106 | 311 | 417 | 0 | (16) |
|  Receive | 3-Month ILS-TELBOR | 3.800 | Annual | 07/04/2030 |  | 2900 | (10) | 16 | 6 | 0 | (3) |
|  Pay<sup>(5)</sup> | 3-Month KRW-KORIBOR | 3.500 | Quarterly | 09/16/2031 |  | 19167230 | (75) | (125) | (200) | 0 | (3) |
|  Receive<sup>(5)</sup> | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/16/2031 |  | 19350 | 17 | (1) | 16 | 6 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 |  | 34500 | 61 | 11 | 72 | 9 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 |  | 180200 | (640) | 248 | (392) | 0 | (49) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 7100 | 52 | (215) | (163) | 56 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 2100 | 26 | (81) | (55) | 18 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 2700 | 18 | (84) | (66) | 14 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 3.920 | Annual | 04/21/2030 |  | 25400 | 4 | (266) | (262) | 0 | (28) |
|  Receive | 6-Month CZK-PRIBOR | 5.225 | Annual | 07/29/2027 |  | 60 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 143100 | (18) | (123) | (141) | 9 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 |  | 14700 | (134) | (86) | (220) | 37 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 |  | 8700 | (891) | (402) | (1293) | 35 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 13400 | 259 | 56 | 315 | 0 | (67) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 15230 | (137) | (417) | (554) | 140 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 4150 | 80 | 25 | 105 | 0 | (46) |
|  Receive | 6-Month HUF-BBR | 6.418 | Annual | 03/20/2029 |  | 1171100 | (16) | 106 | 90 | 0 | (14) |
|  Receive | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 |  | 27500 | (83) | (34) | (117) | 0 | (8) |
|  Pay | 28-Day MXN-TIIE | 8.835 | Lunar | 03/13/2029 |  | 13700 | (5) | 21 | 16 | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.050 | Lunar | 12/12/2029 |  | 27100 | (82) | 28 | (54) | 0 | (5) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 |  | 2100 | (25) | 8 | (17) | 0 | (1) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 9100 | (141) | 92 | (49) | 0 | (13) |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 |  | 1700 | (8) | 2 | (6) | 3 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 |  | 3100 | 87 | (16) | 71 | 0 | (6) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 |  | 4600 | (40) | (10) | (50) | 9 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 12/17/2035 |  | 1600 | 14 | 28 | 42 | 0 | (3) |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 |  | 200 | 4 | (11) | (7) | 0 | 0 |
|  |  |  |  |  |  |  | $(164) | $(491) | $(655) | $524 | $(387) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488) | $(662) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 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>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | Total | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787) |

---

(k) Securities with an aggregate market value of $1,450 and cash of $4,419 have 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 buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $37 and liability of $(12) for closed futures and unsettled variation margin asset of $12 for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 63 | $46 | $1 | $0 |
|  BOA | 04/2026 | 800 | 153 | 0 | (1) |
|  | 04/2026 | 703 | 102 | 0 | 0 |
|  | 04/2026 | 299963 | 81 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 04/2026 | 2355 | 110 | 0 | 0 |
|  | 04/2026 | 2145 | 2498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | 0 |
|  | 04/2026 | 507642 | 30 | 0 | 0 |
|  | 04/2026 | 28063 | 299 | 3 | 0 |
|  | 04/2026 | 132359 | 90 | 2 | 0 |
|  | 04/2026 | 2383 | 40 | 1 | 0 |
|  | 04/2026 | 638 | 172 | 1 | 0 |
|  | 04/2026 | 25 | 19 | 0 | 0 |
|  | 04/2026 | 7866 | 252 | 13 | 0 |
|  | 04/2026 | $153 | 800 | 2 | 0 |
|  | 04/2026 | 40 | 275 | 0 | 0 |
|  | 04/2026 | 254 | 946896 | 3 | 0 |
|  | 04/2026 | 589 | 54433 | 0 | (12) |
|  | 04/2026 | 45 | 833 | 1 | 0 |
|  | 04/2026 | 198 | 694 | 1 | 0 |
|  | 04/2026 | 258 | 954 | 0 | (1) |
|  | 04/2026 | 10 | 319 | 0 | 0 |
|  | 05/2026 | 1045 | 7260 | 9 | 0 |
|  | 06/2026 | 1956 | $633 | 10 | 0 |
|  | 06/2026 | 3513 | 196 | 1 | 0 |
|  | 06/2026 | $13 | 71 | 0 | 0 |
|  | 06/2026 | 80 | 299963 | 1 | 0 |
|  | 06/2026 | 36 | 111 | 0 | 0 |
|  | 07/2026 | 696 | $198 | 0 | (1) |
|  | 09/2026 | 916182 | 232 | 0 | (8) |
|  | 10/2026 | 900 | 165 | 0 | (2) |
|  BPS | 04/2026 | 15990 | 2967 | 0 | (120) |
|  | 04/2026 | 3309 | 481 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO ASSET ALLOCATION 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 | 333951 | $90 | $0 | $(1) |
|  | 04/2026 | 1828 | 592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  | 04/2026 | 4667 | 49 | 0 | 0 |
|  | 04/2026 | 226832 | 151 | 1 | 0 |
|  | 04/2026 | 342 | 99 | 1 | 0 |
|  | 04/2026 | 26699 | 826 | 16 | 0 |
|  | 04/2026 | $3052 | 15990 | 35 | 0 |
|  | 04/2026 | 200 | 745020 | 1 | 0 |
|  | 04/2026 | 1289 | 21812197 | 0 | (4) |
|  | 04/2026 | 499 | 1556 | 1 | (5) |
|  | 04/2026 | 39 | 3649 | 0 | 0 |
|  | 04/2026 | 281 | 411809 | 0 | (9) |
|  | 04/2026 | 957 | 56841 | 0 | (19) |
|  | 04/2026 | 382 | 1377 | 0 | (11) |
|  | 04/2026 | 452 | 14343 | 0 | (16) |
|  | 04/2026 | 1771 | 56551 | 0 | (6) |
|  | 05/2026 | 402 | $127 | 0 | (1) |
|  | 05/2026 | 54614 | 577 | 0 | (2) |
|  | 05/2026 | 12567 | 390 | 0 | (2) |
|  | 05/2026 | $230 | 1207 | 2 | 0 |
|  | 05/2026 | 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956019 | 1 | 0 |
|  | 05/2026 | 60 | 1970 | 0 | 0 |
|  | 06/2026 | 76 | $0 | 0 | 0 |
|  | 06/2026 | 6791789 | 404 | 4 | 0 |
|  | 06/2026 | 6988 | 218 | 0 | 0 |
|  | 06/2026 | $89 | 333951 | 1 | 0 |
|  | 06/2026 | 168 | 2827251 | 0 | (2) |
|  | 07/2026 | 3489 | $649 | 0 | (11) |
|  | 07/2026 | $1176 | 6316 | 19 | 0 |
|  | 10/2026 | 5900 | $1076 | 0 | (16) |
|  BRC | 04/2026 | 1720 | 220 | 0 | 0 |
|  | 04/2026 | 335576 | 20 | 0 | 0 |
|  | 04/2026 | 356 | 90 | 2 | 0 |
|  | 04/2026 | 140 | 15 | 0 | 0 |
|  | 04/2026 | 56015 | 1231 | 0 | (12) |
|  | 04/2026 | 370 | 12 | 0 | 0 |
|  | 04/2026 | $20 | 335576 | 0 | 0 |
|  | 04/2026 | 247 | 976 | 0 | (6) |
|  | 04/2026 | 61 | 221 | 0 | (2) |
|  | 04/2026 | 902 | 8188 | 0 | (38) |
|  | 04/2026 | 2078 | 95326 | 58 | 0 |
|  | 04/2026 | 18606 | $1137 | 39 | 0 |
|  | 05/2026 | 19605 | 420 | 0 | (3) |
|  | 06/2026 | 2701904 | 160 | 2 | 0 |
|  | 06/2026 | 40 | 13 | 0 | 0 |
|  | 07/2026 | 12526955 | 3299 | 0 | (24) |
|  BSH | 04/2026 | 12400 | 2230 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |
|  | 04/2026 | 272 | 363 | 2 | 0 |
|  | 04/2026 | $2388 | 12400 | 6 | 0 |
|  | 04/2026 | 443 | 70728 | 3 | 0 |
|  | 04/2026 | 1336 | 2314 | 0 | (6) |
|  | 04/2026 | 377 | 1365 | 0 | (10) |
|  | 05/2026 | 70515 | $443 | 0 | (3) |
|  | 05/2026 | 2313 | 1337 | 6 | 0 |
|  | 05/2026 | $363 | 272 | 0 | (2) |
|  | 06/2026 | 11328761 | $3028 | 0 | (6) |
|  | 10/2026 | 13300 | 2455 | 0 | (7) |
|  | 10/2026 | $156 | 529 | 0 | (6) |
|  CBK | 04/2026 | 426 | $302 | 8 | 0 |
|  | 04/2026 | 370 | 70 | 0 | (1) |
|  | 04/2026 | 18115 | 20 | 0 | 0 |
|  | 04/2026 | 241 | 35 | 0 | 0 |
|  | 04/2026 | 2422133 | 636 | 0 | (23) |
|  | 04/2026 | 3531 | 166 | 0 | 0 |
|  | 04/2026 | 1297 | 1521 | 22 | 0 |
|  | 04/2026 | 134 | 180 | 2 | 0 |
|  | 04/2026 | 843669 | 50 | 0 | 0 |
|  | 04/2026 | 234698 | 2509 | 31 | 0 |
|  | 04/2026 | 767209 | 511 | 1 | 0 |
|  | 04/2026 | 1080 | 111 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 2663 | $770 | $6 | $0 |
|  | 04/2026 | 11354 | 188 | 1 | 0 |
|  | 04/2026 | 716 | 200 | 7 | 0 |
|  | 04/2026 | 565 | 61 | 1 | 0 |
|  | 04/2026 | 16 | 1 | 0 | 0 |
|  | 04/2026 | 1249 | 39 | 0 | 0 |
|  | 04/2026 | $71 | 370 | 1 | 0 |
|  | 04/2026 | 427 | 587 | 0 | (5) |
|  | 04/2026 | 112 | 774 | 0 | 0 |
|  | 04/2026 | 206 | 762982 | 1 | 0 |
|  | 04/2026 | 40 | 13601 | 1 | 0 |
|  | 04/2026 | 20 | 334798 | 0 | 0 |
|  | 04/2026 | 8643 | 794061 | 6 | (244) |
|  | 04/2026 | 29 | 42930 | 0 | (1) |
|  | 04/2026 | 198 | 687 | 0 | (1) |
|  | 04/2026 | 10 | 324 | 0 | 0 |
|  | 04/2026 | 24 | 758 | 0 | 0 |
|  | 05/2026 | 6736 | $218 | 13 | 0 |
|  | 06/2026 | 8278146 | 2191 | 0 | (26) |
|  | 06/2026 | 327 | 106 | 2 | 0 |
|  | 06/2026 | 12280 | 383 | 0 | 0 |
|  | 06/2026 | $110 | 1851614 | 0 | (1) |
|  | 06/2026 | 151 | 464 | 0 | (3) |
|  | 06/2026 | 188 | 11401 | 0 | (1) |
|  | 09/2026 | 1020441 | $1161 | 59 | 0 |
|  | 09/2026 | 483833 | 122 | 0 | (5) |
|  | 09/2026 | $155 | 2772 | 0 | (3) |
|  | 01/2027 | 955 | $282 | 12 | 0 |
|  DUB | 04/2026 | 14666 | 2141 | 11 | 0 |
|  | 04/2026 | 3941 | 187 | 1 | 0 |
|  | 04/2026 | 8348 | 1067 | 1 | 0 |
|  | 04/2026 | 3687 | 1191 | 18 | 0 |
|  | 04/2026 | 100723 | 1068 | 6 | (1) |
|  | 04/2026 | 169 | 49 | 1 | 0 |
|  | 04/2026 | $311 | 453 | 2 | 0 |
|  | 04/2026 | 1118 | 7733 | 5 | 0 |
|  | 04/2026 | 196 | 65725 | 2 | 0 |
|  | 04/2026 | 1176 | 110859 | 8 | (5) |
|  | 04/2026 | 5136 | 6561 | 0 | (33) |
|  | 04/2026 | 266 | 8703 | 0 | (2) |
|  | 04/2026 | 21 | 669 | 0 | 0 |
|  | 05/2026 | 453 | $311 | 0 | (2) |
|  | 05/2026 | 7715 | 1118 | 0 | (5) |
|  | 05/2026 | 6547 | 5136 | 33 | 0 |
|  | 06/2026 | 7827820 | 460 | 0 | 0 |
|  | 06/2026 | 359 | 116 | 1 | 0 |
|  | 06/2026 | 8686 | 266 | 2 | 0 |
|  | 06/2026 | 160681 | 5048 | 48 | 0 |
|  | 07/2026 | 632 | 187 | 6 | 0 |
|  FAR | 04/2026 | 379 | 269 | 7 | 0 |
|  | 04/2026 | 3590 | 4651 | 162 | 0 |
|  | 04/2026 | 521 | 698 | 8 | 0 |
|  | 04/2026 | 27587 | 177 | 3 | 0 |
|  | 04/2026 | 972 | 247 | 7 | 0 |
|  | 04/2026 | 3500 | 371 | 1 | 0 |
|  | 04/2026 | 523 | 409 | 2 | 0 |
|  | 04/2026 | $4414 | 3517 | 0 | (15) |
|  | 04/2026 | 886 | 659 | 0 | (14) |
|  | 04/2026 | 552 | 88063 | 3 | 0 |
|  | 04/2026 | 494 | 1943 | 0 | (14) |
|  | 04/2026 | 249 | 866 | 0 | 0 |
|  | 04/2026 | 68 | 246 | 0 | (2) |
|  | 04/2026 | 298 | 9805 | 0 | 0 |
|  | 04/2026 | 374 | 12017 | 2 | 0 |
|  | 05/2026 | 3505 | $4414 | 15 | 0 |
|  | 05/2026 | 669 | 212 | 0 | (2) |
|  | 05/2026 | 87797 | 552 | 0 | (3) |
|  | 05/2026 | $698 | 521 | 0 | (8) |
|  | 05/2026 | 371 | 3494 | 0 | (1) |
|  | 05/2026 | 409 | 522 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO ASSET ALLOCATION 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** |
|  | 06/2026 | 1392 | $452 | $8 | $0 |
|  | 06/2026 | 24292 | 1396 | 49 | 0 |
|  | 06/2026 | $162 | 2814 | 0 | (5) |
|  | 06/2026 | 218 | 740 | 0 | (7) |
|  | 07/2026 | 1493 | $433 | 6 | 0 |
|  | 08/2026 | $442 | 1495 | 0 | (15) |
|  | 09/2026 | 126 | 2221 | 0 | (4) |
|  GLM | 04/2026 | 36342 | $6631 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) |
|  | 04/2026 | 1888 | 607 | 7 | 0 |
|  | 04/2026 | 10072 | 109 | 3 | 0 |
|  | 04/2026 | 3683 | 924 | 14 | 0 |
|  | 04/2026 | 572 | 159 | 5 | 0 |
|  | 04/2026 | 13805 | 445 | 26 | 0 |
|  | 04/2026 | $6952 | 36342 | 64 | 0 |
|  | 04/2026 | 104 | 714 | 0 | 0 |
|  | 04/2026 | 70 | 265609 | 2 | 0 |
|  | 04/2026 | 116 | 39615 | 3 | 0 |
|  | 04/2026 | 35 | 595431 | 0 | 0 |
|  | 04/2026 | 51 | 4648 | 0 | (2) |
|  | 04/2026 | 671 | 12303 | 15 | 0 |
|  | 04/2026 | 647 | 2558 | 0 | (15) |
|  | 04/2026 | 30 | 111 | 0 | 0 |
|  | 04/2026 | 166 | 5428 | 0 | (1) |
|  | 06/2026 | 996362 | $268 | 1 | 0 |
|  | 06/2026 | 1846733 | 110 | 1 | 0 |
|  | 06/2026 | 22343 | 1281 | 42 | 0 |
|  | 06/2026 | 4784 | 146 | 0 | 0 |
|  | 06/2026 | $1711 | 9213 | 44 | 0 |
|  | 06/2026 | 156 | 2644133 | 0 | (1) |
|  | 06/2026 | 68 | 214 | 0 | 0 |
|  | 06/2026 | 1429 | 25370 | 0 | (22) |
|  | 07/2026 | 9400 | $1745 | 0 | (33) |
|  | 07/2026 | $36 | 194 | 1 | 0 |
|  IND | 04/2026 | 2817 | $3327 | 70 | 0 |
|  | 04/2026 | $223 | 1447 | 1 | 0 |
|  | 05/2026 | 1445 | $223 | 0 | (1) |
|  JPM | 04/2026 | 4000 | 766 | 0 | (6) |
|  | 04/2026 | 484 | 70 | 0 | 0 |
|  | 04/2026 | 2387 | 112 | 0 | 0 |
|  | 04/2026 | 128 | 147 | 0 | (1) |
|  | 04/2026 | 9742 | 1246 | 2 | 0 |
|  | 04/2026 | 53646 | 571 | 4 | 0 |
|  | 04/2026 | 73958 | 49 | 0 | 0 |
|  | 04/2026 | 13425 | 750 | 2 | 0 |
|  | 04/2026 | 1069 | 295 | 7 | (1) |
|  | 04/2026 | 6562 | 5207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0 |
|  | 04/2026 | $757 | 4000 | 15 | 0 |
|  | 04/2026 | 1176 | 8137 | 5 | 0 |
|  | 04/2026 | 579 | 193223 | 1 | 0 |
|  | 04/2026 | 310 | 969 | 0 | (2) |
|  | 04/2026 | 571 | 53737 | 1 | 0 |
|  | 04/2026 | 128 | 190103 | 0 | (2) |
|  | 04/2026 | 140 | 2576 | 4 | 0 |
|  | 04/2026 | 55 | 525 | 0 | (1) |
|  | 04/2026 | 20 | 1181 | 0 | 0 |
|  | 04/2026 | 39 | 146 | 0 | 0 |
|  | 04/2026 | 194 | 3304 | 1 | 0 |
|  | 04/2026 | 54678 | $3269 | 43 | (1) |
|  | 05/2026 | 8117 | 1176 | 0 | (6) |
|  | 06/2026 | 739 | 239 | 4 | 0 |
|  | 06/2026 | 8119 | 453 | 2 | 0 |
|  | 06/2026 | 1187 | 20 | 0 | 0 |
|  | 06/2026 | $387 | 6572587 | 0 | 0 |
|  | 07/2026 | 2500 | $462 | 0 | (11) |
|  | 10/2026 | 1700 | 310 | 0 | (5) |
|  MBC | 04/2026 | 6908 | 1318 | 0 | (16) |
|  | 04/2026 | 855889 | 231 | 0 | (1) |
|  | 04/2026 | 1448 | 229 | 5 | 0 |
|  | 04/2026 | 1 | 1 | 0 | 0 |
|  | 04/2026 | 337182 | 3634 | 71 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 29868 | $192 | $4 | $0 |
|  | 04/2026 | 7665743 | 5238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | 0 |
|  | 04/2026 | 819 | 85 | 1 | 0 |
|  | 04/2026 | 4120 | 437 | 3 | (1) |
|  | 04/2026 | 10965 | 345 | 12 | 0 |
|  | 04/2026 | $675 | 964 | 0 | (10) |
|  | 04/2026 | 1323 | 6908 | 10 | 0 |
|  | 04/2026 | 420 | 329 | 0 | (9) |
|  | 04/2026 | 190 | 705133 | 1 | 0 |
|  | 04/2026 | 205 | 4375 | 1 | 0 |
|  | 04/2026 | 1263 | 1089 | 2 | (7) |
|  | 04/2026 | 359 | 269 | 0 | (3) |
|  | 04/2026 | 246 | 39246 | 2 | 0 |
|  | 04/2026 | 1684 | 2565572 | 23 | (1) |
|  | 04/2026 | 118 | 2177 | 3 | 0 |
|  | 04/2026 | 556 | 5427 | 5 | (1) |
|  | 04/2026 | 652 | 1093 | 0 | (24) |
|  | 04/2026 | 435 | 559 | 0 | 0 |
|  | 05/2026 | 39128 | $246 | 0 | (2) |
|  | 05/2026 | 4857 | 496 | 0 | (5) |
|  | 05/2026 | 7001 | 227 | 14 | 0 |
|  | 05/2026 | $1 | 1 | 0 | 0 |
|  | 06/2026 | 3740392 | $220 | 0 | 0 |
|  | 06/2026 | 942 | 52 | 0 | 0 |
|  | 06/2026 | $228 | 855889 | 1 | 0 |
|  | 07/2026 | 721451 | $190 | 0 | (1) |
|  MYI | 04/2026 | 198 | 50 | 1 | 0 |
|  | 04/2026 | 209 | 59 | 3 | 0 |
|  | 04/2026 | $156 | 481 | 0 | (3) |
|  | 04/2026 | 219 | 3998 | 3 | 0 |
|  | 05/2026 | 2506 | $477 | 0 | (4) |
|  | 06/2026 | 313 | 102 | 2 | 0 |
|  NGF | 04/2026 | 3917 | 407 | 3 | 0 |
|  | 04/2026 | $258 | 1767 | 0 | (2) |
|  RBC | 04/2026 | 186450 | $125 | 3 | 0 |
|  | 04/2026 | $125 | 186450 | 0 | (1) |
|  SCX | 04/2026 | 476 | $344 | 2 | 0 |
|  | 04/2026 | 259 | 335 | 11 | 0 |
|  | 04/2026 | 21696 | 139 | 2 | 0 |
|  | 04/2026 | 3406 | 2037 | 79 | 0 |
|  | 04/2026 | 10 | 8 | 0 | 0 |
|  | 04/2026 | 743 | 23 | 1 | 0 |
|  | 04/2026 | $913 | 82963 | 0 | (37) |
|  | 04/2026 | 1045 | 1544029 | 0 | (18) |
|  | 04/2026 | 130 | 470 | 0 | (3) |
|  | 05/2026 | 344 | 475 | 0 | (2) |
|  | 06/2026 | 332 | 5601100 | 0 | (3) |
|  SOG | 04/2026 | 119668 | $769 | 15 | 0 |
|  | 04/2026 | $6114 | 5298 | 10 | 0 |
|  | 04/2026 | 611 | 910059 | 0 | (6) |
|  | 05/2026 | 5298 | $6124 | 0 | (10) |
|  | 06/2026 | 5242516 | 311 | 3 | 0 |
|  | 06/2026 | 1149 | 373 | 7 | 0 |
|  | 06/2026 | 9851 | 2924 | 104 | 0 |
|  | 06/2026 | $110 | 1850469 | 0 | (1) |
|  SSB | 04/2026 | 612 | $435 | 13 | 0 |
|  | 04/2026 | 49 | 36 | 1 | 0 |
|  | 04/2026 | 23184 | 250 | 5 | 0 |
|  | 04/2026 | $20 | 18443 | 0 | 0 |
|  | 04/2026 | 473 | 44427 | 0 | (4) |
|  | 06/2026 | 1165185 | $301 | 0 | (11) |
|  | 08/2026 | $2684 | 10239248 | 18 | 0 |
|  UAG | 04/2026 | 4824 | $230 | 2 | 0 |
|  | 04/2026 | 624 | 170 | 2 | 0 |
|  | 04/2026 | 7308 | 231 | 9 | 0 |
|  | 04/2026 | $351 | 1303787 | 4 | 0 |
|  | 04/2026 | 302 | 1093 | 0 | (8) |
|  | 06/2026 | 6329436 | $1652 | 0 | (43) |
|  | 06/2026 | 2054 | 663 | 9 | 0 |
|  | 06/2026 | 1201 | 67 | 0 | 0 |
|  | 06/2026 | $585 | 10237 | 0 | (17) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1747) |

---

30 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

March 31, 2026

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 2291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $7 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 109 | 1 | 0 |
|  |  |  |  |  |  | $24 | $&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> | Cost | Market<br>Value |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.427% | 03/20/2045 | 30000 | $3117 | $2741 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.427 | 03/20/2045 | 30000 | 3116 | 3476 |
|  |  |  |  |  |  | $6233 | $6217 |
|  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;6257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 2291 | $(8) | $(2) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 109 | (1) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 6400 | $(308) | $(154) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(317) | $(156) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1567 | $(47) | $49 | $2 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 216 | (14) | 14 | 0 | 0 |
| MYI | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 6952 | 0 | 9 | 9 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 2742 | (79) | 83 | 4 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index<sup>(7)</sup> | 87659 | 4.290% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | $8387 | $0 | $82 | $82 | $0 |
|  | Pay | MLPIREIS Index<sup>(8)</sup> | 89317 | 4.140% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 8320 | 0 | 23 | 23 | 0 |
|  JPM | Receive | JPACWILV Index<sup>(9)</sup> | 1390532 | 4.190% (FEDL01 plus a specified spread) | Monthly | 10/07/2026 | 184969 | 0 | 278 | 278 | 0 |
|  MBC | Receive | NDUEACWF Index  | 29019 | 4.060% (SOFR plus a specified spread) | Monthly | 09/23/2026 | 15670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
|  |  |  |  |  |  |  |  | $0 | $328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | $(55) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 31

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<sup>(5)</sup> | Underlying Reference | # of Shares | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Pay | Coursera, Inc. | 28000 | 3.850% (SOFR plus a specified spread) | Monthly | 12/18/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | $0 | $1 | $1 | $0 |
|  | Pay | CVB Financial Corp. | 5590 | 3.850% (SOFR plus a specified spread) | Monthly | 12/18/2026 | 108 | 0 | 0 | 0 | 0 |
|  FAR | Pay | Allegiant Travel Co. | 2211 | 3.550% (SOFR less a specified spread) | Monthly | 01/12/2027 | 179 | 0 | 1 | 1 | 0 |
|  JPM | Pay | Sky Works Solutions,Inc. | 6816 | 3.950% (SOFR plus a specified spread) | Monthly | 10/29/2026 | 365 | 0 | 1 | 1 | 0 |
|  | Pay | Mission Produce, Inc. | 4993 | 3.450% (SOFR less a specified spread) | Monthly | 01/15/2027 | 69 | 0 | 0 | 0 | 0 |
|  RBC | Pay | Kimberly - Clark Corp. | 7532 | 3.800% (SOFR plus a specified spread) | Monthly | 11/06/2026 | 726 | 0 | (11) | 0 | (11) |
|  | Pay | Cintas Corp. | 1004 | 3.750% (SOFR plus a specified spread) | Monthly | 03/12/2027 | 170 | 0 | 0 | 0 | 0 |
|  | Pay | Union Pacific Corp. | 2208 | 3.800% (SOFR plus a specified spread) | Monthly | 03/24/2027 | 536 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(8) | $3 | $(11) |
|  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;(140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |

---

#### 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 | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BOA | 67 | 7 | 105 | 179 | (26) | (2) | 0 | (28) | 151 | 0 | 151 |
|  BPS | 93 | 0 | 0 | 93 | (225) | 0 | 0 | (225) | (132) | 293 | 161 |
|  BRC | 101 | 0 | 0 | 101 | (85) | 0 | 0 | (85) | 16 | 0 | 16 |
|  BSH | 17 | 0 | 0 | 17 | (204) | 0 | 0 | (204) | (187) | (40) | (227) |
|  CBK | 174 | 0 | 1 | 175 | (314) | 0 | 0 | (314) | (139) | 0 | (139) |
|  DUB | 145 | 0 | 0 | 145 | (48) | 0 | 0 | (48) | 97 | 0 | 97 |
|  FAR | 273 | 0 | 1 | 274 | (92) | 0 | 0 | (92) | 182 | (260) | (78) |
|  GLM | 228 | 0 | 0 | 228 | (460) | (154) | 0 | (614) | (386) | 0 | (386) |
|  GST | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | (30) | (28) |
|  IND | 71 | 0 | 0 | 71 | (1) | 0 | 0 | (1) | 70 | 0 | 70 |
|  JPM | 194 | 0 | 279 | 473 | (36) | 0 | 0 | (36) | 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17324 |
|  MBC | 299 | 0 | 0 | 299 | (83) | 0 | (55) | (138) | 161 | 1004 | 1165 |
|  MYC | 0 | 6217 | 0 | 6217 | 0 | 0 | 0 | 0 | 6217 | 34 | 6251 |
|  MYI | 9 | 0 | 9 | 18 | (7) | 0 | 0 | (7) | 11 | (10) | 1 |
|  NGF | 3 | 0 | 0 | 3 | (2) | 0 | 0 | (2) | 1 | 0 | 1 |
|  RBC | 3 | 0 | 0 | 3 | (1) | 0 | (11) | (12) | (9) | 0 | (9) |
|  SCX | 95 | 0 | 0 | 95 | (63) | 0 | 0 | (63) | 32 | 0 | 32 |
|  SOG | 139 | 0 | 0 | 139 | (17) | 0 | 0 | (17) | 122 | 0 | 122 |
|  SSB | 37 | 0 | 0 | 37 | (15) | 0 | 0 | (15) | 22 | 0 | 22 |
|  UAG | 26 | 0 | 4 | 30 | (68) | 0 | 0 | (68) | (38) | 0 | (38) |
|  Total Over the Counter | $1975 | $6224 | $401 | $8600 | $(1747) | $(156) | $(66) | $(1969) |  |  |  |

---

(m) Securities with an aggregate market value of $18,218 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> 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. 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(5)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC 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. 

<sup>(7)</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% | $252 |
|  American Tower Corp. | 7.0 | 587 |
|  Apple Hospitality REIT, Inc. | 4.3 | 361 |
|  Avalonbay Communities, Inc. | 3.4 | 285 |
|  Camden Property Trust | 0.5 | 42 |
|  Crown Castle International Corp. | 6.5 | 545 |
|  Cubesmart | 0.9 | 75 |
|  DiamondRock Hospitality Company | 1.4 | 117 |
|  Digital Realty Trust, Inc. | 3.1 | 260 |
|  EPR Properties | 0.2 | 17 |
|  Equinix, Inc. | 3.6 | 302 |
|  Equity Lifestyle Properties, Inc. | 3.8 | 319 |
|  Equity Residential | 3.8 | 319 |
|  Essex Property Trust, Inc. | 0.7 | 59 |
|  Extra Space Storage, Inc. | 0.2 | 17 |
|  Federal Realty Investment Trust | 0.6 | 50 |
|  Gaming and Leisure Properties, Inc. | 5.1 | 428 |
|  Healthcare Realty Trust Incorporated | 1.3 | 109 |
|  Healthpeak Properties, Inc. | 3.0 | 252 |
|  Host Hotels & Resorts, Inc. | 2.1 | 176 |
|  Invitation Homes, Inc. | 5.6 | 470 |
|  Kimco Realty Corporation | 3.6 | 302 |
|  Kite Realty Group Trust | 4.3 | 361 |
|  NNN REIT, Inc. | 1.6 | 134 |
|  Park Hotels & Resorts, Inc. | 0.6 | 50 |
|  Phillips Edison & Company, Inc. | 0.0 | 0 |
|  Public Storage | 1.4 | 117 |
|  Ryman Hospitality Properties, Inc. | 4.2 | 352 |
|  SBA Communications Corporation | 6.7 | 562 |
|  Simon Property Group, Inc. | 4.5 | 377 |
|  Sun Communities, Inc. | 1.5 | 126 |
|  The Macerich Co. | 2.1 | 176 |
|  UDR, Inc. | 3.1 | 260 |
|  VICI Properties, Inc. | 5.5 | 461 |
|  Vornado Realty Trust | 0.8 | 67 |
|  Total Real Estate |  | $8387 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387 |

---

<sup>(8)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.1% | $92 |
|  Agree Realty Corp. | 4.7 | 391 |
|  American Assets Trust, Inc. | 1.6 | 133 |
|  American Healhcare REIT, Inc. | 6.8 | 567 |
|  Brixmor Property Group, Inc. | 2.7 | 225 |
|  BXP, Inc. | 1.7 | 141 |
|  Caretrust REIT, Inc. | 7.2 | 599 |
|  Copt Defense Properties | 6.1 | 508 |
|  Cousins Properties, Inc. | 2.0 | 166 |
|  Curbline Properties Corp. | 3.5 | 291 |
|  Douglas Emmett, Inc. | 1.8 | 150 |
|  Eastgroup Properties, Inc. | 2.8 | 233 |
|  Essential Properties Realty Trust, Inc. | 5.3 | 441 |
|  First Industrial Realy Trust, Inc. | 2.1 | 175 |
|  Highwoods Properties, Inc. | 2.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
|  Independence Realty Trust, Inc. | 1.9 | 158 |
|  JBG Smith Properties | 1.7 | 141 |
|  Kilroy Realty Corporation | 1.6 | 133 |
|  LXP Industrial Trust | 3.2 | 266 |
|  Mid-America Apartment Communities, Inc. | 0.2 | 17 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
|  Omega Healthcare Investors, Inc. | 4.4% | $366 |
|  Pebblebrook Hotel Trust | 1.7 | 141 |
|  Prologics, Inc. | 2.9 | 241 |
|  Realty Income Corporation | 1.7 | 141 |
|  Regency Centers Corporation | 1.5 | 125 |
|  Rexford Industrial Realty, Inc. | 0.5 | 42 |
|  Sabra Health Care REIT, Inc. | 1.4 | 116 |
|  Stag Industrial, Inc. | 3 | 250 |
|  Sunstone Hotel Investors, Inc. | 1.8 | 150 |
|  Tanger, Inc. | 1.4 | 116 |
|  Terreno Realty Corporation | 3.7 | 308 |
|  Urban Edge Properties | 1 | 83 |
|  Ventas, Inc. | 6.3 | 524 |
|  Welltower, Inc. | 7.2 | 599 |
|  WP Carey, Inc. | 1 | 83 |
|  Total Real Estate |  | $8320 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320 |

---

<sup>(9)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | %<br>of Index | Value |
|  Communication Services |  |  |
|  Alphabet, Inc. | 0.8% | $1480 |
|  Alphabet, Inc. | 0.8 | 1480 |
|  AT&T, Inc. | 1.3 | 2405 |
|  Meta Platforms, Inc. | 1.1 | 2035 |
|  Other Communication Services<sup>◄</sup> | 1.9 | 3513 |
|  Total Communication Services |  | $10913 |
|  Consumer Discretionary |  |  |
|  Amazon.com, Inc. | 1.5% | $2775 |
|  Booking Holdings, Inc. | 1 | 1850 |
|  Ross Stores, Inc. | 0.8 | 1480 |
|  TJX Companies, Inc. | 1.7 | 3144 |
|  Other Consumer Discretionary<sup>◄</sup> | 3.5 | 6473 |
|  Total Consumer Discretionary |  | $15722 |
|  Consumer Staples |  |  |
|  Altria Group, Inc. | 1.2% | $2220 |
|  Costco Wholesale | 0.9 | 1665 |
|  Philip Morris International, Inc. | 0.6 | 1110 |
|  Proctor & Gamble Company | 1.3 | 2405 |
|  Other Consumer Staples<sup>◄</sup> | 1.5 | 2774 |
|  Total Consumer Staples |  | $10174 |
|  Energy |  |  |
|  ConocoPhillips | 0.6% | $1110 |
|  EOG Resources, Inc. | 0.8 | 1480 |
|  Other Energy<sup>◄</sup> | 3.5 | 6473 |
|  Total Energy |  | $9063 |
|  Financials |  |  |
|  Banco Bilbao Vizcaya Argentaria S.A. | 0.8% | $1480 |
|  Bank of New York Mellon Corp. | 0.9 | 1665 |
|  China Construction Bank Corporation | 1 | 1850 |
|  Morgan Stanley | 1 | 1850 |
|  Natwest Group PLC | 0.6 | 1110 |
|  Travelers Companies, Inc. | 0.7 | 1295 |
|  Other Financials<sup>◄</sup> | 9.2 | 17016 |
|  Total Financials |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26266 |
|  Health Care |  |  |
|  Abbvie, Inc. | 1.3% | $2405 |
|  Amgen, Inc. | 1.4 | 2590 |
|  Bristol-Myers Squibb Company | 1.3 | 2405 |
|  Gilead Sciences, Inc. | 1.5 | 2775 |
|  GSK PLC | 0.6 | 1110 |
|  Novartis AG | 1 | 1850 |

---

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%<br>of Index** | **Value** |
|  Regeneron Pharmaceuticals | 0.8% | $1480 |
|  Other Health Care<sup>◄</sup> | 2.9 | 5363 |
|  Total Health Care |  | $19978 |
|  Industrials |  |  |
|  ABB Ltd. | 0.8% | $1480 |
|  Caterpillar Incorporated | 0.6 | 1110 |
|  General Dynamics Corp. | 0.9 | 1665 |
|  Lockheed Martin Corp. | 1.5 | 2775 |
|  Vinci SA | 0.8 | 1480 |
|  Other Industrials<sup>◄</sup> | 6.8 | 12577 |
|  Total Industrials |  | $21087 |
|  Materials |  |  |
|  Corteva, Inc. | 0.6% | $1110 |
|  Newmont Corporation | 1.2 | 2220 |
|  Other Materials<sup>◄</sup> | 2 | 3698 |
|  Total Materials |  | $7028 |
|  Real Estate |  |  |
|  Other Real Estate<sup>◄</sup> | 1.3% | $2404 |
|  Total Real Estate |  | $2404 |
|  Technology |  |  |
|  Adobe, Inc. | 0.9% | $1665 |
|  Apple, Inc. | 2.8 | 5179 |
|  Applied Materials, Inc. | 0.9 | 1665 |
|  ASML Holding NV | 1.2 | 2220 |
|  Cisco Systems, Inc. | 1.9 | 3514 |
|  Lam Research Corporation | 0.7 | 1295 |
|  Micron Technology, Inc. | 1.1 | 2035 |
|  Microsoft Corp. | 2.8 | 5179 |
|  NVIDIA Corp. | 3.5 | 6473 |
|  QUALCOMM, Inc. | 1.3 | 2405 |
|  Samsung Electronics Co Ltd. | 1.6 | 2960 |
|  Samsung Electronics Co Ltd. | 0.7 | 1295 |
|  SK Hynix Inc. | 1 | 1850 |
|  Taiwan Semiconductor Manufacturing Co Ltd. | 3.1 | 5734 |
|  TE Connectivity PLC | 0.7 | 1295 |
|  Other Technology<sup>◄</sup> | 6.6 | 12207 |
|  Total Technology |  | $56971 |
|  Utilities |  |  |
|  ENEL Spa | 1.0% | $1850 |
|  Other Utilities<sup>◄</sup> | 1.9 | 3513 |
|  Total Utilities |  | $5363 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184969 |

---

---

| | |
|:---|:---|
| <sup>◄</sup> | Represents positions not identified as a top 50 component or as having an individual notional value less than 1% of the notional of the total return swap, as of March 31, 2026.  |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO ASSET ALLOCATION 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 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  | $132 | $0 | $0 | $0 | $177 | $309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 536 | 536 |
|  | $132 | $0 | $0 | $0 | $713 | $845 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1975 | $0 | $1975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 7 | 6217 | 6224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15 | 386 | 0 | 0 | 401 |
|  | $0 | $15 | $386 | $1982 | $6217 | $8600 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;132 | $15 | $386 | $1982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 |
|  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  | $97 | $0 | $0 | $0 | $291 | $388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 12 | 0 | 0 | 387 | 399 |
|  | $97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $0 | $0 | $678 | $787 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1747 | $0 | $1747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 154 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 66 | 0 | 0 | 66 |
|  | $0 | $0 | $66 | $1749 | $154 | $1969 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | $12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | $832 | $2756 |
| <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026: | <br> 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  | $0 | $0 | $(155) | $0 | $0 | $(155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 54 | 0 | 0 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 1408 | 0 | (75) | 0 | 607 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (50) | 0 | 0 | (278) | (328) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2686) | $0 | $(2686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (10) | 0 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 6 | 0 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 823 | 45262 | 0 | (22) | 46063 |
|  | $0 | $823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2690) | $(22) | $43373 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | $773 | $45086 | $(2690) | $307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44884 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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  | $156 | $0 | $(21) | $0 | $(13) | $122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 0 | 191 | 212 |
|  | $156 | $21 | $(21) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | $334 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(214) | $0 | $(214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (18) | (90) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 7 | 37 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (745) | 500 | 0 | 1 | (244) |
|  | $0 | $(745) | $500 | $(225) | $(52) | $(522) |
|  | $156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724) | $479 | $(225) | $126 | $(188) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 35

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Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $4 | $0 | $4 |
| &nbsp;&nbsp; Industrials | 0 | 405 | 0 | 405 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1 | 0 | 1 |
|  U.S. Government Agencies | 0 | 54999 | 0 | 54999 |
|  U.S. Treasury Obligations | 0 | 12208 | 0 | 12208 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6527 | 0 | 6527 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2477 | 0 | 2477 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8248 | 0 | 8248 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 4514 | 0 | 4514 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 347 | 0 | 347 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2052 | 0 | 2052 |
| &nbsp;&nbsp; Other ABS | 0 | 3348 | 0 | 3348 |
|  Sovereign Issues | 0 | 30246 | 0 | 30246 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 849 | 0 | 0 | 849 |
| &nbsp;&nbsp; Consumer Discretionary | 162 | 0 | 0 | 162 |
| &nbsp;&nbsp; Consumer Staples | 1019 | 0 | 0 | 1019 |
| &nbsp;&nbsp; Financials | 610 | 0 | 0 | 610 |
| &nbsp;&nbsp; Health Care | 448 | 0 | 0 | 448 |
| &nbsp;&nbsp; Industrials | 1579 | 376 | 0 | 1955 |
| &nbsp;&nbsp; Information Technology | 1287 | 0 | 0 | 1287 |
| &nbsp;&nbsp; Materials | 287 | 0 | 0 | 287 |
| &nbsp;&nbsp; Real Estate | 4 | 0 | 0 | 4 |
| &nbsp;&nbsp; Utilities | 859 | 0 | 0 | 859 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 503 | 0 | 0 | 503 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 23 | 0 | 23 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 9685 | 0 | 9685 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143067 |

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
|  Mutual Funds | $131758 | $0 | $0 | $131758 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 92161 | 0 | 0 | 92161 |
|  | $223919 | $0 | $0 | $223919 |
|  Total Investments | $231526 | $135460 | $0 | $366986 |
|  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 | $(15580) | $0 | $(15580) |
|  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 | 257 | 539 | 0 | 796 |
|  Over the counter | 0 | 8600 | 0 | 8600 |
|  | $257 | $9139 | $0 | $9396 |
|  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 | (318) | (457) | 0 | (775) |
|  Over the counter | 0 | (1969) | 0 | (1969) |
|  | $(318) | $(2426) | $0 | $(2744) |
|  Total Financial Derivative Instruments | $(61) | $6713 | $0 | $6652 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358058 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

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| | | |
|:---|:---|:---|
| **36** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

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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 funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund. PIMCO All Asset Fund and PIMCO All Asset All Authority Fund may invest substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). PIMCO Global Core Asset Allocation may invest its assets in some or all of the Underlying PIMCO Funds, which, for the PIMCO Global Core Asset Allocation Fund, is defined to include Institutional Class or Class M shares of any funds of the Trust and PIMCO Equity Series, an affiliated open-end investment company, except other fund of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund. PIMCO Global Core Asset Allocation Fund is further permitted to invest in the other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively with the Underlying PIMCO Funds, "Acquired Funds").

The PIMCO Global Core Asset Allocation Fund has established PIMCO Cayman Commodity Fund II Ltd., a Cayman Islands exempted company (the "GCAA Subsidiary"), which is wholly-owned and controlled by the PIMCO Global Core Asset Allocation Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the GCAA 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **37** |

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Notes to Financial Statements (Cont.)

Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 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. Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable; in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO All Asset Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Asset All Authority Fund |  | Quarterly |  | Quarterly |
|  PIMCO Global Core Asset Allocation Fund |  | Quarterly |  | Quarterly |

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| | |
|:---|:---|
| **38** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2026

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

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Notes to Financial Statements (Cont.)

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or an Underlying PIMCO Fund or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

The assets of the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund consist of shares of the Underlying PIMCO Funds, which are valued at their respective NAVs at the time of valuation of each Fund's shares. For purposes of calculating NAV of the Underlying PIMCO Funds for the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and for purposes of calculating NAV for the PIMCO Global Core Asset Allocation Fund, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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 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

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| **40** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2026

Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's or an Underlying PIMCO Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund invests in Underlying PIMCO Funds that hold foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued 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 and Underlying PIMCO Funds' NAVs that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that an Underlying PIMCO Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by an Underlying PIMCO Fund may differ from the value that would be realized if the securities were sold. A Fund's or an Underlying PIMCO

Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

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Notes to Financial Statements (Cont.)

of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These

securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the 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

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| **42** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2026

(normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost

value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

PIMCO All Asset Fund and PIMCO All Asset All Authority Fund may invest under normal circumstances substantially all or a significant portion of their assets in Underlying PIMCO Funds. The Underlying PIMCO Funds are considered to be affiliated with PIMCO All Asset and PIMCO All Asset All Authority Funds. PIMCO Global Core Asset Allocation Fund may invest its assets in Underlying PIMCO Funds and Acquired Funds, as previously defined and as defined in PIMCO Global Core Asset Allocation Fund's prospectus. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the 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>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO All Asset Fund |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>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 | $2061898 | $426091 | $(978409) | $102965 | $59331 | $1671876 | $401992 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 1794706 | 1076863 | (998510) | (29944) | 205840 | 2048955 | 82494 | 0 |
|  PIMCO Emerging Markets Bond Fund | 0 | 51930 | 0 | 0 | (1400) | 50530 | 212 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 385440 | 170998 | (210261) | (860) | 22376 | 367693 | 34844 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 538055 | 409629 | (178523) | 3004 | 28513 | 800678 | 49955 | 0 |
|  PIMCO Extended Duration Fund | 151490 | 98650 | (94235) | (3637) | (4636) | 147632 | 5015 | 0 |
|  PIMCO Government Money Market Fund | 67053 | 3089826 | (3097660) | 0 | (1) | 59218 | 2214 | 0 |
|  PIMCO High Yield Fund | 364485 | 134842 | (127925) | 1651 | (860) | 372193 | 21933 | 0 |
|  PIMCO High Yield Spectrum Fund | 88376 | 69822 | (21976) | 49 | (949) | 135322 | 7104 | 0 |
|  PIMCO Income Fund | 142764 | 92446 | (106448) | 3426 | (2011) | 130177 | 7286 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 454160 | 168043 | (305554) | 12307 | (17303) | 311653 | 12444 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 68353 | 12304 | (16043) | (1319) | 1072 | 64367 | 3134 | 0 |
|  PIMCO Long Duration Total Return Fund | 173720 | 104197 | (103656) | 1439 | (4406) | 171294 | 7674 | 0 |
|  PIMCO Long-Term Real Return Fund | 115743 | 13803 | (125033) | (7371) | 2858 | 0 | 3564 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 228899 | 180116 | (171400) | (15993) | 9589 | 231211 | 8649 | 0 |
|  PIMCO Low Duration Fund | 1289226 | 748528 | (1507467) | 20489 | (17920) | 532856 | 31845 | 0 |
|  PIMCO RAE Emerging Markets Fund | 347681 | 38966 | (212610) | 38515 | 33289 | 245841 | 11749 | 7536 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 391037 | 17228 | (103494) | (5342) | 38781 | 338210 | 4664 | 0 |
|  PIMCO RAE International Fund | 121065 | 36654 | (117746) | 23745 | 4111 | 67829 | 4834 | 6500 |
|  PIMCO RAE PLUS EMG Fund | 93803 | 6168 | (24596) | 3621 | 19009 | 98005 | 6168 | 0 |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO All Asset Fund |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2025** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>03/31/2026** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO RAE PLUS International Fund | $92515 | $6150 | $(24405) | $(1934) | $27365 | $99691 | $6150 | $0 |
|  PIMCO RAE US Fund | 119949 | 37777 | (62362) | 319 | 11981 | 107664 | 2198 | 8897 |
|  PIMCO RAE US Small Fund | 111624 | 82974 | (52962) | 914 | 14606 | 157156 | 1661 | 4179 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 398426 | 48510 | (108895) | (3314) | (1215) | 333512 | 28041 | 0 |
|  PIMCO Real Return Fund | 151257 | 44283 | (89470) | 1716 | (2735) | 105051 | 3693 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 159109 | 54861 | (37797) | 1346 | 8371 | 185890 | 2100 | 0 |
|  PIMCO Total Return Fund | 888427 | 693210 | (888023) | 2668 | 3829 | 700111 | 36586 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 394300 | 109627 | (132137) | (13603) | 58935 | 417122 | 0 | 0 |
|  **Totals** | $**11193561** | $**8024496** | $**(9897597)** | $**134857** | $**496420** | $**9951737** | $**788203** | $**27112** |
| PIMCO All Asset All Authority Fund |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>03/31/2026** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO All Asset: Multi-Real Fund | $70355 | $186968 | $(148348) | $4731 | $7150 | $120856 | $2621 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 173788 | 55164 | (101483) | 13385 | (69) | 140785 | 39749 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 0 | 11037 | (10450) | (587) | 0 | 0 | 0 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> | 11327 | 42597 | (36499) | 828 | 2982 | 21235 | 800 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 38120 | 28408 | (19623) | 348 | 1889 | 49142 | 4304 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 53125 | 64564 | (12735) | (43) | 3030 | 107941 | 6234 | 0 |
|  PIMCO Extended Duration Fund | 16022 | 17456 | (16113) | (429) | (443) | 16493 | 542 | 0 |
|  PIMCO Government Money Market Fund | 9955 | 184992 | (185383) | 0 | 0 | 9564 | 369 | 0 |
|  PIMCO High Yield Fund | 56755 | 25807 | (14636) | (1) | 100 | 68025 | 3980 | 0 |
|  PIMCO High Yield Spectrum Fund | 11936 | 15331 | (2361) | 7 | (268) | 24645 | 1235 | 0 |
|  PIMCO Income Fund | 11180 | 5507 | (5332) | 38 | 74 | 11467 | 641 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 84945 | 41451 | (37893) | 1018 | (2621) | 86900 | 3155 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 6410 | 532 | (1067) | (91) | 75 | 5859 | 299 | 0 |
|  PIMCO Long Duration Total Return Fund | 17567 | 18248 | (16935) | (2897) | 2595 | 18578 | 819 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 94 | 5115 | (5229) | 26 | (6) | 0 | 23 | 0 |
|  PIMCO Long-Term Real Return Fund | 24199 | 6120 | (14834) | (1209) | (201) | 14075 | 914 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 24168 | 22425 | (20563) | (2706) | 1987 | 25311 | 898 | 0 |
|  PIMCO Low Duration Credit Fund | 11375 | 185 | (11616) | 254 | (198) | 0 | 188 | 0 |
|  PIMCO Low Duration Fund | 280832 | 113999 | (216698) | 984 | (662) | 178455 | 7945 | 0 |
|  PIMCO RAE Emerging Markets Fund | 34682 | 6130 | (27683) | 8092 | (439) | 20782 | 1164 | 743 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 43496 | 4099 | (10002) | (176) | 4774 | 42191 | 604 | 0 |
|  PIMCO RAE International Fund | 12557 | 4366 | (16015) | 4183 | (1126) | 3965 | 429 | 554 |
|  PIMCO RAE PLUS EMG Fund | 8656 | 894 | (1482) | 194 | 2106 | 10368 | 611 | 0 |
|  PIMCO RAE PLUS International Fund | 11082 | 1129 | (2010) | 257 | 3080 | 13538 | 792 | 0 |
|  PIMCO RAE US Small Fund | 0 | 14074 | (1584) | 84 | 659 | 13233 | 129 | 320 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 43685 | 8645 | (10994) | (244) | 162 | 41254 | 3378 | 0 |
|  PIMCO Real Return Fund | 34906 | 6509 | (20738) | 415 | (553) | 20539 | 968 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 77340 | 106956 | (109806) | 172 | 3902 | 78564 | 1123 | 0 |
|  PIMCO Total Return Fund | 176636 | 83338 | (96051) | 571 | 480 | 164974 | 7735 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 54204 | 10652 | (13144) | (866) | 7267 | 58113 | 0 | 0 |
|  **Totals** | $**1399397** | $**1092698** | $**(1187307)** | $**26338** | $**35726** | $**1366852** | $**91649** | $**1617** |

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| **44** | **PIMCO ASSET ALLOCATION FUNDS** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2025** | **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 Income Fund | $30084 | $5984 | $(3311) | $(39) | $290 | $33008 | $1654 | $0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 58923 | 7871 | 0 | 0 | (1228) | 65566 | 2542 | 0 |
|  PIMCO Short Asset Portfolio | 64119 | 27907 | (19223) | 85 | 358 | 73246 | 2564 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 22167 | 217430 | (220700) | 14 | 4 | 18915 | 1331 | 0 |
|  PIMCO Total Return Fund | 29999 | 3013 | 0 | 0 | 172 | 33184 | 1400 | 0 |
|  **Totals** | $**205292** | $**262205** | $**(243234)** | $**60** | $**(404)** | $**223919** | $**9491** | $**0** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds (and where applicable, certain Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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

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other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

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

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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 Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies. The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Line of Credit The PIMCO All Asset All Authority Fund (the "AAAA 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 AAAA Fund pays financing charges based on a combination of an overnight bank funding rate based on a variable rate plus a credit spread. The AAAA Fund also pays a fee of 0.15% 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 Statement of Assets and Liabilities. Interest on outstanding borrowings, if any, paid by the AAAA Fund is disclosed as part of the interest expense on the Statement of Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statement of Operations.

The maximum available commitment and related fees for the revolving credit agreement are:

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| Maximum Available Commitment | Commitment and Upfront Fees |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |

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The AAAA Fund's borrowing activity under the agreement for the period ended March 31, 2026 was as follows (amounts in thousands<sup>†</sup>):

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| Average<br>Outstanding<br>Principal\* | Average<br>Weighted<br>Rate of<br>Interest | Interest | Outstanding<br>Principal as of<br>03/31/2026 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 4.91% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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\* The average outstanding principal may be higher or lower than the commitment amount or outstanding principal at period end due to changes in the commitment amount during the period or borrowings and paydowns made during the period. 

(b) 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.

(c) 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

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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 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

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on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Indexes ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future

intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, the Funds 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

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Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap 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

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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.

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.

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Notes to Financial Statements (Cont.)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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|:---|:---|:---|:---|
| Risks | PIMCO<br>All Asset Fund | PIMCO<br>All Asset<br>All Authority Fund | PIMCO<br>Global Core<br>Asset Allocation Fund |
|  Allocation | X | X | X |
|  Acquired Fund |  |  | X |
|  Fund of Funds | X | X |  |
|  Market Trading | X | X | X |
|  New Fund | X | X | X |
|  Small Fund | X | X | X |
|  Municipal Project-Specific | X | X |  |
|  Municipal Bond | X | X |  |
|  Interest Rate | X | X | X |
|  Call | X | X | X |
|  Credit | X | X | X |
|  High Yield | X | X | X |
|  Distressed Company | X | X | X |
|  Market | X | X | X |
|  Issuer | X | X | X |
|  Liquidity | X | X | X |
|  Derivatives | X | X | X |
|  Futures Contract | X | X |  |
|  Model | X | X | X |
|  Commodity | X | X | X |
|  Equity | X | X | X |
|  Mortgage-Related and Other Asset Backed Securities | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X |
|  Real Estate | X | X | X |
|  Emerging Markets | X | X | X |
|  Sovereign Debt | X | X | X |
|  Currency | X | X | X |
|  Leveraging | X | X | X |
|  Smaller Company | X | X | X |
|  Issuer Non-Diversification | X | X |  |
|  Management | X | X | X |
|  Short Exposure | X | X | X |
|  Tax | X | X | X |
|  Subsidiary | X | X | X |
|  Value Investing | X | X | X |
|  Arbitrage |  |  | X |
|  Convertible Securities | X | X | X |
|  Exchange-Traded Fund | X | X | X |
|  Tracking Error | X | X | X |
|  Indexing | X | X | X |
|  Collateralized Loan Obligations |  |  | X |

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The following risks are principal risks of investing in a Fund.

Allocation Risk is the risk that a Fund could experience losses as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience

significant declines. There is no guarantee that a Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected.

Fund of Funds Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Underlying PIMCO Funds and that the ability of a Fund to

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| **52** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2026

achieve its investment objective will depend upon the ability of the Underlying PIMCO Funds to achieve their investment objectives.

The following is a principal risk of investing in PIMCO All Asset All Authority Fund.

Leveraging Risk is the risk that certain transactions of a Fund, such as direct borrowing from banks, reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, 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.

The following risks are principal risks of investing in PIMCO Global Core Asset Allocation Fund or a Fund that includes risks from direct investments and/or indirect exposure through investment in Acquired Funds.

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.

Market Trading Risk is the risk that an active secondary trading market for shares of a Fund or certain Underlying PIMCO Funds that are exchange-traded funds does not continue once developed, that such Fund or Underlying PIMCO Fund may not continue to meet a listing exchange's trading or listing requirements, that trading in such Fund or Underlying PIMCO Fund shares may be halted or become less liquid or that such Fund's or Underlying PIMCO Fund's shares trade at prices other than the Fund's or Underlying PIMCO Fund's net asset value and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility.

New Fund Risk is the risk that a new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Municipal Project-Specific Risk is the risk that an Underlying PIMCO Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Municipal Bond Risk is the risk that an Underlying PIMCO Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax to pay interest or

repay principal.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value 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.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

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Notes to Financial Statements (Cont.)

agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in 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.

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions, and the indexation or quantitative methodologies used in constructing an underlying index or model portfolio for a Fund that seeks to track the investment results of such underlying index or model portfolio, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund. 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.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international

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| **54** | **PIMCO ASSET ALLOCATION FUNDS** |

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March 31, 2026

economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special

redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

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."

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.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

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Notes to Financial Statements (Cont.)

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. Also, to the extent a Fund seeks to gain negative exposure to an asset class such as equities, such exposure may create the potential for losses should those asset classes deliver positive returns.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Portfolio is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Value Investing Risk is the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected. In addition, disruptions in market conditions or limitations on a Fund's ability to access certain markets or securities may reduce the effectiveness of arbitrage strategies.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk, market risk, liquidity risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Tracking Error Risk is the risk that the portfolio of a Fund or certain Underlying PIMCO Funds that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. For example, a Fund or an Underlying PIMCO Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing a Fund's or an Underlying PIMCO Fund's portfolio to reflect changes in the composition of the underlying index. Performance of a Fund or an Underlying PIMCO Fund and the underlying index may vary due to asset valuation differences and differences between the Fund's or Underlying PIMCO Fund's portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund or an Underlying PIMCO Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund's or an Underlying PIMCO Fund's use of a representative sampling approach may cause the Fund or Underlying PIMCO Fund to be less correlated to the return of the underlying index than if the Fund or Underlying PIMCO Fund held all of the securities in the underlying index.

Indexing Risk is the risk that a Fund or an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (v) the CLO's manager may perform poorly.

(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

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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 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

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Notes to Financial Statements (Cont.)

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.

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

---

| | |
|:---|:---|
| **58** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2026

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):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
|  PIMCO All Asset Fund | 0.175%<sup>(1)</sup> | 0.05% | 0.15% | 0.25%<sup>(5)</sup> | 0.05% | 0.20%<sup>(6)</sup> | 0.20%<sup>(7)</sup> | 0.20%<sup>(8)</sup> |
|  PIMCO All Asset All Authority Fund | 0.20%<sup>(2)</sup> | 0.05% | 0.15% | 0.25%<sup>(5)</sup> | 0.05% \* | 0.20%<sup>(6)</sup> | 0.20%<sup>(7)</sup> | N/A |
|  PIMCO Global Core Asset Allocation Fund | 0.90%<sup>(3)(4)</sup> | 0.05% | 0.15% | N/A | N/A | 0.20%<sup>(6)</sup> | 0.20%<sup>(7)</sup> | N/A |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years from the date of waiver, provided total expenses, including such recoupment, do not exceed the annual expense limit that was in place at the time the amount being recouped was originally waived and the current annual expense limit. This 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. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory and Supervisory and Administrative Fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years from the date of waiver, provided total expenses, including such recoupment, do not exceed the annual expense limit that was in place at the time the amount being recouped was originally waived and the current annual expense limit. This 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. 

<sup>(3)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive, first, the Investment Advisory Fee and, second, the to the extent necessary, the the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds to the extent a Fund's Investment Advisory and Supervisory and Administrative Fees are greater than or equal to the Investment Advisory Fees and Supervisory and Administrative Fees of the Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term. For purposes of the expense reduction described above, references to Underlying PIMCO Funds include funds of PIMCO ETF Trust. 

<sup>(4)</sup> PIMCO has contractually agreed to waive the Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the GCAA Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the GCAA Subsidiary is in place. 

<sup>(5)</sup> PIMCO has contractually agreed, through July 31, 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. 

<sup>(6)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class A was reduced by 0.05% to 0.20% per annum. 

<sup>(7)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class C was reduced by 0.05% to 0.20% per annum. 

<sup>(8)</sup> Effective September 2, 2025, the Fund's Supervisory and Administrative Fee for Class R was reduced by 0.05% to 0.20% per annum. 

\* This particular share class has been registered with the SEC, but was not operational during the year ended March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **59** |

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Notes to Financial Statements (Cont.)

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares. The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.75% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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---

| | |
|:---|:---|
|  | Distribution and/or Servicing Fee |
|  **Administrative Class** | **Administrative Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2026, the Distributor retained $3,699,123 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The

---

| | |
|:---|:---|
| **60** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2026

Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 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 each of the PIMCO All Asset Fund and PIMCO All Asset All

Authority Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2026, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>)

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
|  PIMCO All Asset All Authority Fund | 1 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses Underlying PIMCO Fund expenses incurred by the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, if any, will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of each Fund's assets.

Underlying PIMCO Fund expenses incurred by the PIMCO Global Core Asset Allocation Fund, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the PIMCO Global Core Asset Allocation Fund's assets.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO All Asset Fund to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Investment Advisory, Supervisory and Administrative, and Management Fees (collectively, "Underlying PIMCO Fund Fees") exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO has contractually agreed, through July 31, 2026, for the AAAA Fund to waive its Investment Advisory Fee to the extent that the Underlying PIMCO Fund expenses attributable to Underlying PIMCO Fund Fees exceed 0.69% of the total assets invested in Underlying PIMCO Funds. These waivers will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the advisory fee waived as set forth above (the "Asset Allocation Reimbursement Amount") during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any Underlying PIMCO Fund Fees exceed, for such month, the applicable expense limit; ii) exceed the total Asset Allocation Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of March 31, 2026 were (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring Within | Expiring Within | Expiring Within | Expiring Within |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30585 |
|  PIMCO All Asset All Authority Fund | 10 | 0 | 22 | 32 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **61** |

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Notes to Financial Statements (Cont.)

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the Funds below waived the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 |
|  PIMCO All Asset All Authority Fund | 22 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand  |

---

PIMCO has contractually agreed, through July 31, 2026, to waive first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fee it receives from the PIMCO Global Core Asset Allocation Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by the PIMCO Global Core Asset Allocation Fund in connection with its investments in Underlying PIMCO Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the contract term.

The waivers for the PIMCO Global Core Asset Allocation Fund are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $600,691.

GCAA Subsidiary has entered into a separate contract with PIMCO for the management of the GCAA Subsidiary's portfolio pursuant to which the GCAA Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive PIMCO Global Core Asset Allocation Fund's Investment Advisory Fee and the Supervisory and Administrative Fee it receives from a Fund in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by the GCAA Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the GCAA Subsidiary is in place. 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 was $14,484. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the GCAA Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in 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>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset Fund | $0 | $0 | $4939926 | $6799930 |
|  PIMCO All Asset All Authority Fund | 0 | 0 | 908985 | 1001917 |
|  PIMCO Global Core Asset Allocation Fund | 1149863 | 1147720 | 81601 | 55693 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **62** | **PIMCO ASSET ALLOCATION FUNDS** |

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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>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund |
|  | **Year Ended**<br> **03/31/2026** | **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 | 109768 | $1268298 | 108107 | $1200147 | 10407 | $67354 | 4250 | $27567 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 8058 | 93844 | 3866 | 43085 | 2968 | 20753 | 1907 | 12394 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 333 | 3870 | 678 | 7583 | 16 | 110 | 37 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 497 | 5743 | 722 | 8071 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1727 | 19883 | 1880 | 20846 | 870 | 5998 | 1209 | 7814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 173 | 2000 | 103 | 1142 | 244 | 1700 | 71 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 248 | 2813 | 237 | 2603 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 56065 | 643111 | 54940 | 603999 | 6279 | 43443 | 3247 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1738 | 20008 | 1575 | 17366 | 857 | 5931 | 414 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 67 | 776 | 131 | 1454 | 10 | 68 | 5 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 294 | 3377 | 293 | 3224 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2858 | 32771 | 2543 | 27957 | 1660 | 11466 | 763 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 114 | 1297 | 111 | 1214 | 64 | 442 | 25 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 198 | 2247 | 168 | 1824 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (327667) | (3770667) | (307482) | (3420725) | (25426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172464) | (68937) | (448156) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7322) | (83925) | (16684) | (184907) | (4965) | (34112) | (7068) | (46024) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (860) | (9898) | (2728) | (30485) | (68) | (471) | (98) | (639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1972) | (22852) | (1211) | (13520) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7653) | (87960) | (12107) | (134463) | (6335) | (43653) | (9854) | (64012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (589) | (6700) | (1046) | (11575) | (497) | (3411) | (770) | (5011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (607) | (6838) | (788) | (8656) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (164532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888802) | (166692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1863816) | (13916) | $(96846) | (74799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486499) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund |
|  | Year Ended <br>03/31/2026 | 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80664 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 108 | 1776 | 127 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 261 | 4366 | 277 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 49 | 798 | 39 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 242 | 4186 | 142 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 30 | 520 | 18 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 112 | 1898 | 58 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 3 | 43 | 1 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

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------

Notes to Financial Statements (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** |
|  | **Year Ended <br>03/31/2026** | **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 | (1599) | $(27143) | (1633) | $(23826) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (408) | (7082) | (331) | (4771) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (875) | (14373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1192) | (17157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (72) | (1132) | (99) | (1341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | (1560) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26204) | 3192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43111 |

---

---

| | |
|:---|:---|
| <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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | **Total percentage of portfolio held by<br>shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by<br>shareholders that own 10% or more**<br> **of outstanding shares** |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO All Asset Fund | 1 | 0 | 23% | 0% |
|  PIMCO All Asset All Authority Fund | 1 | 0 | 45% | 0% |
|  PIMCO Global Core Asset Allocation Fund | 1 | 0 | 39% | 0% |

---

14. BASIS FOR CONSOLIDATION

The GCAA Subsidiary, a Cayman Islands exempted company, was incorporated on November 21, 2008, as a wholly owned Commodity Subsidiary (as defined below) acting as an investment vehicle for the PIMCO Global Core Asset Allocation Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the GCAA Subsidiary. The consolidated financial statements include the accounts of the Fund and the GCAA Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the GCAA Subsidiary, comprising the entire issued share capital of the GCAA Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the GCAA Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the GCAA Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the GCAA Subsidiary. The net assets of the GCAA Subsidiary as of period end represented 1.0% of the Fund's consolidated net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

---

| | |
|:---|:---|
| **64** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

March 31, 2026

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, through the Underlying PIMCO Funds, may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options. The Underlying PIMCO Funds may also gain exposure indirectly to commodity markets by investing in a subsidiary ("Commodity Subsidiary") which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by a "Fund", is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes and through investments in the Commodity Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated a Fund's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Fund is treated as qualifying dividends; and (iii) that income inclusion by a Fund of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to a Fund's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as ordinary income for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **65** |

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------

Notes to Financial Statements (Cont.)

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-<br>Year Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO All Asset Fund | $32494 | $0 | $358960 | $0 | $(3309985) | $0 | $0 | $(2918531) |
|  PIMCO All Asset All Authority Fund | 3279 | 0 | 4946 | 0 | (7025330) | 0 | 0 | (7017105) |
|  PIMCO Global Core Asset Allocation Fund | 49644 | 0 | (5587) | 0 | (55284) | 0 | 0 | (11227) |

---

---

| | |
|:---|:---|
| <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, and interest accrued on defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 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 Fund | $1145628 | $2164357 |
|  PIMCO All Asset All Authority Fund | 1638835 | 5386495 |
|  PIMCO Global Core Asset Allocation Fund | 50514 | 4770 |

---

† 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 Fund | $9593547 | $365439 | $(6480) | $358959 |
|  PIMCO All Asset All Authority Fund | 1362082 | 6168 | (1219) | 4949 |
|  PIMCO Global Core Asset Allocation Fund | 363020 | 9119 | (14681) | (5562) |

---

---

| | |
|:---|:---|
| <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, and interest accrued on defaulted securities. 

---

| | |
|:---|:---|
| **66** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

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 All Asset Fund | $758965 | $0 | $0 | $717314 | $0 | $0 |
|  PIMCO All Asset All Authority Fund | 67389 | 0 | 0 | 32065 | 0 | 0 |
|  PIMCO Global Core Asset Allocation Fund | 7650 | 0 | 0 | 3750 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO All Asset Fund, PIMCO All Asset All Authority Fund and PIMCO Global Core Asset Allocation Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 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 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, the changes in each of their net assets and, for the fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the five years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

PIMCO All Asset Fund (1)

PIMCO All Asset All Authority Fund (2)

PIMCO Global Core Asset Allocation Fund (1)\*

(1) Statement of operations for the year ended March 31, 2026 and statement of changes in net assets for the years ended March 31, 2026 and 2025

(2) Statement of operations and statement of cash flows for the year ended March 31, 2026, and statement of changes in net assets for the years ended March 31, 2026 and 2025

\* The financial statements for PIMCO Global Core Asset Allocation Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 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.

---

| | |
|:---|:---|
| **68** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations:  | Counterparty Abbreviations:  |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Bank, N.A. | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | GBP | British Pound | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | HUF | Hungarian Forint | PHP | Philippine Peso |
| CHF | Swiss Franc | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CLP | Chilean Peso | ILS | Israeli Shekel | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | THB | Thai Baht |
| COP | Colombian Peso | KRW | South Korean Won | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EGP | Egyptian Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| EUR | Euro |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| LME | London Metal Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | MUTKCALM | Tokyo Overnight Average Rate |
| Brent | Brent Crude | FEDL01 | Federal funds effective rate | NDUEACWF | MSCI ACWI Index Future |
| CAONREPO | Canadian Overnight Repo Rate Average | IBR | Indicador Bancario de Referencia | SIBCSORA | Singapore Overnight Rate Average |
| CDX.IG | Credit Derivatives Index - Investment Grade | JPACWILV | J.P. Morgan Custom Equity Index | SOFR | Secured Overnight Financing Rate |
| CMBX | Commercial Mortgage-Backed Index | MLPIREIL | Merrill Lynch Custom Equity Index | SONIO | Sterling Overnight Interbank Average Rate |
| CNREPOFIX | China Fixing Repo Rates 7-Day | MLPIREIS | Merrill Lynch Custom Equity Index | THOR | Thai Overnight Baht Repurchase Rate |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | JIBAR | Johannesburg Interbank Agreed Rate | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | RBOB | Reformulated Blendstock for Oxygenate Blending |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | OAT | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |
| EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind | WTI | West Texas Intermediate |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

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------

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.5393 | $0.0000 | $0.0000 | $0.5393 |
|  March 2026 | $0.0722 | $0.0000 | $0.0000 | $0.0722 |
| 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 | $0.5361 | $0.0000 | $0.0000 | $0.5361 |
|  March 2026 | $0.0696 | $0.0000 | $0.0000 | $0.0696 |
| 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 | $0.5344 | $0.0000 | $0.0000 | $0.5344 |
|  March 2026 | $0.0682 | $0.0000 | $0.0000 | $0.0682 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.5302 | $0.0000 | $0.0000 | $0.5302 |
|  March 2026 | $0.0656 | $0.0000 | $0.0000 | $0.0656 |
| 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 | $0.5258 | $0.0000 | $0.0000 | $0.5258 |
|  March 2026 | $0.0617 | $0.0000 | $0.0000 | $0.0617 |
| 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 | $0.5002 | $0.0000 | $0.0000 | $0.5002 |
|  March 2026 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
| Class R | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.5177 | $0.0000 | $0.0000 | $0.5177 |
|  March 2026 | $0.0555 | $0.0000 | $0.0000 | $0.0555 |

---

---

| | |
|:---|:---|
| **70** | **PIMCO ASSET ALLOCATION FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** | **PIMCO All Asset All Authority Fund** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.3215 | $0.0000 | $0.0000 | $0.3215 |
|  March 2026 | $0.0718 | $0.0000 | $0.0000 | $0.0718 |
| **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 | $0.3195 | $0.0000 | $0.0000 | $0.3195 |
|  March 2026 | $0.0702 | $0.0000 | $0.0000 | $0.0702 |
| **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 | $0.3180 | $0.0000 | $0.0000 | $0.3180 |
|  March 2026 | $0.0694 | $0.0000 | $0.0000 | $0.0694 |
| **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 | $0.3132 | $0.0000 | $0.0000 | $0.3132 |
|  March 2026 | $0.0655 | $0.0000 | $0.0000 | $0.0655 |
| **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 | $0.2981 | $0.0000 | $0.0000 | $0.2981 |
|  March 2026 | $0.0534 | $0.0000 | $0.0000 | $0.0534 |
|  **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1777 | $0.0000 | $0.0000 | $0.1777 |
|  March 2026 | $0.1311 | $0.0000 | $0.0000 | $0.1311 |
| **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 | $0.1730 | $0.0000 | $0.0000 | $0.1730 |
|  March 2026 | $0.1267 | $0.0000 | $0.0000 | $0.1267 |
| **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 | $0.1587 | $0.0000 | $0.0000 | $0.1587 |
|  March 2026 | $0.1154 | $0.0000 | $0.0000 | $0.1154 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1261 | $0.0000 | $0.0000 | $0.1261 |
|  March 2026 | $0.0897 | $0.0000 | $0.0000 | $0.0897 |

---

\* 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. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

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<br>Gains<br>(000s)<sup>†</sup> |
|  PIMCO All Asset Fund | 0.00% | 1.55% | $202 | $0 |
|  PIMCO All Asset All Authority Fund | 0.00% | 1.49% | 34 | 0 |
|  PIMCO Global Core Asset Allocation Fund | 1.78% | 1.73% | 5047 | 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.

---

| | |
|:---|:---|
| **72** | **PIMCO ASSET ALLOCATION FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **74** | **PIMCO ASSET ALLOCATION FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

---

------

#### 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](g47704g75h91.jpg)

PIMSAALLOCFSTMAR_033126

------

![LOGO](g26739g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**Tax-Efficient Strategy Funds**

PIMCO California Intermediate Municipal Bond Fund

PIMCO California Municipal Bond Fund

PIMCO California Short Duration Municipal Income Fund

PIMCO High Yield Municipal Bond Fund

PIMCO Municipal Bond Fund

PIMCO National Intermediate Municipal Bond Fund

PIMCO New York Municipal Bond Fund

PIMCO Short Duration Municipal Income Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx26739_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx26739_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx26739_3) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx26739_4) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx26739_5) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx26739_6) | 79 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx26739_7) | 95 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx26739_8) | 104 |
| &nbsp;&nbsp; [Glossary](#tx26739_9) | 105 |
| &nbsp;&nbsp; [Distribution Information](#tx26739_10) | 106 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx26739_11) | 113 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx26739_12) | 114 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx26739_13) | 115 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx26739_14) | 116 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Intermediate Municipal Bond Fund](#tx26739_15) | 24 |
| &nbsp;&nbsp; [PIMCO California Municipal Bond Fund](#tx26739_16) | 28 |
| &nbsp;&nbsp; [PIMCO California Short Duration Municipal Income Fund](#tx26739_17) | 33 |
| &nbsp;&nbsp; [PIMCO High Yield Municipal Bond Fund](#tx26739_18) | 36 |
| &nbsp;&nbsp; [PIMCO Municipal Bond Fund](#tx26739_19) | 49 |
| &nbsp;&nbsp; [PIMCO National Intermediate Municipal Bond Fund](#tx26739_20) | 60 |
| &nbsp;&nbsp; [PIMCO New York Municipal Bond Fund](#tx26739_21) | 69 |
| &nbsp;&nbsp; [PIMCO Short Duration Municipal Income Fund](#tx26739_22) | 74 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may 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.

---

| | |
|:---|:---|
| **2** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily

inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Class A | Class C | Class C-2 | Diversification<br>Status |
|  PIMCO California Intermediate Municipal Bond Fund | 08/31/99 | 08/31/99 | 04/30/08 |  | 10/19/99 | 08/31/09 |  | Diversified |
|  PIMCO California Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO California Short Duration Municipal Income Fund | 08/31/06 | 08/31/06 | 05/30/08 |  | 08/31/06 |  |  | Diversified |
|  PIMCO High Yield Municipal Bond Fund | 07/31/06 | 07/31/06 | 04/30/08 | 07/30/21 | 07/31/06 | 12/29/06 |  | Diversified |
|  PIMCO Municipal Bond Fund | 12/31/97 | 12/31/97 | 04/30/08 | 07/30/21 | 04/01/98 | 04/01/98 |  | Diversified |
|  PIMCO National Intermediate Municipal Bond Fund | 05/31/12 | 05/31/12 | 05/31/12 |  | 05/31/12 | 05/31/12 |  | Diversified |
|  PIMCO New York Municipal Bond Fund | 08/31/99 | 08/31/99 | 11/19/10 | 07/30/21 | 10/19/99 | 08/31/09 |  | Non-Diversified |
|  PIMCO Short Duration Municipal Income Fund | 08/31/99 | 08/31/99 | 04/30/08 | 07/30/21 | 03/28/02 | 03/28/02 | 10/21/20 | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure

documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

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 TAX-EFFICIENT STRATEGY FUNDS** |

---

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **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>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.26 | $0.32 | $0.07 | $0.39 | $(0.32) | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.32 | (0.15) | 0.17 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.08 | 0.36 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.24 | (0.15) | 0.09 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.15 | (0.61) | (0.46) | (0.16) | 0.00 | (0.16) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.26 | 0.31 | 0.07 | 0.38 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.31 | (0.15) | 0.16 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.28 | 0.07 | 0.35 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.23 | (0.15) | 0.08 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.14 | (0.61) | (0.47) | (0.15) | 0.00 | (0.15) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.26 | 0.29 | 0.07 | 0.36 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.29 | (0.15) | 0.14 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.25 | 0.08 | 0.33 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.21 | (0.15) | 0.06 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.12 | (0.62) | (0.50) | (0.12) | 0.00 | (0.12) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.26 | 0.22 | 0.07 | 0.29 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.41 | 0.22 | (0.15) | 0.07 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.33 | 0.18 | 0.08 | 0.26 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.48 | 0.14 | (0.15) | (0.01) | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.10 | 0.05 | (0.62) | (0.57) | (0.05) | 0.00 | (0.05) |
|  **PIMCO California Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.56 | $0.39 | $0.06 | $0.45 | $(0.39) | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.39 | (0.18) | 0.21 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.39 | 0.22 | 0.61 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.32 | (0.47) | (0.15) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.22 | (0.68) | (0.46) | (0.21) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.56 | 0.38 | 0.06 | 0.44 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.38 | (0.18) | 0.20 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.38 | 0.22 | 0.60 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.31 | (0.47) | (0.16) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.20 | (0.68) | (0.48) | (0.19) | 0.00 | (0.19) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.56 | 0.35 | 0.06 | 0.41 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.35 | (0.18) | 0.17 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.35 | 0.23 | 0.58 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.28 | (0.47) | (0.19) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.18 | (0.69) | (0.51) | (0.16) | 0.00 | (0.16) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.56 | 0.27 | 0.06 | 0.33 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.74 | 0.27 | (0.18) | 0.09 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.51 | 0.27 | 0.23 | 0.50 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.98 | 0.20 | (0.47) | (0.27) | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.65 | 0.09 | (0.68) | (0.59) | (0.08) | 0.00 | (0.08) |
|  **PIMCO California Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.62 | $0.28 | $0.09 | $0.37 | $(0.28) | $0.00 | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.28 | (0.01) | 0.27 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.25 | 0.02 | 0.27 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.18 | (0.04) | 0.14 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.10 | (0.31) | (0.21) | (0.10) | 0.00 | (0.10) |

---

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| | | |
|:---|:---|:---|
| **6** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $9.33 | 4.25% | $183386 | 0.445% | 0.445% | 0.445% | 0.445% | 3.40% | 43% |
| 9.26 | 1.81 | 121901 | 0.445 | 0.445 | 0.445 | 0.445 | 3.42 | 58 |
| 9.41 | 3.97 | 126420 | 0.445 | 0.445 | 0.445 | 0.445 | 3.09 | 25 |
| 9.33 | 0.98 | 84144 | 0.455 | 0.455 | 0.445 | 0.445 | 2.57 | 69 |
| 9.48 | (4.66) | 142651 | 0.445 | 0.445 | 0.445 | 0.445 | 1.52 | 36 |
| 9.33 | 4.15 | 61391 | 0.545 | 0.545 | 0.545 | 0.545 | 3.29 | 43 |
| 9.26 | 1.71 | 25420 | 0.545 | 0.545 | 0.545 | 0.545 | 3.32 | 58 |
| 9.41 | 3.86 | 21662 | 0.545 | 0.545 | 0.545 | 0.545 | 3.00 | 25 |
| 9.33 | 0.87 | 13596 | 0.555 | 0.555 | 0.545 | 0.545 | 2.46 | 69 |
| 9.48 | (4.75) | 18742 | 0.545 | 0.545 | 0.545 | 0.545 | 1.43 | 36 |
| 9.33 | 3.91 | 84383 | 0.775 | 0.775 | 0.775 | 0.775 | 3.06 | 43 |
| 9.26 | 1.47 | 47751 | 0.775 | 0.775 | 0.775 | 0.775 | 3.09 | 58 |
| 9.41 | 3.63 | 40582 | 0.775 | 0.775 | 0.775 | 0.775 | 2.75 | 25 |
| 9.33 | 0.64 | 42848 | 0.785 | 0.785 | 0.775 | 0.775 | 2.22 | 69 |
| 9.48 | (4.97) | 55743 | 0.775 | 0.775 | 0.775 | 0.775 | 1.20 | 36 |
| 9.33 | 3.13 | 1276 | 1.525 | 1.525 | 1.525 | 1.525 | 2.35 | 43 |
| 9.26 | 0.72 | 2801 | 1.525 | 1.525 | 1.525 | 1.525 | 2.34 | 58 |
| 9.41 | 2.86 | 2678 | 1.525 | 1.525 | 1.525 | 1.525 | 1.99 | 25 |
| 9.33 | (0.11) | 3839 | 1.535 | 1.535 | 1.525 | 1.525 | 1.50 | 69 |
| 9.48 | (5.69) | 3771 | 1.525 | 1.525 | 1.525 | 1.525 | 0.45 | 36 |
| $10.62 | 4.33% | $231275 | 0.44% | 0.44% | 0.44% | 0.44% | 3.68% | 24% |
| 10.56 | 1.95 | 148837 | 0.44 | 0.44 | 0.44 | 0.44 | 3.59 | 24 |
| 10.74 | 6.00 | 55833 | 0.44 | 0.44 | 0.44 | 0.44 | 3.72 | 37 |
| 10.51 | (1.30) | 47877 | 0.45 | 0.45 | 0.44 | 0.44 | 3.05 | 78 |
| 10.98 | (4.08) | 45274 | 0.44 | 0.44 | 0.44 | 0.44 | 1.85 | 31 |
| 10.62 | 4.23 | 173343 | 0.54 | 0.54 | 0.54 | 0.54 | 3.58 | 24 |
| 10.56 | 1.85 | 74147 | 0.54 | 0.54 | 0.54 | 0.54 | 3.52 | 24 |
| 10.74 | 5.90 | 51383 | 0.54 | 0.54 | 0.54 | 0.54 | 3.65 | 37 |
| 10.51 | (1.40) | 27685 | 0.55 | 0.55 | 0.54 | 0.54 | 2.98 | 78 |
| 10.98 | (4.18) | 22215 | 0.54 | 0.54 | 0.54 | 0.54 | 1.75 | 31 |
| 10.62 | 3.97 | 158238 | 0.79 | 0.79 | 0.79 | 0.79 | 3.33 | 24 |
| 10.56 | 1.60 | 110269 | 0.79 | 0.79 | 0.79 | 0.79 | 3.26 | 24 |
| 10.74 | 5.63 | 61640 | 0.79 | 0.79 | 0.79 | 0.79 | 3.38 | 37 |
| 10.51 | (1.65) | 45226 | 0.80 | 0.80 | 0.79 | 0.79 | 2.70 | 78 |
| 10.98 | (4.42) | 44434 | 0.79 | 0.79 | 0.79 | 0.79 | 1.50 | 31 |
| 10.62 | 3.19 | 2656 | 1.54 | 1.54 | 1.54 | 1.54 | 2.58 | 24 |
| 10.56 | 0.84 | 2427 | 1.54 | 1.54 | 1.54 | 1.54 | 2.53 | 24 |
| 10.74 | 4.85 | 2702 | 1.54 | 1.54 | 1.54 | 1.54 | 2.63 | 37 |
| 10.51 | (2.39) | 2104 | 1.55 | 1.55 | 1.54 | 1.54 | 1.90 | 78 |
| 10.98 | (5.14) | 2895 | 1.54 | 1.54 | 1.54 | 1.54 | 0.76 | 31 |
| $9.71 | 3.88% | $186099 | 0.33% | 0.33% | 0.33% | 0.33% | 2.87% | 54% |
| 9.62 | 2.83 | 102684 | 0.33 | 0.33 | 0.33 | 0.33 | 2.90 | 47 |
| 9.63 | 2.87 | 83368 | 0.33 | 0.33 | 0.33 | 0.33 | 2.60 | 23 |
| 9.61 | 1.44 | 129990 | 0.33 | 0.33 | 0.33 | 0.33 | 1.85 | 57 |
| 9.65 | (2.09) | 102037 | 0.33 | 0.33 | 0.33 | 0.33 | 0.98 | 53 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

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------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO California Short Duration Municipal Income Fund (Cont.)** |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.62 | $0.27 | $0.09 | $0.36 | $(0.27) | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.27 | (0.01) | 0.26 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.24 | 0.02 | 0.26 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.17 | (0.04) | 0.13 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.09 | (0.31) | (0.22) | (0.09) | 0.00 | (0.09) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.62 | 0.24 | 0.09 | 0.33 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.63 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.61 | 0.21 | 0.02 | 0.23 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.65 | 0.13 | (0.03) | 0.10 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.96 | 0.06 | (0.31) | (0.25) | (0.06) | 0.00 | (0.06) |
|  **PIMCO High Yield Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.40 | $0.39 | $(0.09) | $0.30 | $(0.38) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.38 | (0.10) | 0.28 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.40 | 0.21 | 0.61 | (0.40) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.77) | (0.39) | (0.38) | (0.01) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.32 | (0.53) | (0.21) | (0.31) | (0.08) | (0.39) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.40 | 0.38 | (0.09) | 0.29 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.37 | (0.77) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.31 | (0.53) | (0.22) | (0.30) | (0.08) | (0.38) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.40 | 0.37 | (0.08) | 0.29 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.37 | (0.10) | 0.27 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.39 | 0.21 | 0.60 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.38 | (0.78) | (0.40) | (0.37) | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 10.05 | 0.25 | (0.95) | (0.70) | (0.20) | (0.08) | (0.28) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.40 | 0.36 | (0.08) | 0.28 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.36 | (0.11) | 0.25 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.38 | 0.20 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.35 | (0.77) | (0.42) | (0.35) | (0.01) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.29 | (0.53) | (0.24) | (0.28) | (0.08) | (0.36) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.40 | 0.30 | (0.09) | 0.21 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.50 | 0.29 | (0.10) | 0.19 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.29 | 0.31 | 0.21 | 0.52 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.07 | 0.29 | (0.77) | (0.48) | (0.29) | (0.01) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.67 | 0.22 | (0.54) | (0.32) | (0.20) | (0.08) | (0.28) |
|  **PIMCO Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.30 | $0.38 | $0.05 | $0.43 | $(0.38) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.38 | (0.18) | 0.20 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.21 | 0.58 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.50) | (0.19) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.23 | (0.63) | (0.40) | (0.22) | 0.00 | (0.22) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.30 | 0.37 | 0.05 | 0.42 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.37 | (0.18) | 0.19 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.36 | 0.21 | 0.57 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.22 | (0.63) | (0.41) | (0.21) | 0.00 | (0.21) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $9.71 | 3.78% | $28517 | 0.43% | 0.43% | 0.43% | 0.43% | 2.77% | 54% |
| 9.62 | 2.73 | 20131 | 0.43 | 0.43 | 0.43 | 0.43 | 2.81 | 47 |
| 9.63 | 2.77 | 19955 | 0.43 | 0.43 | 0.43 | 0.43 | 2.50 | 23 |
| 9.61 | 1.34 | 31976 | 0.43 | 0.43 | 0.43 | 0.43 | 1.74 | 57 |
| 9.65 | (2.18) | 27684 | 0.43 | 0.43 | 0.43 | 0.43 | 0.89 | 53 |
| 9.71 | 3.47 | 18214 | 0.73 | 0.73 | 0.73 | 0.73 | 2.48 | 54 |
| 9.62 | 2.42 | 17091 | 0.73 | 0.73 | 0.73 | 0.73 | 2.51 | 47 |
| 9.63 | 2.47 | 19310 | 0.73 | 0.73 | 0.73 | 0.73 | 2.22 | 23 |
| 9.61 | 1.03 | 20070 | 0.73 | 0.73 | 0.73 | 0.73 | 1.40 | 57 |
| 9.65 | (2.48) | 24755 | 0.73 | 0.73 | 0.73 | 0.73 | 0.59 | 53 |
| $8.32 | 3.69% | $2765091 | 0.55% | 0.55% | 0.55% | 0.55% | 4.63% | 57% |
| 8.40 | 3.31 | 2517725 | 0.55 | 0.55 | 0.55 | 0.55 | 4.48 | 21 |
| 8.50 | 7.59 | 1916467 | 0.56 | 0.56 | 0.55 | 0.55 | 4.86 | 34 |
| 8.29 | (4.22) | 1298587 | 0.60 | 0.60 | 0.55 | 0.55 | 4.51 | 72 |
| 9.07 | (2.39) | 1290792 | 0.57 | 0.57 | 0.55 | 0.55 | 3.28 | 34 |
| 8.32 | 3.59 | 1749361 | 0.65 | 0.65 | 0.65 | 0.65 | 4.53 | 57 |
| 8.40 | 3.21 | 1530534 | 0.65 | 0.65 | 0.65 | 0.65 | 4.39 | 21 |
| 8.50 | 7.48 | 1204853 | 0.66 | 0.66 | 0.65 | 0.65 | 4.76 | 34 |
| 8.29 | (4.32) | 594074 | 0.70 | 0.70 | 0.65 | 0.65 | 4.38 | 72 |
| 9.07 | (2.49) | 601652 | 0.67 | 0.67 | 0.65 | 0.65 | 3.20 | 34 |
| 8.32 | 3.54 | 65423 | 0.70 | 0.75 | 0.70 | 0.75 | 4.47 | 57 |
| 8.40 | 3.16 | 74339 | 0.70 | 0.75 | 0.70 | 0.75 | 4.32 | 21 |
| 8.50 | 7.43 | 46414 | 0.71 | 0.76 | 0.70 | 0.75 | 4.72 | 34 |
| 8.29 | (4.36) | 16569 | 0.75 | 0.80 | 0.70 | 0.75 | 4.56 | 72 |
| 9.07 | (7.06) | 905 | 0.72 \* | 0.77 \* | 0.70 \* | 0.75 \* | 3.99 | 34 |
| 8.32 | 3.38 | 1404210 | 0.85 | 0.85 | 0.85 | 0.85 | 4.33 | 57 |
| 8.40 | 3.00 | 1384873 | 0.85 | 0.85 | 0.85 | 0.85 | 4.18 | 21 |
| 8.50 | 7.27 | 983868 | 0.86 | 0.86 | 0.85 | 0.85 | 4.56 | 34 |
| 8.29 | (4.51) | 736046 | 0.90 | 0.90 | 0.85 | 0.85 | 4.17 | 72 |
| 9.07 | (2.69) | 838154 | 0.87 | 0.87 | 0.85 | 0.85 | 2.99 | 34 |
| 8.32 | 2.61 | 54094 | 1.60 | 1.60 | 1.60 | 1.60 | 3.57 | 57 |
| 8.40 | 2.24 | 60176 | 1.60 | 1.60 | 1.60 | 1.60 | 3.45 | 21 |
| 8.50 | 6.48 | 57503 | 1.61 | 1.61 | 1.60 | 1.60 | 3.81 | 34 |
| 8.29 | (5.23) | 49975 | 1.65 | 1.65 | 1.60 | 1.60 | 3.41 | 72 |
| 9.07 | (3.42) | 59579 | 1.62 | 1.62 | 1.60 | 1.60 | 2.23 | 34 |
| $9.35 | 4.66% | $1979964 | 0.44% | 0.44% | 0.44% | 0.44% | 4.03% | 56% |
| 9.30 | 2.15 | 1416452 | 0.44 | 0.44 | 0.44 | 0.44 | 3.97 | 25 |
| 9.47 | 6.38 | 1095605 | 0.44 | 0.44 | 0.44 | 0.44 | 4.00 | 59 |
| 9.26 | (1.88) | 659435 | 0.47 | 0.47 | 0.44 | 0.44 | 3.35 | 85 |
| 9.76 | (3.93) | 736281 | 0.45 | 0.45 | 0.44 | 0.44 | 2.17 | 41 |
| 9.35 | 4.56 | 1847222 | 0.54 | 0.54 | 0.54 | 0.54 | 3.93 | 56 |
| 9.30 | 2.05 | 1556885 | 0.54 | 0.54 | 0.54 | 0.54 | 3.86 | 25 |
| 9.47 | 6.27 | 833426 | 0.54 | 0.54 | 0.54 | 0.54 | 3.89 | 59 |
| 9.26 | (1.98) | 695029 | 0.57 | 0.57 | 0.54 | 0.54 | 3.29 | 85 |
| 9.76 | (4.02) | 516234 | 0.55 | 0.55 | 0.54 | 0.54 | 2.07 | 41 |

---

---

| | | |
|:---|:---|:---|
| **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>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Municipal Bond Fund (Cont.)** |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.30 | $0.36 | $0.05 | $0.41 | $(0.36) | $0.00 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.36 | (0.17) | 0.19 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.37 | 0.19 | 0.56 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.31 | (0.51) | (0.20) | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 10.64 | 0.16 | (0.90) | (0.74) | (0.14) | 0.00 | (0.14) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.30 | 0.35 | 0.05 | 0.40 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.35 | (0.18) | 0.17 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.34 | 0.21 | 0.55 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.28 | (0.50) | (0.22) | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.19 | (0.62) | (0.43) | (0.19) | 0.00 | (0.19) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.30 | 0.30 | 0.05 | 0.35 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.30 | (0.17) | 0.13 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.26 | 0.29 | 0.21 | 0.50 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.76 | 0.24 | (0.51) | (0.27) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.38 | 0.14 | (0.62) | (0.48) | (0.14) | 0.00 | (0.14) |
|  **PIMCO National Intermediate Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.22 | $0.37 | $0.12 | $0.49 | $(0.37) | $0.00 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.38 | (0.18) | 0.20 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.13 | 0.49 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.29 | (0.11) | 0.18 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.21 | (0.65) | (0.44) | (0.21) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.22 | 0.36 | 0.12 | 0.48 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.36 | (0.17) | 0.19 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.36 | 0.12 | 0.48 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.26 | (0.09) | 0.17 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.20 | (0.65) | (0.45) | (0.20) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.22 | 0.34 | 0.12 | 0.46 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.34 | (0.18) | 0.16 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.33 | 0.13 | 0.46 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.24 | (0.10) | 0.14 | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.17 | (0.65) | (0.48) | (0.17) | 0.00 | (0.17) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.22 | 0.28 | 0.12 | 0.40 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.29 | (0.18) | 0.11 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.27 | 0.28 | 0.13 | 0.41 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.36 | 0.19 | (0.10) | 0.09 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.01 | 0.12 | (0.65) | (0.53) | (0.12) | 0.00 | (0.12) |
|  **PIMCO New York Municipal Bond Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.61 | $0.39 | $0.03 | $0.42 | $(0.39) | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.39 | (0.24) | 0.15 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.39 | 0.16 | 0.55 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.42) | (0.10) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.23 | (0.64) | (0.41) | (0.23) | 0.00 | (0.23) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.61 | 0.38 | 0.03 | 0.41 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.38 | (0.24) | 0.14 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.16 | 0.54 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.32 | (0.43) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.22 | (0.65) | (0.43) | (0.21) | 0.00 | (0.21) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
| | | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup> | Total Return<sup>(d)</sup> | Net Assets<br>End of Year or<br>Period (000s) | Expenses | Expenses<br>Excluding<br>Waivers | Expenses<br>Excluding<br>Interest<br>Expense | Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover Rate |
| $9.35 | 4.51% | $45875 | 0.59% | 0.64% | 0.59% | 0.64% | 3.88% | 56% |
| 9.30 | 2.00 | 26800 | 0.59 | 0.64 | 0.59 | 0.64 | 3.79 | 25 |
| 9.47 | 6.22 | 9865 | 0.59 | 0.64 | 0.59 | 0.64 | 3.94 | 59 |
| 9.26 | (2.03) | 1643 | 0.62 | 0.67 | 0.59 | 0.64 | 3.37 | 85 |
| 9.76 | (7.00) | 535 | 0.60 \* | 0.65 \* | 0.59 \* | 0.64 \* | 2.47 \* | 41 |
| 9.35 | 4.34 | 933659 | 0.75 | 0.75 | 0.75 | 0.75 | 3.72 | 56 |
| 9.30 | 1.83 | 785436 | 0.75 | 0.75 | 0.75 | 0.75 | 3.66 | 25 |
| 9.47 | 6.05 | 645072 | 0.75 | 0.75 | 0.75 | 0.75 | 3.67 | 59 |
| 9.26 | (2.19) | 541571 | 0.78 | 0.78 | 0.75 | 0.75 | 3.04 | 85 |
| 9.76 | (4.23) | 637217 | 0.76 | 0.76 | 0.75 | 0.75 | 1.84 | 41 |
| 9.35 | 3.82 | 32801 | 1.25 | 1.25 | 1.25 | 1.25 | 3.22 | 56 |
| 9.30 | 1.33 | 31606 | 1.25 | 1.25 | 1.25 | 1.25 | 3.17 | 25 |
| 9.47 | 5.53 | 29913 | 1.25 | 1.25 | 1.25 | 1.25 | 3.17 | 59 |
| 9.26 | (2.68) | 30867 | 1.28 | 1.28 | 1.25 | 1.25 | 2.53 | 85 |
| 9.76 | (4.70) | 37528 | 1.26 | 1.26 | 1.25 | 1.25 | 1.35 | 41 |
| $10.34 | 4.87% | $938163 | 0.45% | 0.45% | 0.45% | 0.45% | 3.60% | 36% |
| 10.22 | 1.90 | 628265 | 0.45 | 0.45 | 0.45 | 0.45 | 3.63 | 20 |
| 10.40 | 4.91 | 441816 | 0.45 | 0.45 | 0.45 | 0.45 | 3.57 | 47 |
| 10.27 | 1.81 | 332824 | 0.45 | 0.45 | 0.45 | 0.45 | 2.89 | 68 |
| 10.36 | (4.06) | 89322 | 0.45 | 0.45 | 0.45 | 0.45 | 1.91 | 27 |
| 10.34 | 4.77 | 335284 | 0.55 | 0.55 | 0.55 | 0.55 | 3.50 | 36 |
| 10.22 | 1.80 | 176827 | 0.55 | 0.55 | 0.55 | 0.55 | 3.51 | 20 |
| 10.40 | 4.81 | 99845 | 0.55 | 0.55 | 0.55 | 0.55 | 3.49 | 47 |
| 10.27 | 1.70 | 48769 | 0.55 | 0.55 | 0.55 | 0.55 | 2.58 | 68 |
| 10.36 | (4.16) | 40567 | 0.55 | 0.55 | 0.55 | 0.55 | 1.81 | 27 |
| 10.34 | 4.51 | 168253 | 0.80 | 0.80 | 0.80 | 0.80 | 3.25 | 36 |
| 10.22 | 1.55 | 118602 | 0.80 | 0.80 | 0.80 | 0.80 | 3.28 | 20 |
| 10.40 | 4.55 | 92710 | 0.80 | 0.80 | 0.80 | 0.80 | 3.22 | 47 |
| 10.27 | 1.45 | 64286 | 0.80 | 0.80 | 0.80 | 0.80 | 2.35 | 68 |
| 10.36 | (4.40) | 51778 | 0.80 | 0.80 | 0.80 | 0.80 | 1.57 | 27 |
| 10.34 | 3.99 | 5081 | 1.30 | 1.30 | 1.30 | 1.30 | 2.75 | 36 |
| 10.22 | 1.04 | 4773 | 1.30 | 1.30 | 1.30 | 1.30 | 2.79 | 20 |
| 10.40 | 4.03 | 5009 | 1.30 | 1.30 | 1.30 | 1.30 | 2.74 | 47 |
| 10.27 | 0.94 | 2656 | 1.30 | 1.30 | 1.30 | 1.30 | 1.87 | 68 |
| 10.36 | (4.87) | 2237 | 1.30 | 1.30 | 1.30 | 1.30 | 1.06 | 27 |
| $10.64 | 4.08% | $303392 | 0.445% | 0.445% | 0.445% | 0.445% | 3.72% | 44% |
| 10.61 | 1.34 | 290696 | 0.445 | 0.445 | 0.445 | 0.445 | 3.57 | 14 |
| 10.85 | 5.25 | 235716 | 0.445 | 0.445 | 0.445 | 0.445 | 3.69 | 18 |
| 10.69 | (0.78) | 142333 | 0.455 | 0.455 | 0.445 | 0.445 | 3.03 | 64 |
| 11.11 | (3.62) | 190751 | 0.445 | 0.445 | 0.445 | 0.445 | 1.95 | 23 |
| 10.64 | 3.97 | 183218 | 0.545 | 0.545 | 0.545 | 0.545 | 3.62 | 44 |
| 10.61 | 1.24 | 149839 | 0.545 | 0.545 | 0.545 | 0.545 | 3.47 | 14 |
| 10.85 | 5.14 | 108170 | 0.545 | 0.545 | 0.545 | 0.545 | 3.59 | 18 |
| 10.69 | (0.88) | 69923 | 0.555 | 0.555 | 0.545 | 0.545 | 2.97 | 64 |
| 11.11 | (3.71) | 72230 | 0.545 | 0.545 | 0.545 | 0.545 | 1.84 | 23 |

---

---

| | | |
|:---|:---|:---|
| **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>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO New York Municipal Bond Fund (Cont.)** |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.61 | $0.38 | $0.03 | $0.41 | $(0.38) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.37 | (0.24) | 0.13 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.38 | 0.15 | 0.53 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.34 | (0.45) | (0.11) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 12.03 | 0.16 | (0.94) | (0.78) | (0.14) | 0.00 | (0.14) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.61 | 0.36 | 0.03 | 0.39 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.35 | (0.24) | 0.11 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.35 | 0.16 | 0.51 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.29 | (0.42) | (0.13) | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.19 | (0.64) | (0.45) | (0.19) | 0.00 | (0.19) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.61 | 0.28 | 0.03 | 0.31 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.85 | 0.27 | (0.24) | 0.03 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.69 | 0.27 | 0.16 | 0.43 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.11 | 0.21 | (0.42) | (0.21) | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.75 | 0.10 | (0.64) | (0.54) | (0.10) | 0.00 | (0.10) |
|  **PIMCO Short Duration Municipal Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.29 | $0.27 | $0.07 | $0.34 | $(0.28) | $0.00 | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.28 | (0.01) | 0.27 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.03 | 0.29 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.06) | 0.11 | (0.17) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.09 | (0.25) | (0.16) | (0.09) | 0.00 | (0.09) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.29 | 0.27 | 0.06 | 0.33 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.27 | (0.01) | 0.26 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.25 | 0.03 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.16 | (0.06) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.08 | (0.25) | (0.17) | (0.08) | 0.00 | (0.08) |
| I-3 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.29 | 0.26 | 0.06 | 0.32 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.26 | (0.01) | 0.25 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.26 | 0.02 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.17 | (0.07) | 0.10 | (0.16) | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/2021 - 03/31/2022 | 8.61 | 0.05 | (0.28) | (0.23) | (0.05) | 0.00 | (0.05) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.29 | 0.24 | 0.06 | 0.30 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.24 | (0.01) | 0.23 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.22 | 0.03 | 0.25 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.13 | (0.05) | 0.08 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.05 | (0.25) | (0.20) | (0.05) | 0.00 | (0.05) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.29 | 0.22 | 0.06 | 0.28 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.22 | (0.01) | 0.21 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.20 | 0.03 | 0.23 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.11 | (0.06) | 0.05 | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.03 | (0.25) | (0.22) | (0.03) | 0.00 | (0.03) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $10.64 | 3.92% | $3137 | 0.595% | 0.645% | 0.595% | 0.645% | 3.57% | 44% |
| 10.61 | 1.19 | 1554 | 0.595 | 0.645 | 0.595 | 0.645 | 3.41 | 14 |
| 10.85 | 5.09 | 1183 | 0.595 | 0.645 | 0.595 | 0.645 | 3.54 | 18 |
| 10.69 | (0.93) | 577 | 0.605 | 0.655 | 0.595 | 0.645 | 3.15 | 64 |
| 11.11 | (6.54) | 117 | 0.595 \* | 0.645 \* | 0.595 \* | 0.645 \* | 2.10 \* | 23 |
| 10.64 | 3.74 | 463317 | 0.775 | 0.775 | 0.775 | 0.775 | 3.39 | 44 |
| 10.61 | 1.01 | 423243 | 0.775 | 0.775 | 0.775 | 0.775 | 3.23 | 14 |
| 10.85 | 4.90 | 303563 | 0.775 | 0.775 | 0.775 | 0.775 | 3.34 | 18 |
| 10.69 | (1.11) | 254890 | 0.785 | 0.785 | 0.775 | 0.775 | 2.72 | 64 |
| 11.11 | (3.94) | 321595 | 0.775 | 0.775 | 0.775 | 0.775 | 1.61 | 23 |
| 10.64 | 2.96 | 7215 | 1.525 | 1.525 | 1.525 | 1.525 | 2.64 | 44 |
| 10.61 | 0.26 | 10132 | 1.525 | 1.525 | 1.525 | 1.525 | 2.50 | 14 |
| 10.85 | 4.12 | 11961 | 1.525 | 1.525 | 1.525 | 1.525 | 2.58 | 18 |
| 10.69 | (1.85) | 15638 | 1.535 | 1.535 | 1.525 | 1.525 | 1.98 | 64 |
| 11.11 | (4.66) | 18104 | 1.525 | 1.525 | 1.525 | 1.525 | 0.86 | 23 |
| $8.35 | 4.11% | $250148 | 0.33% | 0.33% | 0.33% | 0.33% | 3.28% | 45% |
| 8.29 | 3.25 | 178878 | 0.33 | 0.33 | 0.33 | 0.33 | 3.33 | 41 |
| 8.30 | 3.55 | 221663 | 0.33 | 0.33 | 0.33 | 0.33 | 3.15 | 49 |
| 8.27 | 1.35 | 194899 | 0.33 | 0.33 | 0.33 | 0.33 | 2.01 | 73 |
| 8.33 | (1.90) | 189441 | 0.33 | 0.33 | 0.33 | 0.33 | 1.02 | 51 |
| 8.35 | 4.01 | 187180 | 0.43 | 0.43 | 0.43 | 0.43 | 3.18 | 45 |
| 8.29 | 3.15 | 114994 | 0.43 | 0.43 | 0.43 | 0.43 | 3.22 | 41 |
| 8.30 | 3.44 | 99771 | 0.43 | 0.43 | 0.43 | 0.43 | 3.02 | 49 |
| 8.27 | 1.24 | 113751 | 0.43 | 0.43 | 0.43 | 0.43 | 1.91 | 73 |
| 8.33 | (2.00) | 109765 | 0.43 | 0.43 | 0.43 | 0.43 | 0.92 | 51 |
| 8.35 | 3.96 | 14548 | 0.48 | 0.53 | 0.48 | 0.53 | 3.13 | 45 |
| 8.29 | 3.10 | 12352 | 0.48 | 0.53 | 0.48 | 0.53 | 3.17 | 41 |
| 8.30 | 3.40 | 9511 | 0.48 | 0.53 | 0.48 | 0.53 | 3.16 | 49 |
| 8.27 | 1.18 | 32 | 0.48 | 0.53 | 0.48 | 0.53 | 2.11 | 73 |
| 8.33 | (2.69) | 10 | 0.48 \* | 0.53 \* | 0.48 \* | 0.53 \* | 0.85 \* | 51 |
| 8.35 | 3.70 | 141170 | 0.73 | 0.73 | 0.73 | 0.73 | 2.88 | 45 |
| 8.29 | 2.84 | 111551 | 0.73 | 0.73 | 0.73 | 0.73 | 2.92 | 41 |
| 8.30 | 3.14 | 100557 | 0.73 | 0.73 | 0.73 | 0.73 | 2.72 | 49 |
| 8.27 | 0.94 | 140520 | 0.73 | 0.73 | 0.73 | 0.73 | 1.60 | 73 |
| 8.33 | (2.29) | 191066 | 0.73 | 0.73 | 0.73 | 0.73 | 0.62 | 51 |
| 8.35 | 3.39 | 2212 | 1.03 | 1.03 | 1.03 | 1.03 | 2.58 | 45 |
| 8.29 | 2.53 | 2299 | 1.03 | 1.03 | 1.03 | 1.03 | 2.63 | 41 |
| 8.30 | 2.83 | 3530 | 1.03 | 1.03 | 1.03 | 1.03 | 2.43 | 49 |
| 8.27 | 0.64 | 4088 | 1.03 | 1.03 | 1.03 | 1.03 | 1.33 | 73 |
| 8.33 | (2.59) | 4649 | 1.03 | 1.03 | 1.03 | 1.03 | 0.33 | 51 |

---

---

| | | |
|:---|:---|:---|
| **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>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Short Duration Municipal Income Fund (Cont.)** |  |  |  |  |  |  |  |
| Class C-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.29 | $0.20 | $0.06 | $0.26 | $(0.20) | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.30 | 0.20 | (0.01) | 0.19 | (0.20) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.27 | 0.18 | 0.03 | 0.21 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.33 | 0.09 | (0.05) | 0.04 | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.58 | 0.01 | (0.25) | (0.24) | (0.01) | 0.00 | (0.01) |

---

---

| | |
|:---|:---|
| ^ | 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' 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 and Variable Contract fees or expenses.. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover Rate** |
| $8.35 | 3.18% | $359 | 1.23% | 1.23% | 1.23% | 1.23% | 2.38% | 45% |
| 8.29 | 2.33 | 286 | 1.23 | 1.23 | 1.23 | 1.23 | 2.43 | 41 |
| 8.30 | 2.62 | 154 | 1.23 | 1.23 | 1.23 | 1.23 | 2.23 | 49 |
| 8.27 | 0.44 | 114 | 1.23 | 1.23 | 1.23 | 1.23 | 1.06 | 73 |
| 8.33 | (2.78) | 167 | 1.23 | 1.23 | 1.23 | 1.23 | 0.13 | 51 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO**<br> **High Yield<br>Municipal<br>Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $312013 | $525081 | $211534 | $5597965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 18811 | 37871 | 21277 | 450712 |
|  Cash | 0 | 604 | 0 | 1 |
|  Deposits with counterparty | 0 | 0 | 0 | 0 |
|  Receivable for investments sold | 3 | 0 | 2 | 19192 |
|  Receivable for Fund shares sold | 193 | 791 | 898 | 11042 |
|  Interest and/or dividends receivable | 2919 | 4955 | 2159 | 71037 |
|  Dividends receivable from Affiliates | 70 | 146 | 66 | 1580 |
|  Reimbursement receivable from PIMCO | 0 | 0 | 0 | 2 |
|  **Total Assets** | 334009 | 569448 | 235936 | 6151531 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments purchased | $2925 | $2824 | $2025 | $2369 |
|  Payable for investments in Affiliates purchased | 72 | 150 | 68 | 1627 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 85050 |
|  Payable for Fund shares redeemed | 270 | 687 | 895 | 18955 |
|  Distributions payable | 157 | 7 | 48 | 2008 |
|  Accrued investment advisory fees | 61 | 98 | 34 | 1523 |
|  Accrued supervisory and administrative fees | 70 | 135 | 33 | 1486 |
|  Accrued distribution fees | 1 | 2 | 0 | 34 |
|  Accrued servicing fees | 17 | 33 | 3 | 300 |
|  **Total Liabilities** | 3573 | 3936 | 3106 | 113352 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $330436 | $565512 | $232830 | $6038179 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $340998 | $573345 | $239044 | $6328115 |
|  Distributable earnings (accumulated loss) | (10562) | (7833) | (6214) | (289936) |
|  **Net Assets** | $330436 | $565512 | $232830 | $6038179 |
|  Cost of investments in securities | $309732 | $523745 | $210692 | $5692839 |
|  Cost of investments in Affiliates | $18811 | $37866 | $21269 | $450603 |

---

---

| | |
|:---|:---|
| <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 TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO**<br> **Short Duration<br>Municipal<br>Income Fund** |
| $4371984 | $1307701 | $937893 | $539415 |
| 414240 | 122609 | 11030 | 52437 |
| 0 | 646 | 0 | 0 |
| 0 | 0 | 5 | 0 |
| 0 | 2 | 0 | 5 |
| 15442 | 6269 | 2289 | 5071 |
| 50215 | 14278 | 10623 | 5622 |
| 1473 | 419 | 82 | 196 |
| 2 | 0 | 0 | 1 |
| 4853356 | 1451924 | 961922 | 602747 |
| $0 | $0 | $0 | $3170 |
| 1516 | 431 | 83 | 201 |
| 0 | 0 | 0 | 0 |
| 9042 | 4006 | 1032 | 3525 |
| 1110 | 93 | 26 | 10 |
| 796 | 261 | 179 | 87 |
| 1160 | 314 | 221 | 107 |
| 13 | 2 | 4 | 1 |
| 198 | 36 | 98 | 29 |
| 13835 | 5143 | 1643 | 7130 |
| $4839521 | $1446781 | $960279 | $595617 |
| $4960932 | $1451594 | $1001265 | $611072 |
| (121411) | (4813) | (40986) | (15455) |
| $4839521 | $1446781 | $960279 | $595617 |
| $4319649 | $1291264 | $939637 | $535804 |
| $414157 | $122593 | $11029 | $52426 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO**<br> **High Yield<br>Municipal<br>Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $183386 | $231275 | $186099 | $2765091 |
|  I-2 | 61391 | 173343 | 28517 | 1749361 |
|  I-3 | N/A | N/A | N/A | 65423 |
|  Class A | 84383 | 158238 | 18214 | 1404210 |
|  Class C | 1276 | 2656 | N/A | 54094 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 19658 | 21771 | 19169 | 332331 |
|  I-2 | 6581 | 16317 | 2937 | 210258 |
|  I-3 | N/A | N/A | N/A | 7863 |
|  Class A | 9045 | 14895 | 1876 | 168773 |
|  Class C | 137 | 250 | N/A | 6502 |
|  Class C-2 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $9.33 | $10.62 | $9.71 | $8.32 |
|  I-2 | 9.33 | 10.62 | 9.71 | 8.32 |
|  I-3 | N/A | N/A | N/A | 8.32 |
|  Class A | 9.33 | 10.62 | 9.71 | 8.32 |
|  Class C | 9.33 | 10.62 | N/A | 8.32 |
|  Class C-2 | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO**<br> **Short Duration<br>Municipal<br>Income Fund** |
| $1979964 | $938163 | $303392 | $250148 |
| 1847222 | 335284 | 183218 | 187180 |
| 45875 | N/A | 3137 | 14548 |
| 933659 | 168253 | 463317 | 141170 |
| 32801 | 5081 | 7215 | 2212 |
| N/A | N/A | N/A | 359 |
| 211804 | 90746 | 28515 | 29953 |
| 197604 | 32431 | 17220 | 22413 |
| 4907 | N/A | 295 | 1742 |
| 99877 | 16275 | 43546 | 16904 |
| 3509 | 492 | 678 | 265 |
| N/A | N/A | N/A | 43 |
| $9.35 | $10.34 | $10.64 | $8.35 |
| 9.35 | 10.34 | 10.64 | 8.35 |
| 9.35 | N/A | 10.64 | 8.35 |
| 9.35 | 10.34 | 10.64 | 8.35 |
| 9.35 | 10.34 | 10.64 | 8.35 |
| N/A | N/A | N/A | 8.35 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO**<br> **High Yield<br>Municipal<br>Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $9245 | $17504 | $5248 | $278625 |
|  Dividends | 21 | 0 | 22 | 110 |
|  Dividends from Investments in Affiliates | 698 | 1135 | 986 | 16829 |
|  Miscellaneous income | 0 | 0 | 0 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 9964 | 18639 | 6256 | 295732 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 583 | 947 | 351 | 17126 |
|  Supervisory and administrative fees | 667 | 1299 | 345 | 16739 |
|  Distribution and/or servicing fees - Class A | 155 | 332 | 47 | 3401 |
|  Distribution and/or servicing fees - Class C | 17 | 25 | 0 | 558 |
|  Distribution and/or servicing fees - Class C-2 | 0 | 0 | 0 | 0 |
|  Trustee fees | 2 | 3 | 1 | 36 |
|  Interest expense | 0 | 13 | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1424 | 2619 | 747 | 37862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | 0 | 0 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1424 | 2619 | 747 | 37828 |
|  **Net Investment Income (Loss)** | 8540 | 16020 | 5509 | 257904 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (349) | (701) | 22 | (44725) |
|  Investments in Affiliates | (2) | (2) | 0 | 26 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 222 | 0 | (586) |
|  **Net Realized Gain (Loss)** | (351) | (481) | 22 | (45285) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 1820 | 2970 | 1650 | (19214) |
|  Investments in Affiliates | 1 | 1 | 6 | 100 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | 140 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1821 | 2971 | 1656 | (18974) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10010 | $18510 | $7187 | $193645 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br> **Municipal<br>Bond Fund** | **PIMCO**<br> **National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO**<br> **New York**<br> **Municipal**<br> **Bond Fund** | **PIMCO**<br> **Short Duration<br>Municipal<br>Income Fund** |
| $181031 | $44192 | $36386 | $16173 |
| 33 | 0 | 26 | 25 |
| 11889 | 3352 | 1313 | 1973 |
| 0 | 0 | 0 | 0 |
| 192953 | 47544 | 37725 | 18171 |
| 8612 | 2580 | 2036 | 904 |
| 12597 | 3100 | 2510 | 1137 |
| 2094 | 344 | 1079 | 316 |
| 236 | 36 | 82 | 12 |
| 0 | 0 | 0 | 2 |
| 25 | 7 | 6 | 3 |
| 157 | 0 | 28 | 3 |
| 23721 | 6067 | 5741 | 2377 |
| (19) | 0 | (1) | (7) |
| 23702 | 6067 | 5740 | 2370 |
| 169251 | 41477 | 31985 | 15801 |
| (32261) | (2100) | (5502) | 726 |
| 74 | (1) | 22 | 0 |
| 1894 | (6) | 465 | 0 |
| (30293) | (2107) | (5015) | 726 |
| 48077 | 12437 | 6979 | 2537 |
| 36 | 10 | (12) | 8 |
| 87 | 21 | 0 | 0 |
| 48200 | 12468 | 6967 | 2545 |
| $187158 | $51838 | $33937 | $19072 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **California Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **California Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **California**<br> **Municipal Bond Fund** | **PIMCO**<br> **California**<br> **Municipal Bond Fund** | **PIMCO**<br> **California Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **California Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **High Yield**<br> **Municipal Bond Fund** | **PIMCO**<br> **High Yield**<br> **Municipal Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 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) | $8540 | $6216 | $16020 | $9132 | $5509 | $3662 | $257904 | $219241 |
|  Net realized gain (loss) | (351) | (279) | (481) | (377) | 22 | (81) | (45285) | 2676 |
|  Net change in unrealized appreciation (depreciation) | 1821 | (3026) | 2971 | (5409) | 1656 | (172) | (18974) | (76986) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 10010 | 2911 | 18510 | 3346 | 7187 | 3409 | 193645 | 144931 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5066) | (4003) | (6981) | (3716) | (4382) | (2605) | (119694) | (101146) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1521) | (787) | (4524) | (2129) | (669) | (575) | (73117) | (61878) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | (2988) | (2582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1906) | (1332) | (4432) | (3195) | (463) | (475) | (58437) | (49150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (41) | (61) | (65) | (70) | N/A | N/A | (1977) | (2032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (8534) | (6183) | (16002) | (9110) | (5514) | (3655) | (256213) | (216788) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 131087 | 9803 | 227324 | 169886 | 91251 | 17519 | 533100 | 1430399 |
|  **Total Increase (Decrease) in Net Assets** | 132563 | 6531 | 229832 | 164122 | 92924 | 17273 | 470532 | 1358542 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 197873 | 191342 | 335680 | 171558 | 139906 | 122633 | 5567647 | 4209105 |
|  End of year | $330436 | $197873 | $565512 | $335680 | $232830 | $139906 | $6038179 | $5567647 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Municipal Bond Fund** | **PIMCO**<br> **Municipal Bond Fund** | **PIMCO**<br> **National Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **National Intermediate**<br> **Municipal Bond Fund** | **PIMCO**<br> **New York**<br> **Municipal Bond Fund** | **PIMCO**<br> **New York**<br> **Municipal Bond Fund** | **PIMCO**<br> **Short Duration**<br> **Municipal Income Fund** | **PIMCO**<br> **Short Duration**<br> **Municipal Income Fund** |
| **Year Ended<br>March 31, 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** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |
| $169251 | $119841 | $41477 | $27624 | $31985 | $26134 | $15801 | $12985 |
| (30293) | (1292) | (2107) | (1619) | (5015) | (896) | 726 | (212) |
| 48200 | (64236) | 12468 | (13228) | 6967 | (18866) | 2545 | (193) |
| 187158 | 54313 | 51838 | 12777 | 33937 | 6372 | 19072 | 12580 |
| (69939) | (50024) | (27734) | (19393) | (11141) | (9489) | (6543) | (6354) |
| (65542) | (40515) | (9115) | (4639) | (5937) | (4604) | (5281) | (3184) |
| (1439) | (689) | N/A | N/A | (72) | (47) | (419) | (359) |
| (31176) | (26391) | (4482) | (3409) | (14648) | (11691) | (3696) | (2996) |
| (1011) | (961) | (133) | (138) | (214) | (281) | (55) | (75) |
| N/A | N/A | N/A | N/A | N/A | N/A | (7) | (4) |
| (169107) | (118580) | (41464) | (27579) | (32012) | (26112) | (16001) | (12972) |
| 1004291 | 1267565 | 507940 | 303889 | 82890 | 234611 | 172186 | (14434) |
| 1022342 | 1203298 | 518314 | 289087 | 84815 | 214871 | 175257 | (14826) |
| 3817179 | 2613881 | 928467 | 639380 | 875464 | 660593 | 420360 | 435186 |
| $4839521 | $3817179 | $1446781 | $928467 | $960279 | $875464 | $595617 | $420360 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 94.4% | INVESTMENTS IN SECURITIES 94.4% | INVESTMENTS IN SECURITIES 94.4% |
| MUNICIPAL BONDS & NOTES 83.9% | MUNICIPAL BONDS & NOTES 83.9% | MUNICIPAL BONDS & NOTES 83.9% |
| ALABAMA 0.7% | ALABAMA 0.7% | ALABAMA 0.7% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 1500 | 1516 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 800 | 863 |
|  |  | 2379 |
| ARIZONA 0.2% | ARIZONA 0.2% | ARIZONA 0.2% |
|  Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2041 | 725 | 775 |
| CALIFORNIA 76.9% | CALIFORNIA 76.9% | CALIFORNIA 76.9% |
|  Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 | Acalanes Union High School District, California General Obligation Bonds, Series 2010 |
|  6.250% due 08/01/2035 | 250 | 278 |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2047 (c) | 2000 | 1158 |
|  Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 | Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 | Alameda County, California Joint Powers Authority Revenue Notes, Series 2023 |
|  5.000% due 12/01/2032 | 1000 | 1151 |
|  Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 | Anaheim City School District, California General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2007 |
|  0.000% due 08/01/2030 (b) | 385 | 337 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2036 | 545 | 562 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (b) | 225 | 146 |
|  0.000% due 08/01/2037 (b) | 1150 | 701 |
|  0.000% due 08/01/2038 (b) | 1755 | 1007 |
|  0.000% due 08/01/2039 (b) | 1750 | 945 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  2.350% due 04/01/2055 | 2500 | 2500 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  2.150% due 04/01/2059 | 3000 | 3000 |
|  2.350% due 04/01/2059 | 2000 | 2000 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.250% due 07/01/2043 | 2000 | 1942 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2052 | 2000 | 1997 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 3800 | 4015 |
|  5.250% due 01/01/2054 | 1000 | 1058 |
|  5.250% due 11/01/2054 | 1750 | 1847 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1055 |
|  5.000% due 01/01/2055 | 4365 | 4459 |
|  5.000% due 02/01/2055 | 3300 | 3543 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2000 | 2020 |
|  5.000% due 03/01/2056 | 2000 | 2154 |
|  California Community Choice Financing Authority Revenue Notes, Series 2025 | California Community Choice Financing Authority Revenue Notes, Series 2025 | California Community Choice Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2035 | 5900 | 6391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2038 | 1000 | 1131 |
|  California Enterprise Development Authority Revenue Notes, Series 2026 | California Enterprise Development Authority Revenue Notes, Series 2026 | California Enterprise Development Authority Revenue Notes, Series 2026 |
|  5.000% due 07/01/2033 | 2400 | 2642 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 | 1500 | 1500 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2038 | 1500 | 1451 |
|  5.000% due 11/15/2032 | 350 | 363 |
|  5.000% due 02/01/2035 | 250 | 254 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2036 | 1650 | 1669 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2032 | 1000 | 1062 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2040 | 2500 | 2688 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2035 | 2000 | 2387 |
|  5.000% due 12/01/2035 | 1000 | 1105 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 |
|  3.750% due 03/25/2035 | 1872 | 1885 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 2000 | 2012 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  2.950% due 06/01/2046 | 2750 | 2747 |
|  3.250% due 06/01/2055 | 2000 | 2006 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  1.500% due 12/01/2027 | 1900 | 1900 |
|  California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 |
|  2.350% due 12/01/2035 | 2458 | 2060 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1750 | 1745 |
|  6.000% due 03/01/2053 | 2000 | 2022 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2036 | 1100 | 1141 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 | 1250 | 1242 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 07/01/2041 | 1195 | 1237 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 1800 | 1799 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 2000 | 1992 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  2.875% due 10/01/2045 | 3200 | 3198 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  3.250% due 07/01/2051 | 4500 | 4500 |
|  3.450% due 07/01/2041 | 1600 | 1600 |
|  4.000% due 11/01/2036 | 1000 | 950 |
|  4.000% due 09/01/2040 (e) | 1500 | 1347 |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1000 | 1032 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2038 | 400 | 441 |
|  5.000% due 09/01/2054 | 500 | 514 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  2.950% due 01/01/2056 | 1800 | 1801 |
|  3.537% due 02/20/2041 | 1981 | 1693 |
|  3.998% due 11/20/2040 | 3488 | 3341 |
|  California Municipal Finance Authority Revenue Bonds, Series 2026 | California Municipal Finance Authority Revenue Bonds, Series 2026 | California Municipal Finance Authority Revenue Bonds, Series 2026 |
|  2.500% due 03/01/2046 | 3100 | 3046 |
|  California Municipal Finance Authority Revenue Notes, Series 2024 | California Municipal Finance Authority Revenue Notes, Series 2024 | California Municipal Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 270 | 279 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2044 | 625 | 637 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2040 | 1745 | 1788 |
|  5.000% due 09/01/2045 | 935 | 943 |
|  California Municipal Finance Authority Special Tax Notes, Series 2025 | California Municipal Finance Authority Special Tax Notes, Series 2025 | California Municipal Finance Authority Special Tax Notes, Series 2025 |
|  4.625% due 09/01/2035 | 500 | 501 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.450% due 11/01/2040 | 2000 | 2001 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 |
|  2.875% due 07/01/2043 | 3500 | 3495 |
|  California Pollution Control Financing Authority Revenue Notes, Series 2019 | California Pollution Control Financing Authority Revenue Notes, Series 2019 | California Pollution Control Financing Authority Revenue Notes, Series 2019 |
|  5.000% due 07/01/2029 | 855 | 880 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  4.000% due 07/15/2038 | 1500 | 1538 |
|  California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 | California School Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2034 | 300 | 310 |
|  California School Finance Authority Revenue Notes, Series 2016 | California School Finance Authority Revenue Notes, Series 2016 | California School Finance Authority Revenue Notes, Series 2016 |
|  5.000% due 06/01/2026 | 120 | 120 |
|  California School Finance Authority Revenue Notes, Series 2020 | California School Finance Authority Revenue Notes, Series 2020 | California School Finance Authority Revenue Notes, Series 2020 |
|  4.000% due 07/01/2029 | 250 | 259 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1500 | 1500 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  4.000% due 09/01/2034 | 1800 | 1805 |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  3.600% due 12/01/2035 | 560 | 569 |
|  California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 | California State General Obligation Notes, Series 2020 |
|  4.000% due 11/01/2030 | 245 | 259 |
|  California State General Obligation Notes, Series 2024 | California State General Obligation Notes, Series 2024 | California State General Obligation Notes, Series 2024 |
|  3.100% due 12/01/2033 | 300 | 299 |
|  California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2043 | 2000 | 2186 |
|  California State Public Works Board Revenue Notes, Series 2017 | California State Public Works Board Revenue Notes, Series 2017 | California State Public Works Board Revenue Notes, Series 2017 |
|  5.000% due 10/01/2027 | 220 | 229 |
|  California State Public Works Board Revenue Notes, Series 2022 | California State Public Works Board Revenue Notes, Series 2022 | California State Public Works Board Revenue Notes, Series 2022 |
|  5.000% due 08/01/2032 | 225 | 249 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1000 | 986 |
|  California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2042 | 500 | 563 |
|  5.250% due 11/01/2050 | 500 | 537 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 |
|  5.000% due 07/01/2031 | 600 | 631 |
|  California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.250% due 09/01/2067 | 1750 | 1780 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 | California Statewide Communities Development Authority Revenue Bonds, Series 2003 |
|  5.000% due 05/01/2033 | 300 | 324 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2027 | 1000 | 1002 |
|  5.000% due 05/15/2032 | 500 | 501 |
|  5.250% due 12/01/2056 | 1100 | 1100 |
|  California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 |
|  2.700% due 04/01/2032 (a) | 2325 | 2282 |
|  2.850% due 10/01/2032 (a) | 600 | 590 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2016 | California Statewide Communities Development Authority Revenue Notes, Series 2016 | California Statewide Communities Development Authority Revenue Notes, Series 2016 |
|  5.000% due 05/15/2026 | 1000 | 1002 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 2100 | 2370 |
|  California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 |
|  5.000% due 09/02/2036 | 425 | 488 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 1175 | 1211 |
|  California Statewide Communities Development Authority Special Assessment Notes, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, (AGM Insured), Series 2026 |
|  5.000% due 09/02/2032 | 455 | 508 |
|  5.000% due 09/02/2034 | 325 | 370 |
|  California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 |
|  5.000% due 09/02/2030 | 500 | 542 |
|  Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2019 |
|  5.000% due 08/01/2032 | 250 | 257 |
|  Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2034 | 325 | 376 |
|  Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 |
|  5.000% due 08/01/2034 | 3000 | 3158 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | Chino Valley Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2040 (b) | 3475 | 1890 |
|  Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 | Compton Unified School District, California General Obligation Bonds, (BAM Insured), Series 2019 |
|  0.000% due 06/01/2037 (b) | 3515 | 2229 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2035 | 100 | 106 |
|  Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2032 | 135 | 144 |
|  5.000% due 09/01/2033 | 155 | 166 |
|  5.000% due 09/01/2034 | 100 | 107 |
|  Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 | Escondido, California General Obligation Bonds, Series 2015 |
|  5.000% due 09/01/2036 | 500 | 501 |
|  Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 |
|  4.000% due 10/01/2044 | 1000 | 964 |
|  Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 | Folsom Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2016 |
|  4.000% due 08/01/2028 | 905 | 909 |
|  Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 | Gilroy Unified School District, California Certificates of Participation Notes, (BAM Insured), Series 2016 |
|  4.000% due 04/01/2026 | 330 | 330 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 | 1000 | 858 |
|  3.714% due 06/01/2041 | 1000 | 793 |
|  3.850% due 06/01/2050 | 915 | 837 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 | Hacienda, Louisiana Puente Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 06/01/2033 | 295 | 309 |
|  Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 | Huntington Beach Union High School District, California Certificates of Participation Bonds, (AGM Insured), Series 2007 |
|  0.000% due 09/01/2032 (b) | 1565 | 1274 |
|  Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 | Irvine Unified School District, California Special Tax Notes, (BAM Insured),Series 2024 |
|  5.000% due 09/01/2033 | 500 | 571 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.400% due 09/02/2029 | 2000 | 2000 |
|  Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 |
|  5.000% due 09/01/2037 | 325 | 371 |
|  5.000% due 09/01/2038 | 250 | 283 |
|  5.000% due 09/01/2039 | 250 | 282 |
|  5.000% due 09/01/2041 | 225 | 250 |
|  5.000% due 09/01/2042 | 350 | 385 |
|  Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 | Jefferson School District/San Joaquin County, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2034 | 350 | 368 |
|  Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 | Kern Community College District, California General Obligation Bonds, (AGM Insured), Series 2006 |
|  0.000% due 11/01/2028 (b) | 500 | 463 |
|  Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Notes, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2033 | 425 | 485 |
|  Lincoln, California Special Tax Bonds, Series 2025 | Lincoln, California Special Tax Bonds, Series 2025 | Lincoln, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2045 | 615 | 623 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (b) | 1750 | 1078 |
|  Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1024 |
|  Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 |
|  5.000% due 06/01/2036 | 1000 | 1118 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 900 | 907 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1500 | 1615 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2032 | 920 | 938 |
|  5.000% due 05/15/2041 | 1000 | 1001 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2031 | 1500 | 1586 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2041 | 2000 | 1942 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2017 | Los Angeles Department of Airports, California Revenue Notes, Series 2017 | Los Angeles Department of Airports, California Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1003 |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1200 | 1158 |
|  Los Angeles Housing Authority, California Revenue Bonds, Series 2025 | Los Angeles Housing Authority, California Revenue Bonds, Series 2025 | Los Angeles Housing Authority, California Revenue Bonds, Series 2025 |
|  3.000% due 01/01/2046 | 3000 | 3000 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 | Los Angeles Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2038 | 1000 | 1130 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2031 | 500 | 564 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 1500 | 1510 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 | Lynwood Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2016 |
|  5.000% due 10/01/2028 | 375 | 376 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2044 | 1000 | 1002 |
|  Mountain House Community Facilities District, California Special Tax Notes, Series 2025 | Mountain House Community Facilities District, California Special Tax Notes, Series 2025 | Mountain House Community Facilities District, California Special Tax Notes, Series 2025 |
|  4.250% due 09/01/2035 | 400 | 398 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 09/01/2039 | 1000 | 1022 |
|  Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2033 | 345 | 346 |
|  Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 |
|  4.500% due 08/01/2055 | 1000 | 984 |
|  Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 | Nipomo Community Services District, California Certificates of Participation Bonds, Series 2022 |
|  4.000% due 06/01/2036 | 405 | 417 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.348% (0.67\*US0003M + 0.720%) due 07/01/2027 ~ | 615 | 614 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2035 | 500 | 562 |
|  Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 | Pasadena Unified School District, California General Obligation Bonds, Series 2016 |
|  5.000% due 08/01/2029 | 250 | 252 |
|  Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 |
|  5.000% due 08/01/2031 | 1000 | 1096 |
|  Rancho Cordova, California Special Tax Bonds, Series 2026 | Rancho Cordova, California Special Tax Bonds, Series 2026 | Rancho Cordova, California Special Tax Bonds, Series 2026 |
|  5.000% due 09/01/2041 | 400 | 413 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 |
|  2.330% due 05/15/2045 | 3255 | 3255 |
|  2.550% due 05/15/2045 | 2500 | 2500 |
|  Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 | Rialto Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 09/01/2037 | 350 | 394 |
|  Rialto, California Special Tax Bonds, Series 2026 | Rialto, California Special Tax Bonds, Series 2026 | Rialto, California Special Tax Bonds, Series 2026 |
|  5.000% due 09/01/2041 | 200 | 206 |
|  Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 | Rio Bravo-Greeley Union School District, California General Obligation Bonds, (AGC Insured), Series 2008 |
|  0.000% due 09/01/2029 (b) | 450 | 407 |
|  Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 | Rio Elementary School District Community Facilities District, California Special Tax Bonds, Series 2014 |
|  3.250% due 09/01/2026 | 325 | 325 |
|  River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 |
|  5.000% due 09/01/2034 | 500 | 542 |
|  River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Notes, (AGM Insured), Series 2022 |
|  5.000% due 09/01/2032 | 535 | 585 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 315 | 327 |
|  5.000% due 09/01/2044 | 480 | 491 |
|  Roseville, California Special Tax Bonds, Series 2025 | Roseville, California Special Tax Bonds, Series 2025 | Roseville, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2040 | 400 | 409 |
|  5.000% due 09/01/2045 | 835 | 840 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 2500 | 2611 |
|  Sacramento County, California Airport System Revenue Notes, Series 2018 | Sacramento County, California Airport System Revenue Notes, Series 2018 | Sacramento County, California Airport System Revenue Notes, Series 2018 |
|  5.000% due 07/01/2028 | 750 | 785 |
|  San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 | San Bernardino Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2034 | 335 | 339 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

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------

Schedule of Investments PIMCO California Intermediate Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2034 | 2750 | 2955 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2039 | 1500 | 1597 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1130 | 1167 |
|  San Diego Housing Authority, Inc., California Revenue Bonds,(HUD Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(HUD Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds,(HUD Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2470 | 2444 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2035 | 400 | 403 |
|  San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2023 |
|  5.000% due 10/15/2031 | 210 | 239 |
|  San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Notes, Series 2024 |
|  5.000% due 10/15/2032 | 300 | 347 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2025 | San Diego Unified School District, California General Obligation Bonds, Series 2025 | San Diego Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 1640 | 1838 |
|  San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2041 | 2000 | 2264 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2038 | 1065 | 1100 |
|  5.000% due 05/01/2049 | 1040 | 1043 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 |
|  5.000% due 05/01/2032 | 1000 | 1099 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2035 | 1560 | 1733 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 | San Francisco, California City & County Certificates of Participation Bonds, Series 2021 |
|  4.000% due 04/01/2034 | 1000 | 1026 |
|  San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 | San Francisco, California City & County Certificates of Participation Bonds, Series 2024 |
|  5.000% due 04/01/2035 | 500 | 580 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 | 1250 | 1319 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 985 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 5400 | 5885 |
|  San Jose Financing Authority, California Revenue Notes, Series 2021 | San Jose Financing Authority, California Revenue Notes, Series 2021 | San Jose Financing Authority, California Revenue Notes, Series 2021 |
|  4.000% due 10/01/2028 | 175 | 182 |
|  San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 | San Marcos Schools Financing Authority, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2033 | 400 | 457 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2041 | 700 | 782 |
|  Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 | Santa Ana Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 08/01/2026 (b) | 380 | 376 |
|  Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 | Santa Clarita Public Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2034 | 400 | 452 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1500 | 1460 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santa Cruz County, California Redevelopment Successor Agency Tax Allocation Bonds, (BAM Insured), Series 2025 | Santa Cruz County, California Redevelopment Successor Agency Tax Allocation Bonds, (BAM Insured), Series 2025 | Santa Cruz County, California Redevelopment Successor Agency Tax Allocation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 09/01/2036 | 300 | 351 |
|  Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 | Soledad Unified School District, California General Obligation Notes, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2032 | 200 | 226 |
|  5.000% due 08/01/2034 | 330 | 380 |
|  Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 | Southwestern Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1845 | 1811 |
|  Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 | Stanislaus Union School District, California General Obligation Notes, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2031 | 370 | 412 |
|  State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 | State Center Community College District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2040 | 500 | 549 |
|  Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 | Stockton Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2018 |
|  5.000% due 10/01/2029 | 1000 | 1061 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 500 | 531 |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  2.300% due 05/15/2048 | 3000 | 3000 |
|  2.330% due 05/15/2048 | 2500 | 2500 |
|  University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 |
|  5.000% due 11/15/2043 | 2900 | 3195 |
|  Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 | Ventura Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2039 | 360 | 395 |
|  Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 05/01/2033 | 500 | 581 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 | Washington Township Health Care District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2038 | 300 | 338 |
|  West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 | West Basin Municipal Water District, California Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2034 | 250 | 250 |
|  West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 | West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 | West Contra Costa Healthcare District, California Special Tax Notes, Series 2021 |
|  5.000% due 07/01/2029 | 120 | 130 |
|  |  | 254207 |
| FLORIDA 0.2% | FLORIDA 0.2% | FLORIDA 0.2% |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2034 (b) | 650 | 474 |
| GEORGIA 0.2% | GEORGIA 0.2% | GEORGIA 0.2% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 700 | 741 |
| ILLINOIS 0.2% | ILLINOIS 0.2% | ILLINOIS 0.2% |
|  University of Illinois Revenue Notes, Series 2018 | University of Illinois Revenue Notes, Series 2018 | University of Illinois Revenue Notes, Series 2018 |
|  5.000% due 04/01/2028 | 625 | 653 |
| MICHIGAN 1.2% | MICHIGAN 1.2% | MICHIGAN 1.2% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.228% (TSFR3M) due 07/01/2032 ~ | 1500 | 1496 |
|  Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 | Michigan Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2046 | 2500 | 2517 |
|  |  | 4013 |
| MULTI-STATE 1.3% | MULTI-STATE 1.3% | MULTI-STATE 1.3% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  2.250% due 09/25/2037 | 1448 | 1218 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.033% due 12/25/2036 | 1544 | 1534 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  3.541% due 11/25/2038 | 1770 | 1677 |
|  |  | 4429 |
| NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% | NEW HAMPSHIRE 0.5% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  3.580% due 07/20/2039 | 1582 | 1520 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 200 | 206 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 1000 | 1032 |
|  |  | 1238 |
| PENNSYLVANIA 0.3% | PENNSYLVANIA 0.3% | PENNSYLVANIA 0.3% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/30/2037 | 1000 | 1085 |
| PUERTO RICO 1.5% | PUERTO RICO 1.5% | PUERTO RICO 1.5% |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 525 | 513 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (b) | 2000 | 1665 |
|  0.000% due 07/01/2046 (b) | 1300 | 458 |
|  5.000% due 07/01/2058 | 1250 | 1190 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 1000 | 997 |
|  |  | 4823 |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1000 | 1076 |
|  Total Municipal Bonds & Notes (Cost $275,454) | Total Municipal Bonds & Notes (Cost $275,454) | 277413 |
| U.S. GOVERNMENT AGENCIES 3.3% | U.S. GOVERNMENT AGENCIES 3.3% | U.S. GOVERNMENT AGENCIES 3.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 | 1954 | 1816 |
|  3.660% due 01/01/2039 | 1935 | 1832 |
|  3.720% due 01/01/2041 | 1957 | 1843 |
|  3.850% due 02/01/2038 - 07/01/2041 | 4524 | 4307 |
|  4.850% due 08/01/2038 | 973 | 1023 |
|  Total U.S. Government Agencies (Cost $10,489) | Total U.S. Government Agencies (Cost $10,489) | 10821 |
| U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 8300 | 8235 |
|  3.500% due 02/28/2031 | 6800 | 6669 |
|  4.125% due 03/31/2031 | 600 | 604 |
|  4.250% due 02/28/2031 | 3300 | 3343 |
|  4.625% due 04/30/2031 | 4200 | 4326 |
|  Total U.S. Treasury Obligations (Cost $23,187) | Total U.S. Treasury Obligations (Cost $23,187) | 23177 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (d) | 602168 | $— | 602 |
| Total Short-Term Instruments<br>(Cost $602) | Total Short-Term Instruments<br>(Cost $602) |  | 602 |
| Total Investments in Securities<br>(Cost $309,732) | Total Investments in Securities<br>(Cost $309,732) |  | 312013 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1931524 | $— | 18811 |
| Total Short-Term Instruments<br>(Cost $18,811) | Total Short-Term Instruments<br>(Cost $18,811) |  | 18811 |
| Total Investments in Affiliates<br>(Cost $18,811) | Total Investments in Affiliates<br>(Cost $18,811) |  | 18811 |
| Total Investments 100.1%<br>(Cost $328,543) | Total Investments 100.1%<br>(Cost $328,543) | $— | 330824 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (388) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 330436 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $1365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | 0.41% |

---

#### 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2379 |
| &nbsp;&nbsp; Arizona | 0 | 775 | 0 | 775 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254207 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254207 |
| &nbsp;&nbsp; Florida | 0 | 474 | 0 | 474 |
| &nbsp;&nbsp; Georgia | 0 | 741 | 0 | 741 |
| &nbsp;&nbsp; Illinois | 0 | 653 | 0 | 653 |
| &nbsp;&nbsp; Michigan | 0 | 4013 | 0 | 4013 |
| &nbsp;&nbsp; Multi-State | 0 | 4429 | 0 | 4429 |
| &nbsp;&nbsp; New Hampshire | 0 | 1520 | 0 | 1520 |
| &nbsp;&nbsp; Ohio | 0 | 1238 | 0 | 1238 |
| &nbsp;&nbsp; Pennsylvania | 0 | 1085 | 0 | 1085 |
| &nbsp;&nbsp; Puerto Rico | 0 | 4823 | 0 | 4823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Texas | $0 | $1076 | $0 | $1076 |
|  U.S. Government Agencies | 0 | 10821 | 0 | 10821 |
|  U.S. Treasury Obligations | 0 | 23177 | 0 | 23177 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 602 | 0 | 0 | 602 |
|  | $602 | $311411 | $0 | $312013 |
|  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;18811 | $0 | $0 | $18811 |
|  Total Investments | $19413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330824 |

---

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 | **27** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.8% | INVESTMENTS IN SECURITIES 92.8% | INVESTMENTS IN SECURITIES 92.8% |
| MUNICIPAL BONDS & NOTES 82.9% | MUNICIPAL BONDS & NOTES 82.9% | MUNICIPAL BONDS & NOTES 82.9% |
| ARIZONA 0.3% | ARIZONA 0.3% | ARIZONA 0.3% |
|  Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 | Pinal County School District No 20 Maricopa, Arizona General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2042 | 750 | 796 |
|  5.000% due 07/01/2044 | 1100 | 1154 |
|  |  | 1950 |
| CALIFORNIA 77.2% | CALIFORNIA 77.2% | CALIFORNIA 77.2% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 | Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024 |
|  0.000% due 10/01/2053 (c) | 3800 | 1006 |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2050 (d) | 3000 | 1701 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 | Alhambra Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 1000 | 1063 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  2.300% due 10/01/2054 | 3445 | 3445 |
|  Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2047 | 4000 | 4009 |
|  Antelope Valley Union High School, California General Obligation Bonds, Series 2025 | Antelope Valley Union High School, California General Obligation Bonds, Series 2025 | Antelope Valley Union High School, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2054 | 4000 | 4164 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 | Bay Area Toll Authority, California Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2056 | 250 | 257 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  2.350% due 04/01/2055 | 8715 | 8715 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  2.150% due 04/01/2059 | 3000 | 3000 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.125% due 07/01/2041 | 2000 | 1956 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 600 | 634 |
|  5.250% due 01/01/2054 | 750 | 794 |
|  5.250% due 11/01/2054 | 1500 | 1583 |
|  5.500% due 10/01/2054 | 990 | 1077 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 5000 | 5277 |
|  5.000% due 01/01/2055 | 5710 | 5833 |
|  5.000% due 02/01/2055 | 5500 | 5905 |
|  5.000% due 11/01/2055 | 2410 | 2460 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 4000 | 4040 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 1500 | 737 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 250 | 186 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2049 | 1000 | 871 |
|  5.000% due 06/01/2050 | 1020 | 931 |
|  California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 | California Educational Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2042 | 300 | 302 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2039 | 1500 | 1682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 04/01/2041 | $— | 760 | $— | 841 |
|  5.000% due 10/01/2055 |  | 1500 |  | 1560 |
|  California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 | California Enterprise Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 |  | 4700 |  | 4865 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 | California Health Facilities Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 08/15/2054 |  | 200 |  | 200 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 | California Health Facilities Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 08/15/2036 |  | 1250 |  | 1250 |
|  4.000% due 10/01/2036 |  | 1000 |  | 995 |
|  4.000% due 11/15/2041 |  | 100 |  | 97 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 | California Health Facilities Financing Authority Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2038 |  | 2500 |  | 2419 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2040 |  | 1000 |  | 992 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 | California Health Facilities Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2033 |  | 1000 |  | 1056 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  2.550% due 03/01/2041 |  | 6285 |  | 6285 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2044 |  | 1500 |  | 1625 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 |  | 4000 |  | 4408 |
|  5.250% due 08/15/2050 |  | 2500 |  | 2676 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2024 |
|  4.100% due 07/01/2040 |  | 1900 |  | 1868 |
|  California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.250% due 08/01/2041 |  | 2970 |  | 2929 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 |  | 1750 |  | 1761 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.250% due 06/01/2055 |  | 4000 |  | 4012 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  1.500% due 12/01/2027 |  | 3000 |  | 3000 |
|  California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 | California Housing Finance Revenue Bonds, Series 2019 |
|  2.350% due 12/01/2035 |  | 223 |  | 187 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 |  | 1750 |  | 1745 |
|  6.000% due 03/01/2053 |  | 1500 |  | 1516 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (c) |  | 4000 |  | 354 |
|  4.000% due 07/01/2050 |  | 1000 |  | 926 |
|  4.125% due 01/01/2035 |  | 405 |  | 388 |
|  5.000% due 01/01/2055 |  | 480 |  | 411 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2024 |
|  5.125% due 07/01/2054 |  | 1000 |  | 914 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2042 |  | 2240 |  | 2468 |
|  California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 11/01/2035 |  | 1175 |  | 1226 |
|  California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 |
|  4.000% due 05/15/2046 |  | 300 |  | 279 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.000% due 10/01/2039 |  | 2000 |  | 1988 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 07/01/2041 |  | 2290 |  | 2370 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 12/01/2042 | 1900 | 1898 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2042 | 1750 | 1754 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  4.000% due 12/31/2047 | 350 | 307 |
|  5.000% due 12/31/2043 | 1000 | 1010 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  3.450% due 07/01/2041 | 2800 | 2800 |
|  4.000% due 11/01/2036 | 1495 | 1421 |
|  4.000% due 09/01/2040 (e) | 2610 | 2343 |
|  4.000% due 09/01/2050 (e) | 1110 | 892 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 1000 | 1040 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.537% due 02/20/2041 | 3467 | 2963 |
|  3.998% due 11/20/2040 | 3986 | 3819 |
|  5.125% due 11/01/2040 | 1350 | 1404 |
|  California Municipal Finance Authority Revenue Notes, (HUD Insured),Series 2025 | California Municipal Finance Authority Revenue Notes, (HUD Insured),Series 2025 | California Municipal Finance Authority Revenue Notes, (HUD Insured),Series 2025 |
|  3.000% due 07/01/2031 | 2500 | 2500 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 | California Municipal Finance Authority Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2048 | 400 | 402 |
|  5.125% due 09/01/2054 | 500 | 502 |
|  California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 | California Municipal Finance Authority Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2045 | 1305 | 1316 |
|  5.000% due 09/01/2050 | 1450 | 1451 |
|  5.000% due 09/01/2055 | 2100 | 2063 |
|  5.375% due 09/01/2050 | 920 | 944 |
|  5.375% due 09/01/2055 | 3680 | 3750 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 | California Pollution Control Financing Authority Revenue Bonds, Series 2016 |
|  4.750% due 11/01/2046 | 130 | 128 |
|  California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 |
|  6.250% due 07/01/2054 | 1750 | 1807 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  2.350% due 07/15/2062 | 5040 | 5040 |
|  California Public Finance Authority Revenue Bonds, Series 2024 | California Public Finance Authority Revenue Bonds, Series 2024 | California Public Finance Authority Revenue Bonds, Series 2024 |
|  2.150% due 08/01/2051 | 5700 | 5700 |
|  California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 | California Public Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2054 | 2000 | 2002 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 ^(b) | 250 | 150 |
|  5.000% due 06/01/2046 | 300 | 283 |
|  California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 | California School Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1115 | 1091 |
|  California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 | California School Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2064 | 1000 | 907 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 1000 | 1000 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  4.000% due 09/01/2034 | 2905 | 2912 |
|  California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 | California State General Obligation Bonds, Series 2017 |
|  4.000% due 11/01/2047 | 275 | 262 |
|  California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 | California State General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2043 | 500 | 497 |
|  California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 |
|  1.300% due 05/01/2050 | 7000 | 7000 |
|  California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 | California State General Obligation Bonds, Series 2025 |
|  5.000% due 03/01/2049 | 3800 | 4000 |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 | California State Public Works Board Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2043 | 2000 | 2186 |
|  5.000% due 11/01/2044 | 3000 | 3252 |
|  5.000% due 04/01/2046 | 3000 | 3193 |
|  California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 | California State University Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2050 | 6000 | 6445 |
|  California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.375% due 08/15/2057 | 700 | 708 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021 |
|  4.000% due 11/01/2051 | 2250 | 2021 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 2965 | 3048 |
|  California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2026 |
|  5.000% due 04/01/2056 (a) | 2750 | 2795 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 2000 | 2162 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2033 | 1500 | 1503 |
|  5.000% due 06/01/2046 | 100 | 98 |
|  5.000% due 12/01/2046 | 550 | 550 |
|  5.250% due 12/01/2056 | 1000 | 1000 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1100 | 1100 |
|  5.000% due 12/01/2057 | 100 | 99 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 1450 | 1252 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 | California Statewide Communities Development Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2044 | 2000 | 2177 |
|  California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 | California Statewide Communities Development Authority Special Assessment Bonds, (AGM Insured), Series 2026 |
|  5.000% due 09/02/2042 | 430 | 468 |
|  5.000% due 09/02/2043 | 450 | 487 |
|  5.000% due 09/02/2045 | 200 | 213 |
|  California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 | California Statewide Communities Development Authority Special Assessment Bonds, Series 2024 |
|  5.000% due 09/02/2044 | 2000 | 2061 |
|  California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 | California Statewide Communities Development Authority Special Tax Bonds, Series 2025 |
|  4.500% due 09/02/2045 | 1050 | 1012 |
|  4.750% due 09/02/2040 | 1285 | 1307 |
|  California Statewide Communities Development Authority Special Tax Bonds, Series 2026 | California Statewide Communities Development Authority Special Tax Bonds, Series 2026 | California Statewide Communities Development Authority Special Tax Bonds, Series 2026 |
|  5.000% due 09/02/2056 | 3180 | 3208 |
|  Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 | Central Unified School District, California Certificates of Participation Bonds, (BAM Insured), Series 2025 |
|  5.250% due 08/01/2054 | 2100 | 2192 |
|  Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 | Central Unified School District, California General Obligation Bonds, Series 2021 |
|  0.000% due 08/01/2034 (c) | 265 | 196 |
|  Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 |
|  5.000% due 08/01/2034 | 700 | 737 |
|  Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 | Chabot-Las Positas Community College District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 1000 | 1060 |
|  Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 | Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 | Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 1200 | 1116 |
|  Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | Chino Valley Unified School District, California General Obligation Bonds, Series 2020 |
|  5.000% due 08/01/2055 | 1000 | 1024 |
|  Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 | Citrus Community College District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3154 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 | Clovis Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2041 | 600 | 644 |
|  Clovis Unified School District, California General Obligation Bonds, Series 2025 | Clovis Unified School District, California General Obligation Bonds, Series 2025 | Clovis Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 4000 | 4155 |
|  CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency VIII, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2047 | 430 | 393 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 1235 | 1094 |
|  Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 | Corona Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 500 | 528 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.000% due 02/01/2057 | 500 | 347 |
|  3.400% due 10/01/2046 | 495 | 394 |
|  4.000% due 02/01/2057 | 500 | 374 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 09/01/2062 (d) | 1000 | 655 |
|  Dublin Unified School District, California General Obligation Bonds, Series 2023 | Dublin Unified School District, California General Obligation Bonds, Series 2023 | Dublin Unified School District, California General Obligation Bonds, Series 2023 |
|  4.125% due 08/01/2049 | 3965 | 3800 |
|  East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2045 | 1000 | 1097 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 3500 | 3619 |
|  Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 | Eastern Municipal Water District, California Revenue Bonds, Series 2018 |
|  2.250% due 07/01/2046 | 2500 | 2500 |
|  Eastern Municipal Water District, California Revenue Bonds, Series 2024 | Eastern Municipal Water District, California Revenue Bonds, Series 2024 | Eastern Municipal Water District, California Revenue Bonds, Series 2024 |
|  2.300% due 07/01/2046 | 5280 | 5280 |
|  Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 |
|  5.000% due 09/01/2046 | 1000 | 997 |
|  Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2045 | 1750 | 1894 |
|  Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 | Fresno Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1575 | 1448 |
|  Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Garden Grove Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 04/01/2049 | 2500 | 2612 |
|  Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 | Glendale Community College District, California General Obligation Bonds, Series 2020 |
|  4.000% due 08/01/2050 | 880 | 815 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2030 | 200 | 212 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 7500 | 752 |
|  2.746% due 06/01/2034 | 655 | 580 |
|  3.487% due 06/01/2036 | 1625 | 1394 |
|  3.714% due 06/01/2041 | 1500 | 1190 |
|  3.850% due 06/01/2050 | 430 | 393 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 5100 | 4999 |
|  Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Golden Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 |
|  0.000% due 08/01/2031 (c) | 500 | 418 |
|  Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 | Golden Valley Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 3000 | 3141 |
|  Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 | Hartnell Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 250 | 245 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 350 | 337 |
|  Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 | Imperial Irrigation District Electric System, California Revenue Bonds, Series 2017 |
|  4.000% due 11/01/2041 | 150 | 149 |
|  Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 | Indio Finance Authority, California Revenue Bonds, (BAM Insured), Series 2022 |
|  4.500% due 11/01/2052 | 750 | 746 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 230 | 224 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 1000 | 888 |
|  Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 | Irvine Unified School District, California General Obligation Bonds, Series 2018 |
|  4.000% due 09/01/2045 | 250 | 241 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.400% due 09/02/2029 | 3500 | 3500 |
|  Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 | Irvine, California Special Assessment Bonds, Series 2012 |
|  5.000% due 09/02/2026 | 100 | 101 |
|  Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 | Irvine, California Special Assessment Bonds, Series 2015 |
|  5.000% due 09/02/2026 | 1495 | 1511 |
|  Irvine, California Special Tax Bonds, (AGM Insured), Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured), Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured), Series 2025 |
|  5.000% due 09/01/2055 | 3500 | 3650 |
|  Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 | Lawndale Elementary School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2048 | 1000 | 1004 |
|  Lincoln, California Special Tax Bonds, Series 2025 | Lincoln, California Special Tax Bonds, Series 2025 | Lincoln, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2055 | 775 | 743 |
|  Lompoc Unified School District, California General Obligation Bonds, Series 2025 | Lompoc Unified School District, California General Obligation Bonds, Series 2025 | Lompoc Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 825 | 880 |
|  5.250% due 08/01/2054 | 1050 | 1110 |
|  Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2050 | 1500 | 1387 |
|  Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|  5.000% due 11/15/2035 | 120 | 131 |
|  Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 | Long Beach Unified School District, California General Obligation Bonds, Series 2015 |
|  0.000% due 08/01/2037 (c) | 1620 | 998 |
|  Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 | Los Angeles Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2037 | 200 | 201 |
|  Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 | Los Angeles Community College District, California General Obligation Notes, Series 2024 |
|  5.000% due 08/01/2032 | 2000 | 2299 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 1700 | 1712 |
|  Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2046 | 1385 | 1337 |
|  Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 | Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 |
|  4.000% due 10/01/2042 | 250 | 248 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 750 | 751 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | Los Angeles Department of Airports, California Revenue Bonds, Series 2020 |
|  5.000% due 05/15/2037 | 690 | 742 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2048 | 1000 | 945 |
|  5.500% due 05/15/2035 | 2000 | 2220 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 | Los Angeles Department of Airports, California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 3500 | 3654 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.500% due 07/01/2046 | 1800 | 1737 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 07/01/2041 | 1000 | 1095 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 | Los Angeles Unified School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 2500 | 2933 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 1015 | 1133 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2034 | 1500 | 1755 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.125% due 11/01/2029 | 35 | 37 |
|  7.000% due 11/01/2034 | 200 | 237 |
|  Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 | Marin Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 250 | 254 |
|  Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 | Menifee Union School District, California General Obligation Bonds, Series 2023 |
|  4.000% due 08/01/2046 | 1000 | 965 |
|  Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | Menlo Park Community Development Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 |
|  5.000% due 10/01/2027 | 1230 | 1233 |
|  Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 | Mill Valley School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2045 | 1355 | 1332 |
|  Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 | Monterey Peninsula Community College District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2051 | 1000 | 927 |
|  Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 | Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2041 | 1000 | 985 |
|  Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 | Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 | Mount Diablo Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2042 | 750 | 840 |
|  Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 | Mount San Antonio Community College District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2550 | 2390 |
|  Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 |
|  4.000% due 08/01/2043 | 200 | 195 |
|  Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 | Mountain House Community Facilities District, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2055 | 2000 | 1937 |
|  Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 | Mountain View-Whisman School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 09/01/2034 | 200 | 221 |
|  Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 | Napa Valley Unified School District, California General Obligation Bonds, Series 2025 |
|  4.500% due 08/01/2055 | 2000 | 1968 |
|  Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 | Norris School District, California General Obligation Bonds, Series 2012 |
|  5.200% due 11/01/2040 | 250 | 257 |
|  Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 | Northern California Gas Authority, Revenue Bonds, Series 2007 |
|  3.348% (0.67\*US0003M + 0.720%) due 07/01/2027 ~ | 135 | 135 |
|  Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 |
|  4.000% due 05/15/2036 | 1050 | 1057 |
|  4.000% due 05/15/2051 | 1500 | 1386 |
|  Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | Orange County, California Community Facilities District Special Tax Bonds, Series 2022 |
|  5.000% due 08/15/2047 | 1090 | 1101 |
|  Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 | Palm Springs Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2049 | 1000 | 956 |
|  Rancho Cordova, California Special Tax Bonds, Series 2025 | Rancho Cordova, California Special Tax Bonds, Series 2025 | Rancho Cordova, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2050 | 850 | 840 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rancho Cordova, California Special Tax Bonds, Series 2026 | Rancho Cordova, California Special Tax Bonds, Series 2026 | Rancho Cordova, California Special Tax Bonds, Series 2026 |
|  5.000% due 09/01/2046 | 1365 | 1377 |
|  5.000% due 09/01/2051 | 1320 | 1306 |
|  Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 | Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 | Redondo Beach Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 2250 | 2353 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 |
|  2.330% due 05/15/2045 | 2500 | 2500 |
|  2.550% due 05/15/2045 | 3200 | 3200 |
|  Rialto, California Special Tax Bonds, Series 2026 | Rialto, California Special Tax Bonds, Series 2026 | Rialto, California Special Tax Bonds, Series 2026 |
|  5.000% due 09/01/2046 | 575 | 582 |
|  5.000% due 09/01/2051 | 525 | 526 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2025 | Rio Hondo Community College District, California General Obligation Bonds, Series 2025 | Rio Hondo Community College District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2055 | 2250 | 2194 |
|  River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 | River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022 |
|  4.250% due 09/01/2047 | 1000 | 957 |
|  River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2054 | 1500 | 1439 |
|  River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 |
|  4.500% due 09/01/2040 | 1900 | 1872 |
|  Riverside County, California Transportation Commission Sales Tax Revenue Bonds, Series 2017 | Riverside County, California Transportation Commission Sales Tax Revenue Bonds, Series 2017 | Riverside County, California Transportation Commission Sales Tax Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2035 | 215 | 223 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 730 | 733 |
|  Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 | Riverside, California Sewer Revenue Bonds, Series 2018 |
|  4.000% due 08/01/2038 | 250 | 252 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 500 | 509 |
|  Roseville, California Special Tax Bonds, Series 2025 | Roseville, California Special Tax Bonds, Series 2025 | Roseville, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2050 | 1250 | 1223 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 | Sacramento County, California Airport System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2040 | 1600 | 1789 |
|  5.000% due 07/01/2041 | 500 | 557 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 1000 | 1001 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.182% (US0003M + 0.550%) due 06/01/2034 ~ | 480 | 470 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2035 | 600 | 603 |
|  4.000% due 09/01/2050 | 750 | 641 |
|  San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 | San Diego County, California Certificates of Participation Bonds, Series 2023 |
|  5.000% due 10/01/2048 | 1500 | 1571 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 1000 | 961 |
|  5.000% due 07/01/2056 | 3100 | 3105 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 1700 | 1738 |
|  San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 | San Diego County, California Water Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 1500 | 1549 |
|  San Diego Housing Authority, Inc., California Revenue Bonds, (HUD Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (HUD Insured), Series 2024 | San Diego Housing Authority, Inc., California Revenue Bonds, (HUD Insured), Series 2024 |
|  4.200% due 06/01/2040 | 2470 | 2444 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2045 | 1625 | 1596 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 | San Diego Unified School District, California General Obligation Bonds, Series 2017 |
|  0.000% due 07/01/2034 (c) | 550 | 398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 07/01/2047 | $— | 400 | $378 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2048 |  | 1000 | 1052 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 |  | 2500 | 2271 |
|  5.000% due 07/01/2041 |  | 1000 | 1118 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2025 | San Diego Unified School District, California General Obligation Bonds, Series 2025 | San Diego Unified School District, California General Obligation Bonds, Series 2025 | San Diego Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2043 |  | 2000 | 2227 |
|  San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 | San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2042 |  | 3505 | 3931 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.500% due 05/01/2058 |  | 3000 | 3000 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2049 |  | 960 | 963 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2040 |  | 2000 | 2240 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 |  | 2000 | 2227 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2035 |  | 3000 | 3332 |
|  San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 |
|  5.000% due 11/01/2048 |  | 1000 | 1055 |
|  San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 | San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2016 |
|  5.000% due 08/01/2027 |  | 105 | 106 |
|  San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 | San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 | San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 | San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025 |
|  5.000% due 02/01/2046 |  | 3000 | 3073 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 |  | 1000 | 985 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 |
|  5.000% due 11/01/2050 |  | 1000 | 1029 |
|  San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 | San Francisco, California Special Tax District, City & County Special Tax Notes, Series 2021 |
|  4.000% due 09/01/2031 |  | 150 | 152 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 | San Marcos Unified School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2038 |  | 500 | 503 |
|  San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 | San Marcos Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2044 |  | 650 | 709 |
|  5.000% due 08/01/2045 |  | 885 | 956 |
|  San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 |
|  2.250% due 06/01/2049 |  | 3350 | 3350 |
|  San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 | San Rafael City Elementary School District, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2047 |  | 615 | 580 |
|  Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 | Santa Ana College Improvement District #1 Rancho Santiago Community College District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2041 |  | 200 | 199 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 |  | 1910 | 1859 |
|  South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2048 |  | 1000 | 966 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 | Stockton Community Facilities District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2039 | 370 | 385 |
|  5.000% due 09/01/2049 | 525 | 513 |
|  Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 | Temple City Unified School District, California General Obligation Bonds, Series 2013 |
|  6.170% due 08/01/2036 | 200 | 214 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (c) | 8720 | 1334 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (c) | 4000 | 714 |
|  University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 | University of California Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2046 | 250 | 247 |
|  University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 | University of California Revenue Bonds, Series 2018 |
|  4.000% due 05/15/2043 | 265 | 260 |
|  University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 | University of California Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 3100 | 3458 |
|  University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 |
|  5.000% due 11/15/2043 | 5000 | 5508 |
|  Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 | Upland, California Certificates of Participation Bonds, Series 2017 |
|  4.000% due 01/01/2042 | 250 | 226 |
|  Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 |
|  4.000% due 08/01/2046 | 1575 | 1488 |
|  |  | 436283 |
| GEORGIA 0.1% | GEORGIA 0.1% | GEORGIA 0.1% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 635 |
| IOWA 0.0% | IOWA 0.0% | IOWA 0.0% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 250 | 267 |
| MULTI-STATE 1.1% | MULTI-STATE 1.1% | MULTI-STATE 1.1% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  2.250% due 09/25/2037 | 1448 | 1218 |
|  4.033% due 12/25/2036 | 965 | 959 |
|  4.555% due 08/25/2040 | 1180 | 1187 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  3.541% due 11/25/2038 | 2753 | 2609 |
|  |  | 5973 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW HAMPSHIRE 0.4% | NEW HAMPSHIRE 0.4% | NEW HAMPSHIRE 0.4% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  3.580% due 07/20/2039 | 2472 | 2375 |
| NEW YORK 0.0% | NEW YORK 0.0% | NEW YORK 0.0% |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.720% due 01/01/2044 | 200 | 199 |
| PUERTO RICO 2.5% | PUERTO RICO 2.5% | PUERTO RICO 2.5% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 808 | 542 |
|  0.000% due 11/01/2051 | 1241 | 861 |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2041 | 4250 | 3938 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 90 | 88 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (c) | 12300 | 4331 |
|  0.000% due 07/01/2051 (c) | 12000 | 3076 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 1500 | 1480 |
|  |  | 14316 |
| TENNESSEE 0.2% | TENNESSEE 0.2% | TENNESSEE 0.2% |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1000 | 1058 |
| TEXAS 1.1% | TEXAS 1.1% | TEXAS 1.1% |
|  Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. |
|  7.095% due 06/02/2059 «~ | 2800 | 2839 |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2041 | 1450 | 1557 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 900 | 917 |
|  5.000% due 10/15/2058 | 600 | 613 |
|  |  | 5926 |
|  Total Municipal Bonds & Notes (Cost $468,148) | Total Municipal Bonds & Notes (Cost $468,148) | 468982 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% | U.S. GOVERNMENT AGENCIES 2.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 | 1954 | $— | 1816 |
|  3.660% due 01/01/2039 | 1451 |  | 1374 |
|  3.720% due 01/01/2041 | 1467 |  | 1382 |
|  3.750% due 07/01/2042 | 4305 |  | 4198 |
|  3.850% due 02/01/2038 - 07/01/2041 | 5906 |  | 5599 |
|  4.850% due 08/01/2038 | 973 |  | 1023 |
|  5.210% due 08/01/2040 | 688 |  | 748 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 291 |  | 298 |
|  Total U.S. Government Agencies (Cost $15,918) | Total U.S. Government Agencies (Cost $15,918) |  | 16438 |
| U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 14300 |  | 14188 |
|  3.500% due 02/28/2031 | 11600 |  | 11376 |
|  4.125% due 03/31/2031 | 1000 |  | 1007 |
|  4.250% due 02/28/2031 | 5500 |  | 5572 |
|  4.625% due 04/30/2031 | 7300 |  | 7518 |
| Total U.S. Treasury Obligations<br>(Cost $39,679) | Total U.S. Treasury Obligations<br>(Cost $39,679) |  | 39661 |
| Total Investments in Securities (Cost $523,745) | Total Investments in Securities (Cost $523,745) |  | 525081 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 6.7% | INVESTMENTS IN AFFILIATES 6.7% | INVESTMENTS IN AFFILIATES 6.7% | INVESTMENTS IN AFFILIATES 6.7% |
| SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% | SHORT-TERM INSTRUMENTS 6.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 3888544 |  | 37871 |
| Total Short-Term Instruments<br>(Cost $37,866) | Total Short-Term Instruments<br>(Cost $37,866) |  | 37871 |
| Total Investments in Affiliates<br>(Cost $37,866) | Total Investments in Affiliates<br>(Cost $37,866) |  | 37871 |
| Total Investments 99.5%<br>(Cost $561,611) | Total Investments 99.5%<br>(Cost $561,611) | $— | 562952 |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 2560 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 565512 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Zero coupon security.

(d) Security becomes interest bearing at a future date.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

Schedule of Investments PIMCO California Municipal Bond Fund (Cont.) March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(e) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2040 | 02/18/2025 | $2375 | $2343 | 0.41% |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000 | 09/01/2050 | 11/22/2022 | 901 | 892 | 0.16 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | 0.57% |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 136 | 136 |
|  | $&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;222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |

---

#### 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1950 | $0 | $1950 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436283 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436283 |
| &nbsp;&nbsp; Georgia | 0 | 635 | 0 | 635 |
| &nbsp;&nbsp; Iowa | 0 | 267 | 0 | 267 |
| &nbsp;&nbsp; Multi-State | 0 | 5973 | 0 | 5973 |
| &nbsp;&nbsp; New Hampshire | 0 | 2375 | 0 | 2375 |
| &nbsp;&nbsp; New York | 0 | 199 | 0 | 199 |
| &nbsp;&nbsp; Puerto Rico | 0 | 14316 | 0 | 14316 |
| &nbsp;&nbsp; Tennessee | 0 | 1058 | 0 | 1058 |
| &nbsp;&nbsp; Texas | 0 | 3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | 5926 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  U.S. Government Agencies | $0 | $16438 | $0 | $16438 |
|  U.S. Treasury Obligations | 0 | 39661 | 0 | 39661 |
|  | $0 | $522242 | $2839 | $525081 |
|  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 | $37871 | $0 | $0 | $37871 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562952 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO California Short Duration Municipal 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 90.9% | INVESTMENTS IN SECURITIES 90.9% | INVESTMENTS IN SECURITIES 90.9% |
| MUNICIPAL BONDS & NOTES 77.8% | MUNICIPAL BONDS & NOTES 77.8% | MUNICIPAL BONDS & NOTES 77.8% |
| ALABAMA 0.5% | ALABAMA 0.5% | ALABAMA 0.5% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 600 | 648 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 600 | 630 |
|  |  | 1278 |
| CALIFORNIA 74.2% | CALIFORNIA 74.2% | CALIFORNIA 74.2% |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2024 |
|  2.300% due 10/01/2054 | 1475 | 1475 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2034 (b) | 600 | 438 |
|  Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 | Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 | Antelope Valley-East Kern Water Agency Financing Authority, California Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2055 | 3500 | 3590 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 | Bay Area Toll Authority, California Revenue Bonds, Series 2001 |
|  3.670% (MUNIPSA + 1.250%) due 04/01/2036 ~ | 1000 | 1001 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  2.830% (MUNIPSA) due 04/01/2056 ~ | 500 | 494 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 | Bay Area Toll Authority, California Revenue Bonds, Series 2023 |
|  2.350% due 04/01/2055 | 6800 | 6800 |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 | Bay Area Toll Authority, California Revenue Bonds, Series 2024 |
|  2.350% due 04/01/2059 | 4500 | 4500 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 | California Community Choice Financing Authority Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2052 | 2000 | 2024 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 700 | 740 |
|  5.250% due 01/01/2054 | 1150 | 1217 |
|  5.500% due 10/01/2054 | 990 | 1077 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1055 |
|  5.000% due 01/01/2055 | 240 | 245 |
|  5.000% due 02/01/2055 | 2700 | 2897 |
|  5.000% due 11/01/2055 | 760 | 776 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 1500 | 1521 |
|  5.000% due 03/01/2056 | 1700 | 1831 |
|  California Community Choice Financing Authority Revenue Notes, Series 2025 | California Community Choice Financing Authority Revenue Notes, Series 2025 | California Community Choice Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2035 | 2100 | 2275 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  5.000% due 06/01/2031 | 250 | 264 |
|  5.000% due 06/01/2032 | 300 | 315 |
|  California Enterprise Development Authority Revenue Notes, Series 2026 | California Enterprise Development Authority Revenue Notes, Series 2026 | California Enterprise Development Authority Revenue Notes, Series 2026 |
|  5.000% due 07/01/2033 | 1600 | 1762 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 | California Health Facilities Financing Authority Revenue Bonds, Series 1998 |
|  2.400% due 09/01/2028 | 800 | 800 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/01/2040 | 605 | 625 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 | California Health Facilities Financing Authority Revenue Bonds, Series 2023 |
|  2.550% due 03/01/2041 | 1460 | 1460 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 1700 | 1815 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2021 | California Health Facilities Financing Authority Revenue Notes, Series 2021 | California Health Facilities Financing Authority Revenue Notes, Series 2021 |
|  5.000% due 11/01/2031 | 550 | 621 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2031 | 2000 | 2167 |
|  California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 | California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021 |
|  3.750% due 03/25/2035 | 1872 | 1885 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 1250 | 1258 |
|  California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 | California Housing Finance Agency Revenue Bonds, Series 2025 |
|  2.950% due 06/01/2046 | 2150 | 2147 |
|  3.250% due 06/01/2055 | 1500 | 1505 |
|  California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 | California Housing Finance Agency Revenue Notes, Series 2024 |
|  1.500% due 12/01/2027 | 1320 | 1320 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 1000 | 997 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.120% (MUNIPSA) due 12/01/2050 ~ | 1000 | 999 |
|  California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 | California Municipal Finance Authority Revenue Bonds, Series 2009 |
|  3.300% due 02/01/2039 | 1500 | 1494 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  2.875% due 10/01/2045 | 2300 | 2299 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  3.250% due 07/01/2051 | 3250 | 3250 |
|  3.450% due 07/01/2041 | 1300 | 1300 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2056 | 1125 | 1181 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  2.950% due 01/01/2056 | 1200 | 1201 |
|  3.375% due 09/01/2050 | 1500 | 1490 |
|  3.537% due 02/20/2041 | 495 | 423 |
|  California Municipal Finance Authority Revenue Bonds, Series 2026 | California Municipal Finance Authority Revenue Bonds, Series 2026 | California Municipal Finance Authority Revenue Bonds, Series 2026 |
|  2.500% due 03/01/2046 | 2150 | 2113 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 | California Pollution Control Financing Authority Revenue Bonds, Series 2015 |
|  3.450% due 11/01/2040 | 1500 | 1501 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 | California Pollution Control Financing Authority Revenue Bonds, Series 2023 |
|  2.875% due 07/01/2043 | 2500 | 2497 |
|  California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 | California Public Finance Authority Revenue Bonds, Series 2022 |
|  2.350% due 07/15/2062 | 2500 | 2500 |
|  California Public Finance Authority Revenue Bonds, Series 2024 | California Public Finance Authority Revenue Bonds, Series 2024 | California Public Finance Authority Revenue Bonds, Series 2024 |
|  2.150% due 08/01/2051 | 2400 | 2400 |
|  California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 | California State General Obligation Bonds, (AGM Insured), Series 2007 |
|  5.250% due 08/01/2032 | 2500 | 2806 |
|  California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 | California State General Obligation Bonds, Series 2016 |
|  5.000% due 09/01/2031 | 3000 | 3029 |
|  California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 | California State General Obligation Bonds, Series 2024 |
|  1.300% due 05/01/2050 | 3000 | 3000 |
|  California State General Obligation Notes, Series 2022 | California State General Obligation Notes, Series 2022 | California State General Obligation Notes, Series 2022 |
|  5.000% due 11/01/2026 | 1820 | 1848 |
|  California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 | California State Public Works Board Revenue Bonds, Series 2015 |
|  5.000% due 05/01/2028 | 1500 | 1506 |
|  California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Statewide Communities Development Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.250% due 09/01/2067 | 1750 | 1780 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  1.450% due 04/01/2028 | 1000 | 960 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 | California Statewide Communities Development Authority Revenue Bonds, Series 2008 |
|  2.400% due 08/15/2047 | 2245 | 2245 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 | California Statewide Communities Development Authority Revenue Bonds, Series 2009 |
|  5.000% due 04/01/2046 | 1000 | 1081 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2027 | 500 | 501 |
|  5.000% due 05/15/2032 | 1250 | 1252 |
|  California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (CM Insured), Series 2026 |
|  2.700% due 04/01/2032 (a) | 1625 | 1595 |
|  2.850% due 10/01/2032 (a) | 400 | 393 |
|  California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 | California Statewide Communities Development Authority Revenue Notes, Series 2025 |
|  5.000% due 07/01/2028 | 370 | 390 |
|  5.000% due 07/01/2029 | 430 | 463 |
|  5.000% due 10/01/2035 | 1800 | 2031 |
|  California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 |
|  5.000% due 09/02/2028 | 310 | 327 |
|  Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 | Corona Community Facilities District, California Special Tax Notes, Series 2024 |
|  5.000% due 09/01/2029 | 25 | 26 |
|  5.000% due 09/01/2030 | 50 | 53 |
|  5.000% due 09/01/2031 | 115 | 123 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2028 | 2000 | 2120 |
|  East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 | East County, California Advanced Water Purification Joint Powers Authority Revenue Notes, Series 2024 |
|  5.000% due 09/01/2026 | 1000 | 1004 |
|  Eastern Municipal Water District, California Revenue Bonds, Series 2024 | Eastern Municipal Water District, California Revenue Bonds, Series 2024 | Eastern Municipal Water District, California Revenue Bonds, Series 2024 |
|  2.300% due 07/01/2046 | 2200 | 2200 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.850% due 06/01/2050 | 460 | 421 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.687% due 06/01/2030 | 1500 | 1390 |
|  Irvine Ranch Water District, California Special Assessment Bonds, Series 2011 | Irvine Ranch Water District, California Special Assessment Bonds, Series 2011 | Irvine Ranch Water District, California Special Assessment Bonds, Series 2011 |
|  2.300% due 10/01/2037 | 5000 | 5000 |
|  Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 | Irvine, California Special Assessment Bonds, Series 2004 |
|  2.400% due 09/02/2029 | 1500 | 1500 |
|  Irvine, California Special Tax Notes, (AGM Insured),Series 2025 | Irvine, California Special Tax Notes, (AGM Insured),Series 2025 | Irvine, California Special Tax Notes, (AGM Insured),Series 2025 |
|  5.000% due 09/01/2033 | 185 | 214 |
|  Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 | Long Beach, California Harbor Revenue Notes, Series 2017 |
|  5.000% due 05/15/2027 | 1000 | 1024 |
|  Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 | Los Angeles County, California Development Authority Revenue Bonds, Series 2025 |
|  3.350% due 09/01/2059 | 500 | 504 |
|  Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2051 | 2630 | 2805 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2034 | 1000 | 1033 |
|  Los Angeles Housing Authority, California Revenue Bonds, Series 2025 | Los Angeles Housing Authority, California Revenue Bonds, Series 2025 | Los Angeles Housing Authority, California Revenue Bonds, Series 2025 |
|  3.000% due 01/01/2046 | 2000 | 2000 |
|  Los Angeles Housing Authority, California Revenue Notes, Series 2024 | Los Angeles Housing Authority, California Revenue Notes, Series 2024 | Los Angeles Housing Authority, California Revenue Notes, Series 2024 |
|  3.250% due 02/01/2029 | 1750 | 1758 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 | Los Angeles Unified School District, California General Obligation Notes, Series 2022 |
|  5.000% due 07/01/2028 | 1000 | 1061 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Schedule of Investments PIMCO California Short Duration Municipal Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 | Los Angeles Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2027 | 1000 | 1035 |
|  Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 | Los Angeles Unified School District, California General Obligation Notes, Series 2024 |
|  5.000% due 07/01/2026 | 1000 | 1006 |
|  Mount Diablo Unified School District, California General Obligation Notes, Series 2025 | Mount Diablo Unified School District, California General Obligation Notes, Series 2025 | Mount Diablo Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1000 | 1090 |
|  Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 | Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2029 | 1730 | 1753 |
|  Napa Valley Unified School District, California General Obligation Notes, Series 2025 | Napa Valley Unified School District, California General Obligation Notes, Series 2025 | Napa Valley Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2026 | 1000 | 1009 |
|  Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 | Port of Los Angeles, California Revenue Notes, Series 2024 |
|  5.000% due 08/01/2028 | 1000 | 1048 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020 |
|  2.330% due 05/15/2045 | 3500 | 3500 |
|  2.550% due 05/15/2045 | 6530 | 6530 |
|  Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 | Roseville, California Special Tax Bonds, Series 2017 |
|  5.000% due 09/01/2033 | 965 | 982 |
|  Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 | Sacramento County, California Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 | 1120 | 1157 |
|  Sacramento County, California Special Tax Notes, Series 2022 | Sacramento County, California Special Tax Notes, Series 2022 | Sacramento County, California Special Tax Notes, Series 2022 |
|  5.000% due 09/01/2029 | 1000 | 1047 |
|  Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 | Sacramento County, California Water Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.182% (US0003M + 0.550%) due 06/01/2034 ~ | 955 | 935 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1110 |
|  San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 |
|  5.000% due 04/01/2041 | 2500 | 2500 |
|  San Diego Unified School District, California General Obligation Notes, Series 2023 | San Diego Unified School District, California General Obligation Notes, Series 2023 | San Diego Unified School District, California General Obligation Notes, Series 2023 |
|  5.000% due 07/01/2028 | 1000 | 1064 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018 |
|  1.500% due 05/01/2058 | 2500 | 2500 |
|  San Francisco, California City & County General Obligation Notes, Series 2024 | San Francisco, California City & County General Obligation Notes, Series 2024 | San Francisco, California City & County General Obligation Notes, Series 2024 |
|  5.000% due 06/15/2027 | 1300 | 1344 |
|  San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 | San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016 |
|  4.000% due 11/01/2039 | 1000 | 985 |
|  Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 | Santa Cruz City High School District, California General Obligation Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 1000 | 973 |
|  Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Notes, Series 2019 |
|  5.000% due 06/01/2026 | 1000 | 1003 |
|  5.000% due 06/01/2029 | 500 | 532 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 | University of California Revenue Bonds, Series 2013 |
|  2.300% due 05/15/2048 | 2500 | 2500 |
|  2.330% due 05/15/2048 | 7000 | 7000 |
|  Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 | Vista Joint Powers Financing Authority, California Revenue Notes, Series 2025 |
|  5.000% due 05/01/2027 | 650 | 667 |
|  Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 | Washington Unified School District/Yolo County, California General Obligation Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/01/2026 (b) | 1000 | 991 |
|  West Contra Costa Unified School District, California General Obligation Notes, Series 2025 | West Contra Costa Unified School District, California General Obligation Notes, Series 2025 | West Contra Costa Unified School District, California General Obligation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1500 | 1628 |
|  |  | 172877 |
| DISTRICT OF COLUMBIA 0.7% | DISTRICT OF COLUMBIA 0.7% | DISTRICT OF COLUMBIA 0.7% |
|  District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 | District of Columbia Income Tax Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 1500 | 1544 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 600 | 635 |
| MISSOURI 0.5% | MISSOURI 0.5% | MISSOURI 0.5% |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 05/01/2056 | 1000 | 1101 |
| OHIO 0.5% | OHIO 0.5% | OHIO 0.5% |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 1100 | 1135 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 | Oregon State Facilities Authority Revenue Notes, Series 2020 |
|  5.000% due 10/01/2027 | 300 | 307 |
| PUERTO RICO 1.0% | PUERTO RICO 1.0% | PUERTO RICO 1.0% |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 2223 | 2223 |
|  Total Municipal Bonds & Notes (Cost $180,263) | Total Municipal Bonds & Notes (Cost $180,263) | 181100 |
| U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 5700 | 5655 |
|  3.500% due 02/28/2031 | 4700 | 4609 |
|  4.125% due 03/31/2031 | 400 | 403 |
|  4.250% due 02/28/2031 | 2200 | 2229 |
|  4.625% due 04/30/2031 | 3000 | 3090 |
|  Total U.S. Treasury Obligations (Cost $15,993) | Total U.S. Treasury Obligations (Cost $15,993) | 15986 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| 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 |
|  3.720% (c) | 573095 | 573 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| MUNICIPAL BONDS & NOTES 6.0% | MUNICIPAL BONDS & NOTES 6.0% | MUNICIPAL BONDS & NOTES 6.0% |
|  California School Cash Reserve Program Authority Revenue Notes, Series 2025 | California School Cash Reserve Program Authority Revenue Notes, Series 2025 | California School Cash Reserve Program Authority Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 3500 | 3522 |
|  California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 | California Statewide Communities Development Authority Special Assessment Notes, Series 2026 |
|  5.000% due 09/02/2026 | 1780 | 1797 |
|  County of San Diego, California Revenue Notes, Series 2025 | County of San Diego, California Revenue Notes, Series 2025 | County of San Diego, California Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 3500 | 3523 |
|  Los Angeles County, California Revenue Notes, Series 2025 | Los Angeles County, California Revenue Notes, Series 2025 | Los Angeles County, California Revenue Notes, Series 2025 |
|  5.000% due 06/25/2026 | 1500 | 1509 |
|  5.000% due 06/30/2026 | 2000 | 2013 |
|  Riverside County, California Revenue Notes, Series 2025 | Riverside County, California Revenue Notes, Series 2025 | Riverside County, California Revenue Notes, Series 2025 |
|  5.000% due 06/30/2026 | 1500 | 1511 |
|  Total Municipal Bonds & Notes<br>(Cost $13,863) | Total Municipal Bonds & Notes<br>(Cost $13,863) | 13875 |
| Total Short-Term Instruments<br>(Cost $14,436) | Total Short-Term Instruments<br>(Cost $14,436) | 14448 |
| Total Investments in Securities<br>(Cost $210,692) | Total Investments in Securities<br>(Cost $210,692) | 211534 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% | INVESTMENTS IN AFFILIATES 9.1% |
| SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% | SHORT-TERM INSTRUMENTS 9.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.1% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2184702 | 21277 |
| Total Short-Term Instruments<br>(Cost $21,269) | Total Short-Term Instruments<br>(Cost $21,269) | 21277 |
| Total Investments in Affiliates<br>(Cost $21,269) | Total Investments in Affiliates<br>(Cost $21,269) | 21277 |
| Total Investments 100.0%<br>(Cost $231,961) | Total Investments 100.0%<br>(Cost $231,961) | 232811 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% | 19 |
| Net Assets 100.0% | Net Assets 100.0% | 232830 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TAX-EFFICIENT STRATEGY 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1278 | $0 | $1278 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172877 |
| &nbsp;&nbsp; District of Columbia | 0 | 1544 | 0 | 1544 |
| &nbsp;&nbsp; Georgia | 0 | 635 | 0 | 635 |
| &nbsp;&nbsp; Missouri | 0 | 1101 | 0 | 1101 |
| &nbsp;&nbsp; Ohio | 0 | 1135 | 0 | 1135 |
| &nbsp;&nbsp; Oregon | 0 | 307 | 0 | 307 |
| &nbsp;&nbsp; Puerto Rico | 0 | 2223 | 0 | 2223 |
|  U.S. Treasury Obligations | 0 | 15986 | 0 | 15986 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $573 | $0 | $0 | $573 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 13875 | 0 | 13875 |
|  | $573 | $210961 | $0 | $211534 |
|  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 | $21277 | $0 | $0 | $21277 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232811 |

---

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 | **35** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 6.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.3% |
|  Alleys End | Alleys End | Alleys End |
|  TBD% - 7.000% due 11/27/2027 «~µ | 31000 | 30898 |
|  AM Bidco Operations LLC | AM Bidco Operations LLC | AM Bidco Operations LLC |
|  TBD% - 8.500% (TSFR3M + 0.000%) due 10/21/2027 «~µ(h) | 26502 | 21949 |
|  Bluehouse Commons Apartments | Bluehouse Commons Apartments | Bluehouse Commons Apartments |
|  4.120% due 12/01/2042 «~(h) | 12974 | 11382 |
|  Bowen Family Homes, Inc. | Bowen Family Homes, Inc. | Bowen Family Homes, Inc. |
|  TBD% - 5.750% due 03/12/2028 «~µ | 27000 | 26993 |
|  City of Salinas | City of Salinas | City of Salinas |
|  4.020% due 09/01/2033 «~(h) | 6468 | 6091 |
|  Cloverdale Alexander | Cloverdale Alexander | Cloverdale Alexander |
|  TBD% - 6.250% due 02/18/2027 «~µ | 20780 | 20759 |
|  Fort Whipple Veterans Housing LLC | Fort Whipple Veterans Housing LLC | Fort Whipple Veterans Housing LLC |
|  TBD% - 6.750% due 07/28/2027 «~ | 20000 | 19930 |
|  Groves Seniors Apartments 2 | Groves Seniors Apartments 2 | Groves Seniors Apartments 2 |
|  4.000% due 07/01/2038 «~(h) | 1241 | 1173 |
|  4.170% due 06/01/2041 «~(h) | 7919 | 7097 |
|  Howick LLLP | Howick LLLP | Howick LLLP |
|  7.500% due 11/11/2026 «~ | 30000 | 29943 |
|  Mammoth Lakes Kingfisher | Mammoth Lakes Kingfisher | Mammoth Lakes Kingfisher |
|  TBD% - 6.250% due 12/01/2026 «~µ | 24000 | 23940 |
|  Mangini Place Apartments | Mangini Place Apartments | Mangini Place Apartments |
|  3.910% due 11/01/2042 «~(h) | 18977 | 16438 |
|  NCJC Downtown Campus LP | NCJC Downtown Campus LP | NCJC Downtown Campus LP |
|  TBD% - 6.500% due 03/01/2028 «~µ | 21000 | 21000 |
|  Northlake Senior Apartments | Northlake Senior Apartments | Northlake Senior Apartments |
|  3.990% due 10/01/2041 «~(h) | 20196 | 17710 |
|  Pine Grove Powers Avenue | Pine Grove Powers Avenue | Pine Grove Powers Avenue |
|  5.000% due 10/01/2042 «~(h) | 17734 | 17106 |
|  Ruby Vista | Ruby Vista | Ruby Vista |
|  7.250% due 07/25/2026 «~ | 6514 | 6505 |
|  Sagebrush Buyer LLC | Sagebrush Buyer LLC | Sagebrush Buyer LLC |
|  TBD% - 7.500% due 05/13/2026 «~µ | 32000 | 31984 |
|  Solace Grove First Baptist | Solace Grove First Baptist | Solace Grove First Baptist |
|  7.000% due 12/19/2026 «~ | 17330 | 17297 |
|  Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento | Successor Agency Redevelopment of West Sacramento |
|  4.310% due 09/01/2035 «~ | 8564 | 8141 |
|  TWG Victory Hills LP | TWG Victory Hills LP | TWG Victory Hills LP |
|  TBD% - 6.750% due 03/01/2027 «~µ | 32500 | 32420 |
|  Valencia Garden | Valencia Garden | Valencia Garden |
|  4.020% due 11/01/2041 «~(h) | 11931 | 10492 |
|  VG Camilla HP LP | VG Camilla HP LP | VG Camilla HP LP |
|  6.750% due 07/09/2026 «~ | 4723 | 4723 |
|  Total Loan Participations and Assignments (Cost $383,970) | Total Loan Participations and Assignments (Cost $383,970) | 383971 |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 18000 | 13173 |
|  VM Fund I LLC | VM Fund I LLC | VM Fund I LLC |
|  8.625% due 02/28/2031 « | 2664 | 2687 |
|  |  | 15860 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
|  2.510% due 05/15/2031 | 6668 | 5704 |
|  Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP | Toll Road Investors Partnership II LP |
|  0.000% due 02/15/2043 (e) | 18658 | 6600 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wild Rivers Water Park | Wild Rivers Water Park | Wild Rivers Water Park |
|  8.500% due 11/01/2051 | 7500 | 5799 |
|  |  | 18103 |
|  Total Corporate Bonds & Notes (Cost $39,965) | Total Corporate Bonds & Notes (Cost $39,965) | 33963 |
| MUNICIPAL BONDS & NOTES 83.1% | MUNICIPAL BONDS & NOTES 83.1% | MUNICIPAL BONDS & NOTES 83.1% |
| ALABAMA 4.0% | ALABAMA 4.0% | ALABAMA 4.0% |
|  Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 | Alabama Special Care Facilities Financing Authority-Birmingham, Alabama Revenue Bonds, Series 2016 |
|  5.750% due 06/01/2045 | 800 | 770 |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 6000 | 6004 |
|  5.000% due 06/01/2055 | 21000 | 21311 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 5785 | 5846 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 13600 | 14680 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 22300 | 23623 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 20150 | 21327 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 |
|  5.000% due 07/01/2033 | 12850 | 13441 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3600 | 3930 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 14000 | 14937 |
|  Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Hoover Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  5.750% due 10/01/2049 | 1500 | 1532 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 19560 | 18650 |
|  Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 | Montgomery Medical Clinic Board, Alabama Revenue Bonds, Series 2016 |
|  5.000% due 03/01/2027 ^(c) | 4030 | 322 |
|  5.000% due 03/01/2029 ^(c) | 4570 | 366 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 12500 | 13166 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 6015 | 6048 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 29400 | 30053 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 30600 | 30796 |
|  5.250% due 11/01/2055 | 5000 | 5401 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 10200 | 10661 |
|  |  | 242864 |
| ALASKA 0.3% | ALASKA 0.3% | ALASKA 0.3% |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 8795 | 8891 |
|  Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (e) | 110400 | 11870 |
|  |  | 20761 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ARIZONA 0.6% | ARIZONA 0.6% | ARIZONA 0.6% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
|  7.750% due 07/01/2050 ^(c) | 4030 | 95 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 | Arizona Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 12/15/2051 | 700 | 541 |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  0.000% due 01/01/2059 (f) | 7083 | 3674 |
|  5.125% due 01/01/2059 | 19174 | 16886 |
|  6.750% due 12/01/2055 | 3750 | 3813 |
|  Estrella Mountain Ranch Community Facilities District, Arizona Special Assessment Bonds, Series 2025 | Estrella Mountain Ranch Community Facilities District, Arizona Special Assessment Bonds, Series 2025 | Estrella Mountain Ranch Community Facilities District, Arizona Special Assessment Bonds, Series 2025 |
|  5.050% due 07/01/2040 | 415 | 413 |
|  5.800% due 07/01/2049 | 900 | 886 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 2000 | 1887 |
|  Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2049 ^(c) | 3500 | 2800 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 6000 | 6513 |
|  |  | 37508 |
| ARKANSAS 1.4% | ARKANSAS 1.4% | ARKANSAS 1.4% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 17500 | 18938 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 |
|  4.250% due 09/01/2046 | 66000 | 65614 |
|  |  | 84552 |
| CALIFORNIA 5.2% | CALIFORNIA 5.2% | CALIFORNIA 5.2% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 4740 | 5157 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 1145 | 1170 |
|  5.000% due 11/01/2055 | 7295 | 7446 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 14700 | 14849 |
|  5.000% due 01/01/2056 | 9730 | 9863 |
|  California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 | California Community Housing Agency Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2056 | 22300 | 10954 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 2900 | 2154 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 250 | 250 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2055 (e) | 10445 | 1911 |
|  5.000% due 06/01/2049 | 130 | 126 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2041 | 2750 | 2924 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 15500 | 15595 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 | 26000 | 25923 |
|  6.000% due 03/01/2053 | 33650 | 34015 |
|  7.000% due 03/01/2053 | 9100 | 8891 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (e) | 1250 | 754 |
|  4.125% due 01/01/2035 | 405 | 388 |
|  5.000% due 01/01/2055 | 960 | 823 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (e) | 42345 | 3492 |
|  4.000% due 05/01/2051 | 5000 | 4575 |
|  5.000% due 01/01/2056 | 2200 | 1865 |
|  California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 | California Municipal Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 11/01/2046 | 1000 | 970 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 4500 | 4547 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2052 | 1070 | 953 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2036 | 175 | 181 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 9000 | 9364 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  5.375% due 01/01/2055 | 4000 | 3913 |
|  5.500% due 01/01/2060 | 2850 | 2823 |
|  California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 | California Municipal Finance Authority Revenue Notes, Series 2021 |
|  3.637% due 07/01/2030 | 3395 | 3100 |
|  California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 | California Municipal Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 01/01/2033 | 1385 | 1463 |
|  5.000% due 01/01/2034 | 1455 | 1537 |
|  5.000% due 01/01/2035 | 750 | 791 |
|  California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 | California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|  7.500% due 12/01/2039 ^(c) | 5883 | 0 |
|  California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 | California School Finance Authority Revenue Bonds, Series 2016 |
|  4.500% due 06/01/2031 ^(c) | 750 | 450 |
|  5.000% due 06/01/2046 | 1265 | 1194 |
|  5.000% due 06/01/2046 ^(c) | 1325 | 795 |
|  5.000% due 06/01/2051 ^(c) | 1000 | 600 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2046 | 1900 | 1863 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 7485 | 6464 |
|  California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 | California Statewide Financing Authority Revenue Bonds, Series 2002 |
|  6.000% due 05/01/2037 | 2845 | 2909 |
|  Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 |
|  5.000% due 08/01/2034 | 7600 | 8000 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 6185 | 5480 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|  3.400% due 10/01/2046 | 1985 | 1580 |
|  4.000% due 02/01/2057 | 1000 | 748 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 09/01/2062 (f) | 23500 | 15382 |
|  5.000% due 09/01/2037 | 2800 | 2840 |
|  Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 | Firebaugh, California Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2039 | 1210 | 1068 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (e) | 219515 | 21999 |
|  3.714% due 06/01/2041 | 12550 | 9954 |
|  3.850% due 06/01/2050 | 3535 | 3232 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 5100 | 4999 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2045 | 6000 | 5769 |
|  5.000% due 07/01/2061 | 3000 | 2641 |
|  M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 | M-S-R Energy Authority, California Revenue Bonds, Series 2009 |
|  6.500% due 11/01/2039 | 1500 | 1780 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2047 (e) | 4500 | 1601 |
|  River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 | River Islands Public Financing Authority, California Special Tax Bonds, Series 2025 |
|  5.000% due 09/01/2050 | 5000 | 4864 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 5900 | 5907 |
|  Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 | Sacramento, California Special Tax Bonds, Series 2021 |
|  4.000% due 09/01/2050 | 1000 | 855 |
|  Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2036 (e) | 5000 | 2831 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (e) | 100745 | 15418 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (e) | 16635 | 2971 |
|  |  | 316961 |
| COLORADO 3.4% | COLORADO 3.4% | COLORADO 3.4% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2044 | 8500 | 8657 |
|  5.750% due 12/01/2054 | 18750 | 18503 |
|  Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 | Aurora Highlands Community Authority Board, Colorado Revenue Bonds, Series 2021 |
|  5.750% due 12/01/2051 | 6000 | 5702 |
|  Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 | Baseline Metropolitan District No 1, Colorado General Obligation Bonds, Series 2024 |
|  6.750% due 12/15/2054 | 1500 | 1498 |
|  Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 | Board of Governors of Colorado State University System Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2043 | 1300 | 1407 |
|  5.000% due 11/01/2044 | 1300 | 1395 |
|  Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 |
|  6.500% due 12/15/2054 | 2000 | 1970 |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 |
|  5.250% due 12/01/2048 | 4050 | 4052 |
|  Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2047 | 6300 | 6037 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 8935 | 8461 |
|  4.000% due 08/01/2049 | 5960 | 5141 |
|  5.000% due 08/01/2044 | 7000 | 7113 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 | Colorado Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 | 5000 | 4943 |
|  5.250% due 05/15/2048 | 1500 | 1517 |
|  Colorado Housing and Finance Authority Revenue Notes, Series 2024 | Colorado Housing and Finance Authority Revenue Notes, Series 2024 | Colorado Housing and Finance Authority Revenue Notes, Series 2024 |
|  6.000% due 06/01/2028 | 12300 | 12389 |
|  Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 |
|  0.000% due 12/01/2051 (f) | 4955 | 4023 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 3500 | 3576 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 |
|  4.000% due 03/15/2046 | 10515 | 9753 |
|  Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 | Colorado State Certificates of Participation Bonds, Series 2024 |
|  5.000% due 11/01/2049 | 3865 | 4018 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 |
|  6.125% due 12/15/2054 | 2000 | 1919 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 41364 | 42259 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 2354 | 2421 |
|  Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 |
|  7.250% due 12/01/2052 | 2913 | 2896 |
|  Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 3000 | 2895 |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.250% due 11/15/2028 | 1440 | 1507 |
|  Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2036 | 1000 | 945 |
|  Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 4650 | 4384 |
|  Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 1750 | 1749 |
|  6.125% due 12/01/2039 | 550 | 570 |
|  6.500% due 12/01/2054 | 1250 | 1287 |
|  Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Special Assessment Bonds, Series 2024 |
|  5.625% due 12/01/2043 | 1736 | 1784 |
|  Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 | Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 2000 | 1546 |
|  Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 | Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 | Vail Home Partners Corp. Colorado Revenue Bonds, Series 2025 |
|  6.000% due 10/01/2064 | 6250 | 6367 |
|  Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 |
|  0.000% due 12/01/2050 (f) | 11100 | 9778 |
|  Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 | Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2049 | 1200 | 1136 |
|  Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 |
|  5.000% due 12/01/2039 | 4555 | 4565 |
|  5.000% due 12/01/2049 | 6375 | 6018 |
|  |  | 204181 |
| DISTRICT OF COLUMBIA 0.7% | DISTRICT OF COLUMBIA 0.7% | DISTRICT OF COLUMBIA 0.7% |
|  District of Columbia General Obligation Bonds, Series 2021 | District of Columbia General Obligation Bonds, Series 2021 | District of Columbia General Obligation Bonds, Series 2021 |
|  4.000% due 02/01/2046 | 4660 | 4310 |
|  District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2050 | 18770 | 19893 |
|  District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 | District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2052 | 1000 | 903 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 4290 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 |
|  5.250% due 07/15/2055 | 9870 | 10260 |
|  |  | 39656 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 37

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| FLORIDA 5.9% | FLORIDA 5.9% | FLORIDA 5.9% |
|  Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 |
|  6.300% due 07/01/2055 | 3250 | 3350 |
|  Angeline Community Development District, Florida Special Assessment Bonds, Series 2025 | Angeline Community Development District, Florida Special Assessment Bonds, Series 2025 | Angeline Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2056 | 1340 | 1313 |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 865 | 866 |
|  Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 | Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 | Ave Maria Stewardship Community District, Florida Special Assessment Bonds, Series 2025 |
|  5.600% due 05/01/2056 | 1655 | 1596 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2021 |
|  3.200% due 05/01/2041 | 4510 | 3763 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 |
|  5.375% due 05/01/2043 | 6250 | 6273 |
|  5.625% due 05/01/2054 | 8675 | 8444 |
|  Avenir Community Development District, Florida Special Assessment Notes, Series 2023 | Avenir Community Development District, Florida Special Assessment Notes, Series 2023 | Avenir Community Development District, Florida Special Assessment Notes, Series 2023 |
|  4.500% due 05/01/2030 | 1845 | 1861 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1370 | 1356 |
|  5.250% due 05/01/2055 | 1995 | 1937 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 |
|  4.250% due 05/01/2032 | 1500 | 1511 |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2055 | 915 | 881 |
|  Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.450% due 05/01/2054 | 1000 | 949 |
|  Buckhead Trails II Community Development District, Florida Special Assessment Bonds, Series 2026 | Buckhead Trails II Community Development District, Florida Special Assessment Bonds, Series 2026 | Buckhead Trails II Community Development District, Florida Special Assessment Bonds, Series 2026 |
|  5.800% due 05/01/2056 | 1000 | 984 |
|  Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2056 | 5200 | 4346 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2033 ^(c) | 1500 | 363 |
|  5.000% due 07/01/2043 ^(c) | 950 | 36 |
|  5.250% due 07/01/2048 ^(c) | 900 | 34 |
|  7.500% due 07/01/2053 ^(c) | 1000 | 38 |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (e) | 22070 | 1893 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.250% due 06/15/2053 | 4250 | 4305 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 1250 | 1218 |
|  5.250% due 07/01/2055 | 500 | 471 |
|  5.375% due 07/01/2065 | 4250 | 4002 |
|  Center Lake Ranch West Community Development District, Florida Special Assessment Bonds, Series 2025 | Center Lake Ranch West Community Development District, Florida Special Assessment Bonds, Series 2025 | Center Lake Ranch West Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.300% due 05/01/2045 | 600 | 601 |
|  5.600% due 05/01/2055 | 750 | 731 |
|  Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2051 | 5000 | 3984 |
|  Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2025 |
|  5.875% due 10/01/2045 | 1750 | 1813 |
|  6.125% due 10/01/2055 | 6550 | 6704 |
|  Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 | Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 | Connerton East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 06/15/2055 | 1000 | 976 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 | Crosswinds East Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2054 | 1250 | 1249 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 493 |
|  5.500% due 05/01/2054 | 3030 | 2905 |
|  Firethorn Community Development District, Florida Special Assessment Bonds, Series 2025 | Firethorn Community Development District, Florida Special Assessment Bonds, Series 2025 | Firethorn Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.300% due 05/01/2045 | 865 | 860 |
|  5.600% due 05/01/2055 | 1125 | 1086 |
|  Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 | Florida Atlantic University Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 4500 | 4570 |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 4000 | 3607 |
|  4.000% due 07/01/2054 | 12500 | 11144 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 9800 | 9537 |
|  5.250% due 07/01/2047 | 8500 | 8352 |
|  5.250% due 07/01/2053 | 33600 | 32639 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 | Florida Development Finance Corp. Revenue Bonds, Series 2017 |
|  6.125% due 06/15/2047 | 5300 | 5227 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.250% due 08/01/2049 | 5250 | 5361 |
|  Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 |
|  6.250% due 07/01/2055 | 19300 | 19385 |
|  Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 |
|  6.750% due 11/15/2055 | 2165 | 2243 |
|  6.875% due 11/15/2064 | 6335 | 6571 |
|  Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.000% due 05/01/2057 | 2400 | 2417 |
|  GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2055 | 1750 | 1662 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.700% due 05/01/2044 | 1995 | 2021 |
|  6.000% due 05/01/2055 | 4000 | 4000 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 3625 | 3625 |
|  Groves at Lake Marion Community Development District, Florida Special Assessment Bonds, Series 2026 | Groves at Lake Marion Community Development District, Florida Special Assessment Bonds, Series 2026 | Groves at Lake Marion Community Development District, Florida Special Assessment Bonds, Series 2026 |
|  5.300% due 12/15/2046 | 700 | 693 |
|  5.600% due 12/15/2055 | 700 | 692 |
|  Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 | Hamilton Bluff Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 1000 | 1012 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.850% due 05/01/2044 | 780 | 794 |
|  6.150% due 05/01/2054 | 890 | 893 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.550% due 05/01/2045 | 1000 | 1013 |
|  5.750% due 05/01/2055 | 1000 | 989 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 3600 | 3691 |
|  Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.450% due 05/01/2055 | 750 | 729 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 397 | 5 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2026 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2026 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2026 |
|  5.650% due 05/01/2046 (b) | 915 | 919 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/01/2055 (b) | $— | 865 | $— | 869 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Notes, Series 2024 |
|  5.250% due 05/01/2034 |  | 1600 |  | 1618 |
|  Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.875% due 06/15/2055 |  | 800 |  | 810 |
|  Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 |  | 400 |  | 402 |
|  5.700% due 05/01/2055 |  | 765 |  | 744 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.600% due 05/01/2055 |  | 685 |  | 659 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.250% due 05/01/2034 |  | 1920 |  | 1940 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2055 |  | 760 |  | 759 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 |
|  5.900% due 05/01/2055 |  | 1000 |  | 1028 |
|  6.000% due 05/01/2056 |  | 7230 |  | 7474 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2044 |  | 4500 |  | 4762 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2044 |  | 505 |  | 501 |
|  5.650% due 05/01/2054 |  | 1195 |  | 1147 |
|  5.750% due 05/01/2044 |  | 910 |  | 925 |
|  6.050% due 05/01/2054 |  | 1085 |  | 1084 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 |  | 345 |  | 349 |
|  Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2055 |  | 1000 |  | 975 |
|  Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Martin County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2046 |  | 13000 |  | 12132 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2049 |  | 4275 |  | 4274 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 |  | 7350 |  | 8150 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 |  | 3100 |  | 3086 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2051 |  | 7000 |  | 7103 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 |  | 6785 |  | 6044 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 |  | 2075 |  | 1899 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2050 |  | 10000 |  | 8538 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 |  | 1490 |  | 1491 |
|  New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 | New Port Corners Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 06/15/2055 |  | 1000 |  | 965 |
|  Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 | Newfield Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.900% due 05/01/2056 |  | 2920 |  | 2938 |

---

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| | | |
|:---|:---|:---|
| **38** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

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------

March 31, 2026

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.200% due 05/01/2054 | 2535 | 2386 |
|  Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2044 | 15 | 15 |
|  5.550% due 05/01/2054 | 1735 | 1621 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 725 | 743 |
|  6.000% due 05/01/2054 | 1165 | 1174 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2053 | 4915 | 4973 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 2110 | 2023 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2047 | 1240 | 1236 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2031 (e) | 1330 | 1069 |
|  Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 630 | 636 |
|  5.800% due 05/01/2054 | 1670 | 1643 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.050% due 05/01/2044 | 1000 | 989 |
|  5.375% due 05/01/2055 | 1275 | 1213 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.700% due 05/01/2055 | 2465 | 2374 |
|  PBR Community Development District, Florida Special Assessment Bonds, Series 2026 | PBR Community Development District, Florida Special Assessment Bonds, Series 2026 | PBR Community Development District, Florida Special Assessment Bonds, Series 2026 |
|  5.000% due 03/01/2048 | 1250 | 1210 |
|  5.125% due 03/01/2056 | 650 | 618 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2055 | 955 | 915 |
|  Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  5.875% due 01/01/2033 ^(c) | 9040 | 1808 |
|  Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 | Pompano Beach, Florida Revenue Bonds, Series 2020 |
|  4.000% due 09/01/2050 | 8750 | 7180 |
|  Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.875% due 05/01/2055 | 1200 | 1202 |
|  Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.000% due 05/01/2056 | 1000 | 1013 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.350% due 05/01/2055 | 1500 | 1412 |
|  St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/01/2055 | 6500 | 5214 |
|  Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 | Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 | Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.875% due 05/01/2055 | 3100 | 2953 |
|  Tampa, Florida Revenue Bonds, Series 2016 | Tampa, Florida Revenue Bonds, Series 2016 | Tampa, Florida Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 4710 | 4295 |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2042 (e) | 1000 | 476 |
|  0.000% due 09/01/2045 (e) | 1000 | 398 |
|  Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2042 | 4800 | 4682 |
|  Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 | Tradition Community Development District No 9, Florida Special Assessment Bonds, Series 2025 |
|  5.400% due 05/01/2045 | 710 | 713 |
|  5.650% due 05/01/2056 | 880 | 860 |
|  Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.875% due 05/01/2054 | 1000 | 1002 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 | V-Dana Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.375% due 05/01/2045 | 890 | 894 |
|  5.550% due 05/01/2055 | 1235 | 1202 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2024 |
|  4.550% due 05/01/2044 | 995 | 956 |
|  Wellness Ridge Community Development District, Florida Special Assessment Bonds, Series 2026 | Wellness Ridge Community Development District, Florida Special Assessment Bonds, Series 2026 | Wellness Ridge Community Development District, Florida Special Assessment Bonds, Series 2026 |
|  5.300% due 06/15/2046 | 500 | 492 |
|  5.625% due 06/15/2056 | 875 | 854 |
|  Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.750% due 05/01/2044 | 1190 | 1220 |
|  6.000% due 05/01/2054 | 1590 | 1605 |
|  Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.200% due 05/01/2055 | 3000 | 3063 |
|  |  | 357981 |
| GEORGIA 2.0% | GEORGIA 2.0% | GEORGIA 2.0% |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 |
|  7.000% due 01/01/2040 ^(c) | 1600 | 720 |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 |
|  0.000% due 12/15/2048 (f) | 8850 | 7994 |
|  Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 |
|  5.000% due 04/01/2034 | 1950 | 1985 |
|  Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 | Augusta Development Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2053 | 6500 | 6589 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 6000 | 5624 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2053 | 7500 | 8010 |
|  Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 | Gainesville & Hall County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  5.000% due 03/01/2047 ^(c) | 1500 | 600 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2055 | 2900 | 3044 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 28900 | 30363 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2019 |
|  5.000% due 01/01/2049 | 3790 | 3819 |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, (BAM Insured), Series 2024 |
|  5.250% due 01/01/2041 | 1150 | 1252 |
|  5.250% due 01/01/2044 | 1100 | 1176 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 14240 | 14235 |
|  5.000% due 01/01/2056 | 10000 | 9982 |
|  5.000% due 01/01/2059 | 7600 | 7586 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 1000 | 866 |
|  5.000% due 01/01/2056 | 1100 | 1098 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 5000 | 4578 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2064 | 7000 | 7114 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2042 | 1200 | 1272 |
|  5.000% due 01/01/2043 | 1050 | 1106 |
|  |  | 119013 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| GUAM 0.0% | GUAM 0.0% | GUAM 0.0% |
|  Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 | Guam Department of Education Certificates of Participation Bonds, Series 2020 |
|  5.000% due 02/01/2040 | 1500 | 1504 |
| HAWAII 0.3% | HAWAII 0.3% | HAWAII 0.3% |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2037 | 6520 | 6275 |
|  Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 | Hawaii Department of Budget & Finance State Revenue Bonds, Series 2019 |
|  3.200% due 07/01/2039 | 3725 | 3142 |
|  3.500% due 10/01/2049 | 2000 | 1568 |
|  Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 | Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 | Hawaii Department of Budget & Finance State Revenue Notes, Series 2017 |
|  3.100% due 05/01/2026 | 6990 | 6981 |
|  |  | 17966 |
| IDAHO 0.4% | IDAHO 0.4% | IDAHO 0.4% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 03/01/2053 | 4800 | 4920 |
|  Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 | Nez Perce County, Idaho Certificates of Participation Bonds, Series 2022 |
|  5.000% due 03/01/2052 | 2750 | 2787 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 15551 | 14834 |
|  |  | 22541 |
| ILLINOIS 4.1% | ILLINOIS 4.1% | ILLINOIS 4.1% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2012 |
|  4.000% due 12/01/2035 | 8360 | 7864 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 |
|  5.000% due 12/01/2046 | 5405 | 4942 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2021 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2021 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2021 |
|  5.000% due 12/01/2040 | 6995 | 6761 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2023 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2023 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2034 | 5000 | 5073 |
|  5.875% due 12/01/2047 | 3575 | 3612 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 7200 | 6959 |
|  5.500% due 12/01/2045 | 10135 | 10119 |
|  5.750% due 12/01/2050 | 21500 | 21515 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2042 | 1470 | 1564 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2044 | 3000 | 2821 |
|  5.000% due 01/01/2048 | 9000 | 9073 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2056 | 1000 | 1019 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 1000 | 1085 |
|  5.000% due 01/01/2037 | 2500 | 2673 |
|  5.000% due 01/01/2038 | 2250 | 2406 |
|  5.250% due 01/01/2040 | 1500 | 1613 |
|  5.250% due 01/01/2042 | 2450 | 2581 |
|  5.250% due 01/01/2043 | 2625 | 2750 |
|  Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 |
|  5.500% due 01/01/2039 | 8200 | 8500 |
|  Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 | Exceptional Children Have Opportunities, Illinois General Obligation Debt Certificate Bonds, Series 2020 |
|  4.000% due 12/01/2036 | 680 | 681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 | Gilberts Special Service Area No 25, Illinois Special Tax Bonds, Series 2018 |
|  6.000% due 03/01/2048 | 7739 | 7587 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 7100 | 7154 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 2500 | 2524 |
|  Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2037 ^(c) | 2426 | 73 |
|  5.125% due 02/15/2045 ^(c) | 2675 | 80 |
|  5.250% due 05/15/2054 | 6705 | 5482 |
|  5.500% due 05/15/2054 | 11100 | 9363 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 3375 | 3180 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2035 | 1410 | 1404 |
|  4.000% due 05/01/2040 | 2830 | 2676 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  2.750% due 08/15/2057 | 5100 | 5100 |
|  Illinois Finance Authority Revenue Bonds, Series 2026 | Illinois Finance Authority Revenue Bonds, Series 2026 | Illinois Finance Authority Revenue Bonds, Series 2026 |
|  6.500% due 03/01/2055 | 4998 | 4442 |
|  Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 2785 | 2619 |
|  Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2038 | 4000 | 4347 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  3.500% due 06/01/2029 | 2000 | 2001 |
|  Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 | Illinois State General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2038 | 1000 | 1013 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.125% due 10/01/2036 | 2000 | 1981 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2036 | 2250 | 2373 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2046 | 17500 | 17679 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  4.250% due 05/01/2046 | 3000 | 2715 |
|  5.000% due 05/01/2039 | 5000 | 5304 |
|  5.250% due 05/01/2044 | 4000 | 4186 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2041 | 15000 | 15749 |
|  5.000% due 09/01/2042 | 9100 | 9489 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 19500 | 17423 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 8500 | 7328 |
|  Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 | Southwestern Illinois Development Authority Revenue Bonds, Series 2007 |
|  5.350% due 03/01/2031 | 1120 | 796 |
|  |  | 247679 |
| INDIANA 1.5% | INDIANA 1.5% | INDIANA 1.5% |
|  Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 |
|  5.450% due 01/01/2038 | 7975 | 7522 |
|  Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 | Goshen, Indiana Revenue Bonds, Series 2021 |
|  5.000% due 08/01/2041 | 4055 | 3503 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  4.250% due 11/01/2030 | 10440 | 10713 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 ^(c) | 27720 | 1386 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1000 | 967 |
|  5.250% due 07/01/2064 | 1500 | 1480 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2057 | 7000 | 7761 |
|  Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 | Indiana Finance Authority Revenue Notes, Series 2021 |
|  1.400% due 08/01/2029 | 1000 | 914 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  5.750% due 01/01/2036 | 1600 | 1600 |
|  6.250% due 07/01/2056 | 9660 | 9208 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  6.000% due 02/01/2048 | 7000 | 7676 |
|  6.000% due 03/01/2053 | 12985 | 13368 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 9660 | 9240 |
|  Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 |
|  5.375% due 01/01/2038 | 5590 | 5414 |
|  Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 |
|  5.375% due 12/01/2041 | 5290 | 4826 |
|  Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 |
|  6.250% due 10/01/2050 | 1750 | 1738 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 5000 | 5207 |
|  |  | 92523 |
| IOWA 0.5% | IOWA 0.5% | IOWA 0.5% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 |
|  4.750% due 08/01/2042 | 6200 | 6201 |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 2850 | 3040 |
|  5.000% due 12/01/2050 | 6680 | 7529 |
|  Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 |
|  8.000% due 01/01/2042 | 9500 | 8024 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2065 (e) | 26970 | 3681 |
|  |  | 28475 |
| KANSAS 0.1% | KANSAS 0.1% | KANSAS 0.1% |
|  Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 | Lenexa, Kansas Tax Allocation Bonds, Series 2007 |
|  6.000% due 04/01/2027 ^(c) | 3143 | 283 |
|  Manhattan, Kansas Revenue Bonds, Series 2025 | Manhattan, Kansas Revenue Bonds, Series 2025 | Manhattan, Kansas Revenue Bonds, Series 2025 |
|  5.500% due 06/01/2055 | 1000 | 996 |
|  5.500% due 06/01/2060 | 2000 | 1969 |
|  Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 | Wyandotte County-Kansas City Unified Government, Kansas Revenue Bonds, Series 2018 |
|  4.500% due 06/01/2040 | 675 | 675 |
|  |  | 3923 |
| KENTUCKY 0.3% | KENTUCKY 0.3% | KENTUCKY 0.3% |
|  Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 | Kenton County, Kentucky Airport Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2044 | 2000 | 2104 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 |
|  6.000% due 11/15/2036 | 2350 | 1849 |
|  6.250% due 11/15/2046 | 1150 | 815 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  4.750% due 07/01/2040 | 3750 | 3446 |
|  5.125% due 07/01/2055 | 4660 | 3851 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 5700 | 6037 |
|  |  | 18102 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2045 | 7000 | 6604 |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.250% due 07/01/2050 | 2000 | 2078 |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2042 | 2565 | 2715 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2039 | 8000 | 8480 |
|  5.250% due 01/01/2044 | 22000 | 23010 |
|  |  | 42887 |
| MAINE 0.1% | MAINE 0.1% | MAINE 0.1% |
|  Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 |
|  4.625% due 12/01/2047 | 3000 | 3102 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 11500 | 12269 |
|  Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 | Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 |
|  4.000% due 09/01/2040 | 2000 | 1816 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  3.762% due 01/01/2043 | 3205 | 2400 |
|  |  | 16485 |
| MASSACHUSETTS 1.7% | MASSACHUSETTS 1.7% | MASSACHUSETTS 1.7% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 3580 | 3584 |
|  4.000% due 05/01/2041 | 9305 | 9292 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 11/01/2052 | 5600 | 5742 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 | Commonwealth of Massachusetts General Obligation Bonds, Series 2023 |
|  5.000% due 10/01/2051 | 2500 | 2577 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 | Commonwealth of Massachusetts General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2051 | 12035 | 12453 |
|  5.000% due 08/01/2054 | 6790 | 6982 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 06/01/2051 | 10675 | 11071 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 15400 | 15922 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2041 | 2000 | 2001 |
|  5.000% due 10/01/2048 | 5360 | 5029 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 10500 | 10487 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1200 | 1141 |
|  5.000% due 07/01/2060 | 1100 | 1030 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2045 | 2000 | 2060 |
|  5.250% due 07/01/2050 | 2000 | 2011 |
|  5.250% due 07/01/2055 | 8500 | 8274 |
|  |  | 99656 |
| MICHIGAN 1.7% | MICHIGAN 1.7% | MICHIGAN 1.7% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 39843 | 30720 |
|  Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 | Detroit, Michigan General Obligation Bonds, Series 2021 |
|  5.000% due 04/01/2050 | 1600 | 1594 |
|  Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 | Detroit, Michigan General Obligation Bonds, Series 2023 |
|  6.000% due 05/01/2039 | 1300 | 1460 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  6.844% due 05/01/2028 | 515 | 523 |
|  Kalamazoo Economic Development Corp., Michigan Revenue Bonds, Series 2026 | Kalamazoo Economic Development Corp., Michigan Revenue Bonds, Series 2026 | Kalamazoo Economic Development Corp., Michigan Revenue Bonds, Series 2026 |
|  6.250% due 08/15/2061 | 2240 | 2244 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2047 | 17410 | 15300 |
|  4.000% due 02/15/2050 | 4540 | 3864 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2045 (e) | 15000 | 4003 |
|  0.000% due 06/01/2065 (e) | 55000 | 5307 |
|  4.800% due 09/01/2040 | 235 | 191 |
|  5.000% due 06/01/2040 | 3750 | 3858 |
|  5.000% due 09/01/2050 | 380 | 278 |
|  Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 | Michigan Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2046 | 1435 | 1121 |
|  Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 | Michigan Finance Authority Revenue Bonds, Series 2024 |
|  4.125% due 02/29/2044 | 700 | 655 |
|  4.375% due 02/28/2054 | 4335 | 3926 |
|  5.250% due 02/28/2043 | 1375 | 1444 |
|  Michigan Finance Authority Revenue Notes, Series 2020 | Michigan Finance Authority Revenue Notes, Series 2020 | Michigan Finance Authority Revenue Notes, Series 2020 |
|  4.300% due 09/01/2030 | 100 | 93 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 |
|  5.000% due 11/15/2047 | 1000 | 1031 |
|  Michigan Strategic Fund Revenue Bonds, Series 2018 | Michigan Strategic Fund Revenue Bonds, Series 2018 | Michigan Strategic Fund Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 5000 | 5024 |
|  Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
|  0.000% due 06/01/2046 (e) | 78000 | 10606 |
|  0.000% due 06/01/2058 (e) | 145250 | 3194 |
|  Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 | Northern Michigan University Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2047 | 2000 | 2113 |
|  5.500% due 06/01/2055 | 4250 | 4474 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2033 | 1380 | 1523 |
|  |  | 104546 |
| MINNESOTA 0.2% | MINNESOTA 0.2% | MINNESOTA 0.2% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 5000 | 4999 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2026 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2026 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2026 |
|  6.375% due 06/15/2061 | 1200 | 1184 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2041 | 750 | 754 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2034 | 1645 | 1772 |
|  5.000% due 01/01/2037 | 2100 | 2228 |
|  Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 | Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 | Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 |
|  5.750% due 11/01/2055 | 1200 | 1185 |
|  5.875% due 11/01/2065 | 1750 | 1751 |
|  |  | 13873 |
| MISSISSIPPI 0.0% | MISSISSIPPI 0.0% | MISSISSIPPI 0.0% |
|  Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 | Mississippi Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2034 | 500 | 459 |
|  4.000% due 10/01/2035 | 300 | 271 |
|  |  | 730 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MISSOURI 0.2% | MISSOURI 0.2% | MISSOURI 0.2% |
|  Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 | Grindstone Plaza Transportation Development District, Missouri Revenue Bonds, Series 2006 |
|  5.500% due 10/01/2031 | 250 | 250 |
|  5.550% due 10/01/2036 | 45 | 45 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2044 | 2200 | 2010 |
|  4.000% due 02/15/2049 | 1000 | 863 |
|  Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 | Lees Summit Industrial Development Authority, Missouri Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2051 | 1450 | 1280 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 7000 | 7392 |
|  St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 | St. Louis Land Clearance for Redevelopment Authority, Missouri Revenue Bonds, Series 2017 |
|  5.125% due 06/01/2046 | 2075 | 2024 |
|  |  | 13864 |
| MONTANA 0.0% | MONTANA 0.0% | MONTANA 0.0% |
|  Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 | Hardin, Montana Tax Allocation Bonds, Series 2006 |
|  6.250% due 09/01/2031 ^(c) | 830 | 100 |
| MULTI-STATE 1.9% | MULTI-STATE 1.9% | MULTI-STATE 1.9% |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.604% due 06/25/2042 | 7382 | 7560 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2022 |
|  3.125% due 09/25/2036 | 941 | 872 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 26534 | 26357 |
|  4.144% due 01/25/2040 | 21380 | 21205 |
|  4.555% due 08/25/2040 | 27725 | 27886 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.326% due 08/25/2041 ~ | 10215 | 10481 |
|  4.686% due 10/25/2040 | 19210 | 19509 |
|  |  | 113870 |
| NEBRASKA 0.2% | NEBRASKA 0.2% | NEBRASKA 0.2% |
|  Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 | Douglas County, Nebraska Hospital Authority No 2, Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2050 | 1000 | 871 |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2021 |
|  4.000% due 02/01/2051 | 8000 | 7169 |
|  Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 | Omaha Public Power District, Nebraska Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2043 | 3500 | 3742 |
|  |  | 11782 |
| NEVADA 0.1% | NEVADA 0.1% | NEVADA 0.1% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 3200 | 3152 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 | Nevada Department of Business & Industry State Revenue Bonds, Series 2017 |
|  5.125% due 12/15/2037 ^(c) | 1754 | 0 |
|  Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 | Nevada Department of Business & Industry State Revenue Bonds, Series 2018 |
|  6.950% due 02/15/2038 ^(c) | 3695 | 0 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (e) | 39000 | 5575 |
|  |  | 8727 |
| NEW HAMPSHIRE 1.2% | NEW HAMPSHIRE 1.2% | NEW HAMPSHIRE 1.2% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 | New Hampshire Business Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2051 | 2250 | 1817 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.777% due 08/20/2034 | 13341 | 12785 |
|  3.875% due 01/20/2038 | 7854 | 7524 |
|  3.967% due 06/20/2034 | 9885 | 9607 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.505% due 08/20/2039 (a) | 23856 | 906 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  3.824% due 11/20/2042 | 23951 | 23012 |
|  3.922% due 01/20/2041 ~ | 11396 | 10991 |
|  5.625% due 06/01/2039 | 5200 | 5203 |
|  |  | 71845 |
| NEW JERSEY 1.1% | NEW JERSEY 1.1% | NEW JERSEY 1.1% |
|  Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 | Atlantic City, New Jersey General Obligation Bonds, Series 2015 |
|  6.375% due 03/01/2030 | 740 | 741 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 | New Jersey Economic Development Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2052 | 20000 | 20387 |
|  New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 |
|  5.750% due 04/01/2031 | 5000 | 5016 |
|  6.500% due 04/01/2028 | 1996 | 2049 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2024 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2024 |
|  5.250% due 12/20/2065 | 2248 | 2365 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2039 | 2000 | 1997 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/15/2050 | 3500 | 4083 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2046 | 32350 | 31506 |
|  |  | 68144 |
| NEW YORK 8.9% | NEW YORK 8.9% | NEW YORK 8.9% |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 8740 | 7286 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2022 | Build NYC Resource Corp. New York Revenue Bonds, Series 2022 | Build NYC Resource Corp. New York Revenue Bonds, Series 2022 |
|  5.750% due 06/01/2052 | 1250 | 1200 |
|  5.750% due 06/01/2062 | 3250 | 3061 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2025 | Build NYC Resource Corp. New York Revenue Bonds, Series 2025 | Build NYC Resource Corp. New York Revenue Bonds, Series 2025 |
|  5.500% due 06/15/2050 | 1000 | 978 |
|  5.500% due 06/15/2055 | 1500 | 1437 |
|  Huntington Local Development Corp. New York Revenue Notes, Series 2021 | Huntington Local Development Corp. New York Revenue Notes, Series 2021 | Huntington Local Development Corp. New York Revenue Notes, Series 2021 |
|  4.000% due 07/01/2027 | 1220 | 1205 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 4700 | 4688 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.650% due 11/01/2049 | 3000 | 2952 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.750% due 11/01/2052 | 4000 | 3352 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2040 | 5000 | 4918 |
|  4.000% due 11/01/2043 | 4000 | 3877 |
|  4.000% due 05/01/2047 | 6030 | 5590 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 4000 | 3985 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 02/01/2049 | $— | 4000 | $— | 3587 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2051 |  | 21050 |  | 21645 |
|  5.000% due 11/01/2053 |  | 10700 |  | 10962 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 |
|  5.000% due 11/01/2047 |  | 1000 |  | 1042 |
|  5.000% due 02/01/2050 |  | 16000 |  | 16479 |
|  5.000% due 02/01/2053 |  | 17500 |  | 17975 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 |  | 11000 |  | 11467 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2050 |  | 3000 |  | 3080 |
|  5.250% due 02/01/2053 |  | 2000 |  | 2081 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2042 |  | 12000 |  | 12948 |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2050 (e) |  | 43000 |  | 8995 |
|  0.000% due 06/01/2055 (e) |  | 133600 |  | 10761 |
|  0.000% due 06/01/2060 (e) |  | 210000 |  | 8495 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 |  | 16830 |  | 17193 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 |  | 19260 |  | 19261 |
|  5.150% due 11/15/2034 |  | 2600 |  | 2600 |
|  5.375% due 11/15/2040 |  | 6500 |  | 6472 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  4.000% due 11/15/2047 |  | 7300 |  | 6753 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2053 |  | 5000 |  | 5159 |
|  5.125% due 11/15/2063 |  | 10000 |  | 10326 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2060 |  | 8760 |  | 7565 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2050 |  | 10175 |  | 8958 |
|  New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2040 |  | 8730 |  | 8715 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2039 |  | 3500 |  | 3404 |
|  4.000% due 03/15/2054 |  | 14250 |  | 12481 |
|  5.000% due 03/15/2052 |  | 5615 |  | 5768 |
|  5.000% due 03/15/2053 |  | 13355 |  | 13696 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2051 |  | 12590 |  | 12955 |
|  New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 |
|  5.000% due 03/15/2053 |  | 14000 |  | 14362 |
|  New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 | New York State Thruway Authority Revenue Bonds, Series 2021 |
|  4.000% due 03/15/2047 |  | 2665 |  | 2424 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2049 |  | 3000 |  | 3107 |
|  5.000% due 03/15/2051 |  | 5715 |  | 5884 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2053 |  | 14500 |  | 14824 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 |  | 33100 |  | 33312 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 14800 | 15212 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 6800 | 6970 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2033 | 6750 | 6894 |
|  5.000% due 01/01/2036 | 1500 | 1524 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  4.375% due 10/01/2045 | 8290 | 7732 |
|  5.000% due 10/01/2035 | 6715 | 7001 |
|  5.000% due 10/01/2040 | 3560 | 3612 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  5.625% due 04/01/2040 | 8750 | 9199 |
|  6.000% due 04/01/2035 | 17550 | 19254 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.250% due 06/30/2043 | 3560 | 3685 |
|  5.250% due 06/30/2044 | 4000 | 4114 |
|  5.500% due 06/30/2060 | 2500 | 2505 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2044 | 2475 | 2700 |
|  6.000% due 06/30/2059 | 7750 | 8128 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2028 | 1000 | 1030 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 2000 | 2033 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.125% due 08/01/2044 | 1000 | 947 |
|  5.375% due 08/01/2054 | 340 | 309 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 1994 | Port Authority of New York & New Jersey Revenue Bonds, Series 1994 | Port Authority of New York & New Jersey Revenue Bonds, Series 1994 |
|  6.125% due 06/01/2094 | 4000 | 4008 |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.375% due 11/01/2054 | 4000 | 3183 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (e) | 67080 | 5689 |
|  Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 | Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 |
|  5.693% due 01/01/2028 | 5585 | 5433 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2043 | 1250 | 1350 |
|  5.000% due 12/01/2044 | 2000 | 2140 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 4500 | 4165 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2047 | 1000 | 934 |
|  5.250% due 09/15/2053 | 2500 | 2256 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  6.500% due 11/01/2055 (h) | 4000 | 4421 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 |
|  7.500% due 11/01/2055 (h) | 11000 | 12089 |
|  |  | 537782 |
| NORTH CAROLINA 0.1% | NORTH CAROLINA 0.1% | NORTH CAROLINA 0.1% |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 5490 | 6090 |
|  North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 | North Carolina Medical Care Commission Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2051 | 1500 | 1229 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  North Carolina Medical Care Commission Revenue Notes, Series 2021 | North Carolina Medical Care Commission Revenue Notes, Series 2021 | North Carolina Medical Care Commission Revenue Notes, Series 2021 |
|  4.000% due 03/01/2030 | 285 | 289 |
|  4.000% due 03/01/2031 | 290 | 295 |
|  |  | 7903 |
| NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% |
|  Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 | Grand Forks County, North Dakota Revenue Bonds, Series 2021 |
|  7.000% due 12/15/2043 ^(c) | 7940 | 0 |
| OHIO 4.0% | OHIO 4.0% | OHIO 4.0% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2042 | 3085 | 3132 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (e) | 279880 | 20470 |
|  4.000% due 06/01/2048 | 6645 | 5572 |
|  5.000% due 06/01/2055 | 134400 | 108528 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2037 | 6500 | 7025 |
|  Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, Series 2025 |
|  6.050% due 01/01/2046 | 2900 | 2923 |
|  Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 | Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 | Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2024 |
|  4.000% due 12/01/2044 | 6355 | 5905 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 5000 | 4473 |
|  5.500% due 02/15/2057 | 1000 | 969 |
|  Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 |
|  6.625% due 01/01/2045 | 4300 | 4506 |
|  Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 | Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2035 | 1200 | 1225 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 2080 | 1821 |
|  Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 | Montgomery County, Ohio Revenue Bonds, Series 2018 |
|  6.000% due 04/01/2038 ^(c) | 2369 | 30 |
|  6.250% due 04/01/2049 ^(c) | 5176 | 65 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 33960 | 30794 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2045 | 4230 | 4270 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.100% due 01/01/2046 | 2500 | 2529 |
|  6.250% due 01/01/2045 | 7775 | 8028 |
|  6.300% due 01/01/2045 | 6655 | 6777 |
|  6.375% due 01/01/2045 | 2115 | 2200 |
|  6.500% due 01/01/2045 | 3465 | 3576 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2038 | 1280 | 1211 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 |
|  6.500% due 01/01/2045 | 4400 | 4583 |
|  University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 | University of Cincinnati, Ohio Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2043 | 3250 | 3522 |
|  5.250% due 06/01/2044 | 3350 | 3600 |
|  5.250% due 06/01/2045 | 2850 | 3036 |
|  |  | 240770 |
| OKLAHOMA 0.2% | OKLAHOMA 0.2% | OKLAHOMA 0.2% |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 5000 | 4932 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  4.500% due 01/01/2053 | 5750 | 5457 |
|  5.500% due 01/01/2053 | 2750 | 2892 |
|  Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 | Payne County, Oklahoma Economic Development Authority Revenue Bonds, Series 2016 |
|  6.625% due 11/01/2036 ^(c) | 526 | 3 |
|  6.875% due 11/01/2046 ^(c) | 1081 | 7 |
|  7.000% due 11/01/2051 ^(c) | 2163 | 14 |
|  |  | 13305 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 | Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2047 | 875 | 740 |
|  4.000% due 05/15/2057 | 1000 | 777 |
|  University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 |
|  5.000% due 04/01/2050 | 5705 | 5822 |
|  |  | 7339 |
| PENNSYLVANIA 3.3% | PENNSYLVANIA 3.3% | PENNSYLVANIA 3.3% |
|  Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2025 |
|  6.000% due 05/01/2042 | 1800 | 1955 |
|  Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 | Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 | Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 |
|  4.750% due 01/01/2035 | 7000 | 7266 |
|  Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 | Berks County, Pennsylvania Municipal Authority Revenue Notes, Series 2024 |
|  6.000% due 06/30/2034 | 1850 | 1972 |
|  8.000% due 06/30/2034 | 3693 | 3771 |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 6195 | 6598 |
|  Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2051 | 6000 | 5038 |
|  5.000% due 07/01/2054 | 10700 | 10467 |
|  Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 | Chester County Health & Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 2500 | 2504 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 6685 | 6431 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.375% due 07/01/2039 | 2575 | 2789 |
|  Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 | Franklin County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 1650 | 1428 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 14750 | 12781 |
|  General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 | General Authority of Southcentral Pennsylvania Revenue Bonds, Series 2018 |
|  6.500% due 07/15/2048 | 4200 | 4252 |
|  Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 1000 | 1019 |
|  5.000% due 05/01/2049 | 750 | 739 |
|  Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 | Mercer County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2020 |
|  6.125% due 10/01/2050 | 4895 | 3468 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2044 | 4300 | 4100 |
|  Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 |
|  4.000% due 09/01/2049 | 200 | 172 |
|  Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 |
|  6.000% due 07/01/2045 | 21300 | 21298 |
|  6.125% due 07/01/2050 | 4500 | 4388 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 5000 | 5009 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.000% due 04/01/2039 | 3000 | 2643 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/30/2053 | 7635 | 7632 |
|  6.000% due 06/30/2061 | 6000 | 6266 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2046 | 2200 | 2230 |
|  5.250% due 07/01/2049 | 2000 | 2006 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2051 | 9450 | 10275 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 08/15/2049 | 12200 | 12409 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 6085 | 6575 |
|  6.250% due 10/01/2054 | 3335 | 3637 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2044 | 6000 | 6200 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2052 | 3000 | 3113 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 5400 | 5614 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2025 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2025 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2025 |
|  5.250% due 12/01/2050 | 9330 | 9868 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2026 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2026 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2026 |
|  5.000% due 12/01/2051 | 6150 | 6378 |
|  Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 |
|  5.500% due 12/01/2058 | 3500 | 3560 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2043 | 5000 | 5336 |
|  Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 | Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2018 |
|  5.000% due 07/01/2035 | 750 | 752 |
|  |  | 201939 |
| PUERTO RICO 6.6% | PUERTO RICO 6.6% | PUERTO RICO 6.6% |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 |
|  0.000% due 05/15/2050 (e) | 35200 | 7031 |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 |
|  0.000% due 05/15/2057 (e) | 194500 | 7844 |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 40493 | 27181 |
|  0.000% due 11/01/2051 | 107494 | 61824 |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2041 | 1500 | 1390 |
|  4.000% due 07/01/2046 | 13434 | 11544 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 38853 | 38113 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 6715 | 6555 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 |
|  5.950% due 07/01/2030 ^(c) | 2500 | 1663 |
|  6.250% due 07/01/2040 ^(c) | 400 | 266 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2005 |
|  4.625% due 07/01/2030 ^(c) | 10 | 7 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2007 |
|  1.000% (US0003M) due 07/01/2031 ^~(c) | 2500 | 1663 |
|  5.000% due 07/01/2026 ^(c) | 10 | 7 |
|  5.000% due 07/01/2037 ^(c) | 555 | 369 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  4.750% due 07/01/2026 ^(c) | 245 | 163 |
|  4.750% due 07/01/2027 ^(c) | 50 | 33 |
|  5.000% due 07/01/2026 ^(c) | 65 | 43 |
|  5.250% due 07/01/2026 ^(c) | 670 | 446 |
|  5.250% due 07/01/2027 ^(c) | 390 | 259 |
|  5.400% due 07/01/2028 ^(c) | 2610 | 1736 |
|  5.750% due 07/01/2036 ^(c) | 23620 | 15707 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2013 |
|  7.000% due 07/01/2033 ^(c) | 4900 | 3259 |
|  7.000% due 07/01/2040 ^(c) | 20 | 13 |
|  7.000% due 07/01/2043 ^(c) | 2600 | 1729 |
|  Puerto Rico Electric Power Authority,Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority,Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority,Revenue Bonds, Series 2010 |
|  4.625% due 07/01/2026 ^(c) | 35 | 24 |
|  5.000% due 07/01/2026 ^(c) | 865 | 575 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (e) | 132215 | 46560 |
|  0.000% due 07/01/2051 (e) | 254313 | 65186 |
|  4.750% due 07/01/2053 | 25325 | 23617 |
|  5.000% due 07/01/2058 | 45177 | 43014 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 6630 | 6541 |
|  4.550% due 07/01/2040 | 21414 | 21355 |
|  |  | 395717 |
| RHODE ISLAND 0.5% | RHODE ISLAND 0.5% | RHODE ISLAND 0.5% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2038 | 1000 | 1047 |
|  5.000% due 05/15/2042 | 1000 | 1029 |
|  5.250% due 05/15/2049 | 3650 | 3656 |
|  Rhode Island Health and Educational Building Corp. Revenue Bonds, (AGM Insured),Series 2025 | Rhode Island Health and Educational Building Corp. Revenue Bonds, (AGM Insured),Series 2025 | Rhode Island Health and Educational Building Corp. Revenue Bonds, (AGM Insured),Series 2025 |
|  5.000% due 07/01/2037 | 375 | 397 |
|  5.000% due 07/01/2038 | 350 | 367 |
|  5.000% due 07/01/2045 | 1500 | 1513 |
|  5.625% due 07/01/2065 | 600 | 604 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2052 (e) | 12580 | 1782 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 4500 | 4500 |
|  5.000% due 06/01/2050 | 14280 | 13993 |
|  |  | 28888 |
| SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% |
|  County of Lancaster, South Carolina Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, South Carolina Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, South Carolina Special Assessment Revenue Bonds, Series 2025 |
|  6.200% due 06/01/2055 | 1500 | 1530 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 7700 | 8223 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2043 | 4500 | 4838 |
|  5.625% due 10/01/2060 | 1750 | 1702 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 3500 | 3581 |
|  5.250% due 12/01/2049 | 4500 | 4729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

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------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 12/01/2054 | 12525 | 13243 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2046 | 6750 | 7034 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 6800 | 6844 |
|  |  | 51724 |
| TENNESSEE 1.0% | TENNESSEE 1.0% | TENNESSEE 1.0% |
|  Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 | Bristol Industrial Development Board, Tennessee Tax Allocation Bonds, Series 2016 |
|  5.625% due 06/01/2035 | 2000 | 1758 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 |
|  5.625% due 01/01/2046 | 850 | 573 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2440 | 2529 |
|  5.000% due 07/01/2056 | 6630 | 6757 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 10270 | 10479 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4000 | 3116 |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 6250 | 6431 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 9805 | 10427 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 17750 | 18776 |
|  |  | 60846 |
| TEXAS 10.1% | TEXAS 10.1% | TEXAS 10.1% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  7.500% due 12/01/2045 ^(c) | 7060 | 353 |
|  12.000% due 12/01/2045 ^(c) | 9525 | 476 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.250% due 06/15/2059 | 850 | 747 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2051 | 2710 | 2574 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.750% due 06/15/2055 | 3500 | 3512 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds,Series 2025 |
|  5.875% due 06/15/2065 | 11500 | 11555 |
|  Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 |
|  4.450% due 03/01/2043 | 2575 | 2538 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022 |
|  10.000% due 06/01/2042 ^(c) | 4687 | 234 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 |
|  12.000% due 06/01/2043 ^(c) | 7904 | 395 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 7000 | 6934 |
|  6.500% due 07/01/2026 | 12750 | 12577 |
|  Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 | Celina, Texas Special Assessment Bonds, (AGC Insured), Series 2025 |
|  5.000% due 09/01/2039 | 750 | 783 |
|  5.000% due 09/01/2045 | 1750 | 1773 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 |
|  5.125% due 09/01/2044 | 1800 | 1822 |
|  5.375% due 09/01/2053 | 226 | 226 |
|  5.500% due 09/01/2054 | 1000 | 1014 |
|  Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 | Celina, Texas Special Assessment Bonds, Series 2025 |
|  5.500% due 09/01/2045 | 300 | 302 |
|  5.625% due 09/01/2055 | 600 | 586 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2040 | 1500 | 1619 |
|  5.000% due 08/15/2041 | 1500 | 1612 |
|  City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 |
|  6.000% due 09/15/2054 | 1125 | 1151 |
|  Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 |
|  5.100% due 09/01/2044 | 650 | 654 |
|  5.375% due 09/01/2055 | 1047 | 1036 |
|  Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Comal Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2050 | 7000 | 7247 |
|  Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Conroe Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 13000 | 11871 |
|  Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 | Crandall, Texas Special Assessment Bonds, Series 2025 |
|  5.250% due 09/15/2045 | 540 | 539 |
|  5.500% due 09/15/2055 | 1250 | 1226 |
|  5.625% due 09/15/2055 | 1850 | 1808 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2018 |
|  4.000% due 02/15/2043 | 2500 | 2487 |
|  Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 11180 | 9923 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 |
|  6.000% due 12/01/2062 | 3425 | 3177 |
|  Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. |
|  4.250% due 12/31/2030 | 700 | 695 |
|  4.500% due 12/31/2035 | 1000 | 1016 |
|  4.750% due 12/31/2030 | 650 | 646 |
|  5.000% due 12/31/2035 | 1000 | 1016 |
|  5.375% due 12/31/2045 | 1750 | 1792 |
|  5.875% due 12/31/2045 | 1500 | 1535 |
|  6.125% due 12/31/2055 | 8000 | 8168 |
|  7.095% due 06/01/2059 «~ | 12600 | 12688 |
|  7.095% due 06/02/2059 «~ | 43300 | 43898 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 14210 | 14474 |
|  Denton, Texas Essential Investments Public Facility Corp. | Denton, Texas Essential Investments Public Facility Corp. | Denton, Texas Essential Investments Public Facility Corp. |
|  6.697% due 01/01/2043 « | 7200 | 7081 |
|  6.697% due 01/01/2059 « | 29900 | 29135 |
|  Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Dickinson Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.250% due 02/15/2053 | 8075 | 7397 |
|  Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 4640 | 4237 |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2023 |
|  4.250% due 02/15/2053 | 2000 | 1850 |
|  Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Fort Worth, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  4.250% due 02/15/2053 | 6940 | 6421 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020 |
|  4.000% due 10/01/2049 | 14235 | 12722 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2042 | 5000 | 4757 |
|  Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 09/15/2049 | 5000 | 4549 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 | Harris County, Texas Toll Road Revenue Bonds, Series 2024 |
|  4.000% due 08/15/2049 | 6500 | 5789 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2035 | 14500 | 15406 |
|  5.500% due 07/15/2036 | 17850 | 18828 |
|  5.500% due 07/15/2037 | 19500 | 20430 |
|  5.500% due 07/15/2039 | 4000 | 4147 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 8700 | 9129 |
|  Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Humble Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  4.000% due 02/15/2052 | 5010 | 4484 |
|  La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.125% due 02/15/2054 | 6000 | 5360 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 02/15/2048 | 9000 | 8167 |
|  Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 | Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 | Laredo, Texas Waterworks & Sewer Revenue Bonds, Series 2019 |
|  4.000% due 03/01/2044 | 3480 | 3263 |
|  Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2055 | 4575 | 4692 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1800 | 1637 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2023 |
|  5.250% due 05/15/2048 | 3000 | 3119 |
|  Medina County, Texas Special Assessment Bonds, Series 2026 | Medina County, Texas Special Assessment Bonds, Series 2026 | Medina County, Texas Special Assessment Bonds, Series 2026 |
|  5.750% due 09/01/2056 | 1000 | 977 |
|  Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Melissa Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/01/2049 | 5000 | 4534 |
|  Mesquite, Texas Special Assessment Bonds, Series 2025 | Mesquite, Texas Special Assessment Bonds, Series 2025 | Mesquite, Texas Special Assessment Bonds, Series 2025 |
|  5.500% due 09/01/2045 | 1050 | 1056 |
|  5.750% due 09/01/2055 | 1300 | 1274 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2031 ^(c) | 1240 | 967 |
|  4.000% due 07/01/2036 ^(c) | 2725 | 2596 |
|  4.250% due 07/01/2031 | 670 | 638 |
|  4.250% due 07/01/2036 ^(c) | 2010 | 1568 |
|  4.750% due 07/01/2051 ^(c) | 8280 | 6210 |
|  5.000% due 07/01/2031 ^(c) | 905 | 862 |
|  5.000% due 07/01/2046 ^(c) | 25340 | 21534 |
|  5.000% due 07/01/2051 ^(c) | 12790 | 12151 |
|  5.250% due 07/01/2036 ^(c) | 2150 | 1403 |
|  5.500% due 07/01/2046 ^(c) | 4010 | 2617 |
|  5.750% due 07/01/2051 ^(c) | 2420 | 1579 |
|  7.000% due 07/01/2051 ^(c) | 1450 | 348 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2042 | 500 | 498 |
|  5.000% due 01/01/2047 | 1500 | 1449 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2054 | 250 | 219 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2055 | 1200 | 1159 |
|  5.000% due 11/01/2060 | 2800 | 2675 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Notes, Series 2016 |
|  4.000% due 07/01/2026 | 25 | 20 |
|  6.000% due 07/01/2026 ^(c) | 80 | 19 |
|  New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2031 ^(c) | 1080 | 705 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hope Cultural Education Facilities Finance Corp.,Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp.,Texas Revenue Notes, Series 2016 | New Hope Cultural Education Facilities Finance Corp.,Texas Revenue Notes, Series 2016 |
|  4.000% due 07/01/2026 | 50 | 43 |
|  North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 | North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 | North Fort Bend Water Authority, Texas Revenue Bonds, Series 2019 |
|  4.000% due 12/15/2044 | 7335 | 6782 |
|  North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 |
|  5.000% due 09/01/2044 | 2700 | 2885 |
|  5.000% due 09/01/2045 | 5000 | 5301 |
|  5.000% due 09/01/2046 | 4505 | 4743 |
|  5.000% due 09/01/2051 | 10000 | 10324 |
|  Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Northwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 7225 | 6636 |
|  Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 |
|  6.375% due 09/15/2055 | 2800 | 2862 |
|  7.125% due 09/15/2055 | 2142 | 2189 |
|  Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 | Princeton, Texas Special Assessment Bonds, Series 2024 |
|  5.250% due 09/01/2054 | 750 | 726 |
|  Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 |
|  5.250% due 09/01/2045 | 1205 | 1209 |
|  5.625% due 09/01/2055 | 2380 | 2362 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 100 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 2100 | 2137 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2015 | San Antonio Water System, Texas Revenue Bonds, Series 2015 | San Antonio Water System, Texas Revenue Bonds, Series 2015 |
|  4.000% due 05/15/2045 | 6845 | 6288 |
|  Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.000% due 02/01/2043 | 6000 | 5892 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 |
|  6.750% due 11/15/2052 | 3000 | 3012 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 |
|  6.875% due 11/15/2055 | 2400 | 2245 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 9945 | 11070 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, (BAM Insured), Series 2025 |
|  5.500% due 09/01/2055 | 3000 | 3149 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2044 | 3000 | 3197 |
|  Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 | Texas Transportation Commission Revenue Bonds, Series 2019 |
|  0.000% due 08/01/2047 (e) | 5575 | 1854 |
|  0.000% due 08/01/2051 (e) | 3450 | 905 |
|  Texas Transportation Finance Corp. Revenue Bonds, Series 2025 | Texas Transportation Finance Corp. Revenue Bonds, Series 2025 | Texas Transportation Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 26630 | 27492 |
|  Texas Water Development Board Revenue Bonds, Series 2017 | Texas Water Development Board Revenue Bonds, Series 2017 | Texas Water Development Board Revenue Bonds, Series 2017 |
|  4.000% due 10/15/2047 | 5700 | 5226 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 10800 | 10848 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 6800 | 6931 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.250% due 10/15/2051 | 10000 | 9324 |
|  4.375% due 10/15/2054 | 12250 | 11505 |
|  4.375% due 10/15/2059 | 13800 | 12933 |
|  Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 |
|  4.500% due 10/15/2045 | 5830 | 5863 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Waxahachie Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 6500 | 5979 |
|  |  | 610349 |
| UTAH 0.9% | UTAH 0.9% | UTAH 0.9% |
|  Downtown Daybreak Public Infrastructure District No 1, Utah Tax Allocation Bonds, Series 2026 | Downtown Daybreak Public Infrastructure District No 1, Utah Tax Allocation Bonds, Series 2026 | Downtown Daybreak Public Infrastructure District No 1, Utah Tax Allocation Bonds, Series 2026 |
|  5.000% due 03/01/2041 | 2200 | 2206 |
|  5.625% due 03/01/2046 | 1750 | 1764 |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 06/01/2045 | 4700 | 5067 |
|  Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 | Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 | Mida Cormont Public Infrastructure District, Utah General Obligation Bonds, Series 2025 |
|  0.000% due 06/01/2055 (f) | 4500 | 3859 |
|  6.250% due 06/01/2055 | 1700 | 1771 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.125% due 06/15/2054 | 5940 | 5789 |
|  6.000% due 06/15/2054 | 7500 | 7652 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 |
|  0.000% due 06/01/2043 (f) | 2000 | 1518 |
|  5.500% due 06/01/2050 | 850 | 853 |
|  5.750% due 06/01/2060 | 2650 | 2670 |
|  Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 |
|  4.000% due 07/01/2051 | 5500 | 4751 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 | Salt Lake City, Utah Airport Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 3430 | 3433 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 10000 | 10017 |
|  UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 |
|  4.375% due 06/01/2052 | 3500 | 3162 |
|  |  | 54512 |
| VERMONT 0.0% | VERMONT 0.0% | VERMONT 0.0% |
|  Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 |
|  4.375% due 06/01/2052 | 2000 | 2041 |
| VIRGINIA 1.0% | VIRGINIA 1.0% | VIRGINIA 1.0% |
|  Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 |
|  3.750% due 03/01/2036 | 3555 | 3434 |
|  Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2057 | 13000 | 11152 |
|  Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2048 | 5000 | 5047 |
|  Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 | Lewistown Commerce Center Community Development Authority Revenue Bonds, Virginia Tax Allocation, Series 2014 |
|  6.050% due 03/01/2044 ^(c) | 159 | 121 |
|  6.050% due 03/01/2044 | 149 | 130 |
|  6.050% due 03/01/2054 ^(c) | 584 | 292 |
|  Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 | Peninsula Town Center Community Development Authority, Virginia Special Assessment Bonds, Series 2018 |
|  5.000% due 09/01/2045 | 2250 | 2245 |
|  Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 | Virginia Beach Development Authority Revenue Bonds, Series 2023 |
|  7.000% due 09/01/2059 | 4000 | 4346 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 3000 | 3035 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 12625 | 10552 |
|  7.500% due 07/01/2052 ^(c) | 5569 | 3341 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 2000 | 2109 |
|  5.500% due 12/01/2054 | 2500 | 2572 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2044 | 2500 | 2614 |
|  5.000% due 06/15/2045 | 2500 | 2590 |
|  5.250% due 06/15/2055 | 4000 | 4090 |
|  |  | 57670 |
| WASHINGTON 1.8% | WASHINGTON 1.8% | WASHINGTON 1.8% |
|  Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 7000 | 7641 |
|  Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 | Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 | Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2017 |
|  4.000% due 09/01/2047 | 3135 | 2883 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 2740 | 3028 |
|  Washington State General Obligation Bonds, Series 2026 | Washington State General Obligation Bonds, Series 2026 | Washington State General Obligation Bonds, Series 2026 |
|  5.000% due 06/01/2050 | 14500 | 15161 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 | Washington State Housing Finance Commission Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2038 | 1555 | 1282 |
|  5.000% due 07/01/2048 | 6060 | 4442 |
|  5.000% due 07/01/2053 | 3945 | 2732 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 8681 | 8041 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/01/2050 | 14392 | 13872 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.079% due 11/20/2041 | 15312 | 14356 |
|  6.000% due 01/01/2046 | 8915 | 8965 |
|  6.000% due 07/01/2060 | 1000 | 1005 |
|  6.250% due 01/01/2056 | 8000 | 7980 |
|  7.000% due 07/01/2064 | 2200 | 2263 |
|  Washington State Housing Finance Commission Revenue Bonds,Series 2024 | Washington State Housing Finance Commission Revenue Bonds,Series 2024 | Washington State Housing Finance Commission Revenue Bonds,Series 2024 |
|  4.400% due 03/01/2043 | 13685 | 13392 |
|  |  | 107043 |
| WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% | WEST VIRGINIA 0.8% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2047 (e) | 144415 | 13418 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.006% due 06/01/2040 | 3000 | 2503 |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 04/15/2055 | 9000 | 9158 |
|  5.450% due 01/01/2055 | 11620 | 12634 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2053 | 8600 | 9093 |
|  |  | 46806 |
| WISCONSIN 2.8% | WISCONSIN 2.8% | WISCONSIN 2.8% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|  6.750% due 08/01/2031 | 20000 | 14000 |
|  7.000% due 11/01/2046 ^(c) | 3500 | 1225 |
|  7.000% due 01/01/2050 | 4750 | 5000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **45** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 |
|  5.000% due 03/01/2048 | 5000 | 4241 |
|  6.375% due 01/01/2048 ^(c) | 8930 | 4018 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 |
|  5.875% due 10/01/2054 ^(c) | 5230 | 3225 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2035 (e) | 3350 | 2003 |
|  0.000% due 01/01/2060 (e) | 43000 | 3688 |
|  5.000% due 01/01/2055 | 3500 | 2958 |
|  5.250% due 03/01/2055 | 2500 | 2241 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 09/30/2051 | 9475 | 7809 |
|  4.500% due 06/01/2056 | 1500 | 1136 |
|  5.000% due 07/01/2037 | 500 | 507 |
|  5.000% due 07/01/2039 | 500 | 503 |
|  5.000% due 07/01/2041 | 500 | 490 |
|  5.625% due 06/01/2050 | 5185 | 5138 |
|  6.500% due 06/01/2045 | 1400 | 1250 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2052 | 5360 | 4695 |
|  5.000% due 10/01/2052 | 13120 | 13141 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  0.000% due 07/01/2062 | 1360 | 1109 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2039 | 700 | 705 |
|  5.000% due 12/15/2044 | 400 | 388 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2042 | 750 | 776 |
|  5.250% due 06/01/2045 | 370 | 371 |
|  5.250% due 06/15/2055 | 1000 | 975 |
|  5.250% due 11/15/2061 | 3000 | 3004 |
|  5.500% due 06/15/2045 | 725 | 724 |
|  5.500% due 06/01/2055 | 600 | 596 |
|  5.500% due 06/15/2055 | 750 | 737 |
|  5.750% due 06/15/2055 | 1000 | 968 |
|  5.750% due 12/31/2065 | 30600 | 31254 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 |
|  0.000% due 09/01/2029 (e) | 847 | 658 |
|  6.125% due 12/15/2029 | 1964 | 1984 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2025 | Public Finance Authority, Wisconsin Revenue Notes, Series 2025 | Public Finance Authority, Wisconsin Revenue Notes, Series 2025 |
|  5.000% due 06/01/2030 | 750 | 776 |
|  5.000% due 06/01/2035 | 1175 | 1234 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/15/2048 | 10000 | 10366 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 2095 | 1912 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2047 | 3500 | 3057 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2043 | 2350 | 2146 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  4.000% due 08/15/2041 | 4000 | 3756 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.875% due 07/01/2055 | 8000 | 7958 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 |
|  6.000% due 11/15/2045 | 5000 | 4972 |
|  6.375% due 11/15/2060 | 4100 | 4045 |
|  6.625% due 07/01/2060 | 4800 | 5005 |
|  |  | 166744 |
|  Total Municipal Bonds & Notes (Cost $5,110,326) | Total Municipal Bonds & Notes (Cost $5,110,326) | 5017179 |
| U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 12/01/2040 - 06/01/2043 | 14940 | 13779 |
|  3.700% due 09/01/2038 | 10372 | 9914 |
|  3.790% due 07/01/2040 | 2910 | 2779 |
|  3.800% due 12/01/2038 - 01/01/2040 | 15084 | 14406 |
|  3.850% due 04/01/2039 | 3959 | 3800 |
|  4.000% due 01/01/2039 | 3500 | 3421 |
|  4.100% due 05/01/2038 | 6719 | 6657 |
|  4.250% due 08/01/2038 | 4934 | 4939 |
|  4.400% due 11/01/2040 | 9850 | 9908 |
|  4.600% due 03/01/2041 | 7657 | 7834 |
|  4.900% due 02/01/2040 | 5903 | 6214 |
|  5.210% due 08/01/2040 | 15770 | 17148 |
|  5.360% due 06/01/2039 | 7491 | 8258 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  2.802% due 04/25/2043 ~ | 8013 | 6879 |
|  2.951% due 01/25/2039 ~ | 24503 | 16306 |
|  3.198% due 01/25/2043 ~ | 12177 | 8128 |
|  3.869% due 05/25/2041 ~ | 5850 | 5805 |
|  4.979% due 01/25/2042 ~ | 12474 | 10098 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 4857 | 4963 |
|  Total U.S. Government Agencies (Cost $156,962) | Total U.S. Government Agencies (Cost $156,962) | 161236 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  AM Bidco Holdings LLC «(d) | 1060 | 0 |
|  Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% | COMMERCIAL PAPER 0.0% |
|  Jefferson Energy Trading LLC | Jefferson Energy Trading LLC | Jefferson Energy Trading LLC |
|  10.000% due 06/30/2026 « | 100 | 100 |
|  | SHARES |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (g) | 1516087 | 1516 |
| Total Short-Term Instruments<br>(Cost $1,616) | Total Short-Term Instruments<br>(Cost $1,616) | 1616 |
| Total Investments in Securities (Cost $5,692,839) | Total Investments in Securities (Cost $5,692,839) | 5597965 |
| INVESTMENTS IN AFFILIATES 7.5% | INVESTMENTS IN AFFILIATES 7.5% | INVESTMENTS IN AFFILIATES 7.5% |
| SHORT-TERM INSTRUMENTS 7.5% | SHORT-TERM INSTRUMENTS 7.5% | SHORT-TERM INSTRUMENTS 7.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 46279085 | 450712 |
| Total Short-Term Instruments (Cost $450,603) | Total Short-Term Instruments (Cost $450,603) | 450712 |
| Total Investments in Affiliates (Cost $450,603) | Total Investments in Affiliates (Cost $450,603) | 450712 |
| Total Investments 100.2% (Cost $6,143,442) | Total Investments 100.2% (Cost $6,143,442) | 6048677 |
| Other Assets and Liabilities, net (0.2)% | Other Assets and Liabilities, net (0.2)% | (10498) |
| Net Assets 100.0% | Net Assets 100.0% | 6038179 |

---

#### 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.

(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.

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

(e) Zero coupon security.

(f) Security becomes interest bearing at a future date.

(g) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AM Bidco Operations LLC | TBD - 8.500% | 10/21/2027 | 10/21/2025 | $22990 | $21949 | 0.37% |
|  Bluehouse Commons Apartments | 4.120 | 12/01/2042 | 01/09/2025 | 11158 | 11382 | 0.19 |
|  City of Salinas | 4.020 | 09/01/2033 | 07/26/2023 | 6239 | 6091 | 0.10 |
|  Groves Seniors Apartments 2 | 4.000 | 07/01/2038 | 01/09/2025 | 1138 | 1173 | 0.02 |
|  Groves Seniors Apartments 2 | 4.170 | 06/01/2041 | 01/09/2025 | 6929 | 7097 | 0.12 |
|  Mangini Place Apartments | 3.910 | 11/01/2042 | 01/09/2025 | 16105 | 16438 | 0.27 |
|  Northlake Senior Apartments | 3.990 | 10/01/2041 | 01/09/2025 | 17304 | 17710 | 0.29 |
|  Pine Grove Powers Avenue | 5.000 | 10/01/2042 | 01/09/2025 | 16729 | 17106 | 0.28 |
|  Valencia Garden | 4.020 | 11/01/2041 | 01/09/2025 | 10257 | 10492 | 0.18 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | 6.500 | 11/01/2055 | 08/25/2025 | 4000 | 4421 | 0.07 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | 7.500 | 11/01/2055 | 08/25/2025 | 11000 | 12089 | 0.20 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125948 | 2.09% |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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  | $&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;(586) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $140 | $140 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383971 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 15860 | 15860 |
| &nbsp;&nbsp; Industrials | 0 | 18103 | 0 | 18103 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242864 | 0 | 242864 |
| &nbsp;&nbsp; Alaska | 0 | 20761 | 0 | 20761 |
| &nbsp;&nbsp; Arizona | 0 | 37508 | 0 | 37508 |
| &nbsp;&nbsp; Arkansas | 0 | 84552 | 0 | 84552 |
| &nbsp;&nbsp; California | 0 | 316961 | 0 | 316961 |
| &nbsp;&nbsp; Colorado | 0 | 204181 | 0 | 204181 |
| &nbsp;&nbsp; District of Columbia | 0 | 39656 | 0 | 39656 |
| &nbsp;&nbsp; Florida | 0 | 357981 | 0 | 357981 |
| &nbsp;&nbsp; Georgia | 0 | 119013 | 0 | 119013 |
| &nbsp;&nbsp; Guam | 0 | 1504 | 0 | 1504 |
| &nbsp;&nbsp; Hawaii | 0 | 17966 | 0 | 17966 |
| &nbsp;&nbsp; Idaho | 0 | 22541 | 0 | 22541 |
| &nbsp;&nbsp; Illinois | 0 | 247679 | 0 | 247679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Indiana | $0 | $92523 | $0 | $92523 |
| &nbsp;&nbsp; Iowa | 0 | 28475 | 0 | 28475 |
| &nbsp;&nbsp; Kansas | 0 | 3923 | 0 | 3923 |
| &nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 18102 | 0 | 18102 |
| &nbsp;&nbsp; Louisiana | 0 | 42887 | 0 | 42887 |
| &nbsp;&nbsp; Maine | 0 | 3102 | 0 | 3102 |
| &nbsp;&nbsp; Maryland | 0 | 16485 | 0 | 16485 |
| &nbsp;&nbsp; Massachusetts | 0 | 99656 | 0 | 99656 |
| &nbsp;&nbsp; Michigan | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104546 |
| &nbsp;&nbsp; Minnesota | 0 | 13873 | 0 | 13873 |
| &nbsp;&nbsp; Mississippi | 0 | 730 | 0 | 730 |
| &nbsp;&nbsp; Missouri | 0 | 13864 | 0 | 13864 |
| &nbsp;&nbsp; Montana | 0 | 100 | 0 | 100 |
| &nbsp;&nbsp; Multi-State | 0 | 113870 | 0 | 113870 |
| &nbsp;&nbsp; Nebraska | 0 | 11782 | 0 | 11782 |
| &nbsp;&nbsp; Nevada | 0 | 8727 | 0 | 8727 |
| &nbsp;&nbsp; New Hampshire | 0 | 71845 | 0 | 71845 |
| &nbsp;&nbsp; New Jersey | 0 | 68144 | 0 | 68144 |
| &nbsp;&nbsp; New York | 0 | 537782 | 0 | 537782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

---

------

Schedule of Investments PIMCO High Yield Municipal Bond Fund (Cont.) March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; North Carolina | $0 | $7903 | $0 | $7903 |
| &nbsp;&nbsp; Ohio | 0 | 240770 | 0 | 240770 |
| &nbsp;&nbsp; Oklahoma | 0 | 13305 | 0 | 13305 |
| &nbsp;&nbsp; Oregon | 0 | 7339 | 0 | 7339 |
| &nbsp;&nbsp; Pennsylvania | 0 | 201939 | 0 | 201939 |
| &nbsp;&nbsp; Puerto Rico | 0 | 395717 | 0 | 395717 |
| &nbsp;&nbsp; Rhode Island | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 28888 | 0 | 28888 |
| &nbsp;&nbsp; South Carolina | 0 | 51724 | 0 | 51724 |
| &nbsp;&nbsp; Tennessee | 0 | 60846 | 0 | 60846 |
| &nbsp;&nbsp; Texas | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610349 |
| &nbsp;&nbsp; Utah | 0 | 54512 | 0 | 54512 |
| &nbsp;&nbsp; Vermont | 0 | 2041 | 0 | 2041 |
| &nbsp;&nbsp; Virginia | 0 | 57670 | 0 | 57670 |
| &nbsp;&nbsp; Washington | 0 | 107043 | 0 | 107043 |
| &nbsp;&nbsp; West Virginia | 0 | 46806 | 0 | 46806 |
| &nbsp;&nbsp; Wisconsin | 0 | 166744 | 0 | 166744 |
|  U.S. Government Agencies | 0 | 161236 | 0 | 161236 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $0 | $0 | $100 | $100 |
| &nbsp;&nbsp; Mutual Funds | 1516 | 0 | 0 | 1516 |
|  | $1516 | $5103716 | $492733 | $5597965 |
|  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 | $450712 | $0 | $0 | $450712 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048677 |

---

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 | $98439 | $302158 | $(15135) | $1769 | $175 | $(3435) | $0 | $0 | $383971 | $(3403) |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 18237 | 0 | (1086) | 8 | 17 | (1316) | 0 | 0 | 15860 | (1315) |
|  Municipal Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Texas | 0 | 93000 | 0 | 0 | 0 | (198) | 0 | 0 | 92802 | (198) |
|  Short-Term Instruments |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Commercial Paper | 0 | 100 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395258 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4949) | $&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;492733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4916) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $21949 | Comparable Companies | Revenue Multiple | X | 1.800 |  |
|  | 362022 | Discounted Cash Flow | Discount Rate |  | 4.976-7.780 | 6.715 |
|  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 | 15860 | Discounted Cash Flow | Discount Rate |  | 7.926-24.718 | 21.874 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas | 92802 | Discounted Cash Flow | Discount Rate |  | 6.640-8.400 | 7.037 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | 100 | Discounted Cash Flow | Discount Rate |  | 10.047 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492733 |  |  |  |  |  |

---

<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.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Municipal 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 90.3% | INVESTMENTS IN SECURITIES 90.3% | INVESTMENTS IN SECURITIES 90.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 4800 | 3513 |
|  Total Corporate Bonds & Notes (Cost $4,689) | Total Corporate Bonds & Notes (Cost $4,689) | 3513 |
| MUNICIPAL BONDS & NOTES 80.9% | MUNICIPAL BONDS & NOTES 80.9% | MUNICIPAL BONDS & NOTES 80.9% |
| ALABAMA 3.8% | ALABAMA 3.8% | ALABAMA 3.8% |
|  Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 |
|  4.000% due 09/15/2033 | 550 | 550 |
|  Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 | Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 | Alabama Housing Finances Authority, Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 11/01/2027 | 2750 | 2782 |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 4400 | 4403 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  2.770% (MUNIPSA) due 10/01/2052 ~ | 3500 | 3494 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 9700 | 10470 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 14000 | 14831 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 15450 | 16353 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 9125 | 9512 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 |
|  5.000% due 07/01/2033 | 9900 | 10355 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 3000 | 3275 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 8700 | 9282 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 12705 | 12114 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 8200 | 8637 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 10150 | 10206 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3000 | 3149 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 18800 | 19218 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2056 | 3400 | 3422 |
|  5.250% due 03/01/2055 | 26900 | 27653 |
|  5.250% due 11/01/2055 | 3700 | 3997 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 7700 | 8048 |
|  |  | 181751 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2062 | 7575 | 7658 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ARIZONA 1.0% | ARIZONA 1.0% | ARIZONA 1.0% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.125% due 01/01/2059 | 14675 | 13576 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 3400 | 3439 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 14200 | 14386 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 |
|  4.000% due 01/01/2041 | 5000 | 4788 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|  4.125% due 09/01/2042 | 2500 | 2378 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2038 | 1250 | 1213 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2042 | 8000 | 8758 |
|  |  | 48538 |
| ARKANSAS 1.0% | ARKANSAS 1.0% | ARKANSAS 1.0% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 5000 | 5411 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 |
|  4.000% due 09/01/2046 | 41200 | 41020 |
|  |  | 46431 |
| CALIFORNIA 5.0% | CALIFORNIA 5.0% | CALIFORNIA 5.0% |
|  Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 10/01/2048 (d) | 5000 | 2878 |
|  Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 | Anaheim Union High School District, California General Obligation Bonds, Series 2025 |
|  4.375% due 08/01/2046 | 3000 | 3024 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.500% due 07/01/2054 | 5500 | 5112 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 3455 | 3759 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 11600 | 12241 |
|  5.000% due 01/01/2055 | 1285 | 1313 |
|  5.000% due 11/01/2055 | 6015 | 6139 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 10700 | 10808 |
|  5.000% due 01/01/2056 | 9300 | 9428 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | California County Tobacco Securitization Agency Revenue Bonds, Series 2002 |
|  6.000% due 06/01/2035 | 250 | 250 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  4.000% due 11/01/2040 | 3500 | 3435 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 | California Health Facilities Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2035 | 1750 | 1777 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 | 9600 | 9659 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 20500 | 20722 |
|  California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 |
|  5.870% due 04/01/2029 | 15000 | 15000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  4.000% due 05/01/2051 | 5000 | 4575 |
|  5.000% due 01/01/2056 | 1250 | 1059 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.875% due 11/01/2043 | 2000 | 2037 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 2100 | 2098 |
|  California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 | California Municipal Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/31/2043 | 2000 | 2021 |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 | California Municipal Finance Authority Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2036 | 2125 | 2019 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.998% due 11/20/2040 | 9666 | 9260 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 3000 | 3000 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 6800 | 7011 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 5370 | 4638 |
|  Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 |
|  5.000% due 08/01/2034 | 5900 | 6211 |
|  CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | CMFA Special Finance Agency, California Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2045 | 2725 | 2415 |
|  East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 | East Bay Municipal Utility District Water System, California Revenue Notes, Series 2025 |
|  5.000% due 06/01/2027 | 5650 | 5842 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.714% due 06/01/2041 | 4000 | 3173 |
|  3.850% due 06/01/2050 | 2770 | 2533 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 1600 | 1568 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 775 | 754 |
|  Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 | Irvine, California Special Tax Bonds, (AGM Insured),Series 2025 |
|  5.000% due 09/01/2060 | 3500 | 3646 |
|  Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 | Long Beach, California Senior Airport Revenue Refunding Bonds, (AGM Insured), Series 2022 |
|  5.250% due 06/01/2047 | 2000 | 2056 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 | Los Angeles Department of Airports, California Revenue Bonds, Series 2019 |
|  4.000% due 05/15/2049 | 4430 | 3920 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 | Los Angeles Department of Airports, California Revenue Bonds, Series 2022 |
|  5.500% due 05/15/2039 | 5000 | 5432 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 3425 | 3690 |
|  5.000% due 05/15/2035 | 1250 | 1399 |
|  Merced City School District, California General Obligation Bonds, Series 2025 | Merced City School District, California General Obligation Bonds, Series 2025 | Merced City School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2050 | 2500 | 2599 |
|  5.000% due 08/01/2054 | 4740 | 4894 |
|  Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | Rio Hondo Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2046 (c) | 5000 | 1880 |
|  Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 | Riverside Unified School District, California Special Tax Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 1050 | 1054 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 | 4500 | 4510 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 | San Diego Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 07/01/2054 | 3565 | 3239 |
|  San Francisco Unified School District, California General Obligation Bonds, Series 2025 | San Francisco Unified School District, California General Obligation Bonds, Series 2025 | San Francisco Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 06/15/2042 | 2675 | 2882 |
|  5.000% due 06/15/2043 | 1855 | 1989 |
|  5.000% due 06/15/2044 | 1250 | 1332 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2035 | 5560 | 6154 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025 |
|  5.000% due 05/01/2034 | 7700 | 8524 |
|  University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2052 | 13000 | 13394 |
|  University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 |
|  5.000% due 11/15/2045 | 2650 | 2867 |
|  5.000% due 11/15/2046 | 2750 | 2964 |
|  |  | 244184 |
| COLORADO 2.3% | COLORADO 2.3% | COLORADO 2.3% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2045 | 2000 | 1880 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 12/01/2050 | 5500 | 5769 |
|  Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 | Colorado Bridge & Tunnel Enterprise Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 12/01/2049 | 3500 | 3682 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2043 | 13000 | 12310 |
|  4.000% due 08/01/2044 | 4915 | 4473 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2040 | 3925 | 4133 |
|  5.250% due 11/01/2039 | 2000 | 2156 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2035 | 6000 | 6606 |
|  Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 | Colorado Housing and Finance Authority Revenue Bonds, Series 2024 |
|  6.350% due 06/01/2054 | 7500 | 7281 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 7000 | 7153 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 |
|  4.000% due 03/15/2043 | 5515 | 5318 |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 15500 | 14557 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 12/01/2044 | 1250 | 1294 |
|  Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 | Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2025 |
|  5.125% due 12/01/2050 | 1000 | 989 |
|  6.000% due 12/01/2055 | 2500 | 2638 |
|  Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 | Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 | Denver, Colorado City & County Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.700% due 10/01/2042 | 2000 | 2079 |
|  Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 | Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 | Denver, Colorado Pledged Excise Tax City & County Revenue Bonds, Series 2016 |
|  4.000% due 08/01/2046 | 8435 | 7895 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 9943 | 10158 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2035 | 1250 | 1336 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 | Public Authority for Colorado Energy Revenue Bonds, Series 2008 |
|  6.500% due 11/15/2038 | 6930 | 8205 |
|  Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 | Regional Transportation District, Colorado Revenue Bonds, Series 2020 |
|  4.000% due 07/15/2040 | 1300 | 1230 |
|  |  | 111142 |
| CONNECTICUT 0.3% | CONNECTICUT 0.3% | CONNECTICUT 0.3% |
|  Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 |
|  5.000% due 05/01/2031 | 3500 | 3804 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  4.000% due 06/15/2037 | 1875 | 1891 |
|  Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 | Connecticut State General Obligation Bonds, Series 2019 |
|  4.000% due 04/15/2038 | 2000 | 2015 |
|  Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2010 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2010 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2010 |
|  2.550% due 07/01/2049 | 3000 | 3000 |
|  University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 | University of Connecticut Revenue Bonds, Series 2023 |
|  5.250% due 11/15/2048 | 1710 | 1825 |
|  |  | 12535 |
| DISTRICT OF COLUMBIA 1.7% | DISTRICT OF COLUMBIA 1.7% | DISTRICT OF COLUMBIA 1.7% |
|  District of Columbia General Obligation Bonds, Series 2016 | District of Columbia General Obligation Bonds, Series 2016 | District of Columbia General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2041 | 11665 | 11692 |
|  District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 | District of Columbia Income Tax Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2041 | 5000 | 5488 |
|  5.000% due 06/01/2043 | 9000 | 9755 |
|  5.000% due 06/01/2045 | 10000 | 10669 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2048 | 4050 | 4065 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2039 | 2500 | 2663 |
|  5.250% due 10/01/2041 | 2000 | 2148 |
|  5.250% due 10/01/2045 | 4375 | 4592 |
|  5.250% due 10/01/2046 | 2000 | 2086 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2023 |
|  4.125% due 07/15/2047 | 1790 | 1678 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 07/15/2054 | 14900 | 15155 |
|  5.000% due 07/15/2056 | 10250 | 10408 |
|  |  | 80399 |
| FLORIDA 3.5% | FLORIDA 3.5% | FLORIDA 3.5% |
|  Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 | Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 1230 | 1201 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1250 | 1286 |
|  Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 | Collier County, Florida Industrial Development Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2049 | 1500 | 1522 |
|  Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 | Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024 |
|  4.000% due 07/01/2051 | 2000 | 1804 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 8900 | 8661 |
|  5.250% due 07/01/2047 | 6600 | 6486 |
|  5.250% due 07/01/2053 | 25650 | 24916 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 | Florida Development Finance Corp. Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2035 | 1850 | 1859 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2052 | 4275 | 4275 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2033 | 2000 | 2162 |
|  Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 | Hernando County, Florida Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2052 | 2000 | 2050 |
|  Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2059 | 7000 | 7661 |
|  Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 | Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2024 |
|  2.650% due 11/15/2054 | 7950 | 7950 |
|  2.750% due 11/15/2054 | 2600 | 2600 |
|  Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 | Jacksonville, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2043 | 5000 | 5365 |
|  Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 | Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2041 | 7000 | 7130 |
|  Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 |
|  5.000% due 04/01/2065 | 8250 | 9116 |
|  Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 | Lee County, Florida Airport Revenue Bonds, Series 2024 |
|  5.250% due 10/01/2038 | 1000 | 1094 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 865 | 878 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.880% due 03/01/2046 | 1900 | 1891 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2051 | 2605 | 2644 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 2500 | 2227 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2024 |
|  4.125% due 10/01/2050 | 1300 | 1189 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2035 | 1650 | 1754 |
|  Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 | Okaloosa County, Florida School Board Certificates of Participation Bonds, (AGC Insured), Series 2024 |
|  5.000% due 10/01/2049 | 2800 | 2879 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2041 | 1000 | 1063 |
|  5.000% due 10/01/2053 | 4000 | 4047 |
|  Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 | Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2054 | 1650 | 1582 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2049 | 3300 | 2851 |
|  Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 | Orange County, Florida School Board Certificates of Participation Notes, Series 2024 |
|  5.000% due 08/01/2034 | 9005 | 10208 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2030 (c) | 1200 | 1008 |
|  0.000% due 10/01/2033 (c) | 1680 | 1231 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 | School Board of Miami-Dade County, Florida General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.000% due 03/15/2052 | 5000 | 5078 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 24700 | 24346 |
|  South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 | South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 | South Miami Health Facilities Authority Inc, Florida Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2042 | 2040 | 1934 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 | Tampa, Florida Revenue Bonds, Series 2020 |
|  0.000% due 09/01/2035 (c) | 750 | 522 |
|  0.000% due 09/01/2036 (c) | 800 | 530 |
|  0.000% due 09/01/2038 (c) | 1000 | 598 |
|  0.000% due 09/01/2045 (c) | 850 | 339 |
|  4.000% due 07/01/2039 | 1200 | 1155 |
|  Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2042 | 2250 | 2195 |
|  |  | 169287 |
| GEORGIA 1.7% | GEORGIA 1.7% | GEORGIA 1.7% |
|  Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 | Atlanta Urban Residential Finance Authority, Georgia Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.370% due 05/01/2044 | 6450 | 6144 |
|  Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 | Brookhaven Development Authority, Georgia Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1061 |
|  5.000% due 07/01/2037 | 500 | 525 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 937 |
|  Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 | Columbia County Hospital Authority, Georgia Revenue Bonds, Series 2023 |
|  5.125% due 04/01/2048 | 10000 | 10269 |
|  DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 7800 | 8029 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 5000 | 5234 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 3700 | 3923 |
|  5.000% due 12/01/2054 | 3600 | 3845 |
|  5.000% due 05/01/2055 | 1800 | 1889 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 17500 | 18386 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2049 | 9060 | 9057 |
|  5.000% due 01/01/2063 | 3340 | 3300 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2000 | 2046 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2039 | 1000 | 1081 |
|  5.250% due 01/01/2049 | 5000 | 5150 |
|  |  | 80876 |
| IDAHO 0.0% | IDAHO 0.0% | IDAHO 0.0% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2040 | 2000 | 2175 |
| ILLINOIS 5.3% | ILLINOIS 5.3% | ILLINOIS 5.3% |
|  Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 | Chicago Board of Education, Illinois General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 12/01/2036 | 2000 | 1936 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 5600 | 5413 |
|  6.250% due 12/01/2050 | 22500 | 23579 |
|  Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 | Chicago Midway International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 3500 | 3721 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 15000 | 15002 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2053 | 5000 | 5058 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2048 | 4500 | 4595 |
|  5.250% due 01/01/2041 | 1000 | 1068 |
|  5.250% due 01/01/2042 | 1000 | 1059 |
|  5.250% due 01/01/2048 | 1470 | 1494 |
|  Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 |
|  5.000% due 01/01/2033 | 5405 | 5909 |
|  Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 8000 | 8116 |
|  Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 | Chicago, Illinois General Obligation Bonds, Series 2019 |
|  5.500% due 01/01/2035 | 1610 | 1652 |
|  DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 | DeKalb County, Illinois Community Unit School District No 428, DeKalb General Obligation Debt Certificates Bonds, Series 2023 |
|  5.000% due 01/01/2041 | 1530 | 1584 |
|  Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 | Du Page & Will Counties Community School District No 204 Indian Prairie, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 01/15/2040 | 6000 | 6481 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 5400 | 5441 |
|  Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 | Illinois Finance Authority Revenue Bonds, Series 2014 |
|  4.000% due 08/01/2038 | 3090 | 2946 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  4.000% due 02/15/2036 | 3290 | 3322 |
|  5.000% due 02/15/2029 | 4500 | 4571 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 7600 | 7740 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2041 | 5000 | 4711 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  2.750% due 07/15/2055 | 10300 | 10300 |
|  4.000% due 05/01/2045 | 3830 | 3360 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2039 | 3000 | 3204 |
|  5.000% due 08/15/2040 | 2000 | 2124 |
|  5.000% due 08/15/2041 | 2500 | 2656 |
|  5.000% due 08/15/2043 | 6500 | 6889 |
|  Illinois Finance Authority Revenue Bonds, Series 2026 | Illinois Finance Authority Revenue Bonds, Series 2026 | Illinois Finance Authority Revenue Bonds, Series 2026 |
|  6.500% due 03/01/2055 | 5406 | 4805 |
|  Illinois Finance Authority Revenue Notes, Series 2024 | Illinois Finance Authority Revenue Notes, Series 2024 | Illinois Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2034 | 4000 | 4372 |
|  Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2033 | 1000 | 940 |
|  Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 | Illinois Sales Tax State Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2038 | 12500 | 13583 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2037 | 3300 | 3208 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  4.625% due 05/01/2037 | 890 | 896 |
|  5.000% due 10/01/2033 | 1610 | 1666 |
|  Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 | Illinois State General Obligation Bonds, Series 2020 |
|  4.000% due 10/01/2034 | 1350 | 1350 |
|  4.000% due 10/01/2035 | 8000 | 7926 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 5650 | 5827 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2037 | 2900 | 3118 |
|  5.000% due 02/01/2039 | 5000 | 5323 |
|  5.250% due 05/01/2042 | 12000 | 12712 |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 10500 | 10949 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 4280 | 4280 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 2340 | 2422 |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|  0.000% due 12/15/2037 (c) | 4500 | 2756 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 | Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 15480 | 13831 |
|  Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 | Railsplitter Tobacco Settlement Authority, Illinois Revenue Notes, Series 2017 |
|  5.000% due 06/01/2028 | 2250 | 2259 |
|  Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 | Regional Transportation Authority, Illinois Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2039 | 3200 | 3515 |
|  5.000% due 06/01/2040 | 3885 | 4233 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 4350 | 3750 |
|  5.000% due 01/01/2037 | 1150 | 1174 |
|  |  | 258826 |
| INDIANA 1.5% | INDIANA 1.5% | INDIANA 1.5% |
|  Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 | Indiana Finance Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  6.028% due 07/01/2060 | 8150 | 7898 |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 2240 | 2134 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 4385 | 4270 |
|  4.250% due 11/01/2030 | 15835 | 16250 |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  7.000% due 03/01/2039 ^(b) | 5595 | 280 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2036 | 2200 | 2446 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2049 | 1500 | 1477 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 6500 | 7089 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2022 |
|  5.250% due 01/01/2048 | 2150 | 2219 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023 |
|  5.500% due 03/01/2038 | 2150 | 2296 |
|  6.000% due 03/01/2053 | 5000 | 5148 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2020 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2020 |
|  Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 3980 | 4099 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 10500 | 10935 |
|  |  | 70581 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 7000 | 7468 |
|  5.000% due 12/01/2050 | 1700 | 1916 |
|  |  | 9384 |
| KENTUCKY 1.2% | KENTUCKY 1.2% | KENTUCKY 1.2% |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 8350 | 9124 |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2050 | 1670 | 1388 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 3600 | 3813 |
|  Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 |
|  5.000% due 05/01/2036 | 25950 | 27334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 | Kentucky State Property & Building Commission Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2035 | 1000 | 1005 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 4610 | 4771 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 7000 | 7085 |
|  Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 | Warren County, Kentucky Revenue Bonds, Series 2024 |
|  5.250% due 04/01/2054 | 2000 | 2046 |
|  |  | 56566 |
| LOUISIANA 0.6% | LOUISIANA 0.6% | LOUISIANA 0.6% |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 9100 | 9763 |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2041 | 1500 | 1594 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2042 | 17180 | 18192 |
|  |  | 29549 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  3.750% due 12/01/2033 | 1560 | 1496 |
|  4.000% due 12/01/2034 | 1580 | 1528 |
|  4.000% due 12/01/2035 | 1395 | 1335 |
|  4.000% due 12/01/2036 | 1460 | 1383 |
|  4.250% due 12/01/2037 | 1440 | 1402 |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2032 | 1670 | 1762 |
|  |  | 8906 |
| MARYLAND 0.4% | MARYLAND 0.4% | MARYLAND 0.4% |
|  Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 |
|  4.000% due 08/01/2051 | 4580 | 3920 |
|  Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 | Maryland Economic Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2048 | 8000 | 8535 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2043 | 2000 | 2139 |
|  5.000% due 07/01/2044 | 3500 | 3713 |
|  5.000% due 07/01/2045 | 2545 | 2677 |
|  |  | 20984 |
| MASSACHUSETTS 1.6% | MASSACHUSETTS 1.6% | MASSACHUSETTS 1.6% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2017 | Commonwealth of Massachusetts General Obligation Bonds, Series 2017 | Commonwealth of Massachusetts General Obligation Bonds, Series 2017 |
|  4.000% due 02/01/2041 | 3435 | 3377 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | Commonwealth of Massachusetts General Obligation Bonds, Series 2018 |
|  4.000% due 05/01/2040 | 2000 | 2003 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 | Commonwealth of Massachusetts General Obligation Bonds, Series 2022 |
|  5.000% due 10/01/2052 | 5000 | 5126 |
|  5.000% due 11/01/2052 | 4200 | 4307 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 12900 | 13517 |
|  Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 | Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2050 | 15000 | 15399 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 11600 | 11994 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2047 | 2500 | 2419 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  4.000% due 03/01/2054 | 4000 | 3620 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2055 | 4000 | 3850 |
|  5.500% due 07/01/2045 | 2250 | 2328 |
|  Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 | Massachusetts Port Authority Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2035 | 1350 | 1457 |
|  University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 | University of Massachusetts Building Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2036 | 6300 | 6461 |
|  |  | 75858 |
| MICHIGAN 1.5% | MICHIGAN 1.5% | MICHIGAN 1.5% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 12628 | 9736 |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  5.250% due 05/01/2033 | 800 | 886 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.228% (TSFR3M) due 07/01/2032 ~ | 3750 | 3738 |
|  Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 | Ferris State University, Michigan Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2041 | 1420 | 1429 |
|  Grand Rapids, Michigan General Obligation Bonds, Series 2025 | Grand Rapids, Michigan General Obligation Bonds, Series 2025 | Grand Rapids, Michigan General Obligation Bonds, Series 2025 |
|  5.000% due 04/01/2050 | 3435 | 3536 |
|  Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 | Michigan Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 02/15/2050 | 8125 | 6916 |
|  Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 | Michigan Finance Authority Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2065 (c) | 26500 | 2557 |
|  5.000% due 06/01/2040 | 2500 | 2572 |
|  Michigan State Building Authority Revenue Bonds, Series 2022 | Michigan State Building Authority Revenue Bonds, Series 2022 | Michigan State Building Authority Revenue Bonds, Series 2022 |
|  5.000% due 10/15/2047 | 3500 | 3631 |
|  Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 | Michigan State Building Authority Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2047 | 2185 | 1988 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 17150 | 18833 |
|  Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 | Michigan Trunk Line State Revenue Bonds, Series 2021 |
|  4.000% due 11/15/2046 | 5320 | 4959 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.250% due 12/01/2035 | 1625 | 1800 |
|  5.250% due 12/01/2036 | 1710 | 1882 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2029 | 1265 | 1352 |
|  5.000% due 12/01/2032 | 1405 | 1542 |
|  Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 11/15/2049 | 1000 | 1046 |
|  5.250% due 11/15/2054 | 3750 | 3877 |
|  |  | 72280 |
| MINNESOTA 0.9% | MINNESOTA 0.9% | MINNESOTA 0.9% |
|  Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 | Duluth Economic Development Authority, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 02/15/2048 | 4600 | 4599 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2029 | 4000 | 4239 |
|  5.000% due 07/01/2032 | 3000 | 3273 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2049 | 10560 | 10243 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2035 | 1350 | 1447 |
|  Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota Revenue Notes, Series 2022 |
|  5.000% due 01/01/2032 | 1075 | 1169 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 01/01/2055 | 9590 | 10736 |
|  Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 | Rochester, Minnesota Revenue Bonds, Series 2022 |
|  4.000% due 11/15/2039 | 5440 | 5506 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 3700 | 3732 |
|  |  | 44944 |
| MISSISSIPPI 0.1% | MISSISSIPPI 0.1% | MISSISSIPPI 0.1% |
|  Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 | Mississippi Development Bank Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2041 | 1000 | 1060 |
|  5.000% due 03/01/2042 | 1000 | 1056 |
|  5.000% due 03/01/2043 | 1000 | 1052 |
|  5.000% due 03/01/2044 | 1000 | 1044 |
|  5.000% due 03/01/2045 | 1000 | 1038 |
|  |  | 5250 |
| MISSOURI 0.7% | MISSOURI 0.7% | MISSOURI 0.7% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 5500 | 5235 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
|  4.000% due 10/01/2033 | 2440 | 2468 |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2041 | 800 | 861 |
|  5.000% due 11/15/2042 | 700 | 748 |
|  5.000% due 11/15/2043 | 820 | 869 |
|  5.000% due 11/15/2044 | 2850 | 2994 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2032 | 4630 | 4825 |
|  5.000% due 03/01/2054 | 7000 | 6889 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.750% due 05/01/2052 | 3000 | 3168 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 3500 | 3894 |
|  |  | 31951 |
| MULTI-STATE 2.1% | MULTI-STATE 2.1% | MULTI-STATE 2.1% |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 |
|  4.375% due 04/01/2043 | 3000 | 2934 |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.604% due 06/25/2042 | 5287 | 5414 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.869% due 01/25/2043 | 19782 | 20607 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 18332 | 18211 |
|  4.144% due 01/25/2040 | 9718 | 9639 |
|  4.555% due 08/25/2040 | 18975 | 19085 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.291% due 04/25/2042 ~ | 6250 | 6555 |
|  4.326% due 08/25/2041 ~ | 4959 | 5088 |

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| | | |
|:---|:---|:---|
| **52** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.686% due 10/25/2040 | 11920 | 12105 |
|  |  | 99638 |
| NEBRASKA 0.0% | NEBRASKA 0.0% | NEBRASKA 0.0% |
|  Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Nebraska Investment Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  5.000% due 03/01/2049 | 2250 | 2285 |
| NEVADA 0.1% | NEVADA 0.1% | NEVADA 0.1% |
|  Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 | Las Vegas Valley Water District, Nevada General Obligation Bonds, Series 2022 |
|  4.000% due 06/01/2047 | 2000 | 1864 |
|  Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 | Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2048 | 1000 | 900 |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2533 |
|  |  | 5297 |
| NEW HAMPSHIRE 1.8% | NEW HAMPSHIRE 1.8% | NEW HAMPSHIRE 1.8% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.787% due 09/20/2034 | 3801 | 3647 |
|  3.875% due 01/20/2038 | 9673 | 9266 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 | New Hampshire Business Finance Authority Revenue Bonds, Series 2024 |
|  0.505% due 08/20/2039 (a) | 14688 | 558 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  3.824% due 11/20/2042 | 17988 | 17283 |
|  3.922% due 01/20/2041 ~ | 17242 | 16702 |
|  4.946% due 02/20/2041 | 15857 | 16244 |
|  New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 | New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025 |
|  5.000% due 08/01/2036 | 3255 | 3636 |
|  5.000% due 08/01/2037 | 2500 | 2774 |
|  5.250% due 08/01/2055 | 5000 | 5121 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 9625 | 10791 |
|  |  | 86022 |
| NEW JERSEY 0.8% | NEW JERSEY 0.8% | NEW JERSEY 0.8% |
|  Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 | Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017 |
|  5.000% due 03/01/2037 | 1000 | 1012 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 | New Jersey Economic Development Authority Revenue Bonds, Series 1998 |
|  6.500% due 04/01/2031 | 300 | 301 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2041 | 1000 | 974 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 4600 | 5135 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2032 (c) | 4550 | 3624 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2038 | 2000 | 2002 |
|  4.000% due 06/15/2050 | 1000 | 903 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2038 | 5000 | 5432 |
|  New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2018 |
|  5.000% due 12/15/2028 | 2155 | 2288 |
|  New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Notes, Series 2019 |
|  5.000% due 12/15/2028 | 1100 | 1168 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2025 | New Jersey Turnpike Authority Revenue Bonds, Series 2025 | New Jersey Turnpike Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2043 | 3000 | 3261 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4260 | 4414 |
|  5.000% due 06/01/2046 | 7800 | 7597 |
|  |  | 38111 |
| NEW MEXICO 0.2% | NEW MEXICO 0.2% | NEW MEXICO 0.2% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 8000 | 7510 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 4350 | 4450 |
|  |  | 11960 |
| NEW YORK 12.9% | NEW YORK 12.9% | NEW YORK 12.9% |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2038 | 3750 | 3955 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 3145 | 2622 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2037 | 1475 | 1556 |
|  Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2034 | 1550 | 1660 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2048 | 3700 | 3832 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 3600 | 3591 |
|  New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 | New York City, New York General Obligation Bonds, Series 2015 |
|  2.850% due 06/01/2044 | 40 | 40 |
|  New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 | New York City, New York General Obligation Bonds, Series 2018 |
|  2.850% due 12/01/2047 | 15000 | 15000 |
|  New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 | New York City, New York General Obligation Bonds, Series 2021 |
|  4.000% due 08/01/2041 | 4000 | 3905 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.750% due 11/01/2054 | 3700 | 3652 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.700% due 11/01/2047 | 3500 | 3010 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  4.600% due 11/01/2045 | 2425 | 2422 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2011 |
|  2.700% due 06/15/2044 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  2.650% due 06/15/2044 | 11800 | 11800 |
|  5.250% due 06/15/2052 | 1250 | 1306 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 5425 | 5713 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.250% due 06/15/2054 | 3500 | 3647 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2021 |
|  4.000% due 07/15/2036 | 5000 | 5099 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  2.780% due 02/01/2044 | 10000 | 10000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.850% due 11/01/2042 | $— | 12040 | $— | 12040 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  2.700% due 08/01/2045 |  | 13900 |  | 13900 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2039 |  | 8000 |  | 7921 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2020 |
|  4.000% due 05/01/2045 |  | 8250 |  | 7834 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  4.000% due 02/01/2051 |  | 2435 |  | 2157 |
|  5.000% due 02/01/2040 |  | 5000 |  | 5310 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2053 |  | 11900 |  | 12147 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2053 |  | 8400 |  | 8605 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 |
|  5.000% due 02/01/2050 |  | 13000 |  | 13389 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2038 |  | 2400 |  | 2620 |
|  5.250% due 05/01/2048 |  | 4000 |  | 4187 |
|  5.250% due 05/01/2050 |  | 2000 |  | 2085 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.250% due 05/01/2054 |  | 6800 |  | 6288 |
|  5.000% due 05/01/2043 |  | 5185 |  | 5542 |
|  5.000% due 05/01/2044 |  | 3220 |  | 3416 |
|  5.000% due 05/01/2046 |  | 7125 |  | 7435 |
|  5.000% due 05/01/2047 |  | 5000 |  | 5177 |
|  5.250% due 05/01/2048 |  | 3910 |  | 4113 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2036 |  | 15000 |  | 16857 |
|  5.000% due 11/01/2041 |  | 5405 |  | 5876 |
|  5.000% due 11/01/2042 |  | 3000 |  | 3237 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 |  | 12570 |  | 12841 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 |  | 16500 |  | 16500 |
|  5.375% due 11/15/2040 |  | 8005 |  | 7971 |
|  New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 | New York Power Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2048 |  | 7500 |  | 7844 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 |  | 6600 |  | 6218 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 |  | 2895 |  | 2952 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 |  | 1000 |  | 1027 |
|  4.000% due 02/15/2047 |  | 9085 |  | 8133 |
|  5.000% due 02/15/2048 |  | 3300 |  | 3386 |
|  5.000% due 07/01/2050 |  | 3500 |  | 3575 |
|  New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 | New York State Dormitory Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2051 |  | 1440 |  | 1469 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 03/15/2039 |  | 2000 |  | 2002 |
|  4.000% due 05/01/2041 |  | 5350 |  | 5088 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  4.000% due 05/01/2038 | 3750 | 3697 |
|  5.000% due 03/15/2055 | 20950 | 21445 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2043 | 3190 | 3297 |
|  5.000% due 07/01/2044 | 3595 | 3686 |
|  5.000% due 07/01/2045 | 3000 | 3051 |
|  5.250% due 07/01/2054 | 3000 | 3146 |
|  New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 | New York State Dormitory Authority Revenue Bonds, Series 2026 |
|  5.000% due 03/15/2053 | 10500 | 10771 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (f) | 2600 | 2360 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 | 5000 | 5077 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 8400 | 9183 |
|  5.000% due 03/15/2059 | 30090 | 30654 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  4.000% due 03/15/2047 | 6100 | 5576 |
|  5.000% due 03/15/2039 | 2875 | 2977 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2038 | 7300 | 7327 |
|  5.000% due 03/15/2044 | 2500 | 2619 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2043 | 10000 | 10713 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 | New York State Urban Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2048 | 4000 | 4149 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 26400 | 26569 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2043 | 2250 | 2367 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 26410 | 27145 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 5135 | 5264 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 5900 | 5900 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 | New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|  5.000% due 01/01/2031 | 800 | 820 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2040 | 3000 | 3044 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2033 | 8000 | 8598 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 | 12300 | 13495 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.500% due 06/30/2060 | 2000 | 2004 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2042 | 1875 | 2071 |
|  6.000% due 06/30/2059 | 16500 | 17305 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 8495 | 8634 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 | 730 | 719 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 |
|  4.500% due 12/01/2050 | 11000 | 10754 |
|  5.250% due 12/01/2044 | 1325 | 1460 |
|  5.250% due 12/01/2045 | 1150 | 1256 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 07/15/2037 | 5000 | 5387 |
|  5.000% due 12/01/2038 | 1400 | 1498 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 |
|  5.000% due 01/15/2042 | 2500 | 2752 |
|  5.000% due 01/15/2043 | 2775 | 3027 |
|  5.000% due 01/15/2050 | 7000 | 7299 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 3020 | 2914 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2062 | 3750 | 3864 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2049 | 1500 | 1549 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1550 | 1706 |
|  5.000% due 12/01/2041 | 1250 | 1372 |
|  5.000% due 12/01/2050 | 5000 | 5137 |
|  |  | 623590 |
| NORTH CAROLINA 0.8% | NORTH CAROLINA 0.8% | NORTH CAROLINA 0.8% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  2.750% due 01/15/2037 | 10000 | 10000 |
|  Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 | Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 06/01/2041 | 3612 | 3468 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 01/01/2055 | 3470 | 3849 |
|  North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 | North Carolina State Revenue Bonds, Series 2021 |
|  4.000% due 03/01/2035 | 12230 | 12590 |
|  North Carolina State Revenue Bonds, Series 2025 | North Carolina State Revenue Bonds, Series 2025 | North Carolina State Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2038 | 3000 | 3359 |
|  5.000% due 03/01/2039 | 3500 | 3893 |
|  5.000% due 03/01/2040 | 2980 | 3291 |
|  |  | 40450 |
| NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% | NORTH DAKOTA 0.0% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2053 | 2250 | 2252 |
| OHIO 3.3% | OHIO 3.3% | OHIO 3.3% |
|  Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 | Allen County, Ohio Hospital Facilities Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2040 | 16500 | 17568 |
|  5.000% due 11/01/2041 | 6250 | 6622 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (c) | 63000 | 4608 |
|  4.000% due 06/01/2048 | 13560 | 11370 |
|  5.000% due 06/01/2036 | 2000 | 2097 |
|  5.000% due 06/01/2055 | 46195 | 37303 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2038 | 4400 | 4723 |
|  Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 | Columbus-Franklin County, Ohio Finance Authority Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.820% due 11/01/2043 | 3000 | 3081 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 3300 | 2952 |
|  Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 | Geisinger Authority, Ohio Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2047 | 7500 | 6565 |
|  Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 | Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 | Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2046 | 5500 | 5008 |
|  Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 | Montgomery County, Ohio Revenue Bonds, Series 2019 |
|  2.850% due 11/15/2045 | 15735 | 15735 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 4715 | 4497 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 14275 | 12944 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2026 | Ohio Air Quality Development Authority Revenue Bonds, Series 2026 | Ohio Air Quality Development Authority Revenue Bonds, Series 2026 |
|  4.350% due 06/30/2040 | 3300 | 3248 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 17430 | 19097 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.150% due 09/01/2040 | 2700 | 2677 |
|  Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 | Ohio State Hospital Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2036 | 1000 | 971 |
|  |  | 161066 |
| OKLAHOMA 0.3% | OKLAHOMA 0.3% | OKLAHOMA 0.3% |
|  Oklahama Water Resources Board Revenue Bonds, Series 2025 | Oklahama Water Resources Board Revenue Bonds, Series 2025 | Oklahama Water Resources Board Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2050 | 3400 | 3588 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | Oklahoma Development Finance Authority Revenue Bonds, Series 2018 |
|  5.500% due 08/15/2052 | 2605 | 2569 |
|  Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 | Oklahoma Development Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2036 | 1750 | 1640 |
|  Oklahoma Development Finance Authority Revenue Notes, Series 2019 | Oklahoma Development Finance Authority Revenue Notes, Series 2019 | Oklahoma Development Finance Authority Revenue Notes, Series 2019 |
|  5.000% due 08/01/2028 | 715 | 732 |
|  5.000% due 08/01/2029 | 755 | 778 |
|  Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | Oklahoma Turnpike Authority Revenue Bonds, Series 2023 |
|  5.500% due 01/01/2053 | 6300 | 6627 |
|  |  | 15934 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 | Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2052 | 1500 | 1385 |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  4.000% due 08/15/2039 | 1000 | 962 |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2036 (c) | 1500 | 988 |
|  Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 | Port of Portland, Oregon Airport Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2047 | 4290 | 3769 |
|  |  | 7104 |
| PENNSYLVANIA 3.8% | PENNSYLVANIA 3.8% | PENNSYLVANIA 3.8% |
|  Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 | Allegheny County, Pennsylvania Sanitary Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2049 | 2500 | 2227 |
|  5.000% due 12/01/2043 | 1000 | 1060 |
|  Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 | Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 | Beaver County, Pennsylvania Economic Development Authority Revenue Bonds, Series 2006 |
|  4.750% due 01/01/2035 | 6000 | 6228 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 | Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  7.750% due 12/01/2037 | 415 | 442 |
|  Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 13335 | 11763 |
|  4.000% due 07/01/2051 | 4500 | 3778 |
|  5.000% due 07/01/2035 | 2605 | 2730 |
|  5.000% due 07/01/2039 | 2800 | 2869 |
|  5.000% due 07/01/2054 | 4400 | 4304 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 11200 | 10775 |
|  Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2046 | 11205 | 11335 |
|  Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 |
|  4.000% due 07/01/2049 | 2500 | 2152 |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, Series 2019 |
|  3.520% (MUNIPSA) due 08/15/2038 ~(f) | 3045 | 3007 |
|  Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 | Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 |
|  2.450% due 12/01/2039 | 2250 | 2116 |
|  Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 | Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2018 |
|  4.000% due 09/01/2049 | 2000 | 1722 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 |
|  3.000% due 08/01/2045 | 7650 | 7649 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2041 | 3575 | 3388 |
|  5.250% due 06/30/2053 | 500 | 500 |
|  5.500% due 06/30/2037 | 1850 | 2008 |
|  5.500% due 06/30/2038 | 2000 | 2151 |
|  5.500% due 06/30/2039 | 5500 | 5886 |
|  6.000% due 06/30/2061 | 7000 | 7310 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  2.875% due 06/01/2049 | 6600 | 6597 |
|  5.000% due 03/15/2060 | 13100 | 14256 |
|  5.450% due 01/01/2051 | 2225 | 2419 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2021 |
|  4.000% due 07/01/2026 | 1500 | 1502 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2041 | 3000 | 2894 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 6900 | 6063 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.250% due 11/01/2038 | 7000 | 7597 |
|  5.250% due 11/01/2041 | 5000 | 5382 |
|  5.250% due 11/01/2044 | 3000 | 3162 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 10/01/2054 | 3765 | 4069 |
|  6.250% due 10/01/2054 | 2155 | 2350 |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2500 | 2201 |
|  Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2500 | 2266 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2019 |
|  5.000% due 12/01/2044 | 4365 | 4510 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2046 | 11000 | 11347 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2047 | 1275 | 1340 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 3350 | 3680 |
|  Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 | Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2042 | 3000 | 3236 |
|  Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 | Southeastern Pennsylvania Transportation Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/01/2042 | 1000 | 1073 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2020 |
|  5.000% due 07/01/2030 | 700 | 730 |
|  |  | 182074 |
| PUERTO RICO 2.5% | PUERTO RICO 2.5% | PUERTO RICO 2.5% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 17696 | 11879 |
|  Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 |
|  5.625% due 07/01/2027 | 1725 | 1758 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 8509 | 8347 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 5800 | 5662 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (c) | 99794 | 35143 |
|  0.000% due 07/01/2051 (c) | 84762 | 21727 |
|  4.500% due 07/01/2034 | 2456 | 2456 |
|  4.750% due 07/01/2053 | 11570 | 10790 |
|  5.000% due 07/01/2058 | 8500 | 8093 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.329% due 07/01/2040 | 4400 | 4341 |
|  4.550% due 07/01/2040 | 10167 | 10139 |
|  |  | 120335 |
| RHODE ISLAND 0.6% | RHODE ISLAND 0.6% | RHODE ISLAND 0.6% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 5350 | 5252 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 5000 | 5002 |
|  5.000% due 06/01/2040 | 6770 | 6771 |
|  5.000% due 06/01/2050 | 13800 | 13522 |
|  |  | 30547 |
| SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% |
|  Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 | Charleston County, South Carolina Airport District Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 3750 | 3818 |
|  Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 | Columbia, South Carolina Waterworks & Sewer System Revenue Bonds, Series 2022 |
|  4.250% due 02/01/2042 | 650 | 658 |
|  4.250% due 02/01/2043 | 675 | 680 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 5500 | 5874 |
|  South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 | South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 | South Carolina Public Service Authority Revenue Bonds, (BAM Insured), Series 2013 |
|  4.000% due 12/01/2049 | 1000 | 896 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2021 | South Carolina Public Service Authority Revenue Bonds, Series 2021 | South Carolina Public Service Authority Revenue Bonds, Series 2021 |
|  5.000% due 12/01/2051 | 3500 | 3543 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 6500 | 6650 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2044 | 4000 | 4238 |
|  5.000% due 12/01/2047 | 3500 | 3615 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 11265 | 11338 |
|  |  | 41310 |
| SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% | SOUTH DAKOTA 0.1% |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 6600 | 6533 |
| TENNESSEE 1.1% | TENNESSEE 1.1% | TENNESSEE 1.1% |
|  Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 | Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 7000 | 7209 |
|  Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 | Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Notes, Series 2017 |
|  4.750% due 07/01/2027 | 150 | 143 |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2000 | 2073 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 | Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2022 |
|  4.000% due 01/01/2042 | 5000 | 4967 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (FHLMC Insured), Series 2024 |
|  5.150% due 08/01/2043 | 12500 | 12891 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 6705 | 6842 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 1000 | 779 |
|  Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 | Metropolitan Nashville Airport Authority, Tennessee Revenue Notes, Series 2022 |
|  5.250% due 07/01/2032 | 1205 | 1333 |
|  Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2048 | 10400 | 11240 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 6000 | 6381 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 1685 | 1782 |
|  |  | 55640 |
| TEXAS 9.9% | TEXAS 9.9% | TEXAS 9.9% |
|  Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 |
|  7.500% due 12/01/2045 ^(b) | 1000 | 50 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2044 | 3420 | 3286 |
|  4.125% due 08/15/2054 | 2400 | 2083 |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 2500 | 2403 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 3200 | 3225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 | Austin, Texas Water & Wastewater System Revenue Bonds, Series 2024 |
|  5.000% due 11/15/2049 | 5000 | 5187 |
|  Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.250% due 02/15/2054 | 3900 | 3586 |
|  Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 | Bexar Management And Development Corp. Texas Revenue Bonds, Series 2024 |
|  3.020% due 05/10/2045 | 4000 | 4002 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 2000 | 1981 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2039 | 3500 | 3805 |
|  City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 | City of Kyle, Texas , General Obligation Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/15/2050 | 2785 | 2851 |
|  5.000% due 08/15/2055 | 5170 | 5259 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.375% due 02/15/2042 | 3675 | 3662 |
|  5.250% due 02/15/2043 | 3900 | 4150 |
|  5.250% due 02/15/2045 | 1925 | 2027 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2021 |
|  4.000% due 11/01/2045 | 8855 | 8265 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2039 | 6000 | 6446 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 | 10500 | 11351 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 3650 | 3971 |
|  Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. | Denton Essential Investments Public Facility Corp. |
|  7.095% due 06/02/2059 «~ | 31400 | 31833 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 16500 | 16807 |
|  Denton, Texas Essential Investments Public Facility Corp. | Denton, Texas Essential Investments Public Facility Corp. | Denton, Texas Essential Investments Public Facility Corp. |
|  6.697% due 01/01/2059 « | 22500 | 21924 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2040 | 7450 | 8017 |
|  5.000% due 02/15/2042 | 8450 | 8982 |
|  Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Elysian Fields Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 02/15/2049 | 8000 | 7305 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 7500 | 7360 |
|  Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Forney Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  5.000% due 08/15/2038 | 5000 | 5339 |
|  Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 |
|  5.000% due 02/15/2049 | 3395 | 3505 |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 781 | 775 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
|  4.500% due 10/01/2049 | 4000 | 3966 |
|  Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 | Grayson County Junior College District, Texas General Obligation Bonds, Series 2024 |
|  4.000% due 02/15/2049 | 2000 | 1794 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 07/01/2034 | 7890 | 8836 |
|  Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 | Harris County, Texas Hospital District General Obligation Bonds, Series 2025 |
|  5.000% due 02/15/2042 | 9000 | 9620 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 2000 | 2152 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2036 | 15000 | 15822 |
|  Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 | Houston, Texas Combined Utility System Revenue Bonds, Series 2019 |
|  4.000% due 11/15/2044 | 1500 | 1407 |
|  Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  4.000% due 08/15/2050 | 5000 | 4549 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 5000 | 5089 |
|  Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2055 | 10000 | 10231 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2053 | 1250 | 1137 |
|  Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 | Love Field Airport Modernization Corp. Texas Revenue Bonds, Series 2017 |
|  5.000% due 11/01/2029 | 1250 | 1263 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2021 |
|  5.000% due 05/15/2051 | 6000 | 6065 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 7900 | 8610 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 5000 | 5028 |
|  Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.500% due 02/15/2047 | 8250 | 8205 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.125% due 05/15/2049 | 3170 | 2870 |
|  Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 8000 | 7989 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 |
|  2.875% due 05/01/2046 | 3200 | 3198 |
|  3.000% due 05/01/2050 | 2650 | 2650 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 3000 | 2877 |
|  5.000% due 01/01/2047 | 2000 | 1932 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.250% due 08/15/2060 | 3780 | 3918 |
|  North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2039 | 11400 | 12638 |
|  Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 | Permanent University Fund - University of Texas System Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2038 | 7400 | 8171 |
|  Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 | Rowlett, Texas Special Assessment Bonds, Series 2016 |
|  5.750% due 09/15/2036 | 100 | 100 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 5680 | 5781 |
|  San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 | San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2048 | 7700 | 7094 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2044 | 8750 | 9346 |
|  San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 | San Jacinto College District, Texas General Obligation Bonds, Series 2019 |
|  5.000% due 02/15/2044 | 1010 | 1042 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2051 | 5000 | 5073 |
|  5.000% due 11/15/2052 | 2800 | 3014 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  2.550% due 08/01/2050 | 3490 | 3490 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2049 | 5000 | 5130 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 12930 | 14393 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.087% (TSFR3M) due 12/15/2026 ~ | 4000 | 4002 |
|  Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 | Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2020 |
|  4.000% due 12/31/2037 | 1875 | 1819 |
|  Texas Transportation Finance Corp. Revenue Bonds, Series 2025 | Texas Transportation Finance Corp. Revenue Bonds, Series 2025 | Texas Transportation Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 | 31900 | 32933 |
|  Texas Water Development Board Revenue Bonds, Series 2021 | Texas Water Development Board Revenue Bonds, Series 2021 | Texas Water Development Board Revenue Bonds, Series 2021 |
|  4.000% due 10/15/2046 | 4975 | 4600 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 7200 | 7232 |
|  Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 | Texas Water Development Board Revenue Bonds, Series 2023 |
|  4.875% due 10/15/2048 | 19825 | 20207 |
|  5.000% due 10/15/2058 | 4000 | 4085 |
|  Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 | Texas Water Development Board Revenue Bonds, Series 2025 |
|  4.500% due 10/15/2043 | 9000 | 9174 |
|  Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 | Travis County, Texas Housing Finance Corp. Revenue Bonds, Series 2022 |
|  4.125% due 06/01/2045 | 2000 | 2004 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2043 | 4335 | 4639 |
|  5.000% due 02/15/2044 | 2200 | 2340 |
|  |  | 476952 |
| UTAH 0.9% | UTAH 0.9% | UTAH 0.9% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.250% due 06/01/2044 | 4000 | 4352 |
|  Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 |
|  4.000% due 07/01/2051 | 3500 | 3023 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 | Salt Lake City, Utah Airport Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2042 | 3000 | 3001 |
|  5.000% due 07/01/2047 | 6750 | 6752 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2043 | 1000 | 1064 |
|  Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 | Utah County, Utah Revenue Bonds, Series 2016 |
|  4.000% due 05/15/2047 | 2500 | 2225 |
|  Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 | Utah County, Utah Revenue Bonds, Series 2020 |
|  4.000% due 05/15/2043 | 2750 | 2605 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 7320 | 8299 |
|  Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 | Utah Transit Authority Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 11000 | 11970 |
|  |  | 43291 |
| VIRGINIA 0.7% | VIRGINIA 0.7% | VIRGINIA 0.7% |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.250% due 07/01/2043 | 3500 | 3775 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 | Lynchburg Economic Development Authority, Virginia Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2038 | 1100 | 1082 |
|  Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 | Roanoke Economic Development Authority, Virginia Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2051 | 10725 | 9595 |
|  Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 | Virginia Housing Development Authority Revenue Bonds, Series 2023 |
|  5.150% due 10/01/2053 | 2345 | 2372 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | Virginia Small Business Financing Authority Revenue Bonds, Series 2019 |
|  5.500% due 07/01/2044 | 7375 | 6164 |
|  5.500% due 07/01/2049 | 2500 | 2007 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | Virginia Small Business Financing Authority Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2049 | 3250 | 2776 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/15/2050 | 7000 | 7214 |
|  |  | 34985 |
| WASHINGTON 1.5% | WASHINGTON 1.5% | WASHINGTON 1.5% |
|  Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 | Energy Northwest, Washington Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2043 | 6250 | 6778 |
|  Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 | Seattle, Washington Drainage & Wastewater Revenue Bonds, Series 2021 |
|  4.000% due 09/01/2051 | 2000 | 1801 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 | Washington Health Care Facilities Authority Revenue Bonds, Series 2017 |
|  5.000% due 01/01/2047 | 2000 | 2033 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 6240 | 6897 |
|  Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 | Washington State General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2048 | 10000 | 10369 |
|  Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 | Washington State General Obligation Bonds, Series 2024 |
|  5.000% due 07/01/2035 | 1360 | 1549 |
|  5.000% due 07/01/2036 | 2995 | 3384 |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2038 | 1500 | 1593 |
|  5.000% due 07/01/2039 | 1500 | 1587 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 6828 | 6324 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/01/2050 | 8802 | 8484 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.079% due 11/20/2041 | 20085 | 19044 |
|  Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Notes, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2033 | 1000 | 1088 |
|  5.000% due 07/01/2034 | 1000 | 1085 |
|  |  | 72016 |
| WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 8525 | 9268 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  6.000% due 09/01/2048 | 6300 | 6751 |
|  West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 | West Virginia Housing Development Fund Revenue Notes, (HUD Insured), Series 2024 |
|  5.000% due 08/01/2027 | 3000 | 3060 |
|  |  | 19079 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WISCONSIN 1.4% | WISCONSIN 1.4% | WISCONSIN 1.4% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|  4.500% due 01/01/2035 | 2110 | 2061 |
|  5.250% due 03/01/2045 | 1825 | 1758 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 09/30/2051 | 1040 | 857 |
|  4.000% due 03/31/2056 | 4690 | 3755 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2052 | 9000 | 9015 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.750% due 07/01/2054 | 3500 | 3580 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2040 | 500 | 525 |
|  5.000% due 11/15/2041 | 715 | 745 |
|  5.000% due 11/15/2045 | 1150 | 1165 |
|  5.250% due 06/15/2045 | 1000 | 1018 |
|  5.250% due 06/15/2050 | 500 | 497 |
|  5.250% due 11/15/2055 | 1700 | 1710 |
|  5.750% due 12/31/2065 | 15650 | 15985 |
|  Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds,(BAM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 3000 | 3000 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2017 | Public Finance Authority, Wisconsin Revenue Notes, Series 2017 | Public Finance Authority, Wisconsin Revenue Notes, Series 2017 |
|  3.000% due 09/01/2027 | 3750 | 3749 |
|  Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2037 (c) | 3200 | 1982 |
|  0.000% due 12/15/2039 (c) | 3250 | 1813 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2024 |
|  4.500% due 02/15/2054 | 5000 | 4671 |
|  5.250% due 02/15/2054 | 2500 | 2565 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 585 | 534 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2021 |
|  2.850% due 04/01/2048 | 5100 | 5100 |
|  4.000% due 10/15/2036 | 2375 | 2381 |
|  |  | 68466 |
|  Total Municipal Bonds & Notes (Cost $3,865,836) | Total Municipal Bonds & Notes (Cost $3,865,836) | 3914992 |
| U.S. GOVERNMENT AGENCIES 2.2% | U.S. GOVERNMENT AGENCIES 2.2% | U.S. GOVERNMENT AGENCIES 2.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 06/01/2043 | 5465 | 5016 |
|  3.660% due 01/01/2039 | 3334 | 3157 |
|  3.790% due 07/01/2040 | 1940 | 1853 |
|  3.800% due 01/01/2040 | 9795 | 9345 |
|  3.850% due 02/01/2038 - 07/01/2039 | 5883 | 5616 |
|  4.000% due 01/01/2039 | 2000 | 1955 |
|  4.250% due 08/01/2038 - 06/01/2041 | 15905 | 15795 |
|  4.300% due 10/01/2038 | 10054 | 10103 |
|  4.370% due 03/01/2040 | 3797 | 3823 |
|  4.400% due 11/01/2040 | 4779 | 4808 |
|  4.600% due 03/01/2041 | 4700 | 4809 |
|  4.900% due 02/01/2040 | 4049 | 4262 |
|  5.210% due 08/01/2040 | 11896 | 12936 |
|  5.360% due 06/01/2039 | 7385 | 8141 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  2.802% due 04/25/2043 ~ | 8502 | 7298 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 6824 | 6973 |
|  Total U.S. Government Agencies (Cost $101,427) | Total U.S. Government Agencies (Cost $101,427) | 105890 |
| U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 121900 | 120948 |
|  3.500% due 02/28/2031 | 96600 | 94732 |
|  4.125% due 03/31/2031 | 8300 | 8360 |
|  4.250% due 02/28/2031 | 46700 | 47312 |
|  4.625% due 04/30/2031 | 62200 | 64056 |
|  Total U.S. Treasury Obligations (Cost $335,560) | Total U.S. Treasury Obligations (Cost $335,560) | 335408 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority | Indiana Housing & Community Development Authority |
|  4.600% due 01/01/2042 | 4740 | 4742 |
|  Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities | Multifamily Tax-Exempt Mortgage-backed Securities |
|  4.500% due 08/01/2041 | 2473 | 2502 |
|  4.800% due 07/01/2045 | 4200 | 4213 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $11,413) | Total Non-Agency Mortgage-Backed Securities (Cost $11,413) | 11457 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  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) | 723672 | 724 |
| Total Short-Term Instruments (Cost $724) | Total Short-Term Instruments (Cost $724) | 724 |
| Total Investments in Securities (Cost $4,319,649) | Total Investments in Securities (Cost $4,319,649) | 4371984 |
| INVESTMENTS IN AFFILIATES 8.6% | INVESTMENTS IN AFFILIATES 8.6% | INVESTMENTS IN AFFILIATES 8.6% |
| SHORT-TERM INSTRUMENTS 8.6% | SHORT-TERM INSTRUMENTS 8.6% | SHORT-TERM INSTRUMENTS 8.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 42534185 | 414240 |
| Total Short-Term Instruments (Cost $414,157) | Total Short-Term Instruments (Cost $414,157) | 414240 |
| Total Investments in Affiliates (Cost $414,157) | Total Investments in Affiliates (Cost $414,157) | 414240 |
| Total Investments 98.9% (Cost $4,733,806) | Total Investments 98.9% (Cost $4,733,806) | 4786224 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% | 53297 |
| Net Assets 100.0% | Net Assets 100.0% | 4839521 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 57

------

Schedule of Investments PIMCO Municipal Bond Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Security is not accruing income as of the date of this report.

(c) Zero coupon security.

(d) Security becomes interest bearing at a future date.

(e) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Lehigh County, Pennsylvania Revenue Bonds, Series 2019 | 3.520% | 08/15/2038 | 09/14/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | $3007 | 0.06% |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200 | 11/01/2054 | 12/12/2023 | 2414 | 2360 | 0.05 |
|  |  |  |  | $5493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5367 | 0.11% |

---

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $565 | $565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1329 | 1329 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $87 | $87 |

---

#### 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 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513 | $3513 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181751 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181751 |
| &nbsp;&nbsp; Alaska | 0 | 7658 | 0 | 7658 |
| &nbsp;&nbsp; Arizona | 0 | 48538 | 0 | 48538 |
| &nbsp;&nbsp; Arkansas | 0 | 46431 | 0 | 46431 |
| &nbsp;&nbsp; California | 0 | 244184 | 0 | 244184 |
| &nbsp;&nbsp; Colorado | 0 | 111142 | 0 | 111142 |
| &nbsp;&nbsp; Connecticut | 0 | 12535 | 0 | 12535 |
| &nbsp;&nbsp; District of Columbia | 0 | 80399 | 0 | 80399 |
| &nbsp;&nbsp; Florida | 0 | 169287 | 0 | 169287 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Georgia | $0 | $80876 | $0 | $80876 |
| &nbsp;&nbsp; Idaho | 0 | 2175 | 0 | 2175 |
| &nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258826 |
| &nbsp;&nbsp; Indiana | 0 | 70581 | 0 | 70581 |
| &nbsp;&nbsp; Iowa | 0 | 9384 | 0 | 9384 |
| &nbsp;&nbsp; Kentucky | 0 | 56566 | 0 | 56566 |
| &nbsp;&nbsp; Louisiana | 0 | 29549 | 0 | 29549 |
| &nbsp;&nbsp; Maine | 0 | 8906 | 0 | 8906 |
| &nbsp;&nbsp; Maryland | 0 | 20984 | 0 | 20984 |
| &nbsp;&nbsp; Massachusetts | 0 | 75858 | 0 | 75858 |
| &nbsp;&nbsp; Michigan | 0 | 72280 | 0 | 72280 |
| &nbsp;&nbsp; Minnesota | 0 | 44944 | 0 | 44944 |
| &nbsp;&nbsp; Mississippi | 0 | 5250 | 0 | 5250 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Missouri | $0 | $31951 | $0 | $31951 |
| &nbsp;&nbsp; Multi-State | 0 | 99638 | 0 | 99638 |
| &nbsp;&nbsp; Nebraska | 0 | 2285 | 0 | 2285 |
| &nbsp;&nbsp; Nevada | 0 | 5297 | 0 | 5297 |
| &nbsp;&nbsp; New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 86022 | 0 | 86022 |
| &nbsp;&nbsp; New Jersey | 0 | 38111 | 0 | 38111 |
| &nbsp;&nbsp; New Mexico | 0 | 11960 | 0 | 11960 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623590 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623590 |
| &nbsp;&nbsp; North Carolina | 0 | 40450 | 0 | 40450 |
| &nbsp;&nbsp; North Dakota | 0 | 2252 | 0 | 2252 |
| &nbsp;&nbsp; Ohio | 0 | 161066 | 0 | 161066 |
| &nbsp;&nbsp; Oklahoma | 0 | 15934 | 0 | 15934 |
| &nbsp;&nbsp; Oregon | 0 | 7104 | 0 | 7104 |
| &nbsp;&nbsp; Pennsylvania | 0 | 182074 | 0 | 182074 |
| &nbsp;&nbsp; Puerto Rico | 0 | 120335 | 0 | 120335 |
| &nbsp;&nbsp; Rhode Island | 0 | 30547 | 0 | 30547 |
| &nbsp;&nbsp; South Carolina | 0 | 41310 | 0 | 41310 |
| &nbsp;&nbsp; South Dakota | 0 | 6533 | 0 | 6533 |
| &nbsp;&nbsp; Tennessee | 0 | 55640 | 0 | 55640 |
| &nbsp;&nbsp; Texas | 0 | 423195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53757 | 476952 |
| &nbsp;&nbsp; Utah | 0 | 43291 | 0 | 43291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Virginia | $0 | $34985 | $0 | $34985 |
| &nbsp;&nbsp; Washington | 0 | 72016 | 0 | 72016 |
| &nbsp;&nbsp; West Virginia | 0 | 19079 | 0 | 19079 |
| &nbsp;&nbsp; Wisconsin | 0 | 68466 | 0 | 68466 |
|  U.S. Government Agencies | 0 | 105890 | 0 | 105890 |
|  U.S. Treasury Obligations | 0 | 335408 | 0 | 335408 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11457 | 0 | 11457 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 724 | 0 | 0 | 724 |
|  | $724 | $4313990 | $57270 | $4371984 |
|  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 | $414240 | $0 | $0 | $414240 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786224 |

---

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 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $3852 | $0 | $0 | $0 | $0 | $(339) | $0 | $0 | $3513 | $(339) |
|  Municipal Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Texas | 0 | 53900 | 0 | 0 | 0 | (143) | 0 | 0 | 53757 | (143) |
|  Totals | $3852 | $53900 | $0 | $0 | $0 | $(482) | $0 | $0 | $57270 | $(482) |

---

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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | |  |  | (% 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 |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $3513 | Discounted Cash Flow | Discount Rate | 24.718 |  |
|  Municipal Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp; Texas | 53757 | Discounted Cash Flow | Discount Rate | 6.640-7.040 | 6.803 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57270 |  |  |  |  |

---

<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 | **59** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 90.4% | INVESTMENTS IN SECURITIES 90.4% | INVESTMENTS IN SECURITIES 90.4% |
| MUNICIPAL BONDS & NOTES 80.8% | MUNICIPAL BONDS & NOTES 80.8% | MUNICIPAL BONDS & NOTES 80.8% |
| ALABAMA 4.1% | ALABAMA 4.1% | ALABAMA 4.1% |
|  Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022 | Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022 | Alabama Corrections Institution Finance Authority Revenue Notes, Series 2022 |
|  5.000% due 07/01/2028 | 1500 | 1574 |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 1200 | 1201 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2051 | 2000 | 2021 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1440 | 1514 |
|  5.500% due 10/01/2054 | 3400 | 3670 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 3500 | 3708 |
|  5.000% due 10/01/2055 | 2300 | 2428 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 1700 | 1799 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 7435 | 7751 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2026 |
|  5.000% due 07/01/2033 | 2900 | 3033 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 800 | 873 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 2100 | 2240 |
|  Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 | Marshall County, Alabama Board of Education Special Tax Notes, (BAM Insured), Series 2024 |
|  5.000% due 03/01/2034 | 500 | 552 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 900 | 894 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1900 | 2001 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.500% due 01/01/2053 | 2500 | 2662 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 3050 | 3202 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 4100 | 4191 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 1200 | 1270 |
|  5.000% due 01/01/2056 | 7300 | 7347 |
|  5.250% due 11/01/2055 | 1000 | 1080 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 2100 | 2195 |
|  West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 | West Jefferson Industrial Development Board, Alabama Revenue Bonds, Series 1998 |
|  3.650% due 06/01/2028 | 1800 | 1820 |
|  |  | 59026 |
| ALASKA 0.1% | ALASKA 0.1% | ALASKA 0.1% |
|  Alaska Housing Finance Corp. Revenue Notes,<br>Series 2024 | Alaska Housing Finance Corp. Revenue Notes,<br>Series 2024 | Alaska Housing Finance Corp. Revenue Notes,<br>Series 2024 |
|  5.000% due 12/01/2032 | 1500 | 1670 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ARIZONA 2.3% | ARIZONA 2.3% | ARIZONA 2.3% |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1000 | 1011 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 11000 | 11144 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2022 |
|  5.000% due 09/01/2052 | 6500 | 6604 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2029 | 300 | 307 |
|  5.000% due 07/01/2030 | 350 | 358 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 1395 | 1520 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 4500 | 4678 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2022 |
|  5.000% due 01/01/2031 | 2505 | 2744 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2039 | 2500 | 2403 |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2041 | 2400 | 2644 |
|  |  | 33413 |
| ARKANSAS 0.7% | ARKANSAS 0.7% | ARKANSAS 0.7% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 |
|  3.875% due 10/15/2065 | 2800 | 2788 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 |
|  4.250% due 09/01/2046 | 7000 | 6959 |
|  |  | 9747 |
| CALIFORNIA 5.0% | CALIFORNIA 5.0% | CALIFORNIA 5.0% |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2036 (a) | 945 | 612 |
|  Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, California Revenue Bonds, (AGM Insured), Series 2024 |
|  4.000% due 07/01/2039 | 4250 | 4182 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 2400 | 2536 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 2900 | 3060 |
|  5.000% due 01/01/2055 | 470 | 480 |
|  5.000% due 02/01/2055 | 3900 | 4194 |
|  5.000% due 11/01/2055 | 2205 | 2251 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2800 | 2828 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 | California Health Facilities Financing Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2035 | 3800 | 4201 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 5500 | 5560 |
|  California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 | California Housing Finance Revenue Notes, Series 2024 |
|  5.870% due 04/01/2029 | 3500 | 3500 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 500 | 500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 | California Municipal Finance Authority Revenue Bonds, Series 2023 |
|  4.375% due 09/01/2053 | 1250 | 1290 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2035 | 730 | 823 |
|  5.000% due 12/01/2036 | 380 | 424 |
|  6.000% due 01/01/2039 | 4000 | 4162 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.998% due 11/20/2040 | 2591 | 2482 |
|  California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 | California State University Revenue Bonds, Series 2016 |
|  0.550% due 11/01/2049 | 1625 | 1602 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 | 1700 | 1753 |
|  Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 | Central Valley Energy Authority, California Revenue Notes, Series 2026 |
|  5.000% due 08/01/2034 | 1700 | 1789 |
|  Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 | Fremont Unified School District/Alameda County, California General Obligation Notes, Series 2021 |
|  1.313% due 08/01/2028 | 4000 | 3773 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.850% due 06/01/2050 | 1785 | 1632 |
|  Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 | Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2036 | 1700 | 1759 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2037 | 3520 | 3610 |
|  Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 | Los Angeles Department of Airports, California Revenue Notes, Series 2025 |
|  5.000% due 05/15/2033 | 3000 | 3327 |
|  5.000% due 05/15/2034 | 1000 | 1115 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 | Los Angeles Unified School District, California General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2042 | 3000 | 3349 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 | 1000 | 1110 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 1600 | 1744 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  5.000% due 06/01/2034 | 1250 | 1328 |
|  Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 | Washington Township Health Care District, California General Obligation Bonds, Series 2013 |
|  5.500% due 08/01/2038 | 1120 | 1128 |
|  |  | 72104 |
| COLORADO 2.5% | COLORADO 2.5% | COLORADO 2.5% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  2.600% due 03/01/2055 | 9975 | 9975 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 | Colorado Health Facilities Authority Revenue Bonds, Series 2018 |
|  4.000% due 11/15/2048 | 2000 | 1761 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 1385 | 1195 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.250% due 11/01/2034 | 1000 | 1109 |
|  5.250% due 11/01/2036 | 1000 | 1095 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 | Colorado Health Facilities Authority Revenue Notes, Series 2024 |
|  5.000% due 05/15/2033 | 2060 | 2278 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 | Colorado Health Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 | 2800 | 3040 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 | Colorado State Certificates of Participation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 2000 | 1878 |
|  Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 | Colorado State Certificates of Participation Bonds, Series 2018 |
|  4.000% due 12/15/2036 | 1700 | 1711 |
|  Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 | Denver Convention Center Hotel Authority, Colorado Revenue Bonds, Series 2016 |
|  5.000% due 12/01/2027 | 1000 | 1010 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2032 | 2000 | 2082 |
|  Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 |
|  5.000% due 11/15/2030 | 1500 | 1616 |
|  Denver, Colorado City & County Revenue Bonds, Series 2017 | Denver, Colorado City & County Revenue Bonds, Series 2017 | Denver, Colorado City & County Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2032 | 1000 | 1001 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.182% (SOFRRATE)<br>due 09/01/2039 ~ | 1600 | 1598 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 1495 | 1538 |
|  Regional Transportation District, Colorado Revenue Notes, Series 2020 | Regional Transportation District, Colorado Revenue Notes, Series 2020 | Regional Transportation District, Colorado Revenue Notes, Series 2020 |
|  5.000% due 01/15/2031 | 1140 | 1218 |
|  University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 | University of Colorado Hospital Authority Revenue Notes, Series 2024 |
|  5.000% due 11/15/2031 | 1600 | 1772 |
|  |  | 35877 |
| CONNECTICUT 0.1% | CONNECTICUT 0.1% | CONNECTICUT 0.1% |
|  Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 | Bridgeport, Connecticut General Obligation Notes, Series 2017 |
|  5.000% due 08/15/2027 | 895 | 924 |
|  Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 | Connecticut State General Obligation Bonds, Series 2018 |
|  5.000% due 09/15/2030 | 1000 | 1055 |
|  |  | 1979 |
| DISTRICT OF COLUMBIA 1.4% | DISTRICT OF COLUMBIA 1.4% | DISTRICT OF COLUMBIA 1.4% |
|  District of Columbia General Obligation Bonds, Series 2026 | District of Columbia General Obligation Bonds, Series 2026 | District of Columbia General Obligation Bonds, Series 2026 |
|  5.000% due 06/01/2044 | 3000 | 3246 |
|  District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 | District of Columbia Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2060 | 7000 | 7665 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2038 | 2730 | 2800 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2037 | 2500 | 2692 |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Notes, Series 2021 |
|  5.000% due 10/01/2029 | 3000 | 3199 |
|  |  | 19602 |
| FLORIDA 5.6% | FLORIDA 5.6% | FLORIDA 5.6% |
|  Antillia Community Development District, Florida Special Assessment Notes, Series 2024 | Antillia Community Development District, Florida Special Assessment Notes, Series 2024 | Antillia Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.000% due 05/01/2031 | 195 | 198 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2021 |
|  2.875% due 05/01/2031 | 1000 | 942 |
|  Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.250% due 05/01/2031 | 590 | 594 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 | Capital Trust Authority, Florida Revenue Bonds, Series 2023 |
|  6.000% due 06/15/2043 | 1350 | 1389 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  4.750% due 07/01/2040 | 1250 | 1242 |
|  County of Lee FL Airport Revenue, Florida Revenue bonds, Series 2026 | County of Lee FL Airport Revenue, Florida Revenue bonds, Series 2026 | County of Lee FL Airport Revenue, Florida Revenue bonds, Series 2026 |
|  5.000% due 10/01/2036 | 2500 | 2739 |
|  5.250% due 10/01/2037 | 2000 | 2241 |
|  5.250% due 10/01/2038 | 2285 | 2541 |
|  5.250% due 10/01/2039 | 1750 | 1933 |
|  5.250% due 10/01/2040 | 2000 | 2195 |
|  5.250% due 10/01/2041 | 2660 | 2909 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 07/01/2044 | 5000 | 4866 |
|  5.250% due 07/01/2047 | 4100 | 4029 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 | Florida Development Finance Corp. Revenue Bonds, Series 2025 |
|  3.400% due 09/01/2050 | 9000 | 9003 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 | Florida Housing Finance Corp. Revenue Bonds, Series 2024 |
|  3.500% due 11/01/2042 | 1000 | 1008 |
|  Florida Housing Finance Corp. Revenue Bonds, Series 2025 | Florida Housing Finance Corp. Revenue Bonds, Series 2025 | Florida Housing Finance Corp. Revenue Bonds, Series 2025 |
|  3.150% due 07/01/2043 | 595 | 596 |
|  Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 | Florida's Turnpike Enterprise Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2048 | 2500 | 2332 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  2.700% due 10/01/2042 | 7495 | 7495 |
|  Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.150% due 05/01/2031 | 535 | 544 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2040 | 665 | 665 |
|  Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 | Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2034 | 2400 | 2583 |
|  Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 | Hammock Oaks Community Development District, Florida Special Assessment Notes, Series 2024 |
|  5.000% due 05/01/2031 | 265 | 268 |
|  Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 | Hobe-St Lucie Conservancy District, Florida Special Assessment Notes, Series 2024 |
|  4.750% due 05/01/2031 | 885 | 910 |
|  Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 | Jacksonville Housing Authority, Florida Revenue Notes, Series 2024 |
|  5.000% due 02/01/2034 | 2500 | 2702 |
|  JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 | JEA Electric System, Florida Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2035 | 2000 | 2275 |
|  Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 |
|  5.000% due 04/01/2065 | 2000 | 2202 |
|  Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 | Miami World Center Community Development District, Florida Special Assessment Bonds, Series 2017 |
|  4.750% due 11/01/2027 | 785 | 796 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 2400 | 2661 |
|  Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 | Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2038 | 3000 | 3338 |
|  Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2034 | 3400 | 3636 |
|  5.000% due 10/01/2036 | 1300 | 1373 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 610 | 610 |
|  North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 | North AR-1 Pasco Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 | 255 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 | Orlando Utilities Commission, Florida Revenue Bonds, Series 2021 |
|  1.250% due 10/01/2046 | 1000 | 933 |
|  Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 | Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
|  0.000% due 10/01/2032 (a) | 1000 | 768 |
|  Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 |
|  0.000% due 10/01/2026 (a) | 275 | 270 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.200% due 05/01/2031 | 350 | 350 |
|  Rookery Community Development District, Florida Special Assessment Notes, Series 2024 | Rookery Community Development District, Florida Special Assessment Notes, Series 2024 | Rookery Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.250% due 05/01/2031 | 300 | 301 |
|  South Broward Hospital District, Florida Revenue Bonds, Series 2016 | South Broward Hospital District, Florida Revenue Bonds, Series 2016 | South Broward Hospital District, Florida Revenue Bonds, Series 2016 |
|  4.000% due 05/01/2044 | 1700 | 1552 |
|  Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 | Two Rivers West Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.800% due 05/01/2031 | 220 | 223 |
|  University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 | University of Florida Department of Housing & Residence Education Hsg Sys Rev, Florida Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2035 | 2000 | 2037 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  4.850% due 05/01/2038 | 980 | 1004 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 |
|  4.000% due 05/01/2034 | 700 | 700 |
|  Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 | Westside Haines City Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.875% due 05/01/2031 | 440 | 447 |
|  |  | 81658 |
| GEORGIA 1.9% | GEORGIA 1.9% | GEORGIA 1.9% |
|  Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 | Atlanta, Georgia Airport Passenger Facility Charge Revenue Bonds, Series 2019 |
|  4.000% due 07/01/2035 | 4000 | 3997 |
|  Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 | Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
|  4.125% due 11/01/2045 | 1000 | 937 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Bonds, Series 2023 |
|  5.000% due 04/01/2041 | 3125 | 3320 |
|  Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 | Griffin-Spalding County Hospital Authority, Georgia Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2033 | 1500 | 1527 |
|  Macon-Bibb County, Georgia Housing Authority Revenue Notes, Series 2025 | Macon-Bibb County, Georgia Housing Authority Revenue Notes, Series 2025 | Macon-Bibb County, Georgia Housing Authority Revenue Notes, Series 2025 |
|  3.150% due 02/01/2029 | 1024 | 1025 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2052 | 250 | 253 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 2400 | 2542 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 900 | 961 |
|  5.000% due 05/01/2055 | 1600 | 1679 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 8200 | 8615 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2034 | 500 | 518 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 |
|  4.500% due 07/01/2063 | 1000 | 916 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2037 | 1340 | 1471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **61** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | Municipal Electric Authority of Georgia Revenue Notes, Series 2021 | Municipal Electric Authority of Georgia Revenue Notes, Series 2021 |
|  5.000% due 01/01/2028 | 175 | 180 |
|  |  | 27941 |
| IDAHO 0.2% | IDAHO 0.2% | IDAHO 0.2% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 1800 | 1939 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 762 | 727 |
|  |  | 2666 |
| ILLINOIS 3.8% | ILLINOIS 3.8% | ILLINOIS 3.8% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2017 |
|  5.000% due 12/01/2036 | 4100 | 3959 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1700 | 1643 |
|  Chicago Board of Education, Illinois General Obligation Notes, Series 2025 | Chicago Board of Education, Illinois General Obligation Notes, Series 2025 | Chicago Board of Education, Illinois General Obligation Notes, Series 2025 |
|  5.250% due 12/01/2027 | 325 | 332 |
|  5.250% due 12/01/2028 | 425 | 438 |
|  5.250% due 12/01/2029 | 525 | 545 |
|  5.250% due 12/01/2030 | 350 | 365 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 | Chicago O'Hare International Airport, Illinois Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 01/01/2041 | 1945 | 2081 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2038 | 1900 | 1933 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2035 | 715 | 764 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 1800 | 1953 |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 |
|  5.000% due 11/15/2035 | 2005 | 2200 |
|  Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 | Chicago Transit Authority Capital Grant Receipts, Illinois Revenue Notes, Series 2021 |
|  5.000% due 06/01/2027 | 2640 | 2692 |
|  5.000% due 06/01/2028 | 1875 | 1958 |
|  Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 | Cook County, Illinois School District No 111, Burbank General Obligation Bonds, (AGM Insured), Series 2016 |
|  4.000% due 12/01/2029 | 725 | 731 |
|  4.000% due 12/01/2030 | 1020 | 1027 |
|  Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024 | Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024 | Cook County, Illinois School District No 26, River Trails General Obligation Notes, Series 2024 |
|  5.000% due 12/15/2032 | 430 | 478 |
|  Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 | Illinois Finance Authority Revenue Bonds, Series 2010 |
|  4.800% due 12/01/2043 | 1400 | 1411 |
|  Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 | Illinois Finance Authority Revenue Bonds, Series 2016 |
|  5.000% due 02/15/2041 | 1250 | 1267 |
|  Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 | Illinois Finance Authority Revenue Bonds, Series 2020 |
|  5.000% due 08/15/2033 | 1750 | 1872 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  2.750% due 08/15/2057 | 1000 | 1000 |
|  Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 | Illinois Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2038 | 1000 | 1076 |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2032 | 5000 | 5466 |
|  Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 | Illinois State General Obligation Bonds, Series 2016 |
|  4.000% due 06/01/2033 | 750 | 750 |
|  Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 | Illinois State General Obligation Bonds, Series 2021 |
|  5.000% due 03/01/2035 | 2470 | 2619 |
|  Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 | Illinois State General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2043 | 3055 | 3151 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 | Illinois State General Obligation Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 3900 | 4067 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 | Illinois State Toll Highway Authority Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2030 | 1000 | 1060 |
|  Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023 | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023 | Jefferson & Franklin Etc Counties Community College District, Illinois General Obligation Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2031 | 1275 | 1379 |
|  Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023 | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023 | Kendall Kane & Will Counties Community Unit School District, Illinois General Obligation Notes, (BAM Insured), Series 2023 |
|  4.000% due 10/01/2030 | 1000 | 1038 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, (BAM Insured), Series 2020 |
|  5.000% due 01/01/2037 | 3350 | 3509 |
|  Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 | Village of Arlington Heights, Illinois General Obligation Bonds, Series 2016 |
|  4.000% due 12/01/2036 | 1000 | 1000 |
|  Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 | Village of Bolingbrook, Illinois General Obligation Bonds, Series 2019 |
|  4.000% due 01/01/2033 | 1445 | 1407 |
|  |  | 55171 |
| INDIANA 1.7% | INDIANA 1.7% | INDIANA 1.7% |
|  Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022 | Fort Wayne Redevelopment Authority, Indiana Revenue Notes, Series 2022 |
|  5.000% due 12/15/2029 | 360 | 384 |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.900% due 05/01/2028 | 5075 | 5074 |
|  3.000% due 11/01/2030 | 3000 | 2922 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 1900 | 1850 |
|  4.250% due 11/01/2030 | 1000 | 1026 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2037 | 1225 | 1356 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2057 | 1500 | 1663 |
|  Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 | Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Notes, Series 2023 |
|  5.000% due 03/01/2033 | 1100 | 1161 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2525 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2500 | 2525 |
|  Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 | Whiting, Indiana Revenue Bonds, Series 2008 |
|  4.200% due 06/01/2044 | 1900 | 1957 |
|  Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 | Whiting, Indiana Revenue Bonds, Series 2016 |
|  4.400% due 03/01/2046 | 2000 | 2083 |
|  |  | 24526 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 900 | 960 |
|  5.000% due 12/01/2050 | 400 | 451 |
|  Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 | Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2038 | 1000 | 974 |
|  |  | 2385 |
| KANSAS 0.1% | KANSAS 0.1% | KANSAS 0.1% |
|  Wichita, Kansas Revenue Notes, Series 2025 | Wichita, Kansas Revenue Notes, Series 2025 | Wichita, Kansas Revenue Notes, Series 2025 |
|  3.150% due 02/01/2030 | 1060 | 1062 |
| KENTUCKY 1.9% | KENTUCKY 1.9% | KENTUCKY 1.9% |
|  Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 | Kentucky Bond Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 2300 | 2513 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 |
|  2.900% due 04/01/2031 | 3675 | 3675 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 900 | 953 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.250% due 06/01/2055 | 800 | 847 |
|  Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 |
|  5.000% due 05/01/2036 | 12250 | 12904 |
|  Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 | Kentucky State Property & Building Commission Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2035 | 3000 | 3308 |
|  5.250% due 06/01/2039 | 1250 | 1366 |
|  Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 | Louisville/Jefferson County Metropolitan Government, Kentucky Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2039 | 1000 | 1064 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1600 | 1619 |
|  |  | 28249 |
| LOUISIANA 0.6% | LOUISIANA 0.6% | LOUISIANA 0.6% |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 01/01/2038 | 1000 | 1104 |
|  Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 | Louisiana Public Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 05/15/2030 | 2200 | 2360 |
|  New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2036 | 2000 | 2158 |
|  New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 | New Orleans Aviation Board, Louisiana Revenue Notes, Series 2024 |
|  5.000% due 01/01/2035 | 3200 | 3476 |
|  |  | 9098 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2035 | 2000 | 2087 |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2030 | 1065 | 1118 |
|  Maine Municipal Bond Bank, Revenue Bonds,<br>Series 2023 | Maine Municipal Bond Bank, Revenue Bonds,<br>Series 2023 | Maine Municipal Bond Bank, Revenue Bonds,<br>Series 2023 |
|  5.000% due 11/01/2037 | 310 | 340 |
|  |  | 3545 |
| MARYLAND 0.2% | MARYLAND 0.2% | MARYLAND 0.2% |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|  5.000% due 06/01/2033 | 445 | 465 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 1100 | 1182 |
|  Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 | Maryland State General Obligation Bonds, Series 2022 |
|  5.000% due 06/01/2037 | 1510 | 1652 |
|  |  | 3299 |
| MASSACHUSETTS 0.7% | MASSACHUSETTS 0.7% | MASSACHUSETTS 0.7% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 07/01/2037 | 1500 | 1698 |
|  5.000% due 04/01/2041 | 5000 | 5513 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 3000 | 3101 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 500 | 521 |
|  |  | 10833 |
| MICHIGAN 3.3% | MICHIGAN 3.3% | MICHIGAN 3.3% |
|  Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 | Detroit, Michigan General Obligation Notes, Series 2023 |
|  5.250% due 05/01/2028 | 300 | 312 |
|  5.250% due 05/01/2029 | 500 | 530 |
|  5.250% due 05/01/2030 | 700 | 752 |
|  5.250% due 05/01/2031 | 600 | 653 |
|  5.250% due 05/01/2032 | 600 | 659 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.228% (TSFR3M) due 07/01/2032 ~ | 1000 | 997 |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (NPFGC Insured), Series 2001 |
|  5.500% due 07/01/2029 | 1360 | 1417 |
|  Michigan Finance Authority Revenue Bonds,<br>Series 2017 | Michigan Finance Authority Revenue Bonds,<br>Series 2017 | Michigan Finance Authority Revenue Bonds,<br>Series 2017 |
|  5.000% due 12/01/2035 | 720 | 740 |
|  Michigan Finance Authority Revenue Bonds,<br>Series 2024 | Michigan Finance Authority Revenue Bonds,<br>Series 2024 | Michigan Finance Authority Revenue Bonds,<br>Series 2024 |
|  5.000% due 08/31/2035 | 1190 | 1295 |
|  5.000% due 02/28/2037 | 1935 | 2075 |
|  Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 |
|  5.000% due 02/29/2032 | 1205 | 1313 |
|  5.000% due 08/31/2033 | 1950 | 2145 |
|  Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 | Michigan State Hospital Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2035 | 2400 | 2695 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 885 | 968 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 | Michigan State Housing Development Authority Revenue Bonds, Series 2025 |
|  6.000% due 06/01/2056 | 10100 | 11121 |
|  Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 |
|  4.125% due 08/01/2027 | 3500 | 3525 |
|  Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 | Michigan Trunk Line State Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2038 | 1000 | 1099 |
|  Northern Michigan University Revenue Bonds,<br>Series 2025 | Northern Michigan University Revenue Bonds,<br>Series 2025 | Northern Michigan University Revenue Bonds,<br>Series 2025 |
|  5.250% due 06/01/2045 | 850 | 912 |
|  Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2034 | 1640 | 1798 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2028 | 7210 | 7588 |
|  5.000% due 12/01/2032 | 1470 | 1613 |
|  Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 | Western Michigan University Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2035 | 800 | 903 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2032 | 1600 | 1782 |
|  Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 | Zeeland Public School, Michigan General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 05/01/2037 | 500 | 540 |
|  |  | 47432 |
| MINNESOTA 0.8% | MINNESOTA 0.8% | MINNESOTA 0.8% |
|  Hennepin County, Minnesota Housing & Redevelopment Authority Revenue Bonds, (HUD Insured), Series 2025 | Hennepin County, Minnesota Housing & Redevelopment Authority Revenue Bonds, (HUD Insured), Series 2025 | Hennepin County, Minnesota Housing & Redevelopment Authority Revenue Bonds, (HUD Insured), Series 2025 |
|  3.150% due 02/01/2046 | 1000 | 1001 |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Notes, Series 2025 |
|  5.000% due 07/01/2029 | 3300 | 3497 |
|  5.000% due 07/01/2031 | 2000 | 2166 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 | Minneapolis, Minnesota Revenue Bonds, Series 2018 |
|  5.000% due 11/15/2036 | 2000 | 2043 |
|  Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 | Minneapolis, Minnesota Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2052 | 1000 | 1048 |
|  Minnesota Housing Finance Agency Revenue Bonds, Series 2015 | Minnesota Housing Finance Agency Revenue Bonds, Series 2015 | Minnesota Housing Finance Agency Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2036 | 1000 | 1001 |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 1000 | 1009 |
|  |  | 11765 |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 | Mississippi Business Finance Corp. Revenue Bonds, Series 2002 |
|  3.200% due 09/01/2028 | 750 | 750 |
|  Mississippi Development Bank Revenue Bonds,<br>Series 2025 | Mississippi Development Bank Revenue Bonds,<br>Series 2025 | Mississippi Development Bank Revenue Bonds,<br>Series 2025 |
|  5.000% due 03/01/2038 | 1000 | 1075 |
|  Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023 | Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023 | Mississippi Development Bank Revenue Notes, (BAM Insured), Series 2023 |
|  5.000% due 04/01/2031 | 1485 | 1616 |
|  |  | 3441 |
| MISSOURI 0.5% | MISSOURI 0.5% | MISSOURI 0.5% |
|  Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 | Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2012 |
|  4.000% due 11/15/2042 | 1300 | 1238 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 03/01/2037 | 560 | 605 |
|  Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 | Missouri Development Finance Board Revenue Bonds, Series 2022 |
|  5.250% due 05/01/2035 | 485 | 533 |
|  5.250% due 05/01/2037 | 300 | 325 |
|  Missouri Development Finance Board Revenue Notes, Series 2022 | Missouri Development Finance Board Revenue Notes, Series 2022 | Missouri Development Finance Board Revenue Notes, Series 2022 |
|  5.000% due 05/01/2031 | 1190 | 1300 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 900 | 1001 |
|  St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured),<br>Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured),<br>Series 2023 | St Louis County, Missouri Industrial Development Authority Revenue Bonds, (FNMA Insured),<br>Series 2023 |
|  4.910% due 01/01/2042 | 1935 | 2009 |
|  |  | 7011 |
| MULTI-STATE 2.6% | MULTI-STATE 2.6% | MULTI-STATE 2.6% |
|  FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, New York Revenue Bonds, Series 2025 |
|  4.604% due 06/25/2042 | 1397 | 1430 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.869% due 01/25/2043 | 10338 | 10769 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2019 |
|  3.400% due 01/25/2036 | 2664 | 2546 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 5017 | 4984 |
|  4.555% due 08/25/2040 | 4424 | 4450 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.326% due 08/25/2041 ~ | 9918 | 10176 |
|  4.686% due 10/25/2040 | 2955 | 3002 |
|  |  | 37357 |
| NEVADA 0.3% | NEVADA 0.3% | NEVADA 0.3% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 965 | 950 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (a) | 1500 | 235 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2533 |
|  |  | 3718 |
| NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, Series 2024 |
|  4.150% due 10/20/2040 | 2387 | 2362 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, Series 2023 |
|  3.875% due 01/20/2038 | 2418 | 2317 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  3.824% due 11/20/2042 | 4770 | 4583 |
|  3.922% due 01/20/2041 ~ | 3171 | 3072 |
|  4.946% due 02/20/2041 | 4288 | 4393 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 2410 | 2702 |
|  |  | 19429 |
| NEW JERSEY 1.6% | NEW JERSEY 1.6% | NEW JERSEY 1.6% |
|  New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 |
|  5.185% due 03/01/2030 | 1000 | 1026 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 1200 | 1339 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2008 |
|  0.000% due 12/15/2037 (a) | 2250 | 1415 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 |
|  0.000% due 12/15/2034 (a) | 1500 | 1096 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
|  0.000% due 12/15/2037 (a) | 1560 | 981 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 |
|  5.000% due 06/15/2036 | 3500 | 3857 |
|  5.000% due 06/15/2037 | 4000 | 4375 |
|  South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 | South Jersey Port Corp. New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2035 | 290 | 290 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2031 | 4500 | 4662 |
|  5.000% due 06/01/2046 | 3575 | 3482 |
|  |  | 22523 |
| NEW MEXICO 0.5% | NEW MEXICO 0.5% | NEW MEXICO 0.5% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 3000 | 2816 |
|  Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 | Farmington, New Mexico Revenue Bonds, Series 2010 |
|  3.875% due 06/01/2040 | 3000 | 3069 |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2039 | 1700 | 1590 |
|  |  | 7475 |
| NEW YORK 6.5% | NEW YORK 6.5% | NEW YORK 6.5% |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2042 | 2375 | 2576 |
|  Long Island Power Authority, New York Revenue Notes, Series 2025 | Long Island Power Authority, New York Revenue Notes, Series 2025 | Long Island Power Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 09/01/2035 | 1460 | 1684 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2015 |
|  2.850% due 11/15/2050 | 1000 | 1000 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 700 | 698 |
|  New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 | New York City, New York General Obligation Bonds, Series 2019 |
|  2.850% due 10/01/2046 | 3500 | 3500 |
|  New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 | New York City, New York General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2037 | 1750 | 1903 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  2.650% due 06/15/2048 | 8000 | 8000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  2.850% due 06/15/2033 | 6440 | 6440 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2031 | 1000 | 1052 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  5.000% due 02/01/2040 | 1000 | 1062 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2053 | 2500 | 2561 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 |
|  5.000% due 02/01/2045 | 3600 | 3810 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2036 | 1750 | 1942 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2046 | 1000 | 1044 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2037 | 2250 | 2508 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 3425 | 3499 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 2000 | 2000 |
|  5.150% due 11/15/2034 | 2500 | 2500 |
|  5.375% due 11/15/2040 | 2400 | 2390 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2036 | 6000 | 6053 |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 1500 | 1540 |
|  New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 | New York State Dormitory Authority Revenue Notes, Series 2024 |
|  5.000% due 05/01/2034 | 2900 | 3249 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 1000 | 1005 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  5.125% due 09/01/2050 | 1150 | 1205 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2042 | 2200 | 2405 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2037 | 2200 | 2431 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2016 |
|  4.000% due 07/01/2035 | 3255 | 3218 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.500% due 06/30/2042 | 2000 | 2112 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 06/30/2039 | 1400 | 1494 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  6.000% due 06/30/2043 | 3075 | 3439 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 | New York Transportation Development Corp. Revenue Bonds, Series 2023 |
|  6.000% due 04/01/2035 | 2500 | 2743 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 2000 | 2028 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 5000 | 5082 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2039 | 1500 | 1582 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2036 | 1500 | 1622 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 12/01/2034 | 835 | 963 |
|  TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 |
|  5.000% due 06/01/2026 | 750 | 752 |
|  5.000% due 06/01/2027 | 750 | 767 |
|  |  | 93859 |
| NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% | NORTH CAROLINA 0.3% |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1570 | 1716 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 2000 | 2272 |
|  |  | 3988 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 | Grand Forks, North Dakota Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2035 | 300 | 326 |
|  5.000% due 12/01/2039 | 225 | 239 |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 1300 | 1424 |
|  |  | 1989 |
| OHIO 2.5% | OHIO 2.5% | OHIO 2.5% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2019 |
|  5.000% due 02/15/2031 | 320 | 338 |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  4.000% due 06/01/2038 | 1000 | 995 |
|  5.000% due 06/01/2034 | 1000 | 1058 |
|  5.000% due 06/01/2036 | 645 | 676 |
|  Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Notes, Series 2025 |
|  5.000% due 01/01/2035 | 2500 | 2743 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  3.375% due 08/01/2029 | 1200 | 1180 |
|  4.750% due 06/01/2033 | 4400 | 4540 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2267 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 5285 | 5331 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ohio Air Quality Development Authority Revenue Notes, Series 2026 | Ohio Air Quality Development Authority Revenue Notes, Series 2026 | Ohio Air Quality Development Authority Revenue Notes, Series 2026 |
|  3.875% due 01/01/2036 | 1400 | 1383 |
|  4.125% due 01/01/2036 | 2700 | 2668 |
|  Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 | Ohio Higher Educational Facility Commission Revenue Bonds, Series 2025 |
|  5.000% due 02/01/2040 | 1250 | 1357 |
|  5.000% due 02/01/2041 | 1400 | 1512 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 3835 | 4202 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 2500 | 2580 |
|  Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 | Piqua City School District, Ohio Certificates of Participation Bonds, (BAM insured), Series 2019 |
|  4.000% due 03/01/2035 | 1225 | 1241 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2037 | 375 | 412 |
|  5.000% due 12/01/2043 | 435 | 462 |
|  University of Cincinnati, Ohio Revenue Bonds,<br>Series 2025 | University of Cincinnati, Ohio Revenue Bonds,<br>Series 2025 | University of Cincinnati, Ohio Revenue Bonds,<br>Series 2025 |
|  5.000% due 06/01/2040 | 1150 | 1243 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2030 (a) | 700 | 596 |
|  |  | 36784 |
| OKLAHOMA 0.5% | OKLAHOMA 0.5% | OKLAHOMA 0.5% |
|  Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 | Grand River Dam Authority, Oklahoma Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2037 | 2090 | 2304 |
|  Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 09/01/2056 | 3470 | 3938 |
|  Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 | Tulsa County, Oklahoma Industrial Authority Revenue Notes, Series 2025 |
|  5.000% due 09/01/2033 | 500 | 550 |
|  |  | 6792 |
| OREGON 1.5% | OREGON 1.5% | OREGON 1.5% |
|  Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 | Clackamas & Washington Counties School District No 3, Oregon General Obligation Bonds, Series 2022 |
|  0.000% due 06/15/2036 (a) | 1605 | 1042 |
|  Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 | Crook County, Oregon General Obligation Bonds, Series 2022 |
|  0.000% due 06/01/2036 (b) | 1685 | 1712 |
|  Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
|  5.000% due 08/15/2038 | 5195 | 5418 |
|  Multnomah County, Oregon School District No 1J Portland General Obligation Bonds, Series 2026 | Multnomah County, Oregon School District No 1J Portland General Obligation Bonds, Series 2026 | Multnomah County, Oregon School District No 1J Portland General Obligation Bonds, Series 2026 |
|  5.000% due 06/15/2043 | 3800 | 4152 |
|  Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 | Oregon Coast Community College District, Oregon General Obligation Bonds, Series 2024 |
|  5.000% due 06/15/2037 | 300 | 334 |
|  Oregon State Facilities Authority Revenue Notes,<br>Series 2020 | Oregon State Facilities Authority Revenue Notes,<br>Series 2020 | Oregon State Facilities Authority Revenue Notes,<br>Series 2020 |
|  5.000% due 10/01/2030 | 600 | 632 |
|  Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 | Oregon State Lottery Revenue Bonds, Series 2025 |
|  5.000% due 04/01/2037 | 1950 | 2203 |
|  Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 | Oregon State Lottery Revenue Notes, Series 2025 |
|  5.000% due 04/01/2034 | 500 | 571 |
|  Port of Portland, Oregon Airport Revenue Bonds,<br>Series 2023 | Port of Portland, Oregon Airport Revenue Bonds,<br>Series 2023 | Port of Portland, Oregon Airport Revenue Bonds,<br>Series 2023 |
|  5.000% due 07/01/2036 | 4400 | 4764 |
|  Port of Portland, Oregon Airport Revenue Notes,<br>Series 2024 | Port of Portland, Oregon Airport Revenue Notes,<br>Series 2024 | Port of Portland, Oregon Airport Revenue Notes,<br>Series 2024 |
|  5.000% due 07/01/2033 | 1000 | 1101 |
|  |  | 21929 |

---

64 PIMCO TAX-EFFICIENT STRATEGY FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% | PENNSYLVANIA 3.7% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.120% (MUNIPSA)<br>due 11/15/2047 ~ | 4350 | 4319 |
|  Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 | Avon Grove School District Chester County, Pennsylvania General Obligation Bonds, Series 2022 |
|  4.000% due 11/15/2036 | 1000 | 1011 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 3850 | 3704 |
|  Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Notes, Series 2018 |
|  5.000% due 06/01/2028 | 1095 | 1148 |
|  Commonwealth of Pennsylvania General Obligation Bonds, Series 2026 | Commonwealth of Pennsylvania General Obligation Bonds, Series 2026 | Commonwealth of Pennsylvania General Obligation Bonds, Series 2026 |
|  5.000% due 04/01/2043 | 7860 | 8583 |
|  Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 | Doylestown Hospital Authority, Pennsylvania Revenue Notes, Series 2024 |
|  5.000% due 07/01/2031 | 1475 | 1546 |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 2250 | 1950 |
|  Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured),<br>Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured),<br>Series 2023 | Neshannock Township School District, Pennsylvania General Obligation Bonds, (AGM Insured),<br>Series 2023 |
|  5.000% due 09/01/2038 | 465 | 479 |
|  5.000% due 09/01/2039 | 595 | 610 |
|  Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 | Northampton County, Pennsylvania General Purpose Authority Revenue Bonds, Series 2024 |
|  2.700% due 08/15/2054 | 8350 | 8350 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009 |
|  5.250% due 12/01/2037 | 1000 | 1002 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2013 |
|  3.000% due 08/01/2045 | 2100 | 2100 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 853 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.250% due 04/01/2049 | 2500 | 2500 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.500% due 06/30/2038 | 1350 | 1452 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  2.875% due 06/01/2049 | 1900 | 1899 |
|  5.000% due 03/15/2060 | 3600 | 3918 |
|  Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2022 |
|  5.000% due 06/30/2032 | 2770 | 2998 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 | Pennsylvania Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.250% due 10/01/2054 | 490 | 534 |
|  Pennsylvania Turnpike Commission Revenue Notes, Series 2026 | Pennsylvania Turnpike Commission Revenue Notes, Series 2026 | Pennsylvania Turnpike Commission Revenue Notes, Series 2026 |
|  5.000% due 06/01/2035 | 1500 | 1700 |
|  Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 | Philadelphia Gas Works, Co., Pennsylvania Revenue Notes, Series 2016 |
|  5.000% due 10/01/2026 | 660 | 668 |
|  Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 | Philadelphia, Pennsylvania General Obligation Bonds, Series 2021 |
|  4.000% due 05/01/2037 | 1415 | 1429 |
|  Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 | Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2020 |
|  4.000% due 07/01/2037 | 700 | 661 |
|  |  | 53414 |
| PUERTO RICO 1.9% | PUERTO RICO 1.9% | PUERTO RICO 1.9% |
|  Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 | Commonwealth of Puerto Rico General Obligation Notes, Series 2021 |
|  5.625% due 07/01/2027 | 2928 | 2984 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 1845 | 1810 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 250 | 244 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2031 (a) | 1682 | 1400 |
|  0.000% due 07/01/2046 (a) | 20200 | 7114 |
|  4.500% due 07/01/2034 | 1500 | 1500 |
|  5.000% due 07/01/2058 | 9327 | 8881 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 3200 | 3191 |
|  |  | 27124 |
| RHODE ISLAND 0.6% | RHODE ISLAND 0.6% | RHODE ISLAND 0.6% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2036 | 1000 | 1061 |
|  Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Notes, Series 2024 |
|  5.000% due 05/15/2034 | 3000 | 3227 |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2035 | 2950 | 2952 |
|  5.000% due 06/01/2040 | 1205 | 1205 |
|  |  | 8445 |
| SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% | SOUTH CAROLINA 0.9% |
|  Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 | Charleston County, South Carolina Airport District Revenue Notes, Series 2024 |
|  5.000% due 07/01/2034 | 810 | 919 |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1400 | 1495 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2049 | 4000 | 4456 |
|  South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 | South Carolina Jobs-Economic Development Authority Revenue Notes, Series 2023 |
|  4.000% due 04/01/2033 | 1000 | 1000 |
|  South Carolina Ports Authority Revenue Bonds, Series 2018 | South Carolina Ports Authority Revenue Bonds, Series 2018 | South Carolina Ports Authority Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2034 | 1025 | 1054 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 | South Carolina Public Service Authority Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2041 | 1500 | 1622 |
|  5.000% due 12/01/2043 | 1500 | 1602 |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2025 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2025 | South Carolina State Housing Finance & Development Authority Revenue Bonds, Series 2025 |
|  3.150% due 11/01/2043 | 720 | 721 |
|  |  | 12869 |
| SOUTH DAKOTA 0.3% | SOUTH DAKOTA 0.3% | SOUTH DAKOTA 0.3% |
|  South Dakota Board of Regents Revenue Bonds, Series 2017 | South Dakota Board of Regents Revenue Bonds, Series 2017 | South Dakota Board of Regents Revenue Bonds, Series 2017 |
|  5.000% due 04/01/2032 | 1010 | 1034 |
|  South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.500% due 11/01/2045 | 1700 | 1683 |
|  South Dakota Housing Development Authority Revenue Notes, Series 2022 | South Dakota Housing Development Authority Revenue Notes, Series 2022 | South Dakota Housing Development Authority Revenue Notes, Series 2022 |
|  5.000% due 05/01/2029 | 1005 | 1068 |
|  |  | 3785 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TENNESSEE 0.9% | TENNESSEE 0.9% | TENNESSEE 0.9% |
|  Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 | Metropolitan Government of Nashville & Davidson County Sports Auth, Tennessee Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2037 | 715 | 793 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, (HUD Insured), Series 2023 |
|  4.875% due 10/01/2038 | 1780 | 1816 |
|  Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 | Rutherford County, Tennessee Health & Educational Facilities Board Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2048 | 2900 | 3134 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2000 | 2020 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 5000 | 5289 |
|  |  | 13052 |
| TEXAS 12.2% | TEXAS 12.2% | TEXAS 12.2% |
|  Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Aldine Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2041 | 1200 | 1295 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 800 | 806 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2037 | 2000 | 2128 |
|  Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 | Board of Regents of the University of Texas System Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2036 | 2500 | 2833 |
|  Brownsville, Texas General Obligation Bonds, Series 2017 | Brownsville, Texas General Obligation Bonds, Series 2017 | Brownsville, Texas General Obligation Bonds, Series 2017 |
|  5.000% due 02/15/2036 | 1225 | 1241 |
|  Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 | Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 |
|  4.000% due 01/01/2040 | 800 | 783 |
|  Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 | Central Texas Turnpike System Revenue Bonds, Series 2024 |
|  5.000% due 08/15/2042 | 1750 | 1872 |
|  City of Odessa, Texas General Obligation Notes, Series 2019 | City of Odessa, Texas General Obligation Notes, Series 2019 | City of Odessa, Texas General Obligation Notes, Series 2019 |
|  5.000% due 03/01/2027 | 515 | 523 |
|  Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.250% due 02/15/2045 | 2300 | 2422 |
|  Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Cypress-Fairbanks Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2038 | 3000 | 3269 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 | 3000 | 3243 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 4250 | 4624 |
|  Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 | Ector County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 02/15/2036 | 3000 | 3327 |
|  EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 | EP Cimarron Ventanas PFC, Texas Revenue Bonds, Series 2024 |
|  4.125% due 12/01/2039 | 2000 | 1948 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 7400 | 7261 |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 12250 | 12476 |
|  Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 | Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025 |
|  5.000% due 02/15/2047 | 3095 | 3217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **65** |

---

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 | Garland Housing Finance Corp. Texas Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.610% due 01/01/2043 | 497 | 494 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2043 | 5500 | 5614 |
|  Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 | Gulf Coast Industrial Development Authority, Texas Revenue Bonds, Series 2012 |
|  2.700% due 11/01/2041 | 8000 | 8000 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Notes, Series 2024 |
|  5.000% due 07/01/2034 | 2200 | 2464 |
|  Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 | Harris County, Texas General Obligation Bonds, Series 2024 |
|  5.000% due 09/15/2040 | 3500 | 3828 |
|  5.000% due 09/15/2041 | 3000 | 3258 |
|  Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 | Harris Montgomery Counties Municipal Utility District No 386, Texas General Obligation Notes, (BAM Insured), Series 2017 |
|  3.000% due 09/01/2027 | 860 | 860 |
|  Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2037 | 1100 | 1190 |
|  5.000% due 02/15/2038 | 1265 | 1362 |
|  5.000% due 02/15/2039 | 3000 | 3211 |
|  Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 | Houston, Texas Airport System Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2030 | 1000 | 1050 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 6000 | 6296 |
|  Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 | Katy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2020 |
|  4.000% due 02/15/2039 | 1750 | 1762 |
|  Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2036 | 2545 | 2811 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 8500 | 8617 |
|  Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 | Love Field Airport Modernization Corp. Texas Revenue Bonds, (AGM Insured), Series 2021 |
|  5.000% due 11/01/2032 | 2000 | 2153 |
|  Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 | Lower Colorado River Authority, Texas Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 05/15/2040 | 1250 | 1341 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2045 | 2100 | 2289 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 1300 | 1307 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.000% due 05/15/2043 | 825 | 793 |
|  5.000% due 05/15/2037 | 950 | 1028 |
|  Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Midland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2050 | 145 | 151 |
|  Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 | Mission Economic Development Corp. Texas Revenue Bonds, Series 2024 |
|  4.000% due 06/01/2054 | 3000 | 2996 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 |
|  2.875% due 05/01/2046 | 1000 | 1000 |
|  3.000% due 05/01/2050 | 2100 | 2100 |
|  Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Newark Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2036 | 600 | 665 |
|  North Texas Tollway Authority Revenue Bonds, Series 2019 | North Texas Tollway Authority Revenue Bonds, Series 2019 | North Texas Tollway Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2044 | 5000 | 4617 |
|  North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 | North Texas Tollway Authority Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2036 | 1250 | 1362 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 | North Texas Tollway Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2039 | 3100 | 3437 |
|  North Texas Tollway Authority Revenue Notes,<br>Series 2023 | North Texas Tollway Authority Revenue Notes,<br>Series 2023 | North Texas Tollway Authority Revenue Notes,<br>Series 2023 |
|  5.000% due 01/01/2031 | 2500 | 2730 |
|  San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 | San Antonio Water System, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2039 | 2050 | 2270 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2035 | 2250 | 2540 |
|  5.000% due 02/01/2040 | 3500 | 3827 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 |
|  3.080% due 02/01/2055 | 6000 | 5991 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 4965 | 5031 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2064 | 3300 | 3647 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 2985 | 3323 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.087% (TSFR3M)<br>due 12/15/2026 ~ | 750 | 750 |
|  Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 | Texas State General Obligation Bonds, Series 2024 |
|  5.000% due 10/01/2044 | 3500 | 3759 |
|  Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 | Texas Water Development Board Revenue Bonds, Series 2022 |
|  4.800% due 10/15/2052 | 1800 | 1808 |
|  5.000% due 10/15/2047 | 5860 | 6066 |
|  Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 | Town of Trophy Club, Texas Public Improvement District No 1 Special Assessment Notes, Series 2025 |
|  5.000% due 09/01/2030 | 500 | 527 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Waller Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2042 | 3000 | 3235 |
|  Waller County, Texas General Obligation Bonds, Series 2023 | Waller County, Texas General Obligation Bonds, Series 2023 | Waller County, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 02/15/2037 | 1615 | 1632 |
|  |  | 176460 |
| UTAH 0.3% | UTAH 0.3% | UTAH 0.3% |
|  Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 | Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 |
|  4.000% due 08/01/2028 | 1120 | 1124 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 1450 | 1619 |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 1880 | 2131 |
|  |  | 4874 |
| VIRGINIA 0.7% | VIRGINIA 0.7% | VIRGINIA 0.7% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1600 | 1707 |
|  Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Notes, Series 2025 |
|  5.000% due 11/01/2035 | 2000 | 2254 |
|  Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 | Isle of Wight County Economic Development Authority, Virginia Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2037 | 500 | 548 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1420 | 1421 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 | Virginia Small Business Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2060 | 3500 | 3833 |
|  |  | 9763 |
| WASHINGTON 2.1% | WASHINGTON 2.1% | WASHINGTON 2.1% |
|  King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 | King County, Washington General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2044 | 3190 | 3432 |
|  Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 | Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 | Pierce County, Washington School District No 403, Peninsula General Obligation Bonds, Series 2021 |
|  4.000% due 12/01/2040 | 4000 | 4000 |
|  Port of Seattle, Washington Revenue Bonds,<br>Series 2019 | Port of Seattle, Washington Revenue Bonds,<br>Series 2019 | Port of Seattle, Washington Revenue Bonds,<br>Series 2019 |
|  4.000% due 04/01/2044 | 5000 | 4630 |
|  Washington Health Care Facilities Authority Revenue Bonds, Series 2025 | Washington Health Care Facilities Authority Revenue Bonds, Series 2025 | Washington Health Care Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 09/01/2042 | 1700 | 1794 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2030 | 1600 | 1724 |
|  Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 | Washington Higher Education Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 05/01/2037 | 1500 | 1440 |
|  Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 | Washington State Housing Finance Commission Revenue Bonds, (BAM Insured), Series 2025 |
|  5.000% due 07/01/2036 | 1160 | 1246 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 | Washington State Housing Finance Commission Revenue Bonds, Series 2023 |
|  3.375% due 04/20/2037 | 2780 | 2575 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/01/2050 | 2176 | 2097 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  4.079% due 11/20/2041 | 5270 | 4997 |
|  Washington State Housing Finance Commission Revenue Bonds,Series 2024 | Washington State Housing Finance Commission Revenue Bonds,Series 2024 | Washington State Housing Finance Commission Revenue Bonds,Series 2024 |
|  4.400% due 03/01/2043 | 2100 | 2055 |
|  |  | 29990 |
| WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% | WEST VIRGINIA 0.5% |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 5190 | 5643 |
|  West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 | West Virginia Hospital Finance Authority Revenue Bonds, Series 2023 |
|  5.750% due 09/01/2041 | 1100 | 1192 |
|  West Virginia Housing Development Fund Revenue Notes, Series 2025 | West Virginia Housing Development Fund Revenue Notes, Series 2025 | West Virginia Housing Development Fund Revenue Notes, Series 2025 |
|  3.200% due 11/01/2028 | 650 | 651 |
|  |  | 7486 |
| WISCONSIN 0.9% | WISCONSIN 0.9% | WISCONSIN 0.9% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  4.000% due 10/01/2041 | 2500 | 2577 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  4.000% due 10/01/2046 | 4250 | 4310 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2024 | Public Finance Authority, Wisconsin Revenue Notes, Series 2024 | Public Finance Authority, Wisconsin Revenue Notes, Series 2024 |
|  5.000% due 12/15/2034 | 790 | 816 |
|  Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 | Wisconsin Center District Revenue Notes, (AGM Insured), Series 2020 |
|  0.000% due 12/15/2029 (a) | 2105 | 1870 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 2000 | 1913 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2018 |
|  5.000% due 04/01/2028 | 900 | 939 |
|  |  | 12425 |
|  Total Municipal Bonds & Notes<br>(Cost $1,153,678) | Total Municipal Bonds & Notes<br>(Cost $1,153,678) | 1169030 |
| U.S. GOVERNMENT AGENCIES 2.4% | U.S. GOVERNMENT AGENCIES 2.4% | U.S. GOVERNMENT AGENCIES 2.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.600% due 06/01/2043 | 1366 | 1254 |
|  3.720% due 01/01/2041 | 1761 | 1659 |
|  3.800% due 01/01/2040 | 5877 | 5607 |
|  3.850% due 01/01/2040 | 1300 | 1241 |
|  4.250% due 06/01/2041 | 2184 | 2154 |
|  4.300% due 10/01/2038 | 2962 | 2976 |
|  4.370% due 03/01/2040 | 978 | 985 |
|  4.400% due 11/01/2040 | 4925 | 4954 |
|  4.600% due 03/01/2041 | 1000 | 1023 |
|  4.850% due 08/01/2038 | 2212 | 2325 |
|  4.900% due 02/01/2040 | 984 | 1036 |
|  5.210% due 08/01/2040 | 2655 | 2886 |
|  5.360% due 06/01/2039 | 2462 | 2714 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  2.802% due 04/25/2043 ~ | 1466 | 1258 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 1943 | 1985 |
|  Total U.S. Government Agencies<br>(Cost $32,932) | Total U.S. Government Agencies<br>(Cost $32,932) | 34057 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 36300 | $— | 36016 |
|  3.500% due 02/28/2031 | 29400 |  | 28832 |
|  4.125% due 03/31/2031 | 2400 |  | 2417 |
|  4.250% due 02/28/2031 | 13900 |  | 14082 |
|  4.625% due 04/30/2031 | 18600 |  | 19155 |
|  Total U.S. Treasury Obligations<br>(Cost $100,546) | Total U.S. Treasury Obligations<br>(Cost $100,546) |  | 100502 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 2500 |  | 2507 |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 1600 |  | 1605 |
|  Total Municipal Bonds & Notes<br>(Cost $4,108) | Total Municipal Bonds & Notes<br>(Cost $4,108) |  | 4112 |
| Total Short-Term Instruments<br>(Cost $4,108) | Total Short-Term Instruments<br>(Cost $4,108) |  | 4112 |
| Total Investments in Securities<br>(Cost $1,291,264) | Total Investments in Securities<br>(Cost $1,291,264) |  | 1307701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 8.5% | INVESTMENTS IN AFFILIATES 8.5% | INVESTMENTS IN AFFILIATES 8.5% | INVESTMENTS IN AFFILIATES 8.5% |
| SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% | SHORT-TERM INSTRUMENTS 8.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.5% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 12589485 | $— | 122609 |
| Total Short-Term Instruments<br>(Cost $122,593) | Total Short-Term Instruments<br>(Cost $122,593) |  | 122609 |
| Total Investments in Affiliates<br>(Cost $122,593) | Total Investments in Affiliates<br>(Cost $122,593) |  | 122609 |
| Total Investments 98.9%<br>(Cost $1,413,857) |  | $— | 1430310 |
| Other Assets and Liabilities, net 1.1% | Other Assets and Liabilities, net 1.1% |  | 16471 |
| Net Assets 100.0% |  | $— | 1446781 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Zero coupon security.

(b) Security becomes interest bearing at a future date.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest Rate<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $21 | $21 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 67

------

Schedule of Investments PIMCO National Intermediate Municipal Bond Fund (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59026 |
| &nbsp;&nbsp; Alaska | 0 | 1670 | 0 | 1670 |
| &nbsp;&nbsp; Arizona | 0 | 33413 | 0 | 33413 |
| &nbsp;&nbsp; Arkansas | 0 | 9747 | 0 | 9747 |
| &nbsp;&nbsp; California | 0 | 72104 | 0 | 72104 |
| &nbsp;&nbsp; Colorado | 0 | 35877 | 0 | 35877 |
| &nbsp;&nbsp; Connecticut | 0 | 1979 | 0 | 1979 |
| &nbsp;&nbsp; District of Columbia | 0 | 19602 | 0 | 19602 |
| &nbsp;&nbsp; Florida | 0 | 81658 | 0 | 81658 |
| &nbsp;&nbsp; Georgia | 0 | 27941 | 0 | 27941 |
| &nbsp;&nbsp; Idaho | 0 | 2666 | 0 | 2666 |
| &nbsp;&nbsp; Illinois | 0 | 55171 | 0 | 55171 |
| &nbsp;&nbsp; Indiana | 0 | 24526 | 0 | 24526 |
| &nbsp;&nbsp; Iowa | 0 | 2385 | 0 | 2385 |
| &nbsp;&nbsp; Kansas | 0 | 1062 | 0 | 1062 |
| &nbsp;&nbsp; Kentucky | 0 | 28249 | 0 | 28249 |
| &nbsp;&nbsp; Louisiana | 0 | 9098 | 0 | 9098 |
| &nbsp;&nbsp; Maine | 0 | 3545 | 0 | 3545 |
| &nbsp;&nbsp; Maryland | 0 | 3299 | 0 | 3299 |
| &nbsp;&nbsp; Massachusetts | 0 | 10833 | 0 | 10833 |
| &nbsp;&nbsp; Michigan | 0 | 47432 | 0 | 47432 |
| &nbsp;&nbsp; Minnesota | 0 | 11765 | 0 | 11765 |
| &nbsp;&nbsp; Mississippi | 0 | 3441 | 0 | 3441 |
| &nbsp;&nbsp; Missouri | 0 | 7011 | 0 | 7011 |
| &nbsp;&nbsp; Multi-State | 0 | 37357 | 0 | 37357 |
| &nbsp;&nbsp; Nevada | 0 | 3718 | 0 | 3718 |
| &nbsp;&nbsp; New Hampshire | 0 | 19429 | 0 | 19429 |
| &nbsp;&nbsp; New Jersey | 0 | 22523 | 0 | 22523 |
| &nbsp;&nbsp; New Mexico | 0 | 7475 | 0 | 7475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **03/31/2026** |
| &nbsp;&nbsp; New York | $0 | $93859 | $0 | $93859 |
| &nbsp;&nbsp; North Carolina | 0 | 3988 | 0 | 3988 |
| &nbsp;&nbsp; North Dakota | 0 | 1989 | 0 | 1989 |
| &nbsp;&nbsp; Ohio | 0 | 36784 | 0 | 36784 |
| &nbsp;&nbsp; Oklahoma | 0 | 6792 | 0 | 6792 |
| &nbsp;&nbsp; Oregon | 0 | 21929 | 0 | 21929 |
| &nbsp;&nbsp; Pennsylvania | 0 | 53414 | 0 | 53414 |
| &nbsp;&nbsp; Puerto Rico | 0 | 27124 | 0 | 27124 |
| &nbsp;&nbsp; Rhode Island | 0 | 8445 | 0 | 8445 |
| &nbsp;&nbsp; South Carolina | 0 | 12869 | 0 | 12869 |
| &nbsp;&nbsp; South Dakota | 0 | 3785 | 0 | 3785 |
| &nbsp;&nbsp; Tennessee | 0 | 13052 | 0 | 13052 |
| &nbsp;&nbsp; Texas | 0 | 176460 | 0 | 176460 |
| &nbsp;&nbsp; Utah | 0 | 4874 | 0 | 4874 |
| &nbsp;&nbsp; Virginia | 0 | 9763 | 0 | 9763 |
| &nbsp;&nbsp; Washington | 0 | 29990 | 0 | 29990 |
| &nbsp;&nbsp; West Virginia | 0 | 7486 | 0 | 7486 |
| &nbsp;&nbsp; Wisconsin | 0 | 12425 | 0 | 12425 |
|  U.S. Government Agencies | 0 | 34057 | 0 | 34057 |
|  U.S. Treasury Obligations | 0 | 100502 | 0 | 100502 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 4112 | 0 | 4112 |
|  | $0 | $1307701 | $0 | $1307701 |
|  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 | $122609 | $0 | $0 | $122609 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430310 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO New York Municipal 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 97.6% | INVESTMENTS IN SECURITIES 97.6% | INVESTMENTS IN SECURITIES 97.6% |
| MUNICIPAL BONDS & NOTES 84.9% | MUNICIPAL BONDS & NOTES 84.9% | MUNICIPAL BONDS & NOTES 84.9% |
| ALABAMA 1.2% | ALABAMA 1.2% | ALABAMA 1.2% |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 2400 | 2591 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 6800 | 7197 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2106 |
|  |  | 11894 |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 2300 | 2323 |
| CONNECTICUT 0.3% | CONNECTICUT 0.3% | CONNECTICUT 0.3% |
|  Norwalk, Connecticut Housing Authority Bonds, Series 2024 | Norwalk, Connecticut Housing Authority Bonds, Series 2024 | Norwalk, Connecticut Housing Authority Bonds, Series 2024 |
|  4.400% due 09/01/2042 | 2585 | 2547 |
| GEORGIA 1.9% | GEORGIA 1.9% | GEORGIA 1.9% |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 06/01/2053 | 2000 | 2093 |
|  5.000% due 12/01/2053 | 3400 | 3601 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 12100 | 12712 |
|  |  | 18406 |
| IOWA 0.2% | IOWA 0.2% | IOWA 0.2% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 |
|  4.000% due 12/01/2050 | 1400 | 1494 |
| MICHIGAN 0.3% | MICHIGAN 0.3% | MICHIGAN 0.3% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.228% (TSFR3M) due 07/01/2032 ~ | 2500 | 2492 |
| MULTI-STATE 0.9% | MULTI-STATE 0.9% | MULTI-STATE 0.9% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 3956 | 3929 |
|  4.555% due 08/25/2040 | 4621 | 4648 |
|  |  | 8577 |
| NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% | NEW HAMPSHIRE 0.3% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  3.922% due 01/20/2041 ~ | 3072 | 2976 |
| NEW JERSEY 0.2% | NEW JERSEY 0.2% | NEW JERSEY 0.2% |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 1740 | 1761 |
| NEW YORK 73.9% | NEW YORK 73.9% | NEW YORK 73.9% |
|  Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 | Albany Capital Resource Corp. New York Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2064 | 2600 | 2401 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 | Battery Park City Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2040 | 1000 | 1045 |
|  Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 4950 | 4086 |
|  Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 | Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 04/01/2034 | 1000 | 1016 |
|  4.000% due 04/01/2050 | 1000 | 865 |
|  5.000% due 04/01/2033 | 1100 | 1163 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2016 | Build NYC Resource Corp. New York Revenue Bonds, Series 2016 | Build NYC Resource Corp. New York Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2041 | 1500 | 1445 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2017 | Build NYC Resource Corp. New York Revenue Bonds, Series 2017 | Build NYC Resource Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 08/01/2035 | 400 | 402 |
|  5.000% due 08/01/2036 | 500 | 502 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 | Build NYC Resource Corp. New York Revenue Bonds, Series 2018 |
|  5.625% due 12/01/2050 | 4675 | 3897 |
|  Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 | Build NYC Resource Corp. New York Revenue Bonds, Series 2024 |
|  4.000% due 09/01/2040 | 1700 | 1638 |
|  5.000% due 09/01/2035 | 1200 | 1278 |
|  5.000% due 09/01/2036 | 1660 | 1759 |
|  Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 | Build NYC Resource Corp. New York Revenue Notes, Series 2024 |
|  5.000% due 09/01/2033 | 1000 | 1076 |
|  Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2035 | 1100 | 1119 |
|  Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 | Hempstead Town Local Development Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 1000 | 1005 |
|  Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2042 | 2100 | 2124 |
|  Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 | Hudson Yards Infrastructure Corp. New York Revenue Bonds, Series 2021 |
|  4.000% due 02/15/2039 | 3250 | 3261 |
|  Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 | Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 | Long Island Power Authority, New York Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 09/01/2053 | 3575 | 3669 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 | Long Island Power Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 09/01/2048 | 5500 | 5697 |
|  Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Madison County, New York Capital Resource Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2040 | 750 | 839 |
|  5.000% due 07/01/2043 | 550 | 601 |
|  Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 | Metropolitan Transportation Authority Dedicated Tax Fund, New York Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2054 | 5000 | 4343 |
|  5.000% due 11/15/2045 | 4650 | 4928 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.232% (SOFRRATE) due 11/01/2032 ~ | 1500 | 1500 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 | Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 | Metropolitan Transportation Authority, New York Revenue Bonds, (BAM Insured), Series 2016 |
|  5.000% due 11/15/2056 | 3300 | 3301 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012 |
|  2.750% due 11/01/2031 | 6000 | 6000 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 | Metropolitan Transportation Authority, New York Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2046 | 2270 | 2350 |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2017 |
|  4.000% due 10/01/2047 | 2130 | 1756 |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 12/01/2039 | 1300 | 1234 |
|  4.000% due 12/01/2046 | 5000 | 4270 |
|  4.000% due 07/01/2050 | 5000 | 4463 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 | Monroe County Industrial Development Corp. New York Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1000 | 1024 |
|  Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 | Monroe County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured),Series 2023 |
|  4.720% due 01/01/2044 | 800 | 798 |
|  Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 | Nassau County, New York General Obligation Bonds, Series 2024 |
|  5.000% due 04/01/2045 | 3195 | 3390 |
|  Nassau County, New York General Obligation Notes, Series 2017 | Nassau County, New York General Obligation Notes, Series 2017 | Nassau County, New York General Obligation Notes, Series 2017 |
|  5.000% due 10/01/2027 | 2500 | 2597 |
|  New York City, New York General Obligation Bonds, Series 2013 | New York City, New York General Obligation Bonds, Series 2013 | New York City, New York General Obligation Bonds, Series 2013 |
|  2.900% due 03/01/2042 | 4500 | 4500 |
|  New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 | New York City, New York General Obligation Bonds, Series 2016 |
|  4.000% due 08/01/2031 | 2775 | 2779 |
|  4.000% due 12/01/2043 | 1000 | 922 |
|  New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 | New York City, New York General Obligation Bonds, Series 2022 |
|  5.250% due 10/01/2043 | 2500 | 2670 |
|  New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 | New York City, New York General Obligation Bonds, Series 2024 |
|  5.250% due 03/01/2053 | 10750 | 11114 |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  2.900% due 02/01/2055 | 900 | 900 |
|  5.250% due 02/01/2046 | 5000 | 5324 |
|  New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, (HUD Insured), Series 2024 |
|  4.850% due 11/01/2059 | 2750 | 2696 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2015 |
|  4.350% due 11/01/2048 | 1000 | 934 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2017 |
|  3.750% due 11/01/2052 | 1000 | 838 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2022 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2022 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2022 |
|  2.400% due 05/01/2062 | 1530 | 1530 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2024 |
|  4.550% due 11/01/2054 | 5000 | 4854 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2065 | 4000 | 4052 |
|  4.750% due 11/01/2050 | 3365 | 3338 |
|  5.250% due 11/01/2055 | 750 | 756 |
|  New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 | New York City, New York Housing Development Corp. Revenue Notes, Series 2024 |
|  4.000% due 12/15/2031 | 1250 | 1275 |
|  4.375% due 12/15/2031 | 2375 | 2417 |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2020 |
|  4.000% due 03/01/2045 | 1500 | 1397 |
|  New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 | New York City, New York Industrial Development Agency Revenue Bonds, Series 2020 |
|  4.000% due 03/01/2045 | 5600 | 5139 |
|  New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 | New York City, New York Industrial Development Agency Revenue Notes, (AGM Insured), Series 2021 |
|  5.000% due 01/01/2028 | 1150 | 1193 |
|  5.000% due 01/01/2029 | 1250 | 1321 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  2.700% due 06/15/2050 | 10000 | 10000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2014 |
|  2.900% due 06/15/2049 | 990 | 990 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2016 |
|  2.650% due 06/15/2049 | 525 | 525 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2019 |
|  5.000% due 06/15/2049 | 4645 | 4747 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2050 | 155 | 139 |
|  5.000% due 06/15/2050 | 3135 | 3205 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 |
|  2.850% due 06/15/2044 | 6000 | 6000 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  2.850% due 06/15/2053 | 10000 | 10000 |
|  5.250% due 06/15/2048 | 1300 | 1369 |
|  5.250% due 06/15/2053 | 2400 | 2498 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/15/2048 | 5000 | 5189 |
|  5.000% due 06/15/2051 | 9000 | 9268 |
|  5.250% due 06/15/2053 | 6140 | 6416 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/15/2043 | 8000 | 8654 |
|  5.250% due 06/15/2055 | 1100 | 1151 |
|  New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 | New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2022 |
|  5.000% due 06/15/2030 | 3360 | 3683 |
|  New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2009 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2009 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2009 |
|  2.700% due 06/15/2041 | 455 | 455 |
|  New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Building Aid Revenue Bonds, Series 2018 |
|  4.000% due 07/15/2045 | 5000 | 4701 |
|  5.000% due 07/15/2035 | 2500 | 2609 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 |
|  2.850% due 08/01/2039 | 700 | 700 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2014 |
|  2.650% due 08/01/2043 | 10000 | 10000 |
|  2.850% due 11/01/2042 | 10000 | 10000 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2016 |
|  5.000% due 08/01/2032 | 1000 | 1007 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2017 |
|  4.000% due 08/01/2042 | 2545 | 2456 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  5.000% due 05/01/2037 | 2500 | 2583 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2019 |
|  4.000% due 11/01/2039 | 7000 | 6931 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2039 | 3000 | 2989 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 |
|  2.700% due 08/01/2052 | 320 | 320 |
|  5.250% due 08/01/2040 | 10000 | 10805 |
|  5.250% due 11/01/2048 | 9000 | 9357 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2023 |
|  5.000% due 05/01/2053 | 2645 | 2700 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 |
|  5.000% due 11/01/2045 | 1125 | 1192 |
|  5.000% due 11/01/2046 | 2000 | 2099 |
|  5.000% due 11/01/2047 | 7690 | 8013 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 05/01/2050 | 2000 | 2085 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 | 3200 | 3290 |
|  New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 | New York Convention Center Development Corp. Revenue Bonds, Series 2015 |
|  4.000% due 11/15/2045 | 500 | 470 |
|  5.000% due 11/15/2029 | 1000 | 1001 |
|  5.000% due 11/15/2045 | 2000 | 2000 |
|  New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | New York County, New York Tobacco Trust Revenue Bonds, Series 2005 |
|  0.000% due 06/01/2050 (a) | 5000 | 1046 |
|  0.000% due 06/01/2055 (a) | 16875 | 1360 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 8600 | 8785 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 9250 | 9250 |
|  5.150% due 11/15/2034 | 2000 | 2000 |
|  5.375% due 11/15/2040 | 4000 | 3983 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 | New York Liberty Development Corp. Revenue Bonds, Series 2019 |
|  2.625% due 09/15/2069 | 2100 | 1971 |
|  2.800% due 09/15/2069 | 2000 | 1868 |
|  New York Liberty Development Corp. Revenue Notes, Series 2021 | New York Liberty Development Corp. Revenue Notes, Series 2021 | New York Liberty Development Corp. Revenue Notes, Series 2021 |
|  1.900% due 11/15/2031 | 2000 | 1759 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2015 |
|  3.800% due 04/01/2028 | 2550 | 2550 |
|  New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 | New York Mortgage Agency Homeowner Mortgage State Revenue Bonds, Series 2025 |
|  2.450% due 10/01/2055 | 4000 | 4000 |
|  4.650% due 10/01/2050 | 3000 | 2950 |
|  New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 | New York Power Authority Revenue Bonds, Series 2020 |
|  4.000% due 11/15/2045 | 10900 | 10269 |
|  New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 | New York Power Authority Revenue Bonds, Series 2024 |
|  4.000% due 11/15/2049 | 3250 | 2931 |
|  New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 | New York State Dormitory Authority Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 10/01/2038 | 6050 | 6726 |
|  New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 | New York State Dormitory Authority Revenue Bonds, (AGM Insured), Series 2024 |
|  5.000% due 10/01/2038 | 2220 | 2420 |
|  5.000% due 10/01/2039 | 1000 | 1083 |
|  New York State Dormitory Authority Revenue Bonds, Series 2008 | New York State Dormitory Authority Revenue Bonds, Series 2008 | New York State Dormitory Authority Revenue Bonds, Series 2008 |
|  2.200% due 07/01/2039 | 3000 | 3000 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2043 | 1380 | 1329 |
|  5.000% due 07/01/2046 | 6000 | 6008 |
|  New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 | New York State Dormitory Authority Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2027 | 1100 | 1109 |
|  5.000% due 02/15/2038 | 1600 | 1623 |
|  5.000% due 07/01/2038 | 1000 | 1020 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2041 | 2000 | 1976 |
|  5.000% due 03/15/2044 | 2625 | 2685 |
|  5.000% due 07/01/2048 | 955 | 972 |
|  5.000% due 10/01/2048 | 1500 | 1625 |
|  5.250% due 03/15/2038 | 3500 | 3658 |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 03/15/2038 | 11450 | 12018 |
|  5.000% due 03/15/2043 | 3275 | 3395 |
|  5.000% due 03/15/2047 | 4500 | 4601 |
|  5.000% due 07/01/2049 | 4085 | 4137 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 | New York State Dormitory Authority Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2034 | 3000 | 3080 |
|  4.000% due 03/15/2035 | 5000 | 5105 |
|  4.000% due 02/15/2039 | 1635 | 1636 |
|  4.000% due 03/15/2044 | 1000 | 946 |
|  4.000% due 07/01/2050 | 3500 | 3055 |
|  4.000% due 07/01/2053 | 1670 | 1422 |
|  5.000% due 07/01/2050 | 5000 | 5108 |
|  5.000% due 07/01/2053 | 3000 | 3060 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/01/2045 | 5000 | 4537 |
|  4.000% due 07/01/2049 | 1250 | 1064 |
|  5.000% due 07/01/2042 | 750 | 796 |
|  5.000% due 07/15/2042 | 1000 | 1006 |
|  New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2042 | 5000 | 5360 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 5050 | 5432 |
|  5.000% due 03/15/2043 | 4225 | 4522 |
|  5.000% due 03/15/2049 | 8000 | 8297 |
|  5.000% due 03/15/2054 | 4300 | 4405 |
|  5.000% due 03/15/2055 | 1300 | 1331 |
|  5.250% due 10/01/2049 | 4900 | 4923 |
|  5.250% due 05/01/2054 | 5000 | 5089 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  4.250% due 07/01/2050 | 3000 | 2691 |
|  5.000% due 07/01/2037 | 1765 | 1901 |
|  5.000% due 03/15/2042 | 2500 | 2731 |
|  5.000% due 07/01/2042 | 1000 | 1081 |
|  5.000% due 03/15/2052 | 6000 | 6153 |
|  New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 | New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
|  3.500% due 10/01/2029 | 4000 | 4018 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2012 |
|  3.000% due 05/01/2030 | 2100 | 2100 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2018 |
|  5.000% due 06/15/2043 | 2500 | 2565 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
|  4.250% due 09/01/2050 | 3375 | 3424 |
|  New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 | New York State Environmental Facilities Corp. Revenue Bonds, Series 2023 |
|  5.000% due 09/15/2048 | 3250 | 3395 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (c) | 3000 | 2723 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.600% due 11/01/2064 | 4400 | 4423 |
|  New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 | New York State Thruway Authority Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2036 | 1000 | 1007 |
|  New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 | New York State Thruway Authority Revenue Bonds, Series 2019 |
|  4.000% due 01/01/2041 | 5000 | 4897 |
|  New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 | New York State Thruway Authority Revenue Bonds, Series 2022 |
|  5.000% due 03/15/2053 | 3000 | 3046 |
|  New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 | New York State Thruway Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2055 | 13000 | 13286 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 | New York State Urban Development Corp. Revenue Bonds, Series 2019 |
|  4.000% due 03/15/2045 | 3100 | 2899 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  4.000% due 03/15/2049 | 2000 | 1813 |
|  5.000% due 03/15/2041 | 5000 | 5275 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2047 | 1000 | 1038 |
|  5.000% due 03/15/2053 | 3000 | 3067 |
|  New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 | New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024 |
|  5.250% due 12/31/2054 | 10500 | 10567 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.125% due 06/30/2060 | 5000 | 4971 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2025 |
|  5.500% due 06/30/2059 | 4900 | 5036 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 1100 | 1128 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 | New York Transportation Development Corp. Revenue Bonds, Series 2016 |
|  5.000% due 07/01/2046 | 5010 | 5010 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 12/01/2031 | 1385 | 1473 |
|  5.000% due 10/01/2035 | 2020 | 2106 |
|  5.000% due 10/01/2040 | 1885 | 1913 |
|  5.375% due 08/01/2036 | 1500 | 1548 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 | New York Transportation Development Corp. Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2033 | 2000 | 2150 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.250% due 06/30/2043 | 4000 | 4141 |
|  New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 | New York Transportation Development Corp. Revenue Notes, Series 2020 |
|  4.000% due 10/01/2030 | 2500 | 2541 |
|  Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 | Niagara Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2014 |
|  4.000% due 05/15/2029 | 410 | 404 |
|  5.250% due 05/15/2034 | 1000 | 1000 |
|  Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 | Oneida County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2019 |
|  4.000% due 12/01/2049 | 2000 | 1759 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.125% due 08/01/2044 | 1000 | 947 |
|  5.375% due 08/01/2054 | 1000 | 909 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2025 |
|  5.500% due 12/01/2056 | 3250 | 3481 |
|  Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 |
|  4.000% due 12/01/2047 | 2000 | 1852 |
|  4.000% due 12/01/2049 | 2015 | 1843 |
|  5.000% due 12/01/2043 | 1500 | 1564 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 | Port Authority of New York & New Jersey Revenue Bonds, Series 2016 |
|  5.000% due 11/15/2041 | 1620 | 1631 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 | Port Authority of New York & New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 07/15/2038 | 4000 | 4154 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 | Port Authority of New York & New Jersey Revenue Bonds, Series 2019 |
|  5.000% due 09/01/2033 | 3150 | 3367 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 4800 | 5006 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | Port Authority of New York & New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2037 | 2000 | 2151 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 | Port Authority of New York & New Jersey Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2040 | 2000 | 2135 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 | Port Authority of New York & New Jersey Revenue Bonds, Series 2025 |
|  5.000% due 01/15/2041 | 2290 | 2534 |
|  5.000% due 01/15/2044 | 3000 | 3251 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 | Riverhead IDA Economic Job Development Corp. New York Revenue Bonds, (FNMA Insured), Series 2023 |
|  4.500% due 02/01/2041 | 1372 | 1377 |
|  Schenectady County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Schenectady County, New York Capital Resource Corp. Revenue Bonds, Series 2025 | Schenectady County, New York Capital Resource Corp. Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2040 | 800 | 857 |
|  Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
|  5.125% due 11/01/2041 | 1015 | 899 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (a) | 27290 | 2315 |
|  4.000% due 06/01/2050 | 2500 | 2046 |
|  The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 |
|  5.250% due 12/01/2052 | 3125 | 3081 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 6000 | 5790 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2023 |
|  5.000% due 05/15/2042 | 2545 | 2726 |
|  5.250% due 05/15/2058 | 4000 | 4134 |
|  Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2064 | 5000 | 5163 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 |
|  5.000% due 11/15/2043 | 4000 | 4117 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2020 |
|  5.000% due 11/15/2054 | 4000 | 4080 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 |
|  5.250% due 05/15/2052 | 2500 | 2585 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2024 |
|  5.250% due 05/15/2054 | 2000 | 2086 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 8000 | 8370 |
|  Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp. New York Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2033 | 2500 | 2662 |
|  Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 |
|  5.000% due 09/01/2038 | 1500 | 1566 |
|  TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 | TSASC, Inc., New York Revenue Bonds, Series 2016 |
|  5.000% due 06/01/2045 | 2000 | 1851 |
|  TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 | TSASC, Inc., New York Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2041 | 1940 | 1952 |
|  TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 | TSASC, Inc., New York Revenue Notes, Series 2017 |
|  5.000% due 06/01/2027 | 3000 | 3066 |
|  Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 |
|  5.250% due 09/15/2053 | 1000 | 902 |
|  Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 |
|  5.000% due 12/15/2041 | 5000 | 5538 |
|  |  | 709937 |
| OHIO 0.6% | OHIO 0.6% | OHIO 0.6% |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2036 | 2000 | 2178 |
|  5.000% due 01/01/2038 | 3400 | 3650 |
|  |  | 5828 |
| PUERTO RICO 3.5% | PUERTO RICO 3.5% | PUERTO RICO 3.5% |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 5856 | 3931 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 |
|  4.000% due 07/01/2037 | 5500 | 5316 |
|  4.000% due 07/01/2041 | 3400 | 3150 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.148% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 1430 | 1396 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (a) | 5400 | 1902 |
|  0.000% due 07/01/2051 (a) | 30365 | 7783 |
|  4.550% due 07/01/2040 | 1000 | 997 |
|  4.750% due 07/01/2053 | 9752 | 9094 |
|  |  | 33569 |
| TENNESSEE 0.5% | TENNESSEE 0.5% | TENNESSEE 0.5% |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 2000 | 2127 |
|  Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 | Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2021 |
|  5.000% due 05/01/2052 | 3000 | 3173 |
|  |  | 5300 |
| TEXAS 0.5% | TEXAS 0.5% | TEXAS 0.5% |
|  Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 | Austin Affordable PFC Inc., Texas Revenue Notes, Series 2024 |
|  4.450% due 03/01/2043 | 1000 | 986 |
|  Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 | Fort Bend County, Texas Industrial Development Corp. Revenue Bonds, Series 2012 |
|  4.750% due 05/01/2038 | 3500 | 3500 |
|  |  | 4486 |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  3.812% due 03/01/2050 | 1780 | 1716 |
| WISCONSIN 0.2% | WISCONSIN 0.2% | WISCONSIN 0.2% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.750% due 12/31/2065 | 2000 | 2043 |
|  Total Municipal Bonds & Notes<br>(Cost $817,391) | Total Municipal Bonds & Notes<br>(Cost $817,391) | 815349 |
| U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% | U.S. GOVERNMENT AGENCIES 1.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.600% due 03/01/2041 | 1200 | 1228 |
|  5.210% due 08/01/2040 | 2655 | 2887 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  3.869% due 05/25/2041 ~ | 4916 | 4878 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 1943 | 1985 |
|  Total U.S. Government Agencies<br>(Cost $10,660) | Total U.S. Government Agencies<br>(Cost $10,660) | 10978 |
| U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% | U.S. TREASURY OBLIGATIONS 7.0% |
|  U.S. Treasury Notes |  |  |
|  3.375% due 02/29/2028 | 24500 | 24309 |
|  3.500% due 02/28/2031 | 19700 | 19319 |
|  4.125% due 03/31/2031 | 1600 | 1611 |
|  4.250% due 02/28/2031 | 9300 | 9422 |
|  4.625% due 04/30/2031 | 12600 | 12976 |
|  Total U.S. Treasury Obligations<br>(Cost $67,667) | Total U.S. Treasury Obligations<br>(Cost $67,667) | 67637 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 71

------

Schedule of Investments PIMCO New York Municipal Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% |
| 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% (b) |  | 582740 | $— | 583 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| MUNICIPAL BONDS & NOTES 4.5% | MUNICIPAL BONDS & NOTES 4.5% | MUNICIPAL BONDS & NOTES 4.5% | MUNICIPAL BONDS & NOTES 4.5% | MUNICIPAL BONDS & NOTES 4.5% |
|  Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 | Akron Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 07/07/2026 | $— | 5000 |  | 5019 |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 |  | 9000 |  | 9025 |
|  Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 |  | 9000 |  | 9024 |
|  Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 | Kingston City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/30/2026 |  | 4100 |  | 4114 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 | North Syracuse Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 07/31/2026 | $— | 3000 | $— | 3014 |
|  Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/26/2026 |  | 3000 |  | 3008 |
|  Town of Oyster Bay, New York General Obligation Notes, Series 2026 | Town of Oyster Bay, New York General Obligation Notes, Series 2026 | Town of Oyster Bay, New York General Obligation Notes, Series 2026 | Town of Oyster Bay, New York General Obligation Notes, Series 2026 | Town of Oyster Bay, New York General Obligation Notes, Series 2026 |
|  4.000% due 03/05/2027 |  | 10000 |  | 10142 |
|  Total Municipal Bonds & Notes (Cost $43,336) | Total Municipal Bonds & Notes (Cost $43,336) | Total Municipal Bonds & Notes (Cost $43,336) |  | 43346 |
| Total Short-Term Instruments (Cost $43,919) | Total Short-Term Instruments (Cost $43,919) | Total Short-Term Instruments (Cost $43,919) |  | 43929 |
| Total Investments in Securities (Cost $939,637) | Total Investments in Securities (Cost $939,637) | Total Investments in Securities (Cost $939,637) |  | 937893 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1132566 | $— | 11030 |
| Total Short-Term Instruments<br>(Cost $11,029) | Total Short-Term Instruments<br>(Cost $11,029) |  | 11030 |
| Total Investments in Affiliates<br>(Cost $11,029) | Total Investments in Affiliates<br>(Cost $11,029) |  | 11030 |
| Total Investments 98.8%<br>(Cost $950,666) | Total Investments 98.8%<br>(Cost $950,666) |  | 948923 |
|  Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (d) 0.0%<br> (Cost or Premiums, net $0) |  | 0 |
| Other Assets and Liabilities, net 1.2% | Other Assets and Liabilities, net 1.2% |  | 11356 |
| Net Assets 100.0% | Net Assets 100.0% |  | 960279 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(c) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200% | 11/01/2054 | 12/12/2023 | $2786 | $2723 | 0.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

Cash of $5 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.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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  | $&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;171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | &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;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |
|  | $&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;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |

---

72 PIMCO TAX-EFFICIENT STRATEGY 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $11894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $11894 |
| &nbsp;&nbsp; California | 0 | 2323 | 0 | 2323 |
| &nbsp;&nbsp; Connecticut | 0 | 2547 | 0 | 2547 |
| &nbsp;&nbsp; Georgia | 0 | 18406 | 0 | 18406 |
| &nbsp;&nbsp; Iowa | 0 | 1494 | 0 | 1494 |
| &nbsp;&nbsp; Michigan | 0 | 2492 | 0 | 2492 |
| &nbsp;&nbsp; Multi-State | 0 | 8577 | 0 | 8577 |
| &nbsp;&nbsp; New Hampshire | 0 | 2976 | 0 | 2976 |
| &nbsp;&nbsp; New Jersey | 0 | 1761 | 0 | 1761 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709937 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709937 |
| &nbsp;&nbsp; Ohio | 0 | 5828 | 0 | 5828 |
| &nbsp;&nbsp; Puerto Rico | 0 | 33569 | 0 | 33569 |
| &nbsp;&nbsp; Tennessee | 0 | 5300 | 0 | 5300 |
| &nbsp;&nbsp; Texas | 0 | 4486 | 0 | 4486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **03/31/2026** |
| &nbsp;&nbsp; Washington | $0 | $1716 | $0 | $1716 |
| &nbsp;&nbsp; Wisconsin | 0 | 2043 | 0 | 2043 |
|  U.S. Government Agencies | 0 | 10978 | 0 | 10978 |
|  U.S. Treasury Obligations | 0 | 67637 | 0 | 67637 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 538 | 0 | 0 | 583 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 43346 | 0 | 43346 |
|  | $583 | $937310 | $0 | $937893 |
|  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 | $11030 | $0 | $0 | $11030 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948923 |

---

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 | **73** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 90.6% | INVESTMENTS IN SECURITIES 90.6% | INVESTMENTS IN SECURITIES 90.6% |
| MUNICIPAL BONDS & NOTES 81.4% | MUNICIPAL BONDS & NOTES 81.4% | MUNICIPAL BONDS & NOTES 81.4% |
| ALABAMA 3.2% | ALABAMA 3.2% | ALABAMA 3.2% |
|  Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 | Alabama Housing Finance Authority Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 517 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
|  2.770% (MUNIPSA)<br>due 10/01/2052 ~ | 2000 | 1997 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 06/01/2049 | 1200 | 1262 |
|  5.500% due 10/01/2054 | 1900 | 2051 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 10/01/2055 | 1100 | 1161 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 2275 | 2372 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.750% due 04/01/2054 | 1000 | 1092 |
|  Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 | Jefferson County, Alabama Sewer Revenue Notes, Series 2024 |
|  5.000% due 10/01/2031 | 2500 | 2731 |
|  Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 | Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
|  3.450% due 11/01/2033 | 500 | 496 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2053 | 1400 | 1451 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2054 | 1900 | 1995 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 2000 | 2044 |
|  |  | 19169 |
| ARIZONA 2.8% | ARIZONA 2.8% | ARIZONA 2.8% |
|  Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 | Arizona Health Facilities Authority Revenue Bonds, Series 2015 |
|  2.670% (MUNIPSA)<br>due 01/01/2046 ~ | 915 | 910 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2007 |
|  4.100% due 12/01/2037 | 1320 | 1335 |
|  Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 | Chandler Industrial Development Authority, Arizona Revenue Bonds, Series 2019 |
|  4.000% due 06/01/2049 | 6170 | 6251 |
|  Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 | Maricopa County, Arizona & Phoenix Industrial Development Authorities Revenue Bonds, (GNMA Insured), Series 2025 |
|  5.750% due 03/01/2056 | 595 | 648 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2053 | 3000 | 3062 |
|  Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 | Maricopa County, Arizona Pollution Control Corp. Revenue Bonds, Series 2003 |
|  3.875% due 01/01/2038 | 2000 | 2046 |
|  Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 | Phoenix, Arizona General Obligation Refunding Notes, Series 2022 |
|  5.000% due 07/01/2026 | 1360 | 1369 |
|  Yuma, Arizona Revenue Notes, Series 2025 | Yuma, Arizona Revenue Notes, Series 2025 | Yuma, Arizona Revenue Notes, Series 2025 |
|  5.000% due 07/01/2027 | 1200 | 1237 |
|  |  | 16858 |
| ARKANSAS 0.5% | ARKANSAS 0.5% | ARKANSAS 0.5% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 | Arkansas Development Finance Authority Revenue Bonds, Series 2025 |
|  3.875% due 10/15/2065 | 1200 | 1195 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 | Arkansas Development Finance Authority Revenue Bonds, Series 2026 |
|  4.000% due 09/01/2046 | $| 2000 | 1991 |
|  |  |  | 3186 |
| CALIFORNIA 4.5% | CALIFORNIA 4.5% | CALIFORNIA 4.5% | CALIFORNIA 4.5% |
|  Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 | Bay Area Toll Authority, California Revenue Bonds, Series 2021 |
|  2.830% (MUNIPSA) due 04/01/2056 ~ |  | 1000 | 987 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 |  | 2000 | 2113 |
|  5.250% due 11/01/2054 |  | 3100 | 3272 |
|  5.500% due 10/01/2054 |  | 990 | 1077 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2050 |  | 1400 | 1495 |
|  California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 | California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024 |
|  5.970% due 11/01/2053 |  | 1500 | 1509 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  5.700% due 06/01/2054 |  | 2900 | 2892 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
|  3.120% (MUNIPSA) due 12/01/2050 ~ | 3.120% (MUNIPSA) due 12/01/2050 ~ | 2000 | 1999 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 | California Statewide Communities Development Authority Revenue Bonds, Series 2006 |
|  4.500% due 11/01/2033 |  | 1300 | 1340 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 |  | 1390 | 1353 |
|  San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 | San Diego County, California Regional Airport Authority Revenue Notes, Series 2023 |
|  5.000% due 07/01/2033 |  | 3250 | 3607 |
|  University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 | University of California Revenue Bonds, Series 2026 |
|  5.000% due 11/15/2042 |  | 4575 | 5071 |
|  |  |  | 26715 |
| COLORADO 3.2% |  |  |  |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 | Board of Governors of Colorado State University System Revenue Bonds, Series 2025 |
|  2.600% due 03/01/2055 |  | 4990 | 4990 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 | Colorado Health Facilities Authority Revenue Bonds, Series 2022 |
|  2.970% (MUNIPSA) due 05/15/2061 ~ |  | 4000 | 3999 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 | Colorado Health Facilities Authority Revenue Bonds, Series 2023 |
|  5.000% due 11/15/2058 |  | 1000 | 1051 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 | Colorado Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2034 |  | 2000 | 2213 |
|  Colorado Health Facilities Authority Revenue Notes, Series 2020 | Colorado Health Facilities Authority Revenue Notes, Series 2020 | Colorado Health Facilities Authority Revenue Notes, Series 2020 | Colorado Health Facilities Authority Revenue Notes, Series 2020 |
|  2.800% due 12/01/2026 |  | 290 | 286 |
|  Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 | Denver, Colorado Airport System City & County Revenue Notes, Series 2023 |
|  5.000% due 11/15/2027 |  | 1000 | 1032 |
|  E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 | E-470 Public Highway Authority, Colorado Revenue Bonds, Series 2024 |
|  3.182% (SOFRRATE) due 09/01/2039 ~ |  | 2100 | 2098 |
|  University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 | University of Colorado Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 |  | 3500 | 3708 |
|  |  |  | 19377 |
| CONNECTICUT 2.0% |  |  |  |
|  Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  2.300% due 07/01/2057 | 11755 |  | 11755 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% | DISTRICT OF COLUMBIA 1.0% |
|  District of Columbia General Obligation Bonds,<br>Series 2018 | District of Columbia General Obligation Bonds,<br>Series 2018 | District of Columbia General Obligation Bonds,<br>Series 2018 |
|  5.000% due 06/01/2030 | 1250 | 1311 |
|  District of Columbia Income Tax Revenue Notes,<br>Series 2025 | District of Columbia Income Tax Revenue Notes,<br>Series 2025 | District of Columbia Income Tax Revenue Notes,<br>Series 2025 |
|  5.000% due 06/01/2027 | 4500 | 4633 |
|  |  | 5944 |
| FLORIDA 4.3% |  |  |
|  Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 | Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 | Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 |
|  5.000% due 10/01/2027 | 1250 | 1278 |
|  Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 | Duval County, Florida Public Schools Certificates of Participation Notes, (AGC Insured), Series 2025 |
|  5.000% due 07/01/2027 | 2850 | 2935 |
|  Florida Housing Finance Corp. Revenue Bonds,<br>Series 2025 | Florida Housing Finance Corp. Revenue Bonds,<br>Series 2025 | Florida Housing Finance Corp. Revenue Bonds,<br>Series 2025 |
|  3.150% due 01/01/2044 | 2630 | 2634 |
|  Florida Housing Finance Corp. Revenue Notes,<br>Series 2025 | Florida Housing Finance Corp. Revenue Notes,<br>Series 2025 | Florida Housing Finance Corp. Revenue Notes,<br>Series 2025 |
|  3.150% due 12/01/2028 | 1875 | 1878 |
|  Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 | Gainesville, Florida Utilities System Revenue Bonds, Series 2012 |
|  2.700% due 10/01/2042 | 3985 | 3985 |
|  Hillsborough County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Hillsborough County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Hillsborough County, Florida Housing Finance Authority Revenue Notes, Series 2025 |
|  3.125% due 12/01/2028 | 2795 | 2799 |
|  Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 | Lee County Industrial Development Authority, Florida Revenue Bonds, Series 2026 |
|  5.000% due 04/01/2065 | 1000 | 1101 |
|  Lee County, Florida Housing Finance Authority Revenue Bonds, Series 2026 | Lee County, Florida Housing Finance Authority Revenue Bonds, Series 2026 | Lee County, Florida Housing Finance Authority Revenue Bonds, Series 2026 |
|  2.650% due 12/01/2047 | 900 | 882 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2028 | 2500 | 2624 |
|  Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 | Miami-Dade County, Florida Housing Finance Authority Revenue Notes, Series 2025 |
|  2.950% due 09/01/2029 | 2700 | 2679 |
|  Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 | Mid-Bay Bridge Authority, Florida Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 10/01/2026 | 1000 | 1010 |
|  Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 | Palm Beach County, Florida School District Certificates of Participation Notes, Series 2025 |
|  5.000% due 08/01/2029 | 1665 | 1786 |
|  |  | 25591 |
| GEORGIA 2.2% |  |  |
|  Atlanta Urban Residential Finance Authority, Georgia Revenue Notes, (HUD Insured), Series 2025 | Atlanta Urban Residential Finance Authority, Georgia Revenue Notes, (HUD Insured), Series 2025 | Atlanta Urban Residential Finance Authority, Georgia Revenue Notes, (HUD Insured), Series 2025 |
|  3.150% due 12/01/2029 | 1550 | 1553 |
|  Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 | Cobb County, Georgia Kennestone Hospital Authority Revenue Notes, Series 2023 |
|  5.000% due 04/01/2028 | 1400 | 1462 |
|  College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 | College Park Housing Authority, Georgia Revenue Bonds, Series 2025 |
|  3.450% due 04/01/2044 | 1800 | 1812 |
|  Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 | Columbus County, Georgia Housing Authority Revenue Notes, (HUD Insured), Series 2025 |
|  5.000% due 04/01/2028 | 400 | 408 |
|  Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 | Development Authority of Burke County, Georgia Revenue Bonds, Series 2013 |
|  3.375% due 11/01/2053 | 3400 | 3411 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 1900 | 2012 |
|  Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 | Municipal Electric Authority of Georgia Revenue Notes, Series 2024 |
|  5.000% due 01/01/2027 | 1000 | 1018 |
|  5.000% due 01/01/2028 | 800 | 834 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 | Warner Robins Housing Authority Resident Council Corp. Georgia Revenue Notes, Series 2024 |
|  5.000% due 02/01/2029 | 500 | 518 |
|  |  | 13028 |
| IDAHO 0.3% |  |  |
|  Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 | Idaho Housing & Finance Association Revenue Bonds, Series 2025 |
|  3.350% due 06/10/2050 | 1900 | 1909 |
| ILLINOIS 5.2% |  |  |
|  Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 | Chicago Midway International Airport, Illinois Revenue Notes, (BAM Insured), Series 2023 |
|  5.000% due 01/01/2027 | 1000 | 1019 |
|  Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 | Chicago, Illinois Revenue Notes, Series 2025 |
|  3.200% due 10/01/2028 | 1700 | 1706 |
|  Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 | Illinois Finance Authority Revenue Bonds, Series 2021 |
|  3.120% (MUNIPSA)<br>due 05/01/2042 ~ | 1500 | 1499 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  2.700% due 08/15/2057 | 7000 | 7000 |
|  Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 | Illinois Finance Authority Revenue Bonds, Series 2023 |
|  4.600% due 10/01/2053 | 5000 | 5015 |
|  Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 | Illinois Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 08/15/2030 | 3400 | 3646 |
|  Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 |
|  5.500% due 05/01/2030 | 7750 | 8215 |
|  Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 | Illinois State General Obligation Notes, Series 2024 |
|  5.000% due 05/01/2028 | 1615 | 1684 |
|  Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Notes, Series 2020 |
|  5.000% due 01/01/2029 | 1400 | 1477 |
|  |  | 31261 |
| INDIANA 3.0% | INDIANA 3.0% | INDIANA 3.0% |
|  Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 | Indiana Finance Authority Revenue Bonds, Series 2010 |
|  2.500% due 11/01/2030 | 3350 | 3192 |
|  2.900% due 05/01/2028 | 2100 | 2100 |
|  Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 | Indiana Finance Authority Revenue Bonds, Series 2012 |
|  3.000% due 11/01/2030 | 2800 | 2727 |
|  Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 | Indiana Finance Authority Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2062 | 2000 | 2091 |
|  Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 | Indiana Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2063 | 1000 | 1091 |
|  Indiana Finance Authority Revenue Notes, Series 2025 | Indiana Finance Authority Revenue Notes, Series 2025 | Indiana Finance Authority Revenue Notes, Series 2025 |
|  5.000% due 11/15/2028 | 2300 | 2429 |
|  Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 | Mount Vernon, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2020 |
|  Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 | Warrick County, Indiana Revenue Bonds, Series 2015 |
|  4.250% due 09/01/2055 | 2000 | 2020 |
|  |  | 17670 |
| KANSAS 1.0% | KANSAS 1.0% | KANSAS 1.0% |
|  Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 | Burlington, Kansas Revenue Bonds, Series 2023 |
|  4.300% due 03/01/2045 | 4500 | 4503 |
|  Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 | Kansas Housing Development Finance Authority Revenue Notes, (HUD Insured), Series 2024 |
|  3.010% due 11/01/2027 | 1600 | 1601 |
|  |  | 6104 |
| KENTUCKY 1.1% | KENTUCKY 1.1% | KENTUCKY 1.1% |
|  Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 | Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010 |
|  2.900% due 04/01/2031 | 1500 | 1500 |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 | Kentucky Public Energy Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 450 | 477 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 |
|  5.000% due 05/01/2036 | 3000 | 3160 |
|  Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 | Trimble County, Kentucky Revenue Bonds, Series 2023 |
|  4.700% due 06/01/2054 | 1400 | 1417 |
|  |  | 6554 |
| LOUISIANA 0.2% | LOUISIANA 0.2% | LOUISIANA 0.2% |
|  Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 | Louisiana Housing Corp. Revenue Notes, (FHA Insured), Series 2024 |
|  5.000% due 04/01/2028 | 1220 | 1244 |
| MAINE 0.2% | MAINE 0.2% | MAINE 0.2% |
|  Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 | Maine Finance Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1000 | 1026 |
| MARYLAND 0.0% | MARYLAND 0.0% | MARYLAND 0.0% |
|  Prince George's County, Maryland General Obligation Notes, Series 2024 | Prince George's County, Maryland General Obligation Notes, Series 2024 | Prince George's County, Maryland General Obligation Notes, Series 2024 |
|  5.000% due 09/01/2026 | 280 | 283 |
| MASSACHUSETTS 2.0% | MASSACHUSETTS 2.0% | MASSACHUSETTS 2.0% |
|  Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 | Commonwealth of Massachusetts Special Obligation Revenue Bonds, (BAM Insured), Series 2005 |
|  5.500% due 01/01/2034 | 5000 | 5714 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2026 | Massachusetts Development Finance Agency Revenue Bonds, Series 2026 | Massachusetts Development Finance Agency Revenue Bonds, Series 2026 |
|  2.350% due 07/01/2061 | 6000 | 6000 |
|  |  | 11714 |
| MICHIGAN 3.9% | MICHIGAN 3.9% | MICHIGAN 3.9% |
|  Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 | Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006 |
|  3.228% (TSFR3M) due 07/01/2032 ~ | 2500 | 2492 |
|  Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 |
|  3.170% (MUNIPSA) due 04/15/2047 ~ | 2500 | 2495 |
|  Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 | Michigan Finance Authority Revenue Notes,<br>Series 2024 |
|  5.000% due 02/29/2028 | 535 | 554 |
|  5.000% due 02/28/2031 | 950 | 1025 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2023 | Michigan State Housing Development Authority Revenue Bonds, Series 2023 | Michigan State Housing Development Authority Revenue Bonds, Series 2023 |
|  2.670% due 12/01/2042 | 1120 | 1120 |
|  Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 | Michigan State Housing Development Authority Revenue Bonds, Series 2024 |
|  6.250% due 06/01/2055 | 395 | 432 |
|  Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 | Michigan Strategic Fund Revenue Bonds, Series 2001 |
|  4.125% due 08/01/2027 | 2500 | 2518 |
|  Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 | Wayne County, Michigan Airport Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 12/01/2027 | 1100 | 1138 |
|  5.000% due 12/01/2028 | 6655 | 7004 |
|  Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 | Western Michigan University Revenue Notes, (AGC Insured), Series 2025 |
|  5.000% due 11/15/2029 | 4000 | 4298 |
|  |  | 23076 |
| MINNESOTA 0.3% | MINNESOTA 0.3% | MINNESOTA 0.3% |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 | Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017 |
|  5.000% due 11/15/2030 | 650 | 665 |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 07/01/2055 | 1235 | 1384 |
|  |  | 2049 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MISSISSIPPI 0.2% | MISSISSIPPI 0.2% | MISSISSIPPI 0.2% |
|  Mississippi Development Bank Revenue Bonds,<br>Series 2025 | Mississippi Development Bank Revenue Bonds,<br>Series 2025 | Mississippi Development Bank Revenue Bonds,<br>Series 2025 |
|  5.000% due 03/01/2039 | 1000 | 1070 |
| MISSOURI 1.0% | MISSOURI 1.0% | MISSOURI 1.0% |
|  Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 | Industrial Development Authority of the City of St Louis Missouri Revenue Bonds, Series 2025 |
|  3.150% due 04/01/2046 | 700 | 701 |
|  Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Missouri Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.250% due 05/01/2056 | 4500 | 5007 |
|  |  | 5708 |
| NEBRASKA 0.3% | NEBRASKA 0.3% | NEBRASKA 0.3% |
|  Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 | Nebraska Public Power District Revenue Notes, Series 2023 |
|  5.000% due 07/01/2028 | 1500 | 1562 |
| NEVADA 0.4% | NEVADA 0.4% | NEVADA 0.4% |
|  Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 | Washoe County, Nevada Revenue Bonds, Series 2016 |
|  4.125% due 03/01/2036 | 2500 | 2533 |
| NEW JERSEY 1.0% | NEW JERSEY 1.0% | NEW JERSEY 1.0% |
|  New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 | New Jersey Economic Development Authority Revenue Notes, Series 2023 |
|  5.000% due 03/01/2028 | 2000 | 2091 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, Series 2025 |
|  6.500% due 04/01/2056 | 600 | 670 |
|  New Jersey Turnpike Authority Revenue Notes,<br>Series 2020 | New Jersey Turnpike Authority Revenue Notes,<br>Series 2020 | New Jersey Turnpike Authority Revenue Notes,<br>Series 2020 |
|  5.000% due 01/01/2028 | 2945 | 3023 |
|  |  | 5784 |
| NEW MEXICO 0.1% | NEW MEXICO 0.1% | NEW MEXICO 0.1% |
|  New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 | New Mexico Mortgage Finance Authority Revenue Bonds, (HUD Insured), Series 2023 |
|  2.920% due 02/01/2042 | 400 | 400 |
| NEW YORK 6.6% | NEW YORK 6.6% | NEW YORK 6.6% |
|  Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 | Chautauqua County, New York Capital Resource Corp. Revenue Bonds, Series 2020 |
|  4.250% due 04/01/2042 | 2500 | 2540 |
|  Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 | Long Island Power Authority, New York Revenue Bonds, Series 2025 |
|  3.000% due 09/01/2055 | 2100 | 2102 |
|  Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 | Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2002 |
|  3.232% (SOFRRATE) due 11/01/2032 ~ | 2000 | 2000 |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  2.700% due 02/01/2055 | 7000 | 7000 |
|  New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 | New York City, New York Housing Development Corp. Revenue Bonds, Series 2025 |
|  3.750% due 05/01/2065 | 2100 | 2127 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2013 |
|  2.700% due 06/15/2050 | 3900 | 3900 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2036 | 1500 | 1668 |
|  New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 | New York Power Authority Revenue Notes, (AGM Insured), Series 2023 |
|  5.000% due 11/15/2027 | 1300 | 1356 |
|  New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 | New York State Dormitory Authority Revenue Bonds, Series 2016 |
|  5.000% due 03/15/2035 | 2500 | 2523 |
|  5.000% due 03/15/2036 | 1000 | 1009 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

---

------

Schedule of Investments PIMCO Short Duration Municipal Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 | New York State Dormitory Authority Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 2500 | 2504 |
|  New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 | New York State Housing Finance Agency Revenue Bonds, Series 2025 |
|  3.600% due 11/01/2064 | 2300 | 2312 |
|  New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 | New York Transportation Development Corp. Revenue Notes, Series 2018 |
|  5.000% due 01/01/2027 | 4000 | 4056 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 | Triborough Bridge & Tunnel Authority, New York Revenue Notes, Series 2025 |
|  5.000% due 03/01/2028 | 4000 | 4185 |
|  |  | 39282 |
| NORTH CAROLINA 3.7% | NORTH CAROLINA 3.7% | NORTH CAROLINA 3.7% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2007 |
|  2.750% due 01/15/2037 | 3655 | 3655 |
|  Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 | Durham Housing Authority, North Carolina Revenue Notes, (FHA Insured), Series 2025 |
|  3.625% due 04/01/2029 | 1250 | 1265 |
|  Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 | Inlivian, North Carolina Revenue Bonds, Series 2025 |
|  3.300% due 11/10/2043 | 1400 | 1409 |
|  3.625% due 11/01/2058 | 3700 | 3731 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 07/01/2055 | 800 | 874 |
|  North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | North Carolina Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 01/01/2056 | 900 | 1023 |
|  North Carolina Medical Care Commission Revenue Bonds, Series 2025 | North Carolina Medical Care Commission Revenue Bonds, Series 2025 | North Carolina Medical Care Commission Revenue Bonds, Series 2025 |
|  2.650% due 06/01/2055 | 6000 | 6000 |
|  North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 | North Carolina State Revenue Notes, Series 2025 |
|  5.000% due 03/01/2030 | 2000 | 2171 |
|  Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 | Raleigh Housing Authority, North Carolina Revenue Bonds, Series 2025 |
|  2.950% due 09/01/2059 | 2150 | 2140 |
|  |  | 22268 |
| NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% | NORTH DAKOTA 0.1% |
|  North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 | North Dakota Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 01/01/2056 | 600 | 657 |
| OHIO 3.1% | OHIO 3.1% | OHIO 3.1% |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Notes, Series 2020 |
|  5.000% due 06/01/2027 | 615 | 630 |
|  Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 | Hamilton County, Ohio Revenue Bonds, Series 2021 |
|  2.800% due 08/15/2051 | 4760 | 4760 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 | Ohio Air Quality Development Authority Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 500 | 516 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 | Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
|  2.400% due 12/01/2038 | 800 | 763 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 | Ohio Air Quality Development Authority Revenue Bonds, Series 2022 |
|  4.250% due 11/01/2039 | 2000 | 2018 |
|  Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 | Ohio Air Quality Development Authority Revenue Notes, Series 2022 |
|  4.000% due 09/01/2030 | 2900 | 2930 |
|  Ohio Housing Finance Agency Revenue Notes, (HUD Insured), Series 2026 | Ohio Housing Finance Agency Revenue Notes, (HUD Insured), Series 2026 | Ohio Housing Finance Agency Revenue Notes, (HUD Insured), Series 2026 |
|  2.680% due 07/01/2029 | 1000 | 988 |
|  Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 | Ohio State Hospital Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2033 | 2415 | 2647 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2009 |
|  4.750% due 06/01/2033 | 2000 | 2064 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 | Port of Greater Cincinnati Development Authority, Ohio Revenue Notes, (AGM Insured), Series 2024 |
|  5.000% due 12/01/2031 | 535 | 587 |
|  Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 | Worthington City School District, Ohio General Obligation Notes, Series 2023 |
|  0.000% due 12/01/2028 (b) | 500 | 459 |
|  |  | 18362 |
| OKLAHOMA 0.3% | OKLAHOMA 0.3% | OKLAHOMA 0.3% |
|  Muskogee County, Oklahoma Public Safety Authority Revenue Notes, Series 2025 | Muskogee County, Oklahoma Public Safety Authority Revenue Notes, Series 2025 | Muskogee County, Oklahoma Public Safety Authority Revenue Notes, Series 2025 |
|  4.000% due 12/01/2027 | 1075 | 1087 |
|  Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 | Oklahoma Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2025 |
|  3.200% due 10/01/2042 | 500 | 500 |
|  |  | 1587 |
| OREGON 0.3% | OREGON 0.3% | OREGON 0.3% |
|  Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 | Multnomah County School District 40, Oregon General Obligation Notes, Series 2023 |
|  0.000% due 06/15/2026 (b) | 275 | 273 |
|  Oregon Housing & Community Services Department State Revenue Bonds, Series 2025 | Oregon Housing & Community Services Department State Revenue Bonds, Series 2025 | Oregon Housing & Community Services Department State Revenue Bonds, Series 2025 |
|  3.100% due 12/01/2059 | 1790 | 1792 |
|  |  | 2065 |
| PENNSYLVANIA 4.2% | PENNSYLVANIA 4.2% | PENNSYLVANIA 4.2% |
|  Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 | Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2017 |
|  3.120% (MUNIPSA) due 11/15/2047 ~ | 4000 | 3972 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 3500 | 3604 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2015 |
|  5.000% due 06/30/2028 | 850 | 853 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2017 |
|  3.875% due 08/01/2037 | 5000 | 5007 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2019 |
|  3.250% due 04/01/2034 | 2500 | 2500 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 |
|  3.250% due 04/01/2049 | 2750 | 2750 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  2.875% due 06/01/2049 | 800 | 799 |
|  Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 | Pennsylvania Turnpike Commission Revenue Notes, Series 2024 |
|  5.000% due 06/01/2031 | 1325 | 1455 |
|  Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 | Philadelphia, Pennsylvania Airport Revenue Notes, Series 2021 |
|  5.000% due 07/01/2027 | 4000 | 4101 |
|  |  | 25041 |
| PUERTO RICO 0.8% | PUERTO RICO 0.8% | PUERTO RICO 0.8% |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2034 | 4750 | 4750 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 | Patriots Energy Group Financing Agency, South Carolina Revenue Bonds, Series 2023 |
|  5.250% due 02/01/2054 | 1100 | 1175 |
|  South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 | South Carolina Public Service Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2028 | 1650 | 1747 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured),<br>Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured),<br>Series 2024 | South Carolina State Housing Finance & Development Authority Revenue Bonds, (HUD Insured),<br>Series 2024 |
|  3.000% due 04/01/2043 | 1300 | 1300 |
|  South Carolina State Housing Finance & Development Authority Revenue Notes, Series 2026 | South Carolina State Housing Finance & Development Authority Revenue Notes, Series 2026 | South Carolina State Housing Finance & Development Authority Revenue Notes, Series 2026 |
|  3.050% due 11/01/2028 (a) | 2050 | 2051 |
|  |  | 6273 |
| TENNESSEE 1.7% | TENNESSEE 1.7% | TENNESSEE 1.7% |
|  Lewisburg Industrial Development Board, Tennessee Revenue Bonds, Series 2012 | Lewisburg Industrial Development Board, Tennessee Revenue Bonds, Series 2012 | Lewisburg Industrial Development Board, Tennessee Revenue Bonds, Series 2012 |
|  3.000% due 07/02/2035 | 1750 | 1750 |
|  Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2025 |
|  3.150% due 12/01/2042 | 1000 | 1002 |
|  Metropolitan Government Nashville & Davidson County, Tennessee Industrial Development Board Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Industrial Development Board Revenue Bonds, Series 2025 | Metropolitan Government Nashville & Davidson County, Tennessee Industrial Development Board Revenue Bonds, Series 2025 |
|  3.150% due 07/01/2044 | 2585 | 2590 |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 | Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Notes, (FHA Insured), Series 2025 |
|  5.000% due 10/01/2028 | 500 | 515 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 | Tennergy Corp. Tennessee Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 3000 | 3030 |
|  Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 | Tennergy Corp. Tennessee Revenue Bonds, Series 2022 |
|  5.500% due 10/01/2053 | 1000 | 1063 |
|  |  | 9950 |
| TEXAS 10.8% | TEXAS 10.8% | TEXAS 10.8% |
|  Austin, Texas Electric Utility Revenue Notes,<br>Series 2023 | Austin, Texas Electric Utility Revenue Notes,<br>Series 2023 | Austin, Texas Electric Utility Revenue Notes,<br>Series 2023 |
|  5.000% due 11/15/2026 | 1750 | 1776 |
|  Austin, Texas Electric Utility Revenue Notes,<br>Series 2025 | Austin, Texas Electric Utility Revenue Notes,<br>Series 2025 | Austin, Texas Electric Utility Revenue Notes,<br>Series 2025 |
|  5.000% due 11/15/2027 | 2500 | 2597 |
|  Capital Area Housing Finance Corp., Texas Revenue Bonds, Series 2020 | Capital Area Housing Finance Corp., Texas Revenue Bonds, Series 2020 | Capital Area Housing Finance Corp., Texas Revenue Bonds, Series 2020 |
|  3.200% due 01/01/2041 | 2500 | 2502 |
|  Central Texas Turnpike System Revenue Bonds,<br>Series 2024 | Central Texas Turnpike System Revenue Bonds,<br>Series 2024 | Central Texas Turnpike System Revenue Bonds,<br>Series 2024 |
|  5.000% due 08/15/2042 | 1000 | 1070 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2050 | 1500 | 1622 |
|  Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Dallas Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 4250 | 4499 |
|  EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 | EP Tuscany Zaragosa PFC, Texas Revenue Notes,<br>Series 2023 |
|  4.000% due 12/01/2033 | 2000 | 1998 |
|  Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Fort Bend Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  3.800% due 08/01/2055 | 8000 | 8148 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2023 |
|  5.000% due 10/01/2052 | 2000 | 2068 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 2500 | 2535 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 1500 | 1587 |
|  Harris County, Texas Toll Road Revenue Notes,<br>Series 2024 | Harris County, Texas Toll Road Revenue Notes,<br>Series 2024 | Harris County, Texas Toll Road Revenue Notes,<br>Series 2024 |
|  5.000% due 08/15/2026 | 2380 | 2402 |
|  Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 | Las Varas Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  4.000% due 05/01/2043 | 4000 | 4055 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lubbock Housing Finance Corp, Texas Revenue Notes, (HUD Insured), Series 2026 | Lubbock Housing Finance Corp, Texas Revenue Notes, (HUD Insured), Series 2026 | Lubbock Housing Finance Corp, Texas Revenue Notes, (HUD Insured), Series 2026 |
|  2.800% due 03/01/2029 | 500 | 497 |
|  Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 |
|  2.600% due 11/01/2029 | 1500 | 1460 |
|  Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 | Mission Economic Development Corp., Texas Revenue Bonds, Series 2020 |
|  2.875% due 05/01/2046 | 400 | 400 |
|  Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 | Montgomery County, Texas General Obligation Bonds, Series 2018 |
|  5.000% due 03/01/2034 | 1005 | 1039 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  2.000% due 06/01/2052 | 1300 | 1286 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2025 |
|  3.080% due 02/01/2055 | 2500 | 2496 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 11/15/2052 | 1600 | 1604 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2024 |
|  2.550% due 08/01/2050 | 4000 | 4000 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2064 | 1500 | 1658 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2026 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2026 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2026 |
|  2.550% due 11/15/2063 | 5000 | 5000 |
|  Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 | Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025 |
|  6.000% due 01/01/2056 | 995 | 1108 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.087% (TSFR3M) due 12/15/2026 ~ | 1500 | 1501 |
|  THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 | THF Public Facility Corp. Texas Revenue Bonds, Series 2025 |
|  3.340% due 02/01/2044 | 800 | 805 |
|  Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 | Williamson County, Texas General Obligation Notes, Series 2021 |
|  1.286% due 02/15/2029 | 4700 | 4364 |
|  |  | 64077 |
| UTAH 0.2% | UTAH 0.2% | UTAH 0.2% |
|  Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Utah Housing Corp. Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.500% due 07/01/2055 | 895 | 1015 |
| VIRGINIA 2.1% | VIRGINIA 2.1% | VIRGINIA 2.1% |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2053 | 1300 | 1387 |
|  Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 | Arlington County, Virginia Industrial Development Authority Revenue Bonds, Series 2025 |
|  3.100% due 12/01/2055 | 5490 | 5490 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 | Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 | Richmond Redevelopment & Housing Authority, Virginia Revenue Bonds, Series 2025 |
|  3.100% due 12/01/2055 | 1485 | 1485 |
|  Virginia College Building Authority Revenue Notes, Series 2021 | Virginia College Building Authority Revenue Notes, Series 2021 | Virginia College Building Authority Revenue Notes, Series 2021 |
|  0.770% due 09/01/2026 | 3000 | 2962 |
|  Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 | Virginia Public Building Authority Revenue Bonds, Series 2015 |
|  4.000% due 08/01/2030 | 1100 | 1101 |
|  |  | 12425 |
| WASHINGTON 0.3% |  |  |
|  Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 | Energy Northwest, Washington Revenue Notes, Series 2024 |
|  5.000% due 07/01/2027 | 1000 | 1030 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2030 | 800 | 862 |
|  |  | 1892 |
| WEST VIRGINIA 0.4% |  |  |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 | West Virginia Economic Development Authority Revenue Bonds, Series 2015 |
|  3.375% due 03/01/2040 | 2250 | 2266 |
| WISCONSIN 1.9% |  |  |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 |
|  3.700% due 10/01/2046 | 2500 | 2528 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2023 |
|  2.550% due 10/01/2055 | 6000 | 6000 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | Public Finance Authority, Wisconsin Revenue Notes, Series 2021 | Public Finance Authority, Wisconsin Revenue Notes, Series 2021 |
|  4.000% due 10/01/2027 | 195 | 197 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  2.600% (MUNIPSA) due 08/15/2054 ~ | 2500 | 2495 |
|  |  | 11220 |
|  Total Municipal Bonds & Notes<br>(Cost $481,123) |  | 484700 |
| U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.269% due 07/15/2040 •  | 1943 | 1985 |
|  Total U.S. Government Agencies<br>(Cost $1,943) | Total U.S. Government Agencies<br>(Cost $1,943) | 1985 |
| U.S. TREASURY OBLIGATIONS 6.8% | U.S. TREASURY OBLIGATIONS 6.8% | U.S. TREASURY OBLIGATIONS 6.8% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 02/29/2028 | 14600 | 14486 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 02/28/2031 | 11900 | $— | 11670 |
|  4.125% due 03/31/2031 | 1000 |  | 1007 |
|  4.250% due 02/28/2031 | 5800 |  | 5876 |
|  4.625% due 04/30/2031 | 7300 |  | 7518 |
|  Total U.S. Treasury Obligations<br>(Cost $40,575) | Total U.S. Treasury Obligations<br>(Cost $40,575) |  | 40557 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% |
| MUTUAL FUNDS 0.1% |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (c) | 641341 |  | 641 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| MUNICIPAL BONDS & NOTES 2.0% | MUNICIPAL BONDS & NOTES 2.0% | MUNICIPAL BONDS & NOTES 2.0% | MUNICIPAL BONDS & NOTES 2.0% |
|  Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 | Albany City School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | $2500 |  | 2507 |
|  Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 | Chittenango Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 3000 |  | 3008 |
|  Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 | Honeoye Falls-Lima Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/25/2026 | 1000 |  | 1003 |
|  Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 | Starpoint Central School District, New York General Obligation Notes, Series 2025 |
|  4.000% due 06/26/2026 | 5000 |  | 5014 |
|  Total Municipal Bonds & Notes<br>(Cost $11,522) | Total Municipal Bonds & Notes<br>(Cost $11,522) |  | 11532 |
| Total Short-Term Instruments<br>(Cost $12,163) | Total Short-Term Instruments<br>(Cost $12,163) |  | 12173 |
| Total Investments in Securities<br>(Cost $535,804) | Total Investments in Securities<br>(Cost $535,804) |  | 539415 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 8.8% | INVESTMENTS IN AFFILIATES 8.8% | INVESTMENTS IN AFFILIATES 8.8% | INVESTMENTS IN AFFILIATES 8.8% |
| SHORT-TERM INSTRUMENTS 8.8% | SHORT-TERM INSTRUMENTS 8.8% | SHORT-TERM INSTRUMENTS 8.8% | SHORT-TERM INSTRUMENTS 8.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 5384225 |  | 52437 |
| Total Short-Term Instruments<br>(Cost $52,426) | Total Short-Term Instruments<br>(Cost $52,426) |  | 52437 |
| Total Investments in Affiliates<br>(Cost $52,426) | Total Investments in Affiliates<br>(Cost $52,426) |  | 52437 |
| Total Investments 99.4%<br>(Cost $588,230) |  | $— | 591852 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 3765 |
| Net Assets 100.0% |  | $— | 595617 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

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• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **77** |

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Schedule of Investments PIMCO Short Duration Municipal Income Fund (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2026** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19169 |
| &nbsp;&nbsp; Arizona | 0 | 16858 | 0 | 16858 |
| &nbsp;&nbsp; Arkansas | 0 | 3186 | 0 | 3186 |
| &nbsp;&nbsp; California | 0 | 26715 | 0 | 26715 |
| &nbsp;&nbsp; Colorado | 0 | 19377 | 0 | 19377 |
| &nbsp;&nbsp; Connecticut | 0 | 11755 | 0 | 11755 |
| &nbsp;&nbsp; District of Columbia | 0 | 5944 | 0 | 5944 |
| &nbsp;&nbsp; Florida | 0 | 25591 | 0 | 25591 |
| &nbsp;&nbsp; Georgia | 0 | 13028 | 0 | 13028 |
| &nbsp;&nbsp; Idaho | 0 | 1909 | 0 | 1909 |
| &nbsp;&nbsp; Illinois | 0 | 31261 | 0 | 31261 |
| &nbsp;&nbsp; Indiana | 0 | 17670 | 0 | 17670 |
| &nbsp;&nbsp; Kansas | 0 | 6104 | 0 | 6104 |
| &nbsp;&nbsp; Kentucky | 0 | 6554 | 0 | 6554 |
| &nbsp;&nbsp; Louisiana | 0 | 1244 | 0 | 1244 |
| &nbsp;&nbsp; Maine | 0 | 1026 | 0 | 1026 |
| &nbsp;&nbsp; Maryland | 0 | 283 | 0 | 283 |
| &nbsp;&nbsp; Massachusetts | 0 | 11714 | 0 | 11714 |
| &nbsp;&nbsp; Michigan | 0 | 23076 | 0 | 23076 |
| &nbsp;&nbsp; Minnesota | 0 | 2049 | 0 | 2049 |
| &nbsp;&nbsp; Mississippi | 0 | 1070 | 0 | 1070 |
| &nbsp;&nbsp; Missouri | 0 | 5708 | 0 | 5708 |
| &nbsp;&nbsp; Nebraska | 0 | 1562 | 0 | 1562 |
| &nbsp;&nbsp; Nevada | 0 | 2533 | 0 | 2533 |
| &nbsp;&nbsp; New Jersey | 0 | 5784 | 0 | 5784 |
| &nbsp;&nbsp; New Mexico | 0 | 400 | 0 | 400 |
| &nbsp;&nbsp; New York | 0 | 39282 | 0 | 39282 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
| &nbsp;&nbsp; North Carolina | $0 | $22268 | $0 | $22268 |
| &nbsp;&nbsp; North Dakota | 0 | 657 | 0 | 657 |
| &nbsp;&nbsp; Ohio | 0 | 18362 | 0 | 18362 |
| &nbsp;&nbsp; Oklahoma | 0 | 1587 | 0 | 1587 |
| &nbsp;&nbsp; Oregon | 0 | 2065 | 0 | 2065 |
| &nbsp;&nbsp; Pennsylvania | 0 | 25041 | 0 | 25041 |
| &nbsp;&nbsp; Puerto Rico | 0 | 4750 | 0 | 4750 |
| &nbsp;&nbsp; South Carolina | 0 | 6273 | 0 | 6273 |
| &nbsp;&nbsp; Tennessee | 0 | 9950 | 0 | 9950 |
| &nbsp;&nbsp; Texas | 0 | 64077 | 0 | 64077 |
| &nbsp;&nbsp; Utah | 0 | 1015 | 0 | 1015 |
| &nbsp;&nbsp; Virginia | 0 | 12425 | 0 | 12425 |
| &nbsp;&nbsp; Washington | 0 | 1892 | 0 | 1892 |
| &nbsp;&nbsp; West Virginia | 0 | 2266 | 0 | 2266 |
| &nbsp;&nbsp; Wisconsin | 0 | 11220 | 0 | 11220 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 1985 | 0 | 1985 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 40557 | 0 | 40557 |
| &nbsp;&nbsp; Short-Term Instruments | &nbsp;&nbsp; Short-Term Instruments | &nbsp;&nbsp; Short-Term Instruments | &nbsp;&nbsp; Short-Term Instruments | &nbsp;&nbsp; Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 641 | 0 | 0 | 641 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 11532 | 0 | 11532 |
|  | $641 | $538774 | $0 | $539415 |
|  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 | $52437 | $0 | $0 | $52437 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591852 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

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| | | |
|:---|:---|:---|
| **78** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** | See Accompanying Notes |

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------

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, Class A, Class C and Class C-2 shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

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.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

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Notes to Financial Statements (Cont.)

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO California Short Duration Municipal Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO National Intermediate Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO New York Municipal Bond Fund |  | Daily |  | Monthly |
|  PIMCO Short Duration Municipal Income Fund |  | Daily |  | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from

which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where a Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In 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

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| | |
|:---|:---|
| **80** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

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.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **81** |

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Notes to Financial Statements (Cont.)

(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 ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| | |
|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

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| | |
|:---|:---|
| **82** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **83** |

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Notes to Financial Statements (Cont.)

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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.

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 High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Bond Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized<br>Net Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $5264 | $205415 | $(191867) | $(2) | $1 | $18811 | $698 | $0 |
|  PIMCO California Municipal Bond Fund | 10834 | 249138 | (222100) | (2) | 1 | 37871 | 1135 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 4983 | 169088 | (152800) | 0 | 6 | 21277 | 986 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 41513 | 2923373 | (2514300) | 26 | 100 | 450712 | 16829 | 0 |
|  PIMCO Municipal Bond Fund | 281101 | 2372830 | (2239801) | 74 | 36 | 414240 | 11889 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 30830 | 482685 | (390915) | (1) | 10 | 122609 | 3352 | 0 |
|  PIMCO New York Municipal Bond Fund | 31110 | 407210 | (427300) | 22 | (12) | 11030 | 1313 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 9752 | 377077 | (334400) | 0 | 8 | 52437 | 1973 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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|:---|:---|
| **84** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to 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 Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

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Notes to Financial Statements (Cont.)

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2026, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state

and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

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

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|:---|:---|
| **86** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

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) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees,

risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(b) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **87** |

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Notes to Financial Statements (Cont.)

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.

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.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Municipal<br>Bond Fund | PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund | PIMCO<br>High Yield<br>Municipal<br>Bond Fund | PIMCO<br>Municipal<br>Bond Fund | PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund | PIMCO<br>New York<br>Municipal<br>Bond Fund | PIMCO<br>Short Duration<br>Municipal<br>Income Fund |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |

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|:---|:---|
| **88** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>California<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Municipal<br>Bond Fund** | **PIMCO<br>California<br>Short Duration<br>Municipal<br>Income Fund** | **PIMCO<br>High Yield<br>Municipal<br>Bond Fund** | **PIMCO<br>Municipal<br>Bond Fund** | **PIMCO<br>National<br>Intermediate<br>Municipal<br>Bond Fund** | **PIMCO<br>New York<br>Municipal<br>Bond Fund** | **PIMCO<br>Short Duration<br>Municipal<br>Income Fund** |
|  Equity | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  |  |  | X |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Municipal Bond | X | X | X | X | X | X | X | X |
|  California State-Specific | X | X | X | X | X | X |  | X |
|  New York State-Specific |  |  |  | X | X | X | X | X |
|  Puerto Rico-Specific |  |  |  | X |  |  | X |  |
|  AMT Bonds | X | X | X | X | X | X | X | X |
|  Loan |  |  |  | X |  |  |  |  |
|  Municipal Project-Specific | X | X | X | X | X | X | X | X |
|  Municipal Project Housing-Related |  |  |  | X |  |  |  |  |
|  Short Exposure | X | X | X | X | X | X | X | X |

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Interest Rate Risk is the risk that fixed income securities will fluctuate in value 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.

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. 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 investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

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Notes to Financial Statements (Cont.)

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 risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Issuer Non-Diversification Risk is the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a "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, 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 in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Bond Risk is the risk that a Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds") to pay interest or repay principal.

California State-Specific Risk is the risk that by focusing its investments in California municipal bonds, a Fund may be affected significantly by economic, regulatory, social, environmental or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by focusing its investments in New York Municipal Bonds, a Fund may be affected significantly by economic, regulatory, social or political developments affecting the ability of New York issuers to pay interest or repay principal.

Puerto Rico-Specific Risk is the risk that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, a Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity, economic disruptions, public health emergencies, or extreme weather and disaster events could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which

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| | |
|:---|:---|
| **90** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Loan Risk is the risk that investing in loans exposes the 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, the Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent the Fund invests in loans that are covenant-lite obligations, the 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.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Municipal Project Housing-Related Risk is the risk of investing in loans that finance or are generally related to projects focused on low-income, affordable or other housing developments and businesses located in low-income areas. There are significant risks associated with the Fund's investment in loans related to such projects. There may be federal, state and local governmental regulatory restrictions on the operation, rental and transfer of these projects, such as the requirement that the owners of these affordable housing developments rent or sell certain residential units to persons or families of low or moderate income and that the amount of rent that may be charged for these units may be less than market rates. These restrictions may adversely affect economic performance relative to properties that are not subject to these restrictions. There are also no assurances that a project owner will be able to achieve and maintain sufficient rental income in order to pay all operating expenses and maintenance and repair costs of such a project and the debt service on the related loan on a timely basis. In the event that a project owner is unable to pay all such costs, expenses and debt service, a default on the related loan is likely to occur. Moreover, as a result of economic, market and other factors, the risks of the Fund's investment in such municipal project housing-related loans may be heightened due to the possibility of reduced tax or other revenue available to issuers of municipal project housing-related loans causing an increase of budgetary and financial pressure on either the municipality or other issuers of municipal securities.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **91** |

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Notes to Financial Statements (Cont.)

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 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

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| | |
|:---|:---|
| **92** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

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 provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **93** |

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Notes to Financial Statements (Cont.)

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional Class | I-2 | I-3 | Class A | Class C | Class C-2 |
|  PIMCO California Intermediate Municipal Bond Fund | 0.225% | 0.22% | 0.32% | N/A | 0.30% | 0.30% | N/A |
|  PIMCO California Municipal Bond Fund | 0.21% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO California Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | N/A | 0.30% | N/A | N/A |
|  PIMCO High Yield Municipal Bond Fund | 0.30% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Municipal Bond Fund | 0.20% | 0.24% | 0.34% | 0.44%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO National Intermediate Municipal Bond Fund | 0.22% | 0.23% | 0.33% | N/A | 0.33% | 0.33% | N/A |
|  PIMCO New York Municipal Bond Fund | 0.225% | 0.22% | 0.32% | 0.42%<sup>(1)</sup> | 0.30% | 0.30% | N/A |
|  PIMCO Short Duration Municipal Income Fund | 0.18% | 0.15% | 0.25% | 0.35%<sup>(1)</sup> | 0.30% | 0.30% | 0.30% |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 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 C-2 shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class C-2 shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Municipal Bond Fund Class C shares and PIMCO National Intermediate Bond Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.50%; for PIMCO Short Duration Municipal Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%) and, up to 0.50% for Class C-2 shares, and in connection with personal services rendered to Class A, Class C and Class C-2 shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class C-2 shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Municipal Bond Fund and PIMCO National Intermediate Municipal Bond Fund | 0.50% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Short Duration Municipal Income Fund | 0.50% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A, Class C and Class C-2 shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 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

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|:---|:---|
| **94** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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March 31, 2026

in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of 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 each of the PIMCO High Yield Municipal Bond Fund,

PIMCO Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2026, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO High Yield Municipal Bond Fund | $34 |
|  PIMCO Municipal Bond Fund | 19 |
|  PIMCO New York Municipal Bond Fund | 1 |
|  PIMCO Short Duration Municipal Income Fund | 7 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund to waive its Management fees in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. For the period ended March 31, 2026, there were no waivers and/or reimbursements by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **95** |

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------

Notes to Financial Statements (Cont.)

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended March 31, 2026, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO California Intermediate Municipal Bond Fund | $12448 | $11594 | $(584) |
|  PIMCO California Municipal Bond Fund | 8452 | 8761 | (440) |
|  PIMCO California Short Duration Municipal Income Fund | 428 | 457 | 8 |
|  PIMCO High Yield Municipal Bond Fund | 473388 | 479007 | (27987) |
|  PIMCO Municipal Bond Fund | 429958 | 434151 | (21932) |
|  PIMCO National Intermediate Municipal Bond Fund | 61482 | 51835 | (2452) |
|  PIMCO New York Municipal Bond Fund | 64742 | 58760 | (2999) |
|  PIMCO Short Duration Municipal Income Fund | 4092 | 3908 | (116) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held

by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 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 California Intermediate Municipal Bond Fund | $31433 | $8123 | $171876 | $104015 |
|  PIMCO California Municipal Bond Fund | 53885 | 13994 | 250756 | 88260 |
|  PIMCO California Short Duration Municipal Income Fund | 21755 | 5676 | 145430 | 86431 |
|  PIMCO High Yield Municipal Bond Fund | 7516 | 54266 | 3031853 | 3084237 |
|  PIMCO Municipal Bond Fund | 482586 | 154689 | 2444143 | 2091583 |
|  PIMCO National Intermediate Municipal Bond Fund | 148656 | 36168 | 569842 | 364235 |
|  PIMCO New York Municipal Bond Fund | 92101 | 24074 | 368995 | 354000 |
|  PIMCO Short Duration Municipal Income Fund | 55080 | 17800 | 280150 | 184081 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **96** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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------

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 California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California Intermediate**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** | **PIMCO California**<br> **Municipal Bond Fund** |
| | Year Ended<br>03/31/2026 | 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** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8531 | $79267 | 3998 | $37427 | 13090 | $138205 | 10459 | $112499 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 4811 | 44616 | 1145 | 10726 | 12946 | 136527 | 4087 | 43795 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 4925 | 46129 | 1608 | 15107 | 7544 | 79837 | 7066 | 75870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 42 | 386 | 70 | 656 | 69 | 734 | 88 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 330 | 3088 | 191 | 1788 | 658 | 6976 | 346 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 163 | 1519 | 84 | 786 | 426 | 4523 | 199 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 199 | 1855 | 137 | 1283 | 412 | 4362 | 290 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 4 | 41 | 7 | 61 | 6 | 59 | 6 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued in reorganization^** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2652 | 24981 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5026) | (46707) | (4457) | (41717) | (6065) | (63664) | (1917) | (20545) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1140) | (10577) | (785) | (7337) | (4073) | (42776) | (2053) | (21937) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1238) | (11557) | (900) | (8428) | (3499) | (36881) | (2659) | (28513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (212) | (1954) | (59) | (549) | (55) | (578) | (116) | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 14041 | $131087 | 1039 | $9803 | 21459 | $227324 | 15796 | $169886 |
|  | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** |
|  | Year Ended<br>03/31/2026 | 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 | 12302 | $119072 | 5403 | $52173 | 186526 | $1548694 | 156428 | $1335678 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1551 | 15035 | 984 | 9487 | 120389 | 999629 | 87561 | 746828 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 4688 | 38946 | 5675 | 48493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1138 | 10992 | 671 | 6475 | 49249 | 410354 | 75410 | 644819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 1510 | 12564 | 2344 | 20011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C - 2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 403 | 3916 | 246 | 2372 | 13879 | 115565 | 11407 | 97239 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 69 | 669 | 60 | 574 | 7140 | 59432 | 5856 | 49923 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 359 | 2982 | 303 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 44 | 428 | 46 | 439 | 6334 | 52712 | 5142 | 43834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 226 | 1885 | 223 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C - 2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **97** |

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------

Notes to Financial Statements (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO California Short Duration**<br> **Municipal Income Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** | **PIMCO High Yield**<br> **Municipal Bond Fund** |
|  | **Year Ended<br>03/31/2026** | **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** |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4209) | $(40861) | (3630) | $(35012) | (167709) | $(1389983) | (93797) | $(798798) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (775) | (7505) | (1023) | (9869) | (99421) | (821341) | (53096) | (452679) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (6031) | (49692) | (2595) | (22123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1083) | (10495) | (944) | (9120) | (51626) | (428730) | (31553) | (268766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (2396) | (19917) | (2174) | (18545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C - 2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 9440 | $91251 | 1813 | $17519 | 63117 | $533100 | 167134 | $1430399 |
|  | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** | **PIMCO National Intermediate**<br> **Municipal Bond Fund** |
|  | **Year Ended<br>03/31/2026** | **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 | 134581 | $1244333 | 67086 | $634465 | 37422 | $385927 | 24755 | $256091 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 109942 | 1021691 | 117716 | 1106677 | 21472 | 221123 | 11123 | 115195 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 3806 | 35394 | 2751 | 25953 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 38060 | 355486 | 32067 | 303728 | 7480 | 77329 | 4618 | 47844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1119 | 10445 | 1204 | 11398 | 172 | 1775 | 85 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7173 | 66951 | 5080 | 47994 | 2601 | 26901 | 1858 | 19202 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 6246 | 58245 | 3673 | 34701 | 862 | 8922 | 447 | 4614 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 154 | 1439 | 73 | 688 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3105 | 28963 | 2562 | 24207 | 428 | 4427 | 327 | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 98 | 914 | 91 | 855 | 13 | 131 | 13 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued in reorganization^** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | N/A | N/A | N/A | N/A | 4816 | 50228 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (82259) | (758242) | (35488) | (335450) | (15544) | (159837) | (7643) | (78888) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (85996) | (793826) | (41938) | (396053) | (7199) | (74044) | (3874) | (40016) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1935) | (17834) | (983) | (9286) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (25746) | (239366) | (18253) | (172351) | (3233) | (33300) | (2259) | (23377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1106) | (10302) | (1054) | (9961) | (160) | (1642) | (113) | (1171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 107242 | $1004291 | 134587 | $1267565 | 49130 | $507940 | 29337 | $303889 |

---

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| | |
|:---|:---|
| **98** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

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------

March 31, 2026

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO New York**<br> **Municipal Bond Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** | **PIMCO Short Duration**<br> **Municipal Income Fund** |
|  | **Year Ended<br>03/31/2026** | **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 | 13711 | $144675 | 10216 | $110422 | 16839 | $140939 | 8978 | $74554 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 8143 | 86024 | 6173 | 66697 | 14164 | 117998 | 8015 | 66646 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 211 | 2246 | 118 | 1277 | 442 | 3695 | 553 | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 14420 | 153525 | 17700 | 192096 | 9231 | 77020 | 5107 | 42528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 209 | 2203 | 200 | 2169 | 87 | 722 | 27 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 16 | 143 | 23 | 195 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1017 | 10781 | 819 | 8849 | 774 | 6468 | 722 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 559 | 5925 | 426 | 4596 | 631 | 5278 | 383 | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 7 | 72 | 4 | 47 | 50 | 419 | 43 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1370 | 14526 | 1072 | 11583 | 435 | 3632 | 354 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 20 | 214 | 26 | 281 | 6 | 53 | 9 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | 1 | 7 | 1 | 4 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (13619) | (143175) | (5364) | (57938) | (9236) | (77062) | (14835) | (123318) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (5608) | (59207) | (2446) | (26473) | (6253) | (52229) | (6550) | (54426) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (70) | (730) | (85) | (915) | (240) | (2004) | (252) | (2096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (12145) | (128862) | (6861) | (74042) | (6217) | (51938) | (4123) | (34281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (506) | (5327) | (374) | (4038) | (105) | (878) | (184) | (1531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | (9) | (77) | (8) | (68) |
|  **Net increase (decrease) resulting from Fund share transactions** | 7719 | $82890 | 21624 | $234611 | 20616 | $172186 | (1737) | $(14434) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 16 in the Notes to Financial Statements.

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 of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Intermediate Municipal Bond Fund | 4 | 0 | 64% | 0% |
|  PIMCO California Municipal Bond Fund | 4 | 0 | 65% | 0% |
|  PIMCO California Short Duration Municipal Income Fund | 1 | 0 | 50% | 0% |
|  PIMCO High Yield Municipal Bond Fund | 2 | 0 | 30% | 0% |
|  PIMCO Municipal Bond Fund | 2 | 0 | 30% | 0% |
|  PIMCO National Intermediate Municipal Bond Fund | 3 | 0 | 51% | 0% |
|  PIMCO New York Municipal Bond Fund | 4 | 0 | 65% | 0% |
|  PIMCO Short Duration Municipal Income Fund | 3 | 0 | 44% | 0% |

---

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **99** |

---

------

Notes to Financial Statements (Cont.)

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 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>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO California Intermediate Municipal Bond Fund | $491 | $0 | $0 | $1963 | $(157) | $(12859) | $0 | $0 | $(10562) |
|  PIMCO California Municipal Bond Fund | 198 | 0 | 0 | 1011 | (6) | (9036) | 0 | 0 | (7833) |
|  PIMCO California Short Duration Municipal Income Fund | 101 | 0 | 0 | 740 | (48) | (7007) | 0 | 0 | (6214) |
|  PIMCO High Yield Municipal Bond Fund | 21832 | 0 | 0 | (97863) | (2008) | (211897) | 0 | 0 | (289936) |
|  PIMCO Municipal Bond Fund | 8031 | 0 | 0 | 49085 | (1110) | (177417) | 0 | 0 | (121411) |
|  PIMCO National Intermediate Municipal Bond Fund | 155 | 0 | 0 | 15687 | (94) | (20561) | 0 | 0 | (4813) |
|  PIMCO New York Municipal Bond Fund | 528 | 0 | 0 | (2466) | (26) | (39022) | 0 | 0 | (40986) |
|  PIMCO Short Duration Municipal Income Fund | 208 | 0 | 0 | 3200 | (10) | (18853) | 0 | 0 | (15455) |

---

---

| | |
|:---|:---|
| <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. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: interest accrued on defaulted securities, and return of capital distributions from underlying funds.

<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 California Intermediate Municipal Bond Fund | $6911 | $5948 |
|  PIMCO California Municipal Bond Fund | 5152 | 3884 |
|  PIMCO California Short Duration Municipal Income Fund | 4800 | 2207 |
|  PIMCO High Yield Municipal Bond Fund | 84735 | 127162 |
|  PIMCO Municipal Bond Fund | 84531 | 92886 |
|  PIMCO National Intermediate Municipal Bond Fund | 8300 | 12261 |
|  PIMCO New York Municipal Bond Fund | 17478 | 21544 |
|  PIMCO Short Duration Municipal Income Fund | 11782 | 7071 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **100** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

March 31, 2026

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 California Intermediate Municipal Bond Fund | $328861 | $4162 | $(2198) | $1964 |
|  PIMCO California Municipal Bond Fund | 561939 | 6871 | (5859) | 1012 |
|  PIMCO California Short Duration Municipal Income Fund | 232072 | 1142 | (402) | 740 |
|  PIMCO High Yield Municipal Bond Fund | 6146541 | 163686 | (261550) | (97864) |
|  PIMCO Municipal Bond Fund | 4737140 | 84964 | (35880) | 49084 |
|  PIMCO National Intermediate Municipal Bond Fund | 1414626 | 20533 | (4848) | 15685 |
|  PIMCO New York Municipal Bond Fund | 951391 | 12349 | (14816) | (2467) |
|  PIMCO Short Duration Municipal Income Fund | 588651 | 3910 | (709) | 3201 |

---

---

| | |
|:---|:---|
| <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. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: interest accrued on defaulted securities, and return of capital distributions from underlying funds.

For the fiscal years ended March 31, 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, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO California Intermediate Municipal Bond Fund | $7140 | $1394 | $0 | $0 | $5417 | $766 | $0 | $0 |
|  PIMCO California Municipal Bond Fund | 13730 | 2272 | 0 | 0 | 7782 | 1328 | 0 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 4453 | 1061 | 0 | 0 | 3260 | 395 | 0 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 220100 | 36113 | 0 | 0 | 181200 | 35588 | 0 | 0 |
|  PIMCO Municipal Bond Fund | 150113 | 18994 | 0 | 0 | 99946 | 18634 | 0 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 35708 | 5756 | 0 | 0 | 23477 | 4102 | 0 | 0 |
|  PIMCO New York Municipal Bond Fund | 29949 | 2063 | 0 | 0 | 23627 | 2485 | 0 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 13698 | 2303 | 0 | 0 | 11632 | 1340 | 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.

16. REORGANIZATION

The Board approved the reorganizations (the "Reorganizations") of the (1) PIMCO California Municipal Intermediate Value Fund (an "Acquired Fund" or the "California Acquired Fund") with and into the PIMCO California Intermediate Municipal Bond Fund (an "Acquiring Fund" or the "California Acquiring Fund") and (2) PIMCO National Municipal Intermediate Value Fund (an "Acquired Fund" or the "National Acquired Fund" and, collectively with the California Acquired Fund, the "Acquired Funds") with and into the PIMCO National Intermediate Municipal Bond Fund (an "Acquiring Fund" or the "National Acquiring Fund" and, collectively with the California Acquiring Fund, the "Acquiring Funds" and the Acquiring Funds, collectively with the Acquired Funds, the "Funds"). The following table sets forth each Acquired Fund and its class of shares and each corresponding Acquiring Fund and its class of shares involved in the Reorganizations:

---

| | | | |
|:---|:---|:---|:---|
| Reorganizations | Acquired Funds |  | Acquiring Funds |
| California Reorganization | PIMCO California Municipal Intermediate Value Fund<br>Institutional Class | with and into | PIMCO California Intermediate Municipal Bond Fund<br>Institutional Class |
| National Reorganization | PIMCO National Municipal Intermediate Value Fund<br>Institutional Class | with and into | PIMCO National Intermediate Municipal Bond Fund<br>Institutional Class |

---

The Reorganizations became effective upon the close of business on November 21, 2025. As a result, all shares held in the Acquired Funds were automatically exchanged for shares of the corresponding Acquiring Fund. The transactions were structured to qualify as tax-free reorganizations under Section 368(a) of the Code. Pursuant to the Agreements and Plan of Reorganizations, shareholders of the Acquired Funds received a number of shares

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **101** |

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------

Notes to Financial Statements (Cont.)

of the Institutional Class of the corresponding Acquiring Fund, with a value equal to their holdings in the Acquired Fund as of the close of business on the date of the reorganizations. The investment portfolio of the California Acquired Fund, with a fair value of approximately $23,742,960 and identified cost of approximately $23,494,858 as of the date of the reorganization, was the principal asset acquired by the California Acquiring Fund. The investment portfolio of the National Acquired Fund, with a fair value of approximately $48,188,143 and identified cost of approximately $47,705,059 as of the date of the reorganization, was the principal asset acquired by the National Acquiring Fund. For financial statement purposes, assets and liabilities received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganizations (amount in thousands):

California Reorganization

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares<br>Outstanding | Net <br>Assets | Net Asset<br>Value per<br>Share | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  **Acquired Fund** |  |  |  | $248 |
|  Institutional Class | 2461 | $24981 | $10.15 |  |
|  **Pre-Reorganization Acquiring Fund** |  |  |  | 5632 |
|  Institutional Class | 16143 | 152014 | 9.42 |  |
|  I-2 | 5527 | 52044 | 9.42 |  |
|  Class A | 7439 | 70049 | 9.42 |  |
|  Class C | 166 | 1564 | 9.42 |  |
|  **Post-Reorganization Acquiring Fund** |  |  |  | 5880 |
|  Institutional Class | 18795 | 176995 | 9.42 |  |
|  I-2 | 5527 | 52044 | 9.42 |  |
|  Class A | 7439 | 70049 | 9.42 |  |
|  Class C | 166 | 1564 | 9.42 |  |

---

PIMCO paid all direct costs associated with the California Reorganization, including legal and accounting expenses, printing and mailing expenses, or similar expenses incurred in connection with the reorganization transaction, excluding costs in connection with the purchase or sale of portfolio securities, if any. Assuming the reorganization had been completed on April 1, 2025, the beginning of the annual reporting period, the pro forma results of operations for the year ended March 31, 2026, are as follows (amounts in thousands):

---

| | |
|:---|:---|
|  Net Income | $8948 |
|  Net realized and unrealized gain/loss | 1722 |
|  Total increase in net assets from investments operations | $10670 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenues and earnings of the California Acquired Fund that have been included in the Statements of Operations since November 21, 2025.

National Reorganization

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares<br>Outstanding | Net<br>Assets | Net Asset<br>Value per<br>Share | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  **Acquired Fund** |  |  |  | $483 |
|  Institutional Class | 4927 | $50228 | $10.19 |  |
|  **Pre-Reorganization Acquiring Fund** |  |  |  | 29476 |
|  Institutional Class | 76501 | 797971 | 10.43 |  |
|  I-2 | 26725 | 278762 | 10.43 |  |
|  Class A | 13468 | 140481 | 10.43 |  |
|  Class C | 480 | 5005 | 10.43 |  |
|  **Post-Reorganization Acquiring Fund** |  |  |  | 29959 |
|  Institutional Class | 81317 | 848199 | 10.43 |  |
|  I-2 | 26725 | 278762 | 10.43 |  |
|  Class A | 13468 | 140481 | 10.43 |  |
|  Class C | 480 | 5005 | 10.43 |  |

---

---

| | |
|:---|:---|
| **102** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

March 31, 2026

PIMCO paid all direct costs associated with the National Reorganization, including legal and accounting expenses, printing and mailing expenses, or similar expenses incurred in connection with the reorganization transaction, excluding costs in connection with the purchase or sale of portfolio securities, if any. Assuming the reorganization had been completed on April 1, 2025, the beginning of the annual reporting period, the pro forma results of operations for the year ended March 31, 2026, are as follows (amounts in thousands):

---

| | |
|:---|:---|
|  Net Income | $42677 |
|  Net realized and unrealized gain/loss | 10440 |
|  Total increase in net assets from investments operations | $53117 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenues and earnings of the National Acquired Fund that have been included in the Statements of Operations since November 21, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **103** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO California Intermediate Municipal Bond Fund, PIMCO California Municipal Bond Fund, PIMCO California Short Duration Municipal Income Fund, PIMCO High Yield Municipal Bond Fund, PIMCO Municipal Bond Fund, PIMCO National Intermediate Municipal Bond Fund, PIMCO New York Municipal Bond Fund and PIMCO Short Duration Municipal Income Fund (eight of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 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 periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 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 periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 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.

---

| | |
|:---|:---|
| **104** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations:  | Currency Abbreviations:  |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index | TSFR3M | Term SOFR 3-Month | US0003M | ICE 3-Month USD LIBOR |
| SOFR | Secured Overnight Financing Rate |  |  |  |  |
|  Municipal Bond or Agency Abbreviations:  | Municipal Bond or Agency Abbreviations:  |  |  |  |  |
| AGC | Assured Guaranty Corp. | FHA | Federal Housing Administration | HUD | U.S. Department of Housing and Urban Development |
| AGM | Assured Guaranty Municipal | FHLMC | Federal Home Loan Mortgage Corp. | NPFGC | National Public Finance Guarantee Corp. |
| BAM | Build America Mutual Assurance | FNMA | Federal National Mortgage Association | PSF | Public School Fund |
| CM | California Mortgage Insurance | GNMA | Government National Mortgage Association | SGI | Syncora Guarantee, Inc. |
| CR | Custodial Receipts |  |  |  |  |
|  Other Abbreviations:  | Other Abbreviations:  |  |  |  |  |
| BABs | Build America Bonds | TBD | To-Be-Determined | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| TBA | To-Be-Announced |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **105** |

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------

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 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 California Intermediate Municipal Bond Fund | PIMCO California Intermediate Municipal Bond Fund | PIMCO California Intermediate Municipal Bond Fund | PIMCO California Intermediate Municipal Bond Fund | PIMCO California Intermediate Municipal Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  November 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  December 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  January 2026 | $0.0246 | $0.0000 | $0.0000 | $0.0246 |
|  February 2026 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  March 2026 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  November 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  December 2025 | $0.0254 | $0.0000 | $0.0000 | $0.0254 |
|  January 2026 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  February 2026 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  March 2026 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
| 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 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  November 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  December 2025 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |
|  January 2026 | $0.0220 | $0.0000 | $0.0000 | $0.0220 |
|  February 2026 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  March 2026 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  November 2025 | $0.0165 | $0.0000 | $0.0000 | $0.0165 |
|  December 2025 | $0.0173 | $0.0000 | $0.0000 | $0.0173 |
|  January 2026 | $0.0159 | $0.0000 | $0.0000 | $0.0159 |
|  February 2026 | $0.0179 | $0.0000 | $0.0000 | $0.0179 |
|  March 2026 | $0.0164 | $0.0000 | $0.0000 | $0.0164 |
| PIMCO California Municipal Bond Fund | PIMCO California Municipal Bond Fund | PIMCO California Municipal Bond Fund | PIMCO California Municipal Bond Fund | PIMCO California Municipal Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  November 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  December 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  January 2026 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  February 2026 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  March 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |

---

---

| | |
|:---|:---|
| **106** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  November 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  December 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  January 2026 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  February 2026 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  March 2026 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
| **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 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  November 2025 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  December 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  January 2026 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  February 2026 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  March 2026 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
| **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 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  November 2025 | $0.0216 | $0.0000 | $0.0000 | $0.0216 |
|  December 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  January 2026 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  February 2026 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  March 2026 | $0.0209 | $0.0000 | $0.0000 | $0.0209 |
| PIMCO California Short Duration Municipal Income Fund | PIMCO California Short Duration Municipal Income Fund | PIMCO California Short Duration Municipal Income Fund | PIMCO California Short Duration Municipal Income Fund | PIMCO California Short Duration Municipal Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  November 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  December 2025 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
|  January 2026 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
|  February 2026 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  March 2026 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0245 | $0.0000 | $0.0000 | $0.0245 |
|  November 2025 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  December 2025 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  January 2026 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
|  February 2026 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
|  March 2026 | $0.0206 | $0.0000 | $0.0000 | $0.0206 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0218 | $0.0000 | $0.0000 | $0.0218 |
|  November 2025 | $0.0188 | $0.0000 | $0.0000 | $0.0188 |
|  December 2025 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  January 2026 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |
|  February 2026 | $0.0191 | $0.0000 | $0.0000 | $0.0191 |
|  March 2026 | $0.0181 | $0.0000 | $0.0000 | $0.0181 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **107** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO High Yield Municipal Bond Fund | PIMCO High Yield Municipal Bond Fund | PIMCO High Yield Municipal Bond Fund | PIMCO High Yield Municipal Bond Fund | PIMCO High Yield Municipal Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  November 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  December 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  January 2026 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  February 2026 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  March 2026 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
| **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 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  November 2025 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  December 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  January 2026 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  February 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  March 2026 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
| **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 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  November 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  December 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  January 2026 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  February 2026 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  March 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
| **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 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  November 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  December 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  January 2026 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  February 2026 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  March 2026 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
| **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 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  November 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  December 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  January 2026 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  February 2026 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  March 2026 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
| PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund | PIMCO Municipal Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  November 2025 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  December 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  January 2026 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  February 2026 | $0.0311 | $0.0000 | $0.0000 | $0.0311 |
|  March 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |

---

---

| | |
|:---|:---|
| **108** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  November 2025 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  December 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  January 2026 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  February 2026 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  March 2026 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
| **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 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  November 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  December 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  January 2026 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  February 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  March 2026 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
| **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 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  November 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  December 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  January 2026 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  February 2026 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  March 2026 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
| **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 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
|  November 2025 | $0.0237 | $0.0000 | $0.0000 | $0.0237 |
|  December 2025 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  January 2026 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
|  February 2026 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  March 2026 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
| PIMCO National Intermediate Municipal Bond Fund | PIMCO National Intermediate Municipal Bond Fund | PIMCO National Intermediate Municipal Bond Fund | PIMCO National Intermediate Municipal Bond Fund | PIMCO National Intermediate Municipal Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  November 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  December 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  January 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  February 2026 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  March 2026 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
| **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 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  November 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  December 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  January 2026 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  February 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  March 2026 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **109** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $0.0303 | $0.0000 | $0.0000 | $0.0303 |
|  November 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  December 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  January 2026 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  February 2026 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  March 2026 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  November 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  December 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  January 2026 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  February 2026 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  March 2026 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
| PIMCO New York Municipal Bond Fund | PIMCO New York Municipal Bond Fund | PIMCO New York Municipal Bond Fund | PIMCO New York Municipal Bond Fund | PIMCO New York Municipal Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  November 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  December 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  January 2026 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  February 2026 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  March 2026 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
| **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 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  November 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  December 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  January 2026 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  February 2026 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  March 2026 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
| **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 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  November 2025 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  December 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  January 2026 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  February 2026 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  March 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
| **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 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  November 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  December 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  January 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  February 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  March 2026 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |

---

---

| | |
|:---|:---|
| **110** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  November 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  December 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  January 2026 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  February 2026 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  March 2026 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
| PIMCO Short Duration Municipal Income Fund | PIMCO Short Duration Municipal Income Fund | PIMCO Short Duration Municipal Income Fund | PIMCO Short Duration Municipal Income Fund | PIMCO Short Duration Municipal Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
|  November 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  December 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  January 2026 | $0.0221 | $0.0000 | $0.0000 | $0.0221 |
|  February 2026 | $0.0222 | $0.0000 | $0.0000 | $0.0222 |
|  March 2026 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
| **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 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
|  November 2025 | $0.0213 | $0.0000 | $0.0000 | $0.0213 |
|  December 2025 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  January 2026 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
|  February 2026 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
|  March 2026 | $0.0235 | $0.0000 | $0.0000 | $0.0235 |
| **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 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  November 2025 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  December 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
|  January 2026 | $0.0210 | $0.0000 | $0.0000 | $0.0210 |
|  February 2026 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
|  March 2026 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
| **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 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  November 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  December 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  January 2026 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
|  February 2026 | $0.0196 | $0.0000 | $0.0000 | $0.0196 |
|  March 2026 | $0.0214 | $0.0000 | $0.0000 | $0.0214 |
| **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 | $0.0196 | $0.0000 | $0.0000 | $0.0196 |
|  November 2025 | $0.0174 | $0.0000 | $0.0000 | $0.0174 |
|  December 2025 | $0.0189 | $0.0000 | $0.0000 | $0.0189 |
|  January 2026 | $0.0171 | $0.0000 | $0.0000 | $0.0171 |
|  February 2026 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
|  March 2026 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **111** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $0.0181 | $0.0000 | $0.0000 | $0.0181 |
|  November 2025 | $0.0161 | $0.0000 | $0.0000 | $0.0161 |
|  December 2025 | $0.0175 | $0.0000 | $0.0000 | $0.0175 |
|  January 2026 | $0.0157 | $0.0000 | $0.0000 | $0.0157 |
|  February 2026 | $0.0164 | $0.0000 | $0.0000 | $0.0164 |
|  March 2026 | $0.0180 | $0.0000 | $0.0000 | $0.0180 |

---

\* 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. 

---

| | |
|:---|:---|
| **112** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 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 California Intermediate Municipal Bond Fund | 0.00% | 0.00% | $8534 | $0 |
|  PIMCO California Municipal Bond Fund | 0.00% | 0.00% | 16002 | 0 |
|  PIMCO California Short Duration Municipal Income Fund | 0.00% | 0.00% | 5514 | 0 |
|  PIMCO High Yield Municipal Bond Fund | 0.00% | 0.00% | 256213 | 0 |
|  PIMCO Municipal Bond Fund | 0.00% | 0.00% | 169107 | 0 |
|  PIMCO National Intermediate Municipal Bond Fund | 0.00% | 0.00% | 41464 | 0 |
|  PIMCO New York Municipal Bond Fund | 0.00% | 0.00% | 32012 | 0 |
|  PIMCO Short Duration Municipal Income Fund | 0.00% | 0.00% | 16001 | 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 | **113** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **114** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **115** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **116** | **PIMCO TAX-EFFICIENT STRATEGY FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g26739g75h91.jpg)

PIMSTAXEFFSTMAR_033126

------

![LOGO](g106411g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**Municipal Value Funds**

PIMCO California Municipal Opportunistic Value Fund

PIMCO National Municipal Opportunistic Value Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx106411_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx106411_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx106411_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx106411_4) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx106411_5) | 10 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx106411_6) | 17 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx106411_7) | 27 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx106411_8) | 31 |
| &nbsp;&nbsp; [Glossary](#tx106411_9) | 32 |
| &nbsp;&nbsp; [Distribution Information](#tx106411_10) | 33 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx106411_11) | 34 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx106411_12) | 35 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx106411_13) | 36 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx106411_14) | 37 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO California Municipal Opportunistic Value Fund](#tx106411_16) | 11 |
| &nbsp;&nbsp; [PIMCO National Municipal Opportunistic Value Fund](#tx106411_18) | 14 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. 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

---

| | |
|:---|:---|
| **2** | **MUNICIPAL VALUE FUNDS** |

---

------

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 class along with each Fund's diversification status as of period end:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | Diversification<br>Status | Diversification<br>Status |
|  PIMCO California Municipal Opportunistic Value Fund |  | 03/18/2019 |  | 03/18/2019 |  | Diversified |
|  PIMCO National Municipal Opportunistic Value Fund |  | 03/18/2019 |  | 03/18/2019 |  | Diversified |

---

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI

with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and

may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

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 Funds or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **MUNICIPAL VALUE FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **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>** |
| Selected Per Share Data for the Year or Period Ended^: | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net Asset Value**<br> **Beginning of**<br>**Year or<br>Period<sup>(a)</sup>** | **Net Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net**<br> **Realized**<br> **Capital Gains** | **Total** |
|  **PIMCO California Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.68 | $0.33 | $(0.02) | $0.31 | $(0.33) | $0.00 | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.85 | 0.33 | (0.17) | 0.16 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.81 | 0.31 | 0.04 | 0.35 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.91 | 0.27 | (0.10) | 0.17 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.28 | 0.22 | (0.36) | (0.14) | (0.22) | (0.01) | (0.23) |
|  **PIMCO National Municipal Opportunistic Value Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.67 | $0.36 | $0.00 | $0.36 | $(0.36) | $0.00 | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.84 | 0.34 | (0.17) | 0.17 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.83 | 0.32 | 0.01 | 0.33 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.03 | 0.28 | (0.20) | 0.08 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.49 | 0.24 | (0.46) | (0.22) | (0.24) | 0.00 | (0.24) |

---

---

| | |
|:---|:---|
| ^ | 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> Effective August 1, 2024, the Fund's Investment advisory fee was decreased by 0.03% to an annual rate of 0.37%. 

---

| | | |
|:---|:---|:---|
| **6** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset**<br> **Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and<br>Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover<br>Rate** |
| $9.66 | 3.28% | $198681 | 0.60% | 0.60% | 0.60% | 0.60% | 3.44% | 11% |
| 9.68 | 1.61 | 247430 | 0.60 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 3.34 | 20 |
| 9.85 | 3.68 | 268432 | 0.60 | 0.63 | 0.60 | 0.63 | 3.22 | 11 |
| 9.81 | 1.76 | 235747 | 0.60 | 0.63 | 0.60 | 0.63 | 2.72 | 45 |
| 9.91 | (1.35) | 204990 | 0.60 | 0.63 | 0.60 | 0.63 | 2.16 | 15 |
| $9.67 | 3.75% | $203336 | 0.60% | 0.60% | 0.60% | 0.60% | 3.69% | 6% |
| 9.67 | 1.77 | 271665 | 0.60 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 0.61 <sup>(e)</sup> | 3.50 | 20 |
| 9.84 | 3.49 | 314181 | 0.60 | 0.63 | 0.60 | 0.63 | 3.34 | 13 |
| 9.83 | 0.88 | 305030 | 0.60 | 0.63 | 0.60 | 0.63 | 2.89 | 19 |
| 10.03 | (2.18) | 204459 | 0.60 | 0.63 | 0.60 | 0.63 | 2.26 | 12 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

---

------

Statements of Assets and Liabilities March 31, 2026

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $192930 | $200284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5578 | 2478 |
|  Receivable for Fund shares sold | 265 | 185 |
|  Interest and/or dividends receivable | 2255 | 2731 |
|  Dividends receivable from Affiliates | 31 | 26 |
|  **Total Assets** | 201059 | 205704 |
|  **Liabilities:** |  |  |
|  Payable for investments purchased | $1540 | $1743 |
|  Payable for investments in Affiliates purchased | 32 | 26 |
|  Payable for Fund shares redeemed | 702 | 494 |
|  Distributions payable | 3 | 2 |
|  Accrued investment advisory fees | 62 | 64 |
|  Accrued supervisory and administrative fees | 39 | 39 |
|  **Total Liabilities** | 2378 | 2368 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $198681 | $203336 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $201694 | $208180 |
|  Distributable earnings (accumulated loss) | (3013) | (4844) |
|  **Net Assets** | $198681 | $203336 |
|  **Net Assets:** |  |  |
|  Institutional Class | $198681 | $203336 |
|  **Shares Issued and Outstanding:** |  |  |
|  Institutional Class | 20570 | 21032 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |
|  Institutional Class | $9.66 | $9.67 |
|  Cost of investments in securities | $193928 | $202774 |
|  Cost of investments in Affiliates | $5578 | $2478 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 7, Fees and Expenses, in the Notes to Financial Statements for more information.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds

---

| | | |
|:---|:---|:---|
| **8** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Year Ended March 31, 2026 |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund** | **PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund** |
|  **Investment Income:** |  |  |
|  Interest | $8533 | $9840 |
|  Dividends | 11 | 9 |
|  Dividends from Investments in Affiliates | 214 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 8758 | 9975 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 803 | 861 |
|  Supervisory and administrative fees | 499 | 535 |
|  Trustee fees | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1304 | 1398 |
|  **Net Investment Income (Loss)** | 7454 | 8577 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | (999) | (1795) |
|  Investments in Affiliates | 9 | (1) |
|  **Net Realized Gain (Loss)** | (990) | (1796) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 153 | 1218 |
|  Investments in Affiliates | (9) | (1) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 144 | 1217 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6608 | $7998 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO California Municipal<br>Opportunistic Value Fund** | **PIMCO California Municipal<br>Opportunistic Value Fund** | **PIMCO National Municipal<br>Opportunistic Value Fund** | **PIMCO National Municipal<br>Opportunistic Value 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) | $7454 | $8843 | $8577 | $10573 |
|  Net realized gain (loss) | (990) | (447) | (1796) | 345 |
|  Net change in unrealized appreciation (depreciation) | 144 | (4262) | 1217 | (5218) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6608 | 4134 | 7998 | 5700 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7459) | (8837) | (8574) | (10567) |
|  **Total Distributions<sup>(a)</sup>** | (7459) | (8837) | (8574) | (10567) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (47898) | (16299) | (67753) | (37649) |
|  **Total Increase (Decrease) in Net Assets** | (48749) | (21002) | (68329) | (42516) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 247430 | 268432 | 271665 | 314181 |
|  End of year | $198681 | $247430 | $203336 | $271665 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 11, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **10** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value 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% |
| MUNICIPAL BONDS & NOTES 97.0% | MUNICIPAL BONDS & NOTES 97.0% | MUNICIPAL BONDS & NOTES 97.0% |
| CALIFORNIA 93.2% | CALIFORNIA 93.2% | CALIFORNIA 93.2% |
|  Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 | Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 | Alameda Health Care District, California Certificates of Participation Bonds, Series 2024 |
|  5.000% due 09/15/2049 | 2455 | 2582 |
|  Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 | Alhambra Unified School District, California General Obligation Bonds, Series 2023 |
|  5.250% due 08/01/2048 | 2500 | 2645 |
|  Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 | Alum Rock Union Elementary School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2048 | 1210 | 1267 |
|  Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 | Anaheim Housing & Public Improvements Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 10/01/2047 | 1000 | 1017 |
|  Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | Antelope Valley Community College District, California General Obligation Bonds, Series 2022 |
|  0.000% due 08/01/2041 (b) | 2000 | 952 |
|  Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Brawley Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2052 | 1500 | 1589 |
|  Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 | Brentwood Union School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2052 | 1425 | 1486 |
|  Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2047 | 1815 | 1710 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.250% due 11/01/2054 | 2500 | 2639 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 01/01/2055 | 3000 | 3065 |
|  California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 | California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 |
|  5.000% due 11/01/2050 | 1000 | 1015 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 | California Health Facilities Financing Authority Revenue Bonds, Series 2022 |
|  4.000% due 05/15/2051 | 2000 | 1813 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 | California Health Facilities Financing Authority Revenue Bonds, Series 2025 |
|  5.250% due 02/01/2048 | 1935 | 2073 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2010 |
|  5.750% due 08/15/2029 | 410 | 411 |
|  California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 | California Municipal Finance Authority Revenue Bonds, (CM Insured), Series 2019 |
|  5.000% due 01/01/2049 | 1000 | 1019 |
|  California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 | California Municipal Finance Authority Revenue Bonds, (FNMA Insured),Series 2024 |
|  4.450% due 12/01/2042 | 2000 | 1998 |
|  California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 | California Municipal Finance Authority Revenue Bonds, Series 2017 |
|  5.000% due 06/01/2042 | 2000 | 2039 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  4.000% due 12/01/2043 | 2000 | 1921 |
|  5.000% due 09/01/2049 | 1450 | 1494 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  3.998% due 11/20/2040 | 2989 | 2864 |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 |
|  5.125% due 10/01/2027 | 70 | 70 |
|  California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 | California State General Obligation Bonds, (SGI Insured), Series 2002 |
|  5.000% due 10/01/2028 | 5 | 5 |
|  California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 | California State General Obligation Bonds, Series 2000 |
|  5.750% due 05/01/2030 | 85 | 85 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 | California Statewide Communities Development Authority Revenue Bonds, Series 2016 |
|  5.000% due 08/15/2046 | 2175 | 2180 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Statewide Communities Development Authority Revenue Notes, (FNMA Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (FNMA Insured), Series 2026 | California Statewide Communities Development Authority Revenue Notes, (FNMA Insured), Series 2026 |
|  4.200% due 05/01/2036 (a) | 1540 | 1546 |
|  Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 | Cambrian School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2046 | 1750 | 1809 |
|  Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 | Carson Public Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 2000 | 2077 |
|  Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Cascade Union Elementary School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2046 | 1150 | 1231 |
|  Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Central School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  0.000% due 08/01/2044 (b) | 1275 | 560 |
|  Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 | Central Union High School District-Imperial County, California General Obligation Bonds, Series 2019 |
|  4.000% due 08/01/2049 | 2000 | 1820 |
|  Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 | Ceres Unified School District, California General Obligation Bonds, (BAM Insured), Series 2017 |
|  5.000% due 08/01/2051 | 5000 | 5029 |
|  Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 | Chowchilla Union High School District, California General Obligation Bonds, Series 2022 |
|  5.500% due 08/01/2052 | 2000 | 2108 |
|  Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 | Colton Joint Unified School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 2500 | 2628 |
|  Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 | Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 | Cosumnes Community Services District, California Certificates of Participation Bonds, Series 2022 |
|  5.000% due 11/01/2042 | 1000 | 1045 |
|  Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 | Discovery Bay California Public Financing Authority Revenue Bonds, Series 2022 |
|  5.000% due 12/01/2042 | 1005 | 1087 |
|  Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Durham Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2054 | 1695 | 1746 |
|  El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 | El Centro Elemenatry School District, California General Obligation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 08/01/2047 | 1315 | 1372 |
|  5.250% due 08/01/2050 | 930 | 973 |
|  El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 | El Monte City School District, California General Obligation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 08/01/2049 | 1000 | 1050 |
|  Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 | Elk Grove Finance Authority, California Revenue Bonds, Series 2022 |
|  5.000% due 11/01/2042 | 1385 | 1496 |
|  Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 | Fallbrook Union High School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 08/01/2046 | 2000 | 1920 |
|  Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 | Fontana Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 730 | 775 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  5.000% due 09/01/2048 | 2000 | 2091 |
|  Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 | Jefferson Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 09/01/2049 | 1450 | 1518 |
|  La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 | La Honda Pescadero Unified School District, California General Obligation Bonds, Series 2022 |
|  0.000% due 04/01/2042 (b) | 2215 | 1075 |
|  Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 05/01/2054 | 2000 | 2052 |
|  Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Lancaster School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2051 | 1410 | 1467 |
|  Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 | Lemon Grove School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2049 | 1170 | 1214 |
|  Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 | Livermore, California Certificates of Participation Bonds, Series 2022 |
|  4.750% due 04/01/2047 | 1330 | 1359 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 | Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 | Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2050 | 1160 | 1200 |
|  Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 | Long Beach, California Harbor Revenue Bonds, Series 2019 |
|  5.000% due 05/15/2044 | 3000 | 3112 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 | Los Angeles Department of Airports, California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2041 | 8775 | 8783 |
|  Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 | Los Angeles Housing Authority, California Revenue Notes, (FNMA Insured), Series 2024 |
|  3.750% due 04/01/2034 | 2500 | 2483 |
|  Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | Los Angeles Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 07/01/2047 | 1915 | 2042 |
|  Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 | Madera Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.000% due 09/01/2043 | 1000 | 1084 |
|  Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Marina, California Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.250% due 05/01/2047 | 2000 | 2101 |
|  McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 | McFarland Unified School District, California General Obligation Bonds, (BAM Insured), Series 2022 |
|  5.250% due 11/01/2049 | 1000 | 1028 |
|  Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 | Merced County, California Certificates of Participation Bonds, (BAM Insured), Series 2022 |
|  4.000% due 06/01/2045 | 1750 | 1704 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 2480 | 2591 |
|  Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 | Modesto Irrigation District, California Revenue Bonds, (NPFGC Insured), Series 2007 |
|  3.212% (US0003M + 0.580%) due 09/01/2027 ~ | 675 | 673 |
|  3.262% (US0003M + 0.630%) due 09/01/2037 ~ | 1600 | 1559 |
|  Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 | Moreno Valley Unified School District, California General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 08/01/2050 | 3000 | 3146 |
|  Mount Pleasant Elementary School District,California General Obligation Bonds, (AGM Insured), Series 2025 | Mount Pleasant Elementary School District,California General Obligation Bonds, (AGM Insured), Series 2025 | Mount Pleasant Elementary School District,California General Obligation Bonds, (AGM Insured), Series 2025 |
|  5.000% due 08/01/2050 | 1800 | 1874 |
|  Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 | Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 | Oakdale Joint Unified School District, California General Obligation Bonds, Series 2025 |
|  5.250% due 08/01/2050 | 3000 | 3175 |
|  Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 | Ontario Public Financing Authority, California Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 11/01/2047 | 1000 | 1051 |
|  5.000% due 11/01/2052 | 1000 | 1029 |
|  Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 | Pacifica School District, California General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2050 | 2765 | 2870 |
|  Palmdale Financing Authority, California Revenue Bonds, (BAM Insured),Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured),Series 2023 | Palmdale Financing Authority, California Revenue Bonds, (BAM Insured),Series 2023 |
|  4.500% due 06/01/2053 | 2750 | 2754 |
|  Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pittsburg Public California Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 08/01/2052 | 3000 | 3082 |
|  Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 | Pittsburg Unified School District, California General Obligation Bonds, Series 2018 |
|  5.000% due 08/01/2047 | 1275 | 1278 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 | Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2016 |
|  5.000% due 05/15/2041 | 2750 | 2759 |
|  Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | Riverside County, California Transportation Commission Revenue Bonds, Series 2021 |
|  4.000% due 06/01/2046 | 985 | 889 |
|  4.000% due 06/01/2047 | 2000 | 1772 |
|  Sacramento County, California Airport System Revenue Notes, Series 2025 | Sacramento County, California Airport System Revenue Notes, Series 2025 | Sacramento County, California Airport System Revenue Notes, Series 2025 |
|  5.000% due 07/01/2034 | 1000 | 1106 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>11</sub> |

---

------

Schedule of Investments PIMCO California Municipal Opportunistic Value Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2017 |
|  5.000% due 07/01/2047 | 3230 | 3230 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 3290 | 3363 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2046 | 1500 | 1527 |
|  San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 | San Diego County, California Regional Transportation Commission Revenue Bonds, Series 2016 |
|  5.000% due 04/01/2048 | 2490 | 2490 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2023 |
|  4.000% due 10/15/2048 | 1750 | 1643 |
|  San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 | San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 10/15/2049 | 2135 | 2242 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2012 | San Diego Unified School District, California General Obligation Bonds, Series 2012 | San Diego Unified School District, California General Obligation Bonds, Series 2012 |
|  0.000% due 07/01/2040 (c) | 2500 | 2659 |
|  San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 | San Diego Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 07/01/2048 | 2500 | 2630 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016 |
|  5.000% due 05/01/2046 | 4450 | 4450 |
|  San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 | San Juan Unified School District, California General Obligation Bonds, Series 2022 |
|  4.000% due 08/01/2046 | 2500 | 2420 |
|  5.000% due 08/01/2041 | 1035 | 1098 |
|  San Leandro Unified School District, California General Obligation Bonds, Series 2022 | San Leandro Unified School District, California General Obligation Bonds, Series 2022 | San Leandro Unified School District, California General Obligation Bonds, Series 2022 |
|  5.250% due 08/01/2048 | 2000 | 2125 |
|  Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 | Sanger Unified School District, California Certificates of Participation Bonds, (AGM Insured), Series 2022 |
|  5.000% due 06/01/2049 | 3250 | 3254 |
|  Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 | Santa Ana Public Financing Authority, California Revenue Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 1100 | 1152 |
|  Santa Clara Unified School District, California General Obligation Bonds, Series 2023 | Santa Clara Unified School District, California General Obligation Bonds, Series 2023 | Santa Clara Unified School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2052 | 1260 | 1311 |
|  Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 | Santa Cruz County Capital Financing Authority, California Revenue Bonds, Series 2024 |
|  4.125% due 06/01/2039 | 2600 | 2628 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 | South Bay Union School District/San Diego County, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  0.000% due 08/01/2037 (b) | 1290 | 790 |
|  South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 | South Tahoe Joint Powers Financing Authority, California Revenue Bonds, Series 2023 |
|  5.250% due 10/01/2048 | 1825 | 1945 |
|  Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | Sweetwater Union High School District, California General Obligation Bonds, Series 2022 |
|  5.000% due 08/01/2052 | 2000 | 2046 |
|  Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 | Tracy Public Financing Authority, California Revenue Bonds, (BAM Insured), Series 2024 |
|  5.000% due 11/01/2049 | 1345 | 1399 |
|  Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 | Ukiah Unified School District, California General Obligation Bonds, (AGM Insured), Series 2022 |
|  5.500% due 08/01/2049 | 1000 | 1066 |
|  University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 | University of California Revenue Bonds, Series 2017 |
|  5.000% due 05/15/2042 | 2655 | 2701 |
|  West Covina Unified School District, California General Obligation Bonds, Series 2024 | West Covina Unified School District, California General Obligation Bonds, Series 2024 | West Covina Unified School District, California General Obligation Bonds, Series 2024 |
|  4.000% due 08/01/2047 | 3000 | 2880 |
|  |  | 185181 |
| MULTI-STATE 2.3% | MULTI-STATE 2.3% | MULTI-STATE 2.3% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 2895 | 2875 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.291% due 04/25/2042 ~ | 1488 | 1561 |
|  |  | 4436 |
| OHIO 0.9% | OHIO 0.9% | OHIO 0.9% |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 |
|  4.625% due 12/01/2052 | 2000 | 1821 |
| TEXAS 0.6% | TEXAS 0.6% | TEXAS 0.6% |
|  Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 | Upper Trinity Regional Water District, Texas Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2042 | 1160 | 1218 |
|  Total Municipal Bonds & Notes (Cost $193,654) |  | 192656 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  3.710% (d) | 273745 | $— | 274 |
| Total Short-Term Instruments (Cost $274) |  |  | 274 |
| Total Investments in Securities (Cost $193,928) |  |  | 192930 |
| INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% | INVESTMENTS IN AFFILIATES 2.8% |
| SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% | SHORT-TERM INSTRUMENTS 2.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 572742 | 5578 | 5578 |
| Total Short-Term Instruments (Cost $5,578) |  |  | 5578 |
| Total Investments in Affiliates (Cost $5,578) |  |  | 5578 |
| Total Investments 99.9%<br> (Cost $199,506) | Total Investments 99.9%<br> (Cost $199,506) | $— | 198508 |
| Other Assets and Liabilities, net 0.1% | Other Assets and Liabilities, net 0.1% |  | 173 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 198681 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

(a) When-issued security.

(b) Zero coupon security.

(c) Security becomes interest bearing at a future date.

(d) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **12** | **MUNICIPAL VALUE 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 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | $0 | $185181 | $0 | $185181 |
| &nbsp;&nbsp; Multi-State | 0 | 4436 | 0 | 4436 |
| &nbsp;&nbsp; Ohio | 0 | 1821 | 0 | 1821 |
| &nbsp;&nbsp; Texas | 0 | 1218 | 0 | 1218 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 274 | 0 | 0 | 274 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192930 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;5578 | $0 | $0 | $5578 |
|  Total Investments | $5852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198508 |

---

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<sub>13</sub> |

---

------

Schedule of Investments PIMCO National Municipal Opportunistic Value Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 98.5% | INVESTMENTS IN SECURITIES 98.5% | INVESTMENTS IN SECURITIES 98.5% |
| MUNICIPAL BONDS & NOTES 98.4% | MUNICIPAL BONDS & NOTES 98.4% | MUNICIPAL BONDS & NOTES 98.4% |
| ALABAMA 2.9% | ALABAMA 2.9% | ALABAMA 2.9% |
|  Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 | Alabama Community College System Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 06/01/2053 | 500 | $508 |
|  Lower Alabama Gas District Revenue Bonds, Series 2016 |  |  |
|  5.000% due 09/01/2046 | 2150 | 2196 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2051 | 2185 | 2197 |
|  Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 | Sylacauga, Alabama General Obligation Bonds, (BAM Insured), Series 2024 |
|  4.250% due 04/01/2049 | 1000 | 922 |
|  |  | 5823 |
| ARIZONA 2.2% | ARIZONA 2.2% | ARIZONA 2.2% |
|  Arizona Board of Regents Revenue Bonds, Series 2026 | Arizona Board of Regents Revenue Bonds, Series 2026 | Arizona Board of Regents Revenue Bonds, Series 2026 |
|  5.000% due 08/01/2051 | 2435 | 2493 |
|  Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 | Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2047 | 2000 | 2011 |
|  |  | 4504 |
| CALIFORNIA 0.5% | CALIFORNIA 0.5% | CALIFORNIA 0.5% |
|  California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 | California State General Obligation Bonds, (AMBAC Insured), Series 1997 |
|  5.125% due 10/01/2027 | 65 | 65 |
|  Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 | Modesto Elementary School District, California General Obligation Bonds, Series 2023 |
|  5.000% due 08/01/2047 | 1000 | 1045 |
|  |  | 1110 |
| COLORADO 2.4% | COLORADO 2.4% | COLORADO 2.4% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2023 | Board of Governors of Colorado State University System Revenue Bonds, Series 2023 | Board of Governors of Colorado State University System Revenue Bonds, Series 2023 |
|  5.000% due 03/01/2051 | 235 | 239 |
|  Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 | Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 11/01/2039 | 2500 | 2583 |
|  Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022 | Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022 | Northern Colorado Water Conservancy District Certificates Of Participation Bonds, Series 2022 |
|  5.250% due 07/01/2052 | 2100 | 2164 |
|  |  | 4986 |
| DISTRICT OF COLUMBIA 1.7% | DISTRICT OF COLUMBIA 1.7% | DISTRICT OF COLUMBIA 1.7% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2017 |
|  5.000% due 10/01/2042 | 3475 | 3508 |
| FLORIDA 8.3% | FLORIDA 8.3% | FLORIDA 8.3% |
|  Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 | Lee County, Florida Local Option Gas Tax Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2049 | 2000 | 2048 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2015 |
|  5.000% due 10/01/2038 | 5525 | 5529 |
|  Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2025 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2025 | Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2025 |
|  4.500% due 10/01/2051 | 3000 | 2892 |
|  Pinellas Park, Florida Revenue Bonds, Series 2022 | Pinellas Park, Florida Revenue Bonds, Series 2022 | Pinellas Park, Florida Revenue Bonds, Series 2022 |
|  5.000% due 09/01/2049 | 2200 | 2249 |
|  St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 | St Johns County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2048 | 2000 | 2040 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 | Sumter County, Florida School Board Certificates of Participation Bonds, (AGM Insured), Series 2024 |
|  5.250% due 01/01/2049 | 2100 | 2224 |
|  |  | 16982 |
| GEORGIA 1.9% | GEORGIA 1.9% | GEORGIA 1.9% |
|  Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 | Bibb County, Georgia Development Authority Revenue Bonds, Series 2024 |
|  4.375% due 07/01/2054 | 1000 | 950 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2022 |
|  4.000% due 09/01/2052 | 2000 | 2020 |
|  Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024 | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024 | Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024 |
|  4.125% due 10/01/2049 | 1000 | 925 |
|  |  | 3895 |
| HAWAII 2.2% | HAWAII 2.2% | HAWAII 2.2% |
|  Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 | Hawaii Housing Finance & Development Corp. Revenue Bonds, Series 2011 |
|  4.950% due 04/01/2029 | 4425 | 4522 |
| ILLINOIS 10.4% | ILLINOIS 10.4% | ILLINOIS 10.4% |
|  Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 | Chicago Park District, Illinois General Obligation Bonds, Series 2024 |
|  5.000% due 01/01/2046 | 1000 | 1031 |
|  Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 | Cook County, Illinois School District No 36, Winnetka General Obligation Bonds, Series 2022 |
|  4.000% due 12/01/2042 | 1805 | 1807 |
|  Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024 | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024 | Cook County, Illinois School District No 86 Harwood Heights General Obligation Bonds,(BAM Insured),Series 2024 |
|  5.000% due 10/01/2049 | 1495 | 1513 |
|  DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 | DuPage County, Illinois School District No 13 Bloomingdale General Obligation Bonds, Series 2025 |
|  4.250% due 11/01/2049 | 1645 | 1520 |
|  Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 | Illinois Finance Authority Revenue Bonds, Series 2022 |
|  5.000% due 08/15/2047 | 1775 | 1795 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 | Illinois State Toll Highway Authority Revenue Bonds, Series 2015 |
|  5.000% due 01/01/2040 | 1805 | 1805 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2016 | Illinois State Toll Highway Authority Revenue Bonds, Series 2016 | Illinois State Toll Highway Authority Revenue Bonds, Series 2016 |
|  5.000% due 01/01/2041 | 2200 | 2206 |
|  Morgan County, Illinois School District No 117 Jacksonville General Obligation Bonds, (BAM Insured), Series 2026 | Morgan County, Illinois School District No 117 Jacksonville General Obligation Bonds, (BAM Insured), Series 2026 | Morgan County, Illinois School District No 117 Jacksonville General Obligation Bonds, (BAM Insured), Series 2026 |
|  5.250% due 01/01/2050 | 3000 | 3081 |
|  Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 | Rock Island & Mercer Counties Community Unit School District No 300, Illinois General Obligation Bonds, (BAM Insured), Series 2025 |
|  5.000% due 12/01/2050 | 2170 | 2235 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  5.250% due 01/01/2043 | 1120 | 1147 |
|  5.250% due 01/01/2048 | 2000 | 2023 |
|  Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 | Will County, Illinois School District No 86, Joliet General Obligation Bonds, (BAM Insured), Series 2024 |
|  4.500% due 01/01/2049 | 1000 | 973 |
|  |  | 21136 |
| KANSAS 1.0% | KANSAS 1.0% | KANSAS 1.0% |
|  Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 | Leavenworth County, Kansas Unified School District No. 458 General Obligation Bonds, Series 2024 |
|  5.000% due 09/01/2049 | 2000 | 2018 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOUISIANA 1.0% | LOUISIANA 1.0% | LOUISIANA 1.0% |
|  Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 | Lafayette, Louisiana Utilities Revenue Bonds, (AGC Insured), Series 2024 |
|  5.000% due 11/01/2049 | 2000 | $2080 |
| MAINE 2.6% | MAINE 2.6% | MAINE 2.6% |
|  Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 | Maine Health & Higher Educational Facilities Authority Revenue Bonds, (BAM Insured), Series 2022 |
|  5.500% due 07/01/2050 | 5000 | 5229 |
| MARYLAND 0.3% | MARYLAND 0.3% | MARYLAND 0.3% |
|  Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 | Montgomery County, Maryland Housing Opportunities Commission Revenue Bonds, Series 2005 |
|  5.000% due 07/01/2031 | 625 | 633 |
| MASSACHUSETTS 2.0% | MASSACHUSETTS 2.0% | MASSACHUSETTS 2.0% |
|  Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 | Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2050 | 3000 | 3037 |
|  Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 | Massachusetts Port Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2034 | 1000 | 1046 |
|  |  | 4083 |
| MICHIGAN 3.3% | MICHIGAN 3.3% | MICHIGAN 3.3% |
|  Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 | Clarkston Community Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2023 |
|  5.000% due 05/01/2047 | 2500 | 2585 |
|  Jackson Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2026 | Jackson Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2026 | Jackson Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2026 |
|  5.000% due 05/01/2047 | 500 | 523 |
|  Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 | Jenison Public Schools, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2024 |
|  5.000% due 05/01/2049 | 535 | 552 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2010 |
|  5.000% due 11/15/2047 | 1730 | 1746 |
|  Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 | Saginaw City School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2021 |
|  4.000% due 05/01/2050 | 750 | 672 |
|  Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 | Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 | Woodhaven-Brownstown School District, Michigan General Obligation Bonds, (Q-SBLF Insured), Series 2025 |
|  5.000% due 11/01/2051 | 525 | 539 |
|  |  | 6617 |
| MISSOURI 6.9% | MISSOURI 6.9% | MISSOURI 6.9% |
|  Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Andrew County Reorganized School District No 3, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  4.500% due 04/15/2048 | 2275 | 2252 |
|  Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue Bonds, Series 2019 |
|  5.000% due 10/01/2044 | 2225 | 2278 |
|  Blue Springs, Missouri Revenue Bonds, Series 2022 | Blue Springs, Missouri Revenue Bonds, Series 2022 | Blue Springs, Missouri Revenue Bonds, Series 2022 |
|  5.000% due 08/01/2052 | 2500 | 2530 |
|  Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 | Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2019 |
|  5.000% due 03/01/2037 | 2930 | 3016 |
|  Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 | Marshall School District, Missouri Certificates of Participation Bonds, (BAM Insured), Series 2023 |
|  5.000% due 03/01/2049 | 2000 | 2057 |
|  Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 | Orchard Farm, Missouri School Board Certificates of Participation Bonds, Series 2022 |
|  5.500% due 04/01/2047 | 1780 | 1827 |
|  |  | 13960 |

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| | | |
|:---|:---|:---|
| **14** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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------

March 31, 2026

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MULTI-STATE 2.8% | MULTI-STATE 2.8% | MULTI-STATE 2.8% |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.033% due 12/25/2036 | 2895 | $2875 |
|  4.140% due 01/25/2040 | 2915 | 2892 |
|  |  | 5767 |
| NEBRASKA 2.0% | NEBRASKA 2.0% | NEBRASKA 2.0% |
|  Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 | Fremont School District, Nebraska General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 12/15/2048 | 2925 | 3054 |
|  Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 | Southeast Community College Area, Nebraska Certificates of Participation Bonds, Series 2023 |
|  4.500% due 12/15/2053 | 1000 | 950 |
|  |  | 4004 |
| NEW HAMPSHIRE 2.4% | NEW HAMPSHIRE 2.4% | NEW HAMPSHIRE 2.4% |
|  New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 | New Hampshire Business Finance Authority Revenue Bonds, (BAM Insured), Series 2023 |
|  5.250% due 12/01/2041 | 1450 | 1582 |
|  New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | New Hampshire Housing Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 07/01/2055 | 2885 | 3235 |
|  |  | 4817 |
| NEW JERSEY 0.5% | NEW JERSEY 0.5% | NEW JERSEY 0.5% |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 |
|  5.000% due 06/15/2044 | 1000 | 1025 |
| NEW YORK 5.1% | NEW YORK 5.1% | NEW YORK 5.1% |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2026 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2026 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2026 |
|  5.000% due 06/15/2037 (a) | 1500 | 1725 |
|  New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 | New York State Dormitory Authority Revenue Bonds, Series 2022 |
|  5.000% due 05/01/2052 | 2500 | 2509 |
|  Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 | Schenectady County Capital Resource Corp. Union College Project, New York Revenue Bonds Series 2022 |
|  5.250% due 07/01/2052 | 1000 | 1022 |
|  Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 |
|  5.000% due 05/15/2051 | 5000 | 5101 |
|  |  | 10357 |
| NORTH CAROLINA 2.2% | NORTH CAROLINA 2.2% | NORTH CAROLINA 2.2% |
|  Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 | Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2013 |
|  5.000% due 01/15/2039 | 4450 | 4460 |
| OHIO 9.3% | OHIO 9.3% | OHIO 9.3% |
|  Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 | Akron City School District, Ohio Certificates of Participation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 08/01/2053 | 1000 | 1016 |
|  Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 | Amherst Exempted Village School District, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 1000 | 1017 |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2050 | 3000 | 3140 |
|  Coshocton County, Ohio General Obligation Bonds, Series 2023 | Coshocton County, Ohio General Obligation Bonds, Series 2023 | Coshocton County, Ohio General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2048 | 3405 | 3456 |
|  Lake County, Ohio General Obligation Bonds, Series 2024 | Lake County, Ohio General Obligation Bonds, Series 2024 | Lake County, Ohio General Obligation Bonds, Series 2024 |
|  5.000% due 12/01/2050 | 2000 | 2029 |
|  Oak Hills Local School District, Ohio General Obligation Bonds, Series 2026 | Oak Hills Local School District, Ohio General Obligation Bonds, Series 2026 | Oak Hills Local School District, Ohio General Obligation Bonds, Series 2026 |
|  5.125% due 11/01/2051 | 500 | 516 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 | Princeton City School District, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 500 | 507 |
|  5.000% due 12/01/2053 | 2465 | 2483 |
|  Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 | Toledo City School District, Ohio Certificates of Participation Bonds, (BAM Insured), Series 2024 |
|  5.000% due 12/01/2048 | 1000 | 1040 |
|  Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 | Tolles Career & Technical Center, Ohio Certificates of Participation Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 2640 | 2710 |
|  Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 | Warren City School District, Ohio Certificates of Participation Bonds, Series 2023 |
|  4.625% due 12/01/2052 | 1000 | 910 |
|  |  | 18824 |
| OREGON 0.5% | OREGON 0.5% | OREGON 0.5% |
|  Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 | Washington County, Oregon School District No 13 Banks General Obligation Bonds, Series 2024 |
|  0.000% due 06/15/2044 (b) | 2500 | 1041 |
| PENNSYLVANIA 7.9% | PENNSYLVANIA 7.9% | PENNSYLVANIA 7.9% |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, (AGM Insured), Series 2018 |
|  4.000% due 06/01/2039 | 1000 | 962 |
|  Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 | Commonwealth of Pennsylvania Certificates of Participation Bonds, Series 2018 |
|  5.000% due 07/01/2043 | 3200 | 3260 |
|  Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 | Dallastown Area, Pennsylvania School District General Obligation Bonds, Series 2022 |
|  5.000% due 03/15/2041 | 1750 | 1826 |
|  Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 | Keystone Central School District, Pennsylvania General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.375% due 02/15/2049 | 2000 | 1878 |
|  Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 | Lancaster County, Pennsylvania Convention Center Authority Revenue Bonds, (CNTY Insured), Series 2022 |
|  4.000% due 05/01/2049 | 2000 | 1802 |
|  Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 | Mechanicsburg Area School District, Pennsylvania General Obligation Bonds, (AGM Insured), Series 2023 |
|  5.000% due 05/15/2048 | 1770 | 1809 |
|  Middletown Area School District, Pennsylvania General Obligation Bonds,(BAM Insured), Series 2025 | Middletown Area School District, Pennsylvania General Obligation Bonds,(BAM Insured), Series 2025 | Middletown Area School District, Pennsylvania General Obligation Bonds,(BAM Insured), Series 2025 |
|  5.000% due 03/01/2045 | 1000 | 1032 |
|  Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 | Muhlenberg School District, Pennsylvania General Obligation Bonds, Series 2024 |
|  5.000% due 05/15/2049 | 1000 | 1021 |
|  Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 | Palmyra Area School District, Pennsylvania General Obligation Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1375 | 1405 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2017 |
|  5.000% due 12/01/2047 | 1000 | 1010 |
|  |  | 16005 |
| TEXAS 10.6% | TEXAS 10.6% | TEXAS 10.6% |
|  Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 | Angleton Independent School District, Texas General Obligation Bonds, (BAM Insured), Series 2023 |
|  4.000% due 02/15/2047 | 1000 | 922 |
|  Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 | Aubrey, Texas General Obligation Bonds, (AGC Insured), Series 2024 |
|  4.000% due 02/15/2049 | 2000 | 1765 |
|  Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 | Austin, Texas Airport System Revenue Bonds, Series 2022 |
|  5.250% due 11/15/2047 | 1725 | 1774 |
|  Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 | Bell County, Texas Water Control & Improvement District No 1 Revenue Bonds, (BAM Insured), Series 2024 |
|  4.500% due 07/10/2046 | 1500 | 1462 |
|  Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 | Bexar County Texas Hospital District, General Obligation Bonds, Series 2023 |
|  5.000% due 02/15/2048 | 1000 | 1028 |

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brownsville, Texas General Obligation Bonds, Series 2018 | Brownsville, Texas General Obligation Bonds, Series 2018 | Brownsville, Texas General Obligation Bonds, Series 2018 | Brownsville, Texas General Obligation Bonds, Series 2018 |
|  5.000% due 02/15/2043 | 1000 | $| 1000 |
|  Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 | Goose Creek Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
|  4.500% due 10/01/2049 | 2000 |  | 1983 |
|  Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 |
|  5.000% due 07/01/2052 | 2500 |  | 2527 |
|  Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 | Little Elm Independent School District, Texas General Obligation Bonds, Series 2023 |
|  4.000% due 08/15/2048 | 1945 |  | 1740 |
|  Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 | Midland County, Texas Hospital District Revenue Bonds, (BAM Insured), Series 2024 |
|  4.125% due 05/15/2049 | 1260 |  | 1141 |
|  Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 | Palacios Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022 |
|  4.000% due 02/15/2051 | 1190 |  | 1054 |
|  Port Neches-Groves Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2026 | Port Neches-Groves Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2026 | Port Neches-Groves Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2026 | Port Neches-Groves Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2026 |
|  5.000% due 02/15/2049 | 1110 |  | 1145 |
|  Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 |
|  4.250% due 08/15/2048 | 2280 |  | 2139 |
|  Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023 | Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023 | Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023 | Waller Consolidated Independent School District, Texas General Obligation Bonds,(BAM Insured), Series 2023 |
|  4.000% due 02/15/2048 | 2000 |  | 1810 |
|  |  |  | 21490 |
| UTAH 1.2% | UTAH 1.2% | UTAH 1.2% | UTAH 1.2% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, Series 2021 |
|  5.000% due 07/01/2037 | 1000 |  | 1055 |
|  South Utah Valley Solid Waste District Revenue Bonds, Series 2022 | South Utah Valley Solid Waste District Revenue Bonds, Series 2022 | South Utah Valley Solid Waste District Revenue Bonds, Series 2022 | South Utah Valley Solid Waste District Revenue Bonds, Series 2022 |
|  5.000% due 04/15/2047 | 1450 |  | 1475 |
|  |  |  | 2530 |
| VIRGINIA 1.4% | VIRGINIA 1.4% | VIRGINIA 1.4% | VIRGINIA 1.4% |
|  Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 | Fairfax County, Virginia Redevelopment & Housing Authority Revenue Bonds, (FHA Insured), Series 2007 |
|  4.750% due 04/01/2038 | 2775 |  | 2782 |
| WASHINGTON 2.9% | WASHINGTON 2.9% | WASHINGTON 2.9% | WASHINGTON 2.9% |
|  Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 | Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, (NPFGC Insured), Series 1998 |
|  4.750% due 02/01/2028 | 545 |  | 548 |
|  Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 | Port of Seattle, Washington Revenue Bonds, Series 2018 |
|  5.000% due 05/01/2043 | 4000 |  | 4021 |
|  Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 | Public Hospital District 1A of Whitman County, Washington General Obligation Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 1250 |  | 1271 |
|  |  |  | 5840 |
|  Total Municipal Bonds & Notes (Cost $202,518) | Total Municipal Bonds & Notes (Cost $202,518) | Total Municipal Bonds & Notes (Cost $202,518) | 200028 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I | Fidelity Investments Money Market Government Portfolio, Class I |
|  3.710% (c) | 255852 |  | 256 |
| Total Short-Term Instruments<br> (Cost $256) | Total Short-Term Instruments<br> (Cost $256) | Total Short-Term Instruments<br> (Cost $256) | 256 |
| Total Investments in Securities (Cost $202,774) | Total Investments in Securities (Cost $202,774) | Total Investments in Securities (Cost $202,774) | 200284 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

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| | | | |
|:---|:---|:---|:---|
| Schedule of Investments | PIMCO National Municipal Opportunistic Value Fund | **(Cont.)** | March 31, 2026 |

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| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% | INVESTMENTS IN AFFILIATES 1.2% |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 254401 | $2478 |
| Total Short-Term Instruments<br> (Cost $2,478) | Total Short-Term Instruments<br> (Cost $2,478) | 2478 |
| Total Investments in Affiliates<br> (Cost $2,478) | Total Investments in Affiliates<br> (Cost $2,478) | 2478 |
| Total Investments 99.7%<br> (Cost $205,252) |  | $202762 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% | 574 |
| Net Assets 100.0% |  | $203336 |

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#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) When-issued security.

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities**:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5823 | $0 | $5823 |
| &nbsp;&nbsp; Arizona | 0 | 4504 | 0 | 4504 |
| &nbsp;&nbsp; California | 0 | 1110 | 0 | 1110 |
| &nbsp;&nbsp; Colorado | 0 | 4986 | 0 | 4986 |
| &nbsp;&nbsp; District of Columbia | 0 | 3508 | 0 | 3508 |
| &nbsp;&nbsp; Florida | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 16982 |
| &nbsp;&nbsp; Georgia | 0 | 3895 | 0 | 3895 |
| &nbsp;&nbsp; Hawaii | 0 | 4522 | 0 | 4522 |
| &nbsp;&nbsp; Illinois | 0 | 21136 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21136 |
| &nbsp;&nbsp; Kansas | 0 | 2018 | 0 | 2018 |
| &nbsp;&nbsp; Louisiana | 0 | 2080 | 0 | 2080 |
| &nbsp;&nbsp; Maine | 0 | 5229 | 0 | 5229 |
| &nbsp;&nbsp; Maryland | 0 | 633 | 0 | 633 |
| &nbsp;&nbsp; Massachusetts | 0 | 4083 | 0 | 4083 |
| &nbsp;&nbsp; Michigan | 0 | 6617 | 0 | 6617 |
| &nbsp;&nbsp; Missouri | 0 | 13960 | 0 | 13960 |
| &nbsp;&nbsp; Multi-State | 0 | 5767 | 0 | 5767 |
| &nbsp;&nbsp; Nebraska | 0 | 4004 | 0 | 4004 |
| &nbsp;&nbsp; New Hampshire | 0 | 4817 | 0 | 4817 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; New Jersey | $0 | $1025 | $0 | $1025 |
| &nbsp;&nbsp; New York | 0 | 10357 | 0 | 10357 |
| &nbsp;&nbsp; North Carolina | 0 | 4460 | 0 | 4460 |
| &nbsp;&nbsp; Ohio | 0 | 18824 | 0 | 18824 |
| &nbsp;&nbsp; Oregon | 0 | 1041 | 0 | 1041 |
| &nbsp;&nbsp; Pennsylvania | 0 | 16005 | 0 | 16005 |
| &nbsp;&nbsp; Texas | 0 | 21490 | 0 | 21490 |
| &nbsp;&nbsp; Utah | 0 | 2530 | 0 | 2530 |
| &nbsp;&nbsp; Virginia | 0 | 2782 | 0 | 2782 |
| &nbsp;&nbsp; Washington | 0 | 5840 | 0 | 5840 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 256 | 0 | 0 | 256 |
|  | $256 | $200028 | $0 | $200284 |
|  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 | $2478 | $0 | $0 | $2478 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202762 |

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There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

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| | | |
|:---|:---|:---|
| **16** | **MUNICIPAL VALUE FUNDS** | See Accompanying Notes |

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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 shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund 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.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

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Notes to Financial Statements (Cont.)

(b) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO California Municipal Opportunistic Value Fund |  | Daily |  | Monthly |
|  PIMCO National Municipal Opportunistic Value Fund |  | Daily |  | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or

the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(c) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, 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.

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| | |
|:---|:---|
| **18** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2026

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the

Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

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Notes to Financial Statements (Cont.)

things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities,

that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| | |
|:---|:---|
| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options

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| | |
|:---|:---|
| **20** | **MUNICIPAL VALUE FUNDS** |

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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.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO California Municipal Opportunistic Value Fund | $17166 | $81312 | $(92900) | $9 | $(9) | $5578 | $214 | $0 |
|  PIMCO National Municipal Opportunistic Value Fund | 86 | 71827 | (69433) | (1) | (1) | 2478 | 126 | 0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

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Notes to Financial Statements (Cont.)

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by 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 Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, the Funds did not participate in the Interfund Lending Program.

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| | |
|:---|:---|
| **22** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2026

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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| | | |
|:---|:---|:---|
| Risks | PIMCO<br>California<br>Municipal<br>Opportunistic<br>Value Fund | PIMCO<br>National<br>Municipal<br>Opportunistic<br>Value Fund |
|  Interest Rate | X | X |
|  Call | X | X |
|  Credit | X | X |
|  Market | X | X |
|  Issuer | X | X |
|  Liquidity | X | X |
|  Income | X | X |
|  Extension | X | X |
|  Prepayment | X | X |
|  When-Issued Securities | X | X |
|  Management | X | X |
|  Municipal Instruments | X | X |
|  California and Single State Municipal Securities | X |  |
|  Single State Municipal Securities |  | X |
|  Municipal Project-Specific | X | X |
|  Floating Rate Securities | X | X |
|  Tax-Exempt Status | X | X |
|  Taxation | X | X |
|  U.S. Treasury and Agency Securities | X | X |
|  General Obligation Bond | X | X |
|  AMT Bonds | X | X |
|  Lease Revenue Bond | X | X |
|  Revenue Bond | X | X |
|  Zero Coupon Bond | X | X |

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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.

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.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

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Notes to Financial Statements (Cont.)

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.

Income Risk is the risk that when interest rates fall, a Fund's income may decline. This decline can occur because a Fund may invest in lower-yielding bonds as bonds in its portfolio mature.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

When-Issued Securities Risk is the risk related to municipal securities issued on a when-issued basis, where payment and delivery take place at a future date beyond the normal settlement date. Because the market price of the security may fluctuate during the time before payment and delivery, a Fund assumes the risk that the value of the security at delivery may be more or less than the purchase price. There is also the risk that the securities may not be issued or delivered as anticipated, or the transaction may not be completed. In addition, interest is not generally paid on when-issued securities until settlement.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Municipal Instruments Risk is the risk that a Fund may be affected significantly by the economic, regulatory or political developments

affecting the ability of issuers of municipal instruments to pay interest or repay principal.

California and Single State Municipal Securities Risk is the risk that because the Fund invests primarily in California Municipal Bonds but may invest more than 25% of its net assets in municipal instruments the principal and interest payments of which are paid by obligors located in a single state, other than California, it is more exposed to the impact of legislative, tax, and political changes within those states than a fund that invests more widely.

Single State Municipal Securities Risk is the risk that because the Fund may invest a significant portion of its assets in municipal securities of a particular state, it may be more exposed to the impact of legislative, tax, and political changes within that state than a fund that invests more widely.

Municipal Project-Specific Risk is the risk that a Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

Floating Rate Securities Risk is the risk of investing in floating rate notes, which generally carry lower yields than fixed notes of the same maturity. Securities with variable or floating interest rates may be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or at the same pace, as interest rates in general. The interest rate for a floating rate note occasionally adjusts or resets by reference to a benchmark interest rate. Benchmark interest rates, such as Secured Overnight Financing Rate ("SOFR"), may not precisely track market interest rates. In general, securities with longer durations tend to be more sensitive to interest rate changes, which may make them more volatile than securities with shorter durations.

Tax-Exempt Status Risk is the risk that reclassifications or legislative or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively, resulting in increased tax liability.

Taxation Risk is the risk that to the extent that a Fund invests in securities the income from which is not tax-exempt, a shareholder's portion of income from such investments will be taxable for state and/ or federal income tax purposes. Although a Fund seeks to invest primarily in securities that are not subject to regular federal income tax and, for the PIMCO California Municipal Opportunistic Value Fund only, California state income tax, a Fund may invest a portion of its total assets in municipal securities subject to the federal alternative minimum tax.

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| | |
|:---|:---|
| **24** | **MUNICIPAL VALUE FUNDS** |

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March 31, 2026

U.S. Treasury and Agency Securities Risk is the risk of investing in securities issued or guaranteed by the U.S. Treasury or its agencies and instrumentalities, which may be backed only by the credit of the agency or instrumentality and not by the full faith and credit of the United States. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities.

General Obligation Bond Risk is the risk of investing in general obligation bonds, which are generally secured by the obligor's pledge of its full faith, credit and taxing power for the payment of principal and interest. However, the taxing power of any governmental entity may be limited by provisions of state constitutions or laws and an entity's credit will depend on many factors.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose a Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity, economic disruptions, public health emergencies, or extreme weather and disaster events could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Fund's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Lease Revenue Bond Risk is the risk of investing in lease revenue bonds and other municipal lease obligations, which may be considered less secure than a general obligation or revenue bond and may or may not include a debt service reserve fund. There have also been certain legal challenges to the use of lease revenue bonds in various states.

Revenue Bond Risk is the risk of investing in revenue bonds, which are generally backed by and payable from the revenues derived from a specific facility or specific revenue source or sources. As a result, the revenue bonds in which a Fund invests may entail greater credit risk than a Fund's investments in general obligation bonds.

Zero Coupon Bond Risk is the risk of investing in zero coupon bonds, in which the market prices are more volatile than the market prices of securities that pay interest on a regular basis. This is especially true during periods of interest rate changes. Since a Fund will not receive cash payments earned on these securities on a current basis, a Fund

may be required to make distributions from other sources, which may create tax liability for shareholders. This may result in higher portfolio turnover rates and the sale of securities at a time that is less favorable.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

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Notes to Financial Statements (Cont.)

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 fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

7. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for the Institutional Class, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to the Institutional Class):

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| | | |
|:---|:---|:---|
| Fund Name | Investment<br>Advisory Fee | Supervisory and<br>Administrative Fee |
|  PIMCO California Municipal Opportunistic Value Fund | 0.37% | 0.23% |
|  PIMCO National Municipal Opportunistic Value Fund | 0.37% | 0.23% |

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26 MUNICIPAL VALUE FUNDS

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March 31, 2026

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit ; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses, which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2026, there were no recoverable amounts.

8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 7, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

9. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

10. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

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Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2026 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO California Municipal Opportunistic Value Fund | $&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;22638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57356 |
|  PIMCO National Municipal Opportunistic Value Fund | 0 | 0 | 13063 | 81261 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund | PIMCO California Municipal Opportunistic<br>Value Fund |
| | 03/31/2026 | 03/31/2026 | 03/31/2025 | 03/31/2025 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
|  Institutional Class | 3717 | $35757 | 6362 | $62552 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
|  Institutional Class | 771 | 7424 | 899 | 8837 |
|  **Cost of shares redeemed** |  |  |  |  |
|  Institutional Class | (9489) | (91079) | (8939) | (87688) |
|  **Net increase (decrease) resulting from Fund share transactions** | (5001) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47898) | (1678) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16299) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund | PIMCO National Municipal Opportunistic<br>Value Fund |
| | 03/31/2026 | 03/31/2026 | 03/31/2025 | 03/31/2025 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
|  Institutional Class | 2502 | $24153 | 4173 | $40970 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
|  Institutional Class | 887 | 8554 | 1075 | 10557 |
|  **Cost of shares redeemed** |  |  |  |  |
|  Institutional Class | (10438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100460) | (9101) | (89176) |
|  **Net increase (decrease) resulting from Fund share transactions** | (7049) | $(67753) | (3853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37649) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO California Municipal Opportunistic Value Fund | 1 | 0 | 93% | 0% |
|  PIMCO National Municipal Opportunistic Value Fund | 1 | 0 | 96% | 0% |

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12. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

---

| | |
|:---|:---|
| **28** | **MUNICIPAL VALUE FUNDS** |

---

------

March 31, 2026

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 Fund's 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>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO California Municipal Opportunistic Value Fund | $5 | $0 | $0 | $(1002) | $(3) | $(2013) | $0 | $0 | $(3013) |
|  PIMCO National Municipal Opportunistic Value Fund | 9 | 0 | 0 | (2494) | (2) | (2357) | 0 | 0 | (4844) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals.

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 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 California Municipal Opportunistic Value Fund | $697 | $1316 |
|  PIMCO National Municipal Opportunistic Value Fund | 109 | 2248 |

---

---

| | |
|:---|:---|
| <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 California Municipal Opportunistic Value Fund | $199510 | $1352 | $(2354) | $(1002) |
|  PIMCO National Municipal Opportunistic Value Fund | 205256 | 1074 | (3568) | (2494) |

---

---

| | |
|:---|:---|
| <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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

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, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO California Municipal Opportunistic Value Fund | $7203 | $256 | $0 | $0 | $8108 | $729 | $0 | $0 |
|  PIMCO National Municipal Opportunistic Value Fund | 8317 | 257 | 0 | 0 | 10087 | 480 | 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.

---

| | |
|:---|:---|
| **30** | **MUNICIPAL VALUE FUNDS** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund (two 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 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.

#### 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 | **31** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| US0003M | ICE 3-Month USD LIBOR |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGC | Assured Guaranty Corp. | CNTY | County Guaranteed | NPFGC | National Public Finance Guarantee Corp. |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | PSF | Public School Fund |
| AMBAC | American Municipal Bond Assurance Corp. | FHLMC | Federal Home Loan Mortgage Corp. | Q-SBLF | Qualified School Bond Loan Fund |
| BAM | Build America Mutual Assurance | FNMA | Federal National Mortgage Association | SGI | Syncora Guarantee, Inc. |
| CM | California Mortgage Insurance | GNMA | Government National Mortgage Association |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| TBA | To-Be-Announced |  |  |  |  |

---

---

| | |
|:---|:---|
| **32** | **MUNICIPAL VALUE 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 California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund | PIMCO California Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  November 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  December 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  January 2026 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  February 2026 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  March 2026 | $0.0269 | $0.0000 | $0.0000 | $0.0269 |
| PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund | PIMCO National Municipal Opportunistic Value Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  November 2025 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  December 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  January 2026 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  February 2026 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  March 2026 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |

---

\* 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. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

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 California Municipal Opportunistic Value Fund | 0.00% | 0.00% | $7459 | $0 |
|  PIMCO National Municipal Opportunistic Value Fund | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2027, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2026.

---

| | |
|:---|:---|
| **34** | **MUNICIPAL VALUE FUNDS** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **35** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **36** | **MUNICIPAL VALUE FUNDS** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **37** |

---

------

#### 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](g106411g75h91.jpg)

PIMSMUNIVALFSTMAR_033126

------

![LOGO](g104737g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**International Bond Funds**

PIMCO Emerging Markets Bond Fund

PIMCO Emerging Markets Corporate Bond Fund

PIMCO Emerging Markets Currency and Short-Term Investments Fund

PIMCO Emerging Markets Full Spectrum Bond Fund

PIMCO Emerging Markets Local Currency and Bond Fund

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

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

PIMCO International Bond Fund (Unhedged)

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx104737_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx104737_2) | 8 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx104737_3) | 16 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx104737_4) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx104737_5) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx104737_6) | 206 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx104737_7) | 229 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx104737_8) | 237 |
| &nbsp;&nbsp; [Glossary](#tx104737_9) | 238 |
| &nbsp;&nbsp; [Distribution Information](#tx104737_10) | 239 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx104737_11) | 245 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx104737_12) | 246 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies<br>(N-CSR Item 9)](#tx104737_13) | 247 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx104737_14) | 248 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Emerging Markets Bond Fund](#tx104737_15) | 24 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Corporate Bond Fund](#tx104737_16) | 50 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Currency and Short-Term Investments Fund](#tx104737_17) | 65 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Full Spectrum Bond Fund](#tx104737_18) | 92 |
| &nbsp;&nbsp; [PIMCO Emerging Markets Local Currency and Bond Fund](#tx104737_19) | 104 |
| &nbsp;&nbsp; [PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund](#tx104737_20) | 136 |
| &nbsp;&nbsp; [PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged)](#tx104737_21) | 157 |
| &nbsp;&nbsp; [PIMCO International Bond Fund (Unhedged)](#tx104737_22) | 182 |

---

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 Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged) (each, a "Fund" and collectively, the "Funds").

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest its assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held. The cost of investing in the PIMCO Emerging Markets Full Spectrum Bond Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic and industry conditions. The value of equity securities, such as common stocks and preferred securities, has historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

---

| | |
|:---|:---|
| **2** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

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 tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international

trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

A Fund may have investments in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions, export and import controls and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning or expanding bans on Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia (e.g. Belarus). Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia's countermeasures may negatively impact a Fund's performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian and other issuers of securities in which a Fund is invested. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs export and import

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

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Important Information About the Funds (Cont.)

controls, or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate

issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund's ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, minerals,

and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals, minerals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital

and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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| **4** | **PIMCO INTERNATIONAL BOND FUNDS** |

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The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Diversification<br>Status |
|  PIMCO Emerging Markets Bond Fund | 07/31/97 | 07/31/97 | 04/30/08 | 04/27/18 |  | 07/31/97 | 07/31/97 | Diversified |
|  PIMCO Emerging Markets Corporate Bond Fund | 07/01/09 | 07/01/09 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 05/31/05 | 05/31/05 | 04/30/08 |  |  | 05/31/05 |  | Diversified |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 02/25/13 | 02/25/13 |  |  |  |  |  | Diversified |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 12/29/06 | 12/29/06 | 05/30/08 | 04/27/18 |  | 07/31/07 | 07/31/07 | Non-diversified |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 02/05/09 | 02/05/09 |  |  |  | 02/05/09 |  | Diversified |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 10/02/95 | 02/25/98 | 04/30/08 |  |  | 10/02/95 | 10/02/95 | Non-diversified |
|  PIMCO International Bond Fund (Unhedged) | 04/30/04 | 04/30/04 | 04/30/08 | 04/27/18 | 02/28/06 | 07/30/04 | 07/30/04 | Diversified |

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An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted

proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027. 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 Funds 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

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Important Information About the Funds (Cont.)

calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **6** | **PIMCO INTERNATIONAL BOND FUNDS** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

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Financial Highlights

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Emerging Markets Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.52 | $0.59 | $0.34 | $0.93 | $(0.59) | $0.00 | $0.00 | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.61 | 0.07 | 0.68 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.43 | (1.06) | (0.63) | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.42 | (0.96) | (0.54) | (0.44) | 0.00 | 0.00 | (0.44) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.52 | 0.58 | 0.34 | 0.92 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.59 | 0.08 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.42 | 0.91 | (0.44) | 0.00 | (0.06) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.96) | (0.55) | (0.43) | 0.00 | 0.00 | (0.43) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.52 | 0.58 | 0.34 | 0.92 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.60 | 0.07 | 0.67 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.49 | 0.41 | 0.90 | (0.43) | 0.00 | (0.06) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.42 | (1.06) | (0.64) | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.41 | (0.97) | (0.56) | (0.42) | 0.00 | 0.00 | (0.42) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.52 | 0.56 | 0.34 | 0.90 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.58 | 0.07 | 0.65 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.47 | 0.41 | 0.88 | (0.41) | 0.00 | (0.06) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.40 | (1.06) | (0.66) | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.39 | (0.97) | (0.58) | (0.40) | 0.00 | 0.00 | (0.40) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.52 | 0.49 | 0.34 | 0.83 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.45 | 0.52 | 0.07 | 0.59 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.04 | 0.41 | 0.41 | 0.82 | (0.35) | 0.00 | (0.06) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.29 | 0.33 | (1.05) | (0.72) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.27 | 0.31 | (0.97) | (0.66) | (0.32) | 0.00 | 0.00 | (0.32) |
|  **PIMCO Emerging Markets Corporate Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.18 | $0.58 | $(0.09) | $0.49 | $(0.59) | $0.00 | $0.00 | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.50 | 0.17 | 0.67 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.91 | 0.43 | 0.13 | 0.56 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.42 | 0.35 | (0.49) | (0.14) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.83 | 0.36 | (1.41) | (1.05) | (0.36) | 0.00 | 0.00 | (0.36) |
|  **PIMCO Emerging Markets Currency and Short-Term Investments Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.19 | $0.61 | $0.37 | $0.98 | $(0.62) | $0.00 | $0.00 | $(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.49 | (0.17) | 0.32 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.49 | (0.10) | 0.39 | (0.35) | 0.00 | (0.17) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.26 | (0.16) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.33) | (0.11) | (0.12) | 0.00 | 0.00 | (0.12) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.19 | 0.61 | 0.36 | 0.97 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.48 | (0.16) | 0.32 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.48 | (0.10) | 0.38 | (0.34) | 0.00 | (0.17) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.28 | (0.18) | 0.10 | (0.08) | 0.00 | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.22 | (0.34) | (0.12) | (0.11) | 0.00 | 0.00 | (0.11) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.19 | 0.59 | 0.36 | 0.95 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.38 | 0.46 | (0.17) | 0.29 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.46 | (0.10) | 0.36 | (0.32) | 0.00 | (0.17) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.68 | 0.24 | (0.17) | 0.07 | (0.05) | 0.00 | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.91 | 0.19 | (0.33) | (0.14) | (0.09) | 0.00 | 0.00 | (0.09) |

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| **8** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios 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** |
| $8.86 | 11.11% | $1484938 | 0.99% | 0.99% | 0.83% | 0.83% | 6.65% | 47% |
| 8.52 | 8.32 | 1114520 | 1.19 | 1.19 | 0.83 | 0.83 | 7.18 | 67 |
| 8.45 | 11.84 | 882087 | 1.30 | 1.30 | 0.83 | 0.83 | 6.19 | 55 |
| 8.04 | (6.59) | 2049059 | 0.93 | 0.93 | 0.83 | 0.83 | 5.17 | 54 |
| 9.29 | (5.58) | 2761793 | 0.84 | 0.84 | 0.83 | 0.83 | 4.15 | 40 |
| 8.86 | 11.01 | 1390968 | 1.09 | 1.09 | 0.93 | 0.93 | 6.49 | 47 |
| 8.52 | 8.22 | 399849 | 1.29 | 1.29 | 0.93 | 0.93 | 6.92 | 67 |
| 8.45 | 11.74 | 479591 | 1.40 | 1.40 | 0.93 | 0.93 | 6.13 | 55 |
| 8.04 | (6.68) | 620957 | 1.03 | 1.03 | 0.93 | 0.93 | 5.07 | 54 |
| 9.29 | (5.67) | 726918 | 0.94 | 0.94 | 0.93 | 0.93 | 4.02 | 40 |
| 8.86 | 10.95 | 29361 | 1.14 | 1.19 | 0.98 | 1.03 | 6.50 | 47 |
| 8.52 | 8.16 | 18973 | 1.34 | 1.39 | 0.98 | 1.03 | 7.04 | 67 |
| 8.45 | 11.68 | 15903 | 1.45 | 1.50 | 0.98 | 1.03 | 6.09 | 55 |
| 8.04 | (6.72) | 13501 | 1.08 | 1.13 | 0.98 | 1.03 | 5.07 | 54 |
| 9.29 | (5.72) | 10400 | 0.99 | 1.04 | 0.98 | 1.03 | 3.97 | 40 |
| 8.86 | 10.71 | 155523 | 1.36 | 1.36 | 1.20 | 1.20 | 6.30 | 47 |
| 8.52 | 7.93 | 138313 | 1.56 | 1.56 | 1.20 | 1.20 | 6.81 | 67 |
| 8.45 | 11.44 | 129044 | 1.67 | 1.67 | 1.20 | 1.20 | 5.87 | 55 |
| 8.04 | (6.94) | 135285 | 1.30 | 1.30 | 1.20 | 1.20 | 4.79 | 54 |
| 9.29 | (5.93) | 176188 | 1.21 | 1.21 | 1.20 | 1.20 | 3.75 | 40 |
| 8.86 | 9.89 | 6785 | 2.11 | 2.11 | 1.95 | 1.95 | 5.54 | 47 |
| 8.52 | 7.13 | 5678 | 2.31 | 2.31 | 1.95 | 1.95 | 6.06 | 67 |
| 8.45 | 10.62 | 4705 | 2.42 | 2.42 | 1.95 | 1.95 | 5.12 | 55 |
| 8.04 | (7.64) | 5356 | 2.05 | 2.05 | 1.95 | 1.95 | 4.02 | 54 |
| 9.29 | (6.63) | 7851 | 1.96 | 1.96 | 1.95 | 1.95 | 2.99 | 40 |
| $9.08 | 5.45% | $59655 | 0.94% | 0.94% | 0.85% | 0.85% | 6.23% | 166% |
| 9.18 | 7.66 | 64466 | 1.05 <sup>(f)</sup> | 1.05 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 5.47 | 96 |
| 9.02 | 6.49 | 98427 | 0.98 | 0.98 | 0.90 | 0.90 | 4.92 | 89 |
| 8.91 | (1.38) | 94702 | 0.91 | 0.91 | 0.90 | 0.90 | 3.97 | 50 |
| 9.42 | (10.00) | 116909 | 0.90 | 0.90 | 0.90 | 0.90 | 3.39 | 39 |
| $7.55 | 13.91% | $611867 | 0.98% | 0.98% | 0.85% | 0.85% | 8.08% | 124% |
| 7.19 | 4.55 | 572584 | 1.00 | 1.00 | 0.85 | 0.85 | 6.74 | 168 |
| 7.38 | 5.40 | 483502 | 1.09 | 1.09 | 0.85 | 0.85 | 6.64 | 254 |
| 7.51 | 1.49 | 539858 | 1.02 | 1.02 | 0.85 | 0.85 | 3.54 | 96 |
| 7.68 | (1.40) | 595946 | 0.86 | 0.86 | 0.85 | 0.85 | 2.82 | 57 |
| 7.55 | 13.80 | 8344 | 1.08 | 1.08 | 0.95 | 0.95 | 7.99 | 124 |
| 7.19 | 4.44 | 6735 | 1.10 | 1.10 | 0.95 | 0.95 | 6.65 | 168 |
| 7.38 | 5.29 | 7024 | 1.19 | 1.19 | 0.95 | 0.95 | 6.53 | 254 |
| 7.51 | 1.39 | 9080 | 1.12 | 1.12 | 0.95 | 0.95 | 3.75 | 96 |
| 7.68 | (1.50) | 5385 | 0.96 | 0.96 | 0.95 | 0.95 | 2.72 | 57 |
| 7.55 | 13.46 | 9283 | 1.38 | 1.38 | 1.25 | 1.25 | 7.78 | 124 |
| 7.19 | 4.13 | 6841 | 1.40 | 1.40 | 1.25 | 1.25 | 6.33 | 168 |
| 7.38 | 4.98 | 7554 | 1.49 | 1.49 | 1.25 | 1.25 | 6.23 | 254 |
| 7.51 | 1.09 | 9443 | 1.42 | 1.42 | 1.25 | 1.25 | 3.31 | 96 |
| 7.68 | (1.80) | 7690 | 1.26 | 1.26 | 1.25 | 1.25 | 2.40 | 57 |

---

---

| | | |
|:---|:---|:---|
| **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 Emerging Markets Full Spectrum Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $6.11 | $0.45 | $0.27 | $0.72 | $(0.45) | $0.00 | $0.00 | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.13 | 0.36 | 0.03 | 0.39 | (0.35) | 0.00 | (0.06) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.00 | 0.35 | 0.13 | 0.48 | (0.29) | 0.00 | (0.06) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.35 | 0.27 | (0.32) | (0.05) | (0.27) | 0.00 | (0.03) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.18 | 0.28 | (0.82) | (0.54) | (0.29) | 0.00 | 0.00 | (0.29) |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $5.75 | $0.45 | $0.36 | $0.81 | $(0.44) | $0.00 | $0.00 | $(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.42 | (0.12) | 0.30 | (0.30) | 0.00 | (0.12) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.06) | 0.21 | (0.14) | 0.00 | (0.11) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.62) | (0.36) | (0.30) | 0.00 | 0.00 | (0.30) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 5.75 | 0.45 | 0.35 | 0.80 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.41 | (0.12) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.13 | 0.46 | (0.13) | 0.00 | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 5.75 | 0.44 | 0.36 | 0.80 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.42 | (0.13) | 0.29 | (0.29) | 0.00 | (0.12) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.33 | 0.12 | 0.45 | (0.12) | 0.00 | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.27 | (0.07) | 0.20 | (0.13) | 0.00 | (0.11) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.26 | (0.63) | (0.37) | (0.29) | 0.00 | 0.00 | (0.29) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 5.75 | 0.43 | 0.36 | 0.79 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.40 | (0.13) | 0.27 | (0.27) | 0.00 | (0.12) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.31 | 0.13 | 0.44 | (0.11) | 0.00 | (0.19) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.25 | (0.06) | 0.19 | (0.12) | 0.00 | (0.11) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.24 | (0.63) | (0.39) | (0.27) | 0.00 | 0.00 | (0.27) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 5.75 | 0.38 | 0.36 | 0.74 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 5.87 | 0.35 | (0.12) | 0.23 | (0.23) | 0.00 | (0.12) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.73 | 0.27 | 0.13 | 0.40 | (0.07) | 0.00 | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.77 | 0.21 | (0.06) | 0.15 | (0.08) | 0.00 | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.43 | 0.20 | (0.64) | (0.44) | (0.22) | 0.00 | 0.00 | (0.22) |
|  **PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.16 | $0.44 | $0.08 | $0.52 | $(0.35) | $0.00 | $(0.10) | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.09 | 0.40 | 0.09 | 0.49 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.32 | 0.24 | 0.56 | (0.15) | 0.00 | (0.16) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.37 | (0.80) | (0.43) | (0.35) | (0.13) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.34 | (0.64) | (0.30) | (0.40) | 0.00 | 0.00 | (0.40) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.16 | 0.40 | 0.08 | 0.48 | (0.31) | 0.00 | (0.10) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.09 | 0.36 | 0.09 | 0.45 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.84 | 0.29 | 0.23 | 0.52 | (0.11) | 0.00 | (0.16) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.75 | 0.32 | (0.79) | (0.47) | (0.31) | (0.13) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.45 | 0.30 | (0.64) | (0.34) | (0.36) | 0.00 | 0.00 | (0.36) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $6.38 | 12.00% | $214487 | 0.14 %<sup>(g)</sup> | 0.93 %<sup>(g)</sup> | 0.11 %<sup>(g)</sup> | 0.90 %<sup>(g)</sup> | 7.02% | 108% |
| 6.11 | 6.62 | 184367 | 0.10 | 0.94 | 0.10 | 0.94 | 5.94 | 66 |
| 6.13 | 8.28 | 266000 | 0.16 | 0.95 | 0.15 | 0.94 | 5.78 | 51 |
| 6.00 | (0.52) | 277099 | 0.16 | 0.94 | 0.16 | 0.94 | 4.52 | 12 |
| 6.35 | (7.88) | 267820 | 0.14 | 0.94 | 0.14 | 0.94 | 4.01 | 29 |
| $6.12 | 14.23% | $2293862 | 1.32% | 1.32% | 0.90% | 0.90% | 7.30% | 123% |
| 5.75 | 5.28 | 1204540 | 1.60 | 1.60 | 0.90 | 0.90 | 7.24 | 212 |
| 5.87 | 8.31 | 1246885 | 2.02 | 2.02 | 0.90 | 0.90 | 5.76 | 135 |
| 5.73 | 3.98 | 1520545 | 1.46 | 1.46 | 0.90 | 0.90 | 4.89 | 135 |
| 5.77 | (5.96) | 2312938 | 1.22 | 1.22 | 0.90 | 0.90 | 4.12 | 108 |
| 6.12 | 14.12 | 389304 | 1.42 | 1.42 | 1.00 | 1.00 | 7.20 | 123 |
| 5.75 | 5.18 | 142213 | 1.70 | 1.70 | 1.00 | 1.00 | 7.16 | 212 |
| 5.87 | 8.21 | 127371 | 2.12 | 2.12 | 1.00 | 1.00 | 5.68 | 135 |
| 5.73 | 3.88 | 99934 | 1.62 <sup>(h)</sup> | 1.62 <sup>(h)</sup> | 1.00 <sup>(h)</sup> | 1.00 <sup>(h)</sup> | 4.91 | 135 |
| 5.77 | (6.05) | 96034 | 1.32 | 1.32 | 1.00 | 1.00 | 4.14 | 108 |
| 6.12 | 14.06 | 28222 | 1.47 | 1.52 | 1.05 | 1.10 | 7.12 | 123 |
| 5.75 | 5.12 | 26026 | 1.75 | 1.80 | 1.05 | 1.10 | 7.20 | 212 |
| 5.87 | 8.15 | 9643 | 2.17 | 2.22 | 1.05 | 1.10 | 5.64 | 135 |
| 5.73 | 3.83 | 6377 | 1.69 <sup>(h)</sup> | 1.74 <sup>(h)</sup> | 1.05 <sup>(h)</sup> | 1.10 <sup>(h)</sup> | 4.88 | 135 |
| 5.77 | (6.10) | 6714 | 1.37 | 1.42 | 1.05 | 1.10 | 4.13 | 108 |
| 6.12 | 13.78 | 50506 | 1.72 | 1.72 | 1.30 | 1.30 | 6.90 | 123 |
| 5.75 | 4.86 | 28327 | 2.00 | 2.00 | 1.30 | 1.30 | 6.85 | 212 |
| 5.87 | 7.88 | 31977 | 2.42 | 2.42 | 1.30 | 1.30 | 5.37 | 135 |
| 5.73 | 3.57 | 33073 | 1.91 <sup>(h)</sup> | 1.91 <sup>(h)</sup> | 1.30 <sup>(h)</sup> | 1.30 <sup>(h)</sup> | 4.58 | 135 |
| 5.77 | (6.33) | 36384 | 1.62 | 1.62 | 1.30 | 1.30 | 3.85 | 108 |
| 6.12 | 12.94 | 8639 | 2.47 | 2.47 | 2.05 | 2.05 | 6.16 | 123 |
| 5.75 | 4.08 | 3408 | 2.75 | 2.75 | 2.05 | 2.05 | 6.12 | 212 |
| 5.87 | 7.09 | 2612 | 3.17 | 3.17 | 2.05 | 2.05 | 4.63 | 135 |
| 5.73 | 2.79 | 2128 | 2.67 <sup>(h)</sup> | 2.67 <sup>(h)</sup> | 2.05 <sup>(h)</sup> | 2.05 <sup>(h)</sup> | 3.85 | 135 |
| 5.77 | (7.04) | 2258 | 2.37 | 2.37 | 2.05 | 2.05 | 3.13 | 108 |
| $10.23 | 5.13% | $160406 | 0.75% | 0.75% | 0.65% | 0.65% | 4.27% | 622% |
| 10.16 | 4.94 | 206838 | 0.99 | 0.99 | 0.65 | 0.65 | 3.99 | 629 |
| 10.09 | 5.83 | 297415 | 0.83 | 0.83 | 0.65 | 0.65 | 3.30 | 633 |
| 9.84 | (3.96) | 264101 | 0.76 | 0.76 | 0.65 | 0.65 | 3.68 | 362 |
| 10.75 | (2.73) | 307695 | 0.67 | 0.67 | 0.65 | 0.65 | 3.00 | 291 |
| 10.23 | 4.71 | 28907 | 1.15 | 1.15 | 1.05 | 1.05 | 3.89 | 622 |
| 10.16 | 4.52 | 19367 | 1.39 | 1.39 | 1.05 | 1.05 | 3.58 | 629 |
| 10.09 | 5.41 | 18459 | 1.23 | 1.23 | 1.05 | 1.05 | 2.92 | 633 |
| 9.84 | (4.35) | 20489 | 1.16 | 1.16 | 1.05 | 1.05 | 3.23 | 362 |
| 10.75 | (3.11) | 10944 | 1.07 | 1.07 | 1.05 | 1.05 | 2.60 | 291 |

---

---

| | | |
|:---|:---|:---|
| **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 Global Bond Opportunities Fund (U.S. Dollar-Hedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.66 | $0.40 | $0.03 | $0.43 | $(0.55) | $0.00 | $0.00 | $(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.39 | 0.22 | 0.61 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.29 | 0.26 | 0.55 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.21 | (0.34) | (0.13) | (0.21) | (0.54) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.21 | (0.48) | (0.27) | (0.14) | (0.16) | 0.00 | (0.30) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.66 | 0.40 | 0.02 | 0.42 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.38 | 0.22 | 0.60 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.28 | 0.26 | 0.54 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.20 | (0.34) | (0.14) | (0.20) | (0.54) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.20 | (0.48) | (0.28) | (0.13) | (0.16) | 0.00 | (0.29) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.66 | 0.37 | 0.02 | 0.39 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.36 | 0.21 | 0.57 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.26 | 0.26 | 0.52 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.18 | (0.35) | (0.17) | (0.17) | (0.54) | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.18 | (0.48) | (0.30) | (0.11) | (0.16) | 0.00 | (0.27) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.66 | 0.30 | 0.02 | 0.32 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.52 | 0.29 | 0.21 | 0.50 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.19 | 0.26 | 0.45 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.11 | 0.10 | (0.34) | (0.24) | (0.10) | (0.54) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.68 | 0.10 | (0.48) | (0.38) | (0.03) | (0.16) | 0.00 | (0.19) |
|  **PIMCO International Bond Fund (Unhedged)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.53 | $0.29 | $0.03 | $0.32 | $(0.31) | $0.00 | $0.00 | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.29 | 0.01 | 0.30 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.21 | (0.10) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.15) | (0.98) | (0.01) | (0.09) | (0.18) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.19 | (1.04) | (0.85) | (0.23) | (0.16) | 0.00 | (0.39) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.53 | 0.29 | 0.03 | 0.32 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.09) | 0.11 | 0.00 | 0.00 | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.17 | (1.16) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.18 | (1.04) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.53 | 0.28 | 0.03 | 0.31 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.28 | 0.01 | 0.29 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.10) | 0.10 | 0.00 | 0.00 | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.15) | (0.99) | 0.00 | (0.09) | (0.18) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.17 | (1.03) | (0.86) | (0.22) | (0.16) | 0.00 | (0.38) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.53 | 0.28 | 0.02 | 0.30 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.27 | 0.01 | 0.28 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.20 | (0.11) | 0.09 | 0.00 | 0.00 | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.16 | (1.16) | (1.00) | 0.01 | (0.09) | (0.18) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.16 | (1.03) | (0.87) | (0.21) | (0.16) | 0.00 | (0.37) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.53 | 0.26 | 0.03 | 0.29 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.26 | 0.01 | 0.27 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.18 | (0.10) | 0.08 | 0.00 | 0.00 | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.14 | (1.15) | (1.01) | 0.02 | (0.09) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.15 | (1.04) | (0.89) | (0.19) | (0.16) | 0.00 | (0.35) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.54 | 4.44% | $1459474 | 0.59% | 0.59% | 0.55% | 0.55% | 4.12% | 717% |
| 9.66 | 6.55 | 1326028 | 0.61 | 0.61 | 0.55 | 0.55 | 4.07 | 776 |
| 9.52 | 6.05 | 949129 | 0.71 | 0.71 | 0.55 | 0.55 | 3.13 | 759 |
| 9.23 | (1.18) | 789541 | 0.61 | 0.61 | 0.55 | 0.55 | 2.17 | 595 |
| 10.11 | (2.58) | 776785 | 0.56 | 0.56 | 0.55 | 0.55 | 2.03 | 376 |
| 9.54 | 4.33 | 299964 | 0.69 | 0.69 | 0.65 | 0.65 | 4.05 | 717 |
| 9.66 | 6.45 | 84751 | 0.71 | 0.71 | 0.65 | 0.65 | 3.97 | 776 |
| 9.52 | 5.94 | 65611 | 0.81 | 0.81 | 0.65 | 0.65 | 3.03 | 759 |
| 9.23 | (1.28) | 72493 | 0.71 | 0.71 | 0.65 | 0.65 | 2.12 | 595 |
| 10.11 | (2.68) | 51160 | 0.66 | 0.66 | 0.65 | 0.65 | 1.93 | 376 |
| 9.54 | 4.07 | 72478 | 0.94 | 0.94 | 0.90 | 0.90 | 3.76 | 717 |
| 9.66 | 6.18 | 74517 | 0.96 | 0.96 | 0.90 | 0.90 | 3.74 | 776 |
| 9.52 | 5.68 | 70890 | 1.06 | 1.06 | 0.90 | 0.90 | 2.78 | 759 |
| 9.23 | (1.53) | 54818 | 0.96 | 0.96 | 0.90 | 0.90 | 1.86 | 595 |
| 10.11 | (2.92) | 43356 | 0.91 | 0.91 | 0.90 | 0.90 | 1.68 | 376 |
| 9.54 | 3.30 | 5193 | 1.69 | 1.69 | 1.65 | 1.65 | 3.03 | 717 |
| 9.66 | 5.39 | 3533 | 1.71 | 1.71 | 1.65 | 1.65 | 2.99 | 776 |
| 9.52 | 4.90 | 3745 | 1.81 | 1.81 | 1.65 | 1.65 | 2.03 | 759 |
| 9.23 | (2.27) | 3326 | 1.71 | 1.71 | 1.65 | 1.65 | 1.04 | 595 |
| 10.11 | (3.65) | 4459 | 1.66 | 1.66 | 1.65 | 1.65 | 0.93 | 376 |
| $7.54 | 4.22% | $717505 | 0.58% | 0.58% | 0.50% | 0.50% | 3.75% | 520% |
| 7.53 | 4.10 | 415738 | 0.71 | 0.71 | 0.50 | 0.50 | 3.88 | 646 |
| 7.55 | 1.56 | 453541 | 0.77 | 0.77 | 0.50 | 0.50 | 2.88 | 641 |
| 7.69 | (10.93) | 489313 | 0.66 | 0.66 | 0.50 | 0.50 | 2.23 | 401 |
| 8.95 | (8.56) | 826088 | 0.51 | 0.51 | 0.50 | 0.50 | 1.87 | 320 |
| 7.54 | 4.11 | 305221 | 0.68 | 0.68 | 0.60 | 0.60 | 3.65 | 520 |
| 7.53 | 3.99 | 123784 | 0.81 | 0.81 | 0.60 | 0.60 | 3.78 | 646 |
| 7.55 | 1.46 | 213572 | 0.87 | 0.87 | 0.60 | 0.60 | 2.76 | 641 |
| 7.69 | (11.02) | 237941 | 0.76 | 0.76 | 0.60 | 0.60 | 2.13 | 401 |
| 8.95 | (8.65) | 264179 | 0.61 | 0.61 | 0.60 | 0.60 | 1.78 | 320 |
| 7.54 | 4.06 | 36374 | 0.73 | 0.78 | 0.65 | 0.70 | 3.61 | 520 |
| 7.53 | 3.94 | 33843 | 0.86 | 0.91 | 0.65 | 0.70 | 3.73 | 646 |
| 7.55 | 1.41 | 58383 | 0.92 | 0.97 | 0.65 | 0.70 | 2.71 | 641 |
| 7.69 | (11.07) | 111088 | 0.81 | 0.86 | 0.65 | 0.70 | 2.08 | 401 |
| 8.95 | (8.70) | 139321 | 0.66 | 0.71 | 0.65 | 0.70 | 1.72 | 320 |
| 7.54 | 3.95 | 13607 | 0.83 | 0.83 | 0.75 | 0.75 | 3.52 | 520 |
| 7.53 | 3.84 | 15779 | 0.96 | 0.96 | 0.75 | 0.75 | 3.64 | 646 |
| 7.55 | 1.31 | 9907 | 1.02 | 1.02 | 0.75 | 0.75 | 2.63 | 641 |
| 7.69 | (11.16) | 18982 | 0.91 | 0.91 | 0.75 | 0.75 | 1.99 | 401 |
| 8.95 | (8.79) | 25434 | 0.76 | 0.76 | 0.75 | 0.75 | 1.61 | 320 |
| 7.54 | 3.80 | 114703 | 0.98 | 0.98 | 0.90 | 0.90 | 3.36 | 520 |
| 7.53 | 3.68 | 91892 | 1.11 | 1.11 | 0.90 | 0.90 | 3.48 | 646 |
| 7.55 | 1.16 | 94676 | 1.17 | 1.17 | 0.90 | 0.90 | 2.46 | 641 |
| 7.69 | (11.29) | 91394 | 1.06 | 1.06 | 0.90 | 0.90 | 1.83 | 401 |
| 8.95 | (8.93) | 117997 | 0.91 | 0.91 | 0.90 | 0.90 | 1.46 | 320 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO International Bond Fund (Unhedged) (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.53 | $0.20 | $0.03 | $0.23 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.55 | 0.20 | 0.02 | 0.22 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.69 | 0.13 | (0.10) | 0.03 | 0.00 | 0.00 | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.95 | 0.08 | (1.15) | (1.07) | 0.08 | (0.09) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.19 | 0.07 | (1.03) | (0.96) | (0.12) | (0.16) | 0.00 | (0.28) |

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| | |
|:---|:---|
| ^ | 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> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Effective September 3, 2024, the Fund's investment advisory fee was decreased by 0.05% to an annual rate of 0.45%. 

<sup>(g)</sup> Effective October 1, 2025, the Fund's investment advisory fee was decreased by 0.09% to an annual rate of 0.45%. 

<sup>(h)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $7.54 | 3.03% | $2222 | 1.73% | 1.73% | 1.65% | 1.65% | 2.62% | 520% |
| 7.53 | 2.91 | 1921 | 1.86 | 1.86 | 1.65 | 1.65 | 2.73 | 646 |
| 7.55 | 0.41 | 2691 | 1.92 | 1.92 | 1.65 | 1.65 | 1.72 | 641 |
| 7.69 | (11.96) | 2902 | 1.81 | 1.81 | 1.65 | 1.65 | 1.08 | 401 |
| 8.95 | (9.61) | 4022 | 1.66 | 1.66 | 1.65 | 1.65 | 0.72 | 320 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

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------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3157718 | $56889 | $619509 | $84611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 118900 | 3234 | 74004 | 148796 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 3545 | 55 | 1623 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 19559 | 573 | 26352 | 2586 |
|  Cash | 1 | 0 | 0 | 0 |
|  Deposits with counterparty | 27258 | 652 | 9001 | 3179 |
|  Foreign currency, at value | 9555 | 220 | 5607 | 836 |
|  Receivable for investments sold | 24574 | 530 | 23697 | 205 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 0 | 0 |
|  Receivable for TBA investments sold | 41520 | 0 | 0 | 11874 |
|  Receivable for Fund shares sold | 3225 | 32 | 92 | 165 |
|  Interest and/or dividends receivable | 47075 | 824 | 7025 | 2122 |
|  Dividends receivable from Affiliates | 416 | 10 | 212 | 794 |
|  Reimbursement receivable from PIMCO | 1 | 0 | 0 | 104 |
|  Other assets | 15 | 0 | 7 | 4 |
|  **Total Assets** | 3453362 | 63019 | 767129 | 255761 |
|  **Liabilities:** |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $170546 | $723 | $69048 | $3996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 65656 | 0 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2621 | 35 | 2722 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 17493 | 147 | 39184 | 3559 |
|  Payable for investments purchased | 31068 | 1700 | 3324 | 12287 |
|  Payable for investments in Affiliates purchased | 430 | 10 | 16519 | 823 |
|  Payable for investments purchased on a delayed-delivery basis | 153 | 621 | 2861 | 0 |
|  Payable for TBA investments purchased | 67790 | 0 | 0 | 18705 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 0 |
|  Deposits from counterparty | 12699 | 0 | 2581 | 925 |
|  Payable for Fund shares redeemed | 12237 | 9 | 178 | 266 |
|  Distributions payable | 2412 | 3 | 22 | 4 |
|  Overdraft due to custodian | 0 | 66 | 545 | 0 |
|  Accrued investment advisory fees | 1149 | 22 | 235 | 76 |
|  Accrued supervisory and administrative fees | 1107 | 20 | 211 | 67 |
|  Accrued distribution fees | 4 | 0 | 0 | 0 |
|  Accrued servicing fees | 33 | 0 | 2 | 0 |
|  Accrued taxes payable | 0 | 0 | 0 | 0 |
|  Foreign capital gains tax payable | 389 | 8 | 200 | 88 |
|  Other liabilities | 0 | 0 | 3 | 0 |
|  **Total Liabilities** | 385787 | 3364 | 137635 | 41274 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $3067575 | $59655 | $629494 | $214487 |
|  **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
|  Paid in capital | $4089515 | $153699 | $1286477 | $331380 |
|  Distributable earnings (accumulated loss) | (1021940) | (94044) | (656983) | (116893) |
|  **Net Assets** | $3067575 | $59655 | $629494 | $214487 |
|  Cost of investments in securities | $3178450 | $60636 | $611697 | $84800 |
|  Cost of investments in Affiliates | $118899 | $3233 | $73580 | $142624 |
|  Cost of foreign currency held | $9561 | $218 | $5607 | $833 |
|  Proceeds received on short sales | $66109 | $0 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(14085) | $602 | $941 | $2139 |
|  \* Includes repurchase agreements of: | $94828 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO**<br> **Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International**<br> **Bond Fund<br>(Unhedged)** |
| $2744757 | $229551 | $2417490 | $1430271 |
| 202448 | 7592 | 83041 | 31238 |
| 12117 | 1008 | 15002 | 6750 |
| 79363 | 3723 | 40923 | 12224 |
| 0 | 0 | 0 | 0 |
| 43185 | 4660 | 14362 | 13988 |
| 30104 | 1852 | 13360 | 10912 |
| 175503 | 32294 | 295908 | 143519 |
| 0 | 0 | 13 | 8 |
| 0 | 83579 | 1856041 | 902096 |
| 6788 | 2040 | 667 | 1023 |
| 54095 | 1656 | 13101 | 9299 |
| 547 | 28 | 278 | 123 |
| 1 | 0 | 0 | 2 |
| 30 | 1 | 8 | 3 |
| 3348938 | 367984 | 4750194 | 2561456 |
| $205443 | $0 | $863 | $1463 |
| 0 | 16875 | 368014 | 210002 |
| 12256 | 611 | 8945 | 3028 |
| 91281 | 2417 | 26245 | 22759 |
| 207000 | 31154 | 270204 | 125834 |
| 568 | 29 | 287 | 126 |
| 37609 | 4399 | 253 | 319 |
| 0 | 121509 | 2207464 | 998870 |
| 0 | 0 | 320 | 0 |
| 10667 | 1152 | 24966 | 3481 |
| 7744 | 396 | 2765 | 4914 |
| 2117 | 2 | 1495 | 407 |
| 288 | 0 | 269 | 0 |
| 1069 | 54 | 381 | 247 |
| 1116 | 50 | 488 | 294 |
| 5 | 0 | 3 | 4 |
| 12 | 5 | 16 | 24 |
| 21 | 5 | 0 | 0 |
| 1181 | 13 | 107 | 52 |
| 28 | 0 | 0 | 0 |
| 578405 | 178671 | 2913085 | 1371824 |
| $2770533 | $189313 | $1837109 | $1189632 |
| $3184300 | $218331 | $1915236 | $1308058 |
| (413767) | (29018) | (78127) | (118426) |
| $2770533 | $189313 | $1837109 | $1189632 |
| $2713029 | $235061 | $2441278 | $1468617 |
| $203012 | $7593 | $83032 | $31236 |
| $30619 | $1836 | $13296 | $10870 |
| $0 | $16893 | $369412 | $210177 |
| $2856 | $482 | $23226 | $736 |
| $0 | $690 | $9556 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $1484938 | $59655 | $611867 | $214487 |
|  I-2 | 1390968 | N/A | 8344 | N/A |
|  I-3 | 29361 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 155523 | N/A | 9283 | N/A |
|  Class C | 6785 | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 167562 | 6569 | 81063 | 33629 |
|  I-2 | 156959 | N/A | 1106 | N/A |
|  I-3 | 3313 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 17550 | N/A | 1230 | N/A |
|  Class C | 766 | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $8.86 | $9.08 | $7.55 | $6.38 |
|  I-2 | 8.86 | N/A | 7.55 | N/A |
|  I-3 | 8.86 | N/A | N/A | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A |
|  Class A | 8.86 | N/A | 7.55 | N/A |
|  Class C | 8.86 | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO<br>Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **PIMCO**<br> **Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO**<br> **International<br>Bond Fund<br>(Unhedged)** |
| $2293862 | $160406 | $1459474 | $717505 |
| 389304 | N/A | 299964 | 305221 |
| 28222 | N/A | N/A | 36374 |
| N/A | N/A | N/A | 13607 |
| 50506 | 28907 | 72478 | 114703 |
| 8639 | N/A | 5193 | 2222 |
| 374732 | 15672 | 152930 | 95209 |
| 63601 | N/A | 31432 | 40502 |
| 4611 | N/A | N/A | 4827 |
| N/A | N/A | N/A | 1805 |
| 8251 | 2825 | 7594 | 15220 |
| 1411 | N/A | 544 | 295 |
| $6.12 | $10.23 | $9.54 | $7.54 |
| 6.12 | N/A | 9.54 | 7.54 |
| 6.12 | N/A | N/A | 7.54 |
| N/A | N/A | N/A | 7.54 |
| 6.12 | 10.23 | 9.54 | 7.54 |
| 6.12 | N/A | 9.54 | 7.54 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Emerging Markets<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Corporate<br>Bond Fund** | **PIMCO<br>Emerging Markets<br>Currency and<br>Short-Term<br>Investments Fund** | **PIMCO<br>Emerging Markets<br>Full Spectrum<br>Bond Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest, net of foreign taxes\* | $179061 | $4273 | $56825 | $2120 |
|  Dividends | 2642 | 12 | 125 | 19 |
|  Dividends from Investments in Affiliates | 5989 | 149 | 4098 | 12100 |
|  Miscellaneous income | 427 | 13 | 225 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 188119 | 4447 | 61273 | 14239 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 11102 | 279 | 3042 | 982 |
|  Supervisory and administrative fees | 10606 | 248 | 2724 | 795 |
|  Distribution and/or servicing fees - Administrative Class | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class A | 364 | N/A | 21 | N/A |
|  Distribution and/or servicing fees - Class C | 61 | N/A | N/A | N/A |
|  Trustee fees | 14 | 0 | 4 | 1 |
|  Interest expense | 3906 | 57 | 856 | 67 |
|  Miscellaneous expense | 2 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 26055 | 584 | 6647 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (12) | 0 | 0 | (1570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 26043 | 584 | 6647 | 275 |
|  **Net Investment Income (Loss)** | 162076 | 3863 | 54626 | 13964 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 3211 | (1757) | 30159 | (201) |
|  Investments in Affiliates | 66 | 1 | 21 | 2285 |
|  Exchange-traded or centrally cleared financial derivative instruments | 14780 | 197 | 860 | 604 |
|  Over the counter financial derivative instruments | (24569) | (386) | 6745 | 510 |
|  Short sales | (299) | 0 | 35 | 0 |
|  Foreign currency | 637 | 21 | (1630) | 26 |
|  **Net Realized Gain (Loss)** | (6174) | (1924) | 36190 | 3224 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 74468 | 1628 | 11272 | 324 |
|  Investments in Affiliates | 8 | 1 | 838 | 6655 |
|  Exchange-traded or centrally cleared financial derivative instruments | (19317) | (259) | 532 | (1035) |
|  Over the counter financial derivative instruments | 14481 | 107 | (16582) | (934) |
|  Short sales | (1121) | 0 | (25) | 0 |
|  Foreign currency assets and liabilities | 565 | (5) | (338) | (35) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 69084 | 1472 | (4303) | 4975 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $224986 | $3411 | $86513 | $22163 |
|  \* Foreign tax withholdings | $1240 | $35 | $875 | $96 |
|  \*\* Foreign capital gains tax | $2 | $0 | $3 | $0 |
|  \*\*\* Foreign capital gains tax | $0 | $0 | $0 | $0 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br> **Emerging Markets<br>Local Currency and<br>Bond Fund** | **PIMCO<br>Global Advantage<sup>®</sup><br>Strategy Bond Fund** | **<br>PIMCO<br>Global Bond<br>Opportunities Fund<br>(U.S. Dollar-Hedged)** | **PIMCO<br>International<br>Bond Fund<br>(Unhedged)** |
| $200565 | $7698 | $74720 | $41408 |
| 432 | 604 | 75 | 63 |
| 7227 | 226 | 4289 | 1924 |
| 350 | 0 | 4 | 2 |
| 208574 | 8528 | 79088 | 43397 |
| 10859 | 594 | 4192 | 2498 |
| 11270 | 542 | 5294 | 2980 |
| N/A | N/A | N/A | 39 |
| 104 | 55 | 190 | 271 |
| 53 | N/A | 44 | 23 |
| 13 | 1 | 10 | 6 |
| 10217 | 164 | 726 | 809 |
| 1 | 2 | 2 | 9 |
| 32517 | 1358 | 10458 | 6635 |
| (15) | 0 | 0 | (19) |
| 32502 | 1358 | 10458 | 6616 |
| 176072 | 7170 | 68630 | 36781 |
| 43464 | (3218) | 27374 | (5148) |
| 4 | 4 | 28 | 12 |
| (5036) | 757 | 20598 | 4256 |
| 1578 | (3168) | (38258) | 13877 |
| 158 | 145 | 9 | 0 |
| 5461 | 935 | (309) | 1781 |
| 45629 | (4545) | 9442 | 14778 |
| 57315 | 4529 | (6962) | 11156 |
| 120 | 0 | 13 | 2 |
| (8081) | (2088) | (23004) | (24623) |
| (23733) | 1831 | 17848 | (19262) |
| (323) | 58 | 625 | 0 |
| 5611 | (366) | (1635) | (1886) |
| 30909 | 3964 | (13115) | (34613) |
| $252610 | $6589 | $64957 | $16946 |
| $6193 | $21 | $113 | $32 |
| $513 | $5 | $0 | $0 |
| $275 | $5 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets Corporate**<br> **Bond Fund** | **PIMCO**<br> **Emerging Markets Currency**<br> **and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Currency**<br> **and Short-Term Investments Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** | **PIMCO**<br> **Emerging Markets Full**<br> **Spectrum Bond Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended**<br>**March 31, 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) | $162076 | $117806 | $3863 | $4515 | $54626 | $34445 | $13964 | $13279 |
|  Net realized gain (loss) | (6174) | (79382) | (1924) | (3167) | 36190 | (13500) | 3224 | (10935) |
|  Net change in unrealized appreciation (depreciation) | 69084 | 104038 | 1472 | 4956 | (4303) | 2184 | 4975 | 13905 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 224986 | 142462 | 3411 | 6304 | 86513 | 23129 | 22163 | 16249 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (85754) | (73117) | (3984) | (4611) | (53895) | (35045) | (14050) | (12644) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (64886) | (34653) | N/A | N/A | (635) | (505) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (1598) | (1254) | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (9161) | (9308) | N/A | N/A | (647) | (465) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (340) | (309) | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | 0 | N/A | (2343) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | N/A | N/A | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (161739) | (118641) | (3984) | (4611) | (55177) | (36015) | (14050) | (14987) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | 1326995 | 142182 | (4238) | (35654) | 11998 | 100966 | 22007 | (82895) |
|  **Total Increase (Decrease) in Net Assets** | 1390242 | 166003 | (4811) | (33961) | 43334 | 88080 | 30120 | (81633) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 1677333 | 1511330 | 64466 | 98427 | 586160 | 498080 | 184367 | 266000 |
|  End of year | $3067575 | $1677333 | $59655 | $64466 | $629494 | $586160 | $214487 | $184367 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Emerging Markets Local Currency**<br> **and Bond Fund** | **PIMCO**<br> **Emerging Markets Local Currency**<br> **and Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Advantage<sup>®</sup>**<br> **Strategy Bond Fund** | **PIMCO**<br> **Global Bond Opportunities Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **Global Bond Opportunities Fund**<br> **(U.S. Dollar-Hedged)** | **PIMCO**<br> **International Bond Fund**<br> (Unhedged) | **PIMCO**<br> **International Bond Fund**<br> (Unhedged) |
| **Year Ended**<br>**March 31, 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** |
| $176072 | $96491 | $7170 | $11341 | $68630 | $49889 | $36781 | $27275 |
| 45629 | (38304) | (4545) | (2466) | 9442 | 23479 | 14778 | (33128) |
| 30909 | 8749 | 3964 | 5738 | (13115) | 7043 | (34613) | 34584 |
| 252610 | 66936 | 6589 | 14613 | 64957 | 80411 | 16946 | 28731 |
| (146787) | (58481) | (4937) | (11055) | (79656) | (53532) | (23707) | (18767) |
| (19943) | (6901) | N/A | N/A | (10641) | (3362) | (9363) | (5690) |
| (2039) | (1007) | N/A | N/A | N/A | N/A | (1448) | (1699) |
| N/A | N/A | N/A | N/A | N/A | N/A | (587) | (407) |
| (2800) | (1469) | (643) | (712) | (4037) | (3214) | (3908) | (3573) |
| (317) | (119) | N/A | N/A | (203) | (139) | (67) | (74) |
| 0 | (23977) | (1484) | 0 | 0 | 0 | 0 | 0 |
| 0 | (2876) | N/A | N/A | 0 | 0 | 0 | 0 |
| 0 | (416) | N/A | N/A | N/A | N/A | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| 0 | (652) | (219) | 0 | 0 | 0 | 0 | 0 |
| 0 | (62) | N/A | N/A | 0 | 0 | 0 | 0 |
| (171886) | (95960) | (7283) | (11767) | (94537) | (60247) | (39080) | (30210) |
| 1285295 | 15050 | (36198) | (92515) | 377860 | 379290 | 528809 | (148334) |
| 1366019 | (13974) | (36892) | (89669) | 348280 | 399454 | 506675 | (149813) |
| 1404514 | 1418488 | 226205 | 315874 | 1488829 | 1089375 | 682957 | 832770 |
| $2770533 | $1404514 | $189313 | $226205 | $1837109 | $1488829 | $1189632 | $682957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 102.9% | INVESTMENTS IN SECURITIES 102.9% | INVESTMENTS IN SECURITIES 102.9% |
| ANGOLA 1.2% | ANGOLA 1.2% | ANGOLA 1.2% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Sonangol Finance Ltd. | Sonangol Finance Ltd. | Sonangol Finance Ltd. |
|  10.000% due 01/29/2031 | 12600 | 12565 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  8.000% due 11/26/2029 | 2161 | 2140 |
|  8.250% due 05/09/2028 | 1400 | 1414 |
|  8.750% due 04/14/2032 | 4900 | 4764 |
|  9.244% due 01/15/2031 | 500 | 507 |
|  9.375% due 03/31/2033 | 5600 | 5547 |
|  9.375% due 05/08/2048 | 700 | 622 |
|  9.875% due 10/15/2035 (o) | 1300 | 1306 |
|  9.875% due 10/15/2035 | 4600 | 4621 |
|  9.875% due 03/31/2037 | 3700 | 3666 |
|  |  | 24587 |
|  Total Angola (Cost $35,652) | Total Angola (Cost $35,652) | 37152 |
| ARGENTINA 3.7% | ARGENTINA 3.7% | ARGENTINA 3.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Pampa Energia SA | Pampa Energia SA | Pampa Energia SA |
|  7.750% due 11/14/2037 | 3200 | 3221 |
|  7.875% due 12/16/2034 | 3700 | 3828 |
|  Tecpetrol SA | Tecpetrol SA | Tecpetrol SA |
|  7.625% due 11/03/2030 | 3400 | 3444 |
|  |  | 10493 |
| SOVEREIGN ISSUES 3.4% | SOVEREIGN ISSUES 3.4% | SOVEREIGN ISSUES 3.4% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 18436 | 15484 |
|  3.000% due 07/09/2041 þ | 1000 | 757 |
|  3.500% due 07/09/2041 þ | 58801 | 39455 |
|  3.875% due 07/09/2035 þ | 1000 | 818 |
|  4.125% due 07/09/2035 þ | 33112 | 24006 |
|  4.125% due 07/09/2046 þ(o) | 1243 | 856 |
|  5.000% due 01/09/2038 þ | 10900 | 8240 |
|  Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds |
|  5.125% due 09/01/2037 þ | 4803 | 3876 |
|  6.625% due 09/01/2037 þ | 9072 | 6861 |
|  Provincia de la Rioja | Provincia de la Rioja | Provincia de la Rioja |
|  8.500% due 02/24/2028 ^(c) | 1593 | 948 |
|  8.500% due 02/24/2028 | 3452 | 2054 |
|  |  | 103355 |
|  Total Argentina (Cost $93,178) | Total Argentina (Cost $93,178) | 113848 |
| ARMENIA 0.2% | ARMENIA 0.2% | ARMENIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Armenia International Bonds | Republic of Armenia International Bonds | Republic of Armenia International Bonds |
|  3.600% due 02/02/2031 | 6900 | 6144 |
|  Total Armenia (Cost $6,588) | Total Armenia (Cost $6,588) | 6144 |
| AZERBAIJAN 0.1% | AZERBAIJAN 0.1% | AZERBAIJAN 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  State Oil Co. of the Azerbaijan Republic | State Oil Co. of the Azerbaijan Republic | State Oil Co. of the Azerbaijan Republic |
|  TBD% due 07/22/2030 « | 1900 | 1900 |
|  Total Azerbaijan (Cost $1,900) | Total Azerbaijan (Cost $1,900) | 1900 |
| BAHRAIN 0.9% | BAHRAIN 0.9% | BAHRAIN 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
|  4.250% due 01/25/2028 | 1900 | 1799 |
|  5.250% due 01/25/2033 | 4000 | 3535 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.450% due 09/16/2032 (o) | $— | 400 | 361 |
|  5.625% due 09/30/2031 |  | 1700 | 1576 |
|  6.625% due 10/06/2037 |  | 5400 | 4922 |
|  7.100% due 02/03/2038 (o) |  | 6100 | 5748 |
|  CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL |
|  5.874% due 02/06/2034 |  | 4600 | 4291 |
|  6.124% due 09/03/2034 |  | 6100 | 5827 |
|  Total Bahrain (Cost $30,037) | Total Bahrain (Cost $30,037) | Total Bahrain (Cost $30,037) | 28059 |
| BENIN 0.2% | BENIN 0.2% | BENIN 0.2% | BENIN 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
|  6.875% due 01/19/2052 |  | 500 | 494 |
|  7.960% due 02/13/2038 | $— | 1100 | 1081 |
|  Benin Sukuk SA | Benin Sukuk SA | Benin Sukuk SA | Benin Sukuk SA |
|  6.200% due 01/29/2033 |  | 3500 | 3253 |
|  Total Benin (Cost $5,142) | Total Benin (Cost $5,142) | Total Benin (Cost $5,142) | 4828 |
| BERMUDA 0.1% | BERMUDA 0.1% | BERMUDA 0.1% | BERMUDA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  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 ~ | $— | 300 | 300 |
|  9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |  | 300 | 300 |
|  Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. |
|  8.922% (T-BILL 3MO + 5.250%) 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 |
|  Gateway Re Ltd. | Gateway Re Ltd. | Gateway Re Ltd. | Gateway Re Ltd. |
|  5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |  | 500 | 500 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  14.064% (FHMMUSTF + 10.554%) due 06/06/2026 ~ |  | 250 | 254 |
|  Mayflower Re Ltd. | Mayflower Re Ltd. | Mayflower Re Ltd. | Mayflower Re Ltd. |
|  10.023% (FHMMUSTF + 6.513%) due 07/08/2030 ~ |  | 250 | 253 |
|  Nature Coast Re Ltd. | 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 |
|  Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
|  11.280% (BRMMUSDF + 7.720%) due 06/05/2029 ~ |  | 250 | 253 |
|  Windrose Re Ltd. | Windrose Re Ltd. | Windrose Re Ltd. | Windrose Re Ltd. |
|  8.790% (HSMMUSTF + 5.250%) due 02/11/2033 ~ |  | 250 | 249 |
|  Total Bermuda (Cost $2,912) | Total Bermuda (Cost $2,912) | Total Bermuda (Cost $2,912) | 2910 |
| BOLIVIA 0.1% | BOLIVIA 0.1% | BOLIVIA 0.1% | BOLIVIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds |
|  4.500% due 03/20/2028 (o) | $— | 2667 | 2500 |
|  Total Bolivia (Cost $2,526) | Total Bolivia (Cost $2,526) | Total Bolivia (Cost $2,526) | 2500 |
| BOSNIA-HERZE. 0.1% | BOSNIA-HERZE. 0.1% | BOSNIA-HERZE. 0.1% | BOSNIA-HERZE. 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Srpska International Government Bonds | Republic of Srpska International Government Bonds | Republic of Srpska International Government Bonds | Republic of Srpska International Government Bonds |
|  6.250% due 04/02/2031 (a) |  | 3300 | 3833 |
|  Total Bosnia-Herze. (Cost $3,763) | Total Bosnia-Herze. (Cost $3,763) | Total Bosnia-Herze. (Cost $3,763) | 3833 |
| BRAZIL 2.1% | BRAZIL 2.1% | BRAZIL 2.1% | BRAZIL 2.1% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 |  | 136000 | 7670 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais | Brazil Minas SPE via State of Minas Gerais |
|  5.333% due 02/15/2028 | 9740 | 9808 |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 4600 | 3381 |
|  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) | 3639 | 109 |
|  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) | 1673 | 100 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 3500 | 3548 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(j) | 168820 | 14281 |
|  |  | 38897 |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.250% due 01/12/2056 | 650 | 639 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2050 (i) | 62306 | 10440 |
|  10.000% due 01/01/2035 | 82600 | 12989 |
|  |  | 24068 |
|  Total Brazil (Cost $71,012) | Total Brazil (Cost $71,012) | 62965 |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.625% due 09/05/2032 | 2700 | 3124 |
|  5.000% due 03/05/2037 | 7000 | 6769 |
|  Total Bulgaria (Cost $10,007) | Total Bulgaria (Cost $10,007) | 9893 |
| CAMEROON 0.2% | CAMEROON 0.2% | CAMEROON 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  5.950% due 07/07/2032 | 7400 | 7375 |
|  Total Cameroon (Cost $6,366) | Total Cameroon (Cost $6,366) | 7375 |
| CANADA 0.1% | CANADA 0.1% | CANADA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 1900 | 1922 |
|  Total Canada (Cost $1,900) | Total Canada (Cost $1,900) | 1922 |
| CAYMAN ISLANDS 1.9% | CAYMAN ISLANDS 1.9% | CAYMAN ISLANDS 1.9% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  4.971% due 12/31/2035 •  | 1274 | 1276 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  0.000% due 12/31/2031 (f)(m) | 1155 | 129 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (f) | 404 | 2 |
|  0.000% due 12/31/2027 (f) | 505 | 1 |
|  0.000% due 12/31/2028 (f) | 808 | 1 |
|  0.000% due 12/31/2029 (f) | 808 | 1 |
|  0.000% due 12/31/2030 (f) | 1010 | 1 |
|  0.000% due 12/31/2031 (f) | 1010 | 1 |
|  0.000% due 12/31/2032 (f) | 1906 | 2 |
|  |  | 138 |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (f) | 4789 | 3911 |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
|  6.350% due 09/15/2035 | 2000 | 1962 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.252% due 09/22/2030 | 1800 | 1794 |
|  5.836% due 09/22/2035 | 500 | 497 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  4.875% due 02/14/2035 | 7000 | 6742 |
|  5.250% due 01/29/2034 | 9500 | 9437 |
|  ICD Funding Ltd. | ICD Funding Ltd. | ICD Funding Ltd. |
|  3.223% due 04/28/2026 | 600 | 599 |
|  Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. | Interoceanica V Finance Ltd. |
|  0.000% due 05/15/2030 (f) | 2894 | 2494 |
|  7.860% due 05/15/2030 | 2437 | 2508 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 86 | 7 |
|  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) | 679 | 6 |
|  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) | 1137 | 4 |
|  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) | 1371 | 4 |
|  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) | 2066 | 9 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (b) | 1944 | 31 |
|  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) | 465 | 4 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 5500 | 6399 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  4.350% due 04/05/2036 | 150 | 143 |
|  4.350% due 04/05/2036 (o) | 2326 | 2212 |
|  5.875% due 07/05/2034 | 708 | 724 |
|  Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. | Montego Bay Airport Revenue Finance Ltd. |
|  6.600% due 06/15/2035 | 2900 | 2790 |
|  Suci Second Investment Co. | Suci Second Investment Co. | Suci Second Investment Co. |
|  6.000% due 10/25/2028 | 10600 | 10910 |
|  |  | 53187 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat | Ziraat | Ziraat |
|  6.774% (TSFR3M + 3.100%) due 06/15/2034 «~ | 5100 | 4965 |
|  Total Cayman Islands (Cost $60,991) | Total Cayman Islands (Cost $60,991) | 59566 |
| CHILE 2.6% | CHILE 2.6% | CHILE 2.6% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Banco del Estado de Chile | Banco del Estado de Chile | Banco del Estado de Chile |
|  7.950% due 05/02/2029 •(j)(k) | 3500 | 3687 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  4.250% due 07/17/2042 | 1600 | 1286 |
|  4.375% due 02/05/2049 | 453 | 346 |
|  4.875% due 11/04/2044 | 1920 | 1630 |
|  5.950% due 01/08/2034 | 1300 | 1330 |
|  6.300% due 09/08/2053 | 3000 | 3015 |
|  6.440% due 01/26/2036 | 12300 | 12972 |
|  6.780% due 01/13/2055 | 8500 | 9023 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 800 | 499 |
|  3.830% due 09/14/2061 | 4700 | 3179 |
|  Empresa Nacional del Petroleo | Empresa Nacional del Petroleo | Empresa Nacional del Petroleo |
|  3.450% due 09/16/2031 | 382 | 347 |
|  5.950% due 07/30/2034 | 2800 | 2830 |
|  6.150% due 05/10/2033 | 4800 | 4941 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 1200 | 1247 |
|  |  | 46332 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 05/07/2041 (o) | 16400 | 12462 |
|  3.100% due 01/22/2061 | 700 | 433 |
|  3.500% due 04/15/2053 (o) | 4500 | 3156 |
|  4.350% due 04/13/2031 | 15300 | 15020 |
|  5.650% due 01/13/2037 | 2200 | 2285 |
|  |  | 33356 |
|  Total Chile (Cost $81,145) | Total Chile (Cost $81,145) | 79688 |
|  | SHARES |  |
| CHINA 0.0% | CHINA 0.0% | CHINA 0.0% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Country Garden Holdings Co. Ltd. (d) | 552653 | 23 |
|  Kaisa Group Holdings Ltd. (d) | 5954799 | 67 |
|  Total China (Cost $0) | Total China (Cost $0) | 90 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| COLOMBIA 5.1% | COLOMBIA 5.1% | COLOMBIA 5.1% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(k) | 3600 | 3652 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 | 300 | 221 |
|  5.875% due 11/02/2051 | 8100 | 5711 |
|  7.375% due 09/18/2043 | 900 | 819 |
|  |  | 10403 |
| SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% | SOVEREIGN ISSUES 4.8% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.250% due 04/22/2032 | 13800 | 11533 |
|  3.875% due 04/25/2027 | 6100 | 6073 |
|  4.500% due 11/26/2030 | 3500 | 3919 |
|  5.000% due 06/15/2045 (o) | 8470 | 6099 |
|  5.200% due 05/15/2049 | 824 | 592 |
|  5.625% due 02/26/2044 (o) | 5100 | 4041 |
|  5.750% due 11/26/2034 | 4700 | 5132 |
|  6.125% due 01/21/2031 | 5600 | 5516 |
|  6.125% due 01/18/2041 (o) | 2000 | 1744 |
|  6.500% due 01/21/2033 | 5700 | 5589 |
|  6.500% due 11/26/2038 | 3900 | 4299 |
|  7.375% due 04/25/2030 | 7800 | 8105 |
|  7.375% due 09/18/2037 | 1125 | 1124 |
|  8.000% due 04/20/2033 | 800 | 844 |
|  8.375% due 11/07/2054 (o) | 6900 | 7145 |
|  Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (i) | 10496514 | 2481 |
|  3.000% due 03/25/2033 (i) | 2107408 | 444 |
|  6.500% due 01/22/2031 (i) | 64943835 | 16951 |
|  7.000% due 03/26/2031 | 7426300 | 1555 |
|  11.000% due 08/22/2029 | 47241300 | 11911 |
|  11.500% due 07/25/2046 | 2177800 | 525 |
|  11.750% due 01/24/2035 | 48512300 | 12028 |
|  12.750% due 11/28/2040 | 77278300 | 20483 |
|  13.250% due 02/09/2033 | 28770300 | 7714 |
|  |  | 145847 |
|  Total Colombia (Cost $157,018) | Total Colombia (Cost $157,018) | 156250 |
| CONGO 0.1% | CONGO 0.1% | CONGO 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Congolese International Bonds | Congolese International Bonds | Congolese International Bonds |
|  9.500% due 02/17/2035 | 1200 | 1081 |
|  9.875% due 11/07/2032 (m) | 3200 | 3004 |
|  Total Congo (Cost $4,124) | Total Congo (Cost $4,124) | 4085 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COSTA RICA 0.8% | COSTA RICA 0.8% | COSTA RICA 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 13000 | 15382 |
|  6.001% due 01/16/2036 | 5500 | 6551 |
|  7.300% due 11/13/2054 | 3800 | 4112 |
|  Total Costa Rica (Cost $25,461) | Total Costa Rica (Cost $25,461) | 26045 |
| CZECH REPUBLIC 0.3% | CZECH REPUBLIC 0.3% | CZECH REPUBLIC 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  5.250% due 01/10/2031 | 500 | 593 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  5.875% due 11/30/2029 | 4500 | 5482 |
|  6.651% due 11/13/2028 | 2100 | 2569 |
|  Total Czech Republic (Cost $8,155) | Total Czech Republic (Cost $8,155) | 8644 |
| DOMINICAN REPUBLIC 2.7% | DOMINICAN REPUBLIC 2.7% | DOMINICAN REPUBLIC 2.7% |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 2000 | 1848 |
|  5.300% due 01/21/2041 | 1900 | 1621 |
|  5.750% due 03/17/2034 | 12500 | 11931 |
|  5.875% due 10/28/2035 | 4400 | 4189 |
|  5.875% due 01/30/2060 | 7300 | 6117 |
|  5.950% due 01/25/2027 | 8900 | 8968 |
|  6.000% due 07/19/2028 | 18800 | 18975 |
|  6.000% due 02/22/2033 | 1200 | 1173 |
|  6.150% due 05/17/2038 (o) | 4900 | 4645 |
|  6.500% due 02/15/2048 | 506 | 476 |
|  6.600% due 06/01/2036 | 800 | 802 |
|  6.850% due 01/27/2045 | 300 | 294 |
|  6.950% due 03/15/2037 | 4200 | 4285 |
|  7.150% due 02/24/2055 | 3700 | 3750 |
|  10.500% due 03/15/2037 | 436400 | 7493 |
|  10.750% due 06/01/2036 | 222400 | 3868 |
|  11.250% due 09/15/2035 | 11200 | 200 |
|  13.625% due 02/03/2033 | 10500 | 205 |
|  13.625% due 02/10/2034 | 165700 | 3399 |
|  Total Dominican Republic (Cost $85,796) | Total Dominican Republic (Cost $85,796) | 84239 |
| ECUADOR 1.3% | ECUADOR 1.3% | ECUADOR 1.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Corp. Quiport SA | Corp. Quiport SA | Corp. Quiport SA |
|  9.000% due 12/15/2037 | 3000 | 3230 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (f)(o) | 4744 | 3977 |
|  5.000% due 07/31/2040 þ | 6095 | 4762 |
|  6.900% due 07/31/2035 þ | 18403 | 16181 |
|  8.750% due 01/29/2034 | 4700 | 4625 |
|  9.250% due 01/29/2039 | 7800 | 7669 |
|  Ecuador Social Bonds SARL | Ecuador Social Bonds SARL | Ecuador Social Bonds SARL |
|  0.000% due 01/30/2035 (f) | 615 | 462 |
|  |  | 37676 |
|  Total Ecuador (Cost $33,912) | Total Ecuador (Cost $33,912) | 40906 |
| EGYPT 2.8% | EGYPT 2.8% | EGYPT 2.8% |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | 332500 | 5989 |
|  21.954% due 03/04/2028 | 790100 | 14153 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  4.750% due 04/16/2026 | 15000 | 17315 |
|  6.375% due 04/11/2031 | 8300 | 9030 |
|  7.053% due 01/15/2032 | 600 | 568 |
|  7.500% due 01/31/2027 | 900 | 905 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 02/16/2061 | $— | 16900 | 12882 |
|  7.625% due 05/29/2032 |  | 500 | 484 |
|  7.903% due 02/21/2048 |  | 3650 | 2979 |
|  8.500% due 01/31/2047 |  | 3500 | 3026 |
|  8.625% due 02/04/2030 |  | 7300 | 7557 |
|  8.750% due 09/30/2051 |  | 3250 | 2858 |
|  9.450% due 02/04/2033 (o) |  | 8600 | 9056 |
|  Total Egypt (Cost $84,089) | Total Egypt (Cost $84,089) | Total Egypt (Cost $84,089) | 86802 |
| EL SALVADOR 0.5% | EL SALVADOR 0.5% | EL SALVADOR 0.5% | EL SALVADOR 0.5% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 (o) | $— | 6300 | 6467 |
|  8.650% due 01/24/2033 |  | 1400 | 1437 |
|  |  |  | 7904 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  7.650% due 06/15/2035 |  | 700 | 686 |
|  9.250% due 04/17/2030 |  | 3700 | 3853 |
|  9.500% due 07/15/2052 |  | 1000 | 1058 |
|  9.650% due 11/21/2054 |  | 1700 | 1808 |
|  |  |  | 7405 |
|  Total El Salvador (Cost $14,509) | Total El Salvador (Cost $14,509) | Total El Salvador (Cost $14,509) | 15309 |
| FRANCE 0.2% | FRANCE 0.2% | FRANCE 0.2% | FRANCE 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 1000 | 1144 |
|  Orange SA | Orange SA | Orange SA | Orange SA |
|  4.750% due 01/13/2033 | $— | 1300 | 1286 |
|  5.000% due 01/13/2036 |  | 4600 | 4520 |
|  Total France (Cost $6,874) | Total France (Cost $6,874) | Total France (Cost $6,874) | 6950 |
| GABON 0.1% | GABON 0.1% | GABON 0.1% | GABON 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
|  6.625% due 02/06/2031 | $— | 350 | 293 |
|  9.500% due 02/18/2029 |  | 2600 | 2446 |
|  Total Gabon (Cost $2,680) | Total Gabon (Cost $2,680) | Total Gabon (Cost $2,680) | 2739 |
| GEORGIA 0.0% | GEORGIA 0.0% | GEORGIA 0.0% | GEORGIA 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Georgian Railway JSC | Georgian Railway JSC | Georgian Railway JSC | Georgian Railway JSC |
|  4.000% due 06/17/2028 | $— | 200 | 190 |
|  Total Georgia (Cost $188) | Total Georgia (Cost $188) | Total Georgia (Cost $188) | 190 |
| GERMANY 0.2% | GERMANY 0.2% | GERMANY 0.2% | GERMANY 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  6.599% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 6000 | 6092 |
|  Total Germany (Cost $6,295) | Total Germany (Cost $6,295) | Total Germany (Cost $6,295) | 6092 |
| GHANA 0.7% | GHANA 0.7% | GHANA 0.7% | GHANA 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
|  0.000% due 07/03/2026 (f) | $— | 171 | 168 |
|  0.000% due 01/03/2030 (f) |  | 949 | 802 |
|  1.500% due 01/03/2037 |  | 2600 | 1365 |
|  5.000% due 07/03/2029 þ |  | 8030 | 7677 |
|  5.000% due 07/03/2035 þ |  | 4845 | 4145 |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.500% due 02/15/2028 |  | 11796 | 1027 |
|  8.650% due 02/13/2029 |  | 11540 | 978 |

---

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.800% due 02/12/2030 |  | 9635 | 778 |
|  8.950% due 02/11/2031 |  | 36297 | 2850 |
|  9.100% due 02/10/2032 |  | 7350 | 566 |
|  Total Ghana (Cost $18,855) | Total Ghana (Cost $18,855) | Total Ghana (Cost $18,855) | 20356 |
| GUATEMALA 1.2% | GUATEMALA 1.2% | GUATEMALA 1.2% | GUATEMALA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  4.375% due 06/05/2027 | $— | 7000 | 6944 |
|  4.650% due 10/07/2041 |  | 1000 | 839 |
|  4.875% due 02/13/2028 |  | 10500 | 10453 |
|  5.375% due 04/24/2032 |  | 1000 | 991 |
|  6.050% due 08/06/2031 |  | 3000 | 3061 |
|  6.125% due 06/01/2050 |  | 750 | 714 |
|  6.250% due 08/15/2036 |  | 4500 | 4585 |
|  6.550% due 02/06/2037 |  | 3800 | 3973 |
|  6.875% due 08/15/2055 |  | 3700 | 3858 |
|  Total Guatemala (Cost $35,362) | Total Guatemala (Cost $35,362) | Total Guatemala (Cost $35,362) | 35418 |
| HONDURAS 0.0% | HONDURAS 0.0% | HONDURAS 0.0% | HONDURAS 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds | Honduras Government International Bonds |
|  8.625% due 11/27/2034 | $— | 1200 | 1350 |
|  Total Honduras (Cost $1,200) | Total Honduras (Cost $1,200) | Total Honduras (Cost $1,200) | 1350 |
| HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | $— | 400 | 307 |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  3.950% due 10/02/2026 |  | 1800 | 2067 |
|  5.000% due 05/18/2026 | $— | 1500 | 1494 |
|  5.050% due 01/27/2027 |  | 2300 | 2235 |
|  Total Hong Kong (Cost $6,025) | Total Hong Kong (Cost $6,025) | Total Hong Kong (Cost $6,025) | 6103 |
| HUNGARY 1.4% | HUNGARY 1.4% | HUNGARY 1.4% | HUNGARY 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  4.750% due 11/24/2032 |  | 1857100 | 4880 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  1.625% due 04/28/2032 (o) |  | 1400 | 1401 |
|  2.125% due 09/22/2031 (o) | $— | 4000 | 3397 |
|  3.125% due 09/21/2051 (o) |  | 1400 | 837 |
|  5.375% due 09/26/2030 |  | 900 | 907 |
|  5.375% due 09/26/2030 (o) |  | 5500 | 5545 |
|  5.500% due 03/26/2036 (o) |  | 4500 | 4391 |
|  6.000% due 09/26/2035 |  | 2000 | 2033 |
|  6.000% due 09/26/2035 (o) |  | 3300 | 3354 |
|  6.125% due 05/22/2028 (o) |  | 11700 | 11980 |
|  6.750% due 09/25/2052 |  | 1500 | 1551 |
|  6.750% due 09/23/2055 |  | 2900 | 2946 |
|  Total Hungary (Cost $43,619) | Total Hungary (Cost $43,619) | Total Hungary (Cost $43,619) | 43222 |
| INDIA 0.7% | INDIA 0.7% | INDIA 0.7% | INDIA 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 | $— | 865 | 756 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 |  | 12300 | 12462 |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 |  | 2100 | 2110 |
|  Muthoot Finance Ltd. | Muthoot Finance Ltd. | Muthoot Finance Ltd. | Muthoot Finance Ltd. |
|  5.750% due 08/04/2030 |  | 3700 | 3553 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 |  | 600 | 594 |
|  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 |  | 3300 | 3116 |
|  Total India (Cost $23,256) | Total India (Cost $23,256) | Total India (Cost $23,256) | 22591 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDONESIA 3.9% | INDONESIA 3.9% | INDONESIA 3.9% |
| CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  5.315% due 04/14/2032 | 1700 | 1692 |
|  Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT | Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT |
|  5.450% due 05/15/2030 | 14400 | 14576 |
|  Pertamina Hulu Energi PT | Pertamina Hulu Energi PT | Pertamina Hulu Energi PT |
|  5.250% due 05/21/2030 | 9900 | 9933 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  6.000% due 05/03/2042 | 2430 | 2345 |
|  6.450% due 05/30/2044 | 6900 | 6960 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.000% due 06/30/2050 | 11800 | 8082 |
|  4.375% due 02/05/2050 | 4300 | 3180 |
|  4.750% due 02/03/2031 | 3800 | 3692 |
|  5.250% due 10/24/2042 | 6600 | 5847 |
|  5.250% due 05/15/2047 | 14100 | 12216 |
|  5.450% due 05/21/2028 | 250 | 252 |
|  5.450% due 02/03/2036 | 3500 | 3352 |
|  6.250% due 01/25/2049 | 4800 | 4645 |
|  |  | 76772 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  1.100% due 03/12/2033 | 3800 | 3536 |
|  3.875% due 01/15/2033 | 2700 | 3046 |
|  4.125% due 01/15/2037 | 5200 | 5661 |
|  4.200% due 10/15/2050 | 400 | 310 |
|  4.460% due 03/04/2038 | 7000 | 7673 |
|  4.900% due 04/16/2036 | 500 | 479 |
|  5.650% due 01/11/2053 | 700 | 673 |
|  6.750% due 01/15/2044 | 2100 | 2309 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
|  3.800% due 06/23/2050 | 300 | 215 |
|  5.000% due 12/01/2035 | 18800 | 18166 |
|  5.650% due 11/25/2054 | 900 | 863 |
|  |  | 42931 |
|  Total Indonesia (Cost $127,495) | Total Indonesia (Cost $127,495) | 119703 |
| IRELAND 0.8% | IRELAND 0.8% | IRELAND 0.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 1963 | 1837 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 8100 | 9372 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC | Avenir Issuer III Ireland DAC |
|  6.000% due 03/22/2027 | 1665 | 1643 |
|  Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC | Republic of Angola Via Avenir Issuer II Ireland DAC |
|  6.927% due 02/19/2027 | 6321 | 6211 |
|  Republic of Angola Via Avenir Issuer IV Ireland DAC | Republic of Angola Via Avenir Issuer IV Ireland DAC | Republic of Angola Via Avenir Issuer IV Ireland DAC |
|  10.750% due 09/15/2028 | 3963 | 4035 |
|  |  | 11889 |
|  Total Ireland (Cost $22,500) | Total Ireland (Cost $22,500) | 23098 |
| ISRAEL 0.6% | ISRAEL 0.6% | ISRAEL 0.6% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  ICL Group Ltd. | ICL Group Ltd. | ICL Group Ltd. |
|  6.375% due 05/31/2038 | 2919 | 2991 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 3000 | 2772 |
|  4.250% due 08/14/2028 | 2700 | 2650 |
|  5.633% due 01/28/2038 | 3600 | 3562 |

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| | | |
|:---|:---|:---|
| **26** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 4600 | 4603 |
|  |  | 16578 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/30/2043 | 1500 | 1270 |
|  State of Israel | State of Israel | State of Israel |
|  2.500% due 01/15/2030 | 1000 | 919 |
|  |  | 2189 |
|  Total Israel (Cost $18,771) | Total Israel (Cost $18,771) | 18767 |
| ITALY 0.1% | ITALY 0.1% | ITALY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 1500 | 1566 |
|  Total Italy (Cost $1,492) | Total Italy (Cost $1,492) | 1566 |
| IVORY COAST 1.3% | IVORY COAST 1.3% | IVORY COAST 1.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.185% (EUR006M + 3.050%) due 03/05/2027 «~ | 10000 | 11618 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 6666 | 7187 |
|  5.250% due 03/22/2030 | 847 | 967 |
|  5.750% due 12/31/2032 þ | 1795 | 1763 |
|  5.750% due 12/31/2032 | 1001 | 982 |
|  5.875% due 10/17/2031 | 2200 | 2489 |
|  6.625% due 03/22/2048 | 3600 | 3594 |
|  6.875% due 10/17/2040 | 1700 | 1850 |
|  8.075% due 04/01/2036 | 4100 | 4180 |
|  8.250% due 01/30/2037 | 3700 | 3805 |
|  |  | 26817 |
|  Total Ivory Coast (Cost $36,413) | Total Ivory Coast (Cost $36,413) | 38435 |
| JAMAICA 0.0% | JAMAICA 0.0% | JAMAICA 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  TransJamaican Highway Ltd. | TransJamaican Highway Ltd. | TransJamaican Highway Ltd. |
|  5.750% due 10/10/2036 | 1606 | 1486 |
|  Total Jamaica (Cost $1,609) | Total Jamaica (Cost $1,609) | 1486 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 1700 | 1949 |
|  5.375% due 06/15/2036 | 1800 | 2067 |
|  Total Jersey, Channel Islands (Cost $4,131) | Total Jersey, Channel Islands (Cost $4,131) | 4016 |
| JORDAN 0.2% | JORDAN 0.2% | JORDAN 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
|  7.375% due 10/10/2047 | 5650 | 5317 |
|  Total Jordan (Cost $5,390) | Total Jordan (Cost $5,390) | 5317 |
| KAZAKHSTAN 0.9% | KAZAKHSTAN 0.9% | KAZAKHSTAN 0.9% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 1885 | 1694 |
|  5.750% due 04/19/2047 | 3070 | 2862 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  QazaqGaz NC JSC | QazaqGaz NC JSC | QazaqGaz NC JSC |
|  4.375% due 09/26/2027 | 1000 | 993 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 10800 | 9986 |
|  4.000% due 08/15/2026 | 2800 | 2793 |
|  |  | 18328 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 1987500 | 4273 |
|  Kazakhstan Government International Bonds | Kazakhstan Government International Bonds | Kazakhstan Government International Bonds |
|  4.412% due 10/28/2030 | 4400 | 4314 |
|  |  | 8587 |
|  Total Kazakhstan (Cost $26,056) | Total Kazakhstan (Cost $26,056) | 26915 |
| KENYA 1.0% | KENYA 1.0% | KENYA 1.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  9.186% (JY0003M + 5.400%) due 04/05/2028 «~ | 2250 | 2230 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  7.000% due 05/22/2027 | 4800 | 4774 |
|  7.250% due 02/28/2028 | 1700 | 1696 |
|  7.875% due 10/09/2033 | 3500 | 3251 |
|  8.800% due 10/09/2038 | 4900 | 4513 |
|  9.500% due 03/05/2036 | 3300 | 3238 |
|  9.750% due 02/16/2031 | 8900 | 9146 |
|  |  | 26618 |
|  Total Kenya (Cost $29,169) | Total Kenya (Cost $29,169) | 28848 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  3.500% due 03/20/2027 | 1700 | 1686 |
|  4.652% due 10/09/2035 | 14400 | 13849 |
|  Total Kuwait (Cost $16,119) | Total Kuwait (Cost $16,119) | 15535 |
| LATVIA 0.2% | LATVIA 0.2% | LATVIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Latvia Government International Bonds | Latvia Government International Bonds | Latvia Government International Bonds |
|  5.125% due 07/30/2034 | 4600 | 4641 |
|  Total Latvia (Cost $4,560) | Total Latvia (Cost $4,560) | 4641 |
| LEBANON 0.2% | LEBANON 0.2% | LEBANON 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
|  6.600% due 11/27/2026 ^(c) | 4400 | 1056 |
|  6.850% due 03/23/2027 ^(c) | 4300 | 1024 |
|  8.250% due 05/17/2034 ^(c) | 10700 | 2587 |
|  8.250% due 04/12/2049 ^(c) | 3600 | 874 |
|  Total Lebanon (Cost $4,239) | Total Lebanon (Cost $4,239) | 5541 |
|  | **SHARES** |  |
| LUXEMBOURG 4.2% | LUXEMBOURG 4.2% | LUXEMBOURG 4.2% |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
|  Drillco Holdings Luxembourg SA «(m) | 154744 | 3559 |
|  Foresea Holdings SA « | 61095 | 1405 |
|  |  | 4964 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 1271 | 1278 |
|  5.672% due 10/20/2035 | 1262 | 1275 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2689 | 2642 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 3800 | 3818 |
|  6.103% due 08/23/2042 | 4700 | 4683 |
|  6.129% due 02/23/2038 | 8200 | 8313 |
|  6.510% due 02/23/2042 | 3400 | 3525 |
|  Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
|  5.198% due 06/15/2034 | 8913 | 8647 |
|  Kernel Holding SA | Kernel Holding SA | Kernel Holding SA |
|  6.750% due 10/27/2027 | 1500 | 1454 |
|  MHP Lux SA | MHP Lux SA | MHP Lux SA |
|  10.500% due 07/28/2029 | 1700 | 1714 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 | 4367 | 4271 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.750% due 10/15/2030 | 4400 | 4286 |
|  Saavi Energia SARL | Saavi Energia SARL | Saavi Energia SARL |
|  8.875% due 02/10/2035 | 3700 | 3887 |
|  |  | 49793 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 71600 | 72065 |
|  Total Luxembourg (Cost $124,475) | Total Luxembourg (Cost $124,475) | 126822 |
| MACEDONIA 0.3% | MACEDONIA 0.3% | MACEDONIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds |
|  6.960% due 03/13/2027 | 8000 | 9409 |
|  Total Macedonia (Cost $8,723) | Total Macedonia (Cost $8,723) | 9409 |
| MALAYSIA 0.6% | MALAYSIA 0.6% | MALAYSIA 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | 1200 | 790 |
|  4.800% due 04/21/2060 | 5230 | 4560 |
|  5.848% due 04/03/2055 | 13600 | 13915 |
|  Total Malaysia (Cost $20,005) | Total Malaysia (Cost $20,005) | 19265 |
|  | SHARES |  |
| MEXICO 7.9% | MEXICO 7.9% | MEXICO 7.9% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 93349 | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 4.0% | CORPORATE BONDS & NOTES 4.0% | CORPORATE BONDS & NOTES 4.0% |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(j)(k) | 800 | 763 |
|  8.375% due 10/14/2030 •(j)(k) | 700 | 725 |
|  8.375% due 05/20/2031 •(j)(k) | 2100 | 2160 |
|  8.750% due 05/20/2035 •(j)(k) | 4000 | 4173 |
|  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 •(k) | 2700 | 2794 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  6.500% due 01/28/2051 | 2500 | 2412 |
|  Gruma SAB de CV | Gruma SAB de CV | Gruma SAB de CV |
|  5.761% due 12/09/2054 | 1100 | 1065 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 | 2900 | 2346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Minera Mexico SA de CV | Minera Mexico SA de CV | Minera Mexico SA de CV |
|  4.500% due 01/26/2050 | 1600 | 1281 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 6038 | 4625 |
|  6.375% due 01/23/2045 | 11850 | 9342 |
|  6.500% due 06/02/2041 | 17100 | 14436 |
|  6.625% due 06/15/2035 (o) | 1225 | 1143 |
|  6.700% due 02/16/2032 (o) | 36420 | 35674 |
|  6.950% due 01/28/2060 | 13420 | 10585 |
|  7.690% due 01/23/2050 | 21200 | 18372 |
|  10.000% due 02/07/2033 | 9700 | 11057 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  6.390% due 01/15/2050 (o) | 398 | 364 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 (o) | 202 | 182 |
|  |  | 123499 |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  2.250% due 08/12/2036 | 5100 | 4581 |
|  3.750% due 01/11/2028 | 16200 | 15989 |
|  3.771% due 05/24/2061 | 4200 | 2522 |
|  3.875% due 05/16/2031 | 800 | 903 |
|  4.000% due 03/15/2115 | 1000 | 757 |
|  4.875% due 05/16/2036 | 9000 | 10150 |
|  5.000% due 04/27/2051 | 1300 | 1019 |
|  5.125% due 03/19/2038 | 2700 | 3017 |
|  5.375% due 03/22/2033 | 3500 | 3430 |
|  5.625% due 02/09/2034 | 4400 | 4309 |
|  5.625% due 09/22/2035 | 3400 | 3295 |
|  5.750% due 10/12/2110 | 10300 | 8403 |
|  5.850% due 07/02/2032 | 10652 | 10704 |
|  6.125% due 02/09/2038 | 4400 | 4293 |
|  6.338% due 05/04/2053 | 299 | 279 |
|  6.400% due 05/07/2054 | 2200 | 2066 |
|  6.625% due 01/29/2038 | 3200 | 3269 |
|  6.750% due 02/09/2056 | 4500 | 4383 |
|  6.875% due 05/13/2037 | 8600 | 9030 |
|  7.375% due 05/13/2055 | 26000 | 27379 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 11/30/2028 (i) | 791 | 44 |
|  |  | 119822 |
|  Total Mexico (Cost $243,673) | Total Mexico (Cost $243,673) | 243321 |
| MONGOLIA 0.1% | MONGOLIA 0.1% | MONGOLIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  City of Ulaanbaatar Mongolia | City of Ulaanbaatar Mongolia | City of Ulaanbaatar Mongolia |
|  7.750% due 08/21/2027 | 1100 | 1110 |
|  Mongolia Government International Bonds | Mongolia Government International Bonds | Mongolia Government International Bonds |
|  5.950% due 03/09/2032 | 2400 | 2365 |
|  7.875% due 06/05/2029 | 500 | 522 |
|  Total Mongolia (Cost $4,015) | Total Mongolia (Cost $4,015) | 3997 |
| MOROCCO 0.6% | MOROCCO 0.6% | MOROCCO 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  OCP SA | OCP SA | OCP SA |
|  3.750% due 06/23/2031 | 6650 | 6048 |
|  5.125% due 06/23/2051 | 13700 | 10704 |
|  6.700% due 03/01/2036 | 2100 | 2162 |
|  Total Morocco (Cost $19,767) | Total Morocco (Cost $19,767) | 18914 |
|  | **SHARES** |  |
| NETHERLANDS 0.7% | NETHERLANDS 0.7% | NETHERLANDS 0.7% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor «(d) | 13778 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  NE Property BV | NE Property BV | NE Property BV |
|  1.875% due 10/09/2026 | 200 | 230 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.539% due 08/03/2028 | 500 | 551 |
|  2.031% due 08/03/2032 | 600 | 613 |
|  3.061% due 07/13/2031 | 200 | 179 |
|  3.257% due 01/19/2027 | 1000 | 987 |
|  3.680% due 01/21/2030 | 900 | 853 |
|  4.027% due 08/03/2050 | 600 | 402 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(b)(c) | 2957 | 59 |
|  Yinson Bergenia Production BV | Yinson Bergenia Production BV | Yinson Bergenia Production BV |
|  8.498% due 01/31/2045 | 6315 | 6685 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 4177 | 4560 |
|  |  | 15119 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | 5900 | 5868 |
|  Total Netherlands (Cost $20,856) | Total Netherlands (Cost $20,856) | 20987 |
| NIGERIA 1.9% | NIGERIA 1.9% | NIGERIA 1.9% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  BOI Finance BV | BOI Finance BV | BOI Finance BV |
|  7.500% due 02/16/2027 | 10900 | 12853 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.724% (EUR003M + 1.700%) due 08/23/2027 ~ | 2925 | 3373 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
|  6.125% due 09/28/2028 | 2900 | 2884 |
|  6.500% due 11/28/2027 | 9300 | 9344 |
|  7.143% due 02/23/2030 | 800 | 807 |
|  7.375% due 09/28/2033 | 800 | 786 |
|  7.625% due 11/28/2047 (o) | 1200 | 1100 |
|  7.696% due 02/23/2038 | 5600 | 5419 |
|  7.875% due 02/16/2032 | 3800 | 3853 |
|  8.631% due 01/13/2036 | 5150 | 5370 |
|  8.747% due 01/21/2031 | 650 | 688 |
|  9.130% due 01/13/2046 | 4900 | 5121 |
|  9.625% due 06/09/2031 | 4300 | 4714 |
|  10.375% due 12/09/2034 | 1500 | 1721 |
|  |  | 41807 |
|  Total Nigeria (Cost $55,555) | Total Nigeria (Cost $55,555) | 58033 |
| OMAN 0.8% | OMAN 0.8% | OMAN 0.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  AL Jawaher Assets Co. Spc | AL Jawaher Assets Co. Spc | AL Jawaher Assets Co. Spc |
|  4.662% due 10/29/2030 | 7300 | 7103 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
|  5.625% due 01/17/2028 | 3830 | 3879 |
|  6.000% due 08/01/2029 | 5900 | 6075 |
|  6.750% due 10/28/2027 | 1300 | 1338 |
|  7.000% due 01/25/2051 | 7500 | 8125 |
|  |  | 19417 |
|  Total Oman (Cost $25,759) | Total Oman (Cost $25,759) | 26520 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PAKISTAN 1.0% | PAKISTAN 1.0% | PAKISTAN 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
|  6.000% due 04/08/2026 | 21600 | 21595 |
|  6.875% due 12/05/2027 | 3000 | 2968 |
|  7.375% due 04/08/2031 | 3500 | 3244 |
|  8.875% due 04/08/2051 | 800 | 716 |
|  Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority | Pakistan Water & Power Development Authority |
|  7.500% due 06/04/2031 | 3400 | 3037 |
|  Total Pakistan (Cost $31,443) | Total Pakistan (Cost $31,443) | 31560 |
| PANAMA 1.6% | PANAMA 1.6% | PANAMA 1.6% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA | Aeropuerto Internacional de Tocumen SA |
|  5.125% due 08/11/2061 | 3100 | 2486 |
|  Banco General SA | Banco General SA | Banco General SA |
|  5.250% due 05/07/2031 •(j)(k) | 3200 | 3020 |
|  5.250% due 05/07/2031 •(j) | 800 | 755 |
|  ENA Norte Trust | ENA Norte Trust | ENA Norte Trust |
|  4.950% due 04/25/2028 | 416 | 411 |
|  |  | 6672 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.500% due 05/15/2047 | 200 | 158 |
|  4.500% due 01/19/2063 | 4800 | 3523 |
|  5.227% due 02/23/2034 | 1600 | 1545 |
|  5.662% due 02/23/2038 | 2000 | 1924 |
|  6.400% due 02/14/2035 (o) | 1000 | 1040 |
|  6.700% due 01/26/2036 (o) | 13900 | 14695 |
|  6.853% due 03/28/2054 (o) | 2700 | 2780 |
|  7.875% due 03/01/2057 (o) | 8300 | 9655 |
|  8.000% due 03/01/2038 | 2022 | 2320 |
|  8.125% due 04/28/2034 | 858 | 980 |
|  8.875% due 09/30/2027 | 3700 | 3936 |
|  |  | 42556 |
|  Total Panama (Cost $49,341) | Total Panama (Cost $49,341) | 49228 |
| PARAGUAY 0.7% | PARAGUAY 0.7% | PARAGUAY 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  2.739% due 01/29/2033 | 800 | 705 |
|  3.849% due 06/28/2033 | 600 | 557 |
|  5.400% due 03/30/2050 | 200 | 178 |
|  5.600% due 03/13/2048 | 200 | 185 |
|  5.850% due 08/21/2033 | 700 | 721 |
|  6.000% due 02/09/2036 | 2300 | 2391 |
|  6.650% due 03/04/2055 | 5100 | 5306 |
|  7.900% due 02/09/2031 | 23766000 | 3602 |
|  8.500% due 03/04/2035 | 16023000 | 2451 |
|  8.500% due 04/04/2038 | 29160000 | 4420 |
|  Total Paraguay (Cost $20,028) | Total Paraguay (Cost $20,028) | 20516 |
| PERU 2.4% | PERU 2.4% | PERU 2.4% |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 25000 | 7644 |
|  10.100% due 12/15/2043 | 12400 | 3866 |
|  InRetail Consumer | InRetail Consumer | InRetail Consumer |
|  3.250% due 03/22/2028 | 14600 | 14047 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 1300 | 1334 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 2500 | 2495 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  4.750% due 06/19/2032 | 3800 | 3016 |
|  5.625% due 06/19/2047 | 22100 | 15528 |
|  |  | 47930 |

---

28 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA |
|  5.400% due 03/31/2031 | 2400 | $2403 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.400% due 08/12/2034 | 2000 | 546 |
|  6.150% due 08/12/2032 | 5200 | 1563 |
|  7.300% due 08/12/2033 | 15800 | 4975 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.875% due 08/08/2054 (o) | 9700 | 9375 |
|  6.200% due 06/30/2055 | 5900 | 5931 |
|  6.900% due 08/12/2037 | 700 | 200 |
|  6.950% due 08/12/2031 | 2241 | 699 |
|  |  | 25692 |
|  Total Peru (Cost $72,062) | Total Peru (Cost $72,062) | 73622 |
| PHILIPPINES 0.4% | PHILIPPINES 0.4% | PHILIPPINES 0.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  PLDT, Inc. | PLDT, Inc. | PLDT, Inc. |
|  3.450% due 06/23/2050 | 4700 | 3310 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.125% due 12/02/2029 •(j) | 4500 | 4381 |
|  |  | 7691 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  3.700% due 03/01/2041 | 5500 | 4412 |
|  Total Philippines (Cost $13,782) | Total Philippines (Cost $13,782) | 12103 |
| POLAND 1.1% | POLAND 1.1% | POLAND 1.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 2700 | 2756 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 10400 | 10746 |
|  6.250% due 07/09/2054 | 8400 | 8325 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 900 | 920 |
|  4.875% due 10/04/2033 | 600 | 601 |
|  5.125% due 09/18/2034 | 400 | 403 |
|  5.375% due 02/12/2035 (o) | 4300 | 4388 |
|  5.500% due 04/04/2053 (o) | 5100 | 4737 |
|  |  | 30120 |
|  Total Poland (Cost $33,097) | Total Poland (Cost $33,097) | 32876 |
| QATAR 1.6% | QATAR 1.6% | QATAR 1.6% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 13700 | 12076 |
|  3.125% due 07/12/2041 | 8650 | 6298 |
|  3.300% due 07/12/2051 | 30000 | 19440 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 2078 | 2076 |
|  |  | 39890 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Global Sukuk Ventures | Global Sukuk Ventures | Global Sukuk Ventures |
|  4.250% due 11/10/2035 | 8800 | 8542 |
|  Total Qatar (Cost $52,539) | Total Qatar (Cost $52,539) | 48432 |
| ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.124% due 07/16/2031 (o) | 4450 | 4419 |
|  2.125% due 03/07/2028 | 500 | 561 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.375% due 04/19/2027 |  | 350 | 400 |
|  2.875% due 04/13/2042 (o) |  | 3300 | 2392 |
|  2.875% due 04/13/2042 |  | 1300 | 942 |
|  3.375% due 01/28/2050 (o) |  | 4000 | 2815 |
|  3.500% due 04/03/2034 (o) |  | 900 | 888 |
|  3.750% due 02/07/2034 (o) |  | 200 | 200 |
|  3.875% due 10/29/2035 |  | 1800 | 1762 |
|  4.625% due 04/03/2049 |  | 1000 | 871 |
|  5.125% due 09/24/2031 |  | 1600 | 1837 |
|  5.250% due 05/30/2032 (o) |  | 3100 | 3539 |
|  5.250% due 05/30/2032 |  | 1500 | 1713 |
|  5.375% due 06/07/2033 (o) |  | 4800 | 5407 |
|  5.625% due 05/30/2037 (o) |  | 4200 | 4574 |
|  5.625% due 05/30/2037 |  | 1200 | 1307 |
|  5.750% due 09/16/2030 | $— | 13800 | 13768 |
|  6.125% due 10/07/2037 (o) |  | 2900 | 3253 |
|  6.375% due 09/18/2033 (o) |  | 2800 | 3332 |
|  6.500% due 10/07/2045 (o) |  | 3000 | 3316 |
|  6.750% due 07/11/2039 (o) |  | 7600 | 8785 |
|  Total Romania (Cost $70,139) | Total Romania (Cost $70,139) | Total Romania (Cost $70,139) | 66081 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  7.500% due 03/31/2030 | $— | 110 | 73 |
|  Total Russia (Cost $20) | Total Russia (Cost $20) | Total Russia (Cost $20) | 73 |
| RWANDA 0.0% | RWANDA 0.0% | RWANDA 0.0% | RWANDA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Rwanda International Government Bonds | Rwanda International Government Bonds | Rwanda International Government Bonds | Rwanda International Government Bonds |
|  5.500% due 08/09/2031 | $— | 1200 | 1077 |
|  Total Rwanda (Cost $987) | Total Rwanda (Cost $987) | Total Rwanda (Cost $987) | 1077 |
| SAUDI ARABIA 2.6% | SAUDI ARABIA 2.6% | SAUDI ARABIA 2.6% | SAUDI ARABIA 2.6% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | $— | 3200 | 1915 |
|  4.250% due 04/16/2039 |  | 3100 | 2672 |
|  5.750% due 07/17/2054 |  | 3700 | 3410 |
|  5.875% due 07/17/2064 |  | 6700 | 6109 |
|  6.375% due 06/02/2055 |  | 8900 | 8868 |
|  |  |  | 22974 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.450% due 02/02/2061 |  | 8000 | 4956 |
|  3.750% due 01/21/2055 |  | 4200 | 2856 |
|  4.500% due 10/26/2046 |  | 32700 | 26629 |
|  4.625% due 10/04/2047 |  | 1400 | 1155 |
|  5.000% due 01/18/2053 |  | 200 | 170 |
|  5.125% due 01/13/2028 |  | 21800 | 22037 |
|  |  |  | 57803 |
|  Total Saudi Arabia (Cost $89,126) | Total Saudi Arabia (Cost $89,126) | Total Saudi Arabia (Cost $89,126) | 80777 |
| SENEGAL 0.6% | SENEGAL 0.6% | SENEGAL 0.6% | SENEGAL 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Senegal Ministry of Finance & Budget | Republic of Senegal Ministry of Finance & Budget | Republic of Senegal Ministry of Finance & Budget | Republic of Senegal Ministry of Finance & Budget |
|  7.944% (EUR006M + 5.800%) due 12/22/2028 «~ |  | 4375 | 3234 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 |  | 7133 | 5172 |
|  5.375% due 06/08/2037 |  | 11700 | 6849 |
|  6.250% due 05/23/2033 (o) | $— | 5600 | 2997 |
|  7.750% due 06/10/2031 |  | 1300 | 752 |
|  |  |  | 15770 |
|  Total Senegal (Cost $26,730) | Total Senegal (Cost $26,730) | Total Senegal (Cost $26,730) | 19004 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SERBIA 1.1% | SERBIA 1.1% | SERBIA 1.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler |
|  7.897% (EUR003M + 5.850%) due 05/21/2028 «~ | 4500 | 5100 |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 500 | 534 |
|  1.500% due 06/26/2029 | 7700 | 8130 |
|  1.650% due 03/03/2033 (o) | 2400 | 2260 |
|  3.125% due 05/15/2027 | 6620 | 7575 |
|  6.000% due 06/12/2034 (o) | 600 | 602 |
|  6.250% due 05/26/2028 | 300 | 306 |
|  6.500% due 09/26/2033 | 3600 | 3761 |
|  6.500% due 09/26/2033 (o) | 3800 | 3970 |
|  |  | 27138 |
|  Total Serbia (Cost $31,812) | Total Serbia (Cost $31,812) | 32238 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1600 | 1674 |
|  Total Singapore (Cost $1,578) | Total Singapore (Cost $1,578) | 1674 |
| SOUTH AFRICA 3.6% | SOUTH AFRICA 3.6% | SOUTH AFRICA 3.6% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  4.314% due 07/23/2027 | 9100 | 8972 |
|  6.350% due 08/10/2028 | 11400 | 11482 |
|  8.450% due 08/10/2028 | 2800 | 2936 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  6.500% due 09/27/2028 | 1150 | 1165 |
|  8.750% due 05/03/2029 | 5500 | 5727 |
|  8.750% due 04/10/2033 (a) | 1800 | 1800 |
|  |  | 32082 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.658% due 03/02/2028 «~ | 44000 | 2566 |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 14100 | 781 |
|  8.500% due 01/31/2037 | 380600 | 21023 |
|  8.875% due 02/28/2035 (o) | 580200 | 33699 |
|  9.000% due 01/31/2040 | 36200 | 2013 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.300% due 10/12/2028 | 6100 | 5975 |
|  7.100% due 11/19/2036 | 1200 | 1227 |
|  7.250% due 12/11/2055 | 6100 | 5588 |
|  7.950% due 11/19/2054 | 6300 | 6234 |
|  |  | 76540 |
|  Total South Africa (Cost $110,293) | Total South Africa (Cost $110,293) | 111188 |
| SOUTH KOREA 0.3% | SOUTH KOREA 0.3% | SOUTH KOREA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.500% due 01/17/2033 | 7500 | 8166 |
|  Total South Korea (Cost $7,971) | Total South Korea (Cost $7,971) | 8166 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 29

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SPAIN 0.1% | SPAIN 0.1% | SPAIN 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |
|  8.499% due 06/30/2032 | 2800 | 2830 |
|  Total Spain (Cost $2,800) | Total Spain (Cost $2,800) | 2830 |
| SRI LANKA 0.5% | SRI LANKA 0.5% | SRI LANKA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
|  3.100% due 01/15/2030 þ | 4066 | 3741 |
|  3.350% due 03/15/2033 þ | 5188 | 4342 |
|  3.600% due 05/15/2036 þ | 2009 | 1796 |
|  3.600% due 02/15/2038 þ | 5221 | 4626 |
|  4.000% due 04/15/2028 | 1495 | 1430 |
|  Total Sri Lanka (Cost $14,138) | Total Sri Lanka (Cost $14,138) | 15935 |
| SUPRANATIONAL 0.4% | SUPRANATIONAL 0.4% | SUPRANATIONAL 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Africa Finance Corp. | Africa Finance Corp. | Africa Finance Corp. |
|  2.870% due 08/13/2031 | 200 | 177 |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(j)(k) | 7400 | 7196 |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  6.250% due 10/14/2040 | 4700 | 5140 |
|  Total Supranational (Cost $13,044) | Total Supranational (Cost $13,044) | 12513 |
| SURINAME 0.2% | SURINAME 0.2% | SURINAME 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Suriname Government International Bonds | Suriname Government International Bonds | Suriname Government International Bonds |
|  7.700% due 11/06/2030 (o) | 4200 | 4258 |
|  8.500% due 11/06/2035 | 1500 | 1548 |
|  Total Suriname (Cost $5,759) | Total Suriname (Cost $5,759) | 5806 |
| TANZANIA 0.1% | TANZANIA 0.1% | TANZANIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  United Republic of Tanzania | United Republic of Tanzania | United Republic of Tanzania |
|  7.499% (EUR006M + 5.400%) due 04/26/2028 «~ | 2364 | 2753 |
|  Total Tanzania (Cost $2,775) | Total Tanzania (Cost $2,775) | 2753 |
| THAILAND 0.6% | THAILAND 0.6% | THAILAND 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Bangkok Bank PCL | Bangkok Bank PCL | Bangkok Bank PCL |
|  5.082% due 11/26/2035 | 6100 | 5984 |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(j) | 4600 | 4475 |
|  7.125% due 03/10/2035 •(j) | 2200 | 2141 |
|  PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. | PTTEP Treasury Center Co. Ltd. |
|  2.587% due 06/10/2027 | 400 | 391 |
|  Thaioil Treasury Center Co. Ltd. | Thaioil Treasury Center Co. Ltd. | Thaioil Treasury Center Co. Ltd. |
|  6.100% due 01/15/2031 •(j) | 5200 | 5020 |
|  Total Thailand (Cost $18,523) | Total Thailand (Cost $18,523) | 18011 |
| TRINIDAD AND TOBAGO 0.1% | TRINIDAD AND TOBAGO 0.1% | TRINIDAD AND TOBAGO 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. | National Gas Co. of Trinidad & Tobago Ltd. |
|  6.050% due 01/15/2036 | 2000 | 1842 |
|  Trinidad Generation UnLtd. | Trinidad Generation UnLtd. | Trinidad Generation UnLtd. |
|  7.750% due 06/16/2033 | 1600 | 1672 |
|  Total Trinidad and Tobago (Cost $3,419) | Total Trinidad and Tobago (Cost $3,419) | 3514 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| TUNISIA 0.0% | TUNISIA 0.0% | TUNISIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Tunisian Republic | Tunisian Republic | Tunisian Republic |
|  3.280% due 08/09/2027 | 200000 | 1201 |
|  Total Tunisia (Cost $1,971) | Total Tunisia (Cost $1,971) | 1201 |
| TURKEY 2.7% | TURKEY 2.7% | TURKEY 2.7% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS | Turkcell Iletisim Hizmetleri AS |
|  7.450% due 01/24/2030 | 3200 | 3244 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 414 | 409 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  7.250% due 07/31/2030 | 3000 | 2992 |
|  |  | 6645 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.558% (EUR006M + 3.450%) due 08/11/2026 «~ | 7600 | 8807 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  8.315% (EUR006M + 6.210%) due 04/27/2031 «~ | 5700 | 6879 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.150% (EUR003M + 3.000%) due 12/15/2028 «~ | 1800 | 2071 |
|  |  | 17757 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
|  6.750% due 09/01/2030 | 4200 | 4210 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  39.740% (BISTREFI) due 05/20/2026 ~ | 13300 | 299 |
|  39.740% (BISTREFI) due 08/19/2026 ~ | 30100 | 678 |
|  39.740% (BISTREFI) due 05/17/2028 ~ | 294300 | 6599 |
|  40.143% (BISTREFI) due 06/16/2027 ~ | 137100 | 3091 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  4.875% due 04/16/2043 | 15500 | 10914 |
|  5.750% due 05/11/2047 (o) | 34400 | 25766 |
|  6.000% due 01/14/2041 | 780 | 649 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 | 2000 | 2027 |
|  7.500% due 02/06/2028 | 3400 | 3485 |
|  |  | 57718 |
|  Total Turkey (Cost $85,713) | Total Turkey (Cost $85,713) | 82120 |
| UKRAINE 0.9% | UKRAINE 0.9% | UKRAINE 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2034 þ(h) | 4022 | 1734 |
|  0.000% due 02/01/2035 þ(h) | 1192 | 553 |
|  4.000% due 02/01/2032 þ | 14673 | 10638 |
|  4.500% due 02/01/2029 þ(o) | 3800 | 2679 |
|  4.500% due 02/01/2034 þ | 4632 | 2483 |
|  4.500% due 02/01/2034 þ(o) | 10800 | 5789 |
|  4.500% due 02/01/2035 þ | 3131 | 1647 |
|  4.500% due 02/01/2036 þ | 4886 | 2521 |
|  Total Ukraine (Cost $24,135) | Total Ukraine (Cost $24,135) | 28044 |
| UNITED ARAB EMIRATES 2.3% | UNITED ARAB EMIRATES 2.3% | UNITED ARAB EMIRATES 2.3% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.250% due 10/02/2054 | 4100 | 3638 |
|  5.500% due 05/08/2034 | 7400 | 7498 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 18300 | 15783 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  4.500% due 10/16/2030 | 4600 | 4399 |
|  Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC |
|  5.794% due 06/30/2053 | 12000 | 11667 |
|  DP World Ltd. | DP World Ltd. | DP World Ltd. |
|  4.700% due 09/30/2049 (o) | 500 | 394 |
|  5.625% due 09/25/2048 | 1050 | 941 |
|  6.850% due 07/02/2037 | 1850 | 1960 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  2.875% due 11/07/2029 | 2000 | 1868 |
|  5.084% due 05/22/2053 | 1500 | 1322 |
|  5.875% due 05/01/2034 | 800 | 830 |
|  Ruwais Power Co. PJSC | Ruwais Power Co. PJSC | Ruwais Power Co. PJSC |
|  6.000% due 08/31/2036 | 420 | 420 |
|  |  | 50720 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 05/03/2026 | 6900 | 6896 |
|  5.500% due 04/30/2054 | 10900 | 10457 |
|  Emirate of Dubai Government International Bonds | Emirate of Dubai Government International Bonds | Emirate of Dubai Government International Bonds |
|  3.900% due 09/09/2050 | 400 | 275 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
|  4.375% due 03/10/2051 | 2950 | 1960 |
|  |  | 19588 |
|  Total United Arab Emirates (Cost $74,879) | Total United Arab Emirates (Cost $74,879) | 70308 |
| UNITED KINGDOM 1.6% | UNITED KINGDOM 1.6% | UNITED KINGDOM 1.6% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  6.250% due 05/02/2034 | 3200 | 3344 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.250% due 01/22/2031 | 3100 | 3134 |
|  Fresnillo PLC | Fresnillo PLC | Fresnillo PLC |
|  4.250% due 10/02/2050 | 3000 | 2279 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 12/13/2029 « | 66634000 | 5464 |
|  NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC | NAK Naftogaz Ukraine via Kondor Finance PLC |
|  7.125% due 07/19/2026 | 695 | 662 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 20070 | 15716 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 120 | 153 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 519 | 752 |
|  Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC | Ukraine Railways Via Rail Capital Markets PLC |
|  8.250% due 07/09/2026 ^(c) | 3901 | 3062 |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.125% due 10/15/2032 | 5500 | 5538 |
|  9.475% due 07/24/2030 | 1300 | 1318 |
|  9.850% due 04/24/2033 | 1400 | 1438 |
|  |  | 42860 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.594% due 01/17/2059 •  | 2026 | 2683 |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.408% (SONIO/N + 1.663%) due 06/17/2058 ~ | 186 | 248 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.445% due 12/18/2044 •  | 1331 | 1760 |
|  |  | 4691 |
|  Total United Kingdom (Cost $45,584) | Total United Kingdom (Cost $45,584) | 47551 |

---

30 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UNITED STATES 7.4% | UNITED STATES 7.4% | UNITED STATES 7.4% |
| ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.273% due 04/25/2036 •  | 602 | 580 |
|  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 |
|  4.843% due 11/25/2034 •  | 59 | 59 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.093% due 07/25/2036 •  | 497 | 456 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.084% due 01/25/2037 þ | 6434 | 1747 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.273% due 02/25/2037 •  | 868 | 854 |
|  4.918% due 11/25/2035 •  | 1342 | 1338 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  6.502% due 11/25/2036 þ | 937 | 339 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.143% due 02/25/2033 •  | 42 | 41 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.493% due 09/25/2034 •  | 120 | 105 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.558% due 01/25/2035 •  | 23 | 23 |
|  4.588% due 03/25/2034 •  | 1516 | 1644 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 220 | 58 |
|  6.000% due 02/25/2037 ~ | 47 | 26 |
|  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 •  | 256 | 243 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.013% due 04/25/2037 •  | 475 | 331 |
|  4.013% due 05/25/2037 •  | 192 | 116 |
|  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 |
|  4.573% due 09/25/2035 •  | 1600 | 1493 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.103% due 09/25/2037 •  | 166 | 162 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.693% due 10/25/2037 •  | 597 | 474 |
|  |  | 10089 |
| CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% | CORPORATE BONDS & NOTES 1.6% |
|  Azul Secured Finance LLP | Azul Secured Finance LLP | Azul Secured Finance LLP |
|  9.875% due 02/15/2031 | 4800 | 4395 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 21680 | 22307 |
|  Credit Suisse AG AT1 Claim | 2000 | 700 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.700% due 02/04/2036 | 5100 | 4906 |
|  6.700% due 02/04/2056 | 5100 | 4737 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 2303 | 2375 |
|  9.750% due 01/06/2027 | 988 | 1010 |
|  Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. | Rutas 2 & 7 Finance Ltd. |
|  0.000% due 09/30/2036 (f) | 4179 | 3197 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(m) | 6100 | 6166 |
|  |  | 49793 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 3930 | 3683 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  TBD% due 12/18/2027 « | 10000 | 9900 |
|  7.500% (TSFR3M + 3.800%) due 04/12/2029 «~ | 10000 | 10040 |
|  Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance |
|  9.398% (TSFR3M + 5.750%) due 02/16/2027 «~ | 4700 | 4708 |
|  |  | 28331 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.757% due 11/25/2035 ~ | 52 | 37 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  4.950% due 07/25/2057 þ | 1366 | 1363 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.388% due 04/25/2037 þ | 73 | 62 |
|  Bank | Bank | Bank |
|  4.407% due 11/15/2061 ~ | 3200 | 3192 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.077% due 05/26/2037 ~ | 1662 | 1502 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.335% due 02/25/2036 ~ | 24 | 22 |
|  4.991% due 01/25/2035 ~ | 3 | 3 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.666% due 01/15/2051 ~ | 1500 | 1481 |
|  4.261% due 10/10/2051 | 4100 | 4071 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.135% due 02/25/2047 ~ | 32 | 29 |
|  4.147% due 03/25/2037 ~ | 27 | 23 |
|  4.592% due 09/25/2047 ~ | 17 | 15 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 4790 | 4804 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.957% due 07/25/2046 ~ | 28 | 27 |
|  5.840% due 09/25/2035 •  | 6 | 6 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.443% due 10/25/2036 •  | 385 | 304 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.143% due 05/25/2036 •  | 454 | 164 |
|  4.433% due 11/25/2035 •  | 68 | 63 |
|  5.750% due 03/25/2037 •  | 78 | 38 |
|  6.250% due 11/25/2036 | 50 | 36 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.220% due 09/25/2036 þ | 141 | 37 |
|  6.672% due 06/25/2036 þ | 191 | 47 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 467 | 262 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  0.938% due 05/25/2066 ~ | 3022 | 2499 |
|  1.756% due 10/25/2066 ~ | 1554 | 1376 |
|  2.000% due 01/25/2060 ~ | 1448 | 1285 |
|  3.629% due 11/30/2037 ~ | 476 | 441 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 73 | 63 |
|  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 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 4525 | 4524 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 01/25/2036 •  | 100 | 80 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.498% due 08/19/2036 ~ | 2 | 2 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.433% due 03/25/2035 •  | 53 | 53 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.354% due 11/25/2037 ~ | 423 | 349 |
|  3.469% due 08/25/2036 ~ | 90 | 69 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.417% due 06/25/2036 ~ | 68 | 59 |
|  3.606% due 10/25/2035 ~ | 60 | 48 |
|  4.093% due 06/25/2037 •  | 101 | 31 |
|  4.153% due 02/25/2037 •  | 337 | 328 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.730% due 11/25/2035 ~ | 21 | 16 |
|  5.428% due 08/25/2035 ~ | 1 | 1 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 | 36 | 35 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  3.000% due 09/25/2059 ~ | 605 | 580 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.173% due 09/25/2046 •  | 1284 | 1185 |
|  4.293% due 08/25/2037 •  | 1792 | 1772 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.153% due 12/25/2036 •  | 12 | 12 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 130 | 10 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 09/25/2036 | 614 | 493 |
|  6.500% due 07/25/2037 | 203 | 167 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.928% due 01/20/2047 ~ | 16 | 11 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.506% due 10/25/2037 ~ | 225 | 201 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.243% due 09/25/2036 ~ | 106 | 71 |
|  4.348% due 11/25/2035 ~ | 14 | 13 |
|  5.549% due 10/25/2037 •  | 50 | 46 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ | 568 | 14 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(m) | 2500 | 2438 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.134% due 05/25/2037 ~ | 65 | 54 |
|  3.534% due 01/25/2037 ~ | 51 | 45 |
|  3.649% due 04/25/2037 ~ | 37 | 34 |
|  4.108% due 12/25/2036 ~ | 108 | 100 |
|  4.163% due 05/25/2034 •  | 48 | 45 |
|  4.365% due 03/25/2036 ~ | 655 | 600 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.771% due 10/25/2036 ~ | 121 | 117 |
|  |  | 36931 |
| U.S. GOVERNMENT AGENCIES 0.8% | U.S. GOVERNMENT AGENCIES 0.8% | U.S. GOVERNMENT AGENCIES 0.8% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 04/01/2056 - 06/01/2056 | 6200 | 5850 |
|  4.500% due 05/01/2056 | 6200 | 5978 |
|  5.000% due 05/01/2056 | 6500 | 6403 |
|  5.500% due 05/01/2056 | 7650 | 7675 |
|  |  | 25906 |
| U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% | U.S. TREASURY OBLIGATIONS 2.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.750% due 08/15/2041 (q) | 11700 | 7826 |
|  3.250% due 05/15/2042 (q)(s) | 7700 | 6347 |
|  4.375% due 08/15/2043 (s) | 500 | 472 |
|  4.875% due 08/15/2045 (q)(s) | 7030 | 7008 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 02/28/2030 (q)(s) | 8300 | 8332 |
|  4.250% due 08/15/2035 (q)(s) | 50530 | 50349 |
|  |  | 80334 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(m) | 3 | 0 |
|  Total United States (Cost $240,061) | Total United States (Cost $240,061) | 231384 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| URUGUAY 0.3% | URUGUAY 0.3% | URUGUAY 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Oriental Republic of Uruguay | Oriental Republic of Uruguay | Oriental Republic of Uruguay |
|  5.250% due 09/10/2060 | 7300 | 6654 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  5.100% due 06/18/2050 | 200 | 184 |
|  5.442% due 02/14/2037 | 2900 | 2964 |
|  Total Uruguay (Cost $10,316) | Total Uruguay (Cost $10,316) | 9802 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 31

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UZBEKISTAN 0.5% | UZBEKISTAN 0.5% | UZBEKISTAN 0.5% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 1500 | 1590 |
|  21.000% due 07/24/2027 | 27460000 | 2404 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
|  4.750% due 11/16/2028 | 2900 | 2778 |
|  |  | 6772 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  5.375% due 05/29/2027 | 4900 | 5716 |
|  5.375% due 02/20/2029 | 3400 | 3367 |
|  |  | 9083 |
|  Total Uzbekistan (Cost $14,949) | Total Uzbekistan (Cost $14,949) | 15855 |
| VENEZUELA 1.6% | VENEZUELA 1.6% | VENEZUELA 1.6% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | 73839 | 24722 |
|  5.500% due 04/12/2037 ^(c) | 2863 | 964 |
|  6.000% due 11/15/2026 ^(c) | 5150 | 1772 |
|  9.750% due 05/17/2035 ^(c) | 7990 | 3338 |
|  |  | 30796 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  6.000% due 12/09/2049 ^(c) | 120 | 46 |
|  7.000% due 03/31/2038 ^(c) | 27840 | 11484 |
|  9.250% due 09/15/2027 ^(c) | 2490 | 1195 |
|  9.250% due 05/07/2028 ^(c) | 8890 | 4089 |
|  11.750% due 10/21/2026 ^(c) | 460 | 238 |
|  11.950% due 08/05/2031 ^(c) | 2770 | 1427 |
|  |  | 18479 |
|  Total Venezuela (Cost $59,041) | Total Venezuela (Cost $59,041) | 49275 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| VIETNAM 0.0% | VIETNAM 0.0% | VIETNAM 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Vietnam Government International Bonds | Vietnam Government International Bonds | Vietnam Government International Bonds |
|  5.500% due 03/12/2028 þ(o) | 990 | 954 |
|  Total Vietnam (Cost $968) | Total Vietnam (Cost $968) | 954 |
| VIRGIN ISLANDS (BRITISH) 0.1% | VIRGIN ISLANDS (BRITISH) 0.1% | VIRGIN ISLANDS (BRITISH) 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Gerdau Trade, Inc. | Gerdau Trade, Inc. | Gerdau Trade, Inc. |
|  5.750% due 06/09/2035 | 3200 | 3244 |
|  Total Virgin Islands (British) (Cost $3,198) | Total Virgin Islands (British) (Cost $3,198) | 3244 |
| ZAMBIA 0.2% | ZAMBIA 0.2% | ZAMBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |
|  0.500% due 12/31/2053 | 7600 | 5021 |
|  Total Zambia (Cost $5,340) | Total Zambia (Cost $5,340) | 5021 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% |
| 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% (l) | 1866627 | 1867 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| REPURCHASE AGREEMENTS (n) 3.1% | REPURCHASE AGREEMENTS (n) 3.1% | REPURCHASE AGREEMENTS (n) 3.1% |
|  |  | 94828 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (f)(g) | 5500 | 88 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% | NIGERIA TREASURY BILLS 1.2% |
|  25.053% due 04/07/2026 - 01/28/2027 (e)(f)(g) | 56973993 | $— | 37993 |
| SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% |
|  7.400% due 08/05/2026 - 10/07/2026 (e)(f)(g) | 109200 |  | 6289 |
| TURKEY TREASURY BILLS 0.3% | TURKEY TREASURY BILLS 0.3% | TURKEY TREASURY BILLS 0.3% | TURKEY TREASURY BILLS 0.3% |
|  38.691% due 04/07/2026 (e)(f)(g) | 375000 |  | 8376 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.676% due 05/26/2026 - 07/21/2026 (e)(f)(q)(s) | 2457 |  | 2441 |
| Total Short-Term Instruments (Cost $149,580) | Total Short-Term Instruments (Cost $149,580) |  | 151882 |
| Total Investments in Securities (Cost $3,178,450) | Total Investments in Securities (Cost $3,178,450) |  | 3157718 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% | INVESTMENTS IN AFFILIATES 3.9% |
| SHORT-TERM INSTRUMENTS 3.9% | SHORT-TERM INSTRUMENTS 3.9% | SHORT-TERM INSTRUMENTS 3.9% | SHORT-TERM INSTRUMENTS 3.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 12208609 |  | 118900 |
| Total Short-Term Instruments (Cost $118,899) | Total Short-Term Instruments (Cost $118,899) |  | 118900 |
| Total Investments in Affiliates (Cost $118,899) | Total Investments in Affiliates (Cost $118,899) |  | 118900 |
| Total Investments 106.8% (Cost $3,297,349) |  | $— | 3276618 |
|  Financial Derivative Instruments (p)(r) 0.1%<br> (Cost or Premiums, net $(14085)) | Financial Derivative Instruments (p)(r) 0.1%<br> (Cost or Premiums, net $(14085)) |  | 2990 |
| Other Assets and Liabilities, net (6.9)% | Other Assets and Liabilities, net (6.9)% |  | (212033) |
| Net Assets 100.0% |  | $— | 3067575 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) 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) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(k) Contingent convertible security.

(l) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

&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 |
|  Congolese International Bonds 9.875% due 11/07/2032 | 02/20/2026 | $3042 | $3004 | 0.10% |
|  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 | 164 | 129 | 0.00 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 3095 | 3559 | 0.12 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 2500 | 2438 | 0.08 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 6100 | 6166 | 0.20 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15296 | 0.50% |

---

#### 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> |
| BRC | 1.500% | 12/11/2025 | TBD<sup>(2)</sup> | EUR 4,546 | Romania Government International Bonds 1.380% due 12/02/2029 | $(5192) | $5255 | $5280 |
|  | 6.800 | 03/30/2026 | TBD<sup>(2)</sup> | ZAR 493,904 | Republic of South Africa Government Bonds 8.750% due 02/28/2048 | (32777) | 29188 | 29199 |
| JPS | 3.670 | 03/26/2026 | 04/02/2026 | $33878 | U.S. Treasury Bonds 3.375% due 11/15/2048 | (6563) | 33878 | 33899 |
|  |  |  |  |  | U.S. Treasury Notes 2.625% - 4.125% due 02/15/2029 -02/15/2034 | (27480) |  |  |
|  | 3.680 | 03/26/2026 | 04/02/2026 | 20414 | U.S. Treasury Bonds 2.250% due 05/15/2041 | (4426) | 20414 | 20426 |
|  |  |  |  |  | U.S. Treasury Notes 3.875% due 12/31/2027 | (16068) |  |  |
| MEI | 1.650 | 01/28/2026 | TBD<sup>(2)</sup> | EUR 5,271 | Romania Government International Bonds<br>1.380% due 12/02/2029 | (5919) | 6093 | 6111 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98425) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94915 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(3)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.870% | 02/11/2026 | TBD<sup>(4)</sup> | $(8395) | $(8439) |
|  BRC | 2.000 | 06/11/2025 | TBD<sup>(4)</sup> | (478) | (562) |
|  | 2.050 | 02/11/2026 | TBD<sup>(4)</sup> | (2592) | (3004) |
|  | 3.250 | 03/10/2026 | TBD<sup>(4)</sup> | $(5358) | (5369) |
|  | 3.500 | 12/12/2025 | TBD<sup>(4)</sup> | (1638) | (1655) |
|  | 3.500 | 02/20/2026 | TBD<sup>(4)</sup> | (442) | (443) |
|  | 3.650 | 12/12/2025 | TBD<sup>(4)</sup> | (781) | (789) |
|  | 3.700 | 02/11/2026 | TBD<sup>(4)</sup> | (3183) | (3199) |
|  | 3.800 | 12/12/2025 | TBD<sup>(4)</sup> | (571) | (578) |
|  | 3.860 | 02/11/2026 | TBD<sup>(4)</sup> | (7711) | (7752) |
|  | 3.870 | 02/11/2026 | TBD<sup>(4)</sup> | (3356) | (3374) |
|  | 6.700 | 03/30/2026 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29199) |
|  MBC | 2.120 | 02/04/2026 | TBD<sup>(4)</sup> | (18364) | (21296) |
|  MYI | (1.250) | 12/12/2025 | TBD<sup>(4)</sup> | $(274) | (273) |
|  | 2.000 | 03/11/2026 | TBD<sup>(4)</sup> | (4332) | (4337) |
|  | 2.050 | 01/26/2026 | TBD<sup>(4)</sup> | (179) | (208) |
|  | 2.050 | 02/11/2026 | TBD<sup>(4)</sup> | (1594) | (1848) |
|  | 2.120 | 02/04/2026 | TBD<sup>(4)</sup> | (4774) | (5536) |
|  | 2.140 | 02/11/2026 | TBD<sup>(4)</sup> | (6095) | (7066) |
|  | 2.150 | 02/04/2026 | TBD<sup>(4)</sup> | (3020) | (3503) |
|  | 2.700 | 12/12/2025 | TBD<sup>(4)</sup> | $(704) | (710) |
|  | 3.000 | 02/20/2026 | TBD<sup>(4)</sup> | (6217) | (6238) |
|  | 3.100 | 01/13/2026 | TBD<sup>(4)</sup> | (3104) | (3125) |
|  | 3.150 | 12/12/2025 | TBD<sup>(4)</sup> | (420) | (424) |
|  | 3.250 | 03/30/2026 | 04/10/2026 | (1243) | (1244) |
|  | 3.450 | 12/12/2025 | TBD<sup>(4)</sup> | (154) | (156) |
|  | 3.490 | 03/30/2026 | 04/10/2026 | (3609) | (3609) |
|  | 3.600 | 12/12/2025 | TBD<sup>(4)</sup> | (5141) | (5198) |
|  | 3.750 | 02/11/2026 | TBD<sup>(4)</sup> | (4211) | (4232) |
|  | 3.850 | 02/11/2026 | TBD<sup>(4)</sup> | (4708) | (4732) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  NOM | 3.450% | 12/12/2025 | TBD<sup>(4)</sup> | $(2805) | $(2835) |
|  | 3.500 | 03/17/2026 | TBD<sup>(4)</sup> | (4508) | (4514) |
|  | 3.570 | 12/12/2025 | TBD<sup>(4)</sup> | (3329) | (3365) |
|  | 3.600 | 12/12/2025 | TBD<sup>(4)</sup> | (1491) | (1507) |
|  | 3.750 | 12/12/2025 | TBD<sup>(4)</sup> | (6415) | (6488) |
|  | 3.800 | 12/12/2025 | TBD<sup>(4)</sup> | (1759) | (1779) |
|  SCX | 1.500 | 01/29/2026 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1224) | (1228) |
|  | 1.950 | 06/11/2025 | TBD<sup>(4)</sup> | (321) | (377) |
|  | 3.000 | 12/12/2025 | TBD<sup>(4)</sup> | $(1658) | (1673) |
|  | 3.250 | 12/12/2025 | TBD<sup>(4)</sup> | (539) | (541) |
|  | 3.880 | 12/12/2025 | TBD<sup>(4)</sup> | (2760) | (2793) |
|  | 3.880 | 12/12/2025 | TBD<sup>(4)</sup> | (5285) | (5348) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170546) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(5)</sup> |
|  Romania (0.4)% | Romania (0.4)% | Romania (0.4)% | Romania (0.4)% | Romania (0.4)% | Romania (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romania Government International Bonds | 1.375% | 12/02/2029 | EUR 10,700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12544) | $(11120) |
|  United States (1.7)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations (1.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 2.250% | 05/15/2041 | $6000 | (4186) | (4426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/2048 | 8238 | (6453) | (6563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 2.625 | 02/15/2029 | 10100 | (9198) | (9806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | (15741) | (16068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 02/15/2034 | 300 | (284) | (297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/2032 | 17100 | (17703) | (17376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (53565) | (54536) |
|  Total Short Sales (2.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66109) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65656) |

---

#### 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>(5)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(6)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $0 | $(8439) | $0 | $0 | $(8439) | $8601 | $162 |
|  BRC | 34479 | (55924) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21445) | 18504 | (2941) |
|  JPS | 54325 | 0 | 0 | 0 | 54325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54537) | (212) |
|  MBC | 0 | (21296) | 0 | 0 | (21296) | 20937 | (359) |
|  MEI | 6111 | 0 | 0 | 0 | 6111 | (5919) | 192 |
|  MYI | 0 | (52439) | 0 | 0 | (52439) | 53957 | 1518 |
|  NOM | 0 | (20488) | 0 | 0 | (20488) | 22138 | 1650 |
|  SCX | 0 | (11960) | 0 | 0 | (11960) | 12519 | 559 |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  BCY | 0 | 0 | 0 | (37160) | (37160) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37160) |
|  GSC | 0 | 0 | 0 | (17376) | (17376) | 0 | (17376) |
|  JML | 0 | 0 | 0 | (11120) | (11120) | 0 | (11120) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65656) |  |  |  |

---

#### 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 | $(12108) | $(12108) |
|  Sovereign Issues | 0 | (4853) | 0 | (153585) | (158438) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165693) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170546) |
|  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  | $(170546) |

---

34 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

(o) Securities with an aggregate market value of $170,117 and cash of $4,630 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 $(92575) at a weighted average interest rate of 3.795%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Payable for short sales includes $(669) of accrued interest. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(p) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-BTP Future June Futures  | 06/2026 | 27 | $3629 | $(155) | $44 | $0 |
|  Short Euro-BTP Italy Government Bond June Futures  | 06/2026 | 1907 | 233315 | (1084) | 595 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 1942 | 402859 | (2972) | 152 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1356 | 146692 | (2133) | 191 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 4120 | 457513 | (8106) | 965 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 477 | 55600 | (1268) | 104 | 0 |
|  |  |  |  | $(15718) | $2051 | $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 |
|  Euro-Bobl June Futures  | 06/2026 | 104 | $(13876) | $260 | $0 | $(55) |
|  Euro-Bund June Futures  | 06/2026 | 324 | (46958) | 1256 | 0 | (341) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 32 | (4078) | 49 | 0 | (75) |
|  Euro-Oat June Futures  | 06/2026 | 4 | (549) | 17 | 0 | (5) |
|  Euro-Schatz June Futures  | 06/2026 | 846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103408) | 1002 | 5 | (137) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 56 | (6357) | 145 | 0 | (17) |
|  |  |  |  | $2729 | $5 | $(630) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12989) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |

---

#### 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 |
|  Oracle Corp. | 1.000% | Quarterly | 06/20/2027 | 0.649% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-38 5-Year Index | (1.000)% | Quarterly | 12/20/2027 | $7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $(443) | $(43) | $0 | $(39) |
|  CDX.EM-39 5-Year Index | (1.000) | Quarterly | 06/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | 528 | (454) | 74 | 54 | 0 |
|  CDX.EM-44 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 33100 | 507 | 136 | 643 | 0 | (151) |
|  CDX.EM-HY44 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 24000 | 1098 | 181 | 1279 | 0 | (118) |
|  CDX.IG-41 5-Year Index | (1.000) | Quarterly | 12/20/2028 | 2600 | (31) | (13) | (44) | 0 | (3) |
|  CDX.IG-42 5-Year Index | (1.000) | Quarterly | 06/20/2029 | 9100 | (208) | 46 | (162) | 0 | (12) |
|  CDX.IG-43 5-Year Index | (1.000) | Quarterly | 12/20/2029 | 18200 | (413) | 79 | (334) | 0 | (29) |
|  CDX.IG-44 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 5200 | (104) | 9 | (95) | 0 | (9) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 6400 | (141) | 25 | (116) | 0 | (13) |
|  CDX.IG-46 5-Year Index | (1.000) | Quarterly | 06/20/2031 | 1500 | (25) | (1) | (26) | 0 | (3) |
|  |  |  |  |  | $1611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 35

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

#### 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.EM-45 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&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 USD-SOFR Compounded-OIS | 1.500% | Semi-Annual | 06/21/2027 | $22300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340) | $754 | $(586) | $5 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2000 | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | (116) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 9500 | 70 | (95) | (25) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 58095 | 182 | (528) | (346) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 8440 | (15) | 66 | 51 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 26400 | (1385) | 810 | (575) | 25 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 67300 | (1487) | 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 17500 | 248 | 102 | 350 | 0 | (17) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92017 | 300 | 613 | 913 | 0 | (91) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 11000 | (146) | 80 | (66) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 21200 | (1089) | 973 | (116) | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 3600 | 101 | (82) | 19 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/15/2031 | 3300 | 46 | (404) | (358) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 2300 | (8) | 2 | (6) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 2600 | (10) | 4 | (6) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 3000 | (12) | 98 | 86 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 4400 | (17) | 140 | 123 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 5500 | (21) | 181 | 160 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 700 | (3) | 16 | 13 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 2500 | (9) | 83 | 74 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 2100 | (8) | 66 | 58 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 1900 | (7) | 69 | 62 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 1400 | (5) | 52 | 47 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 800 | (3) | 31 | 28 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 1400 | (5) | 73 | 68 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 5410 | (294) | 194 | (100) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2034 | 23100 | (968) | 202 | (766) | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 41200 | 77 | 132 | 209 | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6200 | (68) | 95 | 27 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 6700 | 487 | (194) | 293 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 11700 | 516 | 89 | 605 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 11200 | (77) | 179 | 102 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2036 | 3200 | (5) | 48 | 43 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 1600 | 89 | (41) | 48 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2039 | 4800 | (24) | 173 | 149 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 06/15/2046 | 500 | 52 | 80 | 132 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/21/2046 | 800 | 119 | 124 | 243 | 1 | 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 | 3.870 | Annual | 10/17/2053 | 400 | (2) | (17) | (19) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 20000 | (2423) | (603) | (3026) | 0 | (73) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 4800 | (654) | (112) | (766) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 19300 | 2746 | 305 | 3051 | 71 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 500 | (25) | (8) | (33) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 13.055 | Maturity | 01/04/2027 | 31300 | 0 | 20 | 20 | 0 | (8) |
|  Receive | 1-Year BRL-CDI | 12.716 | Maturity | 01/02/2029 | 600 | 1 | 2 | 3 | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.015 | Maturity | 01/02/2029 | 20100 | (17) | (41) | (58) | 23 | 0 |
|  Receive | 1-Year BRL-CDI | 13.030 | Maturity | 01/02/2029 | 47700 | 0 | 126 | 126 | 0 | (55) |
|  Pay | 1-Year BRL-CDI | 13.265 | Maturity | 01/02/2029 | 48400 | 0 | (89) | (89) | 56 | 0 |
|  Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 | 110400 | (30) | (360) | (390) | 0 | (27) |
|  Pay | 1-Year BRL-CDI | 13.350 | Maturity | 01/02/2031 | 12100 | 0 | (18) | (18) | 16 | 0 |
|  Pay | 1-Year BRL-CDI | 13.385 | Maturity | 01/02/2031 | 61300 | 34 | (165) | (131) | 82 | 0 |
|  Pay | 1-Year BRL-CDI | 13.520 | Maturity | 01/02/2031 | 79900 | 1 | (56) | (55) | 107 | 0 |
|  Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 | 30300 | 0 | (15) | (15) | 40 | 0 |
|  Pay | 1-Year BRL-CDI | 13.670 | Maturity | 01/02/2031 | 14200 | 0 | 0 | 0 | 19 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 | 46300 | 64 | 108 | 172 | 11 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 | 46300 | 0 | (32) | (32) | 0 | (8) |
|  Pay | 3-Month PLN-WIBOR | 4.678 | Annual | 03/11/2036 | 13200 | 0 | (45) | (45) | 0 | (14) |
|  Pay | 3-Month PLN-WIBOR | 4.655 | Annual | 03/16/2036 | 14700 | 0 | (59) | (59) | 0 | (15) |
|  Pay | 3-Month PLN-WIBOR | 4.828 | Annual | 03/17/2036 | 6500 | 0 | (3) | (3) | 0 | (7) |
|  Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 | 100200 | 0 | (61) | (61) | 15 | 0 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL 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 CLP-CHILIBOR | 5.511% | Semi-Annual | 11/13/2033 | CLP | 4946700 | $0 | $(132) | $(132) | $8 | $0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.855 | Semi-Annual | 12/18/2033 |  | 4700000 | 0 | (104) | (104) | 0 | (8) |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 | CZK | 200400 | 247 | (27) | 220 | 14 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 436900 | (8) | (105) | (113) | 34 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.075 | Annual | 10/03/2029 |  | 389200 | (41) | (740) | (781) | 25 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.489 | Annual | 10/30/2029 |  | 215200 | (65) | (216) | (281) | 15 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/09/2030 |  | 42000 | 0 | 43 | 43 | 0 | (3) |
|  Receive | 6-Month CZK-PRIBOR | 3.328 | Annual | 05/09/2030 |  | 430000 | 0 | 442 | 442 | 0 | (32) |
|  Receive | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 635300 | 292 | 334 | 626 | 0 | (49) |
|  Pay | 6-Month CZK-PRIBOR | 4.049 | Annual | 12/12/2030 |  | 773200 | 510 | (949) | (439) | 59 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.636 | Annual | 02/09/2031 |  | 105700 | 0 | (156) | (156) | 8 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.920 | Annual | 02/09/2031 |  | 546300 | 361 | (838) | (477) | 41 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.480 | Annual | 03/11/2036 |  | 34600 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | EUR | 4400 | (11) | 105 | 94 | 10 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 |  | 11000 | 328 | (134) | 194 | 27 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 16100 | 223 | 155 | 378 | 0 | (81) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 2400 | (9) | 85 | 76 | 17 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 78900 | 1455 | 1415 | 2870 | 0 | (697) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 12300 | (227) | (83) | (310) | 137 | 0 |
|  Pay | 6-Month HUF-BBR | 5.935 | Annual | 05/08/2030 | HUF | 8439000 | (63) | (335) | (398) | 132 | 0 |
|  Receive | 6-Month HUF-BBR | 6.190 | Annual | 11/18/2030 |  | 2704800 | 85 | 238 | 323 | 0 | (47) |
|  Receive | 6-Month HUF-BBR | 6.410 | Annual | 11/21/2030 |  | 4739500 | 0 | 435 | 435 | 0 | (83) |
|  Receive | 6-Month HUF-BBR | 6.439 | Annual | 11/24/2030 |  | 1438000 | 0 | 127 | 127 | 0 | (25) |
|  Receive | 6-Month HUF-BBR | 6.500 | Annual | 11/25/2030 |  | 268500 | 0 | 22 | 22 | 0 | (5) |
|  Pay | 6-Month HUF-BBR | 7.050 | Annual | 03/11/2036 |  | 1847000 | 0 | (22) | (22) | 57 | 0 |
|  Pay | 6-Month HUF-BBR | 7.020 | Annual | 03/16/2036 |  | 2455600 | 0 | (45) | (45) | 76 | 0 |
|  Pay | 6-Month HUF-BBR | 6.910 | Annual | 03/19/2036 |  | 1341500 | 0 | (56) | (56) | 41 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.769 | Lunar | 09/27/2028 | MXN | 21400 | 0 | (51) | (51) | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 9.235 | Lunar | 05/02/2029 |  | 372800 | (36) | 704 | 668 | 59 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 330900 | (8) | (170) | (178) | 0 | (63) |
|  Pay | 28-Day MXN-TIIE | 8.280 | Lunar | 03/06/2036 |  | 41900 | 0 | (31) | (31) | 10 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.500 | Lunar | 06/04/2036 |  | 29100 | 16 | (21) | (5) | 7 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1965) | $2966 | $1001 | $1389 | $(1614) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $(586) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1991) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **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;2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(630) | $(1991) | $(2621) |

---

(q) Securities with an aggregate market value of $22,135 and cash of $22,628 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **37** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&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 | $280 | 383 | $0 | $(4) |
|  BOA | 04/2026 | 13 | $2 | 0 | 0 |
|  | 04/2026 | 53178 | 860 | 2 | (14) |
|  | 04/2026 | 2237384 | 23785 | 0 | (23) |
|  | 04/2026 | $2 | 12 | 0 | 0 |
|  | 04/2026 | 23785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233388 | 0 | (199) |
|  | 04/2026 | 1024 | 46164 | 7 | 0 |
|  | 05/2026 | 7852 | $121 | 0 | (8) |
|  | 06/2026 | 357 | 116 | 2 | 0 |
|  | 06/2026 | 6600 | 1951 | 61 | 0 |
|  | 06/2026 | $2 | 13 | 0 | 0 |
|  | 08/2026 | 63221 | $3571 | 0 | (129) |
|  BPS | 04/2026 | 100400 | 18990 | 0 | (393) |
|  | 04/2026 | 318 | 103 | 2 | 0 |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366481 | 14635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | 0 |
|  | 04/2026 | 8933 | 150 | 3 | 0 |
|  | 04/2026 | 288 | 80 | 2 | 0 |
|  | 04/2026 | $19121 | 100400 | 262 | 0 |
|  | 04/2026 | 76 | 241 | 1 | 0 |
|  | 04/2026 | 20742 | 1937494 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
|  | 04/2026 | 146288 | $8638 | 5 | 0 |
|  | 05/2026 | 240 | 76 | 0 | (1) |
|  | 05/2026 | $22599 | 2140270 | 114 | 0 |
|  | 05/2026 | 1656 | 505 | 0 | (24) |
|  | 06/2026 | 7247266 | $431 | 5 | 0 |
|  | 06/2026 | $869 | 265 | 0 | (11) |
|  | 07/2026 | 1309 | 400 | 0 | (16) |
|  | 06/2027 | 615 | 186 | 0 | (9) |
|  | 05/2029 | 2427 | $8344 | 399 | 0 |
|  | 07/2029 | 579 | 1991 | 95 | 0 |
|  | 05/2030 | 1747 | 6015 | 273 | 0 |
|  | 08/2030 | 311 | 1049 | 25 | 0 |
|  | 01/2031 | 1724 | 5809 | 127 | 0 |
|  BRC | 04/2026 | 282 | 78 | 2 | 0 |
|  | 04/2026 | 1133363 | 24615 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |
|  | 04/2026 | $7545 | 344363 | 69 | 0 |
|  | 04/2026 | 200806 | $12271 | 420 | 0 |
|  | 05/2026 | 612405 | 13163 | 0 | (63) |
|  | 05/2026 | $4936 | 229114 | 7 | 0 |
|  | 07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940937 | $4199 | 0 | (31) |
|  BSH | 04/2026 | 27900 | 4912 | 0 | (474) |
|  | 04/2026 | $5345 | 27900 | 41 | 0 |
|  | 04/2026 | 5764 | 4330 | 0 | (33) |
|  | 04/2026 | 424 | 67677 | 3 | 0 |
|  | 04/2026 | 194 | 702 | 0 | (5) |
|  | 05/2026 | 4330 | $5764 | 33 | 0 |
|  | 05/2026 | 67473 | 424 | 0 | (2) |
|  CBK | 04/2026 | 40982 | 7852 | 0 | (60) |
|  | 04/2026 | 2233506 | 584 | 0 | (24) |
|  | 04/2026 | 34548 | 1618 | 0 | (10) |
|  | 04/2026 | 8290 | 9625 | 43 | 0 |
|  | 04/2026 | 4159665 | 44958 | 854 | 0 |
|  | 04/2026 | $7846 | 40982 | 66 | 0 |
|  | 04/2026 | 1786 | 1544 | 0 | (1) |
|  | 04/2026 | 1195 | 900 | 0 | (4) |
|  | 04/2026 | 49743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613633 | 0 | (824) |
|  | 04/2026 | 30 | 1784 | 0 | 0 |
|  | 04/2026 | 1 | 24 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INTERNATIONAL 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 | 19804 | $5806 | $130 | $0 |
|  | 05/2026 | $219 | 340375 | 22 | 0 |
|  | 06/2026 | 83187963 | $22025 | 0 | (251) |
|  | 06/2026 | 11 | 4 | 0 | 0 |
|  | 06/2026 | 1792 | 29 | 0 | 0 |
|  | 07/2026 | 5136253 | 1345 | 0 | (22) |
|  | 07/2026 | $398 | 20237 | 0 | (51) |
|  | 07/2026 | 246 | 132492 | 21 | 0 |
|  | 08/2026 | 36355617 | $9563 | 0 | (33) |
|  | 08/2026 | 2206282 | 23537 | 446 | 0 |
|  | 11/2026 | 357437 | 219 | 0 | (20) |
|  DUB | 04/2026 | 1746 | 1208 | 4 | 0 |
|  | 04/2026 | 2463 | 356 | 0 | (1) |
|  | 04/2026 | 14037 | 665 | 4 | 0 |
|  | 04/2026 | 475029 | 1414 | 0 | (13) |
|  | 04/2026 | 642 | 207 | 3 | 0 |
|  | 04/2026 | 34952 | 374 | 4 | 0 |
|  | 04/2026 | 166039 | 341 | 0 | (4) |
|  | 04/2026 | 976 | 764 | 5 | 0 |
|  | 04/2026 | $738 | 5055 | 0 | (4) |
|  | 04/2026 | 11 | 540 | 0 | (1) |
|  | 04/2026 | 27 | 2531 | 0 | 0 |
|  | 05/2026 | 1208 | 1746 | 0 | (4) |
|  | 05/2026 | 356 | 2457 | 2 | 0 |
|  | 05/2026 | 764 | 974 | 0 | (5) |
|  | 06/2026 | 12520859 | $3360 | 7 | 0 |
|  | 06/2026 | 298845 | 580 | 0 | (30) |
|  | 06/2026 | 51912 | 180 | 0 | (5) |
|  | 07/2026 | $3939 | 2124079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | 0 |
|  | 08/2026 | 1266 | 63824 | 0 | (183) |
|  | 08/2026 | 105 | 9912 | 0 | (2) |
|  | 09/2026 | 307827 | $1033 | 0 | (50) |
|  | 11/2026 | 12366845 | 947 | 0 | (14) |
|  | 12/2026 | 56264481 | 4330 | 0 | (33) |
|  FAR | 04/2026 | 789 | 1022 | 36 | 0 |
|  | 04/2026 | 5230 | 7068 | 145 | 0 |
|  | 04/2026 | 26397 | 169 | 3 | 0 |
|  | 04/2026 | 314 | 87 | 2 | 0 |
|  | 04/2026 | $1218 | 1728 | 0 | (26) |
|  | 04/2026 | 989 | 788 | 0 | (3) |
|  | 04/2026 | 528 | 84264 | 3 | 0 |
|  | 05/2026 | 785 | $989 | 3 | 0 |
|  | 05/2026 | 400 | 126 | 0 | (1) |
|  | 05/2026 | 84009 | 528 | 0 | (3) |
|  | 06/2026 | 254 | 82 | 1 | 0 |
|  | 08/2026 | 6802 | 2012 | 69 | 0 |
|  GLM | 04/2026 | 192606 | 35844 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1340) |
|  | 04/2026 | 286318 | 837 | 0 | (23) |
|  | 04/2026 | 345 | 111 | 1 | 0 |
|  | 04/2026 | 1004149 | 10741 | 137 | 0 |
|  | 04/2026 | 62 | 16 | 0 | 0 |
|  | 04/2026 | $36580 | 192606 | 603 | 0 |
|  | 05/2026 | 140188 | $2191 | 0 | (114) |
|  | 05/2026 | $337 | 17755 | 0 | (24) |
|  | 06/2026 | 95635 | $17760 | 0 | (461) |
|  | 06/2026 | 106855 | 1719 | 0 | (32) |
|  | 06/2026 | $7 | 38 | 0 | 0 |
|  | 06/2026 | 335 | 5963 | 0 | (4) |
|  | 07/2026 | 151795 | $40 | 0 | 0 |
|  | 07/2026 | 36713 | 598 | 0 | (1) |
|  | 07/2026 | $7 | 35 | 0 | 0 |
|  | 08/2026 | 212842 | $3400 | 0 | (61) |
|  | 09/2026 | 172672 | 2886 | 87 | 0 |
|  IND | 04/2026 | 285904 | 337591 | 7129 | 0 |
|  JPM | 04/2026 | 2591 | 374 | 0 | (2) |
|  | 04/2026 | 8504 | 399 | 0 | (2) |
|  | 04/2026 | 1396528 | 4187 | 0 | (9) |
|  | 04/2026 | 31231 | 334 | 4 | 0 |
|  | 04/2026 | 100600 | 5618 | 12 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $15 | 1412 | $0 | $0 |
|  | 04/2026 | 778 | 981 | 0 | (15) |
|  | 04/2026 | 655033 | $39172 | 522 | (9) |
|  | 05/2026 | $374 | 2585 | 2 | 0 |
|  | 06/2027 | 821581 | $61 | 0 | 0 |
|  MBC | 04/2026 | 28579 | 184 | 4 | 0 |
|  | 04/2026 | 333 | 35 | 0 | 0 |
|  | 04/2026 | $12 | 17 | 0 | 0 |
|  | 04/2026 | 8473 | 31370058 | 62 | 0 |
|  | 04/2026 | 2 | 98 | 0 | 0 |
|  | 04/2026 | 31836 | 27646 | 121 | (3) |
|  | 04/2026 | 235 | 37553 | 2 | 0 |
|  | 04/2026 | 9001 | 13172794 | 0 | (242) |
|  | 04/2026 | 197 | 1925 | 2 | 0 |
|  | 05/2026 | 37439 | $235 | 0 | (2) |
|  | 05/2026 | 1925 | 197 | 0 | (2) |
|  | 07/2026 | 32096032 | 8473 | 0 | (55) |
|  | 10/2026 | 86335 | 1663 | 233 | 0 |
|  | 10/2026 | 39792 | 2236 | 0 | (81) |
|  MYI | 10/2026 | $2089 | 3737 | 66 | 0 |
|  | 10/2027 | 4178 | 7687 | 0 | (3) |
|  NGF | 04/2026 | 1593 | $166 | 1 | 0 |
|  | 05/2026 | $20397 | 941799 | 0 | (45) |
|  SCX | 04/2026 | 383 | $277 | 1 | 0 |
|  | 04/2026 | 20760 | 133 | 2 | 0 |
|  | 04/2026 | $383 | 18745 | 0 | (46) |
|  | 04/2026 | 8 | 758 | 0 | 0 |
|  | 04/2026 | 1007 | 528123 | 94 | 0 |
|  | 04/2026 | 986 | 31469 | 0 | (3) |
|  | 05/2026 | 277 | 383 | 0 | (1) |
|  | 05/2026 | 944 | 50093 | 0 | (61) |
|  | 05/2026 | 397 | 4347 | 0 | (8) |
|  | 06/2026 | 6371368 | $1696 | 0 | (10) |
|  | 07/2026 | 6178217 | 1604 | 0 | (37) |
|  | 07/2026 | $3176 | 1713170 | 279 | 0 |
|  SOG | 04/2026 | 3859 | $4566 | 106 | 0 |
|  | 04/2026 | 114505 | 736 | 14 | 0 |
|  | 04/2026 | 117975 | 33 | 2 | 0 |
|  | 04/2026 | $2648 | 129290 | 0 | (315) |
|  | 04/2026 | 310268 | 268863 | 497 | 0 |
|  | 05/2026 | 268863 | $310753 | 0 | (486) |
|  | 05/2026 | $3563 | 174020 | 0 | (502) |
|  | 06/2026 | 8137 | $150 | 9 | 0 |
|  | 06/2026 | 240 | 78 | 1 | 0 |
|  | 06/2026 | 28059 | 8328 | 296 | 0 |
|  | 07/2026 | 10941 | 3238 | 110 | 0 |
|  UAG | 04/2026 | 89339372 | 23329 | 0 | (977) |
|  | 04/2026 | 17185 | 818 | 9 | 0 |
|  | 04/2026 | 387 | 107 | 3 | 0 |
|  | 04/2026 | 106432 | 2304 | 0 | (39) |
|  | 04/2026 | $15601 | 58003373 | 180 | 0 |
|  | 04/2026 | 113 | 406 | 0 | (3) |
|  | 06/2026 | 72731481 | $19240 | 0 | (235) |
|  | 06/2026 | 349 | 113 | 2 | 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;14969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8884) |

---

#### 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 | 0.550% | 05/20/2026 | 173952 | $334 | $594 |
|  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;334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |

---

40 PIMCO INTERNATIONAL BOND FUNDS 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 | 0.750% | 05/20/2026 | 434880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511) |

---

#### 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 | 49.650 | 04/17/2026 | 22899 | $(339) | $(78) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 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 |
| BOA | Mexico Government International Bonds | (1.000)% | Quarterly | 06/20/2035 | 1.676% | $1700 | $118 | $(34) | $84 | $0 |
|  | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.530 | 2200 | 72 | (90) | 0 | (18) |
|  | Panama Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.972 | 2200 | 76 | (79) | 0 | (3) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348) | 104 | 0 | (244) |
| BPS | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.530 | 900 | 30 | (37) | 0 | (7) |
| BRC | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.676 | 1300 | 87 | (23) | 64 | 0 |
|  | Oman Government International Bonds | (1.000) | Quarterly | 12/20/2027 | 0.530 | 900 | 24 | (31) | 0 | (7) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 1.096 | 19800 | (219) | 342 | 123 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.169 | 6400 | (16) | 98 | 82 | 0 |
| CBK | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.676 | 3300 | 224 | (62) | 162 | 0 |
| GST | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.730 | 3700 | 28 | (60) | 0 | (32) |
|  | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2035 | 1.676 | 100 | 7 | (2) | 5 | 0 |
| JPM | Mexico Government International Bonds | (1.000) | Quarterly | 06/20/2029 | 0.730 | 2400 | 15 | (35) | 0 | (20) |
| MYC | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 1.096 | 5900 | (68) | 105 | 37 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) |

---

#### 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 |
| BOA | Argentine Republic Government International Bonds | 5.000% | Quarterly | 12/20/2026 | 2.754% | $100 | $2 | $0 | $2 | $0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.159 | 1000 | (37) | 31 | 0 | (6) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.130 | 200 | (27) | 11 | 0 | (16) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.226 | 1800 | 10 | 1 | 11 | 0 |
|  | Egypt Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 3.020 | 4400 | (37) | (25) | 0 | (62) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.281 | 800 | 7 | (5) | 2 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2031 | 0.942 | 600 | (25) | 27 | 2 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 | 2600 | (18) | 0 | 0 | (18) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2035 | 2.812 | 1000 | (116) | (14) | 0 | (130) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.588 | 4100 | (809) | 782 | 0 | (27) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2035 | 3.759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2962) |
| BPS | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 800 | 13 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  | Benin Government International Bonds | 1.000 | Quarterly | 12/20/2035 | 2.186 | 5500 | (541) | 56 | 0 | (485) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.676 | 5700 | (386) | 419 | 33 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 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** |
|  | Brazil Government International Bonds | 1.000% | Quarterly | 06/20/2035 | 2.130% | $500 | $(69) | $29 | $0 | $(40) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.275 | 2500 | (46) | 69 | 23 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 1.609 | 2000 | (79) | 43 | 0 | (36) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 | 8400 | 47 | (32) | 15 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.533 | 4200 | (4) | 38 | 34 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.281 | 10000 | 31 | (12) | 19 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.583 | 2000 | 19 | 7 | 26 | 0 |
|  | Philippines Government International Bonds | 1.000 | Quarterly | 06/20/2031 | 0.910 | 8500 | 18 | 21 | 39 | 0 |
|  | Serbia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.762 | 2000 | (177) | 186 | 9 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 1.104 | 2600 | (224) | 219 | 0 | (5) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.588 | 300 | (59) | 57 | 0 | (2) |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 3400 | (33) | 59 | 26 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 2700 | 32 | 5 | 37 | 0 |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 2.625 | 1500 | (51) | 46 | 0 | (5) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.291 | 900 | (125) | 114 | 0 | (11) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.226 | 10100 | 96 | (36) | 60 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | (204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | 97 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.591 | 7100 | 167 | (39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 4300 | 7 | (2) | 5 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.424 | 500 | (16) | 16 | 0 | 0 |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 06/20/2031 | 1.025 | 37000 | 34 | (65) | 0 | (31) |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 1.449 | 10100 | (35) | 6 | 0 | (29) |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.733 | 1400 | (15) | 3 | 0 | (12) |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.791 | 1800 | (267) | 160 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.281 | 7000 | 52 | (38) | 14 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.804 | 8600 | 149 | (74) | 75 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 | 5600 | (35) | (4) | 0 | (39) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2027 | 2.469 | 10000 | (173) | (65) | 0 | (238) |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 1.318 | 2800 | (122) | 92 | 0 | (30) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.750 | 23400 | 330 | (95) | 235 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.564 | 300 | (20) | 4 | 0 | (16) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.716 | 2700 | (269) | 98 | 0 | (171) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.887 | 10000 | (475) | (292) | 0 | (767) |
| BSS | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 3900 | (546) | 599 | 53 | 0 |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 5878 | (434) | 514 | 80 | 0 |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 2.625 | 250 | (9) | 8 | 0 | (1) |
|  | Benin Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 3.205 | 500 | (34) | 11 | 0 | (23) |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.676 | 700 | (51) | 55 | 4 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.159 | 1000 | (37) | 31 | 0 | (6) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 11500 | 15 | 0 | 15 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 1.424 | 1275 | (42) | 41 | 0 | (1) |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.836 | 1050 | (133) | 62 | 0 | (71) |
|  | Dominican Republic International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.543 | 2900 | (186) | 127 | 0 | (59) |
|  | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 | 2300 | 78 | 3 | 81 | 0 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2027 | 0.387% |  | $11200 | $(64) | $150 | $86 | $0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.915 |  | 1000 | (19) | 23 | 4 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.516 |  | 4300 | 8 | (2) | 6 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.059 |  | 500 | (17) | 16 | 0 | (1) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.723 |  | 1100 | (7) | 19 | 12 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.588 |  | 1900 | (377) | 364 | 0 | (13) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.716 |  | 10000 | (924) | 289 | 0 | (635) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 14000 | 0 | 601 | 601 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.791 |  | 800 | (131) | 84 | 0 | (47) |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1930 | 0 | 11 | 11 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1294 | 0 | 7 | 7 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.684 |  | 300 | (5) | 5 | 0 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 300 | (13) | 14 | 1 | 0 |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 |  | 600 | (62) | 66 | 4 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 3999 | (556) | 611 | 55 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.159 |  | 7100 | (327) | 286 | 0 | (41) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.226 |  | 9400 | 91 | (36) | 55 | 0 |
|  | Emirate of Abu Dhabi Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.318 |  | 8000 | 115 | (47) | 68 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.306 |  | 1400 | 0 | 3 | 3 | 0 |
|  | Oman Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.812 |  | 15000 | (358) | 473 | 115 | 0 |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.551 |  | 5000 | 46 | 43 | 89 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.750 |  | 27700 | 410 | (132) | 278 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.810 |  | 12600 | 244 | (137) | 107 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.716 |  | 12100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1290) | 521 | 0 | (769) |
| JPM | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 800 | 11 | 0 | 11 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.159 |  | 3200 | (80) | 61 | 0 | (19) |
|  | Cameroon Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 6.103 |  | 1000 | (25) | (10) | 0 | (35) |
|  | Chile Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.275 |  | 4500 | (80) | 121 | 41 | 0 |
|  | Cote D'ivoire Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.836 |  | 525 | (66) | 30 | 0 | (36) |
|  | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 |  | 6700 | 221 | 14 | 235 | 0 |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.370 |  | 2800 | (7) | 46 | 39 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2035 | 2.812 |  | 300 | (35) | (4) | 0 | (39) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 2.564 |  | 4900 | (338) | 83 | 0 | (255) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.716 |  | 2700 | (300) | 129 | 0 | (171) |
| MEI | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.716 |  | 2700 | (277) | 106 | 0 | (171) |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 |  | 3500 | 44 | (18) | 26 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 18525 | (982) | 1235 | 253 | 0 |
|  | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.226 |  | 6600 | 38 | 1 | 39 | 0 |
|  | Dominican Republic International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.543 |  | 1000 | (67) | 47 | 0 | (20) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 |  | 1400 | (27) | 40 | 13 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 1400 | (15) | 27 | 12 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 2.936 |  | 190 | (50) | 37 | 0 | (13) |
|  | Peru Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.281 |  | 11400 | 14 | 8 | 22 | 0 |
|  | Qatar Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.244 |  | 2200 | 32 | (19) | 13 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 3000 | (134) | 141 | 7 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.588 |  | 2700 | (534) | 516 | 0 | (18) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

---

------

Schedule of Investments PIMCO Emerging Markets Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 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** |
| MYI | Peru Government International Bonds | 1.000% | Quarterly | 06/20/2026 | 0.281% | $1200 | $10 | $(8) | $2 | $0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 142 | (57) | 85 | 0 |
|  |  |  |  |  |  |  | $(13190) | $8940 | $3439 | $(7689) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8020) |

---

#### 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 | $0 | $0 | $0 | $0 | $(4) | $0 | $0 | $(4) | $(4) | $0 | $(4) |
|  BOA | 72 | 0 | 101 | 173 | (373) | 0 | (3486) | (3859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | (217) |
|  BPS | 1517 | 0 | 212 | 1729 | (579) | 0 | (575) | (1154) | 575 | (10) | 565 |
|  BRC | 498 | 0 | 946 | 1444 | (479) | 0 | (1463) | (1942) | (498) | 281 | (217) |
|  BSH | 77 | 0 | 0 | 77 | (514) | 0 | 0 | (514) | (437) | 0 | (437) |
|  BSS | 0 | 0 | 53 | 53 | 0 | 0 | 0 | 0 | 53 | 247 | 300 |
|  CBK | 1582 | 0 | 450 | 2032 | (1300) | 0 | (810) | (2110) | (78) | 0 | (78) |
|  DUB | 368 | 0 | 620 | 988 | (349) | 0 | (47) | (396) | 592 | (913) | (321) |
|  FAR | 262 | 0 | 0 | 262 | (33) | 0 | 0 | (33) | 229 | 503 | 732 |
|  GLM | 828 | 0 | 0 | 828 | (2060) | 0 | 0 | (2060) | (1232) | 937 | (295) |
|  GST | 0 | 594 | 779 | 1373 | 0 | (511) | (842) | (1353) | 20 | (40) | (20) |
|  IND | 7129 | 0 | 0 | 7129 | 0 | 0 | 0 | 0 | 7129 | (9760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2631) |
|  JPM | 540 | 0 | 326 | 866 | (37) | 0 | (575) | (612) | 254 | (610) | (356) |
|  MBC | 424 | 0 | 0 | 424 | (385) | 0 | 0 | (385) | 39 | 301 | 340 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (171) | (171) | (171) | 289 | 118 |
|  MYC | 0 | 0 | 422 | 422 | 0 | 0 | (51) | (51) | 371 | (290) | 81 |
|  MYI | 66 | 0 | 87 | 153 | (3) | 0 | 0 | (3) | 150 | (260) | (110) |
|  NGF | 1 | 0 | 0 | 1 | (45) | 0 | 0 | (45) | (44) | 0 | (44) |
|  SCX | 376 | 0 | 0 | 376 | (166) | 0 | 0 | (166) | 210 | (260) | (50) |
|  SOG | 1035 | 0 | 0 | 1035 | (1303) | 0 | 0 | (1303) | (268) | 291 | 23 |
|  UAG | 194 | 0 | 0 | 194 | (1254) | (78) | 0 | (1332) | (1138) | 1540 | 402 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8884) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17493) |  |  |  |

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(s) Securities with an aggregate market value of $6,945 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> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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| | | |
|:---|:---|:---|
| **44** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2026

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2056 | $2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 100 | 0 | 0 | 1389 | 1489 |
|  | $0 | $100 | $0 | $0 | $3445 | $3545 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $14969 | $0 | $14969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 594 | 0 | 0 | 0 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3996 | 0 | 0 | 0 | 3996 |
|  | $0 | $4590 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969 | $0 | $19559 |
|  | $0 | $4690 | $0 | $14969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23104 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $630 | $630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 377 | 0 | 0 | 1614 | 1991 |
|  | $0 | $377 | $0 | $0 | $2244 | $2621 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $8884 | $0 | $8884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 511 | 0 | 78 | 0 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8020 | 0 | 0 | 0 | 8020 |
|  | $0 | $8531 | $0 | $8962 | $0 | $17493 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $8962 | $2244 | $20114 |

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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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $17865 | $17865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1007) | 0 | 0 | (2078) | (3085) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1007) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $15787 | $14780 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32846) | $0 | $(32846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (710) | 0 | 0 | 0 | (710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 716 | 0 | 2552 | 0 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5719 | 0 | 0 | 0 | 5719 |
|  | $0 | $5725 | $0 | $(30294) | $0 | $(24569) |
|  | $0 | $4718 | $0 | $(30294) | $15787 | $(9789) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21001) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 789 | 0 | 0 | 895 | 1684 |
|  | $0 | $789 | $0 | $0 | $(20106) | $(19317) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9113 | $0 | $9113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 260 | 0 | 0 | 0 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (177) | 0 | 995 | 0 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4290 | 0 | 0 | 0 | 4290 |
|  | $0 | $4373 | $0 | $10108 | $0 | $14481 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5162 | $0 | $10108 | $(20106) | $(4836) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 45

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Schedule of Investments PIMCO Emerging Markets Bond 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 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $12565 | $0 | $12565 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 24587 | 0 | 24587 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10493 | 0 | 10493 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103355 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103355 |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6144 | 0 | 6144 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 1900 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 28059 | 0 | 28059 |
|  Benin | Benin | Benin | Benin | Benin |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4828 | 0 | 4828 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2910 | 0 | 2910 |
|  Bolivia | Bolivia | Bolivia | Bolivia | Bolivia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2500 | 0 | 2500 |
|  Bosnia-Herze. | Bosnia-Herze. | Bosnia-Herze. | Bosnia-Herze. | Bosnia-Herze. |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3833 | 0 | 3833 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 38897 | 0 | 38897 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 24068 | 0 | 24068 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9893 | 0 | 9893 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7375 | 0 | 7375 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1922 | 0 | 1922 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1276 | 0 | 1276 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 138 | 0 | 138 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 46788 | 6399 | 53187 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4965 | 4965 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 46332 | 0 | 46332 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 33356 | 0 | 33356 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 23 | 0 | 90 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10403 | 0 | 10403 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 145847 | 0 | 145847 |
|  Congo | Congo | Congo | Congo | Congo |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4085 | 0 | 4085 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26045 | 0 | 26045 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8644 | 0 | 8644 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 84239 | 0 | 84239 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3230 | 0 | 3230 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37676 | 0 | 37676 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 86802 | 0 | 86802 |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7904 | 0 | 7904 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7405 | 0 | 7405 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6950 | 0 | 6950 |
|  Gabon | Gabon | Gabon | Gabon | Gabon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2739 | 0 | 2739 |
|  Georgia | Georgia | Georgia | Georgia | Georgia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 190 | 0 | 190 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 6092 | 0 | 6092 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | $0 | $20356 | $0 | $20356 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 35418 | 0 | 35418 |
|  Honduras | Honduras | Honduras | Honduras | Honduras |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1350 | 0 | 1350 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6103 | 0 | 6103 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 43222 | 0 | 43222 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 22591 | 0 | 22591 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 76772 | 0 | 76772 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 42931 | 0 | 42931 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1837 | 0 | 1837 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 9372 | 9372 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11889 | 0 | 11889 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 16578 | 0 | 16578 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2189 | 0 | 2189 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1566 | 0 | 1566 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11618 | 11618 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 26817 | 0 | 26817 |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1486 | 0 | 1486 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4016 | 0 | 4016 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5317 | 0 | 5317 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18328 | 0 | 18328 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8587 | 0 | 8587 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2230 | 2230 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26618 | 0 | 26618 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15535 | 0 | 15535 |
|  Latvia | Latvia | Latvia | Latvia | Latvia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4641 | 0 | 4641 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5541 | 0 | 5541 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 4964 | 4964 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 49793 | 0 | 49793 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 72065 | 0 | 72065 |
|  Macedonia | Macedonia | Macedonia | Macedonia | Macedonia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9409 | 0 | 9409 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 19265 | 0 | 19265 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123499 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123499 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 119822 | 0 | 119822 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3997 | 0 | 3997 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18914 | 0 | 18914 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15119 | 0 | 15119 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 5868 | 5868 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12853 | 0 | 12853 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 3373 | 0 | 3373 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41807 | 0 | 41807 |

---

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| | | |
|:---|:---|:---|
| **46** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $7103 | $0 | $7103 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19417 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19417 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 31560 | 0 | 31560 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6672 | 0 | 6672 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 42556 | 0 | 42556 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20516 | 0 | 20516 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 47930 | 0 | 47930 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 25692 | 0 | 25692 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7691 | 0 | 7691 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4412 | 0 | 4412 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2756 | 0 | 2756 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30120 | 0 | 30120 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 39890 | 0 | 39890 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8542 | 0 | 8542 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 66081 | 0 | 66081 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 73 | 0 | 73 |
|  Rwanda | Rwanda | Rwanda | Rwanda | Rwanda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1077 | 0 | 1077 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 22974 | 0 | 22974 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 57803 | 0 | 57803 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3234 | 3234 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15770 | 0 | 15770 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | 5100 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 27138 | 0 | 27138 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1674 | 0 | 1674 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1800 | 30282 | 0 | 32082 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2566 | 2566 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 76540 | 0 | 76540 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8166 | 0 | 8166 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2830 | 0 | 2830 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15935 | 0 | 15935 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12513 | 0 | 12513 |
|  Suriname | Suriname | Suriname | Suriname | Suriname |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5806 | 0 | 5806 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2753 | 2753 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 18011 | 0 | 18011 |
|  Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago | Trinidad and Tobago |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3514 | 0 | 3514 |
|  Tunisia | Tunisia | Tunisia | Tunisia | Tunisia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1201 | 0 | 1201 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6645 | 0 | 6645 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 17757 | 17757 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 57718 | 0 | 57718 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 28044 | 0 | 28044 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 50720 | 0 | 50720 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19588 | 0 | 19588 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $37396 | $5464 | $42860 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4691 | 0 | 4691 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 10089 | 0 | 10089 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 43627 | 6166 | 49793 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 28331 | 28331 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 34493 | 2438 | 36931 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 25906 | 0 | 25906 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 80334 | 0 | 80334 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9802 | 0 | 9802 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6772 | 0 | 6772 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9083 | 0 | 9083 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 30796 | 0 | 30796 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 18479 | 0 | 18479 |
|  Vietnam | Vietnam | Vietnam | Vietnam | Vietnam |
| &nbsp;&nbsp; Sovereign Issues | 0 | 954 | 0 | 954 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3244 | 0 | 3244 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5021 | 0 | 5021 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 1867 | 0 | 0 | 1867 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 94828 | 0 | 94828 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 88 | 0 | 88 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 37993 | 0 | 37993 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 6289 | 0 | 6289 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 8376 | 0 | 8376 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2441 | 0 | 2441 |
|  | $3734 | $3032859 | $121125 | $3157718 |
|  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 | $118900 | $0 | $0 | $118900 |
|  Total Investments | $122634 | $3032859 | $121125 | $3276618 |
|  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 |
|  Sovereign Issues | 0 | (11120) | 0 | (11120) |
|  U.S. Treasury Obligations | 0 | (54536) | 0 | (54536) |
|  | $0 | $(65656) | $0 | $(65656) |
|  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 | 644 | 2901 | 0 | 3545 |
|  Over the counter | 0 | 18940 | 619 | 19559 |
|  | $644 | $21841 | $619 | $23104 |
|  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 | (613) | (2008) | 0 | (2621) |
|  Over the counter | 0 | (17493) | 0 | (17493) |
|  | $(613) | $(19501) | $0 | $(20114) |
|  Total Financial Derivative Instruments | $31 | $2340 | $619 | $2990 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213952 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 47

------

Schedule of Investments PIMCO Emerging Markets Bond 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 | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $1900 | $0 | $0 | $0 | $0 | $0 | $0 | $1900 | $0 |
|  Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> | Cayman Islands<sup>(3)</sup> |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6434 | 0 | 0 | 0 | (35) | 0 | 0 | 6399 | (35) |
| &nbsp;&nbsp; Loan Participations and Assignments  | 4980 | 0 | 0 | 0 | 0 | (15) | 0 | 0 | 4965 | (15) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 8741 | 0 | 0 | 10 | 0 | 621 | 0 | 0 | 9372 | 622 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 15980 | 1132 | (6774) | (4) | 261 | 1023 | 0 | 0 | 11618 | 813 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 2661 | 0 | (450) | 5 | 2 | 12 | 0 | 0 | 2230 | 8 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 5436 | 0 | 0 | 0 | 0 | (472) | 0 | 0 | 4964 | (472) |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 14 | 0 | 0 | 0 | 0 | (14) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 5811 | 0 | 0 | 45 | 0 | 12 | 0 | 0 | 5868 | 12 |
|  Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Loan Participations and Assignments | 4710 | 0 | (719) | 1 | 43 | (801) | 0 | 0 | 3234 | (889) |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 5566 | 5242 | (6291) | 6 | 906 | (329) | 0 | 0 | 5100 | (149) |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 3564 | 0 | (1312) | 11 | 150 | 153 | 0 | 0 | 2566 | 179 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 3592 | 0 | (1088) | 4 | (21) | 266 | 0 | 0 | 2753 | 183 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 8468 | 0 | 0 | (92) | 0 | 575 | 8806 | 0 | 17757 | 574 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 3058 | 0 | (3054) | (9) | (36) | 41 | 0 | 0 | 0 | 0 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 6013 | 5551 | (6667) | 302 | 22 | 243 | 0 | 0 | 5464 | (87) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 6224 | 0 | 0 | 0 | 0 | (58) | 0 | 0 | 6166 | (58) |
| &nbsp;&nbsp; Loan Participations and Assignments | 9152 | 24625 | (5482) | (1) | 0 | 37 | 0 | 0 | 28331 | (2) |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2448 | 0 | 0 | 0 | 0 | (10) | 0 | 0 | 2438 | (9) |
|  | $96418 | $44884 | $(31837) | $278 | $1327 | $1249 | $8806 | $0 | $121125 | $675 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $892 | $0 | $(35) | $0 | $0 | $(238) | $0 | $0 | $619 | $(204) |
|  Totals | $97310 | $44884 | $(31872) | $278 | $1327 | $1011 | $8806 | $0 | $121744 | $471 |

---

48 PIMCO INTERNATIONAL 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<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 |  |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $1900 | Recent transaction | Purchase price | 100.000 |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 6399 | Discounted Cash Flow | Discount Rate | 6.918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4965 | Discounted Cash Flow | Discount Rate | 7.537 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 9372 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 11618 | Discounted Cash Flow | Discount Rate | 5.964 |  |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2230 | Discounted Cash Flow | Discount Rate | 10.213 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 4964 | Indicative Market Quotation | Broker Quote | $23.000 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5868 | Discounted Cash Flow | Discount Rate | 8.726 |  |
|  Senegal | Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3234 | Discounted Cash Flow | Discount Rate | 48.991 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 5100 | Discounted Cash Flow | Discount Rate | 10.401 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2566 | Discounted Cash Flow | Discount Rate | 12.687 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2753 | Third Party Vendor | Broker Quote | 100.750 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 8950 | Discounted Cash Flow | Discount Rate | 5.677-7.347 | 6.961 |
|  | 8807 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 5464 | Proxy pricing | Base Price | 100.000 |  |
|  United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 6166 | Discounted Cash Flow | Discount Rate | 6.601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4708 | Discounted Cash Flow | Discount Rate | 9.483 |  |
|  | 3683 | Indicative Market Quotation | Broker Quote | 95.500 |  |
|  | 19940 | Recent transaction | Purchase price | 99.000-100.396 | 99.703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2438 | Discounted Cash Flow | Discount Rate | 6.273 |  |
|  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 | 619 | Indicative Market Quotation | Broker Quote | 0.192-4.267 | 4.148 |
|  Total | $121744 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Country updated from United States to Cayman Islands since prior fiscal year end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate 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 95.4% | INVESTMENTS IN SECURITIES 95.4% | INVESTMENTS IN SECURITIES 95.4% |
| ANGOLA 0.3% | ANGOLA 0.3% | ANGOLA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  9.375% due 03/31/2033 | 200 | 198 |
|  Total Angola (Cost $200) | Total Angola (Cost $200) | 198 |
| ARGENTINA 1.9% | ARGENTINA 1.9% | ARGENTINA 1.9% |
| CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% | CORPORATE BONDS & NOTES 1.9% |
|  Pampa Energia SA | Pampa Energia SA | Pampa Energia SA |
|  7.750% due 11/14/2037 | 100 | 101 |
|  7.875% due 12/16/2034 | 100 | 103 |
|  Telecom Argentina SA | Telecom Argentina SA | Telecom Argentina SA |
|  8.500% due 01/20/2036 | 300 | 299 |
|  Transportadora de Gas del Sur SA | Transportadora de Gas del Sur SA | Transportadora de Gas del Sur SA |
|  7.750% due 11/20/2035 | 100 | 102 |
|  Vista Energy Argentina SAU | Vista Energy Argentina SAU | Vista Energy Argentina SAU |
|  7.625% due 12/10/2035 | 200 | 203 |
|  YPF SA | YPF SA | YPF SA |
|  8.250% due 01/17/2034 | 200 | 204 |
|  9.500% due 01/17/2031 | 100 | 105 |
|  |  | 1117 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 4 | 3 |
|  Total Argentina (Cost $1,105) | Total Argentina (Cost $1,105) | 1120 |
| AUSTRALIA 0.5% | AUSTRALIA 0.5% | AUSTRALIA 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  6.000% due 05/19/2035 | 300 | 313 |
|  Total Australia (Cost $312) | Total Australia (Cost $312) | 313 |
| BERMUDA 1.0% | BERMUDA 1.0% | BERMUDA 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC | Digicel International Finance Ltd./Difl U.S. LLC |
|  8.625% due 08/01/2032 | 200 | 204 |
|  Golar LNG Ltd. | Golar LNG Ltd. | Golar LNG Ltd. |
|  7.500% due 10/02/2030 | 200 | 202 |
|  Li & Fung Ltd. | Li & Fung Ltd. | Li & Fung Ltd. |
|  8.375% due 02/05/2029 | 200 | 202 |
|  Total Bermuda (Cost $602) | Total Bermuda (Cost $602) | 608 |
| BRAZIL 2.5% | BRAZIL 2.5% | BRAZIL 2.5% |
| CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% | CORPORATE BONDS & NOTES 2.5% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 7000 | 395 |
|  Braskem Netherlands Finance BV | Braskem Netherlands Finance BV | Braskem Netherlands Finance BV |
|  4.500% due 01/31/2030 | 200 | 93 |
|  CSN Inova Ventures | CSN Inova Ventures | CSN Inova Ventures |
|  6.750% due 01/28/2028 | 200 | 147 |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  5.125% due 09/10/2030 | 200 | 196 |
|  6.250% due 01/10/2036 | 200 | 196 |
|  Suzano Netherlands BV | Suzano Netherlands BV | Suzano Netherlands BV |
|  5.500% due 01/15/2036 | 200 | 194 |
|  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) | 484 | 14 |
|  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) | 222 | 13 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(i) | 2910 | 246 |
|  |  | 1494 |

---

---

| | | |
|:---|:---|:---|
|  | <br>SHARES | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  OAS SA - Exp. 05/16/2039 «(l) | 131712 | 0 |
|  Total Brazil (Cost $2,051) | Total Brazil (Cost $2,051) | 1494 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CANADA 0.7% | CANADA 0.7% | CANADA 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  6.375% due 02/15/2036 | 200 | 193 |
|  Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. | Ivanhoe Mines Ltd. |
|  7.875% due 01/23/2030 | 200 | 202 |
|  Total Canada (Cost $400) | Total Canada (Cost $400) | 395 |
| CAYMAN ISLANDS 9.7% | CAYMAN ISLANDS 9.7% | CAYMAN ISLANDS 9.7% |
| CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  0.000% due 09/15/2032 (f) | 100 | 97 |
|  Baidu, Inc. | Baidu, Inc. | Baidu, Inc. |
|  0.000% due 03/12/2032 (f) | 200 | 183 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (f) | 47 | 0 |
|  0.000% due 12/31/2027 (f) | 58 | 0 |
|  0.000% due 12/31/2028 (f) | 93 | 0 |
|  0.000% due 12/31/2029 (f) | 93 | 0 |
|  0.000% due 12/31/2030 (f) | 116 | 0 |
|  0.000% due 12/31/2031 (f) | 116 | 0 |
|  0.000% due 12/31/2032 (f) | 220 | 0 |
|  |  | 280 |
| CORPORATE BONDS & NOTES 9.2% | CORPORATE BONDS & NOTES 9.2% | CORPORATE BONDS & NOTES 9.2% |
|  Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. |
|  4.750% due 11/12/2030 | 300 | 292 |
|  China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. | China Modern Dairy Holdings Ltd. |
|  2.125% due 07/14/2026 | 300 | 298 |
|  Emaar Sukuk Ltd. | Emaar Sukuk Ltd. | Emaar Sukuk Ltd. |
|  3.635% due 09/15/2026 | 450 | 446 |
|  Energuate Trust 2 0 | Energuate Trust 2 0 | Energuate Trust 2 0 |
|  6.350% due 09/15/2035 | 400 | 392 |
|  Esic Sukuk Ltd. | Esic Sukuk Ltd. | Esic Sukuk Ltd. |
|  5.831% due 02/14/2029 | 300 | 300 |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 | 300 | 277 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.836% due 09/22/2035 | 300 | 298 |
|  Gol Finance, Inc. | Gol Finance, Inc. | Gol Finance, Inc. |
|  14.375% due 06/06/2030 | 100 | 89 |
|  Greentown China Holdings Ltd. | Greentown China Holdings Ltd. | Greentown China Holdings Ltd. |
|  8.450% due 02/24/2028 | 200 | 202 |
|  IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. |
|  8.250% due 11/29/2031 | 200 | 205 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 10 | 1 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) | 78 | 1 |
|  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) | 131 | 0 |
|  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) | 158 | 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 (b) | 238 | 1 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | 33 | 4 |
|  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) | 54 | 1 |
|  KFH Sukuk Co. | KFH Sukuk Co. | KFH Sukuk Co. |
|  5.376% due 01/14/2030 | 200 | 201 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  5.750% due 07/21/2028 | 600 | 588 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  QNB Finance Ltd. | QNB Finance Ltd. | QNB Finance Ltd. |
|  4.875% due 01/30/2029 | 300 | 299 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  4.375% due 06/18/2030 | 200 | 193 |
|  5.400% due 08/08/2028 | 350 | 353 |
|  Sobha Sukuk Ltd. | Sobha Sukuk Ltd. | Sobha Sukuk Ltd. |
|  7.996% due 02/19/2029 | 200 | 184 |
|  SRC Sukuk Ltd. | SRC Sukuk Ltd. | SRC Sukuk Ltd. |
|  5.000% due 02/27/2028 | 300 | 300 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.239% due 09/15/2035 «(l) | 300 | 281 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  6.750% due 02/15/2034 | 250 | 244 |
|  |  | 5450 |
|  Total Cayman Islands (Cost $6,003) | Total Cayman Islands (Cost $6,003) | 5730 |
| CHILE 4.5% | CHILE 4.5% | CHILE 4.5% |
| CORPORATE BONDS & NOTES 4.5% | CORPORATE BONDS & NOTES 4.5% | CORPORATE BONDS & NOTES 4.5% |
|  AES Andes SA | AES Andes SA | AES Andes SA |
|  6.300% due 03/15/2029 | 200 | 205 |
|  Banco de Chile | Banco de Chile | Banco de Chile |
|  2.990% due 12/09/2031 | 300 | 272 |
|  Banco Santander Chile | Banco Santander Chile | Banco Santander Chile |
|  4.550% due 11/20/2030 | 700 | 691 |
|  Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes | Caja de Compensacion de Asignacion Familiar de Los Andes |
|  7.000% due 07/30/2029 | 200 | 207 |
|  Chile Electricity PEC SpA | Chile Electricity PEC SpA | Chile Electricity PEC SpA |
|  0.000% due 01/25/2028 (f) | 611 | 556 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 | 23 | 23 |
|  Engie Energia Chile SA | Engie Energia Chile SA | Engie Energia Chile SA |
|  6.375% due 04/17/2034 | 200 | 208 |
|  Inversiones CMPC SA | Inversiones CMPC SA | Inversiones CMPC SA |
|  6.700% due 12/09/2057 •  | 200 | 196 |
|  Latam Airlines Group SA | Latam Airlines Group SA | Latam Airlines Group SA |
|  7.625% due 01/07/2031 | 300 | 304 |
|  Total Chile (Cost $2,646) | Total Chile (Cost $2,646) | 2662 |
|  | **SHARES** |  |
| CHINA 0.0% | CHINA 0.0% | CHINA 0.0% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Kaisa Group Holdings Ltd. (d) | 694727 | 8 |
|  Total China (Cost $0) | Total China (Cost $0) | 8 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| COLOMBIA 3.5% | COLOMBIA 3.5% | COLOMBIA 3.5% |
| CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% | CORPORATE BONDS & NOTES 2.8% |
|  Banco Davivienda SA | Banco Davivienda SA | Banco Davivienda SA |
|  8.125% due 07/02/2035 •(j) | 300 | 304 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 | 350 | 258 |
|  8.875% due 01/13/2033 | 300 | 316 |
|  Grupo Nutresa SA | Grupo Nutresa SA | Grupo Nutresa SA |
|  9.000% due 05/12/2035 | 700 | 780 |
|  |  | 1658 |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 170000 | 43 |
|  11.750% due 01/24/2035 | 1517900 | 376 |
|  |  | 419 |
|  Total Colombia (Cost $2,199) | Total Colombia (Cost $2,199) | 2077 |

---

50 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% | CZECH REPUBLIC 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 200 | 204 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 200 | 245 |
|  Total Czech Republic (Cost $422) | Total Czech Republic (Cost $422) | 449 |
| DOMINICAN REPUBLIC 0.7% | DOMINICAN REPUBLIC 0.7% | DOMINICAN REPUBLIC 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  11.250% due 09/15/2035 | 24000 | 429 |
|  Total Dominican Republic (Cost $423) | Total Dominican Republic (Cost $423) | 429 |
| ECUADOR 0.8% | ECUADOR 0.8% | ECUADOR 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Corp. Quiport SA | Corp. Quiport SA | Corp. Quiport SA |
|  9.000% due 12/15/2037 | 300 | 323 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  9.250% due 01/29/2039 | 200 | 197 |
|  Total Ecuador (Cost $500) | Total Ecuador (Cost $500) | 520 |
| EGYPT 1.1% | EGYPT 1.1% | EGYPT 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | 6800 | 122 |
|  21.954% due 03/04/2028 | 30200 | 541 |
|  Total Egypt (Cost $725) | Total Egypt (Cost $725) | 663 |
| GERMANY 0.4% | GERMANY 0.4% | GERMANY 0.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 298 | 262 |
|  Total Germany (Cost $295) | Total Germany (Cost $295) | 262 |
| GUATEMALA 0.5% | GUATEMALA 0.5% | GUATEMALA 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Industrial Subordinated Trust 2 0 | Industrial Subordinated Trust 2 0 | Industrial Subordinated Trust 2 0 |
|  6.550% due 04/15/2036 •  | 300 | 300 |
|  Total Guatemala (Cost $299) | Total Guatemala (Cost $299) | 300 |
| HONG KONG 1.5% | HONG KONG 1.5% | HONG KONG 1.5% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Far East Horizon Ltd. | Far East Horizon Ltd. | Far East Horizon Ltd. |
|  5.875% due 03/05/2028 | 400 | 400 |
|  Fortune Star BVI Ltd. | Fortune Star BVI Ltd. | Fortune Star BVI Ltd. |
|  6.800% due 09/09/2029 | 300 | 284 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 | 200 | 189 |
|  Total Hong Kong (Cost $861) | Total Hong Kong (Cost $861) | 873 |
| HUNGARY 0.4% | HUNGARY 0.4% | HUNGARY 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  OTP Bank Nyrt | OTP Bank Nyrt | OTP Bank Nyrt |
|  8.750% due 05/15/2033 •  | 200 | 209 |
|  Total Hungary (Cost $211) | Total Hungary (Cost $211) | 209 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDIA 5.4% | INDIA 5.4% | INDIA 5.4% |
| CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 262 | 240 |
|  IIFL Finance Ltd. | IIFL Finance Ltd. | IIFL Finance Ltd. |
|  8.750% due 07/24/2028 | 200 | 203 |
|  Muthoot Finance Ltd. | Muthoot Finance Ltd. | Muthoot Finance Ltd. |
|  5.750% due 08/04/2030 | 300 | 288 |
|  7.125% due 02/14/2028 | 200 | 201 |
|  Power Finance Corp. Ltd. | Power Finance Corp. Ltd. | Power Finance Corp. Ltd. |
|  3.750% due 12/06/2027 | 300 | 296 |
|  REC Ltd. | REC Ltd. | REC Ltd. |
|  5.625% due 04/11/2028 | 300 | 305 |
|  Reliance Industries Ltd. | Reliance Industries Ltd. | Reliance Industries Ltd. |
|  2.875% due 01/12/2032 | 300 | 270 |
|  Renew Treasury Ifsc Pvt Ltd. | Renew Treasury Ifsc Pvt Ltd. | Renew Treasury Ifsc Pvt Ltd. |
|  6.500% due 02/02/2031 | 300 | 292 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries |
|  4.500% due 07/14/2028 | 250 | 236 |
|  Sammaan Capital Ltd. | Sammaan Capital Ltd. | Sammaan Capital Ltd. |
|  9.700% due 07/03/2027 | 200 | 204 |
|  Wipro IT Services LLC | Wipro IT Services LLC | Wipro IT Services LLC |
|  1.500% due 06/23/2026 | 700 | 695 |
|  Total India (Cost $3,295) | Total India (Cost $3,295) | 3230 |
| INDONESIA 0.7% | INDONESIA 0.7% | INDONESIA 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
|  6.200% due 04/14/2052 | 200 | 194 |
|  Indika Energy Tbk. PT | Indika Energy Tbk. PT | Indika Energy Tbk. PT |
|  8.750% due 05/07/2029 | 250 | 247 |
|  Total Indonesia (Cost $404) | Total Indonesia (Cost $404) | 441 |
| IRELAND 0.7% | IRELAND 0.7% | IRELAND 0.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(c)(j) | 900 | 54 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 127 | 118 |
|  |  | 172 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 200 | 231 |
|  Total Ireland (Cost $1,232) | Total Ireland (Cost $1,232) | 403 |
| ISLE OF MAN 0.6% | ISLE OF MAN 0.6% | ISLE OF MAN 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 400 | 387 |
|  Total Isle of Man (Cost $366) | Total Isle of Man (Cost $366) | 387 |
| ISRAEL 2.4% | ISRAEL 2.4% | ISRAEL 2.4% |
| CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% | CORPORATE BONDS & NOTES 2.4% |
|  Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM |
|  3.255% due 01/21/2032 •(j) | 200 | 198 |
|  5.252% due 01/14/2033 | 300 | 296 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 •(j) | 200 | 206 |
|  Energean Israel Finance Ltd. | Energean Israel Finance Ltd. | Energean Israel Finance Ltd. |
|  5.375% due 03/30/2028 | 200 | 193 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  4.250% due 08/14/2028 | 200 | 196 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 150 | 150 |
|  Mizrahi Tefahot Bank Ltd. | Mizrahi Tefahot Bank Ltd. | Mizrahi Tefahot Bank Ltd. |
|  5.049% due 01/28/2031 | 200 | 198 |
|  Total Israel (Cost $1,408) | Total Israel (Cost $1,408) | 1437 |
| IVORY COAST 1.0% | IVORY COAST 1.0% | IVORY COAST 1.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.185% (EUR006M + 3.050%) due 03/05/2027 «~ | 500 | 581 |
|  Total Ivory Coast (Cost $533) | Total Ivory Coast (Cost $533) | 581 |
| JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 100 | 115 |
|  Total Jersey, Channel Islands (Cost $118) | Total Jersey, Channel Islands (Cost $118) | 115 |
| KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% | KAZAKHSTAN 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Kaspi.KZ JSC | Kaspi.KZ JSC | Kaspi.KZ JSC |
|  6.250% due 03/26/2030 | 300 | 303 |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |
|  3.250% due 08/15/2030 | 300 | 277 |
|  Total Kazakhstan (Cost $557) | Total Kazakhstan (Cost $557) | 580 |
| LUXEMBOURG 2.2% | LUXEMBOURG 2.2% | LUXEMBOURG 2.2% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Consolidated Energy Finance SA | Consolidated Energy Finance SA | Consolidated Energy Finance SA |
|  12.000% due 02/15/2031 | 200 | 197 |
|  MHP Lux SA | MHP Lux SA | MHP Lux SA |
|  10.500% due 07/28/2029 | 200 | 202 |
|  Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
|  4.500% due 04/27/2031 | 500 | 456 |
|  Nova Securitisation SARL | Nova Securitisation SARL | Nova Securitisation SARL |
|  5.750% due 02/03/2031 | 200 | 194 |
|  |  | 1049 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 250 | 252 |
|  Total Luxembourg (Cost $1,301) | Total Luxembourg (Cost $1,301) | 1301 |
| MAURITIUS 0.3% | MAURITIUS 0.3% | MAURITIUS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  India Cleantech Energy | India Cleantech Energy | India Cleantech Energy |
|  4.700% due 08/10/2026 | 185 | 184 |
|  Total Mauritius (Cost $185) | Total Mauritius (Cost $185) | 184 |
|  | **SHARES** |  |
| MEXICO 5.7% | MEXICO 5.7% | MEXICO 5.7% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 172487 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% | CORPORATE BONDS & NOTES 5.7% |
|  Alpek SAB de CV | Alpek SAB de CV | Alpek SAB de CV |
|  3.250% due 02/25/2031 | 200 | 168 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  5.875% due 01/24/2027 •(i)(j) | 200 | 198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  5.125% due 01/18/2033 •(j) | 200 | 194 |
|  5.250% due 09/10/2029 | 600 | 604 |
|  Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV |
|  5.500% due 01/30/2033 | 200 | 194 |
|  FIBRA Prologis | FIBRA Prologis | FIBRA Prologis |
|  5.500% due 11/26/2035 | 200 | 193 |
|  5.625% due 01/14/2038 | 200 | 191 |
|  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 | 297 | 298 |
|  Grupo Televisa SAB | Grupo Televisa SAB | Grupo Televisa SAB |
|  5.000% due 05/13/2045 | 200 | 124 |
|  5.250% due 05/24/2049 | 200 | 123 |
|  Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | Industrias Penoles SAB de CV |
|  4.750% due 08/06/2050 | 300 | 243 |
|  Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV |
|  2.875% due 05/11/2031 | 200 | 163 |
|  Sigma Foods SAB de CV | Sigma Foods SAB de CV | Sigma Foods SAB de CV |
|  6.875% due 03/25/2044 | 200 | 211 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  6.390% due 01/15/2050 | 300 | 274 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  7.700% due 01/23/2032 | 200 | 211 |
|  |  | 3389 |
|  Total Mexico (Cost $4,661) | Total Mexico (Cost $4,661) | 3389 |
| MOROCCO 0.8% | MOROCCO 0.8% | MOROCCO 0.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  OCP SA | OCP SA | OCP SA |
|  6.875% due 04/25/2044 | 500 | 500 |
|  Total Morocco (Cost $482) | Total Morocco (Cost $482) | 500 |
|  | **SHARES** |  |
| NETHERLANDS 2.6% | NETHERLANDS 2.6% | NETHERLANDS 2.6% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Stichting Administratiekantoor (d) | 1831 | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% |
|  Ardshinbank CJSC Via Dilijan Finance BV | Ardshinbank CJSC Via Dilijan Finance BV | Ardshinbank CJSC Via Dilijan Finance BV |
|  6.600% due 01/22/2031 | 300 | 296 |
|  Prosus NV | Prosus NV | Prosus NV |
|  4.987% due 01/19/2052 | 300 | 229 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  4.100% due 10/01/2046 | 500 | 371 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(b)(c) | 394 | 8 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 500 | 475 |
|  |  | 1379 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | 200 | 199 |
|  Total Netherlands (Cost $1,671) | Total Netherlands (Cost $1,671) | 1578 |
| PANAMA 0.6% | PANAMA 0.6% | PANAMA 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA | Telecomunicaciones Digitales SA |
|  4.500% due 01/30/2030 | 400 | 377 |
|  Total Panama (Cost $365) | Total Panama (Cost $365) | 377 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PERU 5.2% | PERU 5.2% | PERU 5.2% |
| CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% | CORPORATE BONDS & NOTES 4.7% |
|  Banco de Credito del Peru SA | Banco de Credito del Peru SA | Banco de Credito del Peru SA |
|  5.800% due 03/10/2035 •  | 300 | 297 |
|  6.450% due 07/30/2035 •  | 300 | 303 |
|  Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank |
|  4.800% due 07/15/2031 | 500 | 493 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 500 | 153 |
|  10.100% due 12/15/2043 | 500 | 156 |
|  InRetail Shopping Malls | InRetail Shopping Malls | InRetail Shopping Malls |
|  5.650% due 10/16/2032 | 400 | 389 |
|  Marcobre SAC | Marcobre SAC | Marcobre SAC |
|  5.750% due 01/22/2036 | 300 | 290 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 300 | 299 |
|  Peru LNG SRL | Peru LNG SRL | Peru LNG SRL |
|  5.375% due 03/22/2030 | 267 | 260 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 200 | 140 |
|  |  | 2780 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA |
|  5.400% due 03/31/2031 | 200 | 200 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 400 | 126 |
|  |  | 326 |
|  Total Peru (Cost $3,083) | Total Peru (Cost $3,083) | 3106 |
| PHILIPPINES 1.2% | PHILIPPINES 1.2% | PHILIPPINES 1.2% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  Petron Corp. | Petron Corp. | Petron Corp. |
|  5.950% due 04/19/2026 •(i) | 200 | 200 |
|  San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. | San Miguel Global Power Holdings Corp. |
|  8.375% due 10/20/2030 •(i) | 300 | 295 |
|  8.750% due 06/12/2029 •(i) | 200 | 197 |
|  Total Philippines (Cost $667) | Total Philippines (Cost $667) | 692 |
| POLAND 0.7% | POLAND 0.7% | POLAND 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 400 | 408 |
|  Total Poland (Cost $402) | Total Poland (Cost $402) | 408 |
| QATAR 0.7% | QATAR 0.7% | QATAR 0.7% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Nakilat, Inc. | Nakilat, Inc. | Nakilat, Inc. |
|  6.067% due 12/31/2033 | 211 | 211 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 74 | 74 |
|  6.332% due 09/30/2027 | 112 | 112 |
|  Total Qatar (Cost $414) | Total Qatar (Cost $414) | 397 |
| RUSSIA 0.1% | RUSSIA 0.1% | RUSSIA 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(c) | 800 | 48 |
|  Total Russia (Cost $803) | Total Russia (Cost $803) | 48 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SAUDI ARABIA 1.0% | SAUDI ARABIA 1.0% | SAUDI ARABIA 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | 200 | 198 |
|  6.000% due 02/02/2056 | 400 | 378 |
|  Total Saudi Arabia (Cost $594) | Total Saudi Arabia (Cost $594) | 576 |
| SINGAPORE 1.7% | SINGAPORE 1.7% | SINGAPORE 1.7% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. | Cathaylife Singapore Pte. Ltd. |
|  5.950% due 07/05/2034 | 200 | 208 |
|  GLP Pte. Ltd. | GLP Pte. Ltd. | GLP Pte. Ltd. |
|  9.750% due 05/20/2028 | 400 | 328 |
|  Medco Cypress Tree Pte. Ltd. | Medco Cypress Tree Pte. Ltd. | Medco Cypress Tree Pte. Ltd. |
|  8.625% due 05/19/2030 | 250 | 258 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 200 | 209 |
|  Total Singapore (Cost $1,086) | Total Singapore (Cost $1,086) | 1003 |
| SOUTH AFRICA 3.2% | SOUTH AFRICA 3.2% | SOUTH AFRICA 3.2% |
| CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% | CORPORATE BONDS & NOTES 2.0% |
|  Bidvest Group U.K. PLC | Bidvest Group U.K. PLC | Bidvest Group U.K. PLC |
|  6.200% due 09/17/2032 | 200 | 200 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  5.500% due 03/18/2031 | 200 | 181 |
|  6.500% due 09/27/2028 | 400 | 405 |
|  8.750% due 04/10/2033 (a) | 400 | 400 |
|  |  | 1186 |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 300 | 16 |
|  8.875% due 02/28/2035 | 11400 | 662 |
|  9.000% due 01/31/2040 | 500 | 28 |
|  |  | 706 |
|  Total South Africa (Cost $1,813) | Total South Africa (Cost $1,813) | 1892 |
| SOUTH KOREA 1.4% | SOUTH KOREA 1.4% | SOUTH KOREA 1.4% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  2.500% due 11/04/2030 (j)(m) | 500 | 454 |
|  Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. |
|  5.000% due 07/24/2028 | 200 | 203 |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  6.375% due 01/17/2028 | 200 | 206 |
|  Total South Korea (Cost $876) | Total South Korea (Cost $876) | 863 |
| SPAIN 0.6% | SPAIN 0.6% | SPAIN 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |
|  5.375% due 12/30/2030 | 396 | 361 |
|  Total Spain (Cost $370) | Total Spain (Cost $370) | 361 |
| THAILAND 0.3% | THAILAND 0.3% | THAILAND 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  7.125% due 03/10/2035 •(i) | 200 | 195 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  3.300% due 06/17/2038 | 30 | 1 |
|  3.350% due 06/17/2033 | 40 | 1 |
|  3.450% due 06/17/2043 | 20 | 1 |
|  |  | 3 |
|  Total Thailand (Cost $203) | Total Thailand (Cost $203) | 198 |

---

52 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| TURKEY 3.6% | TURKEY 3.6% | TURKEY 3.6% |
| CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% | CORPORATE BONDS & NOTES 3.6% |
|  Akbank TAS | Akbank TAS | Akbank TAS |
|  7.498% due 01/20/2030 | 500 | 510 |
|  QNB Bank AS | QNB Bank AS | QNB Bank AS |
|  5.875% due 02/11/2031 | 300 | 286 |
|  TT Varlik Kiralama AS | TT Varlik Kiralama AS | TT Varlik Kiralama AS |
|  6.500% due 10/30/2030 | 500 | 486 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 150 | 148 |
|  Turkiye Is Bankasi AS | Turkiye Is Bankasi AS | Turkiye Is Bankasi AS |
|  7.750% due 06/12/2029 | 200 | 205 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  7.250% due 07/31/2030 | 300 | 299 |
|  Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS |
|  9.250% due 10/16/2028 | 200 | 214 |
|  Total Turkey (Cost $2,130) | Total Turkey (Cost $2,130) | 2148 |
| UKRAINE 0.2% | UKRAINE 0.2% | UKRAINE 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(h) | 45 | 26 |
|  0.000% due 02/01/2034 þ(h) | 168 | 72 |
|  4.500% due 02/01/2036 þ | 52 | 27 |
|  Total Ukraine (Cost $114) | Total Ukraine (Cost $114) | 125 |
| UNITED ARAB EMIRATES 4.1% | UNITED ARAB EMIRATES 4.1% | UNITED ARAB EMIRATES 4.1% |
| CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% | CORPORATE BONDS & NOTES 4.1% |
|  Abu Dhabi Future Energy Co. PJSC Masdar | Abu Dhabi Future Energy Co. PJSC Masdar | Abu Dhabi Future Energy Co. PJSC Masdar |
|  4.875% due 07/25/2033 | 400 | 390 |
|  Alpha Star Holding IX Ltd. | Alpha Star Holding IX Ltd. | Alpha Star Holding IX Ltd. |
|  7.000% due 08/26/2028 | 500 | 477 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  4.500% due 10/16/2030 | 300 | 287 |
|  Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC |
|  5.794% due 06/30/2053 | 300 | 291 |
|  First Abu Dhabi Bank PJSC | First Abu Dhabi Bank PJSC | First Abu Dhabi Bank PJSC |
|  4.774% due 06/06/2028 (m) | 300 | 299 |
|  NBK SPC Ltd. | NBK SPC Ltd. | NBK SPC Ltd. |
|  1.625% due 09/15/2027 •  | 700 | 690 |
|  Total United Arab Emirates (Cost $2,467) | Total United Arab Emirates (Cost $2,467) | 2434 |
| UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% | UNITED KINGDOM 5.0% |
| CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.000% due 03/21/2033 | 300 | 296 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 | 200 | 180 |
|  5.625% due 09/09/2035 | 200 | 198 |
|  Avianca Midco 2 PLC | Avianca Midco 2 PLC | Avianca Midco 2 PLC |
|  9.000% due 12/01/2028 | 149 | 144 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.125% due 01/23/2030 | 250 | 253 |
|  8.250% due 01/22/2031 | 500 | 505 |
|  Fresnillo PLC | Fresnillo PLC | Fresnillo PLC |
|  4.250% due 10/02/2050 | 400 | 304 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 09/18/2029 « | 2883000 | 236 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 200 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  10.875% due 09/17/2029 | 400 | 419 |
|  WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC |
|  9.500% due 10/06/2028 | 200 | 200 |
|  |  | 2892 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.594% due 01/17/2059 •  | 68 | 89 |
|  Total United Kingdom (Cost $2,949) | Total United Kingdom (Cost $2,949) | 2981 |
| UNITED STATES 6.0% | UNITED STATES 6.0% | UNITED STATES 6.0% |
| CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% |
|  Azul Secured Finance LLP | Azul Secured Finance LLP | Azul Secured Finance LLP |
|  9.875% due 02/15/2031 | 200 | 183 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 330 | 340 |
|  Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. |
|  5.000% due 07/27/2028 | 200 | 203 |
|  Invepar Holdings LLC | Invepar Holdings LLC | Invepar Holdings LLC |
|  1.000% due 12/31/2049 (l) | 158 | 0 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 400 | 386 |
|  6.000% due 08/15/2029 | 300 | 308 |
|  Momentive Performance Materials, Inc. | Momentive Performance Materials, Inc. | Momentive Performance Materials, Inc. |
|  4.125% due 10/22/2028 | 500 | 497 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 300 | 283 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 174 | 179 |
|  SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development | SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development | SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development |
|  9.000% due 11/14/2030 | 200 | 199 |
|  Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. |
|  4.000% due 11/16/2026 | 300 | 298 |
|  |  | 2876 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 08/22/2029 | 2305900 | 581 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 200 | 129 |
|  Total United States (Cost $3,642) | Total United States (Cost $3,642) | 3586 |
| UZBEKISTAN 1.0% | UZBEKISTAN 1.0% | UZBEKISTAN 1.0% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Uzauto Motors AJ | Uzauto Motors AJ | Uzauto Motors AJ |
|  7.375% due 11/19/2030 | 200 | 201 |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  9.450% due 10/23/2030 •(i) | 200 | 201 |
|  21.000% due 07/24/2027 | 2500000 | 219 |
|  Total Uzbekistan (Cost $599) | Total Uzbekistan (Cost $599) | 621 |
| VENEZUELA 0.1% | VENEZUELA 0.1% | VENEZUELA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(c) | 20 | 8 |
|  9.250% due 09/15/2027 ^(c) | 20 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.250% due 05/07/2028 ^(c) | $— | 80 | $— | 37 |
|  11.950% due 08/05/2031 ^(c) |  | 25 |  | 13 |
|  Total Venezuela (Cost $60) | Total Venezuela (Cost $60) | Total Venezuela (Cost $60) |  | 68 |
| VIRGIN ISLANDS (BRITISH) 1.3% | VIRGIN ISLANDS (BRITISH) 1.3% | VIRGIN ISLANDS (BRITISH) 1.3% | VIRGIN ISLANDS (BRITISH) 1.3% | VIRGIN ISLANDS (BRITISH) 1.3% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Cas Capital No. 2 Ltd. | Cas Capital No. 2 Ltd. | Cas Capital No. 2 Ltd. | Cas Capital No. 2 Ltd. | Cas Capital No. 2 Ltd. |
|  6.250% due 01/13/2031 •(i) | $— | 300 |  | 296 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL |
|  5.250% due 04/27/2029 |  | 300 |  | 292 |
|  CS Treasury Management Services P Ltd. | CS Treasury Management Services P Ltd. | CS Treasury Management Services P Ltd. | CS Treasury Management Services P Ltd. | CS Treasury Management Services P Ltd. |
|  9.000% due 06/05/2026 (i) |  | 200 |  | 201 |
|  OAS Restructuring BVI Ltd. | OAS Restructuring BVI Ltd. | OAS Restructuring BVI Ltd. | OAS Restructuring BVI Ltd. | OAS Restructuring BVI Ltd. |
|  5.000% due 03/31/2035 « |  | 356 |  | 3 |
|  Total Virgin Islands (British) (Cost $813) | Total Virgin Islands (British) (Cost $813) | Total Virgin Islands (British) (Cost $813) |  | 792 |
|  | **SHARES** | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% |
| MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% | MUTUAL FUNDS 1.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.720% (k) |  | 868201 |  | 868 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| EGYPT TREASURY BILLS 0.0% | 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 (f)(g) |  | 50 |  | 1 |
| NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% | NIGERIA TREASURY BILLS 1.5% |
|  26.355% due 04/14/2026 - 01/28/2027 (e)(f)(g) |  | 1352072 |  | 908 |
| Total Short-Term Instruments<br>(Cost $1,719) | Total Short-Term Instruments<br>(Cost $1,719) | Total Short-Term Instruments<br>(Cost $1,719) |  | 1777 |
| Total Investments in Securities<br>(Cost $60,636) | Total Investments in Securities<br>(Cost $60,636) | Total Investments in Securities<br>(Cost $60,636) |  | 56889 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% |
| SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | 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 Floating NAV Portfolio III |  | 332077 |  | 3234 |
| Total Short-Term Instruments<br>(Cost $3,233) | Total Short-Term Instruments<br>(Cost $3,233) | Total Short-Term Instruments<br>(Cost $3,233) |  | 3234 |
| Total Investments in Affiliates<br>(Cost $3,233) | Total Investments in Affiliates<br>(Cost $3,233) | Total Investments in Affiliates<br>(Cost $3,233) |  | 3234 |
| Total Investments 100.8%<br>(Cost $63,869) | Total Investments 100.8%<br>(Cost $63,869) | Total Investments 100.8%<br>(Cost $63,869) | $— | 60123 |
|  Financial Derivative<br>Instruments(n)(o) 0.7%<br> (Cost or Premiums, net $602) |  |  |  | 446 |
| Other Assets and Liabilities, net (1.5)% | Other Assets and Liabilities, net (1.5)% | Other Assets and Liabilities, net (1.5)% |  | (914) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 59655 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

(h) Security becomes interest bearing at a future date.

(i) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Contingent convertible security.

(k) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(l) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Invepar Holdings LLC1.000% due 12/31/2049 | 11/16/2018 | $0 | $0 | 0.00% |
|  OAS SA - Exp. 05/16/2039 | 04/30/2019 | 0 | 0 | 0.00 |
|  VB DPR Finance Co.6.239% due 09/15/2035 | 10/03/2025 | 300 | 281 | 0.47 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 0.47% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br>**Rate<sup>(1)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 3.700% | 12/12/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) | $(433) |
|  | 3.800 | 12/12/2025 | TBD<sup>(2)</sup> | (287) | (290) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(723) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

54 PIMCO INTERNATIONAL 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 |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(723) | $(723) |
|  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;(723) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) |
|  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  | $(723) |

---

(m) Securities with an aggregate market value of $753 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 $(1037) at a weighted average interest rate of 4.266%. 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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 13 | $2697 | $(19) | $1 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | (57) | 6 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 58 | 6441 | (62) | 13 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 2 | 233 | (2) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $5 | $0 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-46 5-Year Index | (1.000)% | Quarterly | 06/20/2031 | $1400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.EM-44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $200 | $(2) | $(2) | $(4) | $1 | $0 |
|  CDX.EM-45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 200 | (9) | 1 | (8) | 1 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 200 | 7 | 3 | 10 | 2 | 0 |
|  CDX.IT-RAXX XOV45 | 5.000 | Quarterly | 06/20/2031 | 160 | 13 | (1) | 12 | 1 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1100 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | 19 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 55

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | <br>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 | <br>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>(5)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500% | Quarterly | 09/16/2031 | 3670 | $1 | $1 | $2 | $0 | $0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 | $600 | 5 | 2 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2029 | 1800 | 34 | (4) | 30 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 1400 | (14) | 18 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 1700 | 44 | (34) | 10 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 400 | 10 | (2) | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 200 | (4) | 3 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 1200 | (4) | 11 | 7 | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 01/31/2033 | 1200 | 12 | 5 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 400 | 13 | 5 | 18 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 500 | 13 | (15) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 1100 | 45 | 13 | 58 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 300 | (2) | 5 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 300 | 19 | 15 | 34 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 200 | (11) | 33 | 22 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 300 | 34 | 14 | 48 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 500 | 47 | 9 | 56 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 500 | (21) | (13) | (34) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 700 | 2 | (19) | (17) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 12.131 | Maturity | 01/04/2027 | 3500 | 27 | (48) | (21) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.905 | Maturity | 01/02/2029 | 400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.867 | Maturity | 01/02/2031 | 5400 | (7) | (36) | (43) | 0 | (12) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 1100 | 16 | (34) | (18) | 5 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | 6800 | 3 | 8 | 11 | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.130 | Annual | 10/01/2035 | 6300 | 4 | (12) | (8) | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 100 | 1 | 1 | 2 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 1200 | (22) | (22) | (44) | 11 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 550 | 11 | 3 | 14 | 0 | (6) |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 | 184600 | (6) | (4) | (10) | 3 | 0 |
|  Receive | 6-Month HUF-BBR | 6.190 | Annual | 11/18/2030 | 165000 | 5 | 15 | 20 | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 8.207 | Lunar | 06/19/2028 | 3700 | 0 | 1 | 1 | 0 | 0 |
|  Pay<sup>(5)</sup> | OIS THB THORON/1.25000 09/16/26-2Y LCH | 1.250 | Quarterly | 09/16/2028 | 6190 | (1) | 0 | (1) | 0 | 0 |
|  |  |  |  |  |  | $254 | $(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | $29 | $(33) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) | 175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |

---

#### 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;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

Cash of $652 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 buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 04/2026 | 512 | $24 | $0 | $0 |
|  | 04/2026 | 41 | 48 | 0 | 0 |
|  | 04/2026 | 29025 | 309 | 0 | 0 |
|  | 04/2026 | $309 | 28973 | 0 | (3) |
|  | 04/2026 | 14 | 444 | 0 | (1) |
|  | 05/2026 | 260 | $4 | 0 | 0 |
|  BPS | 04/2026 | 450 | 8 | 0 | 0 |
|  | 04/2026 | 98 | 27 | 1 | 0 |
|  | 04/2026 | 371 | 22 | 0 | 0 |
|  | 05/2026 | $420 | 39809 | 2 | 0 |
|  BRC | 04/2026 | 96 | $27 | 1 | 0 |
|  | 04/2026 | 280 | 31 | 1 | 0 |
|  | 04/2026 | 10079 | 219 | 0 | (4) |
|  | 04/2026 | $725 | 32742 | 8 | 0 |
|  | 04/2026 | 2391 | $146 | 5 | 0 |
|  | 05/2026 | 510 | 11 | 0 | 0 |
|  | 05/2026 | $26 | 1228 | 0 | 0 |
|  BSH | 04/2026 | 696 | 523 | 0 | (4) |
|  | 04/2026 | 77 | 277 | 0 | (2) |
|  | 05/2026 | 523 | $696 | 4 | 0 |
|  CBK | 04/2026 | 99 | 115 | 1 | 0 |
|  | 04/2026 | 60840 | 657 | 10 | 0 |
|  | 04/2026 | $538 | 2045353 | 19 | 0 |
|  | 04/2026 | 1218 | 112974 | 0 | (21) |
|  | 04/2026 | 1 | 90 | 0 | 0 |
|  | 04/2026 | 599 | $35 | 0 | 0 |
|  | 05/2026 | $19 | 1819 | 0 | 0 |
|  | 05/2026 | 4 | 5835 | 0 | 0 |
|  | 06/2026 | 697556 | $186 | 0 | (1) |
|  | 06/2026 | 90 | 1 | 0 | 0 |
|  | 06/2026 | $13 | 45 | 0 | 0 |
|  | 07/2026 | 17 | 869 | 0 | (2) |
|  | 07/2026 | 18 | 9857 | 2 | 0 |
|  | 08/2026 | 57216 | $610 | 12 | 0 |
|  | 09/2026 | $33 | 28798 | 0 | (2) |
|  | 10/2026 | 144100 | $11 | 0 | 0 |
|  | 11/2026 | 6127 | 4 | 0 | 0 |
|  DUB | 04/2026 | 48 | 7 | 0 | 0 |
|  | 04/2026 | 1536 | 5 | 0 | 0 |
|  | 04/2026 | 3220 | 7 | 0 | 0 |
|  | 04/2026 | 17816 | 293 | 0 | (1) |
|  | 04/2026 | $23 | 34 | 0 | 0 |
|  | 04/2026 | 1 | 49 | 0 | 0 |
|  | 04/2026 | 27 | 35 | 0 | 0 |
|  | 04/2026 | 1058172 | $85 | 0 | (2) |
|  | 05/2026 | 34 | 23 | 0 | 0 |
|  | 05/2026 | 35 | 27 | 0 | 0 |
|  | 06/2026 | 41599 | 78 | 0 | (7) |
|  | 07/2026 | $117 | 62594 | 9 | 0 |
|  | 10/2026 | 2217648 | $173 | 0 | (1) |
|  | 11/2026 | 1580558 | 121 | 0 | (2) |
|  | 12/2026 | 278261 | 21 | 0 | 0 |
|  FAR | 04/2026 | 13 | 9 | 0 | 0 |
|  | 04/2026 | 523 | 707 | 15 | 0 |
|  | 04/2026 | 107 | 30 | 1 | 0 |
|  | 04/2026 | $42 | 6514 | 0 | (1) |
|  | 08/2026 | 1526 | $451 | 16 | 0 |
|  GLM | 04/2026 | $293 | 1177 | 0 | (2) |
|  | 05/2026 | 12936 | $201 | 0 | (12) |
|  | 05/2026 | $5 | 238 | 0 | 0 |
|  | 06/2026 | 1411 | $23 | 0 | 0 |
|  | 06/2026 | 3126 | 61 | 6 | 0 |
|  | 07/2026 | 614 | 10 | 0 | 0 |
|  | 08/2026 | 2287 | 37 | 0 | 0 |
|  | 09/2026 | 4907 | 80 | 1 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

---

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  IND | 04/2026 | 980 | $1158 | $25 | $0 |
|  JPM | 04/2026 | 5426 | 16 | 0 | 0 |
|  | 04/2026 | 7758 | 433 | 1 | 0 |
|  | 04/2026 | 35 | 28 | 1 | 0 |
|  | 04/2026 | $4 | 24 | 0 | 0 |
|  | 04/2026 | 109 | 93 | 0 | (2) |
|  | 04/2026 | 8887 | $529 | 6 | (1) |
|  | 05/2026 | 24 | 3 | 0 | 0 |
|  | 05/2026 | $7 | 37 | 0 | 0 |
|  | 06/2026 | 3887 | $72 | 5 | 0 |
|  | 10/2026 | 824433 | 65 | 0 | 0 |
|  MBC | 04/2026 | 718194 | 194 | 0 | (1) |
|  | 04/2026 | 149 | 172 | 0 | (1) |
|  | 04/2026 | 28990 | 310 | 4 | 0 |
|  | 04/2026 | 334474 | 229 | 6 | 0 |
|  | 04/2026 | $45 | 7052 | 0 | (1) |
|  | 05/2026 | 39 | $45 | 0 | 0 |
|  | 07/2026 | 1520 | 27 | 1 | 0 |
|  | 07/2026 | $194 | 734814 | 1 | 0 |
|  | 09/2026 | 1818 | $33 | 2 | 0 |
|  MYI | 04/2026 | 936 | 17 | 0 | 0 |
|  | 04/2026 | 1590 | 17 | 0 | 0 |
|  | 10/2026 | $95 | 171 | 3 | 0 |
|  | 10/2027 | 191 | 352 | 0 | 0 |
|  NGF | 04/2026 | 28 | 1265 | 0 | 0 |
|  | 05/2026 | 24 | 1097 | 0 | 0 |
|  RBC | 04/2026 | 49482 | $534 | 11 | 0 |
|  SCX | 04/2026 | 714 | 8 | 0 | 0 |
|  | 04/2026 | $6 | 296 | 0 | (1) |
|  | 04/2026 | 33 | 5123 | 0 | (1) |
|  | 04/2026 | 21 | 10819 | 2 | 0 |
|  | 05/2026 | 252945 | $165 | 0 | (13) |
|  | 05/2026 | $2 | 108 | 0 | 0 |
|  | 08/2026 | 11 | 567 | 0 | (2) |
|  SOG | 04/2026 | 734 | $13 | 0 | 0 |
|  | 04/2026 | 99 | 117 | 3 | 0 |
|  | 04/2026 | $86 | 4199 | 0 | (10) |
|  | 04/2026 | 1472 | 1275 | 2 | 0 |
|  | 04/2026 | 439 | 41349 | 1 | 0 |
|  | 04/2026 | 182 | 28255 | 0 | (4) |
|  | 04/2026 | 29 | 280 | 0 | 0 |
|  | 05/2026 | 1275 | $1474 | 0 | (2) |
|  | 05/2026 | 280 | 29 | 0 | 0 |
|  | 05/2026 | $23 | 1208 | 0 | (2) |
|  | 06/2026 | 162 | $48 | 2 | 0 |
|  | 09/2026 | 9323 | 167 | 11 | 0 |
|  SSB | 04/2026 | 21 | 15 | 1 | 0 |
|  | 04/2026 | 47136 | 298 | 1 | 0 |
|  | 04/2026 | $92 | 137073 | 0 | (1) |
|  | 08/2026 | 2069846 | $543 | 0 | (4) |
|  | 09/2026 | 805578 | 208 | 0 | (4) |
|  UAG | 04/2026 | 1327939 | 357 | 0 | (4) |
|  | 04/2026 | 132 | 36 | 1 | 0 |
|  | 04/2026 | $44 | 160 | 0 | (1) |
|  | 06/2026 | 357 | 1347530 | 4 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) |

---

#### 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 | 0.675% | 04/15/2026 | 5900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

58 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 734 | $7 | $2 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 466 | 3 | 2 |
| BPS | Call - OTC USD versus HKD | HKD | 7.800 | 08/24/2026 | 15260 | 15 | 22 |
|  |  |  |  |  |  | $25 | $26 |
|  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;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

---

#### 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 | 0.775% | 04/15/2026 | 5900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 734 | $(3) | $(1) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 466 | (1) | 0 |
| BPS | Call - OTC USD versus HKD | HKD | 7.850 | 08/24/2026 | 15260 | (9) | (6) |
|  |  |  |  |  |  | $(13) | $(7) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 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 |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2034 | 0.480% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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 |
| BPS | Mexico Government International Bonds | 1.000% | Quarterly | 12/20/2027 | 0.533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $0 | $1 | $1 | $0 |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 200 | 5 | (1) | 4 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.733 | 100 | (1) | 0 | 0 | (1) |
| DBL | Ping An Insurance (Group) | 1.000 | Quarterly | 06/20/2028 | 0.969 | 300 | (1) | 1 | 0 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 71 | 0 | 0 | 0 | 0 |
| GST | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.306 | 100 | 0 | 0 | 0 | 0 |
| JPM | Alibaba Group Holding Ltd. | 1.000 | Quarterly | 06/20/2029 | 0.700 | 600 | 3 | 3 | 6 | 0 |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 50 | 1 | (1) | 0 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 50 | 1 | 0 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 59

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

#### 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 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 640 | $129 | $(1) | $128 | $0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 360 | 74 | (2) | 72 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 620 | 123 | 1 | 124 | 0 |
|  |  |  |  |  |  |  | $326 | $(2) | $324 | $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;317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### 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 | $0 | $4 | $0 | $4 | $(4) | $(1) | $0 | $(5) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
|  BPS | 3 | 22 | 129 | 154 | 0 | (6) | 0 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
|  BRC | 15 | 0 | 4 | 19 | (4) | 0 | (1) | (5) | 14 | 0 | 14 |
|  BSH | 4 | 0 | 0 | 4 | (6) | 0 | 0 | (6) | (2) | 0 | (2) |
|  CBK | 44 | 0 | 0 | 44 | (26) | 0 | 0 | (26) | 18 | 0 | 18 |
|  DUB | 9 | 0 | 0 | 9 | (13) | 0 | 0 | (13) | (4) | 0 | (4) |
|  FAR | 32 | 0 | 0 | 32 | (1) | 0 | 0 | (1) | 31 | 0 | 31 |
|  GLM | 7 | 0 | 0 | 7 | (15) | 0 | 0 | (15) | (8) | 0 | (8) |
|  GST | 0 | 3 | 72 | 75 | 0 | (2) | 0 | (2) | 73 | 0 | 73 |
|  IND | 25 | 0 | 0 | 25 | 0 | 0 | 0 | 0 | 25 | 0 | 25 |
|  JPM | 13 | 0 | 130 | 143 | (3) | 0 | 0 | (3) | 140 | 0 | 140 |
|  MBC | 14 | 0 | 0 | 14 | (3) | 0 | 0 | (3) | 11 | 0 | 11 |
|  MYC | 0 | 0 | 1 | 1 | 0 | 0 | (13) | (13) | (12) | 0 | (12) |
|  MYI | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  RBC | 11 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  SCX | 2 | 0 | 0 | 2 | (17) | 0 | 0 | (17) | (15) | 0 | (15) |
|  SOG | 19 | 0 | 0 | 19 | (18) | 0 | 0 | (18) | 1 | 0 | 1 |
|  SSB | 2 | 0 | 0 | 2 | (9) | 0 | 0 | (9) | (7) | 0 | (7) |
|  UAG | 5 | 0 | 0 | 5 | (5) | 0 | 0 | (5) | 0 | 0 | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |  |  |  |

---

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO INTERNATIONAL 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 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 | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 29 | 35 |
|  | $0 | $6 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $55 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $208 | $0 | $208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 3 | 0 | 26 | 0 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 336 | 0 | 0 | 0 | 336 |
|  | $0 | $339 | $0 | $234 | $0 | $573 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | $0 | $234 | $49 | $628 |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 33 | 34 |
|  | $0 | $1 | $0 | $0 | $34 | $35 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $124 | $0 | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 7 | 0 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 0 | 0 | 14 |
|  | $0 | $16 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $0 | $147 |
|  | $0 | $17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $131 | $34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |

---

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 Rate<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $155 | $155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 87 | 0 | 0 | (45) | 42 |
|  | $0 | $87 | $0 | $0 | $110 | $197 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(415) | $0 | $(415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (86) | 0 | (5) | 0 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 37 | 0 | 24 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 64 | 0 | 0 | (5) | 59 |
|  | $0 | $15 | $0 | $(396) | $(5) | $(386) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) | $105 | $(189) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(248) | $(248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (7) | 0 | 0 | (4) | (11) |
|  | $0 | $(7) | $0 | $0 | $(252) | $(259) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $141 | $0 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (5) | 0 | 0 | 0 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 3 | 0 | (1) | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (31) | 0 | 0 | 0 | (31) |
|  | $0 | $(33) | $0 | $140 | $0 | $107 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 61

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of 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 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Sovereign Issues | $0 | $198 | $0 | $198 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3 | 0 | 3 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 313 | 0 | 313 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 608 | 0 | 608 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1494 | 0 | 1494 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 395 | 0 | 395 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 280 | 0 | 280 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 5450 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 0 | 0 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2662 | 0 | 2662 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | 8 | 0 | 0 | 8 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1658 | 0 | 1658 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 419 | 0 | 419 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 449 | 0 | 449 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 429 | 0 | 429 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 323 | 0 | 323 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 197 | 0 | 197 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 663 | 0 | 663 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 262 | 0 | 262 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 300 | 0 | 300 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 873 | 0 | 873 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 209 | 0 | 209 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3230 | 0 | 3230 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 441 | 0 | 441 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 118 | 54 | 172 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 231 | 231 |
|  Isle of Man | Isle of Man | Isle of Man | Isle of Man | Isle of Man |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 387 | 0 | 387 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1437 | 0 | 1437 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 581 | 581 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 115 | 0 | 115 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 580 | 0 | 580 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1049 | 0 | 1049 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 252 | 0 | 252 |
|  Mauritius | Mauritius | Mauritius | Mauritius | Mauritius |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 184 | 0 | 184 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3389 | 0 | 3389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $500 | $0 | $500 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1379 | 0 | 1379 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 199 | 199 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 377 | 0 | 377 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2780 | 0 | 2780 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 326 | 0 | 326 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 692 | 0 | 692 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 408 | 0 | 408 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 397 | 0 | 397 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 48 | 48 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 576 | 0 | 576 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1003 | 0 | 1003 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 400 | 786 | 0 | 1186 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 706 | 0 | 706 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 863 | 0 | 863 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 361 | 0 | 361 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 195 | 0 | 195 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3 | 0 | 3 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2148 | 0 | 2148 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 125 | 0 | 125 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2434 | 0 | 2434 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2656 | 236 | 2892 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 89 | 0 | 89 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2876 | 0 | 2876 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 581 | 0 | 581 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 129 | 0 | 129 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 621 | 0 | 621 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Sovereign Issues | 0 | 68 | 0 | 68 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 789 | 3 | 792 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 868 | 0 | 0 | 868 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 1 | 0 | 1 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 908 | 0 | 908 |
|  | $1276 | $53980 | $1633 | $56889 |
|  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 | $3234 | $0 | $0 | $3234 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60123 |

---

62 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $55 | $0 | $55 |
|  Over the counter | 0 | 573 | 0 | 573 |
|  | $0 | $628 | $0 | $628 |
|  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 | (35) | 0 | (35) |
|  Over the counter | 0 | (147) | 0 | (147) |
|  | $0 | $(182) | $0 | $(182) |
|  Total Financial Derivative Instruments | $0 | $446 | $0 | $446 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $300 | $0 | $0 | $0 | $(19) | $0 | $0 | $281 | $(19) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 54 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 216 | 0 | 0 | 0 | 0 | 15 | 0 | 0 | 231 | 15 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 537 | 0 | 0 | 0 | 0 | 44 | 0 | 0 | 581 | 44 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Common Stocks | 2 | 1 | (1) | 0 | 0 | (2) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 197 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 199 | 0 |
|  Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 48 | 0 | 0 | (2) | 0 | 2 | 0 | 0 | 48 | 2 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 232 | 0 | 0 | 0 | 4 | 0 | 0 | 236 | 4 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 3 | 0 | 0 | 1 | 0 | -1 | 0 | 0 | 3 | (1) |
|  | $1057 | $533 | $(1) | $1 | $0 | $43 | $0 | $0 | $1633 | $45 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $2 | $0 | $(1) | $0 | $0 | $(1) | $0 | $0 | $0 | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 63

------

Schedule of Investments PIMCO Emerging Markets Corporate Bond Fund (Cont.) 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<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 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $281 | Discounted Cash Flow | Discount Rate |  | 7.004 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 54 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 231 | Discounted Cash Flow | Discount Rate |  | 4.744 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 581 | Discounted Cash Flow | Discount Rate |  | 5.964 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 199 | Discounted Cash Flow | Discount Rate |  | 8.726 |  |
|  Russia | Russia | Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 48 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 236 | Proxy pricing | Base Price |  | 100.000 |  |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3 | Expected Recovery | Price | BRL | 4.985 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |  |  |  |  |  |

---

<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.

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments 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 98.4% | INVESTMENTS IN SECURITIES 98.4% | INVESTMENTS IN SECURITIES 98.4% |
| BRAZIL 18.3% | BRAZIL 18.3% | BRAZIL 18.3% |
| CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% | CORPORATE BONDS & NOTES 0.7% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 42000 | 2369 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(h) | 27540 | 2330 |
|  |  | 4699 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 «~ | 2583 | 26 |
| SOVEREIGN ISSUES 17.6% | SOVEREIGN ISSUES 17.6% | SOVEREIGN ISSUES 17.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (e) | 211500 | 39543 |
|  0.000% due 10/01/2026 (e) | 373700 | 67587 |
|  0.000% due 04/01/2027 (e) | 20300 | 3450 |
|  0.000% due 07/01/2028 (e) | 3000 | 435 |
|  |  | 111015 |
|  Total Brazil (Cost $115,999) | Total Brazil (Cost $115,999) | 115740 |
| CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  4.971% due 12/31/2035 •  | 351 | 352 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (e) | 139 | 1 |
|  0.000% due 12/31/2027 (e) | 173 | 0 |
|  0.000% due 12/31/2028 (e) | 277 | 0 |
|  0.000% due 12/31/2029 (e) | 277 | 0 |
|  0.000% due 12/31/2030 (e) | 346 | 1 |
|  0.000% due 12/31/2031 (e) | 346 | 0 |
|  0.000% due 12/31/2032 (e) | 654 | 1 |
|  |  | 3 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.580% (BRMMUSDF + 4.020%) due 01/08/2027 ~ | 250 | 254 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 29 | 3 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) | 233 | 2 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) | 390 | 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) |
|  5.750% due 12/28/2030 (a) | 470 | 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) |
|  6.000% due 12/28/2031 (a) | 709 | 3 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 97 | 11 |
|  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) | 159 | 1 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1200 | 1396 |
|  |  | 1672 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Ziraat | Ziraat | Ziraat |
|  6.774% (TSFR3M + 3.100%) due 06/15/2034 «~ | 1400 | 1363 |
|  Total Cayman Islands (Cost $3,926) | Total Cayman Islands (Cost $3,926) | 3390 |
| CHILE 2.3% | CHILE 2.3% | CHILE 2.3% |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 2025000 | 2133 |
|  5.000% due 10/01/2028 | 1280000 | 1375 |
|  5.000% due 03/01/2035 | 730000 | 758 |
|  5.800% due 10/01/2029 | 8985000 | 9878 |
|  5.800% due 10/01/2034 | 25000 | 28 |
|  6.000% due 04/01/2033 | 150000 | 167 |
|  Total Chile (Cost $14,190) | Total Chile (Cost $14,190) | 14339 |
|  | SHARES |  |
| CHINA 0.3% | CHINA 0.3% | CHINA 0.3% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Kaisa Group Holdings Ltd. (c) | 2034556 | 23 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 3000 | 459 |
|  2.820% due 05/22/2033 | 2000 | 309 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.900% due 07/15/2055 | 9000 | 1180 |
|  |  | 1948 |
|  Total China (Cost $1,916) | Total China (Cost $1,916) | 1971 |
| COLOMBIA 6.0% | COLOMBIA 6.0% | COLOMBIA 6.0% |
| SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% |
|  Bogota Distrito Capital | Bogota Distrito Capital | Bogota Distrito Capital |
|  13.140% due 11/05/2035 | 13046000 | 3504 |
|  Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (g) | 3566383 | 843 |
|  6.500% due 01/22/2031 (g) | 14036959 | 3664 |
|  7.000% due 06/30/2032 | 1629100 | 326 |
|  11.000% due 08/22/2029 | 43889200 | 11066 |
|  11.500% due 07/25/2046 | 509100 | 123 |
|  11.750% due 01/24/2035 | 62098500 | 15396 |
|  12.750% due 11/28/2040 | 7721600 | 2047 |
|  13.250% due 02/09/2033 | 3451400 | 925 |
|  Total Colombia (Cost $37,999) | Total Colombia (Cost $37,999) | 37894 |
| COSTA RICA 0.0% | COSTA RICA 0.0% | COSTA RICA 0.0% |
|  Total Costa Rica (Cost $0) | Total Costa Rica (Cost $0) | 0 |
| CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% | CZECH REPUBLIC 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  2.000% due 10/13/2033 (j) | 24000 | 936 |
|  3.600% due 06/03/2036 | 1900 | 80 |
|  Total Czech Republic (Cost $1,000) | Total Czech Republic (Cost $1,000) | 1016 |
| DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% |
|  Total Denmark (Cost $0) | Total Denmark (Cost $0) | 0 |
| DOMINICAN REPUBLIC 2.1% | DOMINICAN REPUBLIC 2.1% | DOMINICAN REPUBLIC 2.1% |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  9.750% due 06/05/2026 | 34 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  10.500% due 03/15/2037 |  | 473300 | 8127 |
|  10.750% due 06/01/2036 |  | 269000 | 4678 |
|  11.250% due 09/15/2035 |  | 26150 | 467 |
|  Total Dominican Republic (Cost $12,564) | Total Dominican Republic (Cost $12,564) | Total Dominican Republic (Cost $12,564) | 13273 |
| EGYPT 2.2% | EGYPT 2.2% | EGYPT 2.2% | EGYPT 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 146100 | 2632 |
|  21.954% due 03/04/2028 |  | 564900 | 10119 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  4.750% due 04/16/2026 |  | 900 | 1039 |
|  Total Egypt (Cost $14,944) | Total Egypt (Cost $14,944) | Total Egypt (Cost $14,944) | 13790 |
| GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « |  | 325000 | 3252 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  6.599% (EUR006M + 4.500%) due 04/26/2032 ~ |  | 1900 | 1929 |
|  Total Germany (Cost $5,789) | Total Germany (Cost $5,789) | Total Germany (Cost $5,789) | 5181 |
| GHANA 0.3% | GHANA 0.3% | GHANA 0.3% | GHANA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.500% due 02/15/2028 |  | 3950 | 344 |
|  8.650% due 02/13/2029 |  | 3577 | 303 |
|  8.800% due 02/12/2030 |  | 6520 | 527 |
|  8.950% due 02/11/2031 |  | 9693 | 761 |
|  9.100% due 02/10/2032 |  | 1230 | 95 |
|  Total Ghana (Cost $1,517) | Total Ghana (Cost $1,517) | Total Ghana (Cost $1,517) | 2030 |
| HUNGARY 0.1% | HUNGARY 0.1% | HUNGARY 0.1% | HUNGARY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  2.250% due 04/20/2033 |  | 118100 | 261 |
|  4.500% due 05/27/2032 |  | 117100 | 306 |
|  4.750% due 11/24/2032 |  | 127400 | 335 |
|  Total Hungary (Cost $910) | Total Hungary (Cost $910) | Total Hungary (Cost $910) | 902 |
| INDONESIA 0.0% | INDONESIA 0.0% | INDONESIA 0.0% | INDONESIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  5.875% due 03/15/2031 |  | 1073000 | 61 |
|  Total Indonesia (Cost $63) | Total Indonesia (Cost $63) | Total Indonesia (Cost $63) | 61 |
| IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | $— | 633 | 592 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  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 «~ |  | 2600 | 3008 |
|  Total Ireland (Cost $3,403) | Total Ireland (Cost $3,403) | Total Ireland (Cost $3,403) | 3600 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 65

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| IVORY COAST 0.5% | IVORY COAST 0.5% | IVORY COAST 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.185% (EUR006M + 3.050%) due 03/05/2027 «~ | 2700 | 3137 |
|  Total Ivory Coast (Cost $2,878) | Total Ivory Coast (Cost $2,878) | 3137 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 300 | 344 |
|  5.375% due 06/15/2036 | 400 | 459 |
|  Total Jersey, Channel Islands (Cost $826) | Total Jersey, Channel Islands (Cost $826) | 803 |
| KAZAKHSTAN 0.8% | KAZAKHSTAN 0.8% | KAZAKHSTAN 0.8% |
| SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% | SOVEREIGN ISSUES 0.8% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 | 344000 | 715 |
|  13.489% due 05/23/2028 | 190000 | 373 |
|  18.400% due 10/16/2028 | 1700500 | 3656 |
|  Total Kazakhstan (Cost $4,220) | Total Kazakhstan (Cost $4,220) | 4744 |
| KENYA 1.0% | KENYA 1.0% | KENYA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Republic of Kenya Infrastructure Bonds | Republic of Kenya Infrastructure Bonds | Republic of Kenya Infrastructure Bonds |
|  12.500% due 01/10/2033 | 769700 | 6104 |
|  Total Kenya (Cost $6,099) | Total Kenya (Cost $6,099) | 6104 |
| KUWAIT 1.1% | KUWAIT 1.1% | KUWAIT 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 (j) | 6900 | 6807 |
|  Total Kuwait (Cost $6,900) | Total Kuwait (Cost $6,900) | 6807 |
| MALAYSIA 11.8% | MALAYSIA 11.8% | MALAYSIA 11.8% |
| SOVEREIGN ISSUES 11.8% | SOVEREIGN ISSUES 11.8% | SOVEREIGN ISSUES 11.8% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  3.900% due 11/30/2026 | 7380 | 1834 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.422% due 09/30/2027 | 76040 | 18852 |
|  4.070% due 09/30/2026 | 216765 | 53819 |
|  Total Malaysia (Cost $72,032) | Total Malaysia (Cost $72,032) | 74505 |
| MEXICO 1.5% | MEXICO 1.5% | MEXICO 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 69400 | 3555 |
|  7.750% due 05/29/2031 | 10700 | 570 |
|  8.000% due 04/15/2032 | 13300 | 708 |
|  8.500% due 03/01/2029 | 3800 | 213 |
|  8.500% due 05/31/2029 | 1700 | 95 |
|  8.500% due 02/28/2030 | 74600 | 4136 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (g) | 264 | 15 |
|  Total Mexico (Cost $8,834) | Total Mexico (Cost $8,834) | 9292 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | 1400 | 1392 |
|  Total Netherlands (Cost $1,390) | Total Netherlands (Cost $1,390) | 1392 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PARAGUAY 2.0% | PARAGUAY 2.0% | PARAGUAY 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  7.900% due 02/09/2031 | 16838000 | $2551 |
|  8.500% due 03/04/2035 | 15518000 | 2374 |
|  8.500% due 04/04/2038 | 48556000 | 7361 |
|  Total Paraguay (Cost $11,755) | Total Paraguay (Cost $11,755) | 12286 |
| PERU 2.7% | PERU 2.7% | PERU 2.7% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
| Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 5800 | 1774 |
|  10.100% due 12/15/2043 | 17500 | 5456 |
|  |  | 7230 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 900 | 264 |
|  7.300% due 08/12/2033 | 2400 | 756 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.950% due 08/12/2031 | 28180 | 8783 |
|  |  | 9803 |
|  Total Peru (Cost $15,564) | Total Peru (Cost $15,564) | 17033 |
| PHILIPPINES 1.1% | PHILIPPINES 1.1% | PHILIPPINES 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
|  6.250% due 02/28/2029 | 375370 | 6143 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 | 40000 | 629 |
|  Total Philippines (Cost $7,086) | Total Philippines (Cost $7,086) | 6772 |
| POLAND 3.8% | POLAND 3.8% | POLAND 3.8% |
| SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |
|  4.500% due 07/25/2030 (j) | 20400 | 5354 |
|  4.750% due 07/25/2029 (j) | 29600 | 7929 |
|  5.000% due 01/25/2030 (j) | 11800 | 3172 |
|  5.000% due 10/25/2034 (j) | 6950 | 1782 |
|  5.000% due 10/25/2035 (j) | 9650 | 2439 |
|  6.000% due 10/25/2033 (j) | 10800 | 2976 |
|  Total Poland (Cost $23,813) | Total Poland (Cost $23,813) | 23652 |
| QATAR 1.2% | QATAR 1.2% | QATAR 1.2% |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  1.375% due 09/12/2026 (j) | 7600 | 7499 |
|  Total Qatar (Cost $7,503) | Total Qatar (Cost $7,503) | 7499 |
| ROMANIA 0.0% | ROMANIA 0.0% | ROMANIA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  4.250% due 04/28/2036 | 400 | 72 |
|  Total Romania (Cost $64) | Total Romania (Cost $64) | 72 |
| SERBIA 0.5% | SERBIA 0.5% | SERBIA 0.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler |
|  7.897% (EUR003M + 5.850%) due 05/21/2028 «~ | 1000 | 1133 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  5.250% due 07/27/2035 | RSD | 185500 | 1826 |
|  Total Serbia (Cost $2,817) | Total Serbia (Cost $2,817) | Total Serbia (Cost $2,817) | 2959 |
| SOUTH AFRICA 6.7% | SOUTH AFRICA 6.7% | SOUTH AFRICA 6.7% | SOUTH AFRICA 6.7% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  7.500% due 09/15/2033 | ZAR | 90000 | 4722 |
|  Transnet | Transnet | Transnet | Transnet |
|  10.000% due 03/30/2029 |  | 15000 | 862 |
|  13.500% due 04/18/2028 |  | 400 | 26 |
|  |  |  | 5610 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.658% due 03/02/2028 «~ |  | 14800 | 863 |
| SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% | SOVEREIGN ISSUES 5.7% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 55400 | 2632 |
|  7.000% due 02/28/2031 |  | 423000 | 23429 |
|  8.000% due 01/31/2030 (j) |  | 61900 | 3619 |
|  8.250% due 03/31/2032 |  | 8700 | 502 |
|  8.500% due 01/31/2037 |  | 20500 | 1132 |
|  8.875% due 02/28/2035 |  | 71600 | 4158 |
|  9.000% due 01/31/2040 |  | 2600 | 145 |
|  |  |  | 35617 |
|  Total South Africa (Cost $38,117) | Total South Africa (Cost $38,117) | Total South Africa (Cost $38,117) | 42090 |
| SRI LANKA 1.0% | SRI LANKA 1.0% | SRI LANKA 1.0% | SRI LANKA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Sri Lanka Government Bonds | Sri Lanka Government Bonds | Sri Lanka Government Bonds | Sri Lanka Government Bonds |
|  9.750% due 07/01/2030 | LKR | 1971000 | 6189 |
|  Total Sri Lanka (Cost $6,386) | Total Sri Lanka (Cost $6,386) | Total Sri Lanka (Cost $6,386) | 6189 |
| SUPRANATIONAL 5.2% | SUPRANATIONAL 5.2% | SUPRANATIONAL 5.2% | SUPRANATIONAL 5.2% |
| CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% | CORPORATE BONDS & NOTES 5.2% |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  6.250% due 10/14/2040 | EUR | 1200 | 1312 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  6.300% due 03/31/2028 « | AZN | 15900 | 9281 |
|  6.750% due 01/16/2029 « |  | 30000 | 17634 |
|  European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 | PLN | 18800 | 4719 |
|  Total Supranational (Cost $32,789) | Total Supranational (Cost $32,789) | Total Supranational (Cost $32,789) | 32946 |
| TURKEY 2.3% | TURKEY 2.3% | TURKEY 2.3% | TURKEY 2.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.558% (EUR006M + 3.450%) due 08/11/2026 «~ | EUR | 2500 | 2897 |
|  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 «~ |  | 1000 | 1151 |
|  |  |  | 4048 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  27.700% due 09/27/2034 | TRY | 21500 | 429 |
|  34.100% due 07/10/2030 |  | 67500 | 1457 |
|  36.000% due 08/12/2026 |  | 184400 | 4082 |
|  39.740% (BISTREFI) due 05/20/2026 ~ |  | 5900 | 133 |

---

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| | | |
|:---|:---|:---|
| **66** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

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| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  39.740% (BISTREFI) due 08/19/2026 ~ |  | 5300 | 119 |
|  39.740% (BISTREFI) due 05/17/2028 ~ |  | 190000 | 4261 |
|  |  |  | 10481 |
|  Total Turkey (Cost $16,894) | Total Turkey (Cost $16,894) | Total Turkey (Cost $16,894) | 14529 |
| UNITED ARAB EMIRATES 0.1% | UNITED ARAB EMIRATES 0.1% | UNITED ARAB EMIRATES 0.1% | UNITED ARAB EMIRATES 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 05/03/2026 | $— | 700 | 700 |
|  Total United Arab Emirates (Cost $699) | Total United Arab Emirates (Cost $699) | Total United Arab Emirates (Cost $699) | 700 |
| UNITED KINGDOM 2.0% | UNITED KINGDOM 2.0% | UNITED KINGDOM 2.0% | UNITED KINGDOM 2.0% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 09/18/2029 « |  | 48493000 | 3977 |
|  20.000% due 12/13/2029 « |  | 14618000 | 1199 |
|  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)(j) | $— | 6700 | 5246 |
|  |  |  | 10422 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.594% due 01/17/2059 •  |  | 338 | 447 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.445% due 12/18/2044 •  |  | 248 | 327 |
|  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 (e) |  | 0 | 1392 |
|  |  |  | 2166 |
|  Total United Kingdom (Cost $11,906) | Total United Kingdom (Cost $11,906) | Total United Kingdom (Cost $11,906) | 12588 |
| UNITED STATES 3.8% | UNITED STATES 3.8% | UNITED STATES 3.8% | UNITED STATES 3.8% |
| ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% | ASSET-BACKED SECURITIES 0.7% |
|  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 •  | $— | 63 | 44 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.983% due 11/25/2037 •  |  | 838 | 809 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.908% due 07/25/2037 •  |  | 19 | 13 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.093% due 10/25/2036 •  |  | 2680 | 1058 |
|  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 •  |  | 21 | 9 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.933% due 12/25/2036 •  |  | 72 | 36 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.913% due 12/25/2036 •  |  | 31 | 9 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.303% due 02/25/2036 •  |  | 137 | 136 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.893% due 01/25/2037 •  |  | 161 | 44 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.558% due 01/25/2035 •  |  | 185 | 183 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.488% due 11/25/2036 þ |  | 1028 | 214 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 |  | 545 | 545 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.753% due 08/25/2035 •  |  | 62 | 62 |
|  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 •  |  | 231 | 48 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  4.033% due 05/25/2037 •  |  | 1198 | 1086 |
|  |  |  | 4296 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.500% (TSFR3M + 3.800%) due 04/12/2029 «~ | 10000 | 10040 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.800% due 07/25/2034 ~ | 20 | 19 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.333% due 04/25/2046 •  | 369 | 103 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.443% due 10/25/2036 •  | 592 | 468 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.073% due 04/25/2047 •  | 763 | 702 |
|  4.143% due 05/25/2036 •  | 1163 | 420 |
|  4.353% due 12/25/2035 •  | 28 | 27 |
|  4.615% due 10/25/2035 ~ | 6 | 5 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 01/25/2036 •  | 120 | 96 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.859% due 10/19/2035 •  | 223 | 103 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.433% due 07/25/2045 •  | 125 | 94 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 75 | 74 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.260% due 05/25/2042 •  | 212 | 194 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.333% due 04/25/2035 •  | 909 | 891 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.191% due 04/19/2035 •  | 278 | 272 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(i) | 800 | 780 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.163% due 05/25/2034 •  | 118 | 110 |
|  4.863% due 03/25/2037 ~ | 40 | 37 |
|  |  | 4395 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 01/24/2035 | 11370900 | 2816 |
| U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.056% due 09/25/2031 •  | 13 | 14 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.712% due 01/25/2055 •  | 1936 | 1945 |
|  |  | 1959 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 (j)(m) | 232 | 231 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 (j)(m) | 360 | 359 |
|  |  | 590 |
|  | SHARES |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(i) | 1 | 0 |
|  Total United States (Cost $26,230) | Total United States (Cost $26,230) | 24096 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| URUGUAY 0.5% | URUGUAY 0.5% | URUGUAY 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  4.375% due 12/15/2028 (g) | 124206 | 3173 |
|  Total Uruguay (Cost $3,267) | Total Uruguay (Cost $3,267) | 3173 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UZBEKISTAN 0.7% | UZBEKISTAN 0.7% | UZBEKISTAN 0.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 500 | 530 |
|  21.000% due 07/24/2027 | 15540000 | 1360 |
|  |  | 1890 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  16.625% due 05/29/2027 | 29110000 | 2532 |
|  Total Uzbekistan (Cost $4,252) | Total Uzbekistan (Cost $4,252) | 4422 |
| VENEZUELA 0.2% | VENEZUELA 0.2% | VENEZUELA 0.2% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(b) | 200 | 67 |
|  6.000% due 11/15/2026 ^(b) | 100 | 34 |
|  9.750% due 05/17/2035 ^(b) | 775 | 324 |
|  |  | 425 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(b) | 20 | 8 |
|  9.250% due 09/15/2027 ^(b) | 1875 | 900 |
|  9.250% due 05/07/2028 ^(b) | 100 | 46 |
|  |  | 954 |
|  Total Venezuela (Cost $755) | Total Venezuela (Cost $755) | 1379 |
| ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Zambia Government Bonds | Zambia Government Bonds | Zambia Government Bonds |
|  12.000% due 05/03/2028 | 850 | 43 |
|  22.000% due 01/22/2029 | 900 | 55 |
|  23.000% due 01/22/2031 | 5193 | 347 |
|  Total Zambia (Cost $263) | Total Zambia (Cost $263) | 445 |
| SHORT-TERM INSTRUMENTS 13.7% | SHORT-TERM INSTRUMENTS 13.7% | SHORT-TERM INSTRUMENTS 13.7% |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (e)(f) | 2400 | 39 |
| NIGERIA TREASURY BILLS 9.3% | NIGERIA TREASURY BILLS 9.3% | NIGERIA TREASURY BILLS 9.3% |
|  23.082% due 04/14/2026 - 01/28/2027 (d)(e) | 90264848 | 58786 |
| SOUTH AFRICA TREASURY BILLS 1.6% | SOUTH AFRICA TREASURY BILLS 1.6% | SOUTH AFRICA TREASURY BILLS 1.6% |
|  7.492% due 06/17/2026 - 10/07/2026 (d)(e) | 172800 | 10075 |
| U.S. TREASURY BILLS 2.8% | U.S. TREASURY BILLS 2.8% | U.S. TREASURY BILLS 2.8% |
|  3.661% due 04/14/2026 - 07/21/2026 (d)(e)(m) | 17926 | 17808 |
|  Total Short-Term Instruments<br> (Cost $84,138) | Total Short-Term Instruments<br> (Cost $84,138) | 86708 |
| Total Investments in Securities (Cost $611,697) | Total Investments in Securities (Cost $611,697) | 619509 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 67

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 11.8% | INVESTMENTS IN AFFILIATES 11.8% | INVESTMENTS IN AFFILIATES 11.8% | INVESTMENTS IN AFFILIATES 11.8% |
| SHORT-TERM INSTRUMENTS 11.8% | SHORT-TERM INSTRUMENTS 11.8% | SHORT-TERM INSTRUMENTS 11.8% | SHORT-TERM INSTRUMENTS 11.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% |
|  PIMCO Short Asset Portfolio | 5866126 | $— | 57576 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1686851 |  | 16428 |
| Total Short-Term Instruments<br> (Cost $73,580) | Total Short-Term Instruments<br> (Cost $73,580) |  | 74004 |
| Total Investments in Affiliates<br> (Cost $73,580) | Total Investments in Affiliates<br> (Cost $73,580) |  | 74004 |
| Total Investments 110.2%<br> (Cost $685,277) | Total Investments 110.2%<br> (Cost $685,277) | $— | 693513 |
|  Financial Derivative<br>Instruments (k)(l) (2.2)%<br> (Cost or Premiums, net $941) | Financial Derivative<br>Instruments (k)(l) (2.2)%<br> (Cost or Premiums, net $941) |  | (13931) |
| Other Assets and Liabilities, net (8.0)% | Other Assets and Liabilities, net (8.0)% |  | (50088) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 629494 |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 800 | 780 | 0.12 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | 0.12% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.850% | 01/22/2026 | TBD<sup>(2)</sup> | $(6640) | $(6689) |
|  | 3.950 | 01/21/2026 | TBD<sup>(2)</sup> | (4572) | (4607) |
|  BRC | 3.850 | 02/02/2026 | TBD<sup>(2)</sup> | (7138) | (7183) |
|  | 4.000 | 03/31/2026 | TBD<sup>(2)</sup> | (6393) | (1722) |
|  DEU | 3.770 | 03/04/2026 | 04/08/2026 | $(474) | (475) |
|  MBC | 3.580 | 02/03/2026 | TBD<sup>(2)</sup> | (19663) | (931) |
|  | 6.900 | 03/25/2026 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15105) |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(1)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(1)</sup>** | **Amount<br>Borrowed<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  MEI | 3.950 | 03/13/2026 | TBD<sup>(2)</sup> | PLN | (58117) | $(15689) |
|  | 3.950 | 04/01/2026 | TBD<sup>(2)</sup> |  | (21668) | (5837) |
|  | 6.850 | 04/01/2026 | TBD<sup>(2)</sup> | ZAR | (182913) | (10810) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69048) |

---

#### 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 | $(11296) | $0 | $(11296) | $12053 | $757 |
|  BRC | 0 | (8905) | 0 | (8905) | 9281 | 376 |
|  DEU | 0 | (475) | 0 | (475) | 460 | (15) |
|  MBC | 0 | (16036) | 0 | (16036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16732 | 696 |
|  MEI | 0 | (32336) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32336) | 16052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16284) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69048) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(11790) | $(11790) |
|  Sovereign Issues | 0 | 0 | 0 | (40136) | (40136) |
|  U.S. Treasury Obligations | 0 | (475) | 0 | 0 | (475) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51926) | $(52401) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52401) |

---

(j) Securities with an aggregate market value of $54,215 and cash of $364 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 $(11543) at a weighted average interest rate of 4.806%. 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. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(16647) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2026 | 4 | $580 | $(14) | $4 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 7 | 777 | (13) | 2 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | (13) | 4 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1367) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $0 | $(5) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 69

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 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 |
|  Boeing Co. | 1.000% | Quarterly | 06/20/2026 | 0.213% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-44 5-Year Index | (1.000)% | Quarterly | 12/20/2030 | $14200 | $312 | $(36) | $276 | $0 | $(65) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | 14700 | (263) | (3) | (266) | 0 | (29) |
|  CDX.IG-46 5-Year Index | (1.000) | Quarterly | 06/20/2031 | 46000 | (749) | (60) | (809) | 0 | (120) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-45 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $1800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | $&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 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | 2590 | $30 | $20 | $50 | $0 | $(5) |
|  Receive<sup>(6)</sup> | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 09/16/2031 | 925460 | 211 | 5 | 216 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/17/2027 | 5330000 | 2 | 135 | 137 | 0 | (15) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/18/2028 | 3130000 | 128 | 5 | 133 | 0 | (11) |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638000 | 36 | (11) | 25 | 0 | (13) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.403 | Semi-Annual | 12/30/2026 | 30550 | (5) | (39) | (44) | 0 | (14) |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 16460 | 133 | 108 | 241 | 0 | (65) |
|  Receive<sup>(6)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/16/2031 | 294400 | 99 | 45 | 144 | 0 | (18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | $24100 | 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) | 2 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 11800 | (29) | 195 | 166 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2028 | 7100 | (43) | 63 | 20 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 12700 | (5) | (249) | (254) | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 18300 | 170 | (73) | 97 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 34700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828) | 649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | 0 | (36) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 11900 | 210 | (138) | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 3550 | 88 | (27) | 61 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 3550 | (63) | 2 | (61) | 4 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 20700 | (181) | 119 | (62) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 3420 | 220 | (157) | 63 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 400 | (2) | 2 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 600 | (3) | 1 | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 400 | (2) | 4 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 300 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 4800 | (312) | 140 | (172) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 800 | (3) | (14) | (17) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 1900 | 76 | 8 | 84 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 8200 | 312 | (269) | 43 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 700 | (2) | (8) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 800 | (3) | (13) | (16) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 1200 | (4) | (3) | (7) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6100 | (77) | 102 | 25 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 12700 | 237 | (297) | (60) | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 3000 | 218 | (86) | 132 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 1200 | (79) | 27 | (52) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 6800 | (61) | 4 | (57) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1300 | (11) | 23 | 12 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 6030 | 107 | (40) | 67 | 5 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 4300 | 72 | (22) | 50 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 800 | 14 | (3) | 11 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 1700 | 52 | 46 | 98 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO INTERNATIONAL 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-Day USD-SOFR Compounded-OIS | 3.870% | Annual | 10/17/2053 | $— | 200 | $(1) | $(8) | $(9) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 |  | 500 | 62 | 14 | 76 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 |  | 3100 | 24 | (53) | (29) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 |  | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | 90 | 217 | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 |  | 300 | (9) | 2 | (7) | 0 | (1) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 |  | 1900 | (21) | (27) | (48) | 0 | (7) |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | BRL | 2720 | (28) | (118) | (146) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 |  | 49800 | 0 | 820 | 820 | 0 | (13) |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 |  | 21200 | 0 | (344) | (344) | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 |  | 13500 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | (213) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 |  | 12300 | 0 | (193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) | 3 | 0 |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 |  | 25500 | 0 | 406 | 406 | 0 | (7) |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 |  | 16600 | 0 | (266) | (266) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 |  | 8700 | 0 | (119) | (119) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 |  | 8700 | 0 | (119) | (119) | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 10.565 | Maturity | 01/04/2027 |  | 11300 | 0 | (137) | (137) | 3 | 0 |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 |  | 36500 | 0 | (528) | (528) | 10 | 0 |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 |  | 21000 | 0 | 245 | 245 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 |  | 10900 | 0 | 128 | 128 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 10.872 | Maturity | 01/04/2027 |  | 17800 | 0 | 199 | 199 | 0 | (5) |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 |  | 18700 | 0 | 196 | 196 | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 |  | 17600 | 0 | (180) | (180) | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 |  | 16600 | 0 | (170) | (170) | 4 | 0 |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 |  | 21600 | 0 | 209 | 209 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 |  | 13800 | 0 | 116 | 116 | 0 | (4) |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 |  | 11400 | 0 | 94 | 94 | 0 | (3) |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 |  | 59000 | 0 | 423 | 423 | 0 | (16) |
|  Pay | 1-Year BRL-CDI | 12.033 | Maturity | 01/04/2027 |  | 64500 | 139 | (531) | (392) | 17 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114700 | 0 | (206) | (206) | 0 | (9) |
|  Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 |  | 44500 | 0 | 52 | 52 | 0 | (12) |
|  Receive | 1-Year BRL-CDI | 14.350 | Maturity | 01/04/2027 |  | 97700 | 0 | 32 | 32 | 0 | (26) |
|  Receive | 1-Year BRL-CDI | 11.575 | Maturity | 01/03/2028 |  | 7200 | 0 | 73 | 73 | 0 | (6) |
|  Receive | 1-Year BRL-CDI | 11.590 | Maturity | 01/03/2028 |  | 7200 | 0 | 72 | 72 | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 |  | 13700 | 0 | (130) | (130) | 12 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 |  | 19400 | (41) | (379) | (420) | 23 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 |  | 22000 | 0 | (267) | (267) | 26 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 |  | 34800 | 0 | (409) | (409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | 0 |
|  Receive | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 |  | 11400 | 7 | 118 | 125 | 0 | (13) |
|  Receive | 1-Year BRL-CDI | 11.928 | Maturity | 01/02/2029 |  | 19500 | (10) | 188 | 178 | 0 | (23) |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 |  | 9200 | 0 | 73 | 73 | 0 | (11) |
|  Receive | 1-Year BRL-CDI | 12.569 | Maturity | 01/02/2029 |  | 7700 | 0 | 37 | 37 | 0 | (9) |
|  Pay | 1-Year BRL-CDI | 12.716 | Maturity | 01/02/2029 |  | 39100 | 0 | (164) | (164) | 45 | 0 |
|  Pay | 1-Year BRL-CDI | 12.750 | Maturity | 01/02/2029 |  | 15200 | 0 | (62) | (62) | 18 | 0 |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 |  | 30900 | 0 | 162 | 162 | 0 | (36) |
|  Receive | 1-Year BRL-CDI | 12.808 | Maturity | 01/02/2029 |  | 36600 | 0 | 139 | 139 | 0 | (42) |
|  Pay | 1-Year BRL-CDI | 12.905 | Maturity | 01/02/2029 |  | 3800 | 0 | (18) | (18) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.055 | Maturity | 01/02/2029 |  | 40800 | 0 | (141) | (141) | 47 | 0 |
|  Pay | 1-Year BRL-CDI | 13.056 | Maturity | 01/02/2029 |  | 48300 | 0 | (160) | (160) | 56 | 0 |
|  Receive | 1-Year BRL-CDI | 13.060 | Maturity | 01/02/2029 |  | 51900 | 0 | 154 | 154 | 0 | (60) |
|  Receive | 1-Year BRL-CDI | 13.120 | Maturity | 01/02/2029 |  | 6900 | 0 | 13 | 13 | 0 | (8) |
|  Receive | 1-Year BRL-CDI | 13.270 | Maturity | 01/02/2029 |  | 15100 | 0 | 43 | 43 | 0 | (18) |
|  Receive | 1-Year BRL-CDI | 13.289 | Maturity | 01/02/2029 |  | 82800 | 0 | 143 | 143 | 0 | (96) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 34300 | 0 | (160) | (160) | 0 | (19) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 3700 | 0 | (16) | (16) | 0 | (2) |
|  Receive | 1-Year BRL-CDI | 13.335 | Maturity | 01/02/2029 |  | 17800 | 0 | 45 | 45 | 0 | (21) |
|  Receive | 1-Year BRL-CDI | 13.340 | Maturity | 01/02/2029 |  | 15700 | 0 | 18 | 18 | 0 | (18) |
|  Receive | 1-Year BRL-CDI | 13.357 | Maturity | 01/02/2029 |  | 44500 | 0 | 84 | 84 | 0 | (52) |
|  Pay | 1-Year BRL-CDI | 13.405 | Maturity | 01/02/2029 |  | 37800 | 0 | (87) | (87) | 44 | 0 |
|  Pay | 1-Year BRL-CDI | 13.425 | Maturity | 01/02/2029 |  | 11100 | 0 | (24) | (24) | 13 | 0 |
|  Pay | 1-Year BRL-CDI | 13.430 | Maturity | 01/02/2029 |  | 21700 | 0 | (47) | (47) | 25 | 0 |
|  Receive | 1-Year BRL-CDI | 13.435 | Maturity | 01/02/2029 |  | 4100 | 0 | 3 | 3 | 0 | (5) |
|  Receive | 1-Year BRL-CDI | 13.518 | Maturity | 01/02/2029 |  | 16400 | 0 | 31 | 31 | 0 | (19) |
|  Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 |  | 16200 | 0 | 28 | 28 | 0 | (19) |
|  Receive | 1-Year BRL-CDI | 13.589 | Maturity | 01/02/2029 |  | 41900 | 0 | 64 | 64 | 0 | (48) |
|  Pay | 1-Year BRL-CDI | 13.680 | Maturity | 01/02/2029 |  | 53800 | 0 | (59) | (59) | 62 | 0 |
|  Receive | 1-Year BRL-CDI | 13.844 | Maturity | 01/02/2029 |  | 9500 | 0 | 4 | 4 | 0 | (11) |
|  Receive | 1-Year BRL-CDI | 13.923 | Maturity | 01/02/2029 |  | 16500 | 0 | 2 | 2 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Pay | 1-Year BRL-CDI | 13.998 | Maturity | 01/02/2029 |  | 29600 | 0 | 7 | 7 | 34 | 0 |
|  Receive | 1-Year BRL-CDI | 14.026 | Maturity | 01/02/2029 |  | 11600 | 0 | (4) | (4) | 0 | (13) |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 |  | 13400 | 0 | (16) | (16) | 0 | (15) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 |  | 27200 | 0 | 32 | 32 | 31 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

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Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Year BRL-CDI | 14.213% | Maturity | 01/02/2029 | BRL | 14700 | $0 | $19 | $19 | $17 | $0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 |  | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 |  | 11100 | 0 | 32 | 32 | 13 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 |  | 15800 | 0 | 83 | 83 | 18 | 0 |
|  Pay | 1-Year BRL-CDI | 12.867 | Maturity | 01/02/2031 |  | 28400 | 0 | (227) | (227) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
|  Pay | 1-Year BRL-CDI | 13.041 | Maturity | 01/02/2031 |  | 18800 | 0 | (60) | (60) | 25 | 0 |
|  Receive | 1-Year BRL-CDI | 13.156 | Maturity | 01/02/2031 |  | 4200 | 0 | 10 | 10 | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 |  | 3700 | 0 | (13) | (13) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 |  | 3700 | 0 | (13) | (13) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 13.296 | Maturity | 01/02/2031 |  | 28000 | 0 | 50 | 50 | 0 | (37) |
|  Receive | 1-Year BRL-CDI | 13.310 | Maturity | 01/02/2031 |  | 20300 | 0 | 34 | 34 | 0 | (27) |
|  Pay | 1-Year BRL-CDI | 13.350 | Maturity | 01/02/2031 |  | 3200 | 0 | (5) | (5) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.520 | Maturity | 01/02/2031 |  | 10100 | 0 | (7) | (7) | 14 | 0 |
|  Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 |  | 2600 | 0 | (1) | (1) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.564 | Maturity | 01/02/2031 |  | 11500 | 0 | (6) | (6) | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 13.575 | Maturity | 01/02/2031 |  | 3100 | 0 | (4) | (4) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.580 | Maturity | 01/02/2031 |  | 3000 | 0 | (4) | (4) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.605 | Maturity | 01/02/2031 |  | 3000 | 0 | (1) | (1) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 13.670 | Maturity | 01/02/2031 |  | 1400 | 0 | 0 | 0 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.698 | Maturity | 01/02/2031 |  | 5200 | 0 | 1 | 1 | 7 | 0 |
|  Receive | 1-Year BRL-CDI | 13.899 | Maturity | 01/02/2031 |  | 41400 | 16 | (62) | (46) | 0 | (55) |
|  Pay | 1-Year BRL-CDI | 13.235 | Maturity | 01/02/2035 |  | 26900 | 0 | (63) | (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 0 |
|  Receive<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/16/2031 | CNY | 45600 | 32 | 9 | 41 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/09/2026 | COP | 1568000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.515 | Quarterly | 04/09/2026 |  | 750730 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 04/10/2026 |  | 2714600 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.470 | Quarterly | 06/21/2026 |  | 6139610 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.342 | Quarterly | 09/17/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13980000 | 0 | (195) | (195) | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.565 | Quarterly | 12/30/2027 |  | 5366000 | 0 | 82 | 82 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.330 | Quarterly | 03/18/2028 |  | 2951000 | 0 | (4) | (4) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 |  | 1954400 | 0 | 43 | 43 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 |  | 10167400 | 0 | 217 | 217 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 |  | 12425000 | 0 | 254 | 254 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 |  | 5639500 | (42) | 139 | 97 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 08/09/2028 |  | 8215400 | 0 | 220 | 220 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.960 | Quarterly | 09/01/2028 |  | 13156900 | 75 | 237 | 312 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215 | Quarterly | 11/14/2028 |  | 9635600 | 35 | (263) | (228) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.530 | Quarterly | 01/02/2029 |  | 3858500 | (15) | (99) | (114) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.170 | Quarterly | 03/18/2029 |  | 2073000 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.190 | Quarterly | 06/13/2029 |  | 13489500 | 0 | (363) | (363) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 |  | 27700600 | 0 | (865) | (865) | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.933 | Quarterly | 08/22/2029 |  | 14468300 | 0 | 322 | 322 | 0 | (3) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.400 | Quarterly | 09/09/2029 |  | 13247000 | 0 | (454) | (454) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.805 | Quarterly | 10/22/2029 |  | 17490700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.400 | Quarterly | 03/19/2030 |  | 4977260 | (1) | (141) | (142) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.430 | Quarterly | 05/15/2030 |  | 2431900 | 0 | 71 | 71 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.498 | Quarterly | 05/16/2030 |  | 14012000 | 0 | 398 | 398 | 0 | (6) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.725 | Quarterly | 06/10/2030 |  | 1311000 | 0 | (35) | (35) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.770 | Quarterly | 06/10/2030 |  | 3936000 | 0 | (102) | (102) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 06/10/2030 |  | 2624000 | 0 | (68) | (68) | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.350 | Quarterly | 06/18/2030 |  | 7843600 | 6 | 227 | 233 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.800 | Quarterly | 06/18/2030 |  | 9290000 | 1 | 238 | 239 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.598 | Quarterly | 09/17/2030 |  | 1720000 | 0 | (49) | (49) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.630 | Quarterly | 09/17/2030 |  | 3765300 | 0 | (105) | (105) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 09/17/2030 |  | 3133000 | 0 | 87 | 87 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.710 | Quarterly | 09/17/2030 |  | 12062100 | 0 | (328) | (328) | 7 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.755 | Quarterly | 09/17/2030 |  | 2508000 | 0 | (67) | (67) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.715 | Quarterly | 09/18/2030 |  | 6926100 | 0 | 253 | 253 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 |  | 4283300 | 0 | 148 | 148 | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.980 | Quarterly | 12/17/2030 |  | 22575700 | 0 | 568 | 568 | 0 | (16) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.300 | Quarterly | 12/17/2030 |  | 4033000 | 0 | (89) | (89) | 3 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.040 | Quarterly | 01/13/2031 |  | 1806700 | 0 | 139 | 139 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.750 | Quarterly | 03/18/2031 |  | 1648600 | 0 | 12 | 12 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.776 | Quarterly | 03/18/2031 |  | 8905200 | 0 | 65 | 65 | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 11.111 | Quarterly | 03/18/2031 |  | 31506200 | 158 | (36) | 122 | 0 | (27) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 |  | 9224540 | 0 | 357 | 357 | 0 | (7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.410 | Quarterly | 03/26/2031 |  | 5352000 | 0 | 114 | 114 | 0 | (4) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.700 | Quarterly | 06/17/2031 |  | 1479000 | 0 | (3) | (3) | 0 | (1) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.720 | Quarterly | 06/17/2031 |  | 1402000 | 0 | (3) | (3) | 0 | (1) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.730 | Quarterly | 06/17/2031 |  | 1431000 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 |  | 8000000 | 0 | 342 | 342 | 0 | (7) |

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| | | |
|:---|:---|:---|
| **72** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2026

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580% | Quarterly | 08/09/2031 | COP | 8020000 | $0 | $339 | $339 | $0 | $(7) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 |  | 1950700 | 0 | 81 | 81 | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 |  | 2414800 | 0 | 104 | 104 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 |  | 4861000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | 5 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 |  | 1787200 | 0 | (48) | (48) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 |  | 806250 | 0 | 34 | 34 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.407 | Quarterly | 03/21/2033 |  | 3613140 | 0 | 87 | 87 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 |  | 6032900 | 16 | 270 | 286 | 0 | (9) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.655 | Quarterly | 01/24/2035 |  | 2688000 | 0 | (60) | (60) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.820 | Quarterly | 01/24/2035 |  | 6290800 | 0 | (125) | (125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.720 | Quarterly | 03/18/2035 |  | 8499700 | 0 | 54 | 54 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.525 | Quarterly | 06/18/2035 |  | 3410000 | 1 | 83 | 84 | 0 | (6) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.329 | Quarterly | 12/17/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30024400 | 0 | 844 | 844 | 0 | (56) |
|  Receive | 3-Month ILS-TELBOR | 3.551 | Annual | 03/11/2031 | ILS | 15900 | 0 | 70 | 70 | 0 | (19) |
|  Pay | 3-Month ILS-TELBOR | 3.635 | Annual | 03/16/2031 |  | 7400 | (14) | (10) | (24) | 9 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.950 | Annual | 10/13/2035 |  | 2000 | 5 | (8) | (3) | 2 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.135 | Annual | 12/05/2035 |  | 1300 | (6) | 1 | (5) | 0 | (1) |
|  Receive | 3-Month ILS-TELBOR | 3.699 | Annual | 03/10/2036 |  | 600 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 3-Month ILS-TELBOR | 3.955 | Annual | 03/17/2036 |  | 1700 | 0 | 2 | 2 | 0 | (2) |
|  Receive<sup>(6)</sup> | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/16/2031 | MYR | 46200 | 53 | (14) | 39 | 13 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | PLN | 17800 | 0 | 149 | 149 | 5 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.000 | Annual | 04/25/2029 |  | 1800 | 0 | (21) | (21) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 |  | 11800 | 0 | (116) | (116) | 0 | (4) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 3800 | 0 | (42) | (42) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 1700 | 0 | (20) | (20) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 |  | 11800 | 0 | (36) | (36) | 0 | (3) |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 13900 | 13 | 39 | 52 | 3 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.015 | Annual | 04/17/2030 |  | 4000 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.019 | Annual | 04/18/2030 |  | 3900 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.048 | Annual | 04/18/2030 |  | 2000 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.049 | Annual | 04/18/2030 |  | 2800 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.065 | Annual | 04/18/2030 |  | 1900 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 3.962 | Annual | 05/06/2030 |  | 23100 | 65 | (50) | 15 | 0 | (4) |
|  Receive | 3-Month PLN-WIBOR | 4.195 | Annual | 09/29/2030 |  | 2200 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.065 | Annual | 11/24/2030 |  | 7550 | (18) | 61 | 43 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 5.060 | Annual | 04/25/2032 |  | 13870 | (193) | 5 | (188) | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 3100 | 0 | 20 | 20 | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.393 | Annual | 10/16/2035 |  | 7830 | 1 | 70 | 71 | 7 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.356 | Annual | 10/17/2035 |  | 1920 | 0 | (19) | (19) | 0 | (2) |
|  Pay | 3-Month PLN-WIBOR | 4.353 | Annual | 10/23/2035 |  | 1000 | 0 | (10) | (10) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.434 | Annual | 11/03/2035 |  | 1300 | 0 | 11 | 11 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.355 | Annual | 11/04/2035 |  | 1600 | 0 | (16) | (16) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.430 | Annual | 11/10/2035 |  | 2000 | 0 | 17 | 17 | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.370 | Annual | 11/25/2035 |  | 400 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.303 | Annual | 11/26/2035 |  | 1200 | 0 | (13) | (13) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.475 | Annual | 11/26/2035 |  | 4200 | (16) | 47 | 31 | 4 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.235 | Annual | 11/27/2035 |  | 700 | 0 | (9) | (9) | 0 | (1) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 |  | 15270 | 0 | 65 | 65 | 16 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 |  | 2900 | 0 | 13 | 13 | 3 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.340 | Annual | 12/12/2035 |  | 3500 | 0 | 35 | 35 | 3 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.285 | Annual | 12/19/2035 |  | 400 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.445 | Annual | 12/22/2035 |  | 850 | (3) | 10 | 7 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.730 | Annual | 12/31/2035 |  | 3400 | 0 | 14 | 14 | 4 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.385 | Annual | 02/06/2036 |  | 1500 | (4) | 18 | 14 | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.091 | Annual | 02/23/2036 |  | 1900 | 0 | (30) | (30) | 0 | (2) |
|  Receive | 3-Month PLN-WIBOR | 4.450 | Annual | 02/24/2036 |  | 1500 | (4) | 16 | 12 | 2 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.275 | Annual | 03/02/2036 |  | 1400 | (4) | 21 | 17 | 1 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.161 | Annual | 03/03/2036 |  | 500 | 0 | (7) | (7) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.348 | Annual | 03/05/2036 |  | 1300 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.370 | Annual | 03/05/2036 |  | 1300 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.349 | Annual | 03/06/2036 |  | 1100 | 0 | 11 | 11 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.463 | Annual | 03/09/2036 |  | 900 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.574 | Annual | 03/10/2036 |  | 1800 | 0 | 10 | 10 | 2 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.685 | Annual | 03/10/2036 |  | 1000 | 0 | 3 | 3 | 1 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.860 | Annual | 03/11/2036 |  | 800 | 0 | 0 | 0 | 1 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.200 | Annual | 03/23/2036 |  | 600 | 0 | 0 | 0 | 0 | (1) |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.845 | Annual | 04/02/2036 |  | 1900 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.230 | Annual | 04/02/2036 |  | 900 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.200 | Annual | 05/13/2036 |  | 1260 | 0 | 18 | 18 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.125 | Annual | 05/20/2036 |  | 1200 | 0 | 19 | 19 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.180 | Annual | 05/22/2036 |  | 1300 | 0 | 19 | 19 | 1 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

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Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month SEK-STIBOR | 2.021% | Annual | 10/07/2029 | SEK | 57400 | $(2) | $124 | $122 | $0 | $(23) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 57100 | 0 | (58) | (58) | 23 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 | ZAR | 77900 | 0 | (17) | (17) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.067 | Quarterly | 12/21/2026 |  | 13320 | 11 | (5) | 6 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.195 | Quarterly | 12/21/2026 |  | 207300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | (50) | 98 | 7 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.210 | Quarterly | 12/21/2026 |  | 25000 | (18) | 6 | (12) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.205 | Quarterly | 04/22/2027 |  | 33300 | 0 | (1) | (1) | 0 | (2) |
|  Pay | 3-Month ZAR-JIBAR | 8.500 | Quarterly | 10/17/2027 |  | 73400 | 18 | 71 | 89 | 9 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.745 | Quarterly | 03/06/2028 |  | 71600 | 0 | 45 | 45 | 0 | (11) |
|  Receive | 3-Month ZAR-JIBAR | 6.780 | Quarterly | 03/06/2028 |  | 42700 | 0 | 25 | 25 | 0 | (6) |
|  Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 |  | 51800 | 0 | (32) | (32) | 8 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 20900 | 38 | 12 | 50 | 4 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 40300 | (47) | (18) | (65) | 0 | (9) |
|  Pay | 3-Month ZAR-JIBAR | 7.685 | Quarterly | 01/31/2030 |  | 65700 | 0 | 25 | 25 | 22 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 53200 | (66) | (28) | (94) | 0 | (18) |
|  Receive | 3-Month ZAR-JIBAR | 8.700 | Quarterly | 01/31/2030 |  | 28200 | 0 | (70) | (70) | 0 | (10) |
|  Receive | 3-Month ZAR-JIBAR | 8.735 | Quarterly | 01/31/2030 |  | 9900 | 0 | (25) | (25) | 0 | (3) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 82400 | (10) | 42 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 65000 | 0 | (30) | (30) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  Receive | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 03/27/2030 |  | 26400 | (5) | (9) | (14) | 0 | (9) |
|  Receive | 3-Month ZAR-JIBAR | 7.570 | Quarterly | 05/27/2030 |  | 226900 | (47) | 39 | (8) | 0 | (80) |
|  Receive | 3-Month ZAR-JIBAR | 7.700 | Quarterly | 06/18/2030 |  | 143960 | (43) | 6 | (37) | 0 | (51) |
|  Pay | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 65000 | 0 | 39 | 39 | 23 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.650 | Quarterly | 06/20/2030 |  | 36274 | (10) | 5 | (5) | 0 | (13) |
|  Pay | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 27616 | 0 | 14 | 14 | 10 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.270 | Quarterly | 08/26/2030 |  | 80000 | (19) | 76 | 57 | 0 | (29) |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 08/26/2030 |  | 36000 | 0 | (18) | (18) | 13 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.310 | Quarterly | 09/02/2030 |  | 28400 | 30 | (48) | (18) | 11 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.040 | Quarterly | 09/22/2030 |  | 79574 | 0 | 103 | 103 | 0 | (29) |
|  Receive | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 09/22/2030 |  | 15620 | (20) | 22 | 2 | 0 | (6) |
|  Receive | 3-Month ZAR-JIBAR | 7.310 | Quarterly | 10/02/2030 |  | 7400 | (2) | 7 | 5 | 0 | (3) |
|  Pay | 3-Month ZAR-JIBAR | 7.410 | Quarterly | 10/02/2030 |  | 5170 | 0 | (2) | (2) | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.860 | Quarterly | 10/15/2030 |  | 9500 | 0 | (16) | (16) | 4 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 11/12/2030 |  | 4300 | 0 | (9) | (9) | 2 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.815 | Quarterly | 12/08/2030 |  | 9500 | 0 | 18 | 18 | 0 | (4) |
|  Receive | 3-Month ZAR-JIBAR | 7.035 | Quarterly | 12/10/2030 |  | 92200 | (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | 0 | (36) |
|  Receive | 3-Month ZAR-JIBAR | 7.080 | Quarterly | 12/31/2030 |  | 6950 | (3) | 12 | 9 | 0 | (3) |
|  Pay | 3-Month ZAR-JIBAR | 6.522 | Quarterly | 01/29/2031 |  | 3100 | 0 | (8) | (8) | 1 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.885 | Quarterly | 02/04/2031 |  | 13700 | (5) | 30 | 25 | 0 | (5) |
|  Receive | 3-Month ZAR-JIBAR | 6.715 | Quarterly | 02/26/2031 |  | 13100 | (5) | 35 | 30 | 0 | (5) |
|  Receive | 3-Month ZAR-JIBAR | 6.920 | Quarterly | 03/06/2031 |  | 24900 | 0 | 45 | 45 | 0 | (10) |
|  Receive | 3-Month ZAR-JIBAR | 7.360 | Quarterly | 03/09/2031 |  | 111300 | 116 | (32) | 84 | 0 | (45) |
|  Receive | 3-Month ZAR-JIBAR | 7.710 | Quarterly | 08/13/2033 |  | 70300 | 0 | 67 | 67 | 0 | (35) |
|  Receive | 3-Month ZAR-JIBAR | 9.330 | Quarterly | 02/09/2034 |  | 51400 | (152) | (79) | (231) | 0 | (27) |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 28300 | 22 | 57 | 79 | 14 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 01/27/2036 |  | 6300 | 0 | (24) | (24) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 3.000 | Semi-Annual | 06/14/2026 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364000 | 0 | 62 | 62 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 |  | 8260000 | 0 | 36 | 36 | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 03/20/2028 |  | 3048850 | 0 | 32 | 32 | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.335 | Semi-Annual | 10/01/2028 |  | 870100 | 0 | 15 | 15 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.490 | Semi-Annual | 10/01/2028 |  | 506000 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 708500 | 0 | (8) | (8) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.940 | Semi-Annual | 10/01/2028 |  | 165000 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.290 | Semi-Annual | 10/01/2028 |  | 659600 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 784000 | 0 | (25) | (25) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.000 | Semi-Annual | 10/02/2028 |  | 1542000 | (1) | (52) | (53) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 469000 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 2040800 | 49 | (12) | 37 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.260 | Semi-Annual | 11/17/2028 |  | 391900 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.695 | Semi-Annual | 02/14/2029 |  | 1113400 | 0 | 10 | 10 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.675 | Semi-Annual | 03/18/2029 |  | 9734000 | 0 | 95 | 95 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 6.370 | Semi-Annual | 06/29/2029 |  | 323000 | 0 | 16 | 16 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.000 | Semi-Annual | 07/19/2029 |  | 5091600 | 0 | 2 | 2 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 1338400 | 1 | 2 | 3 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.390 | Semi-Annual | 10/01/2029 |  | 451200 | 0 | 11 | 11 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 |  | 1135000 | 0 | 17 | 17 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.555 | Semi-Annual | 10/08/2029 |  | 630000 | 0 | 11 | 11 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.730 | Semi-Annual | 10/16/2029 |  | 1380800 | 0 | 13 | 13 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 3912400 | (19) | (19) | (38) | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.750 | Semi-Annual | 04/10/2030 |  | 2650200 | 0 | 29 | 29 | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.690 | Semi-Annual | 06/18/2030 |  | 879600 | 0 | (12) | (12) | 0 | (1) |

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|:---|:---|:---|
| **74** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2026

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CLP-CHILIBOR | 4.715% | Semi-Annual | 06/18/2030 | CLP | 1070200 | $0 | $14 | $14 | $1 | $0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 |  | 101000 | 0 | 2 | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.350 | Semi-Annual | 09/01/2030 |  | 801600 | 0 | (11) | (11) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.690 | Semi-Annual | 09/01/2030 |  | 58400 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.060 | Semi-Annual | 03/18/2031 |  | 531000 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 4.805 | Semi-Annual | 06/17/2031 |  | 991400 | 0 | 15 | 15 | 1 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/17/2031 |  | 3498900 | 2 | (9) | (7) | 3 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.190 | Semi-Annual | 06/17/2031 |  | 254000 | 0 | 1 | 1 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Semi-Annual | 06/17/2031 |  | 87000 | 0 | 1 | 1 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.306 | Semi-Annual | 06/17/2031 |  | 1877000 | 0 | (18) | (18) | 2 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 3104700 | 0 | 3 | 3 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 06/18/2032 |  | 805000 | 0 | (7) | (7) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 3056500 | 0 | (210) | (210) | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 03/20/2033 |  | 3796610 | 0 | 33 | 33 | 5 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 601500 | 0 | (12) | (12) | 1 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 627300 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.855 | Semi-Annual | 10/05/2033 |  | 1103000 | 0 | (58) | (58) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 447000 | 0 | (22) | (22) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.870 | Semi-Annual | 10/11/2033 |  | 395800 | 0 | (21) | (21) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 189900 | 0 | (11) | (11) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | 1831830 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 878100 | 0 | (71) | (71) | 1 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 435200 | 0 | 8 | 8 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 221600 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 365400 | (1) | (6) | (7) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 1946800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | (4) | (22) | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 954600 | 0 | 11 | 11 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 493900 | 0 | 8 | 8 | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.750 | Annual | 05/13/2034 |  | 642200 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | 2020000 | 0 | (42) | (42) | 4 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 893400 | 0 | 15 | 15 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | 1786000 | 0 | 31 | 31 | 0 | (3) |
|  Pay | 6-Month CLP-CHILIBOR | 5.120 | Semi-Annual | 06/18/2035 |  | 400700 | 0 | (3) | (3) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.215 | Semi-Annual | 03/18/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412000 | 0 | (16) | (16) | 0 | (11) |
|  Receive | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 30160 | (25) | (25) | (50) | 0 | (2) |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 220000 | 300 | (238) | 62 | 16 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.070 | Annual | 11/23/2028 |  | 36900 | 0 | 6 | 6 | 0 | (3) |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 36800 | 10 | (32) | (22) | 3 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 105100 | 0 | (80) | (80) | 8 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 50300 | 0 | 49 | 49 | 0 | (3) |
|  Pay | 6-Month CZK-PRIBOR | 3.850 | Annual | 05/10/2029 |  | 5800 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 20700 | 0 | (17) | (17) | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 3.605 | Annual | 07/12/2029 |  | 86800 | 0 | 11 | 11 | 0 | (7) |
|  Receive | 6-Month CZK-PRIBOR | 3.480 | Annual | 07/15/2029 |  | 112400 | 9 | 30 | 39 | 0 | (9) |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 204900 | 110 | (344) | (234) | 14 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.130 | Annual | 04/09/2030 |  | 95500 | 27 | 110 | 137 | 0 | (6) |
|  Receive | 6-Month CZK-PRIBOR | 3.290 | Annual | 04/30/2030 |  | 16300 | 0 | 18 | 18 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.258 | Annual | 05/05/2030 |  | 19800 | 0 | 23 | 23 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/06/2030 |  | 55900 | 0 | 58 | 58 | 0 | (4) |
|  Receive | 6-Month CZK-PRIBOR | 3.410 | Annual | 05/14/2030 |  | 44400 | 0 | 38 | 38 | 0 | (3) |
|  Receive | 6-Month CZK-PRIBOR | 3.485 | Annual | 05/16/2030 |  | 3200 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 30700 | 0 | (30) | (30) | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.554 | Annual | 06/11/2030 |  | 90300 | 10 | 42 | 52 | 0 | (7) |
|  Receive | 6-Month CZK-PRIBOR | 3.575 | Annual | 07/03/2030 |  | 215200 | 158 | (44) | 114 | 0 | (17) |
|  Pay | 6-Month CZK-PRIBOR | 1.025 | Annual | 07/29/2030 |  | 3200 | (19) | 0 | (19) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.735 | Annual | 08/05/2030 |  | 3300 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.705 | Annual | 08/12/2030 |  | 3910 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.736 | Annual | 08/12/2030 |  | 111000 | 0 | (24) | (24) | 9 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.708 | Annual | 08/13/2030 |  | 78700 | 0 | (22) | (22) | 6 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.777 | Annual | 10/15/2030 |  | 11670 | 0 | (13) | (13) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.767 | Annual | 10/17/2030 |  | 29100 | 0 | (32) | (32) | 2 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.761 | Annual | 10/20/2030 |  | 24600 | 0 | (28) | (28) | 2 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.018 | Annual | 11/25/2030 |  | 10600 | 0 | (7) | (7) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.963 | Annual | 11/27/2030 |  | 15800 | 0 | (12) | (12) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.981 | Annual | 12/01/2030 |  | 8500 | 0 | (6) | (6) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.980 | Annual | 12/04/2030 |  | 17550 | (4) | (8) | (12) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.049 | Annual | 12/12/2030 |  | 590 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.745 | Annual | 01/12/2031 |  | 20310 | 0 | (25) | (25) | 2 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.670 | Annual | 02/09/2031 |  | 31250 | 3 | (47) | (44) | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.920 | Annual | 02/09/2031 |  | 12500 | 0 | 11 | 11 | 0 | (1) |
|  Pay | 6-Month CZK-PRIBOR | 3.720 | Annual | 02/12/2031 |  | 39300 | 3 | (54) | (51) | 3 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

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Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CZK-PRIBOR | 3.970% | Annual | 02/12/2031 | CZK | 15700 | $0 | $12 | $12 | $0 | $(1) |
|  Receive | 6-Month CZK-PRIBOR | 3.845 | Annual | 03/05/2031 |  | 124500 | 141 | (9) | 132 | 0 | (9) |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 3.773 | Annual | 04/10/2031 |  | 36400 | 0 | 47 | 47 | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 |  | 85400 | 0 | (26) | (26) | 0 | (6) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 |  | 16000 | 0 | (6) | (6) | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.530 | Annual | 12/31/2035 |  | 19700 | 0 | (6) | (6) | 0 | (1) |
|  Pay | 6-Month CZK-PRIBOR | 3.850 | Annual | 03/03/2036 |  | 4600 | 0 | (11) | (11) | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.395 | Annual | 03/10/2036 |  | 4700 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.505 | Annual | 03/16/2036 |  | 5800 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.700 | Annual | 03/23/2036 |  | 3200 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.720 | Annual | 04/02/2036 |  | 4900 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.100 | Annual | 09/20/2030 | EUR | 2300 | (98) | 31 | (67) | 0 | (9) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 2850 | (59) | (8) | (67) | 14 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 1390 | (51) | 0 | (51) | 1 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 560 | 9 | 5 | 14 | 0 | (6) |
|  Receive | 6-Month HUF-BBR | 8.740 | Annual | 04/28/2028 | HUF | 606700 | (50) | (97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | 0 | (5) |
|  Pay | 6-Month HUF-BBR | 7.610 | Annual | 11/03/2028 |  | 327880 | 0 | 12 | 12 | 3 | 0 |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 1333600 | 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | 18 | 13 | 0 |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 828800 | (35) | (56) | (91) | 12 | 0 |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208000 | 0 | (98) | (98) | 18 | 0 |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 635800 | 0 | (49) | (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0 |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 277400 | 0 | (14) | (14) | 4 | 0 |
|  Receive | 6-Month HUF-BBR | 6.250 | Annual | 04/09/2030 |  | 360200 | 3 | (1) | 2 | 0 | (6) |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 |  | 789200 | 0 | (42) | (42) | 12 | 0 |
|  Pay | 6-Month HUF-BBR | 6.270 | Annual | 06/16/2030 |  | 719900 | 1 | (5) | (4) | 11 | 0 |
|  Receive | 6-Month HUF-BBR | 6.210 | Annual | 06/26/2030 |  | 1941900 | (3) | 26 | 23 | 0 | (31) |
|  Receive | 6-Month HUF-BBR | 6.319 | Annual | 11/03/2030 |  | 841200 | 0 | 86 | 86 | 0 | (15) |
|  Receive | 6-Month HUF-BBR | 6.350 | Annual | 11/14/2030 |  | 66900 | 0 | 7 | 7 | 0 | (1) |
|  Receive | 6-Month HUF-BBR | 6.190 | Annual | 11/18/2030 |  | 585140 | 17 | 53 | 70 | 0 | (10) |
|  Receive | 6-Month HUF-BBR | 6.435 | Annual | 11/21/2030 |  | 1357400 | 0 | 120 | 120 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  Receive | 6-Month HUF-BBR | 6.439 | Annual | 11/24/2030 |  | 411800 | 0 | 36 | 36 | 0 | (7) |
|  Pay | 6-Month HUF-BBR | 6.110 | Annual | 12/30/2030 |  | 161450 | 1 | (22) | (21) | 3 | 0 |
|  Pay | 6-Month HUF-BBR | 2.680 | Annual | 06/29/2031 |  | 267100 | (155) | 5 | (150) | 4 | 0 |
|  Receive | 6-Month HUF-BBR | 7.840 | Annual | 02/07/2033 |  | 183000 | 0 | (22) | (22) | 0 | (5) |
|  Pay | 6-Month HUF-BBR | 6.570 | Annual | 05/16/2035 |  | 323600 | 22 | (26) | (4) | 9 | 0 |
|  Receive | 6-Month HUF-BBR | 6.580 | Annual | 05/16/2035 |  | 86700 | 0 | 1 | 1 | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 2.950 | Annual | 12/13/2026 | PLN | 27100 | 0 | 78 | 78 | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 4.075 | Annual | 03/07/2027 |  | 15600 | 0 | (1) | (1) | 0 | (3) |
|  Pay | 6-Month PLN-WIBOR | 7.310 | Annual | 06/30/2027 |  | 4500 | 20 | 78 | 98 | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.430 | Annual | 03/16/2028 |  | 1600 | 13 | (4) | 9 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 6200 | 0 | (13) | (13) | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 47500 | (7) | (38) | (45) | 0 | (14) |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 5100 | 0 | 10 | 10 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 6400 | 0 | 23 | 23 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 17200 | 0 | 217 | 217 | 5 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 3500 | 0 | 36 | 36 | 1 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 3100 | 0 | 28 | 28 | 1 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 13300 | 0 | (56) | (56) | 0 | (4) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 13600 | 0 | (74) | (74) | 0 | (4) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 5600 | 0 | (32) | (32) | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 0.980 | Annual | 06/09/2030 |  | 5400 | 0 | 200 | 200 | 0 | (1) |
|  Pay | 6-Month PLN-WIBOR | 0.925 | Annual | 10/16/2030 |  | 2000 | (81) | (6) | (87) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 | MXN | 33500 | 0 | 20 | 20 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.880 | Lunar | 03/02/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121200 | 0 | (79) | (79) | 13 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.882 | Lunar | 03/02/2028 |  | 171900 | 0 | (112) | (112) | 18 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.550 | Lunar | 03/02/2028 |  | 107500 | 0 | (5) | (5) | 0 | (11) |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 13800 | 7 | 17 | 24 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.011 | Lunar | 03/01/2029 |  | 204200 | (74) | (177) | (251) | 30 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 118700 | 0 | (11) | (11) | 18 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 03/01/2029 |  | 30400 | (23) | 3 | (20) | 0 | (5) |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 2900 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.230 | Lunar | 03/14/2029 |  | 19500 | 0 | 18 | 18 | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 8.220 | Lunar | 09/17/2029 |  | 50000 | 0 | (25) | (25) | 0 | (9) |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 36300 | 0 | (47) | (47) | 0 | (7) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 42200 | 26 | 39 | 65 | 8 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 9700 | 0 | (17) | (17) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 83000 | (39) | (149) | (188) | 0 | (16) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 69600 | 0 | 89 | 89 | 13 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 90400 | 0 | (48) | (48) | 0 | (17) |
|  Pay | 28-Day MXN-TIIE | 8.360 | Lunar | 03/13/2030 |  | 2000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 55500 | 0 | (51) | (51) | 0 | (11) |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO INTERNATIONAL 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 | 28-Day MXN-TIIE | 8.595% | Lunar | 03/13/2030 | MXN | 74700 | $0 | $(85) | $(85) | $0 | $(14) |
|  Pay | 28-Day MXN-TIIE | 7.720 | Lunar | 04/01/2030 |  | 12800 | 0 | (7) | (7) | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 47800 | 2 | (26) | (24) | 9 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 |  | 17900 | 0 | (8) | (8) | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 |  | 7700 | 0 | (3) | (3) | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 |  | 45800 | 0 | (38) | (38) | 9 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.748 | Lunar | 04/02/2030 |  | 9800 | 0 | (5) | (5) | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.753 | Lunar | 04/16/2030 |  | 64100 | 0 | (34) | (34) | 12 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.758 | Lunar | 06/12/2030 |  | 66400 | (9) | 47 | 38 | 0 | (13) |
|  Receive | 28-Day MXN-TIIE | 7.775 | Lunar | 06/12/2030 |  | 36200 | 0 | 20 | 20 | 0 | (7) |
|  Receive | 28-Day MXN-TIIE | 7.790 | Lunar | 06/12/2030 |  | 90300 | 0 | 46 | 46 | 0 | (18) |
|  Receive | 28-Day MXN-TIIE | 7.936 | Lunar | 06/12/2030 |  | 130700 | 0 | 28 | 28 | 0 | (26) |
|  Pay | 28-Day MXN-TIIE | 7.500 | Lunar | 09/11/2030 |  | 51600 | 0 | (61) | (61) | 11 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.520 | Lunar | 09/11/2030 |  | 6200 | 0 | (7) | (7) | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.610 | Lunar | 09/20/2030 |  | 48200 | (14) | 61 | 47 | 0 | (10) |
|  Pay | 28-Day MXN-TIIE | 7.740 | Lunar | 09/20/2030 |  | 19800 | 0 | (14) | (14) | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.375 | Lunar | 11/21/2030 |  | 17200 | 7 | 20 | 27 | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 7.700 | Lunar | 12/24/2030 |  | 15650 | 0 | (14) | (14) | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.555 | Lunar | 01/24/2031 |  | 15000 | 0 | (18) | (18) | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.550 | Lunar | 01/29/2031 |  | 11900 | 0 | (15) | (15) | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.550 | Lunar | 01/30/2031 |  | 13800 | 0 | (17) | (17) | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.350 | Lunar | 01/31/2031 |  | 15000 | (5) | (20) | (25) | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.495 | Lunar | 02/04/2031 |  | 9900 | 0 | (14) | (14) | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.681 | Lunar | 03/05/2031 |  | 71900 | 0 | 70 | 70 | 0 | (17) |
|  Receive | 28-Day MXN-TIIE | 7.545 | Lunar | 03/12/2031 |  | 6300 | 0 | 8 | 8 | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 7.570 | Lunar | 03/12/2031 |  | 7900 | 0 | (10) | (10) | 2 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.771 | Lunar | 03/12/2031 |  | 21700 | 0 | 17 | 17 | 0 | (5) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.170 | Lunar | 03/26/2031 |  | 27000 | 0 | 3 | 3 | 7 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.620 | Lunar | 04/18/2031 |  | 11900 | 0 | 14 | 14 | 0 | (3) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.660 | Lunar | 04/18/2031 |  | 26100 | 0 | 29 | 29 | 0 | (6) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.645 | Lunar | 04/24/2031 |  | 13800 | 0 | 16 | 16 | 0 | (3) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.550 | Lunar | 05/02/2031 |  | 9900 | 0 | 14 | 14 | 0 | (2) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.000 | Lunar | 06/11/2031 |  | 3500 | (2) | 0 | (2) | 1 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.255 | Lunar | 06/11/2031 |  | 8500 | 0 | 1 | 1 | 2 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.340 | Lunar | 06/11/2031 |  | 12400 | 0 | 4 | 4 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 10600 | 0 | 3 | 3 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 12700 | 0 | 6 | 6 | 3 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.873 | Lunar | 11/23/2034 |  | 13400 | 0 | (23) | (23) | 0 | (3) |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 18000 | 0 | (46) | (46) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 22500 | 0 | 76 | 76 | 5 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.550 | Lunar | 02/22/2035 |  | 28800 | 0 | (15) | (15) | 0 | (7) |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 38400 | 0 | (31) | (31) | 0 | (9) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 30500 | 0 | (26) | (26) | 0 | (7) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | 90800 | 0 | (106) | (106) | 0 | (21) |
|  Pay | 28-Day MXN-TIIE | 8.365 | Lunar | 03/28/2035 |  | 79500 | 0 | (14) | (14) | 18 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.285 | Lunar | 06/06/2035 |  | 21600 | 0 | 12 | 12 | 0 | (5) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.500 | Lunar | 06/04/2036 |  | 4900 | 0 | (1) | (1) | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2483) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $666 | $685 | $1351 | $1613 | $(2697) |

---

#### 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<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2722) |

---

Cash of $8,898 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **77** |

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------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(20) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2026 | 32 | $24 | $0 | $0 |
|  | 04/2026 | $35 | 44 | 0 | (1) |
|  BOA | 04/2026 | 13200 | $2535 | 1 | (14) |
|  | 04/2026 | 1204376 | 301 | 0 | (25) |
|  | 04/2026 | 26571 | 423 | 0 | (14) |
|  | 04/2026 | 685 | 921 | 14 | 0 |
|  | 04/2026 | 102069 | 1091 | 13 | 0 |
|  | 04/2026 | 2100223 | 1435 | 38 | 0 |
|  | 04/2026 | 3661 | 932 | 27 | 0 |
|  | 04/2026 | 19844 | 5696 | 0 | (4) |
|  | 04/2026 | 2609 | 705 | 3 | (1) |
|  | 04/2026 | 27541 | 596 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  | 04/2026 | $275 | 445581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | 0 |
|  | 04/2026 | 2517 | 13200 | 32 | 0 |
|  | 04/2026 | 2867 | 174350 | 0 | (16) |
|  | 04/2026 | 8199 | 7051 | 0 | (49) |
|  | 04/2026 | 4984 | 3739 | 0 | (35) |
|  | 04/2026 | 16 | 5390 | 0 | 0 |
|  | 04/2026 | 765 | 72003 | 1 | 0 |
|  | 04/2026 | 1981 | 2950728 | 0 | (19) |
|  | 04/2026 | 881 | 3256 | 0 | (4) |
|  | 04/2026 | 3530 | 15215 | 0 | (83) |
|  | 04/2026 | 574 | 724 | 0 | (10) |
|  | 04/2026 | 2826 | 91860 | 0 | (36) |
|  | 04/2026 | 11121 | 190328 | 112 | 0 |
|  | 05/2026 | 27780 | $848 | 3 | 0 |
|  | 05/2026 | 29879 | 636 | 1 | 0 |
|  | 05/2026 | $3425 | 23783 | 29 | 0 |
|  | 05/2026 | 505 | 2202 | 0 | (7) |
|  | 06/2026 | 5752 | $1822 | 0 | (11) |
|  | 06/2026 | 37843 | 2098 | 5 | (6) |
|  | 06/2026 | 54898 | 939 | 38 | 0 |
|  | 06/2026 | $211 | 1118 | 2 | 0 |
|  | 06/2026 | 429 | 2959 | 1 | 0 |
|  | 06/2026 | 434 | 7291715 | 0 | (5) |
|  | 06/2026 | 1357 | 4191 | 0 | (21) |
|  | 06/2026 | 326 | 30383 | 0 | (5) |
|  | 06/2026 | 3274 | 58752 | 1 | (17) |
|  | 06/2026 | 5674 | 19844 | 7 | 0 |
|  | 07/2026 | 3944 | 467875 | 14 | 0 |
|  | 08/2026 | $1301 | 23525 | 74 | 0 |
|  | 08/2026 | 15714 | $888 | 0 | (32) |
|  | 09/2026 | 1612871 | 409 | 0 | (14) |
|  | 10/2026 | 14100 | 2580 | 0 | (30) |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO INTERNATIONAL 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** |
|  BPS | 04/2026 | 676967 | $452 | $0 | $(37) |
|  | 04/2026 | 289850 | 52798 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3159) |
|  | 04/2026 | 721738 | 799 | 20 | 0 |
|  | 04/2026 | 19512 | 2831 | 0 | (2) |
|  | 04/2026 | 6137 | 887 | 0 | (2) |
|  | 04/2026 | 487 | 655 | 10 | 0 |
|  | 04/2026 | 1933 | 610 | 0 | (5) |
|  | 04/2026 | 2231111 | 24464 | 902 | 0 |
|  | 04/2026 | 4086396 | 2758 | 41 | 0 |
|  | 04/2026 | 4471 | 1240 | 36 | 0 |
|  | 04/2026 | 668235 | 20534 | 252 | 0 |
|  | 04/2026 | $53914 | 289850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 | 0 |
|  | 04/2026 | 531 | 484958 | 0 | (7) |
|  | 04/2026 | 3116 | 21362 | 0 | (15) |
|  | 04/2026 | 875 | 6137 | 13 | 0 |
|  | 04/2026 | 1210 | 3737 | 0 | (22) |
|  | 04/2026 | 1519 | 144275 | 16 | 0 |
|  | 04/2026 | 6690 | 397410 | 0 | (135) |
|  | 04/2026 | 154 | 574 | 0 | 0 |
|  | 04/2026 | 2928 | 12642 | 0 | (64) |
|  | 04/2026 | 12829 | 407369 | 0 | (467) |
|  | 04/2026 | 14704 | $868 | 0 | 0 |
|  | 05/2026 | 11811 | 1710 | 0 | (5) |
|  | 05/2026 | $4711 | 32695 | 39 | 0 |
|  | 05/2026 | 610 | 1931 | 5 | 0 |
|  | 05/2026 | 4258 | 403211 | 21 | 0 |
|  | 05/2026 | 1736 | 529 | 0 | (26) |
|  | 05/2026 | 14142 | 463415 | 0 | (31) |
|  | 06/2026 | 2631924 | $1537 | 0 | (274) |
|  | 06/2026 | 484958 | 531 | 7 | 0 |
|  | 06/2026 | 1663463 | 18237 | 694 | 0 |
|  | 06/2026 | $409 | 656625 | 39 | 0 |
|  | 06/2026 | 5249 | 27894 | 65 | 0 |
|  | 06/2026 | 3194 | 2892300 | 0 | (69) |
|  | 06/2026 | 112 | 766 | 0 | 0 |
|  | 06/2026 | 934 | 15755057 | 0 | (8) |
|  | 06/2026 | 33531 | 3064480 | 0 | (1213) |
|  | 06/2026 | 481 | 147 | 0 | (6) |
|  | 07/2026 | 270878 | $178 | 0 | (6) |
|  | 07/2026 | 38800 | 7210 | 0 | (130) |
|  | 07/2026 | $593 | 970668 | 67 | 0 |
|  | 07/2026 | 13277 | 71325 | 215 | 0 |
|  | 07/2026 | 777 | 237 | 0 | (9) |
|  | 10/2026 | 94300 | $17202 | 0 | (251) |
|  | 06/2027 | $597 | 181 | 0 | (9) |
|  | 05/2029 | 2630 | $9040 | 432 | 0 |
|  | 07/2029 | 295 | 1015 | 48 | 0 |
|  | 05/2030 | 1713 | 5900 | 268 | 0 |
|  | 08/2030 | 265 | 893 | 22 | 0 |
|  BRC | 04/2026 | 6401 | 1226 | 0 | (9) |
|  | 04/2026 | 470567 | 514 | 6 | 0 |
|  | 04/2026 | 1908336 | 1277 | 8 | 0 |
|  | 04/2026 | 15171 | 848 | 3 | 0 |
|  | 04/2026 | 4119 | 1048 | 30 | 0 |
|  | 04/2026 | 15248 | 4259 | 152 | 0 |
|  | 04/2026 | 351552 | 7632 | 0 | (114) |
|  | 04/2026 | $1231 | 6401 | 5 | 0 |
|  | 04/2026 | 3116 | 12222 | 0 | (95) |
|  | 04/2026 | 1708 | 6385 | 12 | 0 |
|  | 04/2026 | 7566 | 237246 | 0 | (368) |
|  | 04/2026 | 31786 | 1437456 | 285 | 0 |
|  | 04/2026 | 35769 | $2186 | 75 | 0 |
|  | 05/2026 | 52748 | 1131 | 0 | (7) |
|  | 05/2026 | $958 | 44419 | 0 | 0 |
|  | 06/2026 | 1721243 | $18885 | 733 | 0 |
|  | 06/2026 | $39 | 121 | 0 | (1) |
|  | 06/2026 | 16096 | 1472978 | 0 | (562) |
|  | 07/2026 | 1475 | 5601764 | 11 | 0 |
|  | 08/2026 | 184140 | $3377 | 0 | (218) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BSH | 04/2026 | 208812 | $37098 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215) |
|  | 04/2026 | $40186 | 208812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | 0 |
|  | 04/2026 | 2949 | 2750748 | 22 | 0 |
|  | 04/2026 | 79 | 12641 | 0 | 0 |
|  | 04/2026 | 7549 | 27304 | 0 | (194) |
|  | 05/2026 | 12603 | $79 | 0 | 0 |
|  | 05/2026 | 34650 | 9876 | 79 | (138) |
|  | 05/2026 | $175 | 594 | 0 | (5) |
|  | 06/2026 | 2750247 | $2949 | 0 | (22) |
|  | 06/2026 | 17711800 | 4734 | 0 | (9) |
|  | 06/2026 | $623 | 2101 | 0 | (22) |
|  | 10/2026 | 207300 | $38265 | 0 | (102) |
|  | 12/2026 | $898 | 3039 | 0 | (36) |
|  | 04/2027 | 20300 | $3570 | 0 | (45) |
|  CBK | 04/2026 | 6347 | 1216 | 0 | (9) |
|  | 04/2026 | 609433 | 664 | 6 | 0 |
|  | 04/2026 | 9188 | 10628 | 10 | (1) |
|  | 04/2026 | 1878 | 2492 | 7 | 0 |
|  | 04/2026 | 1123406 | 12102 | 238 | 0 |
|  | 04/2026 | 989300 | 6333 | 100 | 0 |
|  | 04/2026 | 13123 | 3833 | 64 | 0 |
|  | 04/2026 | 104018 | 1722 | 6 | 0 |
|  | 04/2026 | $311 | 481262 | 37 | 0 |
|  | 04/2026 | 1209 | 6347 | 16 | 0 |
|  | 04/2026 | 3541 | 24451 | 0 | (1) |
|  | 04/2026 | 7309 | 27355440 | 132 | 0 |
|  | 04/2026 | 2824 | 137843 | 0 | (330) |
|  | 04/2026 | 979 | 848 | 4 | (3) |
|  | 04/2026 | 11177 | 8358 | 0 | (115) |
|  | 04/2026 | 54034 | 4979368 | 7 | (1366) |
|  | 04/2026 | 3132 | 10936 | 11 | (1) |
|  | 04/2026 | 6703 | 212980 | 0 | (237) |
|  | 04/2026 | 1602 | 62840 | 0 | (55) |
|  | 04/2026 | 6565 | 175679400 | 94 | 0 |
|  | 04/2026 | 640 | 10886 | 3 | 0 |
|  | 04/2026 | 575442 | $14226 | 56 | 0 |
|  | 05/2026 | 99 | 14 | 0 | 0 |
|  | 05/2026 | 5247 | 1513 | 9 | 0 |
|  | 05/2026 | 28719 | 22256 | 0 | (167) |
|  | 05/2026 | $4224 | 29219 | 23 | 0 |
|  | 05/2026 | 120 | 186720 | 12 | 0 |
|  | 06/2026 | 629825 | $410 | 0 | (20) |
|  | 06/2026 | 39578689 | 10489 | 0 | (109) |
|  | 06/2026 | 1299968 | 77 | 0 | 0 |
|  | 06/2026 | 4710933 | 51703 | 2022 | 0 |
|  | 06/2026 | 71096 | 3958 | 14 | 0 |
|  | 06/2026 | 2398 | 684 | 0 | (2) |
|  | 06/2026 | $1206 | 1938503 | 127 | 0 |
|  | 06/2026 | 4165 | 28676 | 7 | 0 |
|  | 06/2026 | 692 | 2614696 | 8 | 0 |
|  | 06/2026 | 10089 | 170080432 | 0 | (89) |
|  | 06/2026 | 1704 | 103364 | 0 | (6) |
|  | 07/2026 | 1541228 | $977 | 0 | (70) |
|  | 07/2026 | 13639050 | 3577 | 0 | (52) |
|  | 07/2026 | 10282 | 3036 | 96 | 0 |
|  | 07/2026 | $692 | 1118573 | 69 | 0 |
|  | 07/2026 | 5641 | 3034589 | 479 | 0 |
|  | 07/2026 | 3205 | 1011112 | 0 | (28) |
|  | 08/2026 | 38159515 | $10037 | 0 | (35) |
|  | 08/2026 | 13325389 | 9394 | 246 | 0 |
|  | 09/2026 | 3453573 | 3882 | 151 | 0 |
|  | 09/2026 | 5824017 | 1502 | 0 | (25) |
|  | 09/2026 | 9319 | 521 | 8 | 0 |
|  | 10/2026 | 2351520 | 639 | 40 | 0 |
|  | 10/2026 | $272 | 1065155 | 0 | (1) |
|  | 10/2026 | 1637500 | $125 | 0 | (4) |
|  | 11/2026 | 196080 | 120 | 0 | (11) |
|  | 01/2027 | 17316 | 5104 | 202 | 0 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO INTERNATIONAL 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** |
|  DUB | 04/2026 | 4516 | $3125 | $10 | $0 |
|  | 04/2026 | 143724 | 20782 | 0 | (85) |
|  | 04/2026 | 113986 | 1207 | 5 | (2) |
|  | 04/2026 | 135623 | 279 | 0 | (3) |
|  | 04/2026 | 61848 | 48417 | 313 | 0 |
|  | 04/2026 | 393330 | 12147 | 209 | 0 |
|  | 04/2026 | 2113713 | 591 | 32 | 0 |
|  | 04/2026 | $3077 | 4486 | 18 | 0 |
|  | 04/2026 | 32393 | 221939 | 0 | (171) |
|  | 04/2026 | 8774 | 185241 | 0 | (49) |
|  | 04/2026 | 13 | 666 | 0 | (1) |
|  | 04/2026 | 3237 | 1087480 | 31 | 0 |
|  | 04/2026 | 2436 | 7541 | 0 | (37) |
|  | 04/2026 | 1938 | 181651 | 9 | (20) |
|  | 04/2026 | 3710 | 1941350 | 350 | 0 |
|  | 04/2026 | 2976 | 10239 | 0 | (36) |
|  | 04/2026 | 13422258 | $1073 | 0 | (25) |
|  | 05/2026 | 4486 | 3076 | 0 | (18) |
|  | 05/2026 | 14797 | 11463 | 0 | (89) |
|  | 05/2026 | 66525 | 2021 | 0 | (4) |
|  | 05/2026 | $3124 | 4516 | 0 | (10) |
|  | 05/2026 | 20782 | 143376 | 86 | 0 |
|  | 05/2026 | 37 | 402 | 0 | (1) |
|  | 05/2026 | 48417 | 61710 | 0 | (310) |
|  | 05/2026 | 12150 | 392912 | 0 | (192) |
|  | 06/2026 | 3684404 | $989 | 2 | 0 |
|  | 06/2026 | 5475 | 1574 | 8 | 0 |
|  | 06/2026 | 103628 | 1745 | 43 | 0 |
|  | 06/2026 | 42106 | 146 | 0 | (4) |
|  | 06/2026 | 5667 | 178 | 2 | 0 |
|  | 06/2026 | $1 | 907 | 0 | 0 |
|  | 06/2026 | 76 | 527 | 0 | 0 |
|  | 06/2026 | 48 | 4866 | 0 | 0 |
|  | 07/2026 | 269 | 143901 | 19 | 0 |
|  | 08/2026 | 3613 | $1069 | 38 | 0 |
|  | 09/2026 | 23768 | 426 | 30 | 0 |
|  | 09/2026 | 4812 | 1402 | 31 | 0 |
|  | 09/2026 | 92929 | 312 | 0 | (15) |
|  | 10/2026 | 406000 | 112 | 9 | 0 |
|  | 10/2026 | 29732919 | 2328 | 0 | (9) |
|  | 11/2026 | 8228278 | 629 | 0 | (12) |
|  | 12/2026 | 21537121 | 1659 | 0 | (12) |
|  | 02/2027 | $18734 | 10313067 | 550 | 0 |
|  FAR | 04/2026 | 21 | $27 | 1 | 0 |
|  | 04/2026 | 8439 | 11387 | 218 | 0 |
|  | 04/2026 | 2767 | 767 | 21 | 0 |
|  | 04/2026 | 334 | 261 | 1 | 0 |
|  | 04/2026 | $12 | 17 | 0 | 0 |
|  | 04/2026 | 26 | 21 | 0 | 0 |
|  | 04/2026 | 943 | 147638 | 1 | (13) |
|  | 04/2026 | 6 | 7 | 0 | 0 |
|  | 05/2026 | 21 | $26 | 0 | 0 |
|  | 05/2026 | 15692 | 99 | 0 | (1) |
|  | 05/2026 | $1882 | 1404 | 0 | (23) |
|  | 05/2026 | 1015 | 3211 | 8 | 0 |
|  | 05/2026 | 261 | 333 | 0 | (1) |
|  | 06/2026 | 5638 | $1664 | 51 | 0 |
|  | 06/2026 | 24967 | 417 | 7 | 0 |
|  | 06/2026 | $968 | 2983 | 0 | (17) |
|  | 06/2026 | 26493 | 460864 | 0 | (938) |
|  | 07/2026 | 1350 | $399 | 13 | 0 |
|  | 08/2026 | 12568 | 3717 | 128 | 0 |
|  | 09/2026 | 7466 | 423 | 12 | 0 |
|  GLM | 04/2026 | 264180 | 177 | 0 | (14) |
|  | 04/2026 | 478126 | 85466 | 0 | (6839) |
|  | 04/2026 | 4483342 | 1209 | 0 | (9) |
|  | 04/2026 | 94737 | 1004 | 0 | (4) |
|  | 04/2026 | 5436254 | 3663 | 48 | 0 |
|  | 04/2026 | 21327 | 1168 | 0 | (21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **81** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 245739 | $62499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | $0 |
|  | 04/2026 | 42478 | 1315 | 26 | 0 |
|  | 04/2026 | $90237 | 478126 | 2067 | 0 |
|  | 04/2026 | 2393 | 16403 | 0 | (12) |
|  | 04/2026 | 324 | 1204376 | 1 | 0 |
|  | 04/2026 | 10259 | 662226 | 596 | 0 |
|  | 04/2026 | 1916 | 655465 | 54 | 0 |
|  | 04/2026 | 1301 | 4045 | 0 | (14) |
|  | 04/2026 | 19227 | 1797321 | 0 | (154) |
|  | 04/2026 | 322 | 1199 | 2 | 0 |
|  | 04/2026 | 1727 | 55376 | 0 | (45) |
|  | 04/2026 | 13946 | 541802 | 0 | (609) |
|  | 04/2026 | 102 | 1758 | 2 | 0 |
|  | 05/2026 | 636940 | $10319 | 82 | (240) |
|  | 05/2026 | 36183 | 1099 | 0 | (2) |
|  | 05/2026 | $3266 | 17507 | 93 | 0 |
|  | 05/2026 | 135 | 7146 | 0 | (9) |
|  | 05/2026 | 2457 | 9796 | 0 | (33) |
|  | 05/2026 | 34075 | 43516 | 0 | (100) |
|  | 05/2026 | 1316 | 42478 | 0 | (24) |
|  | 06/2026 | 387555 | $233 | 0 | (33) |
|  | 06/2026 | 6 | 1 | 0 | 0 |
|  | 06/2026 | 4646654 | 1237 | 0 | (8) |
|  | 06/2026 | 54373 | 886 | 0 | (5) |
|  | 06/2026 | 21991 | 408 | 27 | 0 |
|  | 06/2026 | 37645 | 2113 | 25 | 0 |
|  | 06/2026 | 163 | 47 | 0 | 0 |
|  | 06/2026 | $543 | 872701 | 58 | 0 |
|  | 06/2026 | 630 | 3355 | 9 | 0 |
|  | 06/2026 | 1192 | 4483342 | 9 | 0 |
|  | 06/2026 | 38992 | 3558182 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468) |
|  | 06/2026 | 11489 | 200431 | 0 | (374) |
|  | 07/2026 | 277135 | $184 | 0 | (5) |
|  | 07/2026 | 134000 | 24872 | 0 | (474) |
|  | 07/2026 | 109279 | 1780 | 0 | (3) |
|  | 07/2026 | $16906 | 91364 | 376 | 0 |
|  | 08/2026 | 5468 | $87 | 0 | (2) |
|  | 08/2026 | $8059 | 504497 | 144 | 0 |
|  | 09/2026 | 624883 | $10386 | 282 | (26) |
|  | 09/2026 | 1518616 | 16041 | 199 | 0 |
|  | 01/2027 | $9407 | 4734356 | 633 | 0 |
|  IND | 04/2026 | 14844 | $17527 | 370 | 0 |
|  | 04/2026 | $1974 | 7730 | 0 | (63) |
|  | 05/2026 | 9796 | $2521 | 97 | 0 |
|  | 05/2026 | $9766 | 36700 | 8 | 0 |
|  JPM | 04/2026 | 62600 | $11994 | 0 | (92) |
|  | 04/2026 | 151225 | 21854 | 0 | (102) |
|  | 04/2026 | 24451 | 3552 | 12 | 0 |
|  | 04/2026 | 2372 | 759 | 4 | 0 |
|  | 04/2026 | 63622 | 677 | 5 | 0 |
|  | 04/2026 | 6101 | 331 | 0 | (9) |
|  | 04/2026 | 8561 | 2183 | 67 | 0 |
|  | 04/2026 | 5927 | 1657 | 60 | 0 |
|  | 04/2026 | $11850 | 62600 | 235 | 0 |
|  | 04/2026 | 3561 | 24451 | 0 | (11) |
|  | 04/2026 | 5263 | 112224 | 23 | 0 |
|  | 04/2026 | 797 | 679 | 0 | (12) |
|  | 04/2026 | 9585 | 3197061 | 20 | 0 |
|  | 04/2026 | 677 | 63731 | 1 | 0 |
|  | 04/2026 | 766 | 1127669 | 0 | (16) |
|  | 04/2026 | 3237 | 31250 | 0 | (10) |
|  | 04/2026 | 233 | 861 | 0 | (1) |
|  | 04/2026 | 49162 | 61956 | 0 | (973) |
|  | 04/2026 | 7253 | 230778 | 0 | (42) |
|  | 04/2026 | 252 | 4278 | 1 | 0 |
|  | 04/2026 | 113406 | $6765 | 82 | (9) |
|  | 05/2026 | $21854 | 150856 | 102 | 0 |
|  | 05/2026 | 28538 | 511553 | 0 | (105) |
|  | 06/2026 | 260163 | $69 | 0 | 0 |
|  | 06/2026 | 20030 | 371 | 25 | 0 |
|  | 06/2026 | 14903 | 4798 | 48 | 0 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO INTERNATIONAL 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** |
|  | 06/2026 | $45 | 140 | $0 | $0 |
|  | 06/2026 | 2513 | 9848 | 0 | (76) |
|  | 06/2026 | 152100 | $8583 | 0 | (354) |
|  | 07/2026 | 38700 | 7153 | 0 | (167) |
|  | 07/2026 | 14182 | 795 | 10 | 0 |
|  | 10/2026 | 58000 | 10609 | 0 | (126) |
|  | 10/2026 | 18425 | 5 | 0 | 0 |
|  | 10/2026 | 10814453 | 850 | 0 | (1) |
|  | 02/2027 | $4696 | 17765813 | 140 | 0 |
|  | 06/2027 | 563221 | $42 | 0 | 0 |
|  MBC | 04/2026 | 4486 | 3129 | 34 | 0 |
|  | 04/2026 | 1362557 | 368 | 0 | (3) |
|  | 04/2026 | 7919 | 9156 | 16 | (14) |
|  | 04/2026 | 599 | 802 | 9 | 0 |
|  | 04/2026 | 3459377 | 37328 | 795 | 0 |
|  | 04/2026 | 32804 | 3353 | 0 | (35) |
|  | 04/2026 | $3196 | 4499 | 0 | (92) |
|  | 04/2026 | 39 | 2024 | 0 | (3) |
|  | 04/2026 | 2854 | 2465 | 3 | (7) |
|  | 04/2026 | 978 | 152325 | 0 | (19) |
|  | 04/2026 | 2775 | 4211810 | 28 | (2) |
|  | 04/2026 | 28 | 273 | 0 | 0 |
|  | 04/2026 | 732 | 2571 | 0 | (40) |
|  | 04/2026 | 800 | 31190 | 0 | (32) |
|  | 05/2026 | 246 | $283 | 0 | (2) |
|  | 05/2026 | 876 | 1160 | 0 | 0 |
|  | 05/2026 | 6993 | 44 | 0 | 0 |
|  | 05/2026 | $28 | 1424 | 0 | (3) |
|  | 05/2026 | 3 | 2 | 0 | 0 |
|  | 05/2026 | 3353 | 32807 | 35 | 0 |
|  | 05/2026 | 802 | 31361 | 0 | (31) |
|  | 06/2026 | 37328 | 3481699 | 0 | (610) |
|  | 07/2026 | 368 | 1394090 | 2 | 0 |
|  | 09/2026 | 38927 | $699 | 49 | 0 |
|  | 10/2026 | 3845 | 216 | 0 | (8) |
|  MYI | 04/2026 | 16018 | 3081 | 0 | (11) |
|  | 04/2026 | 1425416 | 1561 | 21 | 0 |
|  | 04/2026 | 62498 | 17 | 0 | 0 |
|  | 04/2026 | 6804 | 1695 | 14 | 0 |
|  | 04/2026 | $3059 | 16018 | 33 | 0 |
|  | 04/2026 | 1630 | 154638 | 16 | 0 |
|  | 04/2026 | 195 | 784 | 0 | (1) |
|  | 04/2026 | 6610 | 22685 | 0 | (94) |
|  | 04/2026 | 1974 | 119016 | 0 | (11) |
|  | 04/2026 | 19746 | 70717 | 0 | (697) |
|  | 05/2026 | 11658 | $2219 | 0 | (18) |
|  | 06/2026 | 12937 | 3740 | 37 | 0 |
|  | 06/2026 | 109427 | 1844 | 47 | 0 |
|  | 06/2026 | $2240 | 15457 | 7 | 0 |
|  | 06/2026 | 17 | 62498 | 0 | 0 |
|  | 08/2026 | 21064 | 864 | 11 | 0 |
|  | 10/2026 | $685 | 1226 | 22 | 0 |
|  | 10/2027 | 1370 | 2521 | 0 | (1) |
|  NGF | 04/2026 | 2625 | 17967 | 0 | (17) |
|  | 04/2026 | 136 | 1306 | 0 | (1) |
|  | 04/2026 | 10684 | 489713 | 313 | 0 |
|  | 05/2026 | 3961 | 183218 | 0 | (4) |
|  RBC | 04/2026 | 834 | $655 | 6 | 0 |
|  SCX | 04/2026 | 6137 | 892 | 3 | 0 |
|  | 04/2026 | 16574636 | 4326 | 0 | (186) |
|  | 04/2026 | 939344 | 543 | 0 | (131) |
|  | 04/2026 | 1962 | 565 | 2 | 0 |
|  | 04/2026 | $23 | 32 | 0 | 0 |
|  | 04/2026 | 1805 | 12392 | 0 | (6) |
|  | 04/2026 | 887 | 6137 | 2 | 0 |
|  | 04/2026 | 838 | 43129 | 0 | (60) |
|  | 04/2026 | 2811 | 31058 | 0 | 0 |
|  | 04/2026 | 32228 | 2968650 | 0 | (877) |
|  | 04/2026 | 665 | 103733 | 0 | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **83** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $1315 | 1959981 | $0 | $(12) |
|  | 04/2026 | 5104 | 19963 | 0 | (170) |
|  | 04/2026 | 208 | 717 | 0 | (2) |
|  | 04/2026 | 225 | 285 | 0 | (4) |
|  | 04/2026 | 3161 | 99212 | 0 | (151) |
|  | 04/2026 | 36331 | 1159461 | 0 | (102) |
|  | 04/2026 | 552 | 2100163 | 3 | 0 |
|  | 04/2026 | 2127 | 43556 | 147 | 0 |
|  | 05/2026 | 32 | $23 | 0 | 0 |
|  | 05/2026 | $2173 | 15087 | 17 | 0 |
|  | 06/2026 | 1380304 | $1556 | 65 | 0 |
|  | 06/2026 | 309244 | 81 | 0 | (2) |
|  | 06/2026 | 9349721 | 552 | 2 | 0 |
|  | 06/2026 | 9796 | 2458 | 34 | 0 |
|  | 06/2026 | 6097 | 104 | 4 | 0 |
|  | 06/2026 | $16402 | 275304623 | 0 | (215) |
|  | 06/2026 | 14471 | 56912 | 0 | (386) |
|  | 07/2026 | 9910 | $470 | 0 | (44) |
|  | 10/2026 | $408 | 1526603 | 0 | (20) |
|  | 02/2027 | 13950090 | $9394 | 308 | 0 |
|  SOG | 04/2026 | 5991 | 7088 | 164 | 0 |
|  | 04/2026 | 2540140 | 1717 | 28 | 0 |
|  | 04/2026 | 765050 | 214 | 11 | 0 |
|  | 04/2026 | $31039 | 26898 | 51 | 0 |
|  | 04/2026 | 700 | 64729 | 0 | (16) |
|  | 04/2026 | 3677 | 572152 | 0 | (72) |
|  | 04/2026 | 4843 | 20964 | 0 | (96) |
|  | 05/2026 | 26899 | $31088 | 0 | (50) |
|  | 05/2026 | $92 | 637 | 1 | 0 |
|  | 05/2026 | 892 | 47251 | 0 | (58) |
|  | 06/2026 | 914 | 2814 | 0 | (17) |
|  | 06/2026 | 16091 | 54215 | 0 | (571) |
|  | 07/2026 | 12740 | $3770 | 128 | 0 |
|  | 07/2026 | $9597 | 487048 | 0 | (1235) |
|  | 09/2026 | 162227 | $2913 | 198 | 0 |
|  SSB | 04/2026 | 520252 | 5643 | 149 | 0 |
|  | 04/2026 | $4 | 671 | 0 | 0 |
|  | 04/2026 | 43 | 154 | 0 | (1) |
|  | 06/2026 | 13746288 | $816 | 8 | 0 |
|  | 09/2026 | $724 | 2806190 | 12 | 0 |
|  UAG | 04/2026 | 4901898 | $1312 | 0 | (19) |
|  | 04/2026 | 3408 | 941 | 23 | 0 |
|  | 04/2026 | $10798 | 226781 | 0 | (116) |
|  | 04/2026 | 68476 | 100885468 | 0 | (1388) |
|  | 04/2026 | 10256 | 37781 | 40 | (119) |
|  | 06/2026 | 23232317 | $6088 | 0 | (133) |
|  | 06/2026 | $678 | 2556532 | 7 | 0 |
|  | 06/2026 | 1363 | 4208 | 0 | (22) |
|  | 06/2026 | 1229 | 21454 | 0 | (40) |
|  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;24541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37208) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC EUR versus GBP | 0.885 | 05/07/2026 | 8219 | $60 | $24 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 8600 | 13 | 13 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 13400 | 19 | 19 |
|  | Put - OTC USD versus ZAR | 18.000 | 08/19/2026 | 11007 | 540 | 787 |
| GLM | Put - OTC GBP versus USD | $1.300 | 06/01/2026 | 875 | 175 | 282 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 2100 | 3 | 3 |
| MBC | Put - OTC USD versus CNH | 6.900 | 04/28/2026 | 13549 | 85 | 85 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 8100 | 11 | 12 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 4600 | 7 | 7 |
| MYI | Put - OTC EUR versus CZK | 23.900 | 06/02/2026 | 2788 | 11 | 0 |
|  | Put - OTC EUR versus CZK | 24.040 | 08/06/2026 | 4011 | 15 | 2 |
|  | Put - OTC USD versus BRL | 5.320 | 04/23/2026 | 6640 | 86 | 196 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 |

---

84 PIMCO INTERNATIONAL 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> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595% | 04/22/2026 | 21000 | $7 | $0 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.490 | 05/05/2026 | 20600 | 7 | 0 |
| DUB Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/22/2026 | 25300 | 9 | 0 |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/28/2026 | 28800 | 9 | 1 |
| Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.690 | 04/08/2026 | 68600 | 13 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.000 | 05/11/2026 | 2700 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 3.925 | 05/18/2026 | 2700 | 3 | 0 |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/22/2026 | 31200 | 2 | 0 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 3.980 | 05/20/2026 | 2800 | 0 | 0 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.250 | 01/20/2028 | 7400 | 161 | 134 |
|  |  |  |  |  |  | $213 | $135 |
|  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;1238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 8600 | $(5) | $(3) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 13400 | (6) | (5) |
|  | Call - OTC USD versus TRY | TRY | 49.550 | 04/10/2026 | 6559 | (105) | (9) |
|  | Call - OTC USD versus TRY |  | 50.250 | 05/19/2026 | 6530 | (105) | (87) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 22015 | (546) | (704) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2100 | (1) | (1) |
| MBC | Put - OTC USD versus CNH | CNH | 6.800 | 04/28/2026 | 27098 | (53) | (20) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 8100 | (4) | (3) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 4600 | (2) | (2) |
| MYI | Put - OTC USD versus BRL | BRL | 5.120 | 04/23/2026 | 6640 | (16) | (42) |
|  | Call - OTC USD versus BRL |  | 5.700 | 04/23/2026 | 6640 | (56) | (8) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340% | 04/22/2026 | 21000 | $(2) | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 21000 | (4) | (13) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.240 | 05/05/2026 | 20600 | (2) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.820 | 05/05/2026 | 20600 | (3) | (18) |
| DUB Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340 | 04/22/2026 | 25300 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 25300 | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340 | 04/28/2026 | 28800 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/28/2026 | 28800 | (4) | (19) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.640 | 04/02/2026 | 11800 | (4) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.640 | 04/02/2026 | 11800 | (4) | (30) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.610 | 04/28/2026 | 11100 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.610 | 04/28/2026 | 11100 | (3) | (30) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.510 | 05/26/2026 | 9400 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.510 | 05/26/2026 | 9400 | (3) | (28) |
| Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.440 | 04/08/2026 | 68600 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.950 | 04/08/2026 | 68600 | (8) | (63) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.230 | 04/13/2026 | 1200 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.230 | 04/13/2026 | 1200 | (3) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.400 | 05/11/2026 | 2700 | (3) | (28) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.135 | 05/18/2026 | 1100 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.135 | 05/18/2026 | 1100 | (3) | (17) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.325 | 05/18/2026 | 2700 | (3) | (32) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.930 | 05/20/2026 | 6200 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.930 | 05/20/2026 | 6200 | (3) | (15) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 3.728 | 04/13/2026 | 1100 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 3.728 | 04/13/2026 | 1100 | (3) | (8) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 3.690 | 05/04/2026 | 1100 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 3.690 | 05/04/2026 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340% | 04/22/2026 | 31200 | $0 | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 31200 | 0 | (19) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.673 | 04/14/2026 | 10600 | (4) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.673 | 04/14/2026 | 10600 | (3) | (27) |
| JPM Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.600 | 04/08/2026 | 12600 | (4) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.600 | 04/08/2026 | 12600 | (4) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.380 | 05/20/2026 | 2800 | 0 | (30) |
|  |  |  |  |  |  | $(106) | $(433) |
|  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;(1005) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1317) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 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 |
| BOA | Brazil Government International Bonds | (1.000)% | Quarterly | 06/20/2029 | 0.911% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | $80 | $(90) | $0 | $(10) |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.488 | 100 | (2) | 0 | 0 | (2) |
| BRC | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.398 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | 5 | 0 | (19) |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.488 | 200 | (4) | 0 | 0 | (4) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2033 | 1.065 | 4100 | (10) | 26 | 16 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 1.096 | 1200 | (10) | 17 | 7 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2034 | 1.123 | 1110 | (4) | 13 | 9 | 0 |
| GST | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.169 | 200 | 0 | 3 | 3 | 0 |
|  |  |  |  |  |  |  | $26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

#### 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 |
| BOA | Argentine Republic Government International Bonds | 5.000% | Quarterly | 12/20/2026 | 2.754% | $150 | $3 | $0 | $3 | $0 |
| BPS | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 150 | 3 | 0 | 3 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.533 | 600 | 1 | 4 | 5 | 0 |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 227 | 1 | 3 | 4 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 120 | 1 | 1 | 2 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.733 | 100 | (1) | 0 | 0 | (1) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 293 | 2 | 3 | 5 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | 49 | 28 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 | 200 | (2) | 1 | 0 | (1) |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 906 | 4 | 3 | 7 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 842 | 4 | 11 | 15 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 405 | (50) | 55 | 5 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.306 | 400 | 0 | 1 | 1 | 0 |
| JPM | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 300 | 4 | 0 | 4 | 0 |
|  | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 | 1600 | 53 | 3 | 56 | 0 |
|  | State Oil Company of Azerbaijan | 5.000 | Quarterly | 06/20/2026 | 1.376 | 200 | 2 | 0 | 2 | 0 |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 250 | 3 | (1) | 2 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 3100 | 17 | 25 | 42 | 0 |
|  |  |  |  |  |  |  | $24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

86 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Floating rate equal to 1-Day IDR-SOFR plus 0.054% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 06/17/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | IDR | 19277310 | $(4) | $14 | $10 | $0 |
|  | Floating rate equal to 1-Day PHP-SOFR plus 0.050% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 06/17/2031 | 1205 | PHP | 71330 | (4) | 21 | 17 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity**<br> **Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | Payment<br>Frequency | **Maturity**<br> **Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GLM | Pay | 1-Year BRL-CDI | 7.728% | Maturity | 01/04/2027 | BRL | 21000 | $0 | $(593) | $0 | $(593) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 | CLP | 473800 | 0 | (29) | 0 | (29) |
|  |  |  |  |  |  |  |  | $0 | $(622) | $0 | $(622) |
|  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;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659) |

---

#### 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>(8)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(1) | $0 | $0 | $(1) | $(1) | $0 | $(1) |
|  BOA | 464 | 843 | 3 | 1310 | (474) | (821) | (12) | (1307) | 3 | 0 | 3 |
|  BPS | 5256 | 0 | 8 | 5264 | (5952) | 0 | 0 | (5952) | (688) | 841 | 153 |
|  BRC | 1320 | 0 | 38 | 1358 | (1374) | 0 | (24) | (1398) | (40) | 0 | (40) |
|  BSH | 228 | 0 | 0 | 228 | (3788) | 0 | 0 | (3788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3560) | 2868 | (692) |
|  CBK | 4304 | 0 | 33 | 4337 | (2737) | (18) | (1) | (2756) | 1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499) |
|  DUB | 1795 | 1 | 0 | 1796 | (1105) | (311) | 0 | (1416) | 380 | 0 | 380 |
|  FAR | 461 | 0 | 0 | 461 | (993) | 0 | 0 | (993) | (532) | 735 | 203 |
|  GLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
|  GST | 0 | 0 | 58 | 58 | 0 | (46) | 0 | (46) | 12 | 0 | 12 |
|  IND | 475 | 0 | 0 | 475 | (63) | 0 | 0 | (63) | 412 | (338) | 74 |
|  JPM | 835 | 134 | 62 | 1031 | (2106) | (45) | 0 | (2151) | (1120) | 1474 | 354 |
|  MBC | 971 | 104 | 0 | 1075 | (901) | (25) | 0 | (926) | 149 | 301 | 450 |
|  MYC | 0 | 0 | 44 | 44 | 0 | 0 | 0 | 0 | 44 | 0 | 44 |
|  MYI | 208 | 198 | 0 | 406 | (833) | (50) | 0 | (883) | (477) | 669 | 192 |
|  NGF | 313 | 0 | 0 | 313 | (22) | 0 | 0 | (22) | 291 | (158) | 133 |
|  RBC | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  SCX | 587 | 0 | 0 | 587 | (2379) | 0 | 0 | (2379) | (1792) | 1653 | (139) |
|  SOG | 581 | 0 | 0 | 581 | (2115) | 0 | 0 | (2115) | (1534) | 1593 | 59 |
|  SSB | 169 | 0 | 0 | 169 | (1) | 0 | 0 | (1) | 168 | 0 | 168 |
|  UAG | 70 | 0 | 0 | 70 | (1837) | 0 | 0 | (1837) | (1767) | 2524 | 757 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39184) |  |  |  |

---

(m) Securities with an aggregate market value of $17,937 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 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 | **87** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments 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> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of 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 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 1608 | 1613 |
|  | $0 | $5 | $0 | $0 | $1618 | $1623 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1430 | 135 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 219 | 0 | 27 | 0 | 246 |
|  | $0 | $219 | $0 | $25998 | $135 | $26352 |
|  | $0 | $224 | $0 | $25998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | $27975 |
|  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 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 218 | 0 | 0 | 2499 | 2717 |
|  | $0 | $218 | $0 | $0 | $2504 | $2722 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $37208 | $0 | $37208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 884 | 433 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 37 | 0 | 0 | 622 | 659 |
|  | $0 | $37 | $0 | $38092 | $1055 | $39184 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41906 |

---

88 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $257 | $257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (343) | 0 | 0 | 946 | 603 |
|  | $0 | $(343) | $0 | $0 | $1203 | $860 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3949 | $0 | $3949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (58) | 0 | 557 | (52) | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 21 | 0 | 2211 | 124 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (38) | 0 | 108 | (77) | (7) |
|  | $0 | $(75) | $0 | $6825 | $(5) | $6745 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(88) | $(88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (93) | 0 | 0 | 713 | 620 |
|  | $0 | $(93) | $0 | $0 | $625 | $532 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16697) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 713 | (77) | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (129) | (334) | (463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 57 | 0 | 67 | (182) | (58) |
|  | $0 | $57 | $0 | $(16046) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) | $(16582) |
|  | $0 | $(36) | $0 | $(16046) | $32 | $(16050) |

---

#### 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 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $4699 | $0 | $4699 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 26 | 26 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111015 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111015 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 352 | 0 | 352 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 3 | 0 | 3 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | 1672 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1363 | 1363 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14339 | 0 | 14339 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | 0 | 0 | 23 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1948 | 0 | 1948 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37894 | 0 | 37894 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1016 | 0 | 1016 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13273 | 0 | 13273 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13790 | 0 | 13790 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 3252 | 3252 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1929 | 0 | 1929 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2030 | 0 | 2030 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 902 | 0 | 902 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 61 | 0 | 61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $592 | $0 | $592 |
| &nbsp;&nbsp; Loan Participations and Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3137 | 3137 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 803 | 0 | 803 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4744 | 0 | 4744 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6104 | 0 | 6104 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6807 | 0 | 6807 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 74505 | 0 | 74505 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9292 | 0 | 9292 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1392 | 1392 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12286 | 0 | 12286 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7230 | 0 | 7230 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9803 | 0 | 9803 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6772 | 0 | 6772 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23652 | 0 | 23652 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7499 | 0 | 7499 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 72 | 0 | 72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

---

------

Schedule of Investments PIMCO Emerging Markets Currency and Short-Term Investments Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $0 | $1133 | $1133 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1826 | 0 | 1826 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5610 | 0 | 5610 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 863 | 863 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 35617 | 0 | 35617 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6189 | 0 | 6189 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32946 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4048 | 4048 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10481 | 0 | 10481 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Sovereign Issues | 0 | 700 | 0 | 700 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5246 | 5176 | 10422 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2166 | 0 | 2166 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4296 | 0 | 4296 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 10040 | 10040 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3615 | 780 | 4395 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2816 | 0 | 2816 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 1959 | 0 | 1959 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 590 | 0 | 590 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3173 | 0 | 3173 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1890 | 0 | 1890 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2532 | 0 | 2532 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 425 | 0 | 425 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 954 | 0 | 954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $445 | $0 | $445 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 39 | 0 | 39 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 58786 | 0 | 58786 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 10075 | 0 | 10075 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 17808 | 0 | 17808 |
|  | $23 | $556957 | $62529 | $619509 |
|  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 | $74004 | $0 | $0 | $74004 |
|  Total Investments | $74027 | $556957 | $62529 | $693513 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 4 | 1619 | 0 | 1623 |
|  Over the counter | 0 | 26352 | 0 | 26352 |
|  | $4 | $27971 | $0 | $27975 |
|  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 | (2702) | 0 | (2702) |
|  Over the counter | 0 | (39184) | 0 | (39184) |
|  | $0 | $(41886) | $0 | $(41886) |
|  Total Financial Derivative Instruments | $4 | $(13915) | $0 | $(13911) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679602 |

---

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 |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Loan Participations and Assignments | $26 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $0 | $(77) | $0 | $0 | $26 | $(77) |
|  Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> | Cayman Islands<sup>(2)</sup> |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | 0 | 0 | 0 | (8) | 0 | 0 | 1396 | (8) |
| &nbsp;&nbsp; Loan Participations and Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | 0 | 0 | 0 | 0 | (4) | 0 | 0 | 1363 | (4) |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 3904 | 0 | 0 | 0 | 0 | (652) | 0 | 0 | 3252 | (652) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 2806 | 0 | 0 | 3 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 3724 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874) | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | 311 | 0 | 0 | 3137 | 236 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 1379 | 0 | 0 | 10 | 0 | 3 | 0 | 0 | 1392 | 3 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1165 | 0 | 1 | 0 | (33) | 0 | 0 | 1133 | (33) |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 1199 | 0 | (441) | 4 | 50 | 51 | 0 | 0 | 863 | 60 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

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>** |
|  Supranational | Supranational | Supranational | Supranational | Supranational | Supranational | Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $27000 | $0 | $0 | $0 | $(85) | $0 | $0 | $26915 | $(85) |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 1073 | 0 | 0 | (1) | 0 | 79 | 2897 | 0 | 4048 | 78 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1924 | 5120 | (2133) | 162 | (58) | 161 | 0 | 0 | 5176 | 55 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 10025 | 0 | (1) | 0 | 16 | 0 | 0 | 10040 | 16 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 783 | 0 | 0 | 0 | 0 | (3) | 0 | 0 | 780 | (3) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3448) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |

---

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 |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $26 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1396 | Discounted Cash Flow | Discount Rate | 6.918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1363 | Discounted Cash Flow | Discount Rate | 7.537 |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 3252 | Discounted Cash Flow | Discount Rate | 8.700 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3008 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3137 | Discounted Cash Flow | Discount Rate | 5.964 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1392 | Discounted Cash Flow | Discount Rate | 8.726 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1133 | Discounted Cash Flow | Discount Rate | 10.401 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 863 | Discounted Cash Flow | Discount Rate | 12.687 |  |
|  Supranational | Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 17634 | Discounted Cash Flow | Discount Rate | 6.750 |  |
|  | 9281 | Proxy Pricing | Base Price | 100.000 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1151 | Discounted Cash Flow | Discount Rate | 5.677 |  |
|  | 2897 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 5176 | Proxy pricing | Base Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 10040 | Recent transaction | Purchase Price | 100.396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 780 | Discounted Cash Flow | Discount Rate | 6.273 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62529 |  |  |  |  |

---

<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> Country updated from United States to Cayman Islands 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **91** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 39.4% | INVESTMENTS IN SECURITIES 39.4% | INVESTMENTS IN SECURITIES 39.4% |
| ANGOLA 0.5% | ANGOLA 0.5% | ANGOLA 0.5% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Sonangol Finance Ltd. |  |  |
|  10.000% due 01/29/2031 | 600 | 598 |
| SOVEREIGN ISSUES 0.2% |  |  |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  9.244% due 01/15/2031 | 500 | 507 |
|  Total Angola (Cost $1,068) | Total Angola (Cost $1,068) | 1105 |
| ARGENTINA 0.9% | ARGENTINA 0.9% | ARGENTINA 0.9% |
| SOVEREIGN ISSUES 0.9% |  |  |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  3.500% due 07/09/2041 þ(l) | 1400 | 939 |
|  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 | 1245 | 942 |
|  Total Argentina (Cost $1,933) | Total Argentina (Cost $1,933) | 1881 |
| BENIN 0.4% | BENIN 0.4% | BENIN 0.4% |
| SOVEREIGN ISSUES 0.4% |  |  |
|  Benin Government International Bonds | Benin Government International Bonds | Benin Government International Bonds |
|  4.950% due 01/22/2035 | 900 | 913 |
|  Total Benin (Cost $982) | Total Benin (Cost $982) | 913 |
| BOSNIA-HERZE. 0.2% | BOSNIA-HERZE. 0.2% | BOSNIA-HERZE. 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Srpska International Government Bonds | Republic of Srpska International Government Bonds | Republic of Srpska International Government Bonds |
|  6.250% due 04/02/2031 (a) | 400 | 465 |
|  Total Bosnia-Herze. (Cost $456) | Total Bosnia-Herze. (Cost $456) | 465 |
| BRAZIL 3.0% | BRAZIL 3.0% | BRAZIL 3.0% |
| SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% | SOVEREIGN ISSUES 3.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (e) | 5500 | 1028 |
|  0.000% due 04/01/2027 (e) | 31500 | 5354 |
|  Total Brazil (Cost $6,331) | Total Brazil (Cost $6,331) | 6382 |
| CAMEROON 0.2% | CAMEROON 0.2% | CAMEROON 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  9.500% due 07/31/2031 (l) | 500 | 488 |
|  Total Cameroon (Cost $473) | Total Cameroon (Cost $473) | 488 |
| CAYMAN ISLANDS 0.8% | CAYMAN ISLANDS 0.8% | CAYMAN ISLANDS 0.8% |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  CIFI Holdings Group Co. Ltd. |  |  |
|  0.000% due 06/30/2029 (e)(k) | 484 | 18 |
|  Kaisa Group Holdings Ltd. |  |  |
|  0.000% due 12/31/2026 (e) | 50 | 0 |
|  0.000% due 12/31/2027 (e) | 63 | 0 |
|  0.000% due 12/31/2028 (e) | 100 | 0 |
|  0.000% due 12/31/2029 (e) | 100 | 0 |
|  0.000% due 12/31/2030 (e) | 125 | 0 |
|  0.000% due 12/31/2031 (e) | 125 | 0 |
|  0.000% due 12/31/2032 (e) | 236 | 1 |
|  |  | 19 |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Kaisa Group Holdings Ltd. |  |  |
|  5.000% due 11/30/2027 | 11 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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) | 84 | 1 |
|  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) | 141 | 0 |
|  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) | 170 | 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 (b) | 256 | 1 |
|  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) | 241 | 4 |
|  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) | 58 | 1 |
|  Kona Spc Ltd. |  |  |
|  5.718% due 09/15/2026 «•  | 1500 | 1745 |
|  |  | 1753 |
|  Total Cayman Islands (Cost $1,990) | Total Cayman Islands (Cost $1,990) | 1772 |
| CHILE 1.4% | CHILE 1.4% | CHILE 1.4% |
| SOVEREIGN ISSUES 1.4% |  |  |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 250000 | 264 |
|  5.000% due 10/01/2028 | 550000 | 591 |
|  5.800% due 10/01/2029 | 2025000 | 2226 |
|  Total Chile (Cost $3,175) | Total Chile (Cost $3,175) | 3081 |
|  | **SHARES** |  |
| CHINA 0.0% | CHINA 0.0% | CHINA 0.0% |
| COMMON STOCKS 0.0% |  |  |
|  Kaisa Group Holdings Ltd. (c) | 744350 | 8 |
|  Total China (Cost $0) | Total China (Cost $0) | 8 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| COLOMBIA 11.6% | COLOMBIA 11.6% | COLOMBIA 11.6% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Ecopetrol SA |  |  |
|  5.875% due 05/28/2045 | 1200 | 884 |
| SOVEREIGN ISSUES 11.2% |  |  |
|  Colombia TES |  |  |
|  2.250% due 04/18/2029 (h) | 729487 | 172 |
|  6.500% due 01/22/2031 (h) | 1119763 | 292 |
|  11.000% due 08/22/2029 | 29235800 | 7371 |
|  11.750% due 01/24/2035 | 20878200 | 5177 |
|  12.750% due 11/28/2040 | 22126900 | 5865 |
|  13.250% due 02/09/2033 | 19153800 | 5135 |
|  |  | 24012 |
|  Total Colombia (Cost $24,402) | Total Colombia (Cost $24,402) | 24896 |
| COSTA RICA 1.0% | COSTA RICA 1.0% | COSTA RICA 1.0% |
| SOVEREIGN ISSUES 1.0% |  |  |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 1000 | 1183 |
|  6.001% due 01/16/2036 | 750 | 894 |
|  Total Costa Rica (Cost $2,050) | Total Costa Rica (Cost $2,050) | 2077 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| EGYPT 0.8% |  |  |
| SOVEREIGN ISSUES 0.8% |  |  |
|  Egypt Government Bonds |  |  |
|  19.698% due 10/14/2030 | 91700 | 1652 |
|  Total Egypt (Cost $1,950) |  | 1652 |
| IVORY COAST 0.5% |  |  |
| SOVEREIGN ISSUES 0.5% |  |  |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 900 | 1018 |
|  Total Ivory Coast (Cost $1,060) | Total Ivory Coast (Cost $1,060) | 1018 |
| JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  GSG Bidco Ltd. |  |  |
|  4.700% due 06/15/2031 | 200 | 229 |
|  5.375% due 06/15/2036 | 300 | 345 |
|  Total Jersey, Channel Islands (Cost $590) | Total Jersey, Channel Islands (Cost $590) | 574 |
| KAZAKHSTAN 0.5% |  |  |
| SOVEREIGN ISSUES 0.5% |  |  |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 498500 | 1072 |
|  Total Kazakhstan (Cost $920) | Total Kazakhstan (Cost $920) | 1072 |
| LUXEMBOURG 0.3% |  |  |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Poinsettia Finance Ltd. SARL |  |  |
|  6.625% due 06/17/2031 | 564 | 551 |
|  Total Luxembourg (Cost $553) | Total Luxembourg (Cost $553) | 551 |
| MEXICO 5.3% |  |  |
| SOVEREIGN ISSUES 5.3% |  |  |
|  Mexico Bonos |  |  |
|  8.000% due 04/15/2032 | 213000 | 11343 |
|  Total Mexico (Cost $11,181) |  | 11343 |
| PARAGUAY 1.1% |  |  |
| SOVEREIGN ISSUES 1.1% |  |  |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  8.500% due 03/04/2035 | 7254000 | 1110 |
|  8.500% due 04/04/2038 | 7761000 | 1176 |
|  Total Paraguay (Cost $2,254) | Total Paraguay (Cost $2,254) | 2286 |
| PERU 1.3% |  |  |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Petroleos del Peru SA |  |  |
|  5.625% due 06/19/2047 | 2000 | 1405 |
| SOVEREIGN ISSUES 0.7% |  |  |
|  Peru Government Bonds |  |  |
|  6.850% due 08/12/2035 | 1600 | 470 |
|  7.300% due 08/12/2033 | 1700 | 535 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  6.950% due 08/12/2031 | 1761 | 549 |
|  |  | 1554 |
|  Total Peru (Cost $2,961) |  | 2959 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ROMANIA 0.5% |  |  |
| SOVEREIGN ISSUES 0.5% |  |  |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.625% due 05/30/2037 | 900 | 980 |
|  Total Romania (Cost $1,009) |  | 980 |
| SENEGAL 0.1% |  |  |
| SOVEREIGN ISSUES 0.1% |  |  |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 (l) | 333 | 242 |
|  Total Senegal (Cost $331) |  | 242 |
| SOUTH AFRICA 0.4% |  |  |
| SOVEREIGN ISSUES 0.4% |  |  |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.875% due 02/28/2035 (l) | 15600 | 906 |
|  Total South Africa (Cost $951) | Total South Africa (Cost $951) | 906 |
| UKRAINE 0.9% |  |  |
| SOVEREIGN ISSUES 0.9% |  |  |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(g)(l) | 900 | 530 |
|  0.000% due 02/01/2034 þ(g)(l) | 1100 | 474 |
|  0.000% due 02/01/2035 þ(g)(l) | 900 | 417 |
|  0.000% due 02/01/2036 þ(g)(l) | 900 | 417 |
|  Total Ukraine (Cost $2,119) |  | 1838 |
| UNITED ARAB EMIRATES 0.2% |  |  |
| SOVEREIGN ISSUES 0.2% |  |  |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 05/03/2026 | 500 | 500 |
|  Total United Arab Emirates (Cost $499) | Total United Arab Emirates (Cost $499) | 500 |
| UNITED STATES 3.6% |  |  |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5% |
|  Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance |
|  9.398% (TSFR3M + 5.750%) due 02/16/2027 «~ | 1000 | 1002 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 3.1% | U.S. GOVERNMENT AGENCIES 3.1% | U.S. GOVERNMENT AGENCIES 3.1% | U.S. GOVERNMENT AGENCIES 3.1% |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 06/01/2056 | 1600 | $— | 1507 |
|  4.500% due 05/01/2056 | 1600 |  | 1543 |
|  5.000% due 05/01/2056 | 1700 |  | 1674 |
|  5.500% due 05/01/2056 | 2000 |  | 2007 |
|  |  |  | 6731 |
|  Total United States (Cost $7,788) | Total United States (Cost $7,788) |  | 7733 |
| ZAMBIA 0.1% |  |  |  |
| SOVEREIGN ISSUES 0.1% |  |  |  |
|  Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |
|  0.500% due 12/31/2053 | 200 |  | 132 |
|  Total Zambia (Cost $143) |  |  | 132 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% | SHORT-TERM INSTRUMENTS 3.5% |
| MUTUAL FUNDS 0.5% |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (j) | 1094062 |  | 1094 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |  |
| 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 (e)(f) | 1450 |  | 23 |
| NIGERIA TREASURY BILLS 2.7% | NIGERIA TREASURY BILLS 2.7% | NIGERIA TREASURY BILLS 2.7% | NIGERIA TREASURY BILLS 2.7% |
|  20.829% due 07/21/2026 - 01/28/2027 (d)(e) | 9192000 |  | 5886 |
| U.S. TREASURY BILLS 0.3% |  |  |  |
|  3.653% due 04/21/2026 - 05/26/2026 (d)(e)(o) | 757 |  | 754 |
|  Total Short-Term Instruments<br> (Cost $7,631) |  |  | 7757 |
|  Total Investments in Securities<br> (Cost $84,800) | Total Investments in Securities<br> (Cost $84,800) |  | 84611 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 69.4% | INVESTMENTS IN AFFILIATES 69.4% | INVESTMENTS IN AFFILIATES 69.4% | INVESTMENTS IN AFFILIATES 69.4% |
| UNITED STATES 59.5% |  |  |  |
| MUTUAL FUNDS (i) 59.5% |  |  |  |
|  PIMCO Emerging Markets Bond Fund | 1271537 | $— | 11266 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4901181 |  | 44502 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 11759869 |  | 71853 |
|  |  |  | 127621 |
| Total United States (Cost $121,449) | Total United States (Cost $121,449) |  | 127621 |
| SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% | SHORT-TERM INSTRUMENTS 9.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2174240 |  | 21175 |
| Total Short-Term Instruments (Cost $21,175) |  |  | 21175 |
| Total Investments in Affiliates (Cost $142,624) |  |  | 148796 |
| Total Investments 108.8% (Cost $227,424) |  | $— | 233407 |
|  Financial Derivative<br>Instruments (m)(n) (0.4)%<br> (Cost or Premiums, net $2,139) | Financial Derivative<br>Instruments (m)(n) (0.4)%<br> (Cost or Premiums, net $2,139) |  | (966) |
| Other Assets and Liabilities, net (8.4)% | Other Assets and Liabilities, net (8.4)% |  | (17954) |
| Net Assets 100.0% |  | $— | 214487 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(g) Security becomes interest bearing at a future date.

(h) Principal amount of security is adjusted for inflation.

(i) Institutional Class Shares of each Fund.

(j) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **93** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  CIFI Holdings Group Co. Ltd. | 0.000% | 06/30/2029 | 12/29/2025 | $43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0.01% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(1)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 2.300% | 01/13/2026 | TBD<sup>(2)</sup> | (302) | $(351) |
|  | 4.000 | 01/13/2026 | TBD<sup>(2)</sup> | $(738) | (744) |
|  | 4.050 | 01/13/2026 | TBD<sup>(2)</sup> | (772) | (779) |
|  | 4.100 | 01/13/2026 | TBD<sup>(2)</sup> | (446) | (450) |
|  | 4.250 | 01/13/2026 | TBD<sup>(2)</sup> | (788) | (795) |
|  | 6.900 | 03/26/2026 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14815) | (877) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3996) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 |
|  Total Borrowings and Other Financing Transactions | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Sovereign Issues | $0 | $0 | $0 | $(3996) | $(3996) |
|  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;(3996) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3996) |
|  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  | $(3996) |

---

(l) Securities with an aggregate market value of $4,413 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 $(905) at a weighted average interest rate of 4.499%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 12 | $— | 2489 | $(18) | $1 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 28 |  | 3029 | (38) | 4 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 280 |  | 31093 | (637) | 65 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 8 |  | 933 | (29) | 2 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

94 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.EM-44 5-Year Index | (1.000)% | Quarterly | 12/20/2030 | $7400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |

---

#### 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 | 3500 | $(98) | $(51) | $(149) | $11 | $0 |
|  Receive<sup>(4)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | 3367000 | 46 | (14) | 32 | 0 | (16) |
|  Receive<sup>(4)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/16/2031 | 282750 | 92 | 46 | 138 | 0 | (18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | $12800 | 224 | (147) | 77 | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 6400 | 162 | (128) | 34 | 0 | (7) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 6570 | 115 | (39) | 76 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 3300 | 124 | 100 | 224 | 12 | 0 |
|  Pay | 1-Year BRL-CDI | 12.716 | Maturity | 01/02/2029 | 21800 | 0 | (92) | (92) | 25 | 0 |
|  Pay | 1-Year BRL-CDI | 12.750 | Maturity | 01/02/2029 | 20300 | 0 | (82) | (82) | 24 | 0 |
|  Receive | 1-Year BRL-CDI | 12.780 | Maturity | 01/02/2029 | 54400 | 9 | 204 | 213 | 0 | (63) |
|  Receive | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 28600 | (31) | 87 | 56 | 0 | (33) |
|  Receive | 1-Year BRL-CDI | 13.340 | Maturity | 01/02/2029 | 9300 | 0 | 11 | 11 | 0 | (11) |
|  Pay | 1-Year BRL-CDI | 13.370 | Maturity | 01/02/2029 | 54300 | 80 | (179) | (99) | 63 | 0 |
|  Receive | 1-Year BRL-CDI | 13.435 | Maturity | 01/02/2029 | 1200 | 0 | 1 | 1 | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 12.910 | Maturity | 01/02/2031 | 43400 | 0 | (182) | (182) | 58 | 0 |
|  Receive | 1-Year BRL-CDI | 13.156 | Maturity | 01/02/2031 | 8300 | 0 | 20 | 20 | 0 | (11) |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 | 2900 | 0 | (11) | (11) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 | 3000 | 0 | (11) | (11) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 13.296 | Maturity | 01/02/2031 | 55500 | 0 | 99 | 99 | 0 | (74) |
|  Pay | 1-Year BRL-CDI | 13.564 | Maturity | 01/02/2031 | 6800 | 0 | (3) | (3) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 13.605 | Maturity | 01/02/2031 | 900 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 | 10900 | (9) | 11 | 2 | 15 | 0 |
|  Pay | 1-Year BRL-CDI | 13.698 | Maturity | 01/02/2031 | 6600 | 0 | 1 | 1 | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 13.235 | Maturity | 01/02/2035 | 33900 | 0 | (79) | (79) | 48 | 0 |
|  Receive<sup>(4)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/16/2031 | 2020 | 2 | 0 | 2 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.330 | Quarterly | 03/18/2028 | 15299000 | 0 | (20) | (20) | 0 | (3) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.170 | Quarterly | 03/18/2029 | 10749000 | 0 | (18) | (18) | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.933 | Quarterly | 08/22/2029 | 8553900 | 0 | 190 | 190 | 0 | (2) |
|  Receive<sup>(4)</sup> | 3-Month COP-IBR Compounded-OIS | 11.700 | Quarterly | 06/17/2031 | 7221000 | 0 | (14) | (14) | 0 | (7) |
|  Receive<sup>(4)</sup> | 3-Month COP-IBR Compounded-OIS | 11.720 | Quarterly | 06/17/2031 | 6845000 | 0 | (15) | (15) | 0 | (7) |
|  Receive<sup>(4)</sup> | 3-Month COP-IBR Compounded-OIS | 11.730 | Quarterly | 06/17/2031 | 6982000 | 0 | (16) | (16) | 0 | (7) |
|  Receive<sup>(4)</sup> | 3-Month KRW-KORIBOR | 3.500 | Quarterly | 09/16/2031 | 2938500 | 12 | 19 | 31 | 0 | 0 |
|  Receive<sup>(4)</sup> | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/16/2031 | 38030 | 46 | (14) | 32 | 11 | 0 |
|  Receive<sup>(4)</sup> | 3-Month PLN-WIBOR | 3.750 | Annual | 06/17/2031 | 9300 | 95 | 0 | 95 | 0 | 0 |
|  Receive<sup>(4)</sup> | 3-Month PLN-WIBOR | 4.700 | Annual | 01/20/2036 | 11000 | 38 | 12 | 50 | 12 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.180 | Quarterly | 12/04/2030 | 33600 | 41 | (76) | (35) | 13 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.880 | Quarterly | 03/27/2035 | 9200 | 57 | (35) | 22 | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.490 | Semi-Annual | 10/01/2028 | 632000 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 | 1412000 | 0 | 21 | 21 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 | 124000 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.745 | Semi-Annual | 09/17/2030 | 2125300 | 0 | 29 | 29 | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 06/18/2032 | 3339000 | 0 | 29 | 29 | 4 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.018 | Annual | 11/25/2030 | 102700 | (10) | (54) | (64) | 8 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.049 | Annual | 12/12/2030 | 20800 | 6 | (18) | (12) | 2 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.680 | Annual | 01/29/2031 | 107200 | 99 | 49 | 148 | 0 | (8) |
|  Receive | 6-Month CZK-PRIBOR | 4.040 | Annual | 02/06/2031 | 109200 | 75 | (8) | 67 | 0 | (8) |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 200 | 6 | (1) | 5 | 0 | (1) |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 3100 | 36 | 77 | 113 | 0 | (27) |
|  Pay | 6-Month HUF-BBR | 6.319 | Annual | 11/03/2030 | 899200 | 4 | (96) | (92) | 16 | 0 |
|  Receive | 6-Month HUF-BBR | 2.680 | Annual | 06/29/2031 | 1621700 | 932 | (19) | 913 | 0 | (31) |
|  Receive | 28-Day MXN-TIIE | 7.230 | Lunar | 03/14/2029 | 18500 | 0 | 17 | 17 | 0 | (3) |
|  Pay | 28-Day MXN-TIIE | 7.415 | Lunar | 11/18/2030 | 26800 | (17) | (22) | (39) | 6 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.555 | Lunar | 01/24/2031 | 10300 | (1) | 14 | 13 | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 7.495 | Lunar | 02/04/2031 | 13100 | 0 | (18) | (18) | 3 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.681 | Lunar | 03/05/2031 | 92700 | 0 | 90 | 90 | 0 | (23) |
|  Receive | 28-Day MXN-TIIE | 7.545 | Lunar | 03/12/2031 | 6000 | 0 | 8 | 8 | 0 | (1) |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.170 | Lunar | 03/26/2031 | 36600 | 0 | 4 | 4 | 9 | 0 |
|  Receive<sup>(4)</sup> | 28-Day MXN-TIIE | 7.550 | Lunar | 05/02/2031 | 58500 | 0 | 82 | 82 | 0 | (14) |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.000 | Lunar | 06/11/2031 | 29300 | (16) | 2 | (14) | 7 | 0 |
|  Receive<sup>(4)</sup> | 28-Day MXN-TIIE | 8.200 | Lunar | 06/11/2031 | 38600 | 0 | 1 | 1 | 0 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **95** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.255% | Lunar | 06/11/2031 | MXN | 71500 | $0 | $7 | $7 | $18 | $0 |
|  Receive<sup>(4)</sup> | 28-Day MXN-TIIE | 8.300 | Lunar | 06/11/2031 |  | 185200 | (23) | (15) | (38) | 0 | (46) |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.340 | Lunar | 06/11/2031 |  | 16700 | 0 | 5 | 5 | 5 | 0 |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.500 | Lunar | 06/04/2036 |  | 6200 | 0 | (1) | (1) | 1 | 0 |
|  Pay<sup>(4)</sup> | IRS CLP 5.19000 06/17/26-5Y CME | 5.190 | Semi-Annual | 06/17/2031 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552000 | 0 | 2 | 2 | 0 | (1) |
|  Pay<sup>(4)</sup> | IRS CLP 5.25000 06/17/26-5Y CME | 5.250 | Semi-Annual | 06/17/2031 |  | 189500 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  |  |  | $2096 | $(229) | $1867 | $411 | $(444) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) |

---

#### 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>(5)</sup> | Variation Margin<br>Asset<sup>(5)</sup> | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&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;(478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) |

---

Cash of $3,179 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 buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(5)</sup> Unsettled variation margin asset of $2 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 |
|  BOA | 04/2026 | 20558 | $3920 | $0 | $(49) |
|  | 04/2026 | 22306 | 1060 | 9 | 0 |
|  | 04/2026 | 49343 | 525 | 4 | 0 |
|  | 04/2026 | 7021 | 2015 | 0 | (1) |
|  | 04/2026 | 3816 | 1033 | 5 | 0 |
|  | 04/2026 | 17344 | 375 | 0 | (10) |
|  | 04/2026 | $3942 | 20558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  | 04/2026 | 632 | 38434 | 0 | (3) |
|  | 04/2026 | 2203 | 1899 | 0 | (8) |
|  | 04/2026 | 526 | 49431 | 1 | 0 |
|  | 04/2026 | 1504 | 5559 | 0 | (6) |
|  | 04/2026 | 153 | 661 | 0 | (4) |
|  | 04/2026 | 3854 | 121798 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |
|  | 04/2026 | 170 | $10 | 0 | 0 |
|  | 05/2026 | $228 | 1581 | 2 | 0 |
|  | 05/2026 | 61 | 264 | 0 | (1) |
|  | 05/2026 | 600 | 29298 | 28 | 0 |
|  | 06/2026 | 2 | $0 | 0 | 0 |
|  | 06/2026 | 614 | 199 | 3 | 0 |
|  | 06/2026 | 209490 | 11508 | 0 | (108) |
|  | 06/2026 | $1028 | 3904909 | 18 | 0 |
|  | 06/2026 | 2086 | 1099739 | 148 | 0 |
|  | 06/2026 | 2633 | 47117 | 0 | (20) |
|  | 06/2026 | 2007 | 7021 | 2 | 0 |
|  | 09/2026 | 749006 | $190 | 0 | (7) |

---

---

| | | |
|:---|:---|:---|
| **96** | **PIMCO INTERNATIONAL 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** |
|  BPS | 04/2026 | 28401 | $5312 | $0 | $(171) |
|  | 04/2026 | 604894 | 675 | 22 | 0 |
|  | 04/2026 | 548 | 177 | 3 | 0 |
|  | 04/2026 | 11499 | 123 | 2 | 0 |
|  | 04/2026 | 48563 | 1475 | 0 | 0 |
|  | 04/2026 | $5443 | 28401 | 40 | 0 |
|  | 04/2026 | 662 | 604894 | 0 | (9) |
|  | 04/2026 | 65 | 206 | 0 | 0 |
|  | 04/2026 | 345 | 1243 | 0 | (10) |
|  | 04/2026 | 127 | 549 | 0 | (3) |
|  | 04/2026 | 17633 | $1041 | 1 | 0 |
|  | 05/2026 | 206 | 65 | 0 | 0 |
|  | 05/2026 | $1986 | 188111 | 10 | 0 |
|  | 06/2026 | 1833837 | $1106 | 0 | (155) |
|  | 06/2026 | 604894 | 662 | 9 | 0 |
|  | 06/2026 | 40809 | 2243 | 0 | (19) |
|  | 06/2026 | $581 | 3089 | 7 | 0 |
|  | 06/2026 | 7632 | 128433161 | 0 | (81) |
|  | 07/2026 | 572 | 3072 | 9 | 0 |
|  BRC | 04/2026 | 11183 | $1429 | 2 | 0 |
|  | 04/2026 | 4512 | 1014 | 0 | (8) |
|  | 04/2026 | 203170 | 4455 | 0 | (40) |
|  | 04/2026 | $2070 | 37016 | 0 | (8) |
|  | 04/2026 | 339 | 1219 | 0 | (10) |
|  | 04/2026 | 2019 | 65672 | 0 | (25) |
|  | 04/2026 | 7217 | 325363 | 50 | 0 |
|  | 04/2026 | 245 | 4008 | 0 | (8) |
|  | 05/2026 | 131 | 483214 | 0 | 0 |
|  | 05/2026 | 825 | 38476 | 5 | 0 |
|  | 06/2026 | 17606784 | $1040 | 5 | 0 |
|  | 08/2026 | 493419 | 131 | 0 | 0 |
|  BSH | 04/2026 | 9404 | 1802 | 0 | (14) |
|  | 04/2026 | $1797 | 9404 | 19 | 0 |
|  | 04/2026 | 131 | 501147 | 5 | 0 |
|  | 04/2026 | 997 | 749 | 0 | (6) |
|  | 04/2026 | 86 | 13751 | 1 | 0 |
|  | 05/2026 | 749 | $997 | 6 | 0 |
|  | 05/2026 | 13709 | 86 | 0 | (1) |
|  | 06/2026 | $531 | 1985837 | 1 | 0 |
|  | 12/2026 | 558 | 1888 | 0 | (23) |
|  | 04/2027 | 20400 | $3587 | 0 | (45) |
|  CBK | 04/2026 | 10658 | 2023 | 0 | (35) |
|  | 04/2026 | 59189659 | 15565 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) |
|  | 04/2026 | 9607 | 451 | 0 | (1) |
|  | 04/2026 | 501 | 582 | 3 | 0 |
|  | 04/2026 | 2769 | 3693 | 28 | 0 |
|  | 04/2026 | 180127 | 528 | 0 | (13) |
|  | 04/2026 | 232984 | 2481 | 17 | 0 |
|  | 04/2026 | 1937 | 577 | 21 | 0 |
|  | 04/2026 | 39 | 1 | 0 | 0 |
|  | 04/2026 | $1034 | 1444 | 0 | (38) |
|  | 04/2026 | 2043 | 10658 | 14 | 0 |
|  | 04/2026 | 3559 | 13260625 | 51 | 0 |
|  | 04/2026 | 2052 | 1766 | 0 | (11) |
|  | 04/2026 | 3661 | 340725 | 9 | (58) |
|  | 04/2026 | 554 | 1937 | 2 | 0 |
|  | 04/2026 | 201 | 12139 | 0 | (1) |
|  | 04/2026 | 522 | 1870 | 0 | (18) |
|  | 04/2026 | 983 | 38559 | 0 | (34) |
|  | 04/2026 | 4031 | 107869560 | 58 | 0 |
|  | 04/2026 | 546 | 9282 | 2 | 0 |
|  | 04/2026 | 22892 | $563 | 0 | (1) |
|  | 05/2026 | 1566201 | 424 | 1 | 0 |
|  | 05/2026 | 15828 | 512 | 30 | 0 |
|  | 05/2026 | $48 | 73910 | 5 | 0 |
|  | 06/2026 | 2256798 | $600 | 0 | (4) |
|  | 06/2026 | 69563245 | 4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | 0 |
|  | 06/2026 | 18 | 6 | 0 | 0 |
|  | 06/2026 | 18362 | 1022 | 4 | 0 |
|  | 06/2026 | 15673 | 4538 | 53 | (2) |
|  | 06/2026 | 12188 | 201 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **97** |

---

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $1126 | 1809577 | $118 | $0 |
|  | 06/2026 | 3040 | 11444042 | 24 | 0 |
|  | 06/2026 | 2555 | 8794 | 0 | (37) |
|  | 06/2026 | 522 | 10518 | 25 | 0 |
|  | 07/2026 | 15285090 | $4007 | 0 | (62) |
|  | 07/2026 | $136 | 513135 | 1 | 0 |
|  | 07/2026 | 517 | 162338 | 0 | (7) |
|  | 09/2026 | 594150 | $664 | 22 | 0 |
|  | 09/2026 | 4674292 | 1206 | 0 | (20) |
|  | 09/2026 | $538 | 2090455 | 10 | 0 |
|  | 11/2026 | 77615 | $48 | 0 | (4) |
|  FAR | 04/2026 | 463 | 328 | 9 | 0 |
|  | 04/2026 | 5364 | 34 | 1 | 0 |
|  | 04/2026 | 1518728 | 1040 | 30 | 0 |
|  | 04/2026 | 98398 | 3113 | 125 | 0 |
|  | 04/2026 | $789 | 587 | 0 | (13) |
|  | 04/2026 | 107 | 17121 | 1 | 0 |
|  | 04/2026 | 376 | 1358 | 0 | (10) |
|  | 04/2026 | 41 | 52 | 0 | 0 |
|  | 05/2026 | 342 | $108 | 0 | (1) |
|  | 05/2026 | 17069 | 107 | 0 | (1) |
|  | 05/2026 | 52 | 41 | 0 | 0 |
|  | 06/2026 | 437 | 142 | 2 | 0 |
|  | 06/2026 | 29876 | 1718 | 61 | 0 |
|  GLM | 04/2026 | 17744 | 3339 | 0 | (86) |
|  | 04/2026 | 72517 | 212 | 0 | (6) |
|  | 04/2026 | 593 | 191 | 2 | 0 |
|  | 04/2026 | 232072 | 2523 | 72 | 0 |
|  | 04/2026 | 83672 | 172 | 0 | (2) |
|  | 04/2026 | 4286 | 1068 | 9 | 0 |
|  | 04/2026 | 4041 | 1084 | 0 | (5) |
|  | 04/2026 | $3334 | 17744 | 91 | 0 |
|  | 04/2026 | 2082 | 134395 | 121 | 0 |
|  | 04/2026 | 14046 | 1312444 | 0 | (127) |
|  | 04/2026 | 1769 | 6946 | 0 | (52) |
|  | 04/2026 | 5 | 17 | 0 | 0 |
|  | 04/2026 | 630 | 20393 | 0 | (10) |
|  | 04/2026 | 1539 | 59776 | 0 | (67) |
|  | 05/2026 | 35328 | $586 | 7 | (3) |
|  | 05/2026 | 3646 | 111 | 0 | 0 |
|  | 05/2026 | $43 | 2282 | 0 | (3) |
|  | 06/2026 | 145145 | $87 | 0 | (13) |
|  | 06/2026 | 8 | 1 | 0 | 0 |
|  | 06/2026 | 29960 | 8 | 0 | 0 |
|  | 06/2026 | 26634 | 434 | 0 | (2) |
|  | 06/2026 | 53490 | 3002 | 36 | 0 |
|  | 06/2026 | $3339 | 17980 | 87 | 0 |
|  | 06/2026 | 4903 | 85539 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
|  | 07/2026 | 7 | $1 | 0 | 0 |
|  | 07/2026 | 186519 | 49 | 0 | (1) |
|  | 07/2026 | 15287 | 249 | 0 | 0 |
|  | 08/2026 | $2085 | 130629 | 39 | 0 |
|  | 09/2026 | 104063 | $1720 | 42 | (9) |
|  | 09/2026 | 1135274 | 11995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | 0 |
|  IND | 04/2026 | 5871 | 6932 | 146 | 0 |
|  JPM | 04/2026 | 3118 | 2175 | 23 | 0 |
|  | 04/2026 | 10822 | 1384 | 3 | 0 |
|  | 04/2026 | 133187 | 399 | 0 | (1) |
|  | 04/2026 | 148299 | 1581 | 14 | 0 |
|  | 04/2026 | 5666 | 1522 | 0 | (4) |
|  | 04/2026 | 52 | 42 | 1 | 0 |
|  | 04/2026 | $503 | 10727 | 2 | 0 |
|  | 04/2026 | 588 | 501 | 0 | (9) |
|  | 04/2026 | 952 | 89619 | 2 | 0 |
|  | 04/2026 | 641 | 10701 | 0 | (9) |
|  | 04/2026 | 487 | $29 | 0 | 0 |
|  | 05/2026 | 1551 | 1063 | 0 | (7) |
|  | 05/2026 | $2174 | 3118 | 0 | (23) |
|  | 06/2026 | 1028 | 17383172 | 0 | (6) |
|  | 06/2026 | 1043 | 12922770 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO INTERNATIONAL 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 | 5500 | $1032 | $0 | $(9) |
|  | 04/2027 | 11100 | 1961 | 0 | (16) |
|  MBC | 04/2026 | 5884 | 6806 | 15 | (11) |
|  | 04/2026 | 73 | 97 | 1 | 0 |
|  | 04/2026 | 5807 | 37 | 1 | 0 |
|  | 04/2026 | 2337660 | 1560 | 5 | 0 |
|  | 04/2026 | $2049 | 2884 | 0 | (59) |
|  | 04/2026 | 5824 | 21564259 | 43 | 0 |
|  | 04/2026 | 23 | 1205 | 0 | (2) |
|  | 04/2026 | 1558 | 1343 | 0 | (6) |
|  | 04/2026 | 2011 | 1506 | 0 | (17) |
|  | 04/2026 | 48 | 7630 | 0 | 0 |
|  | 04/2026 | 4270 | 6318263 | 0 | (68) |
|  | 04/2026 | 492 | 19182 | 0 | (20) |
|  | 04/2026 | 20877 | $515 | 1 | 0 |
|  | 05/2026 | 7607 | 48 | 0 | 0 |
|  | 05/2026 | 16450 | 533 | 32 | 0 |
|  | 05/2026 | $429 | 21846 | 0 | (45) |
|  | 05/2026 | 491 | 19200 | 0 | (19) |
|  | 06/2026 | 4017524 | $1032 | 0 | (44) |
|  | 06/2026 | 17260024 | 1015 | 0 | 0 |
|  | 07/2026 | 22063305 | 5824 | 0 | (38) |
|  MYI | 04/2026 | 3075 | 589 | 0 | (5) |
|  | 04/2026 | 105747 | 1114 | 0 | (3) |
|  | 04/2026 | 60769 | 1015 | 13 | 0 |
|  | 04/2026 | $583 | 3075 | 11 | 0 |
|  | 04/2026 | 925 | 19585 | 0 | (3) |
|  | 04/2026 | 1114 | 106248 | 17 | 0 |
|  | 04/2026 | 13 | 53 | 0 | 0 |
|  | 04/2026 | 2161 | 7393 | 0 | (37) |
|  SCX | 04/2026 | 13302621 | $3472 | 0 | (149) |
|  | 04/2026 | 4218 | 27 | 0 | 0 |
|  | 04/2026 | 3600 | 1037 | 4 | 0 |
|  | 04/2026 | $550 | 28272 | 0 | (39) |
|  | 04/2026 | 2179 | 204448 | 2 | (7) |
|  | 04/2026 | 13 | 6989 | 1 | 0 |
|  | 05/2026 | 20500 | $129 | 0 | (1) |
|  | 06/2026 | 1716348 | 1935 | 81 | 0 |
|  | 07/2026 | $16 | 8617 | 1 | 0 |
|  SOG | 04/2026 | 501 | $593 | 14 | 0 |
|  | 04/2026 | 23266 | 150 | 3 | 0 |
|  | 04/2026 | $8364 | 7248 | 13 | 0 |
|  | 04/2026 | 581 | 2516 | 0 | (12) |
|  | 05/2026 | 7248 | $8377 | 0 | (13) |
|  | 05/2026 | $288 | 15250 | 0 | (19) |
|  | 06/2026 | 412 | $134 | 2 | 0 |
|  | 06/2026 | 2222 | 660 | 23 | 0 |
|  SSB | 04/2026 | 747 | 531 | 16 | 0 |
|  | 04/2026 | 3033108 | 2030 | 13 | 0 |
|  | 08/2026 | 3439111 | 902 | 0 | (6) |
|  UAG | 04/2026 | 2725206 | 712 | 0 | (30) |
|  | 04/2026 | $10724 | 39872401 | 124 | 0 |
|  | 04/2026 | 389 | 8177 | 0 | (4) |
|  | 04/2026 | 462 | 1673 | 0 | (11) |
|  | 05/2026 | 296 | 1095411 | 0 | (1) |
|  | 06/2026 | 50837295 | $13428 | 0 | (186) |
|  | 06/2026 | 601 | 195 | 3 | 0 |
|  | 06/2026 | 36916 | 2081 | 34 | 0 |
|  | 08/2026 | 1118543 | 296 | 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;2538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3405) |

---

#### 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 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.490% | 05/05/2026 | 121300 | $40 | $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;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 99

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond Fund (Cont.)

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus TRY | TRY | 49.550 | 04/10/2026 | 4131 | $(66) | $(5) |
|  | Put - OTC USD versus TRY |  | 46.200 | 05/11/2026 | 1986 | (52) | (27) |
|  | Call - OTC USD versus TRY |  | 55.000 | 05/11/2026 | 1986 | (25) | (14) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |

---

#### 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 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.240% | 05/05/2026 | 121300 | $(13) | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.820 | 05/05/2026 | 121300 | (17) | (106) |
|  |  |  |  |  |  | $(30) | $(106) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |

---

#### 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 | Argentine Republic Government International Bonds | 5.000% | Quarterly | 12/20/2026 | 2.754% | $71 | $0 | $1 | $1 | $0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.733 | 100 | (1) | 0 | 0 | (1) |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 92 | 1 | 1 | 2 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 | 200 | (2) | 1 | 0 | (1) |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 282 | 1 | 1 | 2 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 263 | 1 | 4 | 5 | 0 |
| JPM | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 33 | 2 | 35 | 0 |
| MYI | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 225 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 2 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 | $247 | $0 | $0 | $247 | $(372) | $(46) | $0 | $(418) | $(171) | $0 | $(171) |
|  BPS | 103 | 0 | 0 | 103 | (448) | 0 | 0 | (448) | (345) | 262 | (83) |
|  BRC | 62 | 0 | 1 | 63 | (99) | 0 | (1) | (100) | (37) | 0 | (37) |
|  BSH | 32 | 0 | 0 | 32 | (89) | 0 | 0 | (89) | (57) | 0 | (57) |
|  CBK | 543 | 1 | 2 | 546 | (885) | (106) | (1) | (992) | (446) | 331 | (115) |
|  FAR | 229 | 0 | 0 | 229 | (25) | 0 | 0 | (25) | 204 | 0 | 204 |
|  GLM | 658 | 0 | 0 | 658 | (546) | 0 | 0 | (546) | 112 | 0 | 112 |
|  GST | 0 | 0 | 7 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  IND | 146 | 0 | 0 | 146 | 0 | 0 | 0 | 0 | 146 | 0 | 146 |
|  JPM | 45 | 0 | 35 | 80 | (86) | 0 | 0 | (86) | (6) | 0 | (6) |
|  MBC | 98 | 0 | 0 | 98 | (329) | 0 | 0 | (329) | (231) | 0 | (231) |
|  MYI | 41 | 0 | 2 | 43 | (48) | 0 | 0 | (48) | (5) | 0 | (5) |
|  SCX | 89 | 0 | 0 | 89 | (196) | 0 | 0 | (196) | (107) | 0 | (107) |
|  SOG | 55 | 0 | 0 | 55 | (44) | 0 | 0 | (44) | 11 | 0 | 11 |
|  SSB | 29 | 0 | 0 | 29 | (6) | 0 | 0 | (6) | 23 | 0 | 23 |
|  UAG | 161 | 0 | 0 | 161 | (232) | 0 | 0 | (232) | (71) | 0 | (71) |
|  Total Over the Counter | $2538 | $1 | $47 | $2586 | $(3405) | $(152) | $(2) | $(3559) |  |  |  |

---

100 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

(o) Securities with an aggregate market value of $593 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; Futures  | $0 | $0 | $0 | $0 | $72 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 413 | 413 |
|  | $0 | $0 | $0 | $0 | $485 | $485 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | $0 | $2538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 47 | 0 | 0 | 0 | 47 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $0 | $2538 | $1 | $2586 |
|  | $0 | $47 | $0 | $2538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $34 | $0 | $0 | $444 | $478 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3405 | $0 | $3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 46 | 106 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 0 | 2 |
|  | $0 | $2 | $0 | $3451 | $106 | $3559 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $36 | $0 | $3451 | $550 | $4037 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 101

------

Schedule of Investments PIMCO Emerging Markets Full Spectrum Bond 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 | $595 | $595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 120 | 0 | 0 | (111) | 9 |
|  | $0 | $120 | $0 | $0 | $484 | $604 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $56 | $0 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (25) | 0 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 337 | 0 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 130 | 0 | 0 | 12 | 142 |
|  | $0 | $130 | $0 | $368 | $12 | $510 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $368 | $496 | $1114 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(900) | $(900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | (138) | (135) |
|  | $0 | $3 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1038) | $(1035) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) | $0 | $(865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (39) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 97 | (76) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (51) | 0 | 0 | 0 | (51) |
|  | $0 | $(51) | $0 | $(768) | $(115) | $(934) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(48) | $0 | $(768) | $(1153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1969) |

---

#### 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<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 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $598 | $0 | $598 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 507 | 0 | 507 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1881 | 0 | 1881 |
|  Benin | Benin | Benin | Benin | Benin |
| &nbsp;&nbsp; Sovereign Issues | 0 | 913 | 0 | 913 |
|  Bosnia-Herze. |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 465 | 0 | 465 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6382 | 0 | 6382 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 488 | 0 | 488 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 19 | 0 | 19 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | 1753 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3081 | 0 | 3081 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | 8 | 0 | 0 | 8 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 884 | 0 | 884 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2077 | 0 | 2077 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1652 | 0 | 1652 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1018 | 0 | 1018 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value<br>at 03/31/2026** |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $574 | $0 | $574 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1072 | 0 | 1072 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 551 | 0 | 551 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11343 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11343 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2286 | 0 | 2286 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1405 | 0 | 1405 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1554 | 0 | 1554 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 980 | 0 | 980 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Sovereign Issues | 0 | 242 | 0 | 242 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 906 | 0 | 906 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1838 | 0 | 1838 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Sovereign Issues | 0 | 500 | 0 | 500 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | 1002 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 6731 | 0 | 6731 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 132 | 0 | 132 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 1094 | 0 | 0 | 1094 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 23 | 0 | 23 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value<br>at 03/31/2026** |
| &nbsp;&nbsp; Nigeria Treasury Bills | $0 | $5886 | $0 | $5886 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 754 | 0 | 754 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84611 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Mutual Funds | 127621 | 0 | 0 | 127621 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 21175 | 0 | 0 | 21175 |
|  | $148796 | $0 | $0 | $148796 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149898 | $80762 | $2747 | $233407 |
|  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 | 483 | 0 | 483 |
|  Over the counter | 0 | 2586 | 0 | 2586 |
|  | $0 | $3069 | $0 | $3069 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value<br>at 03/31/2026** |
|  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 | $(478) | $0 | $(478) |
|  Over the counter | 0 | (3559) | 0 | (3559) |
|  | $0 | $(4037) | $0 | $(4037) |
|  Total Financial Derivative Instruments | $0 | $(968) | $0 | $(968) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232439 |

---

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 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1758 | $0 | $0 | $0 | $(13) | $0 | $0 | $1745 | $(13) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1000 | 0 | 0 | 0 | 2 | 0 | 0 | 1002 | 2 |
|  Totals | $0 | $2758 | $0 | $0 | $0 | $(11) | $0 | $0 | $2747 | $(11) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | Input Value(s) | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $1745 | Discounted Cash Flow | Discount Rate | 6.918 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1002 | Discounted Cash Flow | Discount Rate | 9.483 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 |  |  |  |  |

---

<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 | **103** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% |
| AZERBAIJAN 0.0% | AZERBAIJAN 0.0% | AZERBAIJAN 0.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  State Oil Co. of the Azerbaijan Republic | State Oil Co. of the Azerbaijan Republic | State Oil Co. of the Azerbaijan Republic |
|  TBD% due 07/22/2030 « | 1000 | 1000 |
|  Total Azerbaijan (Cost $1,000) | Total Azerbaijan (Cost $1,000) | 1000 |
| BRAZIL 5.9% | BRAZIL 5.9% | BRAZIL 5.9% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Banco do Brasil SA | Banco do Brasil SA | Banco do Brasil SA |
|  8.500% due 07/29/2026 | 135000 | 7614 |
|  Vale SA | Vale SA | Vale SA |
|  0.000% due 12/29/2049 ~(h) | 114743 | 9707 |
|  |  | 17321 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 «~ | 6394 | 64 |
| SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (e) | 57900 | 10825 |
|  0.000% due 10/01/2026 (e) | 139300 | 25194 |
|  0.000% due 04/01/2027 (e) | 61200 | 10401 |
|  0.000% due 07/01/2028 (e) | 83000 | 12027 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  10.000% due 01/01/2027 | 84700 | 15938 |
|  10.000% due 01/01/2029 | 203200 | 36192 |
|  10.000% due 01/01/2031 | 210500 | 35541 |
|  10.000% due 01/01/2033 | 1300 | 211 |
|  |  | 146329 |
|  Total Brazil (Cost $161,381) | Total Brazil (Cost $161,381) | 163714 |
| CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% | CAYMAN ISLANDS 0.6% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  4.971% due 12/31/2035 •  | 966 | 968 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 380 | 380 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.059% due 04/20/2032 •  | 1341 | 1343 |
|  |  | 2691 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (e) | 563 | 2 |
|  0.000% due 12/31/2027 (e) | 704 | 1 |
|  0.000% due 12/31/2028 (e) | 1127 | 2 |
|  0.000% due 12/31/2029 (e) | 1127 | 1 |
|  0.000% due 12/31/2030 (e) | 1409 | 2 |
|  0.000% due 12/31/2031 (e) | 1409 | 2 |
|  0.000% due 12/31/2032 (e) | 2657 | 3 |
|  |  | 13 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.580% (BRMMUSDF + 4.020%) due 01/08/2027 ~ | 550 | 558 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 | 120 | 10 |
|  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) | 948 | 8 |
|  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) | 1586 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **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) | 1912 | 5 |
|  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) | 2881 | 13 |
|  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) | 395 | 44 |
|  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) | 648 | 6 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 7500 | 8726 |
|  Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. | Peru Payroll Deduction Finance Ltd. |
|  0.000% due 11/01/2029 (e) | 1021 | 915 |
|  Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. | Red Dorsal Finance Ltd. |
|  5.875% due 10/12/2031 | 1228 | 1211 |
|  |  | 11501 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Ziraat | Ziraat | Ziraat |
|  6.774% (TSFR3M + 3.100%) due 06/15/2034 «~ | 4300 | 4186 |
|  Total Cayman Islands (Cost $20,549) | Total Cayman Islands (Cost $20,549) | 18391 |
| CHILE 5.3% | CHILE 5.3% | CHILE 5.3% |
| SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 60305000 | 63524 |
|  5.000% due 10/01/2028 | 10675000 | 11469 |
|  5.000% due 03/01/2035 | 13835000 | 14361 |
|  5.800% due 10/01/2029 | 38705000 | 42554 |
|  5.800% due 10/01/2034 | 195000 | 214 |
|  6.000% due 04/01/2033 | 13210000 | 14675 |
|  Total Chile (Cost $147,127) | Total Chile (Cost $147,127) | 146797 |
|  | **SHARES** |  |
| CHINA 3.8% | CHINA 3.8% | CHINA 3.8% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Kaisa Group Holdings Ltd. (c) | 8287096 | 94 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% | SOVEREIGN ISSUES 3.8% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 196720 | 30093 |
|  2.820% due 05/22/2033 | 127180 | 19662 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 116250 | 16666 |
|  1.900% due 07/15/2055 | 70300 | 9218 |
|  2.040% due 11/25/2034 | 36090 | 5354 |
|  2.190% due 09/25/2054 | 107940 | 15082 |
|  3.120% due 10/25/2052 | 5900 | 982 |
|  3.810% due 09/14/2050 | 48180 | 8847 |
|  |  | 105904 |
|  Total China (Cost $103,439) | Total China (Cost $103,439) | 105998 |
| COLOMBIA 9.1% | COLOMBIA 9.1% | COLOMBIA 9.1% |
| SOVEREIGN ISSUES 9.1% | SOVEREIGN ISSUES 9.1% | SOVEREIGN ISSUES 9.1% |
|  Bogota Distrito Capital | Bogota Distrito Capital | Bogota Distrito Capital |
|  13.140% due 11/05/2035 | 50688000 | 13613 |
|  Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (g) | 17305063 | 4090 |
|  6.500% due 01/22/2031 (g) | 131848776 | 34414 |
|  7.000% due 03/26/2031 | 6870700 | 1439 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.000% due 08/22/2029 | COP | 278041900 | 70103 |
|  11.500% due 07/25/2046 |  | 8361300 | 2017 |
|  11.750% due 01/24/2035 |  | 239837700 | 59464 |
|  12.750% due 11/28/2040 |  | 117643900 | 31182 |
|  13.250% due 02/09/2033 |  | 128547000 | 34465 |
|  Total Colombia (Cost $246,846) | Total Colombia (Cost $246,846) | Total Colombia (Cost $246,846) | 250787 |
| COSTA RICA 0.5% | COSTA RICA 0.5% | COSTA RICA 0.5% | COSTA RICA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  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 | EUR | 6000 | 7099 |
|  6.001% due 01/16/2036 |  | 5250 | 6254 |
|  Total Costa Rica (Cost $13,186) | Total Costa Rica (Cost $13,186) | Total Costa Rica (Cost $13,186) | 13353 |
| CZECH REPUBLIC 3.2% | CZECH REPUBLIC 3.2% | CZECH REPUBLIC 3.2% | CZECH REPUBLIC 3.2% |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  1.750% due 06/23/2032 | CZK | 61300 | 2447 |
|  1.950% due 07/30/2037 |  | 39000 | 1368 |
|  2.000% due 10/13/2033 (k) |  | 60900 | 2374 |
|  3.600% due 06/03/2036 |  | 205300 | 8681 |
|  4.250% due 10/24/2034 |  | 189200 | 8560 |
|  4.500% due 11/11/2032 (k) |  | 756370 | 35275 |
|  4.900% due 04/14/2034 (k) |  | 235090 | 11161 |
|  5.000% due 09/30/2030 (k) |  | 393900 | 18980 |
|  Total Czech Republic (Cost $86,687) | Total Czech Republic (Cost $86,687) | Total Czech Republic (Cost $86,687) | 88846 |
| DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% | DENMARK 0.0% |
|  Total Denmark (Cost $0) | Total Denmark (Cost $0) | Total Denmark (Cost $0) | 0 |
| DOMINICAN REPUBLIC 1.9% | DOMINICAN REPUBLIC 1.9% | DOMINICAN REPUBLIC 1.9% | DOMINICAN REPUBLIC 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  10.500% due 03/15/2037 | DOP | 2622650 | 45031 |
|  10.750% due 06/01/2036 |  | 277950 | 4834 |
|  13.625% due 02/03/2033 |  | 22000 | 431 |
|  13.625% due 02/10/2034 |  | 63300 | 1299 |
|  Total Dominican Republic (Cost $48,628) | Total Dominican Republic (Cost $48,628) | Total Dominican Republic (Cost $48,628) | 51595 |
| EGYPT 1.3% | EGYPT 1.3% | EGYPT 1.3% | EGYPT 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | EGP | 655200 | 11803 |
|  21.954% due 03/04/2028 |  | 1329100 | 23808 |
|  Total Egypt (Cost $39,463) | Total Egypt (Cost $39,463) | Total Egypt (Cost $39,463) | 35611 |
| GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% | GERMANY 0.8% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  8.010% due 07/18/2034 « | INR | 1700000 | 17012 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  6.599% (EUR006M + 4.500%) due 04/26/2032 ~ | EUR | 4800 | 4874 |
|  Total Germany (Cost $24,892) | Total Germany (Cost $24,892) | Total Germany (Cost $24,892) | 21886 |
| GHANA 0.2% | GHANA 0.2% | GHANA 0.2% | GHANA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds | Republic of Ghana Government Bonds |
|  8.650% due 02/13/2029 | GHS | 37474 | 3175 |
|  8.800% due 02/12/2030 |  | 17000 | 1374 |
|  8.950% due 02/11/2031 |  | 28 | 2 |
|  9.100% due 02/10/2032 |  | 3830 | 295 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.250% due 02/08/2033 |  | 10430 | 786 |
|  9.850% due 02/03/2037 |  | 7962 | 566 |
|  Total Ghana (Cost $4,180) | Total Ghana (Cost $4,180) | Total Ghana (Cost $4,180) | 6198 |
| HUNGARY 1.5% | HUNGARY 1.5% | HUNGARY 1.5% | HUNGARY 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  2.250% due 06/22/2034 (k) |  | 1868800 | 3947 |
|  3.000% due 10/27/2038 (k) |  | 731300 | 1463 |
|  4.500% due 05/27/2032 |  | 2044200 | 5349 |
|  4.750% due 11/24/2032 (k) |  | 11070200 | 29091 |
|  7.000% due 10/24/2035 (k) |  | 273200 | 813 |
|  Total Hungary (Cost $40,231) | Total Hungary (Cost $40,231) | Total Hungary (Cost $40,231) | 40663 |
| INDONESIA 4.6% | INDONESIA 4.6% | INDONESIA 4.6% | INDONESIA 4.6% |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  5.875% due 03/15/2031 |  | 220409000 | 12588 |
|  6.500% due 04/15/2036 |  | 389761000 | 22375 |
|  6.625% due 02/15/2034 |  | 86832000 | 5050 |
|  6.750% due 07/15/2035 |  | 676323000 | 39602 |
|  7.000% due 02/15/2033 |  | 125399000 | 7464 |
|  7.125% due 06/15/2038 |  | 86770000 | 5185 |
|  7.125% due 08/15/2040 |  | 157543000 | 9425 |
|  7.125% due 06/15/2042 |  | 6871000 | 411 |
|  7.125% due 06/15/2043 |  | 16028000 | 960 |
|  7.125% due 08/15/2045 |  | 160470000 | 9696 |
|  7.500% due 05/15/2038 |  | 91004000 | 5616 |
|  7.500% due 04/15/2040 |  | 88950000 | 5465 |
|  8.375% due 04/15/2039 |  | 62230000 | 4100 |
|  Total Indonesia (Cost $134,720) | Total Indonesia (Cost $134,720) | Total Indonesia (Cost $134,720) | 127937 |
| IRELAND 0.4% | IRELAND 0.4% | IRELAND 0.4% | IRELAND 0.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 (k) | $— | 1646 | 1540 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due<br>03/05/2027 «~ |  | 6300 | 7290 |
|  Total Ireland (Cost $8,351) | Total Ireland (Cost $8,351) | Total Ireland (Cost $8,351) | 8830 |
| IVORY COAST 0.3% | IVORY COAST 0.3% | IVORY COAST 0.3% | IVORY COAST 0.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire | Republic of Cote d'Ivoire |
|  5.185% (EUR006M + 3.050%) due<br>03/05/2027 «~ |  | 7300 | 8481 |
|  Total Ivory Coast (Cost $7,782) | Total Ivory Coast (Cost $7,782) | Total Ivory Coast (Cost $7,782) | 8481 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 |  | 1800 | 2064 |
|  5.375% due 06/15/2036 |  | 1800 | 2066 |
|  Total Jersey, Channel Islands (Cost $4,249) | Total Jersey, Channel Islands (Cost $4,249) | Total Jersey, Channel Islands (Cost $4,249) | 4130 |
| KAZAKHSTAN 0.6% | KAZAKHSTAN 0.6% | KAZAKHSTAN 0.6% | KAZAKHSTAN 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  10.950% due 05/06/2026 |  | 611500 | 1270 |
|  13.489% due 05/23/2028 |  | 872000 | 1712 |
|  18.400% due 10/16/2028 |  | 6094500 | 13103 |
|  Total Kazakhstan (Cost $14,227) | Total Kazakhstan (Cost $14,227) | Total Kazakhstan (Cost $14,227) | 16085 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| KENYA 0.1% | KENYA 0.1% | KENYA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  9.186% (JY0003M + 5.400%) due 04/05/2028 «~ | 2250 | 2230 |
|  Total Kenya (Cost $2,241) | Total Kenya (Cost $2,241) | 2230 |
|  | SHARES |  |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Drillco Holdings Luxembourg SA «(j) | 10272 | 237 |
|  Foresea Holdings SA « | 10634 | 244 |
|  |  | 481 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 260 | 256 |
|  Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL | Poinsettia Finance Ltd. SARL |
|  6.625% due 06/17/2031 | 2465 | 2411 |
|  |  | 2667 |
|  Total Luxembourg (Cost $2,898) | Total Luxembourg (Cost $2,898) | 3148 |
| MALAYSIA 7.0% | MALAYSIA 7.0% | MALAYSIA 7.0% |
| SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% | SOVEREIGN ISSUES 7.0% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  3.828% due 07/05/2034 | 29430 | 7370 |
|  3.899% due 11/16/2027 | 28990 | 7251 |
|  3.900% due 11/30/2026 | 157251 | 39069 |
|  3.917% due 07/15/2055 | 3530 | 844 |
|  4.054% due 04/18/2039 | 164920 | 41500 |
|  4.065% due 06/15/2050 | 13699 | 3376 |
|  4.180% due 05/16/2044 | 6660 | 1686 |
|  4.254% due 05/31/2035 | 28420 | 7341 |
|  4.457% due 03/31/2053 | 61910 | 16163 |
|  4.696% due 10/15/2042 | 6078 | 1634 |
|  4.762% due 04/07/2037 | 9554 | 2567 |
|  4.893% due 06/08/2038 | 19470 | 5294 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  3.612% due 04/30/2035 | 9470 | 2340 |
|  4.070% due 09/30/2026 | 89182 | 22142 |
|  4.119% due 11/30/2034 | 27970 | 7153 |
|  4.130% due 07/09/2029 | 65000 | 16455 |
|  4.291% due 08/14/2043 | 20870 | 5365 |
|  4.417% due 09/30/2041 | 2714 | 708 |
|  4.662% due 03/31/2038 | 12800 | 3424 |
|  5.357% due 05/15/2052 | 5700 | 1694 |
|  Total Malaysia (Cost $188,005) | Total Malaysia (Cost $188,005) | 193376 |
|  | SHARES |  |
| MEXICO 7.6% | MEXICO 7.6% | MEXICO 7.6% |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
|  Hipotecaria Su Casita SA «(c) | 742577 | 0 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% | SOVEREIGN ISSUES 7.6% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 225900 | 11573 |
|  7.750% due 05/29/2031 | 433000 | 23048 |
|  7.750% due 11/23/2034 | 225900 | 11539 |
|  7.750% due 11/13/2042 | 388300 | 18023 |
|  8.000% due 04/15/2032 | 397800 | 21185 |
|  8.000% due 11/07/2047 | 502900 | 23531 |
|  8.000% due 07/31/2053 | 526870 | 24381 |
|  8.500% due 03/01/2029 | 118200 | 6613 |
|  8.500% due 05/31/2029 | 54200 | 3025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.500% due 02/28/2030 |  | 1033200 | 57289 |
|  8.500% due 11/18/2038 |  | 203400 | 10449 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (g) |  | 128 | 7 |
|  |  |  | 210663 |
|  Total Mexico (Cost $204,948) | Total Mexico (Cost $204,948) | Total Mexico (Cost $204,948) | 210663 |
| NETHERLANDS 0.1% | NETHERLANDS 0.1% | NETHERLANDS 0.1% | NETHERLANDS 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | $— | 3400 | 3381 |
|  Total Netherlands (Cost $3,374) | Total Netherlands (Cost $3,374) | Total Netherlands (Cost $3,374) | 3381 |
| NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% | NIGERIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.724% (EUR003M + 1.700%) due 08/23/2027 ~ |  | 2325 | 2681 |
|  Total Nigeria (Cost $2,445) | Total Nigeria (Cost $2,445) | Total Nigeria (Cost $2,445) | 2681 |
| PARAGUAY 0.7% | PARAGUAY 0.7% | PARAGUAY 0.7% | PARAGUAY 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  7.900% due 02/09/2031 |  | 39627000 | 6005 |
|  8.500% due 03/04/2035 |  | 42776000 | 6545 |
|  8.500% due 04/04/2038 |  | 51151000 | 7754 |
|  Total Paraguay (Cost $18,573) | Total Paraguay (Cost $18,573) | Total Paraguay (Cost $18,573) | 20304 |
| PERU 6.9% | PERU 6.9% | PERU 6.9% | PERU 6.9% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 |  | 15000 | 4586 |
|  10.100% due 12/15/2043 |  | 56200 | 17523 |
|  |  |  | 22109 |
| SOVEREIGN ISSUES 6.1% | SOVEREIGN ISSUES 6.1% | SOVEREIGN ISSUES 6.1% | SOVEREIGN ISSUES 6.1% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 |  | 9000 | 2171 |
|  5.400% due 08/12/2034 |  | 9500 | 2594 |
|  6.150% due 08/12/2032 |  | 24000 | 7212 |
|  6.850% due 08/12/2035 |  | 117700 | 34536 |
|  7.300% due 08/12/2033 |  | 79100 | 24906 |
|  7.600% due 08/12/2039 |  | 500 | 149 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 74800 | 20422 |
|  6.150% due 08/12/2032 |  | 177000 | 53192 |
|  6.850% due 02/12/2042 |  | 3800 | 1108 |
|  6.900% due 08/12/2037 |  | 2700 | 772 |
|  6.950% due 08/12/2031 |  | 50400 | 15708 |
|  7.300% due 08/12/2033 |  | 15800 | 4967 |
|  |  |  | 167737 |
|  Total Peru (Cost $177,963) | Total Peru (Cost $177,963) | Total Peru (Cost $177,963) | 189846 |
| PHILIPPINES 1.8% | PHILIPPINES 1.8% | PHILIPPINES 1.8% | PHILIPPINES 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
|  6.250% due 02/28/2029 |  | 2639780 | 43201 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 |  | 369000 | 5800 |
|  Total Philippines (Cost $51,671) | Total Philippines (Cost $51,671) | Total Philippines (Cost $51,671) | 49001 |
| POLAND 5.5% | POLAND 5.5% | POLAND 5.5% | POLAND 5.5% |
| SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |
|  2.000% due 08/25/2036 (g) |  | 32265 | 7811 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **105** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 07/25/2030 (k) | PLN | 207800 | 54540 |
|  4.750% due 07/25/2029 (k) |  | 85800 | 22985 |
|  5.000% due 01/25/2030 (k) |  | 48300 | 12983 |
|  5.000% due 10/25/2034 |  | 27570 | 7069 |
|  5.000% due 10/25/2035 |  | 76070 | 19224 |
|  6.000% due 10/25/2033 (k) |  | 96450 | 26576 |
|  Total Poland (Cost $151,649) | Total Poland (Cost $151,649) | Total Poland (Cost $151,649) | 151188 |
| ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% | ROMANIA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  4.250% due 04/28/2036 | RON | 53200 | 9640 |
|  4.750% due 10/11/2034 |  | 9700 | 1867 |
|  5.000% due 02/12/2029 |  | 10300 | 2230 |
|  6.750% due 04/25/2035 |  | 5900 | 1310 |
|  6.850% due 07/29/2030 |  | 43100 | 9710 |
|  7.100% due 07/31/2034 |  | 58900 | 13274 |
|  7.350% due 04/28/2031 |  | 49400 | 11335 |
|  7.650% due 07/27/2031 |  | 19100 | 4430 |
|  8.000% due 04/29/2030 |  | 30500 | 7158 |
|  Total Romania (Cost $59,640) | Total Romania (Cost $59,640) | Total Romania (Cost $59,640) | 60954 |
| SERBIA 0.6% | SERBIA 0.6% | SERBIA 0.6% | SERBIA 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Tesler | Tesler | Tesler | Tesler |
|  7.897% (EUR003M + 5.850%) due 05/21/2028 «~ | EUR | 3900 | 4420 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds | Serbia Treasury Bonds |
|  4.500% due 08/20/2032 | RSD | 345400 | 3301 |
|  5.250% due 07/27/2035 |  | 884800 | 8708 |
|  |  |  | 12009 |
|  Total Serbia (Cost $16,170) | Total Serbia (Cost $16,170) | Total Serbia (Cost $16,170) | 16429 |
| SOUTH AFRICA 9.9% | SOUTH AFRICA 9.9% | SOUTH AFRICA 9.9% | SOUTH AFRICA 9.9% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  0.000% due 08/18/2027 (e) | ZAR | 143600 | 7049 |
|  0.000% due 12/31/2032 (e) |  | 363100 | 9000 |
|  Transnet | Transnet | Transnet | Transnet |
|  10.000% due 03/30/2029 |  | 103000 | 5922 |
|  13.500% due 04/18/2028 |  | 1800 | 116 |
|  |  |  | 22087 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.658% due 03/02/2028 «~ |  | 35543 | 2073 |
| SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% |
|  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 (k) |  | 434700 | 20650 |
|  7.000% due 02/28/2031 (k) |  | 137327 | 7606 |
|  7.000% due 02/28/2031 |  | 436300 | 24166 |
|  8.000% due 01/31/2030 |  | 415250 | 24277 |
|  8.250% due 03/31/2032 (k) |  | 197200 | 11380 |
|  8.500% due 01/31/2037 |  | 496600 | 27431 |
|  8.750% due 01/31/2044 |  | 50100 | 2689 |
|  8.750% due 02/28/2048 (k) |  | 134700 | 7202 |
|  8.875% due 02/28/2035 |  | 1142900 | 66380 |
|  9.000% due 01/31/2040 (k) |  | 774100 | 43054 |
|  9.875% due 03/31/2039 |  | 216900 | 13036 |
|  10.125% due 03/31/2042 |  | 37400 | 2265 |
|  |  |  | 250136 |
|  Total South Africa (Cost $260,211) | Total South Africa (Cost $260,211) | Total South Africa (Cost $260,211) | 274296 |
| SUPRANATIONAL 0.9% | SUPRANATIONAL 0.9% | SUPRANATIONAL 0.9% | SUPRANATIONAL 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  15.500% due 03/16/2029 | KZT | 2304100 | 4750 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  6.250% due 10/14/2040 | 4600 | 5031 |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.875% due 11/15/2029 | 58700 | 14735 |
|  Total Supranational (Cost $23,710) | Total Supranational (Cost $23,710) | 24516 |
| TANZANIA 0.1% | TANZANIA 0.1% | TANZANIA 0.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  United Republic of Tanzania | United Republic of Tanzania | United Republic of Tanzania |
|  7.499% (EUR006M + 5.400%) due 04/26/2028 «~ | 2000 | 2329 |
|  Total Tanzania (Cost $2,348) | Total Tanzania (Cost $2,348) | 2329 |
| THAILAND 2.8% | THAILAND 2.8% | THAILAND 2.8% |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  2.000% due 06/17/2042 | 12880 | 339 |
|  2.700% due 06/17/2040 | 789390 | 23570 |
|  2.875% due 06/17/2046 | 23000 | 653 |
|  2.980% due 06/17/2045 | 627462 | 18337 |
|  3.450% due 06/17/2043 | 1151233 | 35861 |
|  Total Thailand (Cost $86,653) | Total Thailand (Cost $86,653) | 78760 |
| TURKEY 1.9% | TURKEY 1.9% | TURKEY 1.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.558% (EUR006M + 3.450%) due 08/11/2026 «~ | 8300 | 9618 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.150% (EUR003M + 3.000%) due 12/15/2028 «~ | 1600 | 1841 |
|  |  | 11459 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  27.700% due 09/27/2034 | 781900 | 15612 |
|  34.100% due 07/10/2030 | 494500 | 10672 |
|  39.740% (BISTREFI) due 05/20/2026 ~ | 16300 | 367 |
|  39.740% (BISTREFI) due 08/19/2026 ~ | 27000 | 608 |
|  39.740% (BISTREFI) due 05/17/2028 ~ | 643400 | 14428 |
|  |  | 41687 |
|  Total Turkey (Cost $62,394) | Total Turkey (Cost $62,394) | 53146 |
| UGANDA 0.0% | UGANDA 0.0% | UGANDA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  15.000% due 06/18/2043 | 1633700 | 404 |
|  Total Uganda (Cost $373) | Total Uganda (Cost $373) | 404 |
| UNITED KINGDOM 1.4% | UNITED KINGDOM 1.4% | UNITED KINGDOM 1.4% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 09/18/2029 « | 165827000 | 13599 |
|  20.000% due 12/13/2029 « | 61608000 | 5052 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 19470 | 15246 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 271 | 344 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 1169 | 1691 |
|  |  | 35932 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Canada Square Funding 6 PLC | Canada Square Funding 6 PLC | Canada Square Funding 6 PLC |
|  4.594% due 01/17/2059 •  | 1283 | 1699 |
|  Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC | Rochester Financing No. 3 PLC |
|  4.445% due 12/18/2044 •  | 743 | 982 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (e) | 0 | 717 |
|  |  | 3398 |
|  Total United Kingdom (Cost $36,815) | Total United Kingdom (Cost $36,815) | 39330 |
| UNITED STATES 3.9% | UNITED STATES 3.9% | UNITED STATES 3.9% |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.633% due 08/25/2036 •  | 1053 | 1041 |
|  4.693% due 03/25/2034 •  | 382 | 409 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.908% due 07/25/2037 •  | 9 | 6 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.883% due 01/25/2037 •  | 835 | 514 |
|  4.093% due 12/25/2036 •  | 747 | 745 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.968% due 01/25/2036 þ | 2513 | 2243 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.543% due 09/25/2035 •  | 1412 | 1396 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.273% due 12/25/2036 •  | 2864 | 963 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.113% due 08/25/2036 •  | 790 | 785 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  4.130% due 05/14/2035 | 2210 | 2210 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.013% due 04/25/2037 •  | 328 | 229 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  2.801% due 01/25/2036 þ | 1548 | 1328 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  4.033% due 05/25/2037 •  | 4128 | 3740 |
|  |  | 15609 |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 9190 | 9456 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(j) | 5000 | 5054 |
|  |  | 14510 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.500% (TSFR3M + 3.800%) due 04/12/2029 «~ | 10000 | 10040 |
|  Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance | Republic of Angola Ministry of Finance |
|  9.398% (TSFR3M + 5.750%) due 02/16/2027 «~ | 2400 | 2404 |
|  |  | 12444 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 309 | 282 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  0.909% due 01/25/2066 ~ | 2235 | 1992 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.372% due 03/20/2036 ~ | 10 | 10 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.077% due 05/26/2037 ~ | 1844 | 1666 |
|  4.133% due 01/25/2037 •  | 136 | 129 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.873% due 04/25/2037 ~ | 5436 | 3753 |
|  4.047% due 08/25/2036 ~ | 228 | 151 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.335% due 02/25/2036 ~ | $| 28 | 26 |
|  4.991% due 01/25/2035 ~ |  | 2 | 2 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.592% due 09/25/2047 ~ |  | 13 | 12 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.202% due 11/25/2034 •  |  | 99 | 94 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.451% due 09/25/2037 ~ |  | 2081 | 1978 |
|  4.957% due 07/25/2046 ~ |  | 19 | 18 |
|  6.033% due 03/25/2034 ~ |  | 4 | 3 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 40 | 36 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.233% due 06/25/2045 •  |  | 36 | 32 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 01/25/2036 •  |  | 160 | 128 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.966% due 11/25/2035 ~ |  | 54 | 23 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.498% due 08/19/2036 ~ |  | 1 | 1 |
|  5.859% due 10/19/2035 •  |  | 287 | 132 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.433% due 03/25/2035 •  |  | 57 | 56 |
|  5.730% due 01/25/2033 þ |  | 103 | 104 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.153% due 02/25/2037 •  |  | 760 | 724 |
|  4.433% due 07/25/2045 •  |  | 78 | 59 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.923% due 06/25/2036 ~ |  | 148 | 99 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  2.500% due 03/25/2056 |  | 87 | 86 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.153% due 12/25/2036 •  |  | 7 | 7 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.634% due 06/25/2036 ~ |  | 5 | 5 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.340% due 06/25/2036 þ |  | 7543 | 1884 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.788% due 10/25/2037 ~ |  | 757 | 604 |
|  5.787% due 02/25/2036 ~ |  | 72 | 63 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.193% due 01/25/2046 •  |  | 128 | 34 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.928% due 01/20/2047 ~ |  | 12 | 8 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.752% due 03/25/2036 ~ |  | 25 | 20 |
|  5.259% due 01/25/2035 •  |  | 24 | 22 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.093% due 02/25/2037 •  |  | 824 | 806 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.540% due 01/25/2037 þ |  | 1227 | 260 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.786% due 06/25/2047 •  |  | 104 | 91 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(j) |  | 2200 | 2146 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.534% due 01/25/2037 ~ |  | 35 | 30 |
|  4.163% due 05/25/2034 •  |  | 152 | 143 |
|  4.260% due 12/25/2036 ~ |  | 23 | 21 |
|  4.445% due 09/25/2036 ~ |  | 30 | 27 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.771% due 10/25/2036 ~ |  | 308 | 298 |
|  |  |  | 18065 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 08/22/2029 | COP | 26067000 | 6570 |
|  1.000% due 01/24/2035 |  | 120260900 | 29787 |
|  |  |  | 36357 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% | U.S. GOVERNMENT AGENCIES 0.3% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  5.875% due 03/15/2031 | 162707000 | 9293 |
| U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% | U.S. TREASURY OBLIGATIONS 0.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 (m)(o) | 728 | 726 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 (m) | 1100 | 1096 |
|  |  | 1822 |
|  | SHARES |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(j) | 1 | 0 |
|  Total United States (Cost $112,011) | Total United States (Cost $112,011) | 108100 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| URUGUAY 0.2% | URUGUAY 0.2% | URUGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  8.000% due 10/29/2035 | 155600 | 3892 |
|  9.750% due 07/20/2033 | 40300 | 1101 |
|  Total Uruguay (Cost $5,100) | Total Uruguay (Cost $5,100) | 4993 |
| UZBEKISTAN 0.2% | UZBEKISTAN 0.2% | UZBEKISTAN 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB | Uzbek Industrial & Construction Bank ATB |
|  8.950% due 07/24/2029 | 1300 | 1378 |
|  21.000% due 07/24/2027 | 43460000 | 3805 |
|  |  | 5183 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  16.625% due 05/29/2027 | 9770000 | 850 |
|  Total Uzbekistan (Cost $5,516) | Total Uzbekistan (Cost $5,516) | 6033 |
| VENEZUELA 0.3% | VENEZUELA 0.3% | VENEZUELA 0.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(b) | 1000 | 335 |
|  6.000% due 11/15/2026 ^(b) | 710 | 244 |
|  9.750% due 05/17/2035 ^(b) | 5580 | 2331 |
|  |  | 2910 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(b) | 120 | 49 |
|  9.250% due 09/15/2027 ^(b) | 5720 | 2746 |
|  9.250% due 05/07/2028 ^(b) | 2300 | 1058 |
|  11.950% due 08/05/2031 ^(b) | 750 | 386 |
|  |  | 4239 |
|  Total Venezuela (Cost $5,118) | Total Venezuela (Cost $5,118) | 7149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ZAMBIA 0.1% | ZAMBIA 0.1% | ZAMBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Zambia Government Bonds | Zambia Government Bonds | Zambia Government Bonds |
|  12.000% due 05/03/2028 | 3600 | 181 |
|  22.000% due 01/22/2029 | 3100 | 190 |
|  23.000% due 01/22/2031 | 16497 | 1104 |
|  Total Zambia (Cost $875) | Total Zambia (Cost $875) | 1475 |
|  | SHARES |  |
| SHORT-TERM INSTRUMENTS 4.7% | SHORT-TERM INSTRUMENTS 4.7% | SHORT-TERM INSTRUMENTS 4.7% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (i) | 902263 | 902 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (e)(f) | 10700 | 172 |
| NIGERIA TREASURY BILLS 3.3% | NIGERIA TREASURY BILLS 3.3% | NIGERIA TREASURY BILLS 3.3% |
|  25.729% due 04/14/2026 - 01/28/2027 (d)(e) | 135507203 | 90562 |
| SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% | SOUTH AFRICA TREASURY BILLS 0.2% |
|  7.400% due 08/05/2026 - 10/07/2026 (d)(e) | 81900 | 4728 |
| U.S. TREASURY BILLS 1.2% | U.S. TREASURY BILLS 1.2% | U.S. TREASURY BILLS 1.2% |
|  3.685% due 04/14/2026 - 07/21/2026 (d)(e)(m)(o) | 34607 | 34359 |
| Total Short-Term Instruments (Cost $125,391) | Total Short-Term Instruments (Cost $125,391) | 130723 |
| Total Investments in Securities (Cost $2,713,029) | Total Investments in Securities (Cost $2,713,029) | 2744757 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 7.3% | INVESTMENTS IN AFFILIATES 7.3% | INVESTMENTS IN AFFILIATES 7.3% |
| SHORT-TERM INSTRUMENTS 7.3% | SHORT-TERM INSTRUMENTS 7.3% | SHORT-TERM INSTRUMENTS 7.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.3% |
|  PIMCO Short Asset Portfolio | 3676516 | 36085 |
|  PIMCO Short-Term Floating NAV Portfolio III | 17082162 | 166363 |
| Total Short-Term Instruments (Cost $203,012) | Total Short-Term Instruments (Cost $203,012) | 202448 |
| Total Investments in Affiliates (Cost $203,012) | Total Investments in Affiliates (Cost $203,012) | 202448 |
| Total Investments 106.5% (Cost $2,916,041) | Total Investments 106.5% (Cost $2,916,041) | 2947205 |
|  Financial Derivative Instruments (l)(n) (0.5)%<br> (Cost or Premiums, net $2,856) | Financial Derivative Instruments (l)(n) (0.5)%<br> (Cost or Premiums, net $2,856) | (12057) |
| Other Assets and Liabilities, net (6.0)% | Other Assets and Liabilities, net (6.0)% | (164615) |
| Net Assets 100.0% | Net Assets 100.0% | 2770533 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 107

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | 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) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 206 | 237 | 0.01 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 2200 | 2146 | 0.08 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 5000 | 5054 | 0.18 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437 | 0.27% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.870% | 03/05/2026 | TBD<sup>(2)</sup> | (75027) | $(20270) |
|  | 3.870 | 03/10/2026 | TBD<sup>(2)</sup> | (148254) | (40032) |
|  BRC | 3.500 | 01/06/2026 | TBD<sup>(2)</sup> | (9911) | (471) |
|  | 3.500 | 03/10/2026 | TBD<sup>(2)</sup> | (52726) | (2488) |
|  | 3.500 | 03/26/2026 | TBD<sup>(2)</sup> | (18160) | (856) |
|  | 3.800 | 12/12/2025 | TBD<sup>(2)</sup> | $(1474) | (1491) |
|  | 3.950 | 03/05/2026 | TBD<sup>(2)</sup> | (45899) | (12401) |
|  MBC | 3.850 | 03/05/2026 | TBD<sup>(2)</sup> | (102328) | (27645) |
|  | 6.900 | 03/26/2026 | TBD<sup>(2)</sup> | (836377) | (49484) |
|  MEI | 6.200 | 03/26/2026 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248748) | (3759) |
|  | 6.850 | 03/26/2026 | 04/08/2026 | (603631) | (35712) |
|  | 6.870 | 03/26/2026 | 04/08/2026 | (183127) | (10834) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205443) |

---

#### 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 | $(60302) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60302) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 |
|  BRC | 0 | (17707) | 0 | (17707) | 21131 | 3424 |
|  JML | 0 | 0 | 0 | 0 | (40) | (40) |
|  MBC | 0 | (77129) | 0 | (77129) | 79725 | 2596 |
|  MEI | 0 | (50305) | 0 | (50305) | 52984 | 2679 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205443) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

108 PIMCO INTERNATIONAL 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 |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(5250) | $(5250) |
|  Sovereign Issues | 0 | (46546) | 0 | (153647) | (200193) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158897) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205443) |
|  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  | $(205443) |

---

(k) Securities with an aggregate market value of $212,508 and cash of $3,299 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 $(205115) at a weighted average interest rate of 4.494% 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;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2026 | 12 | $1739 | $(43) | $13 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 32 | 3554 | (73) | 7 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13962 | (86) | 36 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&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) | $18 | $0 | $(2) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&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>(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 |
|  Boeing Co. | 1.000% | Quarterly | 06/20/2026 | 0.213% | $100 | $1 | $(1) | $0 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | 54 | (26) | 28 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.319 | 200 | 2 | 0 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-44 5-Year Index | (1.000)% | Quarterly | 12/20/2030 | $88600 | $1974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | $1721 | $0 | $(405) |
|  CDX.IG-45 5-Year Index | (1.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2510) | (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) |
|  |  |  |  |  | $(536) | $(276) | $(812) | $0 | $(680) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 109

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-45 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1097) | $72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025) | $63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 42800 | 700 | 53 | 753 | 39 | 0 |
|  |  |  |  |  | $(397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $(272) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | 1520 | $18 | $11 | $29 | $0 | $(3) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/17/2027 | 43010000 | 18 | 1084 | 1102 | 0 | (118) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/18/2028 | 35185000 | 1444 | 50 | 1494 | 0 | (127) |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | 22726000 | 311 | (92) | 219 | 0 | (110) |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.403 | Semi-Annual | 12/30/2026 | 329020 | (162) | (316) | (478) | 0 | (151) |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 146470 | 1215 | 927 | 2142 | 0 | (560) |
|  Receive<sup>(6)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/16/2031 | 373420 | 158 | 25 | 183 | 0 | (23) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | $27500 | 280 | (278) | 2 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 49200 | 1148 | (456) | 692 | 0 | (28) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 40600 | 93 | (271) | (178) | 0 | (29) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 65150 | (816) | (488) | (1304) | 64 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 7600 | (71) | 31 | (40) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 130800 | 2240 | (1453) | 787 | 139 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 31350 | 777 | (238) | 539 | 0 | (34) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 31350 | (558) | 19 | (539) | 34 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1100 | (14) | 17 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 206900 | (1795) | 1180 | (615) | 0 | (226) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 5660 | (123) | 19 | (104) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 790 | 1 | (1) | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 900 | (3) | 0 | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 1100 | 8 | (2) | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 1200 | 12 | (3) | 9 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 500 | 7 | (1) | 6 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2034 | 9800 | (678) | 326 | (352) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 2300 | (9) | (39) | (48) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 700 | 28 | 3 | 31 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 48520 | 1815 | (1568) | 247 | 0 | (51) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 1800 | (6) | (20) | (26) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 1500 | (5) | (24) | (29) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 3500 | (11) | (8) | (19) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 6000 | (119) | 143 | 24 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 30450 | 737 | (881) | (144) | 34 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 19600 | 1319 | (465) | 854 | 0 | (18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 19700 | (160) | (7) | (167) | 18 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1900 | 11 | (28) | (17) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 5300 | 122 | (66) | 56 | 5 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 17100 | (195) | (2) | (197) | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2036 | 1900 | 33 | (8) | 25 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 5600 | 172 | 151 | 323 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 400 | 17 | (35) | (18) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 1200 | 47 | (103) | (56) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1600 | 109 | 135 | 244 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.086 | Annual | 01/13/2055 | 43800 | 345 | (755) | (410) | 0 | (165) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 38700 | 1677 | 952 | 2629 | 144 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 2800 | (94) | 25 | (69) | 0 | (11) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | 5100 | (56) | (72) | (128) | 0 | (20) |
|  Pay<sup>(6)</sup> | 01-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 09/16/2028 | 6299210 | (924) | (30) | (954) | 47 | 0 |
|  Pay | 1-Year BRL-CDI | 6.151 | Maturity | 01/04/2027 | 245300 | (2421) | (10730) | (13151) | 63 | 0 |
|  Pay | 1-Year BRL-CDI | 8.654 | Maturity | 01/04/2027 | 66920 | 50 | (1063) | (1013) | 18 | 0 |
|  Receive | 1-Year BRL-CDI | 9.783 | Maturity | 01/04/2027 | 259000 | 63 | 4201 | 4264 | 0 | (69) |
|  Pay | 1-Year BRL-CDI | 9.795 | Maturity | 01/04/2027 | 89400 | 0 | (1450) | (1450) | 24 | 0 |
|  Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 75600 | 0 | (1195) | (1195) | 20 | 0 |
|  Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 68800 | 0 | (1082) | (1082) | 18 | 0 |
|  Receive | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 116900 | 0 | 1861 | 1861 | 0 | (31) |
|  Pay | 1-Year BRL-CDI | 9.840 | Maturity | 01/04/2027 | 96900 | 0 | (1551) | (1551) | 26 | 0 |
|  Pay | 1-Year BRL-CDI | 9.842 | Maturity | 01/04/2027 | 129700 | 0 | (2034) | (2034) | 35 | 0 |
|  Pay | 1-Year BRL-CDI | 10.076 | Maturity | 01/04/2027 | 214200 | (187) | (3519) | (3706) | 57 | 0 |
|  Pay | 1-Year BRL-CDI | 10.225 | Maturity | 01/04/2027 | 49450 | 0 | (679) | (679) | 13 | 0 |
|  Pay | 1-Year BRL-CDI | 10.235 | Maturity | 01/04/2027 | 49450 | 0 | (677) | (677) | 13 | 0 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO INTERNATIONAL 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 | 10.565% | Maturity | 01/04/2027 | BRL | 66900 | $0 | $(812) | $(812) | $18 | $0 |
|  Pay | 1-Year BRL-CDI | 10.602 | Maturity | 01/04/2027 |  | 59400 | 74 | (934) | (860) | 16 | 0 |
|  Receive | 1-Year BRL-CDI | 10.671 | Maturity | 01/04/2027 |  | 137300 | 0 | 1601 | 1601 | 0 | (37) |
|  Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 |  | 34200 | (113) | 515 | 402 | 0 | (9) |
|  Pay | 1-Year BRL-CDI | 10.792 | Maturity | 01/04/2027 |  | 147400 | 470 | (2224) | (1754) | 39 | 0 |
|  Receive | 1-Year BRL-CDI | 10.880 | Maturity | 01/04/2027 |  | 227600 | 0 | 2436 | 2436 | 0 | (61) |
|  Receive | 1-Year BRL-CDI | 10.943 | Maturity | 01/04/2027 |  | 104900 | 0 | 1098 | 1098 | 0 | (28) |
|  Pay | 1-Year BRL-CDI | 10.980 | Maturity | 01/04/2027 |  | 113500 | 0 | (1163) | (1163) | 30 | 0 |
|  Pay | 1-Year BRL-CDI | 11.064 | Maturity | 01/04/2027 |  | 81100 | 359 | (1190) | (831) | 22 | 0 |
|  Receive | 1-Year BRL-CDI | 11.133 | Maturity | 01/04/2027 |  | 96200 | 0 | 932 | 932 | 0 | (26) |
|  Pay | 1-Year BRL-CDI | 11.169 | Maturity | 01/04/2027 |  | 148000 | 97 | (2356) | (2259) | 39 | 0 |
|  Receive | 1-Year BRL-CDI | 11.513 | Maturity | 01/04/2027 |  | 83900 | 0 | 704 | 704 | 0 | (23) |
|  Receive | 1-Year BRL-CDI | 11.560 | Maturity | 01/04/2027 |  | 66300 | 0 | 544 | 544 | 0 | (18) |
|  Receive | 1-Year BRL-CDI | 11.600 | Maturity | 01/04/2027 |  | 139600 | 0 | 1085 | 1085 | 0 | (37) |
|  Receive | 1-Year BRL-CDI | 11.603 | Maturity | 01/04/2027 |  | 162200 | 0 | 1258 | 1258 | 0 | (44) |
|  Receive | 1-Year BRL-CDI | 11.736 | Maturity | 01/04/2027 |  | 210100 | 0 | 1508 | 1508 | 0 | (57) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 565900 | 3 | (821) | (818) | 153 | 0 |
|  Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 |  | 149400 | 0 | 175 | 175 | 0 | (40) |
|  Receive | 1-Year BRL-CDI | 14.350 | Maturity | 01/04/2027 |  | 254500 | 0 | 83 | 83 | 0 | (69) |
|  Pay | 1-Year BRL-CDI | 14.995 | Maturity | 01/04/2027 |  | 121900 | 0 | 191 | 191 | 33 | 0 |
|  Pay | 1-Year BRL-CDI | 11.695 | Maturity | 01/03/2028 |  | 51000 | 0 | (483) | (483) | 43 | 0 |
|  Pay | 1-Year BRL-CDI | 10.044 | Maturity | 01/02/2029 |  | 68500 | (230) | (1255) | (1485) | 81 | 0 |
|  Pay | 1-Year BRL-CDI | 10.386 | Maturity | 01/02/2029 |  | 3500 | 1 | (73) | (72) | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 11.490 | Maturity | 01/02/2029 |  | 51300 | 0 | (622) | (622) | 60 | 0 |
|  Pay | 1-Year BRL-CDI | 11.523 | Maturity | 01/02/2029 |  | 97000 | 0 | (1139) | (1139) | 114 | 0 |
|  Pay | 1-Year BRL-CDI | 11.655 | Maturity | 01/02/2029 |  | 155200 | 0 | (1703) | (1703) | 182 | 0 |
|  Pay | 1-Year BRL-CDI | 11.730 | Maturity | 01/02/2029 |  | 58600 | 0 | (634) | (634) | 69 | 0 |
|  Receive | 1-Year BRL-CDI | 12.255 | Maturity | 01/02/2029 |  | 55700 | 0 | 444 | 444 | 0 | (65) |
|  Pay | 1-Year BRL-CDI | 12.716 | Maturity | 01/02/2029 |  | 285800 | 0 | (1200) | (1200) | 332 | 0 |
|  Pay | 1-Year BRL-CDI | 12.750 | Maturity | 01/02/2029 |  | 111200 | 0 | (452) | (452) | 129 | 0 |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2029 |  | 157200 | 0 | 822 | 822 | 0 | (183) |
|  Receive | 1-Year BRL-CDI | 12.808 | Maturity | 01/02/2029 |  | 292900 | 0 | 1116 | 1116 | 0 | (340) |
|  Pay | 1-Year BRL-CDI | 12.905 | Maturity | 01/02/2029 |  | 32300 | 0 | (107) | (107) | 38 | 0 |
|  Pay | 1-Year BRL-CDI | 13.055 | Maturity | 01/02/2029 |  | 316400 | 0 | (1097) | (1097) | 367 | 0 |
|  Pay | 1-Year BRL-CDI | 13.056 | Maturity | 01/02/2029 |  | 315300 | 0 | (1041) | (1041) | 366 | 0 |
|  Receive | 1-Year BRL-CDI | 13.060 | Maturity | 01/02/2029 |  | 268100 | 0 | 797 | 797 | 0 | (311) |
|  Receive | 1-Year BRL-CDI | 13.120 | Maturity | 01/02/2029 |  | 62100 | 0 | 118 | 118 | 0 | (72) |
|  Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 |  | 60300 | (4) | (193) | (197) | 70 | 0 |
|  Receive | 1-Year BRL-CDI | 13.270 | Maturity | 01/02/2029 |  | 78500 | 0 | 224 | 224 | 0 | (91) |
|  Receive | 1-Year BRL-CDI | 13.289 | Maturity | 01/02/2029 |  | 427100 | 0 | 740 | 740 | 0 | (495) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 166200 | 0 | (493) | (493) | 193 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 17800 | 0 | (50) | (50) | 21 | 0 |
|  Receive | 1-Year BRL-CDI | 13.340 | Maturity | 01/02/2029 |  | 203400 | 0 | 233 | 233 | 0 | (235) |
|  Receive | 1-Year BRL-CDI | 13.357 | Maturity | 01/02/2029 |  | 328800 | 0 | 623 | 623 | 0 | (381) |
|  Pay | 1-Year BRL-CDI | 13.405 | Maturity | 01/02/2029 |  | 131600 | 0 | (303) | (303) | 152 | 0 |
|  Pay | 1-Year BRL-CDI | 13.425 | Maturity | 01/02/2029 |  | 52800 | 0 | (116) | (116) | 61 | 0 |
|  Pay | 1-Year BRL-CDI | 13.430 | Maturity | 01/02/2029 |  | 103400 | 0 | (225) | (225) | 120 | 0 |
|  Receive | 1-Year BRL-CDI | 13.435 | Maturity | 01/02/2029 |  | 61200 | 0 | 49 | 49 | 0 | (71) |
|  Pay | 1-Year BRL-CDI | 13.500 | Maturity | 01/02/2029 |  | 92500 | 0 | (187) | (187) | 107 | 0 |
|  Receive | 1-Year BRL-CDI | 13.518 | Maturity | 01/02/2029 |  | 81600 | 0 | 156 | 156 | 0 | (95) |
|  Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 |  | 81500 | 0 | 143 | 143 | 0 | (94) |
|  Receive | 1-Year BRL-CDI | 13.589 | Maturity | 01/02/2029 |  | 168800 | 0 | 256 | 256 | 0 | (195) |
|  Pay | 1-Year BRL-CDI | 13.615 | Maturity | 01/02/2029 |  | 57000 | 30 | (113) | (83) | 66 | 0 |
|  Pay | 1-Year BRL-CDI | 13.680 | Maturity | 01/02/2029 |  | 140100 | 0 | (153) | (153) | 162 | 0 |
|  Receive | 1-Year BRL-CDI | 13.844 | Maturity | 01/02/2029 |  | 53800 | 0 | 25 | 25 | 0 | (62) |
|  Receive | 1-Year BRL-CDI | 13.923 | Maturity | 01/02/2029 |  | 75900 | 0 | 8 | 8 | 0 | (88) |
|  Pay | 1-Year BRL-CDI | 13.998 | Maturity | 01/02/2029 |  | 245400 | 0 | 56 | 56 | 283 | 0 |
|  Receive | 1-Year BRL-CDI | 14.087 | Maturity | 01/02/2029 |  | 34300 | 0 | (41) | (41) | 0 | (40) |
|  Pay | 1-Year BRL-CDI | 14.185 | Maturity | 01/02/2029 |  | 125300 | 0 | 148 | 148 | 144 | 0 |
|  Pay | 1-Year BRL-CDI | 14.213 | Maturity | 01/02/2029 |  | 67300 | 0 | 88 | 88 | 78 | 0 |
|  Receive | 1-Year BRL-CDI | 14.245 | Maturity | 01/02/2029 |  | 32200 | 0 | (44) | (44) | 0 | (37) |
|  Receive | 1-Year BRL-CDI | 14.524 | Maturity | 01/02/2029 |  | 130000 | 0 | (367) | (367) | 0 | (150) |
|  Pay | 1-Year BRL-CDI | 14.570 | Maturity | 01/02/2029 |  | 53500 | 0 | 155 | 155 | 62 | 0 |
|  Pay | 1-Year BRL-CDI | 15.036 | Maturity | 01/02/2029 |  | 75300 | 0 | 397 | 397 | 86 | 0 |
|  Pay | 1-Year BRL-CDI | 12.867 | Maturity | 01/02/2031 |  | 239300 | 0 | (1040) | (1040) | 322 | 0 |
|  Pay | 1-Year BRL-CDI | 13.041 | Maturity | 01/02/2031 |  | 276500 | 0 | (883) | (883) | 371 | 0 |
|  Receive | 1-Year BRL-CDI | 13.156 | Maturity | 01/02/2031 |  | 27500 | 0 | 68 | 68 | 0 | (37) |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 |  | 18200 | 0 | (36) | (36) | 24 | 0 |
|  Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 |  | 18300 | 0 | (36) | (36) | 24 | 0 |
|  Receive | 1-Year BRL-CDI | 13.296 | Maturity | 01/02/2031 |  | 182700 | 0 | 326 | 326 | 0 | (244) |
|  Receive | 1-Year BRL-CDI | 13.310 | Maturity | 01/02/2031 |  | 182300 | 0 | 306 | 306 | 0 | (244) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **111** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Year BRL-CDI | 13.350% | Maturity | 01/02/2031 | BRL | 28700 | $0 | $(43) | $(43) | $38 | $0 |
|  Pay | 1-Year BRL-CDI | 13.470 | Maturity | 01/02/2031 |  | 51400 | (3) | (84) | (87) | 69 | 0 |
|  Pay | 1-Year BRL-CDI | 13.520 | Maturity | 01/02/2031 |  | 91000 | 4 | (67) | (63) | 121 | 0 |
|  Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 |  | 23500 | 0 | (12) | (12) | 31 | 0 |
|  Pay | 1-Year BRL-CDI | 13.564 | Maturity | 01/02/2031 |  | 149200 | 0 | (72) | (72) | 199 | 0 |
|  Pay | 1-Year BRL-CDI | 13.575 | Maturity | 01/02/2031 |  | 18300 | 0 | (23) | (23) | 24 | 0 |
|  Pay | 1-Year BRL-CDI | 13.580 | Maturity | 01/02/2031 |  | 17300 | 0 | (21) | (21) | 23 | 0 |
|  Pay | 1-Year BRL-CDI | 13.605 | Maturity | 01/02/2031 |  | 45100 | 0 | (13) | (13) | 60 | 0 |
|  Pay | 1-Year BRL-CDI | 13.670 | Maturity | 01/02/2031 |  | 12100 | 0 | 0 | 0 | 16 | 0 |
|  Pay | 1-Year BRL-CDI | 13.698 | Maturity | 01/02/2031 |  | 45500 | 0 | 9 | 9 | 61 | 0 |
|  Receive | 1-Year BRL-CDI | 11.900 | Maturity | 01/03/2033 |  | 26000 | 0 | 315 | 315 | 0 | (37) |
|  Pay | 1-Year BRL-CDI | 11.940 | Maturity | 01/03/2033 |  | 19900 | 0 | (234) | (234) | 28 | 0 |
|  Pay | 1-Year BRL-CDI | 13.235 | Maturity | 01/02/2035 |  | 239000 | 0 | (559) | (559) | 339 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 09/16/2031 | CNY | 731060 | (510) | (142) | (652) | 49 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.600 | Quarterly | 04/11/2026 | COP | 16564270 | 0 | (11) | (11) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 03/19/2027 |  | 60504410 | 0 | (590) | (590) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.342 | Quarterly | 09/17/2027 |  | 56202000 | 0 | (783) | (783) | 10 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 12/26/2027 |  | 84358600 | 0 | 1396 | 1396 | 0 | (14) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.280 | Quarterly | 12/26/2027 |  | 48932400 | 0 | 806 | 806 | 0 | (8) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.565 | Quarterly | 12/30/2027 |  | 28972200 | 0 | 442 | 442 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.330 | Quarterly | 03/18/2028 |  | 7874000 | 0 | (10) | (10) | 0 | (2) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.900 | Quarterly | 04/28/2028 |  | 59264300 | 0 | 1290 | 1290 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.970 | Quarterly | 04/28/2028 |  | 24095100 | 0 | 515 | 515 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.150 | Quarterly | 04/28/2028 |  | 24059200 | 0 | 491 | 491 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.820 | Quarterly | 06/05/2028 |  | 30026100 | 370 | (886) | (516) | 5 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.360 | Quarterly | 09/17/2028 |  | 84272900 | 0 | 1810 | 1810 | 0 | (10) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.400 | Quarterly | 09/17/2028 |  | 67784700 | 0 | 1440 | 1440 | 0 | (8) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.050 | Quarterly | 10/03/2028 |  | 1151860 | 18 | (39) | (21) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.215 | Quarterly | 11/14/2028 |  | 4936200 | 4 | (121) | (117) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.290 | Quarterly | 01/22/2029 |  | 5197340 | (1) | (163) | (164) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 12.170 | Quarterly | 03/18/2029 |  | 5532000 | 0 | (9) | (9) | 0 | (1) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.152 | Quarterly | 04/25/2029 |  | 50802100 | 0 | (1370) | (1370) | 5 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.770 | Quarterly | 07/18/2029 |  | 77771500 | 0 | (2429) | (2429) | 10 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.933 | Quarterly | 08/22/2029 |  | 56133400 | 0 | 1249 | 1249 | 0 | (10) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.110 | Quarterly | 10/02/2029 |  | 39060000 | 0 | (1487) | (1487) | 6 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 7.760 | Quarterly | 11/21/2029 |  | 34948500 | 0 | (1144) | (1144) | 8 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.430 | Quarterly | 05/15/2030 |  | 11935200 | 0 | 346 | 346 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.498 | Quarterly | 05/16/2030 |  | 42921000 | 0 | 1219 | 1219 | 0 | (19) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.725 | Quarterly | 06/10/2030 |  | 2349000 | 0 | (62) | (62) | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.770 | Quarterly | 06/10/2030 |  | 7049000 | 0 | (183) | (183) | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.790 | Quarterly | 06/10/2030 |  | 4699000 | 0 | (121) | (121) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.140 | Quarterly | 06/18/2030 |  | 17415000 | 0 | (551) | (551) | 8 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.210 | Quarterly | 06/18/2030 |  | 9939000 | 0 | (308) | (308) | 5 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.250 | Quarterly | 06/18/2030 |  | 4969000 | 0 | (152) | (152) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.260 | Quarterly | 06/18/2030 |  | 4993000 | 0 | (153) | (153) | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.300 | Quarterly | 06/18/2030 |  | 315100 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.310 | Quarterly | 06/18/2030 |  | 34943700 | 0 | (1052) | (1052) | 16 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.350 | Quarterly | 06/18/2030 |  | 34143800 | 22 | 994 | 1016 | 0 | (16) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.535 | Quarterly | 06/18/2030 |  | 30470700 | 0 | (856) | (856) | 14 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.800 | Quarterly | 06/18/2030 |  | 47582000 | 6 | 1216 | 1222 | 0 | (23) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.598 | Quarterly | 09/17/2030 |  | 6914000 | 0 | (195) | (195) | 4 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.630 | Quarterly | 09/17/2030 |  | 3230600 | 0 | (90) | (90) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.650 | Quarterly | 09/17/2030 |  | 14657000 | (1) | 408 | 407 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.700 | Quarterly | 09/17/2030 |  | 11921000 | (1) | 326 | 325 | 0 | (7) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.710 | Quarterly | 09/17/2030 |  | 62323900 | 0 | (1694) | (1694) | 37 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.755 | Quarterly | 09/17/2030 |  | 11232900 | 0 | (300) | (300) | 7 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.020 | Quarterly | 12/04/2030 |  | 2958600 | (24) | 127 | 103 | 0 | (2) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.300 | Quarterly | 12/17/2030 |  | 21718000 | 0 | (478) | (478) | 15 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.650 | Quarterly | 12/17/2030 |  | 39172700 | 0 | (727) | (727) | 28 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.725 | Quarterly | 12/17/2030 |  | 28774000 | 0 | (512) | (512) | 21 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.788 | Quarterly | 12/17/2030 |  | 57547000 | 0 | (989) | (989) | 41 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.155 | Quarterly | 01/15/2031 |  | 34133000 | 1326 | 1267 | 2593 | 0 | (20) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.115 | Quarterly | 02/01/2031 |  | 13423000 | 527 | 496 | 1023 | 0 | (8) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.750 | Quarterly | 03/18/2031 |  | 14787600 | 0 | 112 | 112 | 0 | (12) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.776 | Quarterly | 03/18/2031 |  | 66186500 | 0 | 483 | 483 | 0 | (55) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 5.950 | Quarterly | 03/26/2031 |  | 6198160 | 108 | 243 | 351 | 0 | (4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.705 | Quarterly | 03/26/2031 |  | 14268750 | (63) | 615 | 552 | 0 | (11) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.645 | Quarterly | 06/17/2031 |  | 25518000 | 0 | (37) | (37) | 0 | (25) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.660 | Quarterly | 06/17/2031 |  | 21036700 | 0 | (34) | (34) | 0 | (20) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.700 | Quarterly | 06/17/2031 |  | 4743000 | 0 | (9) | (9) | 0 | (5) |
|  Receive<sup>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.720 | Quarterly | 06/17/2031 |  | 4496000 | 0 | (10) | (10) | 0 | (4) |

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| | | |
|:---|:---|:---|
| **112** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2026

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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>(6)</sup> | 3-Month COP-IBR Compounded-OIS | 11.730% | Quarterly | 06/17/2031 | COP | 4585000 | $0 | $(11) | $(11) | $0 | $(4) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.540 | Quarterly | 08/09/2031 |  | 13200000 | 0 | 565 | 565 | 0 | (11) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.580 | Quarterly | 08/09/2031 |  | 13275200 | 0 | 562 | 562 | 0 | (11) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.650 | Quarterly | 08/12/2031 |  | 12195800 | 0 | 506 | 506 | 0 | (10) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.520 | Quarterly | 08/13/2031 |  | 11596300 | 0 | 498 | 498 | 0 | (10) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.410 | Quarterly | 09/30/2031 |  | 16549600 | 205 | 523 | 728 | 0 | (14) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.690 | Quarterly | 12/26/2031 |  | 52936000 | 0 | (1620) | (1620) | 50 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.045 | Quarterly | 12/30/2031 |  | 14556100 | 0 | (387) | (387) | 14 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.800 | Quarterly | 06/30/2032 |  | 9011400 | (47) | 430 | 383 | 0 | (9) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | (3) | 8 | 5 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.490 | Quarterly | 06/30/2032 |  | 231550 | 3 | (8) | (5) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.990 | Quarterly | 11/25/2034 |  | 42551500 | 62 | 1952 | 2014 | 0 | (63) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.655 | Quarterly | 01/24/2035 |  | 6712000 | 0 | (150) | (150) | 11 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.820 | Quarterly | 01/24/2035 |  | 25021900 | 0 | (497) | (497) | 41 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.720 | Quarterly | 03/18/2035 |  | 24555000 | 0 | 156 | 156 | 0 | (43) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.525 | Quarterly | 06/18/2035 |  | 17280000 | 3 | 423 | 426 | 0 | (29) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.110 | Quarterly | 09/17/2035 |  | 27551200 | 0 | (863) | (863) | 48 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.155 | Quarterly | 09/17/2035 |  | 34573500 | 0 | (1059) | (1059) | 60 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.329 | Quarterly | 12/17/2035 |  | 94322500 | 0 | 2653 | 2653 | 0 | (174) |
|  Receive | 3-Month ILS-TELBOR | 3.551 | Annual | 03/11/2031 | ILS | 141900 | 0 | 629 | 629 | 0 | (167) |
|  Pay | 3-Month ILS-TELBOR | 3.635 | Annual | 03/16/2031 |  | 40100 | (76) | (54) | (130) | 48 | 0 |
|  Pay | 3-Month ILS-TELBOR | 3.950 | Annual | 10/13/2035 |  | 11700 | 26 | (42) | (16) | 12 | 0 |
|  Receive | 3-Month ILS-TELBOR | 4.135 | Annual | 12/05/2035 |  | 2900 | (12) | 1 | (11) | 0 | (3) |
|  Receive | 3-Month ILS-TELBOR | 3.699 | Annual | 03/10/2036 |  | 6400 | 0 | 50 | 50 | 0 | (6) |
|  Receive | 3-Month ILS-TELBOR | 3.955 | Annual | 03/17/2036 |  | 13700 | 0 | 16 | 16 | 0 | (14) |
|  Pay<sup>(6)</sup> | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/16/2028 | MYR | 399550 | 28 | 50 | 78 | 0 | (30) |
|  Pay<sup>(6)</sup> | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/16/2031 |  | 333700 | (385) | 104 | (281) | 0 | (97) |
|  Pay | 3-Month PLN-WIBOR | 4.680 | Annual | 04/25/2029 | PLN | 7700 | 0 | 64 | 64 | 2 | 0 |
|  Receive | 3-Month PLN-WIBOR | 5.000 | Annual | 04/25/2029 |  | 33400 | 0 | (387) | (387) | 0 | (10) |
|  Receive | 3-Month PLN-WIBOR | 4.820 | Annual | 07/25/2029 |  | 33200 | 0 | (327) | (327) | 0 | (10) |
|  Receive | 3-Month PLN-WIBOR | 4.930 | Annual | 07/25/2029 |  | 23200 | 0 | (254) | (254) | 0 | (7) |
|  Receive | 3-Month PLN-WIBOR | 5.010 | Annual | 07/25/2029 |  | 31600 | 0 | (371) | (371) | 0 | (10) |
|  Pay | 3-Month PLN-WIBOR | 4.794 | Annual | 10/25/2029 |  | 1200 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.855 | Annual | 02/10/2030 |  | 51000 | 46 | 144 | 190 | 12 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.075 | Annual | 04/11/2030 |  | 27700 | 36 | (17) | 19 | 5 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.015 | Annual | 04/17/2030 |  | 21900 | 0 | 0 | 0 | 0 | (4) |
|  Receive | 3-Month PLN-WIBOR | 4.019 | Annual | 04/18/2030 |  | 21600 | 0 | (2) | (2) | 0 | (4) |
|  Pay | 3-Month PLN-WIBOR | 4.048 | Annual | 04/18/2030 |  | 16800 | 7 | 0 | 7 | 3 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.049 | Annual | 04/18/2030 |  | 15600 | 0 | (7) | (7) | 0 | (3) |
|  Receive | 3-Month PLN-WIBOR | 4.065 | Annual | 04/18/2030 |  | 10800 | 0 | (7) | (7) | 0 | (2) |
|  Pay | 3-Month PLN-WIBOR | 3.962 | Annual | 05/06/2030 |  | 46900 | (94) | 64 | (30) | 8 | 0 |
|  Pay | 3-Month PLN-WIBOR | 3.952 | Annual | 07/29/2030 |  | 22400 | (37) | 23 | (14) | 3 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.195 | Annual | 09/29/2030 |  | 14800 | 0 | (27) | (27) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.065 | Annual | 11/24/2030 |  | 48290 | (113) | 388 | 275 | 0 | (4) |
|  Receive | 3-Month PLN-WIBOR | 5.060 | Annual | 04/25/2032 |  | 54970 | (763) | 17 | (746) | 7 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.760 | Annual | 10/25/2033 |  | 7100 | 0 | 7 | 7 | 0 | (3) |
|  Pay | 3-Month PLN-WIBOR | 4.850 | Annual | 10/25/2033 |  | 16000 | 0 | 42 | 42 | 0 | (7) |
|  Pay | 3-Month PLN-WIBOR | 4.970 | Annual | 10/25/2033 |  | 2900 | 0 | 14 | 14 | 0 | (1) |
|  Pay | 3-Month PLN-WIBOR | 5.055 | Annual | 10/25/2033 |  | 19100 | 0 | 121 | 121 | 0 | (8) |
|  Pay | 3-Month PLN-WIBOR | 5.155 | Annual | 10/25/2034 |  | 23900 | 0 | 188 | 188 | 0 | (15) |
|  Pay | 3-Month PLN-WIBOR | 4.440 | Annual | 09/19/2035 |  | 22600 | (9) | (33) | (42) | 0 | (20) |
|  Receive | 3-Month PLN-WIBOR | 4.393 | Annual | 10/16/2035 |  | 25870 | 1 | 233 | 234 | 24 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.356 | Annual | 10/17/2035 |  | 12790 | 0 | (126) | (126) | 0 | (12) |
|  Pay | 3-Month PLN-WIBOR | 4.434 | Annual | 11/03/2035 |  | 1300 | 9 | (20) | (11) | 0 | (1) |
|  Receive | 3-Month PLN-WIBOR | 4.430 | Annual | 11/10/2035 |  | 1700 | 0 | 14 | 14 | 2 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.370 | Annual | 11/25/2035 |  | 9700 | 0 | (93) | (93) | 0 | (9) |
|  Receive | 3-Month PLN-WIBOR | 4.475 | Annual | 11/26/2035 |  | 27000 | (103) | 300 | 197 | 25 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.235 | Annual | 11/27/2035 |  | 5300 | 0 | (66) | (66) | 0 | (5) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 |  | 125630 | 0 | 532 | 532 | 130 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 |  | 23300 | 0 | 107 | 107 | 24 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.340 | Annual | 12/12/2035 |  | 8000 | 0 | 81 | 81 | 8 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.285 | Annual | 12/19/2035 |  | 13000 | 0 | (147) | (147) | 0 | (12) |
|  Pay | 3-Month PLN-WIBOR | 4.445 | Annual | 12/22/2035 |  | 9900 | 59 | (137) | (78) | 0 | (9) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.730 | Annual | 12/31/2035 |  | 15100 | 0 | 64 | 64 | 16 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.223 | Annual | 02/04/2036 |  | 13400 | 0 | (172) | (172) | 0 | (13) |
|  Receive | 3-Month PLN-WIBOR | 4.385 | Annual | 02/06/2036 |  | 12100 | (35) | 149 | 114 | 12 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.091 | Annual | 02/23/2036 |  | 20900 | 0 | (328) | (328) | 0 | (21) |
|  Receive | 3-Month PLN-WIBOR | 4.450 | Annual | 02/24/2036 |  | 11700 | (32) | 126 | 94 | 12 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.275 | Annual | 03/02/2036 |  | 11600 | (31) | 168 | 137 | 12 | 0 |
|  Pay | 3-Month PLN-WIBOR | 4.161 | Annual | 03/03/2036 |  | 28600 | 0 | (407) | (407) | 0 | (29) |
|  Receive | 3-Month PLN-WIBOR | 4.348 | Annual | 03/05/2036 |  | 8900 | 0 | 92 | 92 | 9 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **113** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month PLN-WIBOR | 4.370% | Annual | 03/05/2036 | PLN | 13300 | $0 | $131 | $131 | $14 | $0 |
|  Receive | 3-Month PLN-WIBOR | 4.349 | Annual | 03/06/2036 |  | 13000 | 0 | 134 | 134 | 13 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.463 | Annual | 03/09/2036 |  | 6500 | 0 | 51 | 51 | 7 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.574 | Annual | 03/10/2036 |  | 9600 | 0 | 53 | 53 | 10 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.685 | Annual | 03/10/2036 |  | 6600 | 0 | 21 | 21 | 7 | 0 |
|  Receive | 3-Month PLN-WIBOR | 4.860 | Annual | 03/11/2036 |  | 12200 | 0 | (5) | (5) | 13 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.200 | Annual | 03/23/2036 |  | 5800 | 0 | (1) | (1) | 0 | (6) |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.845 | Annual | 04/02/2036 |  | 26400 | 0 | (7) | (7) | 0 | (7) |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.230 | Annual | 04/02/2036 |  | 6900 | 0 | 1 | 1 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.200 | Annual | 05/13/2036 |  | 12280 | 0 | 175 | 175 | 14 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.125 | Annual | 05/20/2036 |  | 12400 | 0 | 197 | 197 | 14 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.180 | Annual | 05/22/2036 |  | 13200 | 0 | 195 | 195 | 15 | 0 |
|  Receive | 3-Month SEK-STIBOR | 2.021 | Annual | 10/07/2029 | SEK | 293900 | (9) | 636 | 627 | 0 | (119) |
|  Pay | 3-Month SEK-STIBOR | 2.298 | Annual | 10/07/2029 |  | 291800 | 1 | (296) | (295) | 119 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.100 | Quarterly | 06/05/2026 | ZAR | 94500 | 0 | (21) | (21) | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.690 | Quarterly | 11/04/2026 |  | 257500 | (362) | 333 | (29) | 5 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.745 | Quarterly | 03/06/2028 |  | 514100 | 0 | 324 | 324 | 0 | (78) |
|  Receive | 3-Month ZAR-JIBAR | 6.780 | Quarterly | 03/06/2028 |  | 306200 | 0 | 181 | 181 | 0 | (47) |
|  Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 |  | 30700 | 0 | (19) | (19) | 5 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 9.290 | Quarterly | 05/26/2028 |  | 138000 | (352) | 20 | (332) | 0 | (26) |
|  Pay | 3-Month ZAR-JIBAR | 8.440 | Quarterly | 11/02/2028 |  | 101700 | 79 | 84 | 163 | 24 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 11/10/2028 |  | 145200 | (103) | (123) | (226) | 0 | (34) |
|  Receive | 3-Month ZAR-JIBAR | 8.140 | Quarterly | 11/16/2028 |  | 41400 | (6) | (41) | (47) | 0 | (10) |
|  Pay | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 08/23/2029 |  | 238000 | (62) | 107 | 45 | 70 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.980 | Quarterly | 01/31/2030 |  | 263400 | 0 | 261 | 261 | 88 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.355 | Quarterly | 01/31/2030 |  | 165800 | 426 | (134) | 292 | 56 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.820 | Quarterly | 01/31/2030 |  | 312300 | (722) | (127) | (849) | 0 | (106) |
|  Pay | 3-Month ZAR-JIBAR | 7.730 | Quarterly | 03/12/2030 |  | 131400 | (16) | 67 | 51 | 44 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.775 | Quarterly | 03/18/2030 |  | 154000 | 0 | (71) | (71) | 0 | (52) |
|  Receive | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 03/27/2030 |  | 125500 | (24) | (41) | (65) | 0 | (43) |
|  Pay | 3-Month ZAR-JIBAR | 7.570 | Quarterly | 05/27/2030 |  | 64800 | 0 | 2 | 2 | 23 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.700 | Quarterly | 06/18/2030 |  | 338710 | (102) | 15 | (87) | 0 | (121) |
|  Pay | 3-Month ZAR-JIBAR | 7.860 | Quarterly | 06/18/2030 |  | 242800 | (6) | 152 | 146 | 87 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.650 | Quarterly | 06/20/2030 |  | 508843 | 1226 | (1152) | 74 | 181 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.810 | Quarterly | 06/20/2030 |  | 65896 | 0 | 32 | 32 | 24 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.270 | Quarterly | 08/26/2030 |  | 190800 | (45) | 181 | 136 | 0 | (70) |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 08/26/2030 |  | 381400 | 202 | (388) | (186) | 140 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.220 | Quarterly | 09/02/2030 |  | 384100 | (96) | 417 | 321 | 0 | (141) |
|  Pay | 3-Month ZAR-JIBAR | 7.310 | Quarterly | 09/02/2030 |  | 386100 | 231 | (475) | (244) | 142 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.880 | Quarterly | 09/17/2030 |  | 165800 | 0 | (273) | (273) | 61 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.040 | Quarterly | 09/22/2030 |  | 189878 | 0 | 247 | 247 | 0 | (70) |
|  Pay | 3-Month ZAR-JIBAR | 7.560 | Quarterly | 09/22/2030 |  | 83950 | 0 | (11) | (11) | 32 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.310 | Quarterly | 10/02/2030 |  | 308600 | (86) | 280 | 194 | 0 | (115) |
|  Pay | 3-Month ZAR-JIBAR | 7.410 | Quarterly | 10/02/2030 |  | 127700 | 0 | (50) | (50) | 48 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.860 | Quarterly | 10/15/2030 |  | 41700 | 0 | (72) | (72) | 16 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 11/12/2030 |  | 203700 | 0 | (404) | (404) | 77 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.155 | Quarterly | 11/26/2030 |  | 20700 | 0 | (23) | (23) | 8 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.160 | Quarterly | 11/26/2030 |  | 143100 | (64) | 219 | 155 | 0 | (55) |
|  Receive | 3-Month ZAR-JIBAR | 7.070 | Quarterly | 12/04/2030 |  | 147900 | (44) | 238 | 194 | 0 | (57) |
|  Pay | 3-Month ZAR-JIBAR | 7.180 | Quarterly | 12/04/2030 |  | 69510 | 0 | (73) | (73) | 27 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 7.040 | Quarterly | 12/23/2030 |  | 122200 | (49) | 224 | 175 | 0 | (47) |
|  Receive | 3-Month ZAR-JIBAR | 7.080 | Quarterly | 12/31/2030 |  | 96500 | (38) | 169 | 131 | 0 | (38) |
|  Pay | 3-Month ZAR-JIBAR | 6.522 | Quarterly | 01/29/2031 |  | 71900 | 0 | (197) | (197) | 28 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 6.885 | Quarterly | 02/04/2031 |  | 107400 | (42) | 241 | 199 | 0 | (43) |
|  Receive | 3-Month ZAR-JIBAR | 6.715 | Quarterly | 02/26/2031 |  | 105500 | (39) | 283 | 244 | 0 | (42) |
|  Receive | 3-Month ZAR-JIBAR | 6.920 | Quarterly | 03/06/2031 |  | 80200 | 0 | 146 | 146 | 0 | (32) |
|  Receive | 3-Month ZAR-JIBAR | 7.360 | Quarterly | 03/09/2031 |  | 85000 | 0 | 64 | 64 | 0 | (35) |
|  Pay | 3-Month ZAR-JIBAR | 8.160 | Quarterly | 03/31/2032 |  | 24200 | 0 | 23 | 23 | 11 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.190 | Quarterly | 03/31/2032 |  | 69900 | 0 | 71 | 71 | 33 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.872 | Quarterly | 07/24/2034 |  | 35600 | 28 | 72 | 100 | 17 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.381 | Quarterly | 01/12/2036 |  | 19400 | 0 | (73) | (73) | 7 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.370 | Quarterly | 01/27/2036 |  | 56800 | 0 | (217) | (217) | 22 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 06/28/2026 | CLP | 23540000 | 0 | 102 | 102 | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.960 | Semi-Annual | 03/19/2027 |  | 5258800 | 0 | (9) | (9) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 3.731 | Semi-Annual | 07/20/2028 |  | 7185000 | 491 | (269) | 222 | 0 | (3) |
|  Receive | 6-Month CLP-CHILIBOR | 4.490 | Semi-Annual | 10/01/2028 |  | 4479000 | 0 | 54 | 54 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 4.540 | Semi-Annual | 10/01/2028 |  | 2719700 | 0 | (31) | (31) | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.580 | Semi-Annual | 10/01/2028 |  | 1680800 | 0 | 17 | 17 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.160 | Semi-Annual | 10/01/2028 |  | 1343200 | (28) | 17 | (11) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.220 | Semi-Annual | 10/01/2028 |  | 2906700 | (68) | 39 | (29) | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 5.920 | Semi-Annual | 10/02/2028 |  | 3855000 | (204) | 82 | (122) | 0 | (1) |

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| | | |
|:---|:---|:---|
| **114** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2026

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CLP-CHILIBOR | 6.000% | Semi-Annual | 10/02/2028 | CLP | 7589000 | $(427) | $167 | $(260) | $0 | $(3) |
|  Receive | 6-Month CLP-CHILIBOR | 5.780 | Semi-Annual | 10/03/2028 |  | 2718600 | (128) | 54 | (74) | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 11/13/2028 |  | 4461100 | 87 | (6) | 81 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.675 | Semi-Annual | 03/18/2029 |  | 2150000 | 0 | 21 | 21 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.740 | Semi-Annual | 03/18/2029 |  | 15748000 | 0 | 119 | 119 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.050 | Semi-Annual | 07/19/2029 |  | 4076800 | 2 | 7 | 9 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 |  | 10005000 | 0 | 150 | 150 | 5 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.710 | Semi-Annual | 10/01/2029 |  | 8180000 | 0 | 86 | 86 | 4 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.280 | Semi-Annual | 02/28/2030 |  | 21446500 | (271) | 53 | (218) | 17 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.285 | Semi-Annual | 03/19/2030 |  | 2552200 | 0 | 25 | 25 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.500 | Semi-Annual | 03/19/2030 |  | 1651000 | 0 | 30 | 30 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.550 | Semi-Annual | 03/19/2030 |  | 156550 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.750 | Semi-Annual | 04/10/2030 |  | 12581900 | 0 | 140 | 140 | 11 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.690 | Semi-Annual | 06/18/2030 |  | 5426900 | 0 | (77) | (77) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 4.715 | Semi-Annual | 06/18/2030 |  | 5081300 | 0 | 66 | 66 | 4 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/18/2030 |  | 6054800 | 1 | 38 | 39 | 0 | (5) |
|  Pay | 6-Month CLP-CHILIBOR | 5.180 | Semi-Annual | 06/18/2030 |  | 4571400 | 0 | 36 | 36 | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 |  | 885000 | 0 | 15 | 15 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.710 | Semi-Annual | 09/01/2030 |  | 21929000 | 0 | 325 | 325 | 17 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.060 | Semi-Annual | 03/18/2031 |  | 3750000 | 0 | 2 | 2 | 2 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.150 | Semi-Annual | 06/17/2031 |  | 25664400 | 20 | (68) | (48) | 21 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.306 | Semi-Annual | 06/17/2031 |  | 16686000 | 0 | (157) | (157) | 14 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.190 | Semi-Annual | 06/17/2031 |  | 2221000 | 0 | 8 | 8 | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Semi-Annual | 06/17/2031 |  | 762800 | 2 | 3 | 5 | 0 | (1) |
|  Pay | 6-Month CLP-CHILIBOR | 5.070 | Semi-Annual | 06/24/2031 |  | 9480000 | 0 | 8 | 8 | 0 | (6) |
|  Pay | 6-Month CLP-CHILIBOR | 4.970 | Semi-Annual | 06/18/2032 |  | 3919500 | 0 | (32) | (32) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 6.146 | Semi-Annual | 10/30/2032 |  | 18995000 | (132) | (1167) | (1299) | 23 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 04/01/2033 |  | 2078800 | (77) | 36 | (41) | 3 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.560 | Semi-Annual | 04/01/2033 |  | 1651000 | 0 | 51 | 51 | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.660 | Semi-Annual | 04/01/2033 |  | 1555000 | 0 | 59 | 59 | 0 | (2) |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.250 | Annual | 05/13/2033 |  | 3525300 | 0 | 7 | 7 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.300 | Semi-Annual | 05/18/2033 |  | 2201210 | (63) | 37 | (26) | 3 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 05/18/2033 |  | 1393000 | (46) | 24 | (22) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.790 | Semi-Annual | 10/06/2033 |  | 5204000 | (343) | 92 | (251) | 8 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.940 | Semi-Annual | 10/20/2033 |  | 1185100 | (92) | 22 | (70) | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.990 | Semi-Annual | 10/20/2033 |  | 11005540 | (896) | 208 | (688) | 17 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.235 | Semi-Annual | 10/26/2033 |  | 3462700 | (349) | 70 | (279) | 6 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 11/16/2033 |  | 2437000 | 84 | (39) | 45 | 0 | (4) |
|  Pay | 6-Month CLP-CHILIBOR | 5.230 | Semi-Annual | 11/17/2033 |  | 4836500 | 102 | (73) | 29 | 0 | (8) |
|  Pay | 6-Month CLP-CHILIBOR | 4.920 | Semi-Annual | 02/13/2034 |  | 1050300 | (2) | (18) | (20) | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.030 | Semi-Annual | 02/23/2034 |  | 5540500 | (51) | (12) | (63) | 0 | (10) |
|  Pay | 6-Month CLP-CHILIBOR | 5.313 | Semi-Annual | 04/25/2034 |  | 5249900 | 0 | 61 | 61 | 0 | (9) |
|  Pay | 6-Month CLP-CHILIBOR | 5.360 | Semi-Annual | 04/26/2034 |  | 5158800 | 0 | 79 | 79 | 0 | (9) |
|  Pay<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 5.750 | Annual | 05/13/2034 |  | 3609000 | 0 | 4 | 4 | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 5.450 | Semi-Annual | 06/28/2034 |  | 5759000 | 0 | (121) | (121) | 11 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.400 | Semi-Annual | 07/03/2034 |  | 3768300 | 0 | 64 | 64 | 0 | (7) |
|  Pay | 6-Month CLP-CHILIBOR | 4.890 | Semi-Annual | 10/01/2034 |  | 2141900 | 0 | (49) | (49) | 0 | (4) |
|  Pay | 6-Month CLP-CHILIBOR | 5.440 | Semi-Annual | 02/28/2035 |  | 6101000 | 0 | 109 | 109 | 0 | (11) |
|  Receive | 6-Month CLP-CHILIBOR | 5.140 | Semi-Annual | 03/01/2035 |  | 4650000 | 0 | 29 | 29 | 9 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.210 | Semi-Annual | 03/01/2035 |  | 3480000 | 0 | 3 | 3 | 6 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 5.120 | Semi-Annual | 06/18/2035 |  | 1953200 | 0 | (15) | (15) | 0 | (4) |
|  Pay | 6-Month CLP-CHILIBOR | 5.215 | Semi-Annual | 03/18/2036 |  | 754000 | 0 | (4) | (4) | 0 | (2) |
|  Pay | 6-Month CLP-CHILIBOR | 5.245 | Semi-Annual | 03/18/2036 |  | 5543000 | 0 | (12) | (12) | 0 | (17) |
|  Pay | 6-Month CZK-PRIBOR | 4.611 | Annual | 06/06/2028 | CZK | 318230 | 465 | 60 | 525 | 26 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.388 | Annual | 11/15/2028 |  | 479700 | 644 | (509) | 135 | 36 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.765 | Annual | 01/09/2029 |  | 215600 | 60 | (188) | (128) | 17 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.645 | Annual | 02/01/2029 |  | 615200 | 0 | (466) | (466) | 47 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.534 | Annual | 03/21/2029 |  | 140600 | 0 | 138 | 138 | 0 | (9) |
|  Pay | 6-Month CZK-PRIBOR | 4.250 | Annual | 04/18/2029 |  | 166500 | 205 | (22) | 183 | 11 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.130 | Annual | 06/03/2029 |  | 174800 | 1 | (146) | (145) | 0 | (13) |
|  Receive | 6-Month CZK-PRIBOR | 3.530 | Annual | 07/15/2029 |  | 320500 | 0 | 83 | 83 | 0 | (25) |
|  Pay | 6-Month CZK-PRIBOR | 3.580 | Annual | 10/25/2029 |  | 417000 | (5) | (471) | (476) | 29 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 |  | 239200 | (165) | (209) | (374) | 18 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.550 | Annual | 01/24/2030 |  | 160300 | (23) | 226 | 203 | 0 | (13) |
|  Pay | 6-Month CZK-PRIBOR | 3.470 | Annual | 02/05/2030 |  | 401200 | 16 | (580) | (564) | 32 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.130 | Annual | 04/09/2030 |  | 445700 | 125 | 515 | 640 | 0 | (30) |
|  Pay | 6-Month CZK-PRIBOR | 3.145 | Annual | 04/09/2030 |  | 156700 | (27) | (193) | (220) | 10 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.290 | Annual | 04/30/2030 |  | 79900 | 0 | 88 | 88 | 0 | (6) |
|  Receive | 6-Month CZK-PRIBOR | 3.258 | Annual | 05/05/2030 |  | 97300 | 0 | 115 | 115 | 0 | (7) |
|  Receive | 6-Month CZK-PRIBOR | 3.315 | Annual | 05/06/2030 |  | 108800 | 0 | 115 | 115 | 0 | (8) |
|  Receive | 6-Month CZK-PRIBOR | 3.325 | Annual | 05/06/2030 |  | 274100 | 0 | 283 | 283 | 0 | (20) |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **115** |

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Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 6-Month CZK-PRIBOR | 3.405% | Annual | 05/14/2030 | CZK | 124300 | $0 | $108 | $108 | $0 | $(9) |
|  Receive | 6-Month CZK-PRIBOR | 3.485 | Annual | 05/16/2030 |  | 95700 | 0 | 66 | 66 | 0 | (7) |
|  Pay | 6-Month CZK-PRIBOR | 3.363 | Annual | 05/29/2030 |  | 312800 | 0 | (308) | (308) | 24 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.554 | Annual | 06/11/2030 |  | 462900 | 49 | 217 | 266 | 0 | (37) |
|  Receive | 6-Month CZK-PRIBOR | 3.575 | Annual | 07/03/2030 |  | 1343800 | 983 | (269) | 714 | 0 | (109) |
|  Pay | 6-Month CZK-PRIBOR | 3.735 | Annual | 08/05/2030 |  | 41100 | 0 | (8) | (8) | 3 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.705 | Annual | 08/12/2030 |  | 710990 | 0 | (204) | (204) | 56 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.708 | Annual | 08/13/2030 |  | 485400 | 5 | (141) | (136) | 38 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.513 | Annual | 09/30/2030 |  | 156900 | (68) | (57) | (125) | 10 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.777 | Annual | 10/15/2030 |  | 84740 | 0 | (92) | (92) | 6 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.767 | Annual | 10/17/2030 |  | 223400 | 0 | (247) | (247) | 15 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.761 | Annual | 10/20/2030 |  | 285900 | 0 | (321) | (321) | 19 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.999 | Annual | 11/14/2030 |  | 40100 | 0 | 26 | 26 | 0 | (3) |
|  Pay | 6-Month CZK-PRIBOR | 4.018 | Annual | 11/25/2030 |  | 13200 | 0 | (8) | (8) | 1 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.963 | Annual | 11/27/2030 |  | 116500 | 0 | (86) | (86) | 9 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.981 | Annual | 12/01/2030 |  | 121200 | 0 | (85) | (85) | 9 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.980 | Annual | 12/04/2030 |  | 129250 | (28) | (64) | (92) | 10 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 4.049 | Annual | 12/12/2030 |  | 103040 | 75 | (134) | (59) | 8 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.745 | Annual | 01/12/2031 |  | 180660 | 0 | (223) | (223) | 14 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.680 | Annual | 01/29/2031 |  | 144100 | 0 | (198) | (198) | 11 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.670 | Annual | 02/09/2031 |  | 244750 | 21 | (364) | (343) | 18 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.920 | Annual | 02/09/2031 |  | 97900 | 0 | 85 | 85 | 0 | (7) |
|  Pay | 6-Month CZK-PRIBOR | 3.720 | Annual | 02/12/2031 |  | 311800 | 25 | (434) | (409) | 23 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.970 | Annual | 02/12/2031 |  | 124700 | 0 | 97 | 97 | 0 | (9) |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 3.773 | Annual | 04/10/2031 |  | 323500 | 0 | 416 | 416 | 0 | (20) |
|  Pay | 6-Month CZK-PRIBOR | 4.220 | Annual | 03/21/2033 |  | 271100 | 559 | (725) | (166) | 12 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 3.524 | Annual | 02/16/2034 |  | 364200 | (2) | 1068 | 1066 | 0 | (12) |
|  Receive | 6-Month CZK-PRIBOR | 3.528 | Annual | 07/29/2034 |  | 114700 | 0 | 258 | 258 | 0 | (3) |
|  Receive | 6-Month CZK-PRIBOR | 3.566 | Annual | 07/30/2034 |  | 44300 | 0 | 93 | 93 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.475 | Annual | 07/31/2034 |  | 44300 | 0 | 108 | 108 | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 3.445 | Annual | 08/01/2034 |  | 336900 | 490 | 365 | 855 | 0 | (10) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 |  | 697700 | 0 | (210) | (210) | 0 | (46) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 |  | 129200 | 0 | (47) | (47) | 0 | (9) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.530 | Annual | 12/31/2035 |  | 385400 | 34 | (147) | (113) | 0 | (26) |
|  Pay | 6-Month CZK-PRIBOR | 3.850 | Annual | 03/03/2036 |  | 278000 | 0 | (695) | (695) | 0 | (1) |
|  Receive | 6-Month CZK-PRIBOR | 4.395 | Annual | 03/10/2036 |  | 37300 | 0 | 17 | 17 | 0 | 0 |
|  Receive | 6-Month CZK-PRIBOR | 4.505 | Annual | 03/16/2036 |  | 22800 | 0 | 1 | 1 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.700 | Annual | 03/23/2036 |  | 32100 | 0 | 1 | 1 | 2 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.720 | Annual | 04/02/2036 |  | 49400 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.287 | Annual | 11/25/2029 | EUR | 2400 | 0 | 53 | 53 | 0 | (7) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 27250 | (559) | (82) | (641) | 136 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 19710 | (736) | 19 | (717) | 25 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 2250 | 36 | 21 | 57 | 0 | (25) |
|  Pay | 6-Month HUF-BBR | 2.420 | Annual | 08/02/2026 | HUF | 5709600 | (1283) | 1149 | (134) | 0 | (2) |
|  Pay | 6-Month HUF-BBR | 4.790 | Annual | 01/17/2027 |  | 11376280 | (797) | 109 | (688) | 0 | (1) |
|  Receive | 6-Month HUF-BBR | 8.700 | Annual | 01/16/2028 |  | 6147700 | (5) | (523) | (528) | 0 | (47) |
|  Pay | 6-Month HUF-BBR | 7.330 | Annual | 11/06/2028 |  | 2500100 | 504 | (471) | 33 | 25 | 0 |
|  Receive | 6-Month HUF-BBR | 5.440 | Annual | 01/15/2029 |  | 1473600 | 9 | 195 | 204 | 0 | (15) |
|  Receive | 6-Month HUF-BBR | 6.450 | Annual | 06/06/2029 |  | 519900 | 0 | (17) | (17) | 0 | (6) |
|  Receive | 6-Month HUF-BBR | 6.299 | Annual | 06/10/2029 |  | 941300 | 0 | (14) | (14) | 0 | (11) |
|  Pay | 6-Month HUF-BBR | 6.090 | Annual | 10/21/2029 |  | 8084100 | (385) | (505) | (890) | 111 | 0 |
|  Pay | 6-Month HUF-BBR | 6.079 | Annual | 10/22/2029 |  | 1089100 | (60) | (61) | (121) | 15 | 0 |
|  Pay | 6-Month HUF-BBR | 1.760 | Annual | 01/21/2030 |  | 1937700 | (1030) | (45) | (1075) | 24 | 0 |
|  Pay | 6-Month HUF-BBR | 6.363 | Annual | 01/31/2030 |  | 4291500 | 0 | (348) | (348) | 64 | 0 |
|  Pay | 6-Month HUF-BBR | 6.430 | Annual | 02/04/2030 |  | 2715500 | 0 | (200) | (200) | 41 | 0 |
|  Pay | 6-Month HUF-BBR | 6.511 | Annual | 02/05/2030 |  | 10076500 | 158 | (815) | (657) | 153 | 0 |
|  Pay | 6-Month HUF-BBR | 6.392 | Annual | 03/11/2030 |  | 3054800 | 0 | (233) | (233) | 48 | 0 |
|  Pay | 6-Month HUF-BBR | 6.650 | Annual | 03/13/2030 |  | 1331700 | 0 | (66) | (66) | 21 | 0 |
|  Receive | 6-Month HUF-BBR | 6.265 | Annual | 04/08/2030 |  | 1040000 | 0 | 5 | 5 | 0 | (16) |
|  Receive | 6-Month HUF-BBR | 6.250 | Annual | 04/09/2030 |  | 1710300 | 13 | (2) | 11 | 0 | (27) |
|  Pay | 6-Month HUF-BBR | 5.875 | Annual | 05/09/2030 |  | 3322000 | (83) | (102) | (185) | 52 | 0 |
|  Pay | 6-Month HUF-BBR | 5.890 | Annual | 05/09/2030 |  | 5849900 | (43) | (271) | (314) | 92 | 0 |
|  Pay | 6-Month HUF-BBR | 6.270 | Annual | 06/16/2030 |  | 3926900 | 3 | (28) | (25) | 62 | 0 |
|  Receive | 6-Month HUF-BBR | 6.210 | Annual | 06/26/2030 |  | 13871800 | 9 | 158 | 167 | 0 | (219) |
|  Receive | 6-Month HUF-BBR | 6.319 | Annual | 11/03/2030 |  | 649100 | 0 | 67 | 67 | 0 | (11) |
|  Receive | 6-Month HUF-BBR | 6.350 | Annual | 11/14/2030 |  | 1056500 | 0 | 105 | 105 | 0 | (18) |
|  Receive | 6-Month HUF-BBR | 6.190 | Annual | 11/18/2030 |  | 6535920 | 227 | 553 | 780 | 0 | (113) |
|  Receive | 6-Month HUF-BBR | 6.430 | Annual | 11/21/2030 |  | 10883400 | 0 | 971 | 971 | 0 | (191) |
|  Pay | 6-Month HUF-BBR | 6.110 | Annual | 12/30/2030 |  | 2956850 | 38 | (419) | (381) | 51 | 0 |
|  Pay | 6-Month HUF-BBR | 2.680 | Annual | 06/29/2031 |  | 5166000 | (2842) | (66) | (2908) | 83 | 0 |
|  Receive | 6-Month HUF-BBR | 6.265 | Annual | 04/28/2032 |  | 83600 | 0 | 3 | 3 | 0 | (2) |

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| | | |
|:---|:---|:---|
| **116** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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March 31, 2026

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 HUF-BBR | 6.270% | Annual | 04/28/2032 | HUF | 3200000 | $0 | $120 | $120 | $0 | $(69) |
|  Receive | 6-Month HUF-BBR | 7.840 | Annual | 02/07/2033 |  | 1677700 | (420) | 222 | (198) | 0 | (43) |
|  Receive | 6-Month HUF-BBR | 6.100 | Annual | 02/08/2034 |  | 1362200 | 0 | 247 | 247 | 0 | (36) |
|  Receive | 6-Month HUF-BBR | 6.580 | Annual | 05/16/2035 |  | 167500 | 0 | 1 | 1 | 0 | (5) |
|  Pay | 6-Month PLN-WIBOR | 1.460 | Annual | 05/28/2026 | PLN | 16700 | (308) | 282 | (26) | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.158 | Annual | 03/22/2027 |  | 155800 | (121) | 525 | 404 | 26 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.175 | Annual | 03/24/2027 |  | 48900 | (183) | 55 | (128) | 0 | (8) |
|  Receive | 6-Month PLN-WIBOR | 5.470 | Annual | 04/08/2027 |  | 76800 | (464) | (450) | (914) | 0 | (14) |
|  Receive | 6-Month PLN-WIBOR | 5.960 | Annual | 04/25/2027 |  | 82900 | (815) | (407) | (1222) | 0 | (17) |
|  Receive | 6-Month PLN-WIBOR | 4.910 | Annual | 07/25/2027 |  | 6320 | (15) | (44) | (59) | 0 | (2) |
|  Receive | 6-Month PLN-WIBOR | 4.735 | Annual | 10/09/2028 |  | 38600 | (91) | 12 | (79) | 0 | (11) |
|  Receive | 6-Month PLN-WIBOR | 4.560 | Annual | 11/06/2028 |  | 59900 | (25) | (32) | (57) | 0 | (18) |
|  Pay | 6-Month PLN-WIBOR | 4.440 | Annual | 01/09/2029 |  | 52900 | (12) | 26 | 14 | 16 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.730 | Annual | 02/16/2029 |  | 23000 | 0 | 55 | 55 | 7 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.810 | Annual | 02/16/2029 |  | 27800 | 0 | 83 | 83 | 9 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.660 | Annual | 02/19/2029 |  | 22200 | 0 | 42 | 42 | 7 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.970 | Annual | 03/21/2029 |  | 45900 | 9 | 170 | 179 | 13 | 0 |
|  Pay | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 |  | 12500 | 0 | 53 | 53 | 4 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.923 | Annual | 03/22/2029 |  | 54800 | (21) | 216 | 195 | 16 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.510 | Annual | 04/25/2029 |  | 63600 | 0 | (423) | (423) | 0 | (19) |
|  Receive | 6-Month PLN-WIBOR | 4.545 | Annual | 04/25/2029 |  | 33300 | 0 | (233) | (233) | 0 | (10) |
|  Pay | 6-Month PLN-WIBOR | 5.105 | Annual | 07/12/2029 |  | 6800 | 0 | 86 | 86 | 2 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.865 | Annual | 07/18/2029 |  | 18300 | 0 | 189 | 189 | 5 | 0 |
|  Pay | 6-Month PLN-WIBOR | 4.750 | Annual | 08/02/2029 |  | 17600 | 0 | 159 | 159 | 5 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.259 | Annual | 08/08/2029 |  | 16100 | 0 | (68) | (68) | 0 | (5) |
|  Receive | 6-Month PLN-WIBOR | 4.388 | Annual | 08/09/2029 |  | 23800 | 0 | (129) | (129) | 0 | (7) |
|  Receive | 6-Month PLN-WIBOR | 4.415 | Annual | 08/12/2029 |  | 29100 | 0 | (168) | (168) | 0 | (8) |
|  Pay | 6-Month PLN-WIBOR | 4.560 | Annual | 09/02/2029 |  | 13700 | (16) | 113 | 97 | 4 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.220 | Annual | 03/20/2033 |  | 14700 | (166) | 40 | (126) | 4 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.310 | Annual | 03/21/2033 |  | 29200 | (379) | 89 | (290) | 8 | 0 |
|  Receive | 6-Month PLN-WIBOR | 4.740 | Annual | 10/25/2033 |  | 16800 | (38) | 27 | (11) | 7 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.075 | Lunar | 03/17/2027 | MXN | 334900 | 0 | 200 | 200 | 17 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.880 | Lunar | 03/02/2028 |  | 481200 | 0 | (315) | (315) | 50 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.882 | Lunar | 03/02/2028 |  | 682700 | 0 | (446) | (446) | 72 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.360 | Lunar | 03/02/2028 |  | 324000 | 0 | (49) | (49) | 34 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.430 | Lunar | 03/02/2028 |  | 79600 | 0 | 6 | 6 | 0 | (8) |
|  Receive | 28-Day MXN-TIIE | 7.550 | Lunar | 03/02/2028 |  | 682000 | 0 | (34) | (34) | 0 | (73) |
|  Receive | 28-Day MXN-TIIE | 7.560 | Lunar | 03/02/2028 |  | 312000 | 0 | (19) | (19) | 0 | (33) |
|  Receive | 28-Day MXN-TIIE | 7.580 | Lunar | 03/02/2028 |  | 372400 | 0 | (31) | (31) | 0 | (40) |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 10/30/2028 |  | 41400 | 21 | 51 | 72 | 6 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.760 | Lunar | 03/01/2029 |  | 162000 | 0 | (15) | (15) | 24 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 03/01/2029 |  | 79000 | (59) | 7 | (52) | 0 | (12) |
|  Pay | 28-Day MXN-TIIE | 9.065 | Lunar | 03/01/2029 |  | 428400 | 0 | 810 | 810 | 65 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.230 | Lunar | 03/14/2029 |  | 198100 | 0 | 183 | 183 | 0 | (29) |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 05/31/2029 |  | 189000 | 0 | (27) | (27) | 30 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.820 | Lunar | 05/31/2029 |  | 195900 | 0 | (19) | (19) | 31 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.825 | Lunar | 05/31/2029 |  | 186200 | 0 | (16) | (16) | 29 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.485 | Lunar | 05/31/2029 |  | 163200 | (185) | 25 | (160) | 0 | (26) |
|  Receive | 28-Day MXN-TIIE | 8.495 | Lunar | 05/31/2029 |  | 486700 | 0 | (485) | (485) | 0 | (78) |
|  Pay | 28-Day MXN-TIIE | 8.620 | Lunar | 12/05/2029 |  | 256800 | 0 | 314 | 314 | 47 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.665 | Lunar | 12/11/2029 |  | 179900 | 0 | (232) | (232) | 0 | (33) |
|  Pay | 28-Day MXN-TIIE | 8.800 | Lunar | 12/12/2029 |  | 284900 | 120 | 320 | 440 | 52 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.950 | Lunar | 12/17/2029 |  | 96700 | 0 | (174) | (174) | 0 | (18) |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 83900 | 0 | 178 | 178 | 16 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 27600 | 0 | 62 | 62 | 5 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.180 | Lunar | 01/08/2030 |  | 117800 | 0 | (267) | (267) | 0 | (22) |
|  Pay | 28-Day MXN-TIIE | 8.650 | Lunar | 01/31/2030 |  | 28000 | 0 | 36 | 36 | 5 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.267 | Lunar | 02/28/2030 |  | 679400 | 0 | (365) | (365) | 0 | (129) |
|  Pay | 28-Day MXN-TIIE | 8.360 | Lunar | 03/13/2030 |  | 21200 | 0 | 15 | 15 | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.480 | Lunar | 03/13/2030 |  | 51300 | 0 | (47) | (47) | 0 | (10) |
|  Pay | 28-Day MXN-TIIE | 7.720 | Lunar | 04/01/2030 |  | 100400 | 0 | (57) | (57) | 19 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 162000 | 7 | (89) | (82) | 31 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 |  | 140300 | 0 | (64) | (64) | 27 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 |  | 60100 | 0 | (26) | (26) | 11 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 |  | 294100 | 0 | (247) | (247) | 56 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.748 | Lunar | 04/02/2030 |  | 63100 | 0 | (32) | (32) | 12 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.753 | Lunar | 04/16/2030 |  | 304700 | 0 | (162) | (162) | 58 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.775 | Lunar | 06/12/2030 |  | 171700 | 0 | 92 | 92 | 0 | (34) |
|  Receive | 28-Day MXN-TIIE | 7.790 | Lunar | 06/12/2030 |  | 147000 | 0 | 75 | 75 | 0 | (30) |
|  Receive | 28-Day MXN-TIIE | 7.800 | Lunar | 06/12/2030 |  | 464400 | 0 | 226 | 226 | 0 | (93) |
|  Receive | 28-Day MXN-TIIE | 7.936 | Lunar | 06/12/2030 |  | 389600 | (33) | 116 | 83 | 0 | (79) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **117** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 28-Day MXN-TIIE | 7.460% | Lunar | 08/27/2030 | MXN | 205500 | $0 | $(260) | $(260) | $44 | $0 |
|  Pay | 28-Day MXN-TIIE | 7.500 | Lunar | 09/11/2030 |  | 207700 | 0 | (246) | (246) | 45 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.610 | Lunar | 09/20/2030 |  | 290300 | (83) | 363 | 280 | 0 | (63) |
|  Pay | 28-Day MXN-TIIE | 7.740 | Lunar | 09/20/2030 |  | 119000 | 0 | (81) | (81) | 26 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.310 | Lunar | 11/01/2030 |  | 120400 | (16) | (186) | (202) | 27 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.375 | Lunar | 11/21/2030 |  | 108100 | 47 | 121 | 168 | 0 | (24) |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 12/13/2030 |  | 378700 | 96 | (356) | (260) | 88 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.700 | Lunar | 12/24/2030 |  | 115750 | 0 | (101) | (101) | 27 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.555 | Lunar | 01/24/2031 |  | 123600 | 0 | (152) | (152) | 29 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.550 | Lunar | 01/29/2031 |  | 107900 | 0 | (133) | (133) | 26 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.550 | Lunar | 01/30/2031 |  | 125900 | 0 | (155) | (155) | 30 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.350 | Lunar | 01/31/2031 |  | 117800 | (41) | (159) | (200) | 28 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.495 | Lunar | 02/04/2031 |  | 97200 | 0 | (133) | (133) | 23 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.681 | Lunar | 03/05/2031 |  | 643500 | 0 | 626 | 626 | 0 | (156) |
|  Receive | 28-Day MXN-TIIE | 7.545 | Lunar | 03/12/2031 |  | 64000 | 0 | 83 | 83 | 0 | (15) |
|  Pay | 28-Day MXN-TIIE | 7.623 | Lunar | 03/12/2031 |  | 19300 | 0 | (22) | (22) | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 03/12/2031 |  | 102000 | 41 | (125) | (84) | 25 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.771 | Lunar | 03/12/2031 |  | 196100 | 0 | 152 | 152 | 0 | (48) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.170 | Lunar | 03/26/2031 |  | 86600 | 0 | 10 | 10 | 21 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.620 | Lunar | 04/18/2031 |  | 107900 | 0 | 131 | 131 | 0 | (26) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.660 | Lunar | 04/18/2031 |  | 235500 | 0 | 264 | 264 | 0 | (57) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.645 | Lunar | 04/24/2031 |  | 126000 | 0 | 148 | 148 | 0 | (31) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.550 | Lunar | 05/02/2031 |  | 97200 | 0 | 137 | 137 | 0 | (24) |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 7.480 | Lunar | 06/11/2031 |  | 62600 | 0 | 104 | 104 | 0 | (15) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.000 | Lunar | 06/11/2031 |  | 30500 | (17) | 2 | (15) | 8 | 0 |
|  Receive<sup>(6)</sup> | 28-Day MXN-TIIE | 8.200 | Lunar | 06/11/2031 |  | 83800 | (1) | 3 | 2 | 0 | (21) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.210 | Lunar | 06/11/2031 |  | 150700 | 0 | 0 | 0 | 38 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.255 | Lunar | 06/11/2031 |  | 74600 | 0 | 8 | 8 | 19 | 0 |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.340 | Lunar | 06/11/2031 |  | 108300 | 0 | 32 | 32 | 27 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.290 | Lunar | 02/27/2032 |  | 53500 | 0 | 14 | 14 | 13 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.800 | Lunar | 04/15/2032 |  | 179248 | 0 | 202 | 202 | 0 | (42) |
|  Pay | 28-Day MXN-TIIE | 8.545 | Lunar | 11/23/2034 |  | 60700 | 0 | 30 | 30 | 14 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.820 | Lunar | 11/23/2034 |  | 78800 | 0 | (115) | (115) | 0 | (18) |
|  Receive | 28-Day MXN-TIIE | 9.131 | Lunar | 12/11/2034 |  | 88600 | 0 | (229) | (229) | 0 | (21) |
|  Pay | 28-Day MXN-TIIE | 9.370 | Lunar | 12/21/2034 |  | 88800 | 0 | 301 | 301 | 21 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.340 | Lunar | 12/27/2034 |  | 124400 | 0 | 419 | 419 | 30 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/28/2034 |  | 84000 | 0 | 269 | 269 | 20 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.295 | Lunar | 12/29/2034 |  | 128100 | 0 | 410 | 410 | 31 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.855 | Lunar | 02/09/2035 |  | 212900 | 0 | (337) | (337) | 0 | (50) |
|  Receive | 28-Day MXN-TIIE | 8.515 | Lunar | 02/22/2035 |  | 138300 | 0 | (55) | (55) | 0 | (32) |
|  Pay | 28-Day MXN-TIIE | 8.270 | Lunar | 03/07/2035 |  | 33000 | 1 | (18) | (17) | 8 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.640 | Lunar | 03/07/2035 |  | 92000 | 0 | (75) | (75) | 0 | (21) |
|  Receive | 28-Day MXN-TIIE | 8.655 | Lunar | 03/07/2035 |  | 68900 | 0 | (60) | (60) | 0 | (16) |
|  Receive | 28-Day MXN-TIIE | 8.740 | Lunar | 03/07/2035 |  | 34400 | 0 | (40) | (40) | 0 | (8) |
|  Pay | 28-Day MXN-TIIE | 8.365 | Lunar | 03/28/2035 |  | 35500 | 0 | (6) | (6) | 8 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.285 | Lunar | 06/06/2035 |  | 102400 | 0 | 55 | 55 | 0 | (24) |
|  Pay<sup>(6)</sup> | 28-Day MXN-TIIE | 8.500 | Lunar | 06/04/2036 |  | 42800 | 1 | (8) | (7) | 10 | 0 |
|  |  |  |  |  |  |  | $(1933) | $(22218) | $(24151) | $11958 | $(11475) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(2809) | $(22396) | $(25205) | $12061 | $(12155) |

---

#### 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>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12117 | $&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;(12254) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12256) |

---

(m) Securities with an aggregate market value of $2,369 and cash of $40,885 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. 

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(99) 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 | 139 | $102 | $2 | $0 |
|  BOA | 04/2026 | 5593 | 1069 | 0 | (11) |
|  | 04/2026 | 4494511 | 4974 | 121 | 0 |
|  | 04/2026 | 8026508 | 2006 | 0 | (164) |
|  | 04/2026 | 89764 | 1429 | 0 | (47) |
|  | 04/2026 | 4098 | 5509 | 85 | 0 |
|  | 04/2026 | 393515 | 4202 | 46 | 0 |
|  | 04/2026 | 2 | 0 | 0 | 0 |
|  | 04/2026 | 65409 | 3582 | 0 | (63) |
|  | 04/2026 | 44208 | 12689 | 0 | (9) |
|  | 04/2026 | 106578 | 28906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | 0 |
|  | 04/2026 | 149327 | 4811 | 277 | 0 |
|  | 04/2026 | 122628 | 2653 | 0 | (71) |
|  | 04/2026 | $500 | 811429 | 86 | 0 |
|  | 04/2026 | 1068 | 5593 | 11 | 0 |
|  | 04/2026 | 4974 | 4494511 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120) |
|  | 04/2026 | 536 | 32596 | 0 | (3) |
|  | 04/2026 | 36342 | 31251 | 0 | (220) |
|  | 04/2026 | 23714 | 17792 | 0 | (165) |
|  | 04/2026 | 100 | 33482 | 1 | 0 |
|  | 04/2026 | 3374 | 317342 | 3 | 0 |
|  | 04/2026 | 9670 | 33822 | 36 | 0 |
|  | 04/2026 | 56599 | 207783 | 0 | (627) |
|  | 04/2026 | 10100 | 43528 | 0 | (238) |
|  | 04/2026 | 16813 | 548470 | 0 | (160) |
|  | 04/2026 | 1992 | 34276 | 31 | 0 |
|  | 05/2026 | 548470 | $16825 | 133 | 0 |
|  | 05/2026 | 163487 | 3482 | 8 | 0 |
|  | 05/2026 | $19657 | 136481 | 162 | 0 |
|  | 05/2026 | 1072 | 4676 | 0 | (14) |
|  | 06/2026 | 3009944 | $3304 | 52 | 0 |
|  | 06/2026 | 154 | 22 | 0 | 0 |
|  | 06/2026 | 199923056 | 11826 | 71 | 0 |
|  | 06/2026 | 22583 | 7154 | 0 | (44) |
|  | 06/2026 | 728966 | 40347 | 87 | (162) |
|  | 06/2026 | 15543 | 4450 | 13 | (13) |
|  | 06/2026 | 55562 | 951 | 38 | 0 |
|  | 06/2026 | $1069 | 5668 | 11 | 0 |
|  | 06/2026 | 1 | 906 | 0 | 0 |
|  | 06/2026 | 701 | 4831 | 2 | 0 |
|  | 06/2026 | 2442 | 41030213 | 0 | (29) |
|  | 06/2026 | 1002 | 3095 | 0 | (15) |
|  | 06/2026 | 828 | 77220 | 0 | (14) |
|  | 06/2026 | 15200 | 272703 | 1 | (80) |
|  | 06/2026 | 12640 | 44208 | 16 | 0 |
|  | 07/2026 | 70919 | $20639 | 406 | (39) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **119** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2026 | 3359 | 138 | $2 | $0 |
|  | 08/2026 | $4161 | 75246 | 237 | 0 |
|  | 08/2026 | 62002 | $3502 | 0 | (126) |
|  | 09/2026 | $4327 | 17069429 | 148 | 0 |
|  | 10/2026 | 3600 | $659 | 0 | (8) |
|  BPS | 04/2026 | 1900827 | 1268 | 0 | (105) |
|  | 04/2026 | 470199 | 86228 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4547) |
|  | 04/2026 | 4915397 | 5468 | 160 | 0 |
|  | 04/2026 | 74084 | 10749 | 0 | (7) |
|  | 04/2026 | 28894 | 4174 | 0 | (9) |
|  | 04/2026 | 2306 | 3100 | 48 | 0 |
|  | 04/2026 | 2086 | 659 | 0 | (5) |
|  | 04/2026 | 10645468 | 116145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 | 0 |
|  | 04/2026 | 20224549 | 13650 | 201 | 0 |
|  | 04/2026 | 4434598 | 136624 | 2036 | 0 |
|  | 04/2026 | $90188 | 470199 | 606 | (19) |
|  | 04/2026 | 5466 | 37577 | 0 | (11) |
|  | 04/2026 | 4121 | 28894 | 61 | 0 |
|  | 04/2026 | 894 | 2760 | 0 | (16) |
|  | 04/2026 | 23270 | 2166401 | 71 | (412) |
|  | 04/2026 | 2 | 7 | 0 | 0 |
|  | 04/2026 | 23858 | 1417296 | 0 | (480) |
|  | 04/2026 | 14528 | 52414 | 2 | (410) |
|  | 04/2026 | 8377 | 36166 | 0 | (184) |
|  | 04/2026 | 63365 | 2012029 | 0 | (2304) |
|  | 04/2026 | 134570 | $7946 | 4 | 0 |
|  | 05/2026 | 82683 | 12011 | 4 | 0 |
|  | 05/2026 | $19204 | 133145 | 143 | (6) |
|  | 05/2026 | 659 | 2083 | 5 | 0 |
|  | 05/2026 | 13861 | 1312513 | 67 | 0 |
|  | 05/2026 | 4420 | 1347 | 0 | (65) |
|  | 05/2026 | 65406 | 2143412 | 0 | (134) |
|  | 06/2026 | 3960615 | $2161 | 0 | (566) |
|  | 06/2026 | 450261934 | 26544 | 94 | (24) |
|  | 06/2026 | 4477246 | 49085 | 1868 | 0 |
|  | 06/2026 | 816510 | 13967 | 557 | 0 |
|  | 06/2026 | $980 | 1564831 | 88 | 0 |
|  | 06/2026 | 5102 | 27110 | 63 | 0 |
|  | 06/2026 | 14205 | 12863214 | 0 | (308) |
|  | 06/2026 | 660 | 4531 | 0 | (1) |
|  | 06/2026 | 21770 | 367141691 | 0 | (183) |
|  | 06/2026 | 111458 | 10186515 | 0 | (4032) |
|  | 06/2026 | 1501 | 458 | 0 | (19) |
|  | 06/2026 | 52140 | 907472 | 0 | (1819) |
|  | 06/2026 | 2569 | 10060 | 0 | (79) |
|  | 06/2026 | 10121 | 613779 | 0 | (41) |
|  | 07/2026 | 757200 | $498 | 0 | (18) |
|  | 07/2026 | 10200 | 1895 | 0 | (34) |
|  | 07/2026 | $1703 | 2789939 | 193 | 0 |
|  | 10/2026 | 24700 | $4506 | 0 | (66) |
|  | 06/2027 | $1645 | 499 | 0 | (25) |
|  | 05/2029 | 7247 | $24915 | 1191 | 0 |
|  | 07/2029 | 806 | 2774 | 132 | 0 |
|  | 05/2030 | 4241 | 14605 | 664 | 0 |
|  | 08/2030 | 1440 | 4856 | 117 | 0 |
|  | 01/2031 | 4404 | 14842 | 325 | 0 |
|  BRC | 04/2026 | 79683 | 15267 | 0 | (117) |
|  | 04/2026 | 2031495 | 2219 | 25 | 0 |
|  | 04/2026 | 7236 | 1833 | 44 | 0 |
|  | 04/2026 | 202625 | 55002 | 420 | 0 |
|  | 04/2026 | 7062 | 1588 | 0 | (12) |
|  | 04/2026 | 2164484 | 47105 | 0 | (695) |
|  | 04/2026 | $15277 | 79683 | 106 | 0 |
|  | 04/2026 | 162 | 1269 | 0 | 0 |
|  | 04/2026 | 7876 | 31106 | 0 | (188) |
|  | 04/2026 | 28 | 264 | 0 | 0 |
|  | 04/2026 | 2942 | 176346 | 0 | (33) |
|  | 04/2026 | 18458 | 66312 | 0 | (595) |
|  | 04/2026 | 57501 | 1803092 | 0 | (2796) |
|  | 04/2026 | 56507 | 2578218 | 535 | 0 |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO INTERNATIONAL 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 | $564 | 9718 | $9 | $0 |
|  | 04/2026 | 188917 | $11544 | 395 | 0 |
|  | 05/2026 | 174 | 25 | 0 | 0 |
|  | 05/2026 | 502269 | 10772 | 0 | (71) |
|  | 05/2026 | $1023 | 3783187 | 0 | (2) |
|  | 05/2026 | 577 | 26767 | 0 | 0 |
|  | 06/2026 | 56459841 | $3319 | 0 | 0 |
|  | 06/2026 | 4625889 | 50753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 | 0 |
|  | 06/2026 | $29 | 89 | 0 | (1) |
|  | 06/2026 | 54295 | 4968537 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1897) |
|  | 07/2026 | 18092 | 68690595 | 133 | 0 |
|  | 08/2026 | 3863086 | $1023 | 0 | 0 |
|  BSH | 04/2026 | 50700 | 9714 | 0 | (74) |
|  | 04/2026 | $9762 | 50700 | 26 | 0 |
|  | 04/2026 | 11181 | 10429502 | 84 | 0 |
|  | 04/2026 | 601 | 95967 | 4 | 0 |
|  | 04/2026 | 193 | 335 | 0 | (1) |
|  | 04/2026 | 66926 | 242078 | 0 | (1717) |
|  | 05/2026 | 95677 | $601 | 0 | (4) |
|  | 05/2026 | 335 | 194 | 1 | 0 |
|  | 05/2026 | 55912 | 15719 | 54 | (363) |
|  | 06/2026 | 16820796 | 18571 | 483 | (84) |
|  | 06/2026 | 166139817 | 44105 | 0 | (384) |
|  | 06/2026 | 23642 | 7006 | 238 | 0 |
|  | 09/2026 | 6212924 | 7055 | 344 | 0 |
|  | 09/2026 | 1250 | 362 | 6 | 0 |
|  | 10/2026 | 54100 | 9986 | 0 | (27) |
|  | 12/2026 | $4121 | 13944 | 0 | (167) |
|  | 04/2027 | 61200 | $10762 | 0 | (136) |
|  CBK | 04/2026 | 28408 | 5443 | 0 | (42) |
|  | 04/2026 | 1595174 | 1738 | 15 | 0 |
|  | 04/2026 | 46096 | 6663 | 0 | (29) |
|  | 04/2026 | 10491601 | 2753 | 0 | (103) |
|  | 04/2026 | 33651 | 38914 | 24 | (5) |
|  | 04/2026 | 8434 | 11194 | 30 | 0 |
|  | 04/2026 | 61059 | 177 | 0 | (6) |
|  | 04/2026 | 3422968 | 36786 | 637 | 0 |
|  | 04/2026 | 4827800 | 30905 | 485 | 0 |
|  | 04/2026 | 217625 | 63294 | 824 | (19) |
|  | 04/2026 | 537948 | 8904 | 30 | 0 |
|  | 04/2026 | $1172 | 1831493 | 150 | 0 |
|  | 04/2026 | 5411 | 28408 | 73 | 0 |
|  | 04/2026 | 1908 | 13107 | 0 | (5) |
|  | 04/2026 | 3848 | 26571 | 0 | (1) |
|  | 04/2026 | 31515 | 118956194 | 847 | 0 |
|  | 04/2026 | 206 | 4321 | 0 | (2) |
|  | 04/2026 | 5673 | 4930 | 33 | (7) |
|  | 04/2026 | 54562 | 40769 | 0 | (600) |
|  | 04/2026 | 160697 | 14817110 | 46 | (3968) |
|  | 04/2026 | 16038 | 55916 | 42 | (16) |
|  | 04/2026 | 3778 | 13522 | 0 | (136) |
|  | 04/2026 | 33398 | 1061235 | 0 | (1183) |
|  | 04/2026 | 1479 | 57597 | 0 | (61) |
|  | 04/2026 | 3861 | 65702 | 16 | 0 |
|  | 05/2026 | 531 | $77 | 0 | (1) |
|  | 05/2026 | 51087761 | 13835 | 42 | 0 |
|  | 05/2026 | 77113 | 22371 | 314 | (44) |
|  | 05/2026 | 115454 | 89471 | 0 | (670) |
|  | 05/2026 | $8205 | 56756 | 44 | 0 |
|  | 05/2026 | 623 | 59197 | 5 | 0 |
|  | 05/2026 | 319 | 495975 | 32 | 0 |
|  | 06/2026 | 1801029 | $1172 | 0 | (58) |
|  | 06/2026 | 210199268 | 55800 | 0 | (487) |
|  | 06/2026 | 695825544 | 41011 | 99 | 0 |
|  | 06/2026 | 602 | 193 | 1 | 0 |
|  | 06/2026 | 14639001 | 160682 | 6301 | 0 |
|  | 06/2026 | 7539 | 2157 | 5 | (6) |
|  | 06/2026 | $2355 | 3784916 | 248 | 0 |
|  | 06/2026 | 19074 | 131395 | 39 | 0 |
|  | 06/2026 | 12352 | 47228504 | 295 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **121** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $88953 | 1503183318 | $0 | $(571) |
|  | 06/2026 | 12351 | 219799 | 0 | (157) |
|  | 06/2026 | 17711 | 61168 | 0 | (203) |
|  | 06/2026 | 8839 | 536296 | 0 | (32) |
|  | 07/2026 | 4422913 | $2802 | 0 | (202) |
|  | 07/2026 | 75238 | 22381 | 889 | 0 |
|  | 07/2026 | $1960 | 3168762 | 196 | 0 |
|  | 07/2026 | 1099 | 55910 | 0 | (142) |
|  | 08/2026 | 1070807 | $2061 | 0 | (83) |
|  | 09/2026 | 45768867 | 52720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282 | 0 |
|  | 09/2026 | 33988683 | 8766 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
|  | 09/2026 | 21554 | 1205 | 19 | 0 |
|  | 09/2026 | 26118 | 7554 | 110 | 0 |
|  | 09/2026 | $3654 | 14444080 | 132 | 0 |
|  | 10/2026 | 2763680 | $751 | 48 | 0 |
|  | 10/2026 | $1006 | 3915216 | 0 | (10) |
|  | 10/2026 | 5881900 | $449 | 0 | (13) |
|  | 11/2026 | 520838 | 319 | 0 | (29) |
|  | 12/2026 | $3762 | 13181 | 0 | (26) |
|  | 01/2027 | 45344 | $13354 | 516 | 0 |
|  DUB | 04/2026 | 19812 | 13712 | 43 | 0 |
|  | 04/2026 | 432456 | 62546 | 0 | (241) |
|  | 04/2026 | 1023597 | 10864 | 66 | (12) |
|  | 04/2026 | 301537 | 620 | 0 | (7) |
|  | 04/2026 | 2320860 | 71716 | 1285 | 0 |
|  | 04/2026 | 11252644 | 3148 | 172 | 0 |
|  | 04/2026 | $13673 | 19931 | 79 | 0 |
|  | 04/2026 | 114319 | 783245 | 0 | (602) |
|  | 04/2026 | 35838 | 756647 | 0 | (198) |
|  | 04/2026 | 4898 | 246827 | 0 | (451) |
|  | 04/2026 | 787 | 6160 | 0 | (1) |
|  | 04/2026 | 8725 | 2926754 | 68 | 0 |
|  | 04/2026 | 1799 | 5568 | 0 | (27) |
|  | 04/2026 | 8442 | 798923 | 66 | (7) |
|  | 04/2026 | 21847 | 74997 | 0 | (309) |
|  | 04/2026 | 3669 | 13017 | 0 | (162) |
|  | 04/2026 | 1071 | 1368 | 0 | (7) |
|  | 04/2026 | 46200179 | $3693 | 0 | (87) |
|  | 05/2026 | 19931 | 13667 | 0 | (79) |
|  | 05/2026 | 60848 | 47153 | 7 | (360) |
|  | 05/2026 | 61719 | 1875 | 0 | (3) |
|  | 05/2026 | $13707 | 19812 | 0 | (43) |
|  | 05/2026 | 54355 | 374994 | 224 | 0 |
|  | 05/2026 | 512 | 5560 | 0 | (14) |
|  | 05/2026 | 71728 | 2318175 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1179) |
|  | 06/2026 | 7637985 | $14817 | 0 | (789) |
|  | 06/2026 | 52794 | 15283 | 173 | 0 |
|  | 06/2026 | 2286086 | 38495 | 950 | 0 |
|  | 06/2026 | 94307 | 327 | 0 | (8) |
|  | 06/2026 | 16865 | 530 | 5 | 0 |
|  | 06/2026 | $2 | 1816 | 0 | 0 |
|  | 06/2026 | 8080 | 55346 | 2 | (30) |
|  | 06/2026 | 4687 | 78898038 | 0 | (48) |
|  | 06/2026 | 1597 | 163225 | 6 | 0 |
|  | 08/2026 | 14484 | $4286 | 153 | 0 |
|  | 08/2026 | $5654 | 3018668 | 370 | 0 |
|  | 09/2026 | 82308 | $1477 | 102 | 0 |
|  | 09/2026 | 44479 | 12956 | 284 | 0 |
|  | 09/2026 | 335665 | 1126 | 0 | (54) |
|  | 10/2026 | 83164330 | 6504 | 0 | (30) |
|  | 11/2026 | 48309261 | 3697 | 0 | (66) |
|  | 12/2026 | 69787412 | 5373 | 0 | (39) |
|  FAR | 04/2026 | 75 | 53 | 1 | 0 |
|  | 04/2026 | 699 | 905 | 31 | 0 |
|  | 04/2026 | 40254 | 54238 | 957 | 0 |
|  | 04/2026 | $876 | 698 | 0 | (3) |
|  | 04/2026 | 4783 | 749830 | 4 | (63) |
|  | 04/2026 | 3136 | 12328 | 0 | (89) |
|  | 04/2026 | 15127 | 54590 | 0 | (422) |
|  | 05/2026 | 696 | $876 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO INTERNATIONAL 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 | 119126 | $749 | $0 | $(4) |
|  | 05/2026 | $20 | 135 | 0 | 0 |
|  | 05/2026 | 4880 | 18038206 | 0 | (10) |
|  | 05/2026 | 18696 | 13955 | 0 | (226) |
|  | 05/2026 | 1095 | 3465 | 9 | 0 |
|  | 06/2026 | 39390 | $11452 | 175 | 0 |
|  | 06/2026 | 550783 | 9190 | 144 | 0 |
|  | 06/2026 | $715 | 2203 | 0 | (13) |
|  | 06/2026 | 29117 | 507269 | 0 | (988) |
|  | 07/2026 | 9941 | $2940 | 99 | 0 |
|  | 08/2026 | 18423275 | 4880 | 1 | 0 |
|  | 09/2026 | 17269 | 978 | 28 | 0 |
|  GLM | 04/2026 | 743695 | 497 | 0 | (40) |
|  | 04/2026 | 403541 | 76913 | 0 | (993) |
|  | 04/2026 | 20065644 | 5411 | 0 | (41) |
|  | 04/2026 | 444812 | 4728 | 19 | (13) |
|  | 04/2026 | 21558569 | 14527 | 191 | 0 |
|  | 04/2026 | 44119 | 2396 | 0 | (65) |
|  | 04/2026 | 80610 | 20161 | 238 | 0 |
|  | 04/2026 | 15222 | 4081 | 0 | (20) |
|  | 04/2026 | 273139 | 8453 | 166 | 0 |
|  | 04/2026 | $75394 | 403541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | 0 |
|  | 04/2026 | 3385 | 23199 | 0 | (16) |
|  | 04/2026 | 2162 | 8026508 | 8 | 0 |
|  | 04/2026 | 9802 | 632726 | 570 | 0 |
|  | 04/2026 | 2892 | 989547 | 81 | 0 |
|  | 04/2026 | 961 | 2987 | 0 | (10) |
|  | 04/2026 | 92973 | 8669560 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1079) |
|  | 04/2026 | 2304 | 42479 | 64 | 0 |
|  | 04/2026 | 29189 | 114640 | 0 | (856) |
|  | 04/2026 | 778 | 2668 | 0 | (12) |
|  | 04/2026 | 11033 | 39738 | 0 | (329) |
|  | 04/2026 | 8499 | 272086 | 0 | (237) |
|  | 04/2026 | 273 | 10601 | 0 | (12) |
|  | 04/2026 | 73024 | $4235 | 0 | (75) |
|  | 05/2026 | 91363 | 13241 | 0 | (27) |
|  | 05/2026 | 690382 | 11118 | 80 | (318) |
|  | 05/2026 | 28936 | 881 | 0 | 0 |
|  | 05/2026 | $92036 | 498414 | 3602 | 0 |
|  | 05/2026 | 554 | 29217 | 0 | (39) |
|  | 05/2026 | 21 | 16 | 0 | 0 |
|  | 05/2026 | 136985 | 174937 | 0 | (402) |
|  | 05/2026 | 8464 | 273139 | 0 | (152) |
|  | 06/2026 | 3903048 | $2335 | 0 | (349) |
|  | 06/2026 | 6 | 1 | 0 | 0 |
|  | 06/2026 | 24142268 | 28105 | 2024 | 0 |
|  | 06/2026 | 96670581 | 25569 | 0 | (318) |
|  | 06/2026 | 107456 | 1751 | 0 | (9) |
|  | 06/2026 | 64195 | 1191 | 80 | 0 |
|  | 06/2026 | 137948415 | 8133 | 25 | (2) |
|  | 06/2026 | 25557 | 7330 | 23 | (9) |
|  | 06/2026 | $2466 | 3960615 | 262 | 0 |
|  | 06/2026 | 3197 | 17011 | 44 | 0 |
|  | 06/2026 | 5335 | 20065644 | 38 | 0 |
|  | 06/2026 | 3832 | 64671898 | 0 | (30) |
|  | 06/2026 | 124860 | 11393975 | 0 | (4700) |
|  | 07/2026 | 778588 | $516 | 0 | (15) |
|  | 07/2026 | 35000 | 6497 | 0 | (124) |
|  | 07/2026 | 147035 | 2395 | 0 | (4) |
|  | 07/2026 | $37431 | 201428 | 670 | 0 |
|  | 08/2026 | 572356 | $9143 | 0 | (163) |
|  | 08/2026 | 408452 | 783 | 0 | (32) |
|  | 08/2026 | $3258 | 204776 | 72 | 0 |
|  | 08/2026 | 5260 | 17733 | 0 | (195) |
|  | 09/2026 | 1103965 | $580 | 0 | (134) |
|  | 09/2026 | 1012159 | 16506 | 277 | (182) |
|  | 09/2026 | 7908300 | 83558 | 1058 | 0 |
|  | 09/2026 | $653 | 1103965 | 60 | 0 |
|  IND | 04/2026 | 49918 | $2360 | 8 | 0 |
|  | 04/2026 | 41734 | 49279 | 1041 | 0 |
|  | 04/2026 | 5748 | 1468 | 47 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **123** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $24580 | 96267 | $0 | $(788) |
|  | 04/2026 | 6 | 22 | 0 | 0 |
|  | 05/2026 | 208743 | $53711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | 0 |
|  | 05/2026 | $53285 | 208743 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642) |
|  | 05/2026 | 25259 | 94921 | 20 | 0 |
|  JPM | 04/2026 | 104822 | $20083 | 0 | (153) |
|  | 04/2026 | 395523 | 57159 | 0 | (266) |
|  | 04/2026 | 26571 | 3861 | 13 | 0 |
|  | 04/2026 | 445024 | 4733 | 34 | 0 |
|  | 04/2026 | 506707 | 1013 | 0 | (46) |
|  | 04/2026 | 186146 | 10395 | 22 | 0 |
|  | 04/2026 | 15991 | 4471 | 163 | 0 |
|  | 04/2026 | 1375 | 1091 | 22 | 0 |
|  | 04/2026 | 168842 | 5325 | 203 | 0 |
|  | 04/2026 | $19948 | 104822 | 289 | 0 |
|  | 04/2026 | 3870 | 26571 | 0 | (12) |
|  | 04/2026 | 21497 | 458398 | 94 | 0 |
|  | 04/2026 | 7247 | 6174 | 0 | (110) |
|  | 04/2026 | 919 | 7189 | 0 | (2) |
|  | 04/2026 | 14470 | 4826563 | 31 | 0 |
|  | 04/2026 | 4733 | 445786 | 10 | 0 |
|  | 04/2026 | 329 | 485077 | 0 | (7) |
|  | 04/2026 | 14161 | 136690 | 0 | (44) |
|  | 04/2026 | 3479 | 12347 | 0 | (154) |
|  | 04/2026 | 6875 | 220587 | 0 | (182) |
|  | 04/2026 | 96148 | 1626906 | 0 | (132) |
|  | 04/2026 | 519242 | $31095 | 451 | 0 |
|  | 05/2026 | 261996 | 7993 | 20 | 0 |
|  | 05/2026 | $57159 | 394557 | 267 | 0 |
|  | 06/2026 | 41140 | $762 | 50 | 0 |
|  | 06/2026 | 66420 | 21385 | 216 | 0 |
|  | 06/2026 | $303 | 945 | 0 | (2) |
|  | 06/2026 | 21704 | 381228 | 0 | (565) |
|  | 06/2026 | 8238 | 32169 | 0 | (277) |
|  | 07/2026 | 10100 | $1867 | 0 | (44) |
|  | 08/2026 | $2226 | 1175013 | 114 | 0 |
|  | 10/2026 | 56900 | $10438 | 0 | (93) |
|  | 10/2026 | 5947590 | 1614 | 100 | 0 |
|  | 10/2026 | 28876910 | 2268 | 0 | (2) |
|  | 06/2027 | 992297 | 74 | 0 | (1) |
|  MBC | 04/2026 | 19931 | 13904 | 153 | 0 |
|  | 04/2026 | 87040 | 16339 | 0 | (465) |
|  | 04/2026 | 23156574 | 6254 | 0 | (46) |
|  | 04/2026 | 1159887 | 54920 | 287 | 0 |
|  | 04/2026 | 43844 | 50727 | 112 | (63) |
|  | 04/2026 | 3376 | 4520 | 52 | 0 |
|  | 04/2026 | 10440428 | 112752 | 2494 | 0 |
|  | 04/2026 | 145794 | 14900 | 0 | (157) |
|  | 04/2026 | $14216 | 20009 | 0 | (411) |
|  | 04/2026 | 16676 | 87040 | 127 | 0 |
|  | 04/2026 | 4936 | 4494511 | 0 | (84) |
|  | 04/2026 | 995 | 48782 | 0 | (118) |
|  | 04/2026 | 11882 | 10262 | 11 | (32) |
|  | 04/2026 | 4799 | 747686 | 2 | (90) |
|  | 04/2026 | 1793 | 33101 | 52 | 0 |
|  | 04/2026 | 161 | 1548 | 0 | (2) |
|  | 04/2026 | 3516 | 12488 | 0 | (152) |
|  | 04/2026 | 85 | 3314 | 0 | (3) |
|  | 05/2026 | 1241 | $1425 | 0 | (11) |
|  | 05/2026 | 4550 | 6023 | 1 | 0 |
|  | 05/2026 | 53089 | 333 | 0 | (2) |
|  | 05/2026 | $120 | 831 | 1 | 0 |
|  | 05/2026 | 69 | 3529 | 0 | (7) |
|  | 05/2026 | 130 | 98 | 0 | 0 |
|  | 05/2026 | 14900 | 145807 | 157 | 0 |
|  | 05/2026 | 156 | 5130 | 0 | 0 |
|  | 05/2026 | 85 | 3324 | 0 | (3) |
|  | 06/2026 | 25949209 | $6672 | 0 | (277) |
|  | 06/2026 | 19999 | 6439 | 65 | 0 |
|  | 06/2026 | 2747709 | 29615 | 638 | 0 |
|  | 06/2026 | $3216 | 54716702 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO INTERNATIONAL 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** |
|  | 06/2026 | $100319 | 9356877 | $0 | $(1642) |
|  | 07/2026 | 6254 | 23692470 | 41 | 0 |
|  | 09/2026 | 54346 | $976 | 68 | 0 |
|  | 10/2026 | 97133 | 1871 | 262 | 0 |
|  | 10/2026 | 15379 | 864 | 0 | (31) |
|  MYI | 04/2026 | 88393 | 17002 | 0 | (63) |
|  | 04/2026 | 6151844 | 6737 | 92 | 0 |
|  | 04/2026 | 279716 | 75 | 0 | (1) |
|  | 04/2026 | $16893 | 88393 | 172 | 0 |
|  | 04/2026 | 2432 | 51282 | 0 | (16) |
|  | 04/2026 | 17736 | 1658753 | 68 | (197) |
|  | 04/2026 | 8826 | 35572 | 0 | (34) |
|  | 04/2026 | 16225 | 55577 | 0 | (262) |
|  | 04/2026 | 17981 | 1084054 | 0 | (99) |
|  | 04/2026 | 3108 | 10998 | 0 | (145) |
|  | 04/2026 | 11339 | 365570 | 0 | (236) |
|  | 05/2026 | 11 | 110 | 0 | 0 |
|  | 06/2026 | 31795941 | $1885 | 15 | 0 |
|  | 06/2026 | 1947 | 627 | 7 | 0 |
|  | 06/2026 | 2414010 | 40689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | 0 |
|  | 06/2026 | $3657 | 25235 | 12 | 0 |
|  | 06/2026 | 74 | 279716 | 1 | 0 |
|  | 06/2026 | 148 | 461 | 0 | (1) |
|  | 07/2026 | 56 | 2836 | 0 | (7) |
|  | 08/2026 | 50600 | 2075 | 25 | 0 |
|  | 10/2026 | $1723 | 3083 | 54 | 0 |
|  | 10/2027 | 3446 | 6341 | 0 | (3) |
|  NGF | 04/2026 | 13127 | 89835 | 0 | (84) |
|  | 04/2026 | 770 | 7402 | 0 | (6) |
|  | 04/2026 | 6226 | 285014 | 124 | 0 |
|  | 05/2026 | 5120 | 236674 | 0 | (8) |
|  SCX | 04/2026 | 29753 | $4320 | 1 | 0 |
|  | 04/2026 | 28894 | 4198 | 15 | 0 |
|  | 04/2026 | 86237151 | 22508 | 0 | (967) |
|  | 04/2026 | 939306 | 543 | 0 | (131) |
|  | 04/2026 | 335 | 200 | 8 | 0 |
|  | 04/2026 | 34438 | 9860 | 0 | (36) |
|  | 04/2026 | $101 | 139 | 0 | 0 |
|  | 04/2026 | 8496 | 58332 | 0 | (27) |
|  | 04/2026 | 4174 | 28894 | 9 | 0 |
|  | 04/2026 | 754 | 36912 | 0 | (90) |
|  | 04/2026 | 106375 | 9801401 | 21 | (2837) |
|  | 04/2026 | 3178 | 495739 | 0 | (54) |
|  | 04/2026 | 12433 | 42635 | 0 | (183) |
|  | 04/2026 | 33847 | 1063698 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1575) |
|  | 04/2026 | 2944 | 11192528 | 16 | 0 |
|  | 05/2026 | 139 | $101 | 0 | 0 |
|  | 05/2026 | $11369 | 78899 | 88 | 0 |
|  | 05/2026 | 1546 | 82004 | 0 | (100) |
|  | 05/2026 | 397 | 4347 | 0 | (8) |
|  | 06/2026 | 12158867 | $13706 | 571 | 0 |
|  | 06/2026 | 1509925 | 395 | 0 | (9) |
|  | 06/2026 | 71656813 | 4259 | 46 | 0 |
|  | 06/2026 | 2202151 | 23762 | 538 | 0 |
|  | 06/2026 | 2686 | 5 | 0 | 0 |
|  | 06/2026 | 11147 | 2847 | 88 | 0 |
|  | 06/2026 | 278201 | 4761 | 192 | 0 |
|  | 06/2026 | $512 | 3501 | 0 | (2) |
|  | 06/2026 | 100134 | 1681889220 | 0 | (1246) |
|  | 06/2026 | 19287 | 1762478 | 0 | (700) |
|  | 06/2026 | 39363 | 154914 | 0 | (1024) |
|  | 07/2026 | 14124866 | $3667 | 0 | (84) |
|  | 07/2026 | 32629 | 1548 | 0 | (146) |
|  | 08/2026 | $326 | 171271 | 16 | 0 |
|  | 10/2026 | 1289 | 4795737 | 0 | (69) |
|  SOG | 04/2026 | 54035 | $7841 | 0 | (4) |
|  | 04/2026 | 32705 | 38696 | 894 | 0 |
|  | 04/2026 | 2591423 | 1741 | 18 | 0 |
|  | 04/2026 | 6502925 | 1819 | 98 | 0 |
|  | 04/2026 | $32 | 217 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **125** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $1599 | 78020 | $0 | $(189) |
|  | 04/2026 | 114606 | 99317 | 189 | 0 |
|  | 04/2026 | 17573 | 2734313 | 0 | (344) |
|  | 04/2026 | 10283 | 44511 | 0 | (205) |
|  | 04/2026 | 235 | 2244 | 2 | 0 |
|  | 05/2026 | 99317 | $114786 | 0 | (184) |
|  | 05/2026 | 2240 | 235 | 0 | (2) |
|  | 05/2026 | $3755 | 25781 | 3 | (14) |
|  | 05/2026 | 2159 | 105483 | 0 | (303) |
|  | 06/2026 | 10850 | $200 | 12 | 0 |
|  | 06/2026 | 7656 | 2273 | 81 | 0 |
|  | 06/2026 | $675 | 2078 | 0 | (13) |
|  SSB | 04/2026 | 122 | $87 | 3 | 0 |
|  | 04/2026 | 1000 | 145 | 0 | 0 |
|  | 04/2026 | 561131 | 6021 | 95 | 0 |
|  | 04/2026 | 2240 | 246 | 10 | 0 |
|  | 04/2026 | $3472 | 314636 | 0 | (149) |
|  | 04/2026 | 21 | 3205 | 0 | 0 |
|  | 04/2026 | 135 | 487 | 0 | (4) |
|  | 06/2026 | 2670494 | $2916 | 31 | 0 |
|  | 06/2026 | 15491 | 4484 | 50 | 0 |
|  | 06/2026 | $4403 | 3985903 | 0 | (97) |
|  | 06/2026 | 386 | 1492953 | 14 | 0 |
|  | 06/2026 | 3643 | 61247373 | 0 | (42) |
|  | 08/2026 | 13840670 | $3629 | 0 | (25) |
|  | 09/2026 | $3344 | 12967086 | 56 | 0 |
|  UAG | 04/2026 | 42816603 | $11516 | 0 | (133) |
|  | 04/2026 | 40000 | 1892 | 8 | 0 |
|  | 04/2026 | $17330 | 64260747 | 162 | 0 |
|  | 04/2026 | 44106 | 926324 | 0 | (475) |
|  | 04/2026 | 29456 | 43396710 | 0 | (597) |
|  | 04/2026 | 57593 | 208224 | 2 | (1504) |
|  | 05/2026 | 8026 | 29675479 | 0 | (14) |
|  | 06/2026 | 138905000 | $36826 | 0 | (370) |
|  | 06/2026 | 93207 | 5255 | 87 | 0 |
|  | 06/2026 | $17403 | 66101997 | 298 | 0 |
|  | 06/2026 | 982 | 3030 | 0 | (16) |
|  | 06/2026 | 3888 | 67853 | 0 | (125) |
|  | 07/2026 | 65819607 | $17330 | 0 | (158) |
|  | 08/2026 | 30307329 | 8026 | 1 | (3) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78007) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC EUR versus CZK | 24.040 | 08/06/2026 | 600 | $2 | $0 |
|  | Call - OTC EUR versus GBP | 0.885 | 05/07/2026 | 39034 | 284 | 114 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 54800 | 82 | 83 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 86100 | 119 | 124 |
|  | Put - OTC USD versus ZAR | 18.000 | 08/19/2026 | 35209 | 1729 | 2516 |
| GLM | Put - OTC GBP versus USD | $1.300 | 06/01/2026 | 4394 | 881 | 1413 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 13700 | 18 | 21 |
| MBC | Put - OTC USD versus CNH | 6.900 | 04/28/2026 | 61224 | 385 | 384 |
|  | Call - OTC USD versus HKD | 7.800 | 08/14/2026 | 51600 | 68 | 79 |
|  | Call - OTC USD versus HKD | 7.800 | 08/24/2026 | 29800 | 44 | 43 |
| MYI | Put - OTC EUR versus CZK | 23.900 | 06/02/2026 | 6143 | 25 | 1 |
|  | Put - OTC EUR versus CZK | 24.040 | 08/06/2026 | 9635 | 37 | 5 |
|  | Put - OTC USD versus BRL | 5.320 | 04/23/2026 | 29770 | 385 | 879 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 |

---

126 PIMCO INTERNATIONAL 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> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595% | 04/22/2026 | 190200 | $63 | $1 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MYR-KLIBOR | Receive | 3.600 | 03/17/2027 | 178800 | 372 | 374 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.490 | 05/05/2026 | 201600 | 66 | 2 |
| DUB Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/22/2026 | 229600 | 78 | 1 |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/28/2026 | 262500 | 85 | 3 |
| Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.690 | 04/08/2026 | 610300 | 119 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.000 | 05/11/2026 | 26400 | 24 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 3.925 | 05/18/2026 | 26900 | 27 | 0 |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.595 | 04/22/2026 | 281500 | 16 | 2 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 3.980 | 05/20/2026 | 27500 | 0 | 0 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.250 | 01/20/2028 | 64200 | 1395 | 1165 |
|  |  |  |  |  |  | $2245 | $1548 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7210 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 54800 | $(30) | $(22) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 86100 | (40) | (35) |
|  | Call - OTC USD versus TRY | TRY | 49.550 | 04/10/2026 | 29205 | (467) | (39) |
|  | Call - OTC USD versus TRY |  | 50.250 | 05/19/2026 | 35730 | (573) | (474) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 70418 | (1748) | (2253) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 13700 | (6) | (5) |
| MBC | Put - OTC USD versus CNH | CNH | 6.800 | 04/28/2026 | 122448 | (241) | (92) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 51600 | (23) | (21) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 29800 | (15) | (12) |
| MYI | Put - OTC USD versus BRL | BRL | 5.120 | 04/23/2026 | 29770 | (72) | (186) |
|  | Call - OTC USD versus BRL |  | 5.700 | 04/23/2026 | 29770 | (249) | (34) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3464) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3173) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340% | 04/22/2026 | 190200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 190200 | (32) | (117) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.240 | 05/05/2026 | 201600 | (22) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.820 | 05/05/2026 | 201600 | (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) |
| DUB Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340 | 04/22/2026 | 229600 | (24) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 229600 | (29) | (141) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340 | 04/28/2026 | 262500 | (26) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/28/2026 | 262500 | (35) | (172) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.640 | 04/02/2026 | 103800 | (35) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.640 | 04/02/2026 | 103800 | (35) | (267) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.610 | 04/28/2026 | 99800 | (31) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.610 | 04/28/2026 | 99800 | (31) | (269) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.510 | 05/26/2026 | 94200 | (30) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.510 | 05/26/2026 | 94200 | (30) | (283) |
| Call - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.440 | 04/08/2026 | 610300 | (29) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.950 | 04/08/2026 | 610300 | (73) | (557) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.230 | 04/13/2026 | 10600 | (26) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.230 | 04/13/2026 | 10600 | (26) | (142) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.400 | 05/11/2026 | 26400 | (30) | (271) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Receive | 4.135 | 05/18/2026 | 10800 | (26) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.135 | 05/18/2026 | 10800 | (26) | (170) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.325 | 05/18/2026 | 26900 | (29) | (319) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Receive | 3.930 | 05/20/2026 | 61100 | (26) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month CZK-PRIBOR | Pay | 3.930 | 05/20/2026 | 61100 | (26) | (144) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 3.728 | 04/13/2026 | 10100 | (30) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 3.728 | 04/13/2026 | 10100 | (30) | (72) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Receive | 3.690 | 05/04/2026 | 9700 | (26) | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **127** |

---

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month ILS-TELBOR | Pay | 3.690% | 05/04/2026 | 9700 | $(26) | $(79) |
| GST Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.340 | 04/22/2026 | 281500 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.920 | 04/22/2026 | 281500 | 0 | (173) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Receive | 6.673 | 04/14/2026 | 95100 | (31) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month ZAR-JIBAR | Pay | 6.673 | 04/14/2026 | 95100 | (31) | (239) |
| JPM Call - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Receive | 7.600 | 04/08/2026 | 113100 | (39) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month MXN-TIIE | Pay | 7.600 | 04/08/2026 | 113100 | (39) | (139) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month PLN-WIRON | Pay | 4.380 | 05/20/2026 | 27500 | (2) | (298) |
|  |  |  |  |  |  | $(979) | $(4033) |
|  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;(4443) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7206) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 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 |
| BOA | Brazil Government International Bonds | (1.000)% | Quarterly | 06/20/2029 | 0.911% | $12100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | $0 | $(37) |
| BRC | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2028 | 0.398 | 3400 | (67) | 13 | 0 | (54) |
|  | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.488 | 400 | (8) | 1 | 0 | (7) |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2033 | 1.065 | 10600 | (26) | 67 | 41 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 06/20/2034 | 1.096 | 6500 | (57) | 97 | 40 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2034 | 1.123 | 2960 | (11) | 36 | 25 | 0 |
|  | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.169 | 300 | 0 | 4 | 4 | 0 |
| GST | Saudi Arabia Government International Bonds | (1.000) | Quarterly | 12/20/2035 | 1.169 | 1300 | 3 | 14 | 17 | 0 |
| JPM | Chile Government International Bonds | (1.000) | Quarterly | 12/20/2029 | 0.488 | 1000 | (19) | 1 | 0 | (18) |
|  |  |  |  |  |  |  | $96 | $(85) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |

---

#### 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 |
| BOA | Argentine Republic Government International Bonds | 5.000% | Quarterly | 12/20/2026 | 2.754 | % | $700 | $12 | $0 | $12 | $0 |
| BPS | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 700 | 12 | 0 | 12 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.533 |  | 3000 | 6 | 19 | 25 | 0 |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 1002 | 6 | 12 | 18 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 760 | 9 | 1 | 10 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.911 |  | 300 | 0 | 1 | 1 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.733 |  | 700 | (8) | 2 | 0 | (6) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.750 |  | 30100 | 425 | (123) | 302 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.810 |  | 500 | 8 | (4) | 4 | 0 |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 1293 | 10 | 13 | 23 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.911 |  | 9400 | 15 | 13 | 28 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.387 |  | 11100 | (64) | 150 | 86 | 0 |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 |  | 1300 | (13) | 4 | 0 | (9) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 8000 | 0 | 343 | 343 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1553 | 0 | 9 | 9 | 0 |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 |  | 3987 | 16 | 14 | 30 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 3721 | 19 | 47 | 66 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 1185 | (147) | 163 | 16 | 0 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2026 | 0.306% | $1000 | $0 | $2 | $2 | $0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.810 | 2200 | 33 | (14) | 19 | 0 |
| JPM | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 1100 | 15 | 0 | 15 | 0 |
|  | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.911 | 2400 | 1 | 6 | 7 | 0 |
|  | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 | 7500 | 248 | 15 | 263 | 0 |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 | 1750 | 22 | (9) | 13 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 | 14125 | 61 | 132 | 193 | 0 |
|  | Nigeria Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 3.108 | 1500 | (134) | 6 | 0 | (128) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional**<br> **Amount<br>of Currency<br>Received** | **Notional**<br>**Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional**<br> **Amount<br>of Currency<br>Received** | **Notional**<br>**Amount<br>of Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  BOA | Floating rate equal to 1-Day IDR-SOFR plus 0.060% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 422788830 | $24768 | $413 | $(440) | $0 | $(27) |
|  BPS | Floating rate equal to 1-Day IDR-SOFR plus 0.059% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 281206150 | 16441 | 238 | (321) | 0 | (83) |
|  CBK | Floating rate equal to 1-Day IDR-SOFR plus 0.056% based on the notional amount of currency received | Floating rate equal to 1-Day USD-SOFR based on the notional amount of currency delivered | Maturity | 09/15/2028 | 749270180 | 44236 | 1605 | (100) | 1505 | 0 |
|  GLM | Floating rate equal to 1-Day IDR-SOFR plus 0.061% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 93607840 | 5494 | 80 | (80) | 0 | 0 |
|  | Floating rate equal to 1-Day IDR-SOFR plus 0.060% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 346277010 | 20332 | 316 | (357) | 0 | (41) |
|  GST | Floating rate equal to 1-Day IDR-SOFR plus 0.054% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 06/17/2029 | $10862 | 183965650 | (36) | 126 | 90 | 0 |
|  JPM | Floating rate equal to 1-Day PHP-SOFR plus 0.050% based on the notional amount of currency received | Floating rate equal to 1-Day PHP-SOFR based on the notional amount of currency delivered | Maturity | 06/17/2031 | 7120 | 421620 | (27) | 128 | 101 | 0 |
|  | Floating rate equal to 1-Day IDR-SOFR plus 0.061% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 422392280 | $24774 | 376 | (386) | 0 | (10) |
|  SCX | Floating rate equal to 1-Day IDR-SOFR plus 0.061% based on the notional amount of currency received | Floating rate equal to 1-Day IDR-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 278326660 | 16343 | 229 | (243) | 0 | (14) |
|  |  |  |  |  |  |  | $3194 | $(1673) | $1696 | $(175) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 129

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | 6-Month CLP-CHILIBOR | 5.050% | Semi-Annual | 03/18/2031 | CLP | 4367000 | $0 | $4 | $4 | $0 |
| BSH | Receive | 6-Month CLP-CHILIBOR | 3.300 | Semi-Annual | 06/21/2029 |  | 3550000 | 0 | 211 | 211 | 0 |
| CBK | Receive | 6-Month CLP-CHILIBOR | 3.763 | Semi-Annual | 05/24/2029 |  | 2445900 | (38) | 142 | 104 | 0 |
| GLM | Receive | 6-Month CLP-CHILIBOR | 3.015 | Semi-Annual | 06/20/2026 |  | 5445000 | 0 | 46 | 46 | 0 |
|  | Pay | 6-Month CLP-CHILIBOR | 4.095 | Semi-Annual | 06/01/2027 |  | 15023700 | 0 | (163) | 0 | (163) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.830 | Semi-Annual | 05/22/2029 |  | 6734700 | 0 | (270) | 0 | (270) |
|  | Pay | 6-Month CLP-CHILIBOR | 4.319 | Semi-Annual | 05/22/2029 |  | 10120000 | 0 | (231) | 0 | (231) |
|  | Pay | 6-Month CLP-CHILIBOR | 3.265 | Semi-Annual | 06/14/2029 |  | 1715500 | 0 | (103) | 0 | (103) |
|  | Receive | 6-Month CLP-CHILIBOR | 6.620 | Semi-Annual | 09/20/2032 |  | 3100000 | 0 | (279) | 0 | (279) |
| JPM | Receive | 6-Month CLP-CHILIBOR | 3.540 | Semi-Annual | 06/04/2029 |  | 4085000 | 0 | 206 | 206 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1046) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MBC | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.270% (SOFR plus a<br>specified spread) | Semi-Annual | 07/27/2026 | INR | 2210370 | $0 | $(1450) | $0 | $(1450) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.270% (SOFR plus a<br>specified spread) | Semi-Annual | 08/10/2026 |  | 711960 | 0 | (605) | 0 | (605) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.270% (SOFR plus a<br>specified spread) | Semi-Annual | 09/23/2026 |  | 388830 | 0 | (208) | 0 | (208) |
| SCX | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.300% (SOFR plus a<br>specified spread) | Semi-Annual | 04/23/2026 |  | 2210370 | 0 | (1451) | 0 | (1451) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.300% (SOFR plus a<br>specified spread) | Semi-Annual | 06/18/2026 |  | 1074000 | 0 | (538) | 0 | (538) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.300% (SOFR plus a<br>specified spread) | Semi-Annual | 06/29/2026 |  | 1796780 | 0 | (336) | 0 | (336) |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 4.330% (SOFR plus a<br>specified spread) | Semi-Annual | 07/02/2026 |  | 2505020 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  |  | $0 | $(4588) | $0 | $(4588) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  |  | $3804 | $(5981) | $3891 | $(6068) |

---

#### 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>(9)</sup> |
|  AZD | $2 | $0 | $0 | $2 | $0 | $0 | $0 | $0 | $2 | $0 | $2 |
|  BOA | 2280 | 3212 | 16 | 5508 | (2442) | (2940) | (64) | (5446) | 62 | 759 | 821 |
|  BPS | 12422 | 0 | 37 | 12459 | (15929) | 0 | (83) | (16012) | (3553) | 4661 | 1108 |
|  BRC | 3636 | 0 | 445 | 4081 | (6407) | 0 | (67) | (6474) | (2393) | 1715 | (678) |
|  BSH | 1240 | 0 | 211 | 1451 | (2957) | 0 | 0 | (2957) | (1506) | 1801 | 295 |
|  CBK | 15869 | 2 | 1746 | 17617 | (9061) | (176) | (9) | (9246) | 8371 | (8483) | (112) |
|  DUB | 4055 | 4 | 352 | 4411 | (4853) | (2891) | 0 | (7744) | (3333) | 4465 | 1132 |
|  FAR | 1452 | 0 | 0 | 1452 | (1818) | 0 | 0 | (1818) | (366) | 725 | 359 |
|  GLM | 12164 | 1434 | 46 | 13644 | (11002) | (5) | (1087) | (12094) | 1550 | 1626 | 3176 |
|  GST | 0 | 2 | 341 | 343 | 0 | (412) | 0 | (412) | (69) | 0 | (69) |
|  IND | 3185 | 0 | 0 | 3185 | (2430) | 0 | 0 | (2430) | 755 | (260) | 495 |
|  JPM | 2099 | 1165 | 491 | 3755 | (2092) | (437) | (28) | (2557) | 1198 | 812 | 2010 |
|  MBC | 4523 | 506 | 0 | 5029 | (3596) | (125) | (2263) | (5984) | (955) | 1299 | 344 |
|  MYC | 0 | 0 | 206 | 206 | 0 | 0 | (128) | (128) | 78 | 15 | 93 |
|  MYI | 1488 | 885 | 0 | 2373 | (1064) | (220) | 0 | (1284) | 1089 | (1040) | 49 |
|  NGF | 124 | 0 | 0 | 124 | (98) | 0 | 0 | (98) | 26 | 0 | 26 |
|  SCX | 1609 | 0 | 0 | 1609 | (9288) | 0 | (2339) | (11627) | (10018) | 12016 | 1997 |
|  SOG | 1297 | 0 | 0 | 1297 | (1258) | 0 | 0 | (1258) | 39 | (280) | (241) |
|  SSB | 259 | 0 | 0 | 259 | (317) | 0 | 0 | (317) | (58) | (270) | (328) |
|  UAG | 558 | 0 | 0 | 558 | (3395) | 0 | 0 | (3395) | (2837) | 3919 | 1082 |
|  Total Over the Counter | $68262 | $7210 | $3891 | $79363 | $(78007) | $(7206) | $(6068) | $(91281) |  |  |  |

---

130 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

(o) Securities with an aggregate market value of $33,812 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> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 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 | $56 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 103 | 0 | 0 | 11958 | 12061 |
|  | $0 | $103 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12014 | $12117 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $68262 | $0 | $68262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 5662 | 1548 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1624 | 0 | 1696 | 571 | 3891 |
|  | $0 | $1624 | $0 | $75620 | $2119 | $79363 |
|  | $0 | $1727 | $0 | $75620 | $14133 | $91480 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 680 | 0 | 0 | 11574 | 12254 |
|  | $0 | $680 | $0 | $0 | $11576 | $12256 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $78007 | $0 | $78007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3173 | 4033 | 7206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 259 | 0 | 175 | 5634 | 6068 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81355 | $9667 | $91281 |
|  | $0 | $939 | $0 | $81355 | $21243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103537 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 131

------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | 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 | $2574 | $2574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (872) | 0 | 0 | (6738) | (7610) |
|  | $0 | $(872) | $0 | $0 | $(4164) | $(5036) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $3772 | $0 | $3772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | (370) | 0 | 1905 | (121) | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 135 | 0 | 5817 | 844 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 18 | 0 | (1958) | (8464) | (10404) |
|  | $0 | $(217) | $0 | $9536 | $(7741) | $1578 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089) | $0 | $9536 | $(11905) | $(3458) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(1923) | $(1923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (170) | 0 | 0 | (5988) | (6158) |
|  | $0 | $(170) | $0 | $0 | $(7911) | $(8081) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13831) | $0 | $(13831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 2437 | (697) | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | (150) | (3070) | (3220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 72 | 0 | (1375) | (7119) | (8422) |
|  | $0 | $72 | $0 | $(12919) | $(10886) | $(23733) |
|  | $0 | $(98) | $0 | $(12919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31814) |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | $0 | $0 | $1000 | $1000 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17321 | 0 | 17321 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 64 | 64 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 146329 | 0 | 146329 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2691 | 0 | 2691 |
| &nbsp;&nbsp; Convertible Bonds & Notes | 0 | 13 | 0 | 13 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8770 | 8726 | 11501 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | 4186 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 146797 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146797 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | 0 | 0 | 94 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105904 | 0 | 105904 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 250787 | 0 | 250787 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13353 | 0 | 13353 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 88846 | 0 | 88846 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 51595 | 0 | 51595 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 35611 | 0 | 35611 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 17012 | 17012 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 4874 | 0 | 4874 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6198 | $0 | $6198 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 40663 | 0 | 40663 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127937 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127937 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1540 | 0 | 1540 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 7290 | 7290 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481 | 8481 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4130 | 0 | 4130 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16085 | 0 | 16085 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2230 | 2230 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 481 | 481 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2667 | 0 | 2667 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 193376 | 0 | 193376 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 210663 | 0 | 210663 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3381 | 3381 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2681 | 0 | 2681 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20304 | 0 | 20304 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value at<br>03/31/2026** |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $22109 | $0 | $22109 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167737 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167737 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 49001 | 0 | 49001 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 151188 | 0 | 151188 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 60954 | 0 | 60954 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 4420 | 4420 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12009 | 0 | 12009 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 22087 | 0 | 22087 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2073 | 2073 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 250136 | 0 | 250136 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 24516 | 0 | 24516 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 2329 | 2329 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 78760 | 0 | 78760 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 11459 | 11459 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41687 | 0 | 41687 |
|  Uganda | Uganda | Uganda | Uganda | Uganda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 404 | 0 | 404 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 17281 | 18651 | 35932 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3398 | 0 | 3398 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 15609 | 0 | 15609 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9456 | 5054 | 14510 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12444 | 12444 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 15919 | 2146 | 18065 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36357 | 0 | 36357 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 9293 | 0 | 9293 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 1822 | 0 | 1822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value at<br>03/31/2026** |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | $0 | $4993 | $0 | $4993 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5183 | 0 | 5183 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 850 | 0 | 850 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2910 | 0 | 2910 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4239 | 0 | 4239 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1475 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 902 | 0 | 0 | 902 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 172 | 0 | 172 |
| &nbsp;&nbsp; Nigeria Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90562 | 0 | 90562 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 4728 | 0 | 4728 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 34359 | 0 | 34359 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | $2632334 | $111427 | $2744757 |
|  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 | $202448 | $0 | $0 | $202448 |
|  Total Investments | $203444 | $2632334 | $111427 | $2947205 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 13 | 12104 | 0 | 12117 |
|  Over the counter | 0 | 79011 | 352 | 79363 |
|  | $13 | $91115 | $352 | $91480 |
|  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 | (12157) | 0 | (12157) |
|  Over the counter | 0 | (91281) | 0 | (91281) |
|  | $0 | $(103438) | $0 | $(103438) |
|  Total Financial Derivative Instruments | $13 | $(12323) | $352 | $(11958) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935247 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 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 |
|  Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(3)</sup> | $3900 | $0 | $(3900) | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1000 | 0 | 0 | 0 | 0 | 0 | 0 | 1000 | 0 |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Loan Participations and Assignments | 64 | 0 | 0 | 192 | 0 | (192) | 0 | 0 | 64 | (192) |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 1124 | 8774 | (279) | 32 | 34 | (44) | 0 | (915) | 8726 | (48) |
| &nbsp;&nbsp; Loan Participations and Assignments<sup>(4)</sup> | 4199 | 0 | 0 | 0 | 0 | (13) | 0 | 0 | 4186 | (13) |
|  Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 20421 | 0 | 0 | (2) | 0 | (3407) | 0 | 0 | 17012 | (3408) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **133** |

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------

Schedule of Investments PIMCO Emerging Markets Local Currency and Bond Fund (Cont.)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2025** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 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>** |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | $6799 | $0 | $0 | $7 | $0 | $484 | $0 | $0 | $7290 | $484 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Loan Participations and Assignments | 14937 | 0 | (7602) | (8) | 237 | 917 | 0 | 0 | 8481 | 638 |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Loan Participations and Assignments | 2661 | 0 | (450) | 5 | 2 | 12 | 0 | 0 | 2230 | 8 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 527 | 0 | 0 | 0 | 0 | (46) | 0 | 0 | 481 | (46) |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Loan Participations and Assignments | 3349 | 0 | 0 | 26 | 0 | 6 | 0 | 0 | 3381 | 6 |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 3785 | 4543 | (4278) | 5 | 616 | (251) | 0 | 0 | 4420 | (129) |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Loan Participations and Assignments | 2879 | 0 | (1060) | 9 | 121 | 124 | 0 | 0 | 2073 | 145 |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp; Loan Participations and Assignments | 3040 | 0 | (921) | 3 | (18) | 225 | 0 | 0 | 2329 | 155 |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Loan Participations and Assignments | 1717 | 0 | 0 | (1) | 0 | 125 | 9618 | 0 | 11459 | 125 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Loan Participations and Assignments | 2559 | 0 | (2556) | (8) | (29) | 34 | 0 | 0 | 0 | 0 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 4959 | 18477 | (5500) | 416 | (151) | 450 | 0 | 0 | 18651 | 175 |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Corporate Bonds & Notes | 5101 | 0 | 0 | 0 | 0 | (47) | 0 | 0 | 5054 | (47) |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 12425 | 0 | (1) | 0 | 20 | 0 | 0 | 12444 | 20 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2154 | 0 | 0 | 0 | 0 | (8) | 0 | 0 | 2146 | (8) |
|  | $84175 | $45219 | $(26546) | $675 | $812 | $(1611) | $9618 | $(915) | $111427 | $(2135) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $500 | $0 | $(17) | $0 | $0 | $(131) | $0 | $0 | $352 | $(116) |
|  Totals | $84675 | $45219 | $(26563) | $675 | $812 | $(1742) | $9618 | $(915) | $111779 | $(2251) |

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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<br>and Subcategory | Ending<br>Balance<br>at 03/31/2026 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category<br>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 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | Recent transaction | Purchase price | 100.000 |  |
|  Brazil | Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 64 | Other Valuation Techniques<sup>(5)</sup> |  |  |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 8726 | Discounted Cash Flow | Discount Rate | 6.918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4186 | Discounted Cash Flow | Discount Rate | 7.537 |  |
|  Germany | Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 17012 | Discounted Cash Flow | Discount Rate | 8.700 |  |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

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------

March 31, 2026

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $7290 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 8481 | Discounted Cash Flow | Discount Rate | 5.964 |  |
|  Kenya | Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2230 | Discounted Cash Flow | Discount Rate | 10.213 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 481 | Indicative Market Quotation | Broker Quote | $23.000 |  |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3381 | Discounted Cash Flow | Discount Rate | 8.726 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 4420 | Discounted Cash Flow | Discount Rate | 10.401 |  |
|  South Africa | South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2073 | Discounted Cash Flow | Discount Rate | 12.687 |  |
|  Tanzania | Tanzania | Tanzania | Tanzania | Tanzania | Tanzania |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2329 | Third Party Vendor | Broker Quote | 100.750 |  |
|  Turkey | Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1841 | Discounted Cash Flow | Discount Rate | 5.677 |  |
|  | 9618 | Third Party Vendor | Broker Quote | 100.250 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 18651 | Proxy pricing | Base Price | 100.000 |  |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 5054 | Discounted Cash Flow | Discount Rate | 6.601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 2404 | Discounted Cash Flow | Discount Rate | 9.483 |  |
|  | 10040 | Recent transaction | Purchase price | 100.396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 2146 | Discounted Cash Flow | Discount Rate | 6.273 |  |
|  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 | 352 | Indicative Market Quotation | Broker Quote | 0.192-4.267 | 4.167 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111779 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Country updated from United States to Angola since prior fiscal year end.

<sup>(4)</sup> Country updated from United States to Cayman Islands since prior fiscal year end.

<sup>(5)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **135** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy 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 121.3% | INVESTMENTS IN SECURITIES 121.3% | INVESTMENTS IN SECURITIES 121.3% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 31 | 25 |
|  4.125% due 07/09/2035 þ | 29 | 21 |
|  Total Argentina (Cost $36) | Total Argentina (Cost $36) | 46 |
| AUSTRALIA 3.7% | AUSTRALIA 3.7% | AUSTRALIA 3.7% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 | 1200 | 1236 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 2700 | 1863 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 900 | 475 |
|  2.000% due 03/08/2033 | 400 | 224 |
|  4.750% due 09/20/2035 | 500 | 325 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 500 | 276 |
|  1.750% due 07/20/2034 | 300 | 156 |
|  2.000% due 08/22/2033 | 800 | 439 |
|  5.250% due 07/21/2036 | 1000 | 668 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 1000 | 506 |
|  2.000% due 11/20/2037 | 1400 | 653 |
|  4.750% due 09/15/2036 | 400 | 256 |
|  |  | 3978 |
|  Total Australia (Cost $6,814) | Total Australia (Cost $6,814) | 7077 |
| BULGARIA 0.2% | BULGARIA 0.2% | BULGARIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 200 | 221 |
|  4.125% due 07/18/2045 | 200 | 217 |
|  Total Bulgaria (Cost $453) | Total Bulgaria (Cost $453) | 438 |
| CANADA 3.0% | CANADA 3.0% | CANADA 3.0% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 123 | 118 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 300 | 313 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 900 | 923 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 300 | 340 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.305% due 11/03/2031 •  | 400 | 393 |
|  4.851% due 12/14/2026 | 800 | 805 |
|  |  | 2892 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 2900 | 2032 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  3.000% due 12/01/2036 (f) | 641 | 533 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 22900 | 237 |
|  |  | 2802 |
|  Total Canada (Cost $5,733) | Total Canada (Cost $5,733) | 5694 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CAYMAN ISLANDS 2.2% | CAYMAN ISLANDS 2.2% | CAYMAN ISLANDS 2.2% |
| ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  4.762% due 04/15/2035 •  | 600 | 600 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  | 500 | 499 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.144% due 12/16/2036 •  | 188 | 188 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.858% due 10/25/2030 •  | 175 | 175 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  | 9 | 9 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.139% due 12/15/2036 •  | 455 | 455 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 174 | 174 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  4.919% due 10/22/2034 •  | 700 | 701 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  | 83 | 83 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 408 | 409 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.848% due 04/20/2034 •  | 500 | 500 |
|  |  | 3793 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 98 | 95 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 300 | 302 |
|  |  | 397 |
|  Total Cayman Islands (Cost $4,189) | Total Cayman Islands (Cost $4,189) | 4190 |
| CHILE 1.6% | CHILE 1.6% | CHILE 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 1045000 | 1101 |
|  5.800% due 10/01/2029 | 1555000 | 1710 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 300 | 304 |
|  Total Chile (Cost $3,343) | Total Chile (Cost $3,343) | 3115 |
| CHINA 2.5% | CHINA 2.5% | CHINA 2.5% |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 10910 | 1669 |
|  2.820% due 05/22/2033 | 6000 | 927 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.920% due 01/15/2055 | 4900 | 646 |
|  2.190% due 09/25/2054 | 7400 | 1034 |
|  China Government International Bonds | China Government International Bonds | China Government International Bonds |
|  3.625% due 11/13/2028 | 200 | 200 |
|  3.750% due 11/13/2030 | 200 | 201 |
|  Total China (Cost $4,685) | Total China (Cost $4,685) | 4677 |
| COLOMBIA 1.7% | COLOMBIA 1.7% | COLOMBIA 1.7% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 500 | 507 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Bogota Distrito Capital | Bogota Distrito Capital | Bogota Distrito Capital |
|  13.140% due 11/05/2035 | 667000 | 179 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.750% due 11/26/2034 | 600 | 655 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.500% due 01/22/2031 (f) | 1377921 | 360 |
|  11.000% due 08/22/2029 | 2610200 | 658 |
|  11.500% due 07/25/2046 | 551700 | 133 |
|  11.750% due 01/24/2035 | 2025300 | 502 |
|  12.750% due 11/28/2040 | 371500 | 99 |
|  |  | 2586 |
|  Total Colombia (Cost $3,157) | Total Colombia (Cost $3,157) | 3093 |
| COSTA RICA 0.3% | COSTA RICA 0.3% | COSTA RICA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 500 | 592 |
|  Total Costa Rica (Cost $582) | Total Costa Rica (Cost $582) | 592 |
| CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  0.950% due 05/15/2030 | 5600 | 230 |
|  2.500% due 08/25/2028 | 900 | 41 |
|  Total Czech Republic (Cost $258) | Total Czech Republic (Cost $258) | 271 |
| DENMARK 0.5% | DENMARK 0.5% | DENMARK 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 47 | 6 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 2122 | 265 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2053 | 617 | 76 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 4417 | 544 |
|  Total Denmark (Cost $1,096) | Total Denmark (Cost $1,096) | 891 |
| DOMINICAN REPUBLIC 0.5% | DOMINICAN REPUBLIC 0.5% | DOMINICAN REPUBLIC 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 200 | 185 |
|  6.600% due 06/01/2036 | 700 | 701 |
|  Total Dominican Republic (Cost $892) | Total Dominican Republic (Cost $892) | 886 |
| ECUADOR 0.1% | ECUADOR 0.1% | ECUADOR 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  9.250% due 01/29/2039 | 200 | 197 |
|  Total Ecuador (Cost $200) | Total Ecuador (Cost $200) | 197 |
| EGYPT 0.2% | EGYPT 0.2% | EGYPT 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | 17600 | 317 |
|  Total Egypt (Cost $374) | Total Egypt (Cost $374) | 317 |
| FRANCE 4.3% | FRANCE 4.3% | FRANCE 4.3% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 375 | 385 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 700 | 721 |
|  |  | 1106 |

---

136 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 07/25/2031 (f) | 610 | 684 |
|  2.750% due 02/25/2029 | 1500 | 1726 |
|  2.750% due 02/25/2030 | 3810 | 4359 |
|  3.000% due 06/25/2049 | 200 | 187 |
|  |  | 6956 |
|  Total France (Cost $7,652) | Total France (Cost $7,652) | 8062 |
| GUATEMALA 0.3% | GUATEMALA 0.3% | GUATEMALA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  6.250% due 08/15/2036 | 500 | 510 |
|  Total Guatemala (Cost $496) | Total Guatemala (Cost $496) | 510 |
| HUNGARY 0.9% | HUNGARY 0.9% | HUNGARY 0.9% |
| SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% | SOVEREIGN ISSUES 0.9% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/12/2033 | 400 | 485 |
|  5.500% due 03/26/2036 | 200 | 195 |
|  6.000% due 09/26/2035 | 400 | 407 |
|  Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt | Magyar Export-Import Bank Zrt |
|  6.125% due 12/04/2027 | 700 | 708 |
|  Total Hungary (Cost $1,700) | Total Hungary (Cost $1,700) | 1795 |
| INDIA 0.2% | INDIA 0.2% | INDIA 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 | 300 | 301 |
|  Total India (Cost $300) | Total India (Cost $300) | 301 |
| INDONESIA 0.3% | INDONESIA 0.3% | INDONESIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  8.375% due 03/15/2034 | 9105000 | 585 |
|  Total Indonesia (Cost $634) | Total Indonesia (Cost $634) | 585 |
| IRELAND 3.7% | IRELAND 3.7% | IRELAND 3.7% |
| ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  3.280% due 07/25/2039 •  | 500 | 578 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.906% due 07/19/2035 •  | 500 | 577 |
|  Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC |
|  3.175% due 04/15/2038 •  | 500 | 576 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 700 | 808 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 89 | 103 |
|  Fair Oaks Loan Funding V DAC | Fair Oaks Loan Funding V DAC | Fair Oaks Loan Funding V DAC |
|  3.251% due 10/15/2036 •  | 500 | 577 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.320% (EUR003M + 1.290%) due 01/26/2038 ~ | 500 | 578 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  | 126 | 146 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.840% due 12/15/2031 •  | 9 | 10 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.954% due 05/15/2033 •  | 216 | 250 |
|  Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC |
|  3.181% due 07/15/2038 •  | 500 | 576 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.271% due 08/29/2036 •  | 500 | 578 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.216% due 10/15/2038 •  | 400 | 462 |
|  |  | 5819 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 300 | 297 |
|  3.000% due 10/29/2028 | 300 | 289 |
|  |  | 586 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 500 | 579 |
|  Total Ireland (Cost $6,985) | Total Ireland (Cost $6,985) | 6984 |
| ISRAEL 0.7% | ISRAEL 0.7% | ISRAEL 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 400 | 406 |
|  5.500% due 03/12/2034 | 200 | 203 |
|  5.625% due 02/19/2035 | 700 | 713 |
|  Total Israel (Cost $1,293) | Total Israel (Cost $1,293) | 1322 |
| ITALY 1.9% | ITALY 1.9% | ITALY 1.9% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 600 | 688 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 200 | 224 |
|  |  | 912 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 400 | 401 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  3.400% due 04/01/2028 | 1900 | 2219 |
|  |  | 2620 |
|  Total Italy (Cost $3,589) | Total Italy (Cost $3,589) | 3532 |
| IVORY COAST 0.2% | IVORY COAST 0.2% | IVORY COAST 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 300 | 339 |
|  Total Ivory Coast (Cost $294) | Total Ivory Coast (Cost $294) | 339 |
| JAPAN 5.9% | JAPAN 5.9% | JAPAN 5.9% |
| CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% | CORPORATE BONDS & NOTES 1.7% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.494% due 10/13/2032 •  | 1100 | 973 |
|  5.159% due 04/24/2031 •  | 800 | 812 |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 200 | 198 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.454% due 01/15/2032 | 1000 | 1032 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 300 | 298 |
|  |  | 3313 |
| SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% | SOVEREIGN ISSUES 4.2% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 260481 | 1647 |
|  0.100% due 03/10/2029 (f) | 474436 | 2980 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 60000 | 364 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.700% due 12/20/2048 | 5000 | 18 |
|  0.700% due 12/20/2050 | 40000 | 134 |
|  0.700% due 03/20/2051 | 40000 | 133 |
|  0.700% due 06/20/2051 | 168000 | 552 |
|  2.200% due 06/20/2054 | 2700 | 13 |
|  2.300% due 12/20/2054 | 3800 | 18 |
|  3.200% due 09/20/2055 | 20000 | 116 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 250000 | 1125 |
|  2.400% due 03/20/2045 | 142000 | 791 |
|  |  | 7891 |
|  Total Japan (Cost $13,533) | Total Japan (Cost $13,533) | 11204 |
| KAZAKHSTAN 0.3% | KAZAKHSTAN 0.3% | KAZAKHSTAN 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  3.500% due 04/14/2033 | 550 | 494 |
|  Total Kazakhstan (Cost $461) | Total Kazakhstan (Cost $461) | 494 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 400 | 395 |
|  4.136% due 10/09/2030 | 200 | 196 |
|  4.652% due 10/09/2035 | 300 | 288 |
|  Total Kuwait (Cost $900) | Total Kuwait (Cost $900) | 879 |
|  | **SHARES** |  |
| LUXEMBOURG 1.5% | LUXEMBOURG 1.5% | LUXEMBOURG 1.5% |
| COMMON STOCKS 0.6% | COMMON STOCKS 0.6% | COMMON STOCKS 0.6% |
|  Drillco Holdings<br>Luxembourg SA «(h) | 35766 | 823 |
|  Foresea Holdings SA « | 14931 | 343 |
|  |  | 1166 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL | Chile Electricity Lux MPC SARL |
|  6.010% due 01/20/2033 | 301 | 311 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 632 | 622 |
|  |  | 933 |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 800 | 805 |
|  Total Luxembourg (Cost $2,246) | Total Luxembourg (Cost $2,246) | 2904 |
| MALAYSIA 0.8% | MALAYSIA 0.8% | MALAYSIA 0.8% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  2.480% due 01/28/2032 | 200 | 179 |
|  4.550% due 04/21/2050 | 200 | 172 |
|  |  | 351 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 1400 | 334 |
|  3.519% due 04/20/2028 | 3431 | 853 |
|  |  | 1187 |
|  Total Malaysia (Cost $1,436) | Total Malaysia (Cost $1,436) | 1538 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 137

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MEXICO 0.5% | MEXICO 0.5% | MEXICO 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.750% due 10/12/2110 | 200 | 163 |
|  5.850% due 07/02/2032 | 500 | 502 |
|  6.625% due 01/29/2038 | 300 | 307 |
|  Total Mexico (Cost $1,009) | Total Mexico (Cost $1,009) | 972 |
| MOROCCO 0.6% | MOROCCO 0.6% | MOROCCO 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Morocco Government International Bonds | Morocco Government International Bonds | Morocco Government International Bonds |
|  3.875% due 04/02/2029 | 1000 | 1150 |
|  Total Morocco (Cost $1,154) | Total Morocco (Cost $1,154) | 1150 |
| NETHERLANDS 0.3% | NETHERLANDS 0.3% | NETHERLANDS 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 400 | 406 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 •  | 200 | 202 |
|  |  | 608 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.833% due 04/17/2041 •  | 17 | 20 |
|  Total Netherlands (Cost $623) | Total Netherlands (Cost $623) | 628 |
| NEW ZEALAND 0.1% | NEW ZEALAND 0.1% | NEW ZEALAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 400 | 201 |
|  Total New Zealand (Cost $274) | Total New Zealand (Cost $274) | 201 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 400 | 269 |
|  Total Norway (Cost $291) | Total Norway (Cost $291) | 269 |
| PERU 2.0% | PERU 2.0% | PERU 2.0% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2900 | 904 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 600 | 176 |
|  7.300% due 08/12/2033 | 4000 | 1260 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 400 | 400 |
|  5.875% due 08/08/2054 | 350 | 338 |
|  6.900% due 08/12/2037 | 2600 | 743 |
|  |  | 2917 |
|  Total Peru (Cost $3,553) | Total Peru (Cost $3,553) | 3821 |
| PHILIPPINES 0.2% | PHILIPPINES 0.2% | PHILIPPINES 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  6.250% due 01/14/2036 | 20000 | 314 |
|  Total Philippines (Cost $482) | Total Philippines (Cost $482) | 314 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| POLAND 0.4% | POLAND 0.4% | POLAND 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 200 | 205 |
|  4.875% due 10/04/2033 | 300 | 300 |
|  5.375% due 02/12/2035 | 200 | 204 |
|  Total Poland (Cost $696) | Total Poland (Cost $696) | 709 |
| QATAR 0.1% | QATAR 0.1% | QATAR 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 200 | 176 |
|  Total Qatar (Cost $199) | Total Qatar (Cost $199) | 176 |
| ROMANIA 0.5% | ROMANIA 0.5% | ROMANIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 200 | 203 |
|  5.125% due 09/24/2031 | 100 | 115 |
|  5.250% due 03/10/2030 | 600 | 704 |
|  Total Romania (Cost $956) | Total Romania (Cost $956) | 1022 |
| SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 04/16/2029 | 450 | 433 |
|  6.375% due 06/02/2055 | 200 | 199 |
|  |  | 632 |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 | 200 | 188 |
|  3.375% due 03/05/2032 | 300 | 336 |
|  5.000% due 01/16/2034 | 1600 | 1594 |
|  5.375% due 01/13/2031 | 400 | 409 |
|  |  | 2527 |
|  Total Saudi Arabia (Cost $3,145) | Total Saudi Arabia (Cost $3,145) | 3159 |
| SERBIA 1.3% | SERBIA 1.3% | SERBIA 1.3% |
| SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% | SOVEREIGN ISSUES 1.3% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.650% due 03/03/2033 | 600 | 565 |
|  3.125% due 05/15/2027 | 1400 | 1602 |
|  6.000% due 06/12/2034 | 300 | 301 |
|  Total Serbia (Cost $2,366) | Total Serbia (Cost $2,366) | 2468 |
| SINGAPORE 0.5% | SINGAPORE 0.5% | SINGAPORE 0.5% |
| ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% |
|  Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. |
|  0.000% due 04/11/2048 «•  | 1000 | 1000 |
|  Total Singapore (Cost $1,000) | Total Singapore (Cost $1,000) | 1000 |
| SOUTH AFRICA 2.0% | SOUTH AFRICA 2.0% | SOUTH AFRICA 2.0% |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | 500 | 24 |
|  8.000% due 01/31/2030 | 33400 | 1953 |
|  8.875% due 02/28/2035 | 28400 | 1649 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  5.375% due 07/24/2044 | 200 | 156 |
|  Total South Africa (Cost $3,567) | Total South Africa (Cost $3,567) | 3782 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH KOREA 1.2% | SOUTH KOREA 1.2% | SOUTH KOREA 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  2.696% due 03/04/2031 | 500 | 565 |
|  2.765% due 09/02/2030 | 300 | 341 |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 | 355110 | 211 |
|  2.625% due 06/10/2028 | 1708930 | 1095 |
|  Total South Korea (Cost $2,412) | Total South Korea (Cost $2,412) | 2212 |
| SPAIN 1.2% | SPAIN 1.2% | SPAIN 1.2% |
| SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% | SOVEREIGN ISSUES 1.2% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 200 | 237 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  1.450% due 04/30/2029 | 107 | 119 |
|  3.200% due 10/31/2035 | 100 | 113 |
|  3.450% due 10/31/2034 | 1090 | 1267 |
|  3.500% due 05/31/2029 | 500 | 590 |
|  Total Spain (Cost $2,384) | Total Spain (Cost $2,384) | 2326 |
| SUPRANATIONAL 1.1% | SUPRANATIONAL 1.1% | SUPRANATIONAL 1.1% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.150% due 02/25/2030 | 86850 | 867 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  European Union | European Union | European Union |
|  3.750% due 10/12/2045 | 950 | 1064 |
|  Total Supranational (Cost $2,266) | Total Supranational (Cost $2,266) | 1931 |
| SWITZERLAND 0.5% | SWITZERLAND 0.5% | SWITZERLAND 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.869% due 01/12/2029 •  | 500 | 494 |
|  4.844% due 11/06/2033 •  | 400 | 394 |
|  Total Switzerland (Cost $915) | Total Switzerland (Cost $915) | 888 |
| THAILAND 0.7% | THAILAND 0.7% | THAILAND 0.7% |
| SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% | SOVEREIGN ISSUES 0.7% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  1.840% due 05/17/2036 | 9011 | 264 |
|  2.700% due 06/17/2040 | 26500 | 792 |
|  2.980% due 06/17/2045 | 8388 | 245 |
|  Total Thailand (Cost $1,410) | Total Thailand (Cost $1,410) | 1301 |
| UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% | UNITED ARAB EMIRATES 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | 300 | 296 |
|  Total United Arab Emirates (Cost $299) | Total United Arab Emirates (Cost $299) | 296 |
| UNITED KINGDOM 5.4% | UNITED KINGDOM 5.4% | UNITED KINGDOM 5.4% |
| CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% | CORPORATE BONDS & NOTES 1.8% |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 | 400 | 359 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | 300 | 301 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.778% due 03/01/2035 •  | 550 | 569 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 400 | 313 |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •  | 700 | 722 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  | 700 | 703 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 500 | 533 |
|  |  | 3500 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.054% due 11/25/2042 •  | 53 | 70 |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  4.585% due 05/17/2067 •  | 491 | 649 |
|  Elstree 1st PLC | Elstree 1st PLC | Elstree 1st PLC |
|  4.473% due 10/21/2065 •  | 492 | 650 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.750% due 12/15/2050 •  | 131 | 151 |
|  Polaris PLC | Polaris PLC | Polaris PLC |
|  4.464% due 06/27/2070 •  | 500 | 660 |
|  |  | 2180 |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 03/07/2030 | 3100 | 4096 |
|  4.375% due 07/31/2054 | 200 | 221 |
|  5.375% due 01/31/2056 | 100 | 129 |
|  U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts | U.K. Inflation-Linked Gilts |
|  0.625% due 11/22/2042 (f) | 268 | 288 |
|  |  | 4734 |
|  Total United Kingdom (Cost $10,636) | Total United Kingdom (Cost $10,636) | 10414 |
| UNITED STATES 58.2% | UNITED STATES 58.2% | UNITED STATES 58.2% |
| ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.113% due 01/25/2037 •  | 353 | 198 |
|  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 •  | 78 | 72 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.093% due 07/25/2036 •  | 611 | 164 |
|  4.273% due 07/25/2036 •  | 764 | 205 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.593% due 09/25/2046 •  | 49 | 46 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.233% due 09/25/2037 •  | 33 | 36 |
|  4.354% due 07/25/2036 ~ | 7 | 7 |
|  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 •  | 5 | 5 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.008% due 07/25/2037 •  | 148 | 99 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.068% due 07/25/2034 •  | 6 | 6 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.883% due 01/25/2037 •  | 119 | 73 |
|  4.333% due 04/25/2036 •  | 517 | 339 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.233% due 12/25/2036 •  | 464 | 106 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.953% due 08/25/2036 •  | 3 | 1 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | 8 | 8 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.273% due 03/25/2036 •  | 436 | 259 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.013% due 08/25/2037 •  | 408 | 200 |
|  4.313% due 04/25/2037 •  | 504 | 230 |
|  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 •  | 486 | 212 |
|  3.933% due 11/25/2036 •  | 168 | 80 |
|  4.013% due 11/25/2036 •  | 168 | 80 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.023% due 10/25/2036 •  | $— | 637 | 332 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.797% due 08/25/2036 þ |  | 478 | 160 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.122% due 02/16/2055 •  |  | 321 | 324 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.046% due 02/25/2037 þ |  | 440 | 140 |
|  |  |  | 3581 |
| CORPORATE BONDS & NOTES 6.3% | CORPORATE BONDS & NOTES 6.3% | CORPORATE BONDS & NOTES 6.3% | CORPORATE BONDS & NOTES 6.3% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 •  |  | 500 | 510 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 |  | 1700 | 1749 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  6.388% due 05/01/2031 |  | 300 | 320 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 |  | 100 | 101 |
|  Credit Suisse AG AT1 Claim |  | 400 | 140 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 |  | 757 | 799 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 |  | 100 | 91 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 |  | 200 | 197 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  |  | 400 | 393 |
|  5.218% due 04/23/2031 •  |  | 400 | 407 |
|  5.536% due 01/28/2036 •  |  | 800 | 813 |
|  6.484% due 10/24/2029 •  |  | 100 | 105 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.898% due 01/22/2037 •  |  | 500 | 489 |
|  5.336% due 01/23/2035 •  |  | 800 | 813 |
|  6.087% due 10/23/2029 •  |  | 100 | 104 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.622% (EUR003M + 0.600%) due 05/04/2029 ~ |  | 400 | 462 |
|  3.955% due 03/21/2035 •  |  | 900 | 1030 |
|  4.133% due 10/18/2029 •  | $— | 800 | 791 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 100 | 97 |
|  4.550% due 07/01/2030 |  | 100 | 99 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  5.450% due 02/15/2034 |  | 300 | 299 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  5.125% due 02/13/2031 |  | 300 | 307 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
|  1.875% due 09/15/2081 •  |  | 100 | 112 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  | $— | 380 | 376 |
|  4.892% due 09/15/2036 •  |  | 300 | 292 |
|  5.211% due 12/03/2035 •  |  | 500 | 498 |
|  5.389% due 04/24/2034 •  |  | 450 | 457 |
|  |  |  | 11851 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 |  | 167 | 172 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.7% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.294% due 01/25/2035 ~ |  | 5 | 5 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.210% due 04/20/2047 •  |  | 41 | 35 |
|  4.213% due 04/25/2037 •  |  | 39 | 32 |
|  5.243% due 05/25/2035 ~ |  | 27 | 26 |
|  6.000% due 07/25/2037 |  | 126 | 108 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.000% due 10/25/2036 |  | 32 | 27 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.640% due 05/25/2065 ~ |  | 949 | 954 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.213% due 05/25/2047 •  | 123 | 120 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.571% due 09/25/2035 ~ | 187 | 61 |
|  5.158% due 05/25/2035 ~ | 29 | 28 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.769% due 04/25/2034 ~ | 34 | 33 |
|  5.561% due 02/25/2034 ~ | 3 | 3 |
|  5.950% due 02/25/2036 •  | 11 | 10 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.517% due 10/15/2036 •  | 268 | 268 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.375% due 04/25/2065 ~ | 564 | 507 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.782% due 03/25/2037 ~ | 94 | 92 |
|  4.904% due 07/25/2037 ~ | 19 | 15 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.000% due 02/25/2037 | 103 | 43 |
|  6.250% due 09/25/2036 | 191 | 63 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.133% due 06/25/2035 •  | 41 | 40 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.430% due 05/25/2035 ~ | 13 | 12 |
|  4.593% due 04/25/2037 ~ | 83 | 75 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.186% due 06/25/2037 ~ | 85 | 72 |
|  4.210% due 07/20/2046 •  | 46 | 40 |
|  5.500% due 10/25/2035 | 12 | 7 |
|  5.500% due 02/25/2036 | 29 | 16 |
|  6.000% due 01/25/2037 | 202 | 164 |
|  6.000% due 02/25/2037 | 492 | 164 |
|  6.000% due 05/25/2037 | 421 | 168 |
|  6.250% due 12/25/2036 •  | 377 | 149 |
|  6.500% due 08/25/2037 | 307 | 128 |
|  8.000% due 10/25/2036 | 20 | 14 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.509% due 07/25/2070 ~ | 610 | 612 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 132 | 110 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.445% due 02/25/2036 þ | 136 | 124 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  6.745% due 10/25/2033 ~ | 2 | 2 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 144 | 120 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.916% due 05/25/2037 ~ | 10 | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  6.569% due 02/25/2036 ~ | 23 | 6 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.212% due 07/25/2035 ~ | 24 | 23 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.026% due 06/25/2036 ~ | 113 | 101 |
|  4.273% due 07/25/2035 •  | 4 | 4 |
|  4.368% due 12/25/2034 ~ | 2 | 2 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.513% due 12/25/2036 ~ | 5 | 5 |
|  4.667% due 05/25/2037 ~ | 134 | 118 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ | 582 | 485 |
|  5.132% due 02/25/2035 ~ | 1 | 1 |
|  5.252% due 10/25/2035 ~ | 119 | 77 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 | 53 | 52 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.213% due 02/25/2036 •  | 8 | 8 |
|  4.342% due 03/25/2036 ~ | 55 | 25 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.874% due 05/25/2036 ~ | 120 | 64 |
|  4.693% due 02/25/2036 •  | 10 | 10 |
|  5.022% due 09/25/2035 ~ | 94 | 21 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.443% due 07/25/2070 ~ | 566 | 568 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 654 | 545 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **139** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.293% due 02/25/2035 •  | 12 | 12 |
|  RALI Trust | RALI Trust | RALI Trust |
|  3.993% due 05/25/2037 •  | 216 | 204 |
|  4.133% due 12/25/2036 •  | 114 | 107 |
|  4.173% due 07/25/2036 •  | 154 | 145 |
|  4.193% due 11/25/2036 •  | 114 | 82 |
|  5.000% due 09/25/2036 | 31 | 24 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 06/25/2037 | 11 | 8 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.115% due 02/25/2037 ~ | 37 | 34 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.981% due 04/25/2036 ~ | 92 | 47 |
|  4.113% due 10/25/2035 •  | 41 | 39 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.193% due 05/25/2036 •  | 172 | 145 |
|  4.213% due 05/25/2036 •  | 15 | 11 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.073% due 01/25/2036 •  | 116 | 97 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.083% due 10/25/2036 •  | 248 | 209 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.533% due 09/25/2034 •  | 11 | 10 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 289 | 264 |
|  2.710% due 01/25/2060 ~ | 200 | 194 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.707% due 10/25/2036 ~ | 175 | 155 |
|  4.136% due 12/25/2036 ~ | 128 | 117 |
|  4.353% due 11/25/2045 •  | 40 | 38 |
|  4.573% due 10/25/2044 •  | 33 | 32 |
|  5.259% due 08/25/2042 •  | 2 | 1 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.113% due 02/25/2037 •  | 255 | 203 |
|  5.500% due 11/25/2035 | 50 | 47 |
|  6.500% due 08/25/2035 | 35 | 33 |
|  |  | 8825 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  1.000% due 01/24/2035 | 9294700 | 2302 |
|  Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 09/18/2030 | 8930600 | 1955 |
|  |  | 4257 |
| U.S. GOVERNMENT AGENCIES 37.5% | U.S. GOVERNMENT AGENCIES 37.5% | U.S. GOVERNMENT AGENCIES 37.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.000% due 12/01/2053 - 06/01/2054 | 908 | 928 |
|  6.500% due 02/01/2054 - 08/01/2055 | 2759 | 2855 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.142% due 01/15/2038 ~(a) | 157 | 7 |
|  4.146% due 01/15/2038 •  | 157 | 155 |
|  4.602% due 11/25/2054 •  | 722 | 727 |
|  5.062% due 03/25/2055 •  | 784 | 790 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 02/01/2027 - 03/01/2060 | 244 | 213 |
|  3.500% due 01/01/2059 | 524 | 476 |
|  4.000% due 01/01/2037 - 06/01/2050 | 238 | 228 |
|  4.500% due 03/01/2028 - 08/01/2041 | 76 | 75 |
|  5.000% due 08/01/2033 - 10/01/2041 | 51 | 51 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 07/01/2035 - 02/01/2041 | $— | 49 | 50 |
|  6.000% due 06/01/2026 - 10/01/2053 |  | 291 | 300 |
|  6.500% due 10/01/2053 - 02/01/2055 |  | 1053 | 1091 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.176% due 06/25/2036 •  |  | 12 | 12 |
|  4.481% due 01/25/2051 •  |  | 329 | 330 |
|  4.822% due 03/25/2055 •  |  | 556 | 561 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 12/20/2052 |  | 1488 | 1330 |
|  3.500% due 10/20/2052 - 12/20/2055 |  | 7754 | 7130 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 |  | 4 | 4 |
|  3.973% due 01/20/2068 •  |  | 295 | 294 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 04/01/2056 |  | 3400 | 2926 |
|  3.000% due 04/01/2056 |  | 3700 | 3304 |
|  3.500% due 04/01/2056 |  | 200 | 183 |
|  6.500% due 05/01/2056 |  | 6200 | 6426 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 04/01/2041 |  | 47 | 45 |
|  4.000% due 06/01/2056 |  | 1165 | 1097 |
|  4.500% due 05/01/2056 - 06/01/2056 |  | 5650 | 5447 |
|  5.000% due 04/01/2056 - 05/01/2056 |  | 31520 | 31089 |
|  5.500% due 05/01/2056 |  | 1680 | 1686 |
|  6.000% due 06/01/2056 |  | 100 | 102 |
|  6.500% due 05/01/2056 |  | 1100 | 1137 |
|  |  |  | 71049 |
| U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% | U.S. TREASURY OBLIGATIONS 5.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 02/15/2048 (m) |  | 800 | 590 |
|  3.375% due 11/15/2048 |  | 980 | 768 |
|  4.625% due 02/15/2046 |  | 100 | 96 |
|  4.750% due 02/15/2056 |  | 100 | 98 |
|  4.875% due 08/15/2045 (m) |  | 38 | 38 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  2.500% due 01/15/2029 |  | 3257 | 3379 |
|  3.875% due 04/15/2029 |  | 158 | 171 |
|  0.125% due 07/15/2030 (k) |  | 634 | 604 |
|  0.125% due 07/15/2031 |  | 3397 | 3175 |
|  0.125% due 01/15/2032 |  | 587 | 540 |
|  0.625% due 07/15/2032 |  | 784 | 740 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.125% due 02/15/2036 |  | 100 | 98 |
|  4.250% due 08/15/2035 (m) |  | 120 | 120 |
|  |  |  | 10417 |
|  Total United States (Cost $113,793) | Total United States (Cost $113,793) | Total United States (Cost $113,793) | 110152 |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| COMMERCIAL PAPER 1.9% | COMMERCIAL PAPER 1.9% | COMMERCIAL PAPER 1.9% | COMMERCIAL PAPER 1.9% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.050% due 04/10/2026 | $— | 250 | 250 |
|  4.100% due 04/21/2026 |  | 250 | 249 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.120% due 04/09/2026 |  | 250 | 250 |
|  4.300% due 04/21/2026 |  | 250 | 249 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/13/2026 |  | 150 | 150 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.200% due 05/11/2026 |  | 500 | 497 |
|  4.250% due 05/13/2026 |  | 250 | 249 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.050% due 04/16/2026 | $| 250 | 249 |
|  4.150% due 05/13/2026 |  | 250 | 249 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.020% due 04/20/2026 |  | 250 | 249 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/02/2026 |  | 250 | 250 |
|  4.050% due 04/08/2026 |  | 250 | 250 |
|  4.100% due 04/08/2026 |  | 400 | 400 |
|  |  |  | 3541 |
|  |  | **SHARES** |  |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (g) |  | 925188 | 925 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (i) 0.4% | REPURCHASE AGREEMENTS (i) 0.4% | REPURCHASE AGREEMENTS (i) 0.4% | REPURCHASE AGREEMENTS (i) 0.4% |
|  |  |  | 690 |
| 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) | EGP | 275 | 4 |
| NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% |
|  31.416% due 06/11/2026 - 01/28/2027 (c)(d) | NGN | 1392580 | 959 |
| SOUTH AFRICA TREASURY BILLS 1.1% | SOUTH AFRICA TREASURY BILLS 1.1% | SOUTH AFRICA TREASURY BILLS 1.1% | SOUTH AFRICA TREASURY BILLS 1.1% |
|  7.391% due 04/22/2026 - 08/05/2026 (c)(d) | ZAR | 36250 | 2107 |
| TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% |
|  38.693% due 04/07/2026 (c)(d) | TRY | 9000 | 201 |
| Total Short-Term Instruments (Cost $8,300) | Total Short-Term Instruments (Cost $8,300) | Total Short-Term Instruments (Cost $8,300) | 8427 |
| Total Investments in Securities<br> (Cost $235,061) | Total Investments in Securities<br> (Cost $235,061) | Total Investments in Securities<br> (Cost $235,061) | 229551 |
|  |  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% |
| SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% | SHORT-TERM INSTRUMENTS 4.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 779588 | 7592 |
| Total Short-Term Instruments<br> (Cost $7,593) | Total Short-Term Instruments<br> (Cost $7,593) | Total Short-Term Instruments<br> (Cost $7,593) | 7592 |
| Total Investments in Affiliates<br> (Cost $7,593) | Total Investments in Affiliates<br> (Cost $7,593) | Total Investments in Affiliates<br> (Cost $7,593) | 7592 |
| Total Investments 125.3%<br> (Cost $242,654) | Total Investments 125.3%<br> (Cost $242,654) |  | 237143 |
|  Financial Derivative<br>Instruments (j)(l) 0.9%<br> (Cost or Premiums, net $482) | Financial Derivative<br>Instruments (j)(l) 0.9%<br> (Cost or Premiums, net $482) | Financial Derivative<br>Instruments (j)(l) 0.9%<br> (Cost or Premiums, net $482) | 1703 |
| Other Assets and Liabilities, net (26.2)% | Other Assets and Liabilities, net (26.2)% | Other Assets and Liabilities, net (26.2)% | (49533) |
| Net Assets 100.0% | Net Assets 100.0% |  | 189313 |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(h) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | 0.43% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR 170 | French Republic Government Bonds OAT 3.000% due 06/25/2049 | $(192) | $197 | $200 |
| MEI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> | 426 | French Republic Government Bonds OAT 3.000% due 06/25/2049 | (479) | 493 | 500 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(3)</sup> |
|  France (0.4)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | EUR 900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899) | $(866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total France |  |  |  | (899) | (866) |
|  United States (8.5)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (8.5)% |
| &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 | $3900 | (3620) | (3589) |
| &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 | 9890 | (7923) | (7964) |
| &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 | 475 | (398) | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 06/01/2040 | 500 | (437) | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 679 | (619) | (621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 05/01/2056 | 2900 | (2997) | (2998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (15994) | (16009) |
|  Total Short Sales (8.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16893) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16875) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 141

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond 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 | Payable for<br>Short Sales<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 | Global/Master Repurchase Agreement |
|  BRC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&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;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
|  MEI | 500 | 0 | 0 | 0 | 500 | (479) | 21 |
|  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 |
|  DUB | 0 | 0 | 0 | (866) | (866) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $&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;(866) |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> Payable for short sales includes $(24) of accrued interest. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2,275) at a weighted average interest rate of 4.352%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### 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 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(1) | $(1) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 3 | 3 | (1) | (1) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR December Futures  | 12/2026 | 243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68238 | $(243) | $0 | $0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 23 | 1645 | (7) | 7 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 24 | 2070 | (41) | 8 | 0 |
|  Euro-BTP Future June Futures  | 06/2026 | 66 | 8871 | (317) | 107 | 0 |
|  Long Guilt June Futures  | 06/2026 | 33 | 3835 | (183) | 29 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 25 | 2704 | (34) | 4 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 40 | 4442 | (64) | 9 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 152 | 17254 | (371) | 44 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 78 | 9092 | (257) | 17 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 88 | $(6542) | $34 | $0 | $(62) |
|  Euro-Bobl June Futures  | 06/2026 | 42 | (5604) | 88 | 0 | (22) |
|  Euro-Bund June Futures  | 06/2026 | 34 | (4928) | 90 | 0 | (36) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 2 | (255) | 2 | 0 | (5) |
|  Euro-Oat June Futures  | 06/2026 | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | 0 | (118) |
|  Euro-Schatz June Futures  | 06/2026 | 93 | (11367) | 100 | 1 | (15) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 20 | (16422) | 198 | 3 | (35) |
|  |  |  |  | $916 | $4 | $(293) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) |

---

142 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(3)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $3940 | $(86) | $14 | $(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7) |
|  CDX.IG-45 10-Year Index | (1.000) | Quarterly | 12/20/2035 | 4190 | (34) | 25 | (9) | 0 | (14) |
|  CDX.IG-46 10-Year Index | (1.000) | Quarterly | 06/20/2036 | 8300 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | (1) | 0 | (28) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | 5300 | (87) | 1 | (86) | 0 | (8) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | $27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $17153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | $(68) | $310 | $34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 4300 | 69 | 6 | 75 | 9 | 0 |
|  |  |  |  |  | $447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 8700 | $(20) | $(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 4900 | 54 | 40 | 94 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2028 | 9080 | (97) | (82) | (179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 300 | (1) | (12) | (13) | 1 | 0 |
|  Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 | 2400 | (70) | (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105) | 7 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 200 | 7 | 3 | 10 | 0 | (1) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 100 | (2) | 9 | 7 | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 | 310 | 15 | 6 | 21 | 0 | (1) |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 256350 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | (101) | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | 306700 | 3 | (6) | (3) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 240000 | (10) | 1 | (9) | 1 | 0 |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841000 | 27 | 10 | 37 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Receive<sup>(5)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.750 | Annual | 09/16/2031 | 1040000 | 27 | 12 | 39 | 0 | (13) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 1202200 | (317) | (38) | (355) | 17 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) | 11 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 829900 | (349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | (371) | 17 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 | 90000 | (1) | (29) | (30) | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/18/2036 | 30000 | (8) | (3) | (11) | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 493600 | (220) | (549) | (769) | 6 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 60000 | 157 | (3) | 154 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 156400 | 296 | (7) | 289 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/18/2054 | 60000 | 115 | (2) | 113 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 80000 | 102 | (5) | 97 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 90000 | 86 | (3) | 83 | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 9592 | 0 | 140 | 140 | 0 | (38) |
|  Receive<sup>(5)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/16/2031 | 5000 | (11) | 38 | 27 | 0 | (20) |
|  Receive<sup>(5)</sup> | 1-Day THB-THOR Compounded-OIS | 1.250 | Quarterly | 09/16/2031 | 20320 | 2 | 15 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | $2400 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | 141 | (140) | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3300 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 500 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 8900 | 61 | (64) | (3) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 12300 | 75 | (74) | 1 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 1100 | 7 | (11) | (4) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 240 | 1 | (2) | (1) | 0 | 0 |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 | 4500 | (59) | 8 | (51) | 2 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 7366 | 24 | 49 | 73 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 3700 | 57 | (34) | 23 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 9320 | 15 | 36 | 51 | 0 | (10) |
|  Pay<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 1600 | (31) | 4 | (27) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 4009 | (4) | (8) | (12) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 1600 | (5) | (4) | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 6000 | 409 | (149) | 260 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 2600 | 126 | 8 | 134 | 0 | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **143** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy 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 | 3.640% | Annual | 08/15/2035 | $1500 | $3 | $20 | $23 | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 1500 | (1) | 17 | 16 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 2605 | 7 | 18 | 25 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 600 | (2) | 17 | 15 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 2300 | (45) | 64 | 19 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 8140 | (55) | 123 | 68 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 4740 | (72) | 18 | (54) | 0 | (4) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 1430 | 3 | 12 | 15 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.224 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.225 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.227 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.233 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.238 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.244 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.245 | Annual | 11/15/2052 | 200 | 0 | (3) | (3) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.248 | Annual | 11/15/2052 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.988 | Annual | 11/15/2053 | 1100 | 0 | 31 | 31 | 4 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 600 | 0 | 35 | 35 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 500 | 0 | 29 | 29 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 600 | 0 | 38 | 38 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 620 | 78 | 16 | 94 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 190 | 1 | 6 | 7 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 390 | (7) | 12 | 5 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 420 | 0 | 13 | 13 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 600 | 60 | 7 | 67 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 248 | (3) | 9 | 6 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 1000 | (55) | (11) | (66) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 190 | 4 | 0 | 4 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.970 | Maturity | 01/02/2029 | 22900 | 0 | (74) | (74) | 27 | 0 |
|  Pay | 1-Year BRL-CDI | 13.268 | Maturity | 01/02/2029 | 27000 | 0 | (50) | (50) | 31 | 0 |
|  Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 10200 | 1 | (25) | (24) | 12 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.500 | Annual | 09/15/2026 | 2500 | (19) | 4 | (15) | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 1600 | (3) | 8 | 5 | 1 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.300 | Annual | 02/15/2027 | 1100 | 0 | 4 | 4 | 1 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 03/18/2031 | 2200 | (10) | 2 | (8) | 10 | 0 |
|  Pay<sup>(5)</sup> | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 09/16/2031 | 400 | (3) | 0 | (3) | 2 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.665 | Quarterly | 09/18/2030 | 7131200 | 0 | 197 | 197 | 0 | (4) |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.650 | Quarterly | 12/17/2030 | 132000 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.725 | Quarterly | 12/17/2030 | 64500 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.788 | Quarterly | 12/17/2030 | 128700 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.655 | Quarterly | 01/24/2035 | 153200 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.820 | Quarterly | 01/24/2035 | 1542900 | 0 | (31) | (31) | 3 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 9.695 | Quarterly | 11/07/2035 | 3431600 | 0 | (76) | (76) | 6 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.329 | Quarterly | 12/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328000 | 0 | 206 | 206 | 0 | (14) |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 1026080 | 7 | (67) | (60) | 0 | 0 |
|  Receive<sup>(5)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 15000 | (2) | 65 | 63 | 16 | 0 |
|  Receive<sup>(5)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 | 4300 | 0 | 20 | 20 | 5 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.265 | Annual | 01/10/2030 | 6300 | (3) | (9) | (12) | 3 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 7060 | 0 | (8) | (8) | 3 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.500 | Annual | 03/18/2031 | 17600 | (9) | (20) | (29) | 10 | 0 |
|  Pay<sup>(5)</sup> | 3-Month SEK-STIBOR | 2.750 | Annual | 09/16/2031 | 8200 | 2 | (9) | (7) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 1700 | (5) | (30) | (35) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 3900 | 106 | 31 | 137 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 200 | 0 | (8) | (8) | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 600 | 6 | (22) | (16) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 700 | 4 | (22) | (18) | 6 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 500 | 3 | (24) | (21) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 2400 | 37 | (105) | (68) | 22 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 1500 | (1) | (65) | (66) | 14 | 0 |
|  Pay<sup>(5)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 81300 | 1 | (25) | (24) | 0 | (5) |
|  Pay<sup>(5)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 | 24200 | 0 | (9) | (9) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 800 | (3) | (14) | (17) | 0 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | 29800 | (151) | (295) | (446) | 62 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.170 | Annual | 12/15/2028 | 7600 | 5 | (40) | (35) | 8 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.350 | Annual | 12/15/2028 | 7800 | (5) | 41 | 36 | 0 | (9) |

---

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO INTERNATIONAL 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 | 6-Month EUR-EURIBOR | 1.795% | Annual | 10/11/2029 | EUR | 600 | $0 | $(19) | $(19) | $2 | $0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 2450 | 0 | (64) | (64) | 8 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 2400 | 3 | (59) | (56) | 12 | 0 |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 15730 | (185) | (387) | (572) | 139 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 500 | (35) | (234) | (269) | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 7 | 58 | 65 | 0 | (1) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.825 | Annual | 09/19/2055 |  | 5400 | 77 | (100) | (23) | 0 | (3) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 2780 | 33 | 37 | 70 | 0 | (31) |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | PLN | 3500 | 0 | (66) | (66) | 1 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2027 | CAD | 1700 | 13 | (5) | 8 | 1 | 0 |
|  Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 |  | 2500 | (4) | 6 | 2 | 3 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 |  | 1300 | (112) | 60 | (52) | 2 | 0 |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 |  | 100 | 1 | 0 | 1 | 0 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 1900 | 29 | (49) | (20) | 0 | (4) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 2000 | (2) | (15) | (17) | 0 | (4) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 600 | 0 | 5 | 5 | 0 | (1) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 500 | (7) | 0 | (7) | 1 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 500 | 14 | 5 | 19 | 0 | 0 |
|  Pay | IRS NOK 3.75000 03/18/26-5Y LCH | 3.750 | Annual | 03/18/2031 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | (52) | (16) | (68) | 6 | 0 |
|  Pay<sup>(5)</sup> | IRS NOK 4.50000 09/16/26-5Y LCH | 4.500 | Annual | 09/16/2031 |  | 900 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | $(2695) | $(2915) | $672 | $(259) |
|  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;32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2730) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2698) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316) |

---

#### 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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market<br>Value | Variation Margin<br>Asset<sup>(6)</sup> | Variation Margin<br>Asset<sup>(6)</sup> | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611) |

---

(k) Securities with an aggregate market value of $285 and cash of $4,660 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 buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin asset of $64 for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability |
|  AZD | 04/2026 | CAD | 6227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | $0 |
|  BOA | 04/2026 | BRL | 843 | 162 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 04/2026 | CAD | 136 | 100 | 2 | 0 |
|  | 04/2026 | CNH | 538 | 78 | 0 | 0 |
|  | 04/2026 | COP | 175275 | 44 | 0 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **145** |

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------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 673 | 3443 | $2 | $0 |
|  | 04/2026 | 1918 | $2225 | 8 | 0 |
|  | 04/2026 | 48953 | 522 | 5 | 0 |
|  | 04/2026 | 58330 | 40 | 1 | 0 |
|  | 04/2026 | 466 | 126 | 1 | 0 |
|  | 04/2026 | 1333 | 261 | 0 | 0 |
|  | 04/2026 | 250 | $196 | 1 | 0 |
|  | 04/2026 | $162 | 843 | 1 | 0 |
|  | 04/2026 | 30 | 206 | 0 | 0 |
|  | 04/2026 | 349 | 302 | 1 | (1) |
|  | 04/2026 | 496 | 46655 | 0 | 0 |
|  | 04/2026 | 391 | 62432 | 2 | 0 |
|  | 04/2026 | 31 | 573 | 1 | 0 |
|  | 04/2026 | 31 | 115 | 0 | 0 |
|  | 04/2026 | 110 | 474 | 0 | (3) |
|  | 04/2026 | 2016 | $115 | 0 | (4) |
|  | 05/2026 | 202 | 233 | 0 | (1) |
|  | 05/2026 | 62244 | 391 | 0 | (2) |
|  | 05/2026 | $44 | 307 | 0 | 0 |
|  | 05/2026 | 16 | 69 | 0 | 0 |
|  | 06/2026 | 420 | $136 | 2 | 0 |
|  | 06/2026 | 2686 | 150 | 1 | 0 |
|  | 06/2026 | $3 | 14 | 0 | 0 |
|  | 06/2026 | 58 | 397 | 0 | 0 |
|  | 06/2026 | 42 | 131 | 0 | 0 |
|  | 07/2026 | 187 | 1284 | 0 | 0 |
|  BPS | 04/2026 | 2044 | $392 | 0 | (3) |
|  | 04/2026 | 207 | 30 | 0 | 0 |
|  | 04/2026 | 444 | 144 | 3 | 0 |
|  | 04/2026 | 515130 | 5523 | 62 | (8) |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913794 | 616 | 9 | 0 |
|  | 04/2026 | 1576 | 932 | 26 | 0 |
|  | 04/2026 | 223 | 60 | 0 | 0 |
|  | 04/2026 | 19967 | 617 | 11 | 0 |
|  | 04/2026 | 255264 | 8076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0 |
|  | 04/2026 | $232 | 329 | 0 | (5) |
|  | 04/2026 | 388 | 2044 | 7 | 0 |
|  | 04/2026 | 945 | 15983605 | 0 | (3) |
|  | 04/2026 | 106 | 335 | 1 | 0 |
|  | 04/2026 | 2026 | 190128 | 3 | (8) |
|  | 04/2026 | 236 | 37500 | 0 | 0 |
|  | 04/2026 | 115 | 171902 | 0 | (1) |
|  | 04/2026 | 204 | 12116 | 0 | (4) |
|  | 04/2026 | 636 | 2292 | 0 | (19) |
|  | 04/2026 | 91 | 394 | 0 | (2) |
|  | 04/2026 | 0 | 12 | 0 | 0 |
|  | 04/2026 | 12564 | 397422 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
|  | 04/2026 | 1499 | $89 | 0 | 0 |
|  | 05/2026 | 335 | 106 | 0 | (1) |
|  | 05/2026 | 41897 | 443 | 0 | (2) |
|  | 05/2026 | 9667 | 300 | 0 | (1) |
|  | 05/2026 | $170 | 892 | 1 | 0 |
|  | 05/2026 | 64 | 445 | 0 | 0 |
|  | 05/2026 | 220 | 3742313 | 1 | 0 |
|  | 05/2026 | 2958 | 280139 | 15 | 0 |
|  | 05/2026 | 42 | 1379 | 0 | 0 |
|  | 06/2026 | 380519 | $12036 | 191 | 0 |
|  | 06/2026 | $637 | 4370 | 0 | (1) |
|  | 06/2026 | 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23307299 | 0 | (14) |
|  | 08/2026 | 1541 | 63 | 1 | 0 |
|  | 08/2026 | $1930 | 183605 | 0 | (8) |
|  | 01/2027 | 8076 | 253544 | 0 | (194) |
|  BRC | 04/2026 | 1275 | $186 | 1 | 0 |
|  | 04/2026 | 185 | 29 | 0 | 0 |
|  | 04/2026 | 604 | 3095 | 3 | 0 |
|  | 04/2026 | 249 | $32 | 0 | 0 |
|  | 04/2026 | 1527 | 299 | 0 | (1) |
|  | 04/2026 | 51988 | $1131 | 0 | (18) |
|  | 04/2026 | $380 | 1368 | 0 | (12) |
|  | 04/2026 | 176 | 1600 | 0 | (7) |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO INTERNATIONAL 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 | $3 | 108 | $0 | $0 |
|  | 04/2026 | 2127 | 97233 | 20 | 0 |
|  | 04/2026 | 9007 | $542 | 15 | (4) |
|  | 05/2026 | 18277 | 393 | 0 | (2) |
|  | 05/2026 | $332 | 15384 | 0 | 0 |
|  | 07/2026 | 3064 | $173 | 0 | (6) |
|  BSH | 04/2026 | $5772 | 4336 | 0 | (33) |
|  | 04/2026 | 2162 | 345080 | 13 | 0 |
|  | 04/2026 | 1927 | 3338 | 0 | (9) |
|  | 04/2026 | 421 | 1525 | 0 | (11) |
|  | 05/2026 | 4336 | $5772 | 33 | 0 |
|  | 05/2026 | 344040 | 2162 | 0 | (13) |
|  | 05/2026 | 3338 | 1929 | 9 | 0 |
|  | 06/2026 | $424 | 1588200 | 1 | 0 |
|  CBK | 04/2026 | 229 | $161 | 3 | 0 |
|  | 04/2026 | 172 | 25 | 0 | 0 |
|  | 04/2026 | 458217 | 120 | 0 | (4) |
|  | 04/2026 | 4056 | 4700 | 12 | 0 |
|  | 04/2026 | 225 | 301 | 3 | 0 |
|  | 04/2026 | 413167 | 4425 | 62 | 0 |
|  | 04/2026 | 770 | 79 | 0 | 0 |
|  | 04/2026 | 2420 | 40 | 0 | 0 |
|  | 04/2026 | 865 | 93 | 2 | 0 |
|  | 04/2026 | 1 | 0 | 0 | 0 |
|  | 04/2026 | 936 | 29 | 0 | 0 |
|  | 04/2026 | $506 | 3479 | 0 | (1) |
|  | 04/2026 | 53 | 369 | 0 | 0 |
|  | 04/2026 | 570 | 492 | 1 | (2) |
|  | 04/2026 | 12851 | 1184123 | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
|  | 04/2026 | 58 | 209 | 0 | (2) |
|  | 04/2026 | 0 | 12 | 0 | 0 |
|  | 04/2026 | 3661 | 115920 | 0 | (42) |
|  | 04/2026 | 340 | 9083986 | 4 | 0 |
|  | 05/2026 | 12 | 80 | 0 | 0 |
|  | 06/2026 | 1364655 | $81 | 1 | 0 |
|  | 06/2026 | 551 | 178 | 3 | 0 |
|  | 06/2026 | 115898 | 3661 | 54 | 0 |
|  | 06/2026 | $1017 | 6995 | 2 | 0 |
|  | 06/2026 | 60 | 1010648 | 0 | (1) |
|  | 06/2026 | 698 | 12381 | 0 | (11) |
|  | 06/2026 | 40 | 2430 | 0 | 0 |
|  | 07/2026 | 30 | 16140 | 3 | 0 |
|  | 08/2026 | 181357 | $1935 | 37 | 0 |
|  | 08/2026 | 652 | 193 | 7 | 0 |
|  | 08/2026 | $12 | 6175 | 1 | 0 |
|  | 09/2026 | 2575721 | $2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 0 |
|  | 09/2026 | 336963 | 87 | 0 | (2) |
|  | 09/2026 | $10 | 38052 | 0 | 0 |
|  | 09/2026 | 64 | 1139 | 0 | (1) |
|  | 11/2026 | 92 | 314 | 0 | (3) |
|  | 01/2027 | 5482 | $1620 | 68 | 0 |
|  DUB | 04/2026 | 634 | 121 | 0 | (1) |
|  | 04/2026 | 59747 | 8640 | 0 | (35) |
|  | 04/2026 | 492 | 2513 | 1 | 0 |
|  | 04/2026 | 1209 | $155 | 0 | 0 |
|  | 04/2026 | 896 | 289 | 4 | 0 |
|  | 04/2026 | 155527 | 1649 | 8 | (3) |
|  | 04/2026 | 6462 | 1263 | 0 | (4) |
|  | 04/2026 | $6278 | 9151 | 36 | 0 |
|  | 04/2026 | 121 | 634 | 1 | 0 |
|  | 04/2026 | 16527 | 113234 | 0 | (87) |
|  | 04/2026 | 98 | 2076 | 0 | (1) |
|  | 04/2026 | 236 | 11753 | 0 | (24) |
|  | 04/2026 | 64 | 21402 | 1 | 0 |
|  | 04/2026 | 1507 | 142302 | 11 | (4) |
|  | 04/2026 | 1969 | 2515 | 0 | (13) |
|  | 04/2026 | 194 | 6343 | 0 | (2) |
|  | 05/2026 | 9151 | $6275 | 0 | (36) |
|  | 05/2026 | 2510 | 1969 | 13 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **147** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | $8274 | 57081 | $34 | $0 |
|  | 06/2026 | 99832 | $186 | 0 | (18) |
|  | 06/2026 | 6330 | 194 | 1 | 0 |
|  | 06/2026 | $83 | 571 | 0 | 0 |
|  | 07/2026 | 1153 | $341 | 11 | 0 |
|  | 07/2026 | $140 | 75292 | 11 | 0 |
|  | 07/2026 | 2249 | $127 | 0 | (5) |
|  FAR | 04/2026 | 3038 | 2153 | 57 | 0 |
|  | 04/2026 | 403 | 523 | 18 | 0 |
|  | 04/2026 | 152 | 777 | 0 | 0 |
|  | 04/2026 | 4375 | $5912 | 122 | 0 |
|  | 04/2026 | 139334 | 892 | 14 | 0 |
|  | 04/2026 | $364 | 290 | 0 | (1) |
|  | 04/2026 | 2692 | 429656 | 15 | 0 |
|  | 04/2026 | 422 | 1524 | 0 | (12) |
|  | 04/2026 | 11 | 14 | 0 | 0 |
|  | 05/2026 | 289 | $364 | 1 | 0 |
|  | 05/2026 | 557 | 176 | 0 | (1) |
|  | 05/2026 | 428358 | 2692 | 0 | (15) |
|  | 05/2026 | 14 | 11 | 0 | 0 |
|  | 06/2026 | 299 | 97 | 2 | 0 |
|  | 06/2026 | 2253 | 130 | 5 | 0 |
|  | 06/2026 | $308 | 5371 | 0 | (11) |
|  | 08/2026 | 3673 | $1086 | 37 | 0 |
|  | 09/2026 | $52 | 912 | 0 | (2) |
|  GLM | 04/2026 | 33779 | $6357 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) |
|  | 04/2026 | 405 | 130 | 1 | 0 |
|  | 04/2026 | 1814 | 20 | 1 | 0 |
|  | 04/2026 | 2887 | 735 | 22 | 0 |
|  | 04/2026 | 140 | 38 | 0 | 0 |
|  | 04/2026 | 117 | 93 | 2 | 0 |
|  | 04/2026 | $6470 | 33780 | 52 | 0 |
|  | 04/2026 | 179 | 1230 | 0 | (1) |
|  | 04/2026 | 38 | 12900 | 1 | 0 |
|  | 04/2026 | 26 | 431971 | 0 | 0 |
|  | 04/2026 | 102 | 9410 | 0 | (3) |
|  | 04/2026 | 264 | 4861 | 7 | 0 |
|  | 04/2026 | 7 | 26 | 0 | 0 |
|  | 04/2026 | 109 | 3569 | 0 | 0 |
|  | 06/2026 | 1343086 | $80 | 1 | 0 |
|  | 06/2026 | 557 | 31 | 0 | 0 |
|  | 06/2026 | 3563 | 109 | 0 | 0 |
|  | 06/2026 | $6349 | 34190 | 165 | 0 |
|  | 06/2026 | 129 | 2178983 | 0 | (1) |
|  | 06/2026 | 40 | 126 | 0 | 0 |
|  | 06/2026 | 328 | 5713 | 0 | (11) |
|  | 06/2026 | 101 | 354 | 0 | 0 |
|  | 07/2026 | 7 | 40 | 0 | 0 |
|  | 08/2026 | 22246 | $1248 | 0 | (54) |
|  IND | 04/2026 | 25097 | 29634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | 0 |
|  | 04/2026 | $920 | 5976 | 5 | 0 |
|  | 05/2026 | 5966 | $920 | 0 | (5) |
|  JPM | 04/2026 | 60551 | 8751 | 0 | (41) |
|  | 04/2026 | 355 | 1813 | 1 | 0 |
|  | 04/2026 | 1411 | $180 | 0 | 0 |
|  | 04/2026 | 121433 | 1300 | 18 | 0 |
|  | 04/2026 | 918 | 250 | 3 | 0 |
|  | 04/2026 | 1703 | 333 | 0 | (1) |
|  | 04/2026 | 2162 | $1715 | 34 | 0 |
|  | 04/2026 | 9694 | 307 | 13 | 0 |
|  | 04/2026 | $59 | 1258 | 0 | 0 |
|  | 04/2026 | 189 | 62920 | 0 | 0 |
|  | 04/2026 | 913 | 85737 | 2 | (3) |
|  | 04/2026 | 3956 | 70889 | 3 | (8) |
|  | 04/2026 | 98 | 356 | 0 | (2) |
|  | 04/2026 | 163 | 5114 | 0 | (7) |
|  | 04/2026 | 7166 | 227223 | 0 | (68) |
|  | 04/2026 | 22929 | $1369 | 17 | (1) |
|  | 05/2026 | 258 | 177 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO INTERNATIONAL 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 | 59 | 303 | $0 | $0 |
|  | 05/2026 | 303 | 59 | 0 | 0 |
|  | 05/2026 | $8701 | 60059 | 41 | 0 |
|  | 06/2026 | 447 | $145 | 2 | 0 |
|  | 06/2026 | 3079 | 172 | 1 | 0 |
|  | 06/2026 | 11998 | 366 | 0 | 0 |
|  | 06/2026 | 227216 | 7166 | 93 | 0 |
|  | 06/2026 | 1500 | 85 | 0 | (4) |
|  | 08/2026 | 1122 | 46 | 1 | 0 |
|  MBC | 04/2026 | 1420 | $979 | 1 | (1) |
|  | 04/2026 | 779 | 113 | 0 | 0 |
|  | 04/2026 | 5794 | 916 | 20 | 0 |
|  | 04/2026 | 17 | 90 | 0 | 0 |
|  | 04/2026 | 993 | $1150 | 3 | (1) |
|  | 04/2026 | 153501 | 987 | 20 | 0 |
|  | 04/2026 | 567243 | 383 | 6 | 0 |
|  | 04/2026 | 1230 | 131 | 1 | 0 |
|  | 04/2026 | $319 | 460 | 0 | (1) |
|  | 04/2026 | 144 | 113 | 0 | (2) |
|  | 04/2026 | 102 | 89 | 0 | 0 |
|  | 04/2026 | 447 | 334 | 0 | (5) |
|  | 04/2026 | 831 | 132813 | 6 | 0 |
|  | 04/2026 | 1714 | 2507963 | 0 | (46) |
|  | 04/2026 | 78 | 1439 | 2 | 0 |
|  | 04/2026 | 48 | 471 | 0 | 0 |
|  | 04/2026 | 16 | 69 | 0 | 0 |
|  | 05/2026 | 81 | $107 | 0 | 0 |
|  | 05/2026 | 132412 | 831 | 0 | (6) |
|  | 05/2026 | 408 | 42 | 0 | 0 |
|  | 05/2026 | 69 | 16 | 0 | 0 |
|  | 05/2026 | $219 | 191 | 2 | 0 |
|  | 05/2026 | 3034 | $174 | 0 | (4) |
|  | 06/2026 | 708816 | 188 | 0 | (2) |
|  | 06/2026 | 393 | 22 | 0 | 0 |
|  MYI | 04/2026 | 607 | 117 | 0 | 0 |
|  | 04/2026 | 148 | 42 | 2 | 0 |
|  | 04/2026 | 530365 | 16817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | 0 |
|  | 04/2026 | $116 | 607 | 1 | 0 |
|  | 04/2026 | 1934 | 62048 | 4 | 0 |
|  | 06/2026 | 62106 | $1934 | 1 | 0 |
|  | 06/2026 | $301 | 2074 | 1 | 0 |
|  | 07/2026 | 82 | 44395 | 8 | 0 |
|  | 01/2027 | 16817 | 526357 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455) |
|  NGF | 04/2026 | 751 | 5141 | 0 | (5) |
|  | 04/2026 | 31 | 299 | 0 | 0 |
|  | 04/2026 | 224 | 10282 | 5 | 0 |
|  | 05/2026 | 75 | 3475 | 0 | 0 |
|  RYL | 04/2026 | 242 | $324 | 3 | 0 |
|  SCX | 04/2026 | 369 | 53 | 0 | 0 |
|  | 04/2026 | 9768 | 106 | 3 | 0 |
|  | 04/2026 | 109580 | 702 | 12 | 0 |
|  | 04/2026 | 414682 | 272 | 0 | (4) |
|  | 04/2026 | 1762 | 1054 | 41 | 0 |
|  | 04/2026 | 543 | 17 | 1 | 0 |
|  | 04/2026 | $4601 | 6371 | 0 | (22) |
|  | 04/2026 | 229 | 172 | 0 | (2) |
|  | 04/2026 | 1181 | 107733 | 1 | (44) |
|  | 04/2026 | 272 | 414734 | 4 | 0 |
|  | 04/2026 | 100 | 361 | 0 | (3) |
|  | 04/2026 | 1835 | 58574 | 0 | (5) |
|  | 05/2026 | 6362 | $4601 | 21 | 0 |
|  | 05/2026 | $53 | 369 | 0 | 0 |
|  | 06/2026 | 761 | 5204 | 0 | (3) |
|  | 06/2026 | 225 | 3794707 | 0 | (2) |
|  | 07/2026 | 50 | 342 | 0 | 0 |
|  SOG | 04/2026 | 629 | $742 | 15 | 0 |
|  | 04/2026 | 604404 | 3884 | 76 | 0 |
|  | 04/2026 | 999 | 196 | 0 | 0 |
|  | 04/2026 | 655 | $149 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **149** |

---

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $36709 | 31810 | $59 | $0 |
|  | 04/2026 | 300 | 1308 | 0 | (4) |
|  | 04/2026 | 52 | 495 | 0 | 0 |
|  | 05/2026 | 31810 | $36766 | 0 | (57) |
|  | 05/2026 | 495 | 52 | 0 | (1) |
|  | 05/2026 | $103 | 89 | 0 | 0 |
|  | 06/2026 | 158 | $51 | 1 | 0 |
|  SSB | 04/2026 | 5253 | 3738 | 114 | 0 |
|  | 04/2026 | 9257 | 102 | 4 | 0 |
|  | 04/2026 | 708 | 5 | 0 | 0 |
|  | 04/2026 | $337 | 30766 | 0 | (12) |
|  | 06/2026 | 24 | 91638 | 1 | 0 |
|  | 08/2026 | 7647684 | $2005 | 0 | (14) |
|  UAG | 04/2026 | 389 | 106 | 1 | 0 |
|  | 04/2026 | $80 | 297496 | 1 | 0 |
|  | 04/2026 | 121 | 2542 | 0 | (1) |
|  | 04/2026 | 779 | 2821 | 0 | (19) |
|  | 06/2026 | 301885 | $80 | 0 | (1) |
|  | 06/2026 | 292 | 94 | 1 | 0 |
|  | 06/2026 | 501 | 28 | 0 | 0 |
|  | 06/2026 | $84 | 322459 | 3 | 0 |
|  | 06/2026 | 340 | 5934 | 0 | (11) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2323) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 381 | $1 | $1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 597 | 1 | 1 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 364 | 4 | 1 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 81 | 1 | 0 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 446 | 3 | 2 |
| BPS | Put - OTC EUR versus CZK | CZK | 24.040 | 08/13/2026 | 269 | 1 | 0 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 93 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 343 | 0 | 1 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 178 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 691 | 6 | 2 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/10/2026 | 692 | 6 | 2 |
| MYI | Put - OTC EUR versus CZK | CZK | 23.900 | 06/02/2026 | 480 | 2 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 381 | $0 | $0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 597 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 364 | (2) | 0 |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 81 | 0 | 0 |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 446 | (3) | (3) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 93 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 343 | 0 | 0 |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 178 | 0 | 0 |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 691 | (2) | (1) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 692 | (2) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

150 PIMCO INTERNATIONAL 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 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600% | 04/16/2026 | 200 | $0 | $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 | 200 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 200 | (1) | 0 |
|  |  |  |  |  |  | $(3) | $(2) |
|  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;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | 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** | **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> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2030 | 0.324% | $— | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> | CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup> |  |  |
| **Counterparty** | **Reference Entity** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | 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** | **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> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —<sup>¨</sup> | $— | 259 | $0 | $2 | $2 | $0 |

---

#### 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 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 100 | 23 | (3) | 20 | 0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 100 | 20 | 0 | 20 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 700 | 152 | (12) | 140 | 0 |
|  |  |  |  |  |  |  | $319 | $(19) | $300 | $0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | **Unrealized<br>Appreciation/(**<br> **Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount<br>of Currency<br>Received | Notional<br>Amount<br>of Currency<br>Delivered | Notional<br>Amount<br>of Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | **Unrealized<br>Appreciation/(**<br> **Depreciation)** | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $15177 | JPY | 2276500 | $194 | $(1) | $193 | $0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | 1655 | GBP | 1244 | (6) | (3) | 0 | (9) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | 6361 | JPY | 986000 | 4 | (3) | 1 | 0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 5646 |  | 830000 | 7 | 1 | 8 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 151

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/17/2032 | CNY | 6700 | $(8) | $1 | $0 | $(7) |
| BPS | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 14800 | (19) | 3 | 0 | (16) |
| CBK | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 5500 | (5) | (1) | 0 | (6) |
| JPM | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 9070 | (6) | (4) | 0 | (10) |
|  | Receive | 3-Month COP-IBR Compounded-OIS | 5.960 | Quarterly | 02/11/2029 | COP | 7400 | 0 | 0 | 0 | 0 |
| SCX | Pay | 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 | CNY | 7730 | (5) | (4) | 0 | (9) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Receive 01-Day SGD-SIBCSORA Compounded-OIS  | N/A | 0.822 | Semi-Annual | 08/26/2026 | SGD | 20 | $0 | $0 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $69 | $0 | $0 | $69 | $0 | $0 | $0 | $0 | $69 | $0 | $69 |
|  BOA | 28 | 5 | 0 | 33 | (16) | (3) | (7) | (26) | 7 | 0 | 7 |
|  BPS | 434 | 0 | 120 | 554 | (424) | 0 | (16) | (440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 0 | 114 |
|  BRC | 39 | 0 | 0 | 39 | (50) | 0 | 0 | (50) | (11) | 0 | (11) |
|  BSH | 56 | 0 | 0 | 56 | (66) | 0 | 0 | (66) | (10) | 0 | (10) |
|  CBK | 371 | 0 | 213 | 584 | (383) | 0 | (6) | (389) | 195 | 0 | 195 |
|  DUB | 132 | 0 | 2 | 134 | (233) | 0 | 0 | (233) | (99) | 0 | (99) |
|  FAR | 271 | 0 | 0 | 271 | (42) | 0 | 0 | (42) | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | (51) |
|  GLM | 252 | 0 | 9 | 261 | (235) | (2) | (9) | (246) | 15 | 283 | 298 |
|  GST | 0 | 0 | 20 | 20 | 0 | 0 | 0 | 0 | 20 | 0 | 20 |
|  IND | 631 | 0 | 0 | 631 | (5) | 0 | 0 | (5) | 626 | (860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234) |
|  JPM | 229 | 0 | 140 | 369 | (136) | 0 | (10) | (146) | 223 | 0 | 223 |
|  MBC | 61 | 5 | 0 | 66 | (68) | (2) | 0 | (70) | (4) | 0 | (4) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (30) | (30) | (30) | 0 | (30) |
|  MYI | 269 | 0 | 0 | 269 | (455) | 0 | 0 | (455) | (186) | (10) | (196) |
|  NGF | 5 | 0 | 0 | 5 | (5) | 0 | 0 | (5) | 0 | 0 | 0 |
|  RYL | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SCX | 83 | 0 | 0 | 83 | (85) | 0 | (9) | (94) | (11) | 0 | (11) |
|  SOG | 151 | 0 | 0 | 151 | (62) | 0 | 0 | (62) | 89 | 0 | 89 |
|  SSB | 119 | 0 | 0 | 119 | (26) | 0 | 0 | (26) | 93 | 0 | 93 |
|  UAG | 6 | 0 | 0 | 6 | (32) | 0 | 0 | (32) | (26) | 0 | (26) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2417) |  |  |  |

---

(m) Securities with an aggregate market value of $283 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. 

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of 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 | $293 | $293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 43 | 0 | 0 | 672 | 715 |
|  | $0 | $43 | $0 | $0 | $965 | $1008 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3209 | $0 | $3209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 10 | 0 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 302 | 0 | 202 | 0 | 504 |
|  | $0 | $302 | $0 | $3421 | $0 | $3723 |
|  | $0 | $345 | $0 | $3421 | $965 | $4731 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 293 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 57 | 0 | 0 | 259 | 316 |
|  | $0 | $57 | $0 | $0 | $554 | $611 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2323 | $0 | $2323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 5 | 2 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 30 | 0 | 9 | 48 | 87 |
|  | $0 | $30 | $0 | $2337 | $50 | $2417 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 153

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 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 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 1164 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (302) | 0 | 0 | (157) | (459) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302) | $0 | $0 | $1059 | $757 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(3204) | $0 | $(3204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 4 | (83) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 50 | 266 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 140 | 0 | (275) | (66) | (201) |
|  | $0 | $140 | $0 | $(3425) | $117 | $(3168) |
|  | $0 | $(162) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3425) | $1176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2411) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(828) | $(828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (4) | 0 | 0 | (1256) | (1260) |
|  | $0 | $(4) | $0 | $0 | $(2084) | $(2088) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $1870 | $0 | $1870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 4 | (148) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 4 | 77 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (67) | 0 | (3) | 94 | 24 |
|  | $0 | $(67) | $0 | $1875 | $23 | $1831 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2061) | $(257) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $46 | $0 | $46 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1236 | 0 | 1236 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | 1863 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3978 | 0 | 3978 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 438 | 0 | 438 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2892 | 0 | 2892 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2802 | 0 | 2802 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 397 | 0 | 397 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3115 | 0 | 3115 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4677 | 0 | 4677 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 507 | 0 | 507 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2586 | 0 | 2586 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 592 | 0 | 592 |
|  Czech Republic | Czech Republic | Czech Republic | Czech Republic | Czech Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 271 | 0 | 271 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 891 | 0 | 891 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | $0 | $886 | $0 | $886 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Sovereign Issues | 0 | 197 | 0 | 197 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 317 | 0 | 317 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6956 | 0 | 6956 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 510 | 0 | 510 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1795 | 0 | 1795 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 301 | 0 | 301 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 585 | 0 | 585 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 5819 | 0 | 5819 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 586 | 0 | 586 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 579 | 579 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1322 | 0 | 1322 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 912 | 0 | 912 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2620 | 0 | 2620 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 339 | 0 | 339 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3313 | 0 | 3313 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7891 | 0 | 7891 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 494 | 0 | 494 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 879 | 0 | 879 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 1166 | 1166 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 933 | 0 | 933 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 805 | 0 | 805 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 351 | 0 | 351 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1187 | 0 | 1187 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 972 | 0 | 972 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1150 | 0 | 1150 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 608 | 0 | 608 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 20 | 0 | 20 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 201 | 0 | 201 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 269 | 0 | 269 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 904 | 0 | 904 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2917 | 0 | 2917 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Sovereign Issues | 0 | 314 | 0 | 314 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 709 | 0 | 709 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 176 | 0 | 176 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1022 | 0 | 1022 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 632 | 0 | 632 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2527 | 0 | 2527 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2468 | 0 | 2468 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 0 | 1000 | 1000 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3782 | 0 | 3782 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2212 | 0 | 2212 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2326 | 0 | 2326 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 867 | 0 | 867 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1064 | 0 | 1064 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 888 | 0 | 888 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1301 | 0 | 1301 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 296 | 0 | 296 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3500 | 0 | 3500 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 2180 | 0 | 2180 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4734 | 0 | 4734 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3581 | 0 | 3581 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 11851 | 0 | 11851 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 172 | 0 | 172 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 8825 | 0 | 8825 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4257 | 0 | 4257 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 71049 | 0 | 71049 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 10417 | 0 | 10417 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3541 | 0 | 3541 |
| &nbsp;&nbsp; Mutual Funds | 925 | 0 | 0 | 925 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 690 | 0 | 690 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 959 | 0 | 959 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 2107 | 0 | 2107 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 201 | 0 | 201 |
|  | $925 | $224018 | $4608 | $229551 |
|  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 | $7592 | $0 | $0 | $7592 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237143 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | (866) | 0 | (866) |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | (16009) | 0 | (16009) |
|  | $0 | $(16875) | $0 | $(16875) |
|  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 | 155 | 789 | 0 | 944 |
|  Over the counter | 0 | 3721 | 2 | 3723 |
|  | $155 | $4510 | $2 | $4667 |
|  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 | (293) | (318) | 0 | (611) |
|  Over the counter | 0 | (2417) | 0 | (2417) |
|  | $(293) | $(2735) | $0 | $(3028) |
|  Total Financial Derivative Instruments | $(138) | $1775 | $2 | $1639 |
|  Totals | $8379 | $208918 | $4610 | $221907 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 155

------

Schedule of Investments PIMCO Global Advantage<sup>®</sup> Strategy Bond 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<br>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<br>out of Level 3 | Ending<br>Balance<br>at 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $1765 | $0 | $0 | $0 | $98 | $0 | $0 | $1863 | $98 |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Loan Participations and Assignments | 540 | 0 | 0 | 1 | 0 | 38 | 0 | 0 | 579 | 38 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 1277 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | 0 | 0 | 1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |
|  Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1000 | 0 | 0 | 0 | 0 | 0 | 0 | 1000 | 0 |
|  | $1817 | $2765 | $0 | $1 | $0 | $25 | $0 | $0 | $4608 | $25 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $7 | $0 | $(2) | $0 | $0 | $(3) | $0 | $0 | $2 | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $22 | $&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;4610 | $25 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $1863 | Recent Transaction | Purchase Price | 100.000 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 579 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 1166 | Indicative Market Quotation | Broker Quote | $23.000 |  |
|  Singapore | Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1000 | Discounted Cash Flow | Discount Rate | 5.328 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 2 | Indicative Market Quotation | Broker Quote | 0.191 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 |  |  |  |  |

---

<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.

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) 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 131.6% | INVESTMENTS IN SECURITIES 131.6% | INVESTMENTS IN SECURITIES 131.6% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 132 | 108 |
|  4.125% due 07/09/2035 þ | 122 | 85 |
|  Total Argentina (Cost $152) | Total Argentina (Cost $152) | 193 |
| AUSTRALIA 3.8% | AUSTRALIA 3.8% | AUSTRALIA 3.8% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.675% due 06/15/2026 | 3600 | 3604 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  5.071% due 09/14/2028 | 2600 | 2666 |
|  National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
|  5.134% due 11/28/2028 | 2600 | 2671 |
|  |  | 8941 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 26000 | 17939 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 250 | 87 |
|  2.500% due 05/21/2030 | 2300 | 1459 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 4400 | 2322 |
|  2.000% due 03/08/2033 | 3300 | 1847 |
|  3.500% due 11/20/2037 | 3500 | 1953 |
|  4.750% due 09/20/2035 | 1600 | 1040 |
|  Northern Territory Treasury Corp. | Northern Territory Treasury Corp. | Northern Territory Treasury Corp. |
|  6.000% due 04/21/2039 | 2500 | 1727 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 14400 | 7938 |
|  1.750% due 07/20/2034 | 3400 | 1766 |
|  2.000% due 08/22/2033 | 2400 | 1318 |
|  4.500% due 08/22/2035 | 3200 | 2036 |
|  5.250% due 07/21/2036 | 6900 | 4611 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 11300 | 5723 |
|  2.000% due 11/20/2037 | 10000 | 4665 |
|  2.250% due 09/15/2033 | 4300 | 2396 |
|  4.250% due 12/20/2032 | 3200 | 2079 |
|  |  | 42967 |
|  Total Australia (Cost $68,143) | Total Australia (Cost $68,143) | 69847 |
| BRAZIL 1.9% | BRAZIL 1.9% | BRAZIL 1.9% |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (d) | 71600 | 13386 |
|  0.000% due 10/01/2026 (d) | 116000 | 20980 |
|  Total Brazil (Cost $34,100) | Total Brazil (Cost $34,100) | 34366 |
| BULGARIA 0.2% | BULGARIA 0.2% | BULGARIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 1200 | 1328 |
|  4.125% due 07/18/2045 | 2100 | 2275 |
|  Total Bulgaria (Cost $3,768) | Total Bulgaria (Cost $3,768) | 3603 |
| CANADA 4.1% | CANADA 4.1% | CANADA 4.1% |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  3.791% due 03/13/2029 | 4400 | 4377 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.299% due 03/20/2028 | $— | 7400 | 7443 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.544% (BBSW3M + 0.370%) due 09/14/2026 ~ |  | 3200 | 2207 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 |  | 1000 | 1134 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.541% (SOFRINDX + 0.880%) due 08/06/2029 ~ | $— | 4700 | 4709 |
|  4.851% due 12/14/2026 |  | 2400 | 2414 |
|  5.045% (BBSW3M + 0.730%) due 06/30/2026 ~ |  | 3500 | 2418 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  4.701% due 06/05/2026 | $— | 4800 | 4807 |
|  4.814% due 07/16/2027 |  | 4600 | 4649 |
|  5.144% (BBSW3M + 0.970%) due 09/15/2028 ~ |  | 6300 | 4385 |
|  |  |  | 38543 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 |  | 18100 | 12685 |
|  3.250% due 12/01/2033 |  | 14500 | 10375 |
|  4.000% due 03/01/2029 |  | 18700 | 13841 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (f) |  | 571 | 393 |
|  |  |  | 37294 |
|  Total Canada (Cost $75,917) | Total Canada (Cost $75,917) | Total Canada (Cost $75,917) | 75837 |
| CAYMAN ISLANDS 2.9% | CAYMAN ISLANDS 2.9% | CAYMAN ISLANDS 2.9% | CAYMAN ISLANDS 2.9% |
| ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.969% due 10/20/2031 •  | $— | 24 | 24 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  4.868% due 01/20/2035 •  |  | 2300 | 2301 |
|  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. |
|  5.122% due 01/15/2037 •  |  | 741 | 743 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  4.928% due 01/20/2035 •  |  | 3900 | 3902 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  4.891% due 10/23/2032 •  |  | 2544 | 2549 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  |  | 2700 | 2697 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.821% due 10/23/2034 •  |  | 2500 | 2503 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  |  | 24 | 24 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  4.898% due 10/20/2031 •  |  | 55 | 55 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  |  | 697 | 698 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.139% due 12/15/2036 •  |  | 1214 | 1212 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.938% due 04/17/2034 •  |  | 1726 | 1728 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  |  | 4200 | 4197 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  4.919% due 10/22/2034 •  |  | 2300 | 2303 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  |  | 376 | 376 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  4.862% due 01/15/2036 •  |  | 3000 | 3000 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  |  | 2700 | 2700 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.752% due 10/15/2034 •  |  | 3800 | 3804 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  4.954% due 08/16/2034 •  |  | 4000 | 4005 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.748% due 10/20/2034 •  |  | 3700 | 3694 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 1121 | 1124 |
|  |  | 43639 |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 758 | 733 |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 | 4300 | 3969 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 1400 | 1391 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1400 | 1629 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 800 | 806 |
|  |  | 8528 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 500 | 506 |
|  Total Cayman Islands (Cost $52,752) | Total Cayman Islands (Cost $52,752) | 52673 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 1000 | 1013 |
|  Total Chile (Cost $999) | Total Chile (Cost $999) | 1013 |
| CHINA 0.0% | CHINA 0.0% | CHINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 1700 | 260 |
|  2.820% due 05/22/2033 | 600 | 93 |
|  Total China (Cost $344) | Total China (Cost $344) | 353 |
| COLOMBIA 2.1% | COLOMBIA 2.1% | COLOMBIA 2.1% |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  6.125% due 01/21/2031 | 7300 | 7191 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.500% due 07/25/2046 | 60400 | 15 |
|  11.750% due 01/24/2035 | 28975500 | 7184 |
|  12.000% due 03/13/2058 | 2838100 | 697 |
|  12.750% due 11/28/2040 | 40182000 | 10650 |
|  13.250% due 02/09/2033 | 49618000 | 13303 |
|  Total Colombia (Cost $40,845) | Total Colombia (Cost $40,845) | 39040 |
| COSTA RICA 0.3% | COSTA RICA 0.3% | COSTA RICA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 2750 | 3254 |
|  6.001% due 01/16/2036 | 2500 | 2978 |
|  Total Costa Rica (Cost $6,154) | Total Costa Rica (Cost $6,154) | 6232 |
| DENMARK 1.1% | DENMARK 1.1% | DENMARK 1.1% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
|  DLR Kredit AS | DLR Kredit AS | DLR Kredit AS |
|  1.000% due 01/01/2027 | 6100 | 934 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 01/01/2027 | 29009 | 4443 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 1414 | 177 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 04/01/2026 | 38100 | 5893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **157** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.500% due 10/01/2053 |  | 8198 | 1010 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 04/01/2026 |  | 7600 | 1176 |
|  1.000% due 01/01/2027 |  | 44548 | 6823 |
|  1.500% due 10/01/2053 |  | 1502 | 185 |
|  Total Denmark (Cost $20,210) | Total Denmark (Cost $20,210) | Total Denmark (Cost $20,210) | 20641 |
| EGYPT 0.2% | EGYPT 0.2% | EGYPT 0.2% | EGYPT 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 162800 | 2933 |
|  Total Egypt (Cost $3,461) | Total Egypt (Cost $3,461) | Total Egypt (Cost $3,461) | 2933 |
| FRANCE 5.2% | FRANCE 5.2% | FRANCE 5.2% | FRANCE 5.2% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.541% due 01/15/2031 | $— | 3300 | 3256 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.738% due 02/20/2035 •  |  | 1100 | 1129 |
|  5.786% due 01/13/2033 •  |  | 1000 | 1034 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  |  | 2200 | 2225 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  6.316% due 10/03/2029 •  |  | 1800 | 1874 |
|  |  |  | 9518 |
| SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% | SOVEREIGN ISSUES 4.7% |
|  Caisse des Depots et Consignations | Caisse des Depots et Consignations | Caisse des Depots et Consignations | Caisse des Depots et Consignations |
|  4.250% due 02/28/2028 |  | 6700 | 8796 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  2.750% due 02/25/2029 |  | 19700 | 22663 |
|  2.750% due 02/25/2030 |  | 48100 | 55033 |
|  |  |  | 86492 |
|  Total France (Cost $92,094) | Total France (Cost $92,094) | Total France (Cost $92,094) | 96010 |
| GERMANY 0.1% | GERMANY 0.1% | GERMANY 0.1% | GERMANY 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.706% due 02/08/2028 •  | $— | 1600 | 1614 |
|  Total Germany (Cost $1,600) | Total Germany (Cost $1,600) | Total Germany (Cost $1,600) | 1614 |
| HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | $— | 100 | 101 |
|  Total Hungary (Cost $100) | Total Hungary (Cost $100) | Total Hungary (Cost $100) | 101 |
| IRELAND 3.6% | IRELAND 3.6% | IRELAND 3.6% | IRELAND 3.6% |
| ASSET-BACKED SECURITIES 3.4% | ASSET-BACKED SECURITIES 3.4% | ASSET-BACKED SECURITIES 3.4% | ASSET-BACKED SECURITIES 3.4% |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.063% due 10/21/2034 •  |  | 1498 | 1733 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.277% due 01/22/2038 •  |  | 2700 | 3119 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  3.426% due 08/15/2039 •  |  | 1200 | 1384 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.906% due 07/19/2035 •  |  | 2500 | 2887 |
|  Bosphorus CLO VI DAC | Bosphorus CLO VI DAC | Bosphorus CLO VI DAC | Bosphorus CLO VI DAC |
|  2.884% due 05/25/2034 •  |  | 3215 | 3715 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  |  | 629 | 728 |
|  Capital Four CLO I DAC | Capital Four CLO I DAC | Capital Four CLO I DAC | Capital Four CLO I DAC |
|  3.036% due 10/15/2034 •  |  | 2600 | 3006 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.824% due 08/15/2033 •  |  | 871 | 1005 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 284 | 329 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.383% due 08/15/2039 •  | 1400 | 1618 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.286% due 10/18/2039 •  | 3600 | 4159 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.237% due 01/22/2039 •  | 6200 | 7166 |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.284% due 02/15/2038 •  | 3900 | 4508 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.954% due 05/15/2033 •  | 1079 | 1249 |
|  3.047% due 07/15/2035 •  | 3900 | 4508 |
|  Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC |
|  2.880% due 07/25/2036 •  | 3100 | 3574 |
|  Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC |
|  3.181% due 07/15/2038 •  | 3900 | 4494 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  2.990% due 01/24/2035 •  | 2900 | 3342 |
|  3.271% due 08/29/2036 •  | 4100 | 4736 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.066% due 10/15/2034 •  | 4700 | 5437 |
|  |  | 62697 |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.000% due 10/29/2028 | 550 | 530 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 2600 | 3008 |
|  Total Ireland (Cost $64,157) | Total Ireland (Cost $64,157) | 66235 |
| ISRAEL 0.4% | ISRAEL 0.4% | ISRAEL 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 600 | 577 |
|  5.375% due 02/19/2030 | 1600 | 1626 |
|  5.500% due 03/12/2034 (l) | 3700 | 3752 |
|  5.625% due 02/19/2035 | 2200 | 2241 |
|  Total Israel (Cost $8,148) | Total Israel (Cost $8,148) | 8196 |
| ITALY 1.6% | ITALY 1.6% | ITALY 1.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 1200 | 1375 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 | 3700 | 3673 |
|  5.750% due 05/05/2026 | 1400 | 1402 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  3.400% due 04/01/2028 | 19300 | 22541 |
|  Republic of Italy Government International Bonds | Republic of Italy Government International Bonds | Republic of Italy Government International Bonds |
|  6.000% due 08/04/2028 | 600 | 812 |
|  |  | 28428 |
|  Total Italy (Cost $30,567) | Total Italy (Cost $30,567) | 29803 |
| JAPAN 2.5% | JAPAN 2.5% | JAPAN 2.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.527% due 09/12/2031 •  | 3200 | 3171 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 600 | 590 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.748% (SOFRRATE + 1.080%) due 07/16/2028 ~ | 3900 | 3931 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.400% (SOFRRATE + 0.750%) due 09/11/2028 ~ | 2400 | 2405 |
|  |  | 10097 |
| SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% | SOVEREIGN ISSUES 2.0% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  4.000% due 08/28/2027 | 2700 | 2698 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 1218230 | 7703 |
|  0.100% due 03/10/2029 (f) | 395364 | 2484 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 450000 | 2734 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 572300 | 2499 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.700% due 12/20/2048 | 201000 | 721 |
|  0.700% due 06/20/2051 | 30000 | 99 |
|  1.300% due 06/20/2052 | 50000 | 191 |
|  2.200% due 06/20/2054 | 54150 | 254 |
|  2.300% due 12/20/2054 | 509400 | 2436 |
|  2.400% due 03/20/2055 | 447000 | 2185 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 1070000 | 4815 |
|  2.000% due 12/20/2044 | 580000 | 3036 |
|  2.400% due 03/20/2045 | 892000 | 4967 |
|  |  | 36822 |
|  Total Japan (Cost $57,393) | Total Japan (Cost $57,393) | 46919 |
| JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% | JERSEY, CHANNEL ISLANDS 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 2800 | 2801 |
|  Total Jersey, Channel Islands (Cost $2,800) | Total Jersey, Channel Islands (Cost $2,800) | 2801 |
| KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% | KAZAKHSTAN 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 831000 | 1787 |
|  Total Kazakhstan (Cost $1,534) | Total Kazakhstan (Cost $1,534) | 1787 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 4100 | 4045 |
|  4.136% due 10/09/2030 | 2000 | 1959 |
|  4.652% due 10/09/2035 | 3000 | 2885 |
|  Total Kuwait (Cost $9,100) | Total Kuwait (Cost $9,100) | 8889 |
| LUXEMBOURG 0.6% | LUXEMBOURG 0.6% | LUXEMBOURG 0.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Fennovoima OYJ | Fennovoima OYJ | Fennovoima OYJ |
|  0.600% - 4.485% (EUR003M + 2.350%) due 07/10/2028 «~µ(j) | 296 | 344 |
|  4.461% (EUR003M +2.350%) due 07/10/2028 «~(j) | 270 | 314 |
|  4.477% (EUR003M +2.350%) due 07/10/2028 «~(j) | 568 | 661 |
|  |  | 1319 |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 8800 | 8857 |
|  Total Luxembourg (Cost $10,097) | Total Luxembourg (Cost $10,097) | 10176 |

---

158 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  4.550% due 04/21/2050 | 300 | 258 |
|  4.800% due 04/21/2060 | 300 | 262 |
|  |  | 520 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 | 6000 | 1430 |
|  Total Malaysia (Cost $1,896) | Total Malaysia (Cost $1,896) | 1950 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.000% due 04/27/2051 | 500 | 392 |
|  Total Mexico (Cost $466) | Total Mexico (Cost $466) | 392 |
| MULTINATIONAL 0.0% | MULTINATIONAL 0.0% | MULTINATIONAL 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. |
|  4.236% (US0003M + 0.300%) due 09/22/2037 ~ | 515 | 487 |
|  Total Multinational (Cost $415) | Total Multinational (Cost $415) | 487 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 2800 | 2840 |
|  Total Netherlands (Cost $2,800) | Total Netherlands (Cost $2,800) | 2840 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 2200 | 1482 |
|  Total Norway (Cost $1,603) | Total Norway (Cost $1,603) | 1482 |
| PERU 1.8% | PERU 1.8% | PERU 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 10300 | 2812 |
|  6.150% due 08/12/2032 | 29700 | 8925 |
|  6.850% due 08/12/2035 | 9990 | 2931 |
|  6.900% due 08/12/2037 | 10200 | 2915 |
|  6.950% due 08/12/2031 | 48561 | 15135 |
|  Total Peru (Cost $31,173) | Total Peru (Cost $31,173) | 32718 |
| POLAND 0.3% | POLAND 0.3% | POLAND 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 1000 | 1023 |
|  5.125% due 09/18/2034 | 3300 | 3321 |
|  5.375% due 02/12/2035 | 700 | 714 |
|  Total Poland (Cost $4,975) | Total Poland (Cost $4,975) | 5058 |
| QATAR 0.4% | QATAR 0.4% | QATAR 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  1.375% due 09/12/2026 | 6400 | 6315 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.250% due 07/12/2031 | $— | 300 | 265 |
|  Total Qatar (Cost $6,619) | Total Qatar (Cost $6,619) | Total Qatar (Cost $6,619) | 6580 |
| ROMANIA 0.5% | ROMANIA 0.5% | ROMANIA 0.5% | ROMANIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 |  | 800 | 815 |
|  2.125% due 03/07/2028 |  | 600 | 673 |
|  5.125% due 09/24/2031 |  | 1900 | 2181 |
|  5.250% due 03/10/2030 |  | 1400 | 1642 |
|  6.625% due 09/27/2029 |  | 2600 | 3206 |
|  Total Romania (Cost $7,831) | Total Romania (Cost $7,831) | Total Romania (Cost $7,831) | 8517 |
| SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | $— | 200 | 177 |
|  4.750% due 06/02/2030 |  | 1500 | 1487 |
|  5.375% due 06/02/2035 |  | 3200 | 3185 |
|  6.375% due 06/02/2055 |  | 700 | 697 |
|  |  |  | 5546 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.250% due 10/22/2030 |  | 200 | 188 |
|  3.375% due 03/05/2032 |  | 1800 | 2018 |
|  3.750% due 03/05/2037 |  | 500 | 545 |
|  4.750% due 01/18/2028 | $— | 2400 | 2406 |
|  4.750% due 01/16/2030 |  | 8900 | 8902 |
|  4.875% due 07/18/2033 |  | 1300 | 1285 |
|  5.125% due 01/13/2028 |  | 3400 | 3437 |
|  5.375% due 01/13/2031 |  | 1900 | 1943 |
|  |  |  | 20724 |
|  Total Saudi Arabia (Cost $25,993) | Total Saudi Arabia (Cost $25,993) | Total Saudi Arabia (Cost $25,993) | 26270 |
| SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% | SERBIA 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 |  | 700 | 748 |
|  2.050% due 09/23/2036 |  | 600 | 526 |
|  6.000% due 06/12/2034 | $— | 1100 | 1103 |
|  Total Serbia (Cost $2,587) | Total Serbia (Cost $2,587) | Total Serbia (Cost $2,587) | 2377 |
| SLOVAKIA 0.3% | SLOVAKIA 0.3% | SLOVAKIA 0.3% | SLOVAKIA 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  365 bank AS | 365 bank AS | 365 bank AS | 365 bank AS |
|  7.125% due 07/04/2028 •  |  | 4300 | 5186 |
|  Total Slovakia (Cost $5,089) | Total Slovakia (Cost $5,089) | Total Slovakia (Cost $5,089) | 5186 |
| SOUTH AFRICA 2.2% | SOUTH AFRICA 2.2% | SOUTH AFRICA 2.2% | SOUTH AFRICA 2.2% |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  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 |  | 25400 | 1206 |
|  8.000% due 01/31/2030 |  | 118000 | 6899 |
|  8.750% due 01/31/2044 |  | 74900 | 4021 |
|  8.750% due 02/28/2048 |  | 21900 | 1171 |
|  8.875% due 02/28/2035 |  | 481500 | 27966 |
|  Total South Africa (Cost $38,482) | Total South Africa (Cost $38,482) | Total South Africa (Cost $38,482) | 41263 |
| SPAIN 3.6% | SPAIN 3.6% | SPAIN 3.6% | SPAIN 3.6% |
| SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% | SOVEREIGN ISSUES 3.6% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 |  | 300 | 354 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  1.450% due 04/30/2029 |  | 2315 | 2573 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.400% due 05/31/2028 |  | 12200 | 14003 |
|  3.150% due 04/30/2035 |  | 2000 | 2264 |
|  3.450% due 10/31/2034 |  | 29970 | 34841 |
|  3.500% due 05/31/2029 |  | 10000 | 11800 |
|  Total Spain (Cost $65,960) | Total Spain (Cost $65,960) | Total Spain (Cost $65,960) | 65835 |
| SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% | SUPRANATIONAL 0.7% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 |  | 1800 | 1213 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  European Union | European Union | European Union | European Union |
|  3.750% due 10/12/2045 |  | 9900 | 11083 |
|  Total Supranational (Cost $12,862) | Total Supranational (Cost $12,862) | Total Supranational (Cost $12,862) | 12296 |
| SWITZERLAND 0.5% | SWITZERLAND 0.5% | SWITZERLAND 0.5% | SWITZERLAND 0.5% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | $— | 1100 | 1009 |
|  4.194% due 04/01/2031 •  |  | 600 | 587 |
|  4.844% due 11/06/2033 •  |  | 3500 | 3444 |
|  5.617% due 09/13/2030 •  |  | 900 | 928 |
|  6.246% due 09/22/2029 •  |  | 2600 | 2703 |
|  Total Switzerland (Cost $8,525) | Total Switzerland (Cost $8,525) | Total Switzerland (Cost $8,525) | 8671 |
| THAILAND 0.5% | THAILAND 0.5% | THAILAND 0.5% | THAILAND 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  1.840% due 05/17/2036 |  | 17187 | 504 |
|  2.700% due 06/17/2040 |  | 211700 | 6321 |
|  2.980% due 06/17/2045 |  | 66738 | 1950 |
|  Total Thailand (Cost $9,422) | Total Thailand (Cost $9,422) | Total Thailand (Cost $9,422) | 8775 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.500% due 05/06/2030 | $— | 300 | 296 |
|  5.000% due 05/06/2035 |  | 900 | 877 |
|  |  |  | 1173 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  5.500% due 04/30/2054 |  | 3300 | 3166 |
|  Total United Arab Emirates (Cost $4,436) | Total United Arab Emirates (Cost $4,436) | Total United Arab Emirates (Cost $4,436) | 4339 |
| UNITED KINGDOM 8.5% | UNITED KINGDOM 8.5% | UNITED KINGDOM 8.5% | UNITED KINGDOM 8.5% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  4.494% due 08/15/2066 ~ |  | 2659 | 3513 |
| CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% | CORPORATE BONDS & NOTES 2.6% |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.476% due 11/11/2029 •  | $— | 3900 | 3879 |
|  8.875% due 09/15/2027 •(g)(h) |  | 1000 | 1362 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | $— | 1900 | 1861 |
|  4.041% due 03/13/2028 •  |  | 900 | 896 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.875% due 06/27/2029 •(g)(h) |  | 400 | 541 |
|  8.500% due 09/27/2027 •(g)(h) |  | 200 | 273 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.264% due 11/10/2026 | $— | 3200 | 3224 |
|  6.557% due 10/18/2027 •  |  | 2800 | 2832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **159** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 1700 | 1719 |
|  5.125% due 05/12/2027 •(g)(h) | 500 | 652 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 | 4100 | 4128 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 2500 | 1958 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.716% (SOFRINDX + 1.070%) due 09/22/2029 ~ | 6200 | 6205 |
|  6.534% due 01/10/2029 •  | 2300 | 2374 |
|  Santander U.K. PLC | Santander U.K. PLC | Santander U.K. PLC |
|  4.496% due 12/12/2027 | 4800 | 4837 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 900 | 887 |
|  6.750% due 02/08/2028 •  | 4900 | 4988 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 5300 | 5646 |
|  6.750% due 01/15/2033 | 500 | 447 |
|  |  | 48709 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC |
|  6.610% due 05/26/2028 «~ | 400 | 400 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 800 | 1016 |
|  |  | 1416 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC |
|  4.534% due 07/20/2062 •  | 2571 | 3400 |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  0.000% due 04/17/2068 •  | 2200 | 2912 |
|  4.585% due 05/17/2067 •  | 3631 | 4805 |
|  Cheshire PLC | Cheshire PLC | Cheshire PLC |
|  0.000% due 06/28/2048 •  | 2860 | 3782 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.015% due 06/15/2044 •  | 42 | 56 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.815% due 06/13/2045 •  | 121 | 160 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  4.865% due 12/15/2050 •  | 245 | 321 |
|  5.115% due 12/15/2050 •  | 122 | 157 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.025% due 12/15/2043 •  | 583 | 755 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.645% due 06/28/2050 •  | 983 | 1301 |
|  4.895% due 06/20/2060 •  | 4368 | 5787 |
|  Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC | Towd Point Mortgage Funding 3 PLC |
|  5.145% due 02/20/2054 •  | 1940 | 2575 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.625% due 05/20/2066 •  | 1491 | 1975 |
|  |  | 27986 |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  1.250% due 07/31/2051 | 3300 | 1829 |
|  4.375% due 03/07/2030 | 51900 | 68577 |
|  5.375% due 01/31/2056 | 3300 | 4269 |
|  |  | 74675 |
|  Total United Kingdom (Cost $159,156) | Total United Kingdom (Cost $159,156) | 156299 |
| UNITED STATES 74.5% | UNITED STATES 74.5% | UNITED STATES 74.5% |
| ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.693% due 08/25/2035 •  | 932 | 935 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.493% due 10/25/2031 •  | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  4.733% due 06/25/2029 •  | 6 | 6 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.553% due 02/25/2036 •  | 759 | 623 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.643% due 07/25/2035 •  | 1733 | 1686 |
|  4.113% due 12/25/2036 •  | 353 | 199 |
|  4.153% due 01/25/2037 •  | 1496 | 1117 |
|  4.313% due 03/25/2036 •  | 618 | 572 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.053% due 12/25/2036 •  | 469 | 441 |
|  4.073% due 06/25/2037 •  | 335 | 314 |
|  4.073% due 06/25/2047 •  | 364 | 335 |
|  4.193% due 06/25/2037 •  | 1176 | 1204 |
|  4.533% due 08/25/2047 •  | 170 | 168 |
|  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 •  | 1 | 1 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.908% due 07/25/2036 •  | 575 | 554 |
|  4.738% due 03/25/2035 •  | 212 | 239 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.782% due 11/25/2034 •  | 147 | 144 |
|  4.273% due 09/25/2036 •  | 3047 | 1046 |
|  4.293% due 05/25/2046 •  | 1159 | 1126 |
|  4.313% due 02/25/2046 •  | 36 | 34 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.273% due 06/25/2036 •  | 2801 | 928 |
|  4.543% due 10/25/2035 •  | 628 | 625 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.533% due 01/25/2037 •  | 783 | 303 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.453% due 07/25/2036 •  | 3053 | 2880 |
|  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 •  | 1534 | 705 |
|  3.933% due 05/25/2037 •  | 1134 | 865 |
|  4.043% due 07/25/2036 •  | 118 | 107 |
|  4.273% due 06/25/2036 •  | 1166 | 578 |
|  4.723% due 02/25/2035 •  | 2866 | 2699 |
|  4.753% due 09/25/2034 •  | 818 | 886 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.023% due 04/25/2037 •  | 1084 | 555 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1553 | 310 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.228% due 03/25/2036 •  | 36 | 36 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.053% due 03/25/2037 •  | 854 | 561 |
|  4.333% due 05/25/2036 •  | 2784 | 2732 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 545 | 161 |
|  5.731% due 11/25/2036 þ | 1934 | 600 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.043% due 11/25/2036 •  | 3614 | 3136 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.103% due 09/25/2037 •  | 556 | 542 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 338 | 323 |
|  4.887% due 07/15/2053 •  | 94 | 94 |
|  5.122% due 02/16/2055 •  | 871 | 879 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.293% due 11/25/2036 •  | 1340 | 1287 |
|  4.353% due 05/25/2036 •  | 224 | 221 |
|  4.743% due 10/25/2037 •  | 1026 | 811 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.093% due 06/25/2037 •  | 308 | 188 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.138% due 07/25/2036 •  | 847 | 494 |
|  4.473% due 01/25/2033 •  | 219 | 219 |
|  4.693% due 09/25/2034 •  | 28 | 27 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.887% due 02/25/2035 •  | 1703 | 1855 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.733% due 11/25/2033 •  | 21 | 20 |
|  |  | 36372 |
| CORPORATE BONDS & NOTES 5.8% | CORPORATE BONDS & NOTES 5.8% | CORPORATE BONDS & NOTES 5.8% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.468% due 01/23/2035 •  | 1500 | 1532 |
|  5.511% due 01/24/2036 •  | 1500 | 1530 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 17200 | 17698 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 | 1000 | 1050 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.350% due 12/15/2030 | 982 | 954 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.125% due 09/10/2026 | 5600 | 6459 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.975% due 09/01/2035 | 3200 | 3124 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.550% due 01/09/2031 | 4500 | 4445 |
|  Credit Suisse AG AT1 Claim | 1700 | 595 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 200 | 182 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  4.975% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 4100 | 4112 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 400 | 392 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 600 | 590 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.300% due 01/15/2029 | 700 | 708 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.536% due 01/28/2036 •  | 3200 | 3254 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 4000 | 3899 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.505% due 10/22/2028 •  | 3200 | 3200 |
|  5.040% due 01/23/2028 •  | 2900 | 2915 |
|  5.140% due 01/24/2031 •  | 3100 | 3158 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 | 2300 | 2319 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  4.350% due 01/12/2031 | 1800 | 1781 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.406% due 10/29/2027 •  | 4300 | 4903 |
|  3.955% due 03/21/2035 •  | 2100 | 2404 |
|  5.164% due 04/20/2029 •  | 2300 | 2327 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.439% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 3900 | 3895 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  4.546% due 01/13/2031 | 1800 | 1780 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.250% due 01/09/2031 | 1800 | 1781 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 1900 | 1896 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 100 | 97 |
|  4.000% due 12/01/2046 | 100 | 73 |
|  4.250% due 03/15/2046 | 100 | 76 |
|  4.300% due 03/15/2045 | 100 | 78 |
|  4.550% due 07/01/2030 | 500 | 493 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 02/15/2029 | 1100 | 1114 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.875% due 02/13/2029 | 1000 | 1015 |
|  5.125% due 02/13/2031 | 1000 | 1024 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.875% due 09/15/2081 •  | 900 | 1009 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  | 4100 | 4056 |

---

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.406% (SOFRRATE + 0.740%) due 01/23/2030 ~ | $— | 4600 | 4575 |
|  4.528% (SOFRRATE + 0.880%) due 09/15/2029 ~ |  | 4000 | 3983 |
|  5.211% due 12/03/2035 •  |  | 3100 | 3088 |
|  5.244% due 01/24/2031 •  |  | 1200 | 1224 |
|  5.499% due 01/23/2035 •  |  | 1700 | 1731 |
|  |  |  | 106519 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% due 10/21/2026 «~(j) |  | 324 | 324 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(j) |  | 700 | 809 |
|  Project Hudson II | Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | $— | 600 | 602 |
|  |  |  | 1735 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 |  | 369 | 399 |
|  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 |  | 419 | 429 |
|  |  |  | 828 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.9% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 05/25/2046 •  |  | 67 | 61 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ |  | 803 | 465 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.296% due 06/25/2035 ~ |  | 16 | 15 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  5.640% due 05/25/2065 ~ |  | 9492 | 9538 |
|  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 ~ |  | 1540 | 1340 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.522% due 01/26/2047 •  |  | 5 | 5 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.113% due 02/25/2034 •  |  | 9 | 8 |
|  4.132% due 08/25/2036 ~ |  | 81 | 36 |
|  4.567% due 11/25/2035 ~ |  | 113 | 86 |
|  5.158% due 05/25/2035 ~ |  | 2 | 2 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ |  | 1 | 1 |
|  4.043% due 09/25/2034 ~ |  | 13 | 12 |
|  4.065% due 05/25/2047 ~ |  | 43 | 39 |
|  5.013% due 08/25/2033 ~ |  | 1 | 1 |
|  5.599% due 10/25/2033 ~ |  | 1 | 1 |
|  5.703% due 11/25/2034 ~ |  | 1 | 1 |
|  6.516% due 05/25/2034 ~ |  | 2 | 2 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.788% due 01/26/2036 ~ |  | 21 | 15 |
|  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 ~ |  | 916 | 824 |
|  3.250% due 09/25/2063 ~ |  | 914 | 820 |
|  3.375% due 04/25/2065 ~ |  | 3007 | 2704 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.904% due 07/25/2037 ~ |  | 31 | 25 |
|  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 •  |  | 345 | 335 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.193% due 04/25/2046 •  |  | 122 | 113 |
|  4.333% due 04/25/2046 •  |  | 3246 | 905 |
|  4.553% due 09/25/2034 •  |  | 4 | 4 |
|  6.000% due 07/25/2036 |  | 704 | 324 |
|  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 •  |  | 17 | 16 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  2.500% due 05/25/2051 ~ | 1230 | 1024 |
|  4.068% due 08/25/2036 •  | 4857 | 1920 |
|  4.451% due 09/25/2037 ~ | 45 | 43 |
|  4.692% due 08/25/2035 ~ | 256 | 239 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.002% due 11/25/2035 •  | 3 | 3 |
|  4.143% due 05/25/2037 •  | 77 | 24 |
|  4.210% due 07/20/2046 •  | 58 | 50 |
|  4.213% due 07/25/2046 •  | 625 | 582 |
|  4.353% due 02/25/2037 •  | 91 | 76 |
|  4.453% due 09/25/2035 •  | 148 | 109 |
|  4.474% due 02/25/2037 ~ | 12 | 11 |
|  4.645% due 11/25/2035 ~ | 53 | 50 |
|  5.109% due 11/25/2047 •  | 262 | 237 |
|  5.250% due 06/25/2035 | 5 | 4 |
|  5.359% due 11/25/2035 •  | 10 | 9 |
|  6.250% due 12/25/2036 | 2189 | 848 |
|  6.250% due 08/25/2037 | 16 | 7 |
|  6.500% due 06/25/2036 | 38 | 17 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ | 2312 | 2321 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.079% due 04/25/2037 þ | 125 | 34 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 263 | 220 |
|  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 •  | 222 | 213 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.596% due 06/25/2070 ~ | 4025 | 4044 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.333% due 11/25/2045 •  | 3 | 3 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 360 | 300 |
|  3.000% due 09/25/2052 ~ | 3400 | 2953 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.153% due 05/25/2036 •  | 644 | 639 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 01/25/2036 •  | 1200 | 965 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.394% due 06/25/2034 ~ | 3 | 3 |
|  5.270% due 03/25/2033 •  | 1 | 1 |
|  6.449% due 01/25/2035 ~ | 3 | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.470% due 06/20/2035 •  | 9 | 8 |
|  4.709% due 12/19/2036 •  | 36 | 34 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.513% due 10/25/2034 •  | 26 | 26 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.844% due 09/25/2035 ~ | 28 | 23 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 3084 | 2682 |
|  3.000% due 03/25/2052 ~ | 3061 | 2672 |
|  3.000% due 04/25/2052 ~ | 2929 | 2547 |
|  3.000% due 05/25/2052 ~ | 3899 | 3394 |
|  5.502% due 10/25/2035 ~ | 3 | 2 |
|  5.681% due 11/25/2033 ~ | 1 | 1 |
|  6.000% due 06/25/2037 | 1389 | 525 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  4.337% due 01/25/2063 ~ | 2619 | 2517 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.203% due 08/25/2046 •  | 964 | 890 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.173% due 05/25/2046 •  | 812 | 724 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 2000 | 1928 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 43 | 4 |
|  6.000% due 02/25/2036 | 494 | 196 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.170% due 02/25/2036 ~ | 24 | 23 |
|  5.900% due 02/25/2033 ~ | 1 | 1 |
|  7.000% due 05/25/2033 ~ | 4 | 4 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.201% due 02/25/2047 þ | 136 | 44 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | $| 810 | 786 |
|  2.750% due 11/25/2059 ~ |  | 665 | 639 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.882% due 11/15/2038 •  |  | 2300 | 2297 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ |  | 444 | 385 |
|  4.443% due 06/25/2057 •  |  | 160 | 158 |
|  6.465% due 10/25/2063 þ |  | 1107 | 1115 |
|  7.159% due 10/25/2063 þ |  | 1280 | 1291 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ |  | 1599 | 1332 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.153% due 06/25/2046 •  |  | 272 | 55 |
|  4.788% due 10/25/2037 ~ |  | 244 | 195 |
|  5.359% due 08/25/2035 •  |  | 100 | 77 |
|  6.250% due 02/25/2037 |  | 997 | 827 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.193% due 01/25/2046 •  |  | 46 | 12 |
|  5.750% due 02/25/2036 |  | 677 | 451 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.190% due 07/20/2036 •  |  | 39 | 34 |
|  4.490% due 07/20/2033 •  |  | 7 | 7 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.443% due 08/25/2035 ~ |  | 40 | 35 |
|  4.676% due 09/25/2035 ~ |  | 30 | 27 |
|  5.939% due 02/25/2034 ~ |  | 1 | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  3.913% due 08/25/2036 •  |  | 550 | 491 |
|  4.213% due 05/25/2036 •  |  | 23 | 16 |
|  4.233% due 05/25/2036 •  |  | 61 | 51 |
|  4.233% due 09/25/2047 •  |  | 100 | 91 |
|  4.371% due 07/19/2034 •  |  | 1 | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.073% due 01/25/2036 •  |  | 929 | 777 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.083% due 10/25/2036 •  |  | 481 | 405 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 142 | 31 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.043% due 06/25/2037 •  |  | 37 | 35 |
|  5.736% due 06/25/2037 •  |  | 86 | 75 |
|  5.786% due 06/25/2047 •  |  | 18 | 17 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ |  | 771 | 705 |
|  2.710% due 01/25/2060 ~ |  | 481 | 465 |
|  2.900% due 10/25/2059 ~ |  | 2651 | 2552 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  7.070% due 10/25/2068 þ |  | 884 | 891 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.030% due 02/27/2034 •  |  | 3 | 3 |
|  4.135% due 09/25/2036 ~ |  | 103 | 89 |
|  4.260% due 12/25/2036 ~ |  | 234 | 217 |
|  4.373% due 07/25/2045 •  |  | 234 | 226 |
|  4.413% due 01/25/2045 •  |  | 4 | 4 |
|  4.431% due 12/25/2035 ~ |  | 72 | 67 |
|  4.513% due 10/25/2045 •  |  | 276 | 268 |
|  5.718% due 06/25/2033 ~ |  | 1 | 1 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.799% due 07/25/2046 •  |  | 27 | 17 |
|  6.500% due 03/25/2036 |  | 1162 | 780 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 |  | 38 | 33 |
|  6.000% due 06/25/2037 |  | 63 | 58 |
|  |  |  | 70985 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  1.000% due 03/26/2031 | COP | 459700 | 97 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 11/28/2040 |  | 230800 | 61 |
|  |  |  | 158 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 161

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. GOVERNMENT AGENCIES 53.9% | U.S. GOVERNMENT AGENCIES 53.9% | U.S. GOVERNMENT AGENCIES 53.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 | 507 | 429 |
|  3.500% due 10/01/2039 | 151 | 145 |
|  5.500% due 06/01/2053 - 08/01/2053 | 4151 | 4182 |
|  6.000% due 12/01/2053 - 06/01/2054 | 4554 | 4657 |
|  6.500% due 09/01/2053 - 05/01/2055 | 63774 | 66037 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.142% due 01/15/2038 ~(a) | 116 | 5 |
|  4.146% due 01/15/2038 •  | 116 | 114 |
|  4.387% due 12/15/2037 •  | 4 | 4 |
|  4.602% due 11/25/2054 •  | 5127 | 5161 |
|  4.612% due 03/25/2055 •  | 2608 | 2639 |
|  4.662% due 02/25/2055 •  | 2135 | 2154 |
|  4.762% due 07/25/2055 •  | 2694 | 2710 |
|  5.062% due 03/25/2055 •  | 3194 | 3221 |
|  5.112% due 06/25/2055 •  | 3005 | 3037 |
|  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 •  | 26 | 24 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 10/01/2049 - 03/01/2060 | 2176 | 1912 |
|  3.500% due 10/01/2034 - 01/01/2059 | 2807 | 2584 |
|  4.000% due 06/01/2048 - 07/01/2053 | 4704 | 4461 |
|  5.500% due 06/01/2053 - 07/01/2053 | 5485 | 5529 |
|  5.754% due 12/01/2034 •  | 4 | 4 |
|  6.000% due 06/01/2054 - 08/01/2054 | 7713 | 7868 |
|  6.232% due 11/01/2034 •  | 7 | 8 |
|  6.500% due 10/01/2053 - 06/01/2055 | 40168 | 41623 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 | 6 | 6 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.176% due 06/25/2036 •  | 9 | 9 |
|  4.762% due 07/25/2055 •  | 2040 | 2052 |
|  6.000% due 04/25/2043 | 6 | 6 |
|  6.500% due 11/25/2042 | 38 | 39 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 26 | 27 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 11/20/2055 | 22854 | 20433 |
|  3.500% due 05/20/2052 - 03/20/2055 | 111900 | 102981 |
|  5.625% due 05/20/2028 - 06/20/2030 •  | 5 | 5 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 - 05/20/2047 | 11 | 11 |
|  4.633% due 07/20/2066 - 11/20/2066 •  | 777 | 781 |
|  6.000% due 08/20/2034 | 109 | 109 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 04/01/2056 - 05/01/2056 | 5100 | 4386 |
|  3.000% due 05/01/2056 | 25000 | 22303 |
|  6.500% due 05/01/2056 | 68100 | 70577 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.600% due 09/01/2028 | 15 | 15 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 13100 | 11489 |
|  4.500% due 05/01/2056 - 06/01/2056 | 110050 | 106077 |
|  5.000% due 05/01/2056 - 06/01/2056 | 463300 | 456306 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 04/01/2056 - 05/01/2056 | $— | 32400 | 33493 |
|  |  |  | 989613 |
| U.S. TREASURY OBLIGATIONS 8.8% | U.S. TREASURY OBLIGATIONS 8.8% | U.S. TREASURY OBLIGATIONS 8.8% | U.S. TREASURY OBLIGATIONS 8.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (p) |  | 500 | 322 |
|  2.000% due 08/15/2051 (p) |  | 200 | 114 |
|  2.250% due 08/15/2049 (n) |  | 4425 | 2753 |
|  2.375% due 11/15/2049 (n) |  | 1575 | 1004 |
|  3.000% due 02/15/2048 (n)(p) |  | 3800 | 2803 |
|  3.000% due 08/15/2048 (n)(p) |  | 1325 | 973 |
|  3.375% due 11/15/2048 (n)(p) |  | 14500 | 11367 |
|  4.125% due 08/15/2044 (n)(p) |  | 39575 | 35915 |
|  4.500% due 11/15/2054 |  | 42500 | 39714 |
|  4.625% due 02/15/2046 (l) |  | 900 | 868 |
|  4.625% due 02/15/2055 (n)(p) |  | 24300 | 23183 |
|  4.750% due 02/15/2056 |  | 500 | 488 |
|  4.875% due 08/15/2045 (p) |  | 542 | 540 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  2.500% due 01/15/2029 (n) |  | 3635 | 3772 |
|  3.875% due 04/15/2029 (n) |  | 2967 | 3202 |
|  0.125% due 07/15/2031 (n) |  | 3883 | 3629 |
|  0.125% due 01/15/2032 (n) |  | 1994 | 1836 |
|  0.375% due 07/15/2027 (n) |  | 4919 | 4919 |
|  0.500% due 01/15/2028 (n) |  | 5406 | 5365 |
|  0.625% due 07/15/2032 (n) |  | 560 | 529 |
|  1.125% due 01/15/2033 (n) |  | 8079 | 7784 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (n)(p) |  | 800 | 770 |
|  4.000% due 02/15/2034 (n)(p) |  | 4300 | 4242 |
|  4.125% due 02/15/2036 (p) |  | 3400 | 3347 |
|  4.250% due 05/15/2035 (n)(p) |  | 700 | 699 |
|  4.250% due 08/15/2035 (p) |  | 800 | 797 |
|  |  |  | 160935 |
|  Total United States (Cost $1,387,970) | Total United States (Cost $1,387,970) | Total United States (Cost $1,387,970) | 1367145 |
| SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% |
| COMMERCIAL PAPER 2.3% | COMMERCIAL PAPER 2.3% | COMMERCIAL PAPER 2.3% | COMMERCIAL PAPER 2.3% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.150% due 04/02/2026 | $— | 1600 | 1600 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.050% due 04/10/2026 |  | 450 | 449 |
|  4.100% due 04/21/2026 |  | 2950 | 2943 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  3.900% due 04/09/2026 |  | 900 | 899 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.880% due 04/01/2026 |  | 250 | 250 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  4.030% due 04/24/2026 |  | 1200 | 1196 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 04/21/2026 |  | 2850 | 2843 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/01/2026 |  | 150 | 150 |
|  4.050% due 04/13/2026 |  | 1050 | 1048 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  3.910% due 04/13/2026 |  | 800 | 799 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.200% due 05/11/2026 |  | 6250 | 6219 |
|  4.250% due 05/13/2026 |  | 4050 | 4029 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.050% due 04/08/2026 |  | 250 | 250 |
|  4.050% due 04/16/2026 |  | 300 | 299 |
|  4.150% due 05/13/2026 |  | 2950 | 2934 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.030% due 04/09/2026 |  | 1600 | 1598 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.970% due 04/15/2026 |  | 1300 | 1298 |
|  4.100% due 04/09/2026 |  | 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.800% due 04/07/2026 | 400 | 400 |
|  4.020% due 04/20/2026 | 550 | 549 |
|  Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/01/2026 | 1450 | 1450 |
|  4.000% due 04/02/2026 | 2500 | 2499 |
|  4.050% due 04/08/2026 | 1700 | 1698 |
|  4.100% due 04/08/2026 | 3850 | 3847 |
|  4.400% due 05/29/2026 | 3000 | 2980 |
|  |  | 42527 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (i) | 817170 | 817 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |
| REPURCHASE AGREEMENTS (k) 0.5% | REPURCHASE AGREEMENTS (k) 0.5% | REPURCHASE AGREEMENTS (k) 0.5% |
|  |  | 9556 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (d)(e) | 2650 | 43 |
| NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% | NIGERIA TREASURY BILLS 0.5% |
|  31.832% due 06/11/2026 - 06/29/2026 (c)(d) | 14667182 | 10139 |
| SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% |
|  7.387% due 04/22/2026 - 08/05/2026 (c)(d) | 237280 | 13818 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.675% due 04/14/2026 - 05/26/2026 (c)(d)(p) | 2859 | 2848 |
| Total Short-Term Instruments<br> (Cost $78,583) | Total Short-Term Instruments<br> (Cost $78,583) | 79748 |
| Total Investments in Securities (Cost $2,441,278) | Total Investments in Securities (Cost $2,441,278) | 2417490 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 8526609 | 83041 |
| Total Short-Term Instruments<br> (Cost $83,032) | Total Short-Term Instruments<br> (Cost $83,032) | 83041 |
| Total Investments in Affiliates (Cost $83,032) | Total Investments in Affiliates (Cost $83,032) | 83041 |
| Total Investments 136.1% (Cost $2,524,310) | Total Investments 136.1% (Cost $2,524,310) | 2500531 |
|  Financial Derivative<br>Instruments (m)(o) 1.1%<br> (Cost or Premiums, net $23,226) | Financial Derivative<br>Instruments (m)(o) 1.1%<br> (Cost or Premiums, net $23,226) | 20735 |
| Other Assets and Liabilities, net (37.2)% | Other Assets and Liabilities, net (37.2)% | (684157) |
| Net Assets 100.0% | Net Assets 100.0% | 1837109 |

---

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

(i) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Alfa-Bank CJSC | 5.860% | 10/21/2026 | 10/27/2025 | $324 | $324 | 0.02% |
|  Dorchester LLC | 4.610 | 01/04/2027 | 12/10/2025 | 818 | 809 | 0.04 |
|  Fennovoima OYJ | 0.600 | 07/10/2028 | 07/16/2025 | 345 | 344 | 0.02 |
|  Fennovoima OYJ | 4.461 | 07/10/2028 | 07/16/2025 | 314 | 314 | 0.02 |
|  Fennovoima OYJ | 4.477 | 07/10/2028 | 07/16/2025 | 658 | 661 | 0.03 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452 | 0.13% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(k) REPURCHASE AGREEMENTS:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BRC | 1.980% | 07/10/2025 | TBD<sup>(2)</sup> | EUR | 3494 | French Republic Government Bonds OAT 3.000% due 06/25/2049 | $(3928) | $4039 | $4099 |
| MYI | 1.960 | 07/11/2025 | TBD<sup>(2)</sup> |  | 4773 | French Republic Government Bonds OAT 3.000% due 06/25/2049 | (5364) | 5517 | 5597 |
|  |  |  |  |  |  | Cash | (293) |  |  |
|  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;(9585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 |

---

#### 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 |
|  MSC | 1.750% | 03/30/2026 | 04/06/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) | $(863) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) |

---

#### SHORT SALES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% | France (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Issues (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bonds OAT | 3.000% | 06/25/2049 | EUR | 9700 | $(9694) | $(9329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total France |  |  |  |  | (9694) | (9329) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 163

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales<sup>(4)</sup>** |
|  United States (19.5)% | United States (19.5)% | United States (19.5)% | United States (19.5)% | United States (19.5)% | United States (19.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (19.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 04/01/2056 | $30400 | $(28080) | $(27888) |
| &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 | 16700 | (15496) | (15366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2056 | 59900 | (49279) | (48262) |
| &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 | 95000 | (76104) | (76501) |
| &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 | 3200 | (2680) | (2690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 7400 | (6746) | (6769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2056 | 10600 | (10686) | (10635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 06/01/2056 | 32000 | (32584) | (32572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 05/01/2056 | 66700 | (68945) | (68952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 06/01/2056 | 66800 | (69118) | (69050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total United States |  |  |  | (359718) | (358685) |
|  Total Short Sales (20.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368014) |

---

#### 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 |
|  BRC | $4099 | $0 | $0 | $0 | $4099 | $(3928) | $171 |
|  MSC | 0 | (863) | 0 | 0 | (863) | 868 | 5 |
|  MYI | 5597 | 0 | 0 | 0 | 5597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5657) | (60) |
|  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 |
|  DUB | 0 | 0 | 0 | (9329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9329) |  |  |  |

---

#### 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 | $(863) | $0 | $0 | $(863) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(863) |
|  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;(863) |

---

(l) Securities with an aggregate market value of $868 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 $(1162) at a weighted average interest rate of 3.911%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Payable for short sales includes $(261) 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;(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund 10-Year Bond April Futures | EUR | 125.500 | 04/24/2026 | 17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $(7) | $(18) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 17 | 17 | (6) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |

---

164 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/24/2026 | 29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $(10) | $(11) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 29 | 29 | (6) | (4) |
|  |  |  |  |  | $(16) | $(15) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR December Futures  | 12/2026 | 4080 | $1145720 | $(4059) | $0 | $0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 87 | 6222 | (24) | 28 | 0 |
|  Euro-BTP Future June Futures  | 06/2026 | 763 | 102549 | (3525) | 1235 | 0 |
|  Long Guilt June Futures  | 06/2026 | 322 | 37416 | (1546) | 281 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120729 | (1762) | 157 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 293 | 32537 | (561) | 69 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 452 | 51309 | (1114) | 134 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 15 | 1708 | (56) | 5 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12647) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | $&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 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 1026 | $(76278) | $467 | $0 | $(718) |
|  Canada Government 5-Year Bond June Futures  | 06/2026 | 381 | (31083) | 429 | 0 | (88) |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 88 | (7592) | 152 | 0 | (30) |
|  Euro-Bobl June Futures  | 06/2026 | 532 | (70979) | 1332 | 0 | (283) |
|  Euro-Bund June Futures  | 06/2026 | 802 | (116236) | 2442 | 0 | (843) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 12 | (1529) | 18 | 0 | (28) |
|  Euro-Oat June Futures  | 06/2026 | 1034 | (141852) | 4499 | 0 | (1315) |
|  Euro-Schatz June Futures  | 06/2026 | 1425 | (174179) | 1689 | 8 | (231) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240577) | 2883 | 56 | (517) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 185 | (21564) | 723 | 0 | (40) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14634 | $64 | $(4093) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $1987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4093) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.263% | 1000 | $(8) | $(10) | $(18) | $1 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.354 | $300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | (9) | 4 | 0 | 0 |
|  |  |  |  |  |  | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-45 10-Year Index | (1.000)% | Quarterly | 12/20/2035 | $42942 | $(345) | $257 | $(88) | $0 | $(148) |
|  CDX.IG-46 10-Year Index | (1.000) | Quarterly | 06/20/2036 | 85300 | 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | (21) | 0 | (291) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59800 | (980) | 9 | (971) | 0 | (84) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199) | $119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $7110 | $154 | $(24) | $130 | $13 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 746609 | 16413 | (2933) | 13480 | 1462 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350300 | 5888 | 275 | 6163 | 759 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2682) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 165

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (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 GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 79800 | $(585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1813) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2398) | $93 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 500 | 2 | (5) | (3) | 1 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 2900 | 32 | 24 | 56 | 0 | (6) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2028 | 136820 | (1508) | (1192) | (2700) | 298 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 5030 | (22) | (192) | (214) | 16 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 | 66230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2171) | (731) | (2902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 3030 | 9 | 136 | 145 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 13300 | (833) | 137 | (696) | 53 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 2700 | 11 | 167 | 178 | 0 | (13) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 | 6450 | 316 | 128 | 444 | 0 | (30) |
|  Receive<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | 68228000 | 498 | 160 | 658 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 830000 | (170) | (10) | (180) | 8 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 930000 | (143) | 2 | (141) | 10 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2030 | 10390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | 0 |
|  Receive<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.750 | Annual | 09/16/2031 | 20610000 | 525 | 253 | 778 | 0 | (267) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 8080000 | (143) | (2245) | (2389) | 115 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 5322900 | (112) | (2523) | (2635) | 101 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 200000 | (98) | (7) | (105) | 4 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 5820000 | (2991) | (237) | (3228) | 114 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070150 | (466) | (2697) | (3163) | 145 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 | 290000 | (4) | (94) | (98) | 6 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1830000 | 2686 | 38 | 2724 | 0 | (34) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 1263500 | (1972) | 4 | (1968) | 16 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 90000 | 269 | (4) | 265 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 145700 | 380 | (7) | 373 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/18/2054 | 340000 | 640 | (12) | 628 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 2260000 | 476 | 973 | 1449 | 1 | 0 |
|  Receive<sup>(7)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 147909 | 28 | 2135 | 2163 | 0 | (582) |
|  Receive<sup>(7)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/16/2031 | 76000 | (170) | 585 | 415 | 0 | (301) |
|  Receive<sup>(7)</sup> | 1-Day THB-THOR Compounded-OIS | 1.250 | Quarterly | 09/16/2031 | 207210 | 24 | 151 | 175 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.020 | Annual | 05/15/2026 | $10300 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 44600 | 604 | (600) | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 12200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 28500 | 0 | 219 | 219 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 29400 | 203 | (211) | (8) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 211950 | 4336 | (2870) | 1466 | 0 | (44) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 49900 | 250 | (246) | 4 | 18 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.981 | Annual | 11/30/2027 | 16200 | 0 | 96 | 96 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 10940 | (40) | 67 | 27 | 0 | (5) |
|  Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 | 37400 | (487) | 64 | (423) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 12900 | 552 | (272) | 280 | 0 | (12) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 35309 | 115 | 235 | 350 | 0 | (35) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 1200 | 0 | 8 | 8 | 0 | (1) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 1800 | 0 | 11 | 11 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 84500 | 1156 | (635) | 521 | 88 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 91400 | 150 | 349 | 499 | 0 | (96) |
|  Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 12800 | (252) | 34 | (218) | 13 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412) | 37 | (1375) | 11 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | (307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1891) | (2198) | 65 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 1300 | 0 | 11 | 11 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1800 | (8) | 87 | 79 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1750 | (6) | (1) | (7) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 3650 | (13) | (4) | (17) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1800 | (5) | (7) | (12) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3800 | (11) | (22) | (33) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 22700 | 928 | 246 | 1174 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 3700 | 7 | 50 | 57 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 3800 | (3) | 43 | 40 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 6372 | 16 | 44 | 60 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 29000 | (567) | 805 | 238 | 0 | (25) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.621 | Annual | 11/15/2035 | 5100 | 0 | 92 | 92 | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.631 | Annual | 11/15/2035 | 2800 | 0 | 48 | 48 | 0 | (2) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 1600 | 0 | 17 | 17 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 70920 | (503) | 1093 | 590 | 0 | (59) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 3200 | 0 | 28 | 28 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 57920 | (897) | 241 | (656) | 0 | (47) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 18010 | 37 | 157 | 194 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 300 | 0 | 4 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 500 | 0 | 6 | 6 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO INTERNATIONAL 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 | 3.700% | Annual | 02/20/2049 | $200 | $1 | $13 | $14 | $0 | $0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.988 | Annual | 11/15/2053 | 3600 | 0 | 101 | 101 | 13 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 500 | 0 | 13 | 13 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 9300 | 130 | 91 | 221 | 33 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 8528 | 63 | 48 | 111 | 30 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 300 | 0 | 4 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | 45 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 1900 | 0 | 60 | 60 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 5200 | 0 | 126 | 126 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 | 8030 | 0 | 39 | 39 | 30 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 3400 | 0 | 14 | 14 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 5270 | 0 | 9 | 9 | 20 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 9900 | 0 | 634 | 634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 2400 | 0 | 138 | 138 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 2400 | 0 | 137 | 137 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 2900 | 0 | 139 | 139 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 5000 | 0 | 314 | 314 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 1450 | 155 | 64 | 219 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 2119 | 8 | 71 | 79 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 1419 | (25) | 44 | 19 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 2657 | (1) | 86 | 85 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 3800 | 357 | 66 | 423 | 14 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 914 | (10) | 31 | 21 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 30600 | 2034 | (5) | 2029 | 117 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 400 | 0 | 6 | 6 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 5820 | 152 | (18) | 134 | 23 | 0 |
|  Pay | 1-Year BRL-CDI | 12.970 | Maturity | 01/02/2029 | 222400 | 0 | (721) | (721) | 258 | 0 |
|  Pay | 1-Year BRL-CDI | 13.268 | Maturity | 01/02/2029 | 270000 | 0 | (495) | (495) | 313 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 03/18/2031 | 48400 | (228) | 49 | (179) | 220 | 0 |
|  Pay<sup>(7)</sup> | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 09/16/2031 | 4800 | (43) | 6 | (37) | 22 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 517580 | 4 | (34) | (30) | 0 | 0 |
|  Receive<sup>(7)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 149400 | (15) | 647 | 632 | 154 | 0 |
|  Receive<sup>(7)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 | 44100 | 0 | 202 | 202 | 45 | 0 |
|  Pay<sup>(7)</sup> | 3-Month PLN-WIBOR | 5.200 | Annual | 03/23/2036 | 39200 | 0 | (4) | (4) | 0 | (43) |
|  Pay<sup>(7)</sup> | 3-Month PLN-WIBOR | 5.230 | Annual | 04/02/2036 | 31700 | 0 | 4 | 4 | 4 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.500 | Annual | 03/18/2031 | 615600 | (226) | (800) | (1026) | 364 | 0 |
|  Pay<sup>(7)</sup> | 3-Month SEK-STIBOR | 2.750 | Annual | 09/16/2031 | 81600 | 17 | (90) | (73) | 51 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 7400 | (322) | 169 | (153) | 5 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 64300 | 1809 | 450 | 2259 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 9100 | (4) | (353) | (357) | 78 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 500 | 5 | (18) | (13) | 4 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 3800 | 22 | (121) | (99) | 33 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 68600 | 459 | (3304) | (2845) | 612 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 | 16900 | 273 | (751) | (478) | 153 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 27600 | (99) | (1119) | (1218) | 256 | 0 |
|  Pay<sup>(7)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 812800 | 14 | (258) | (244) | 0 | (54) |
|  Pay<sup>(7)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 | 241300 | 0 | (88) | (88) | 0 | (16) |
|  Receive<sup>(7)</sup> | 6-Month CZK-PRIBOR | 4.700 | Annual | 03/23/2036 | 216000 | 0 | 6 | 6 | 15 | 0 |
|  Receive<sup>(7)</sup> | 6-Month CZK-PRIBOR | 4.720 | Annual | 04/02/2036 | 168000 | 0 | (2) | (2) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 38050 | 248 | (104) | 144 | 8 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 1300 | (6) | (30) | (36) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 2300 | (12) | (54) | (66) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 1600 | (12) | (35) | (47) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 2800 | (10) | (50) | (60) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 1300 | (5) | (23) | (28) | 1 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | 430600 | (1680) | (4758) | (6438) | 894 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.170 | Annual | 12/15/2028 | 384400 | 250 | (1999) | (1749) | 393 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.350 | Annual | 12/15/2028 | 390800 | (273) | 2081 | 1808 | 0 | (442) |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 | 8300 | 0 | (262) | (262) | 26 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 | 19700 | 0 | (511) | (511) | 63 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 155500 | 3661 | (6) | 3655 | 0 | (777) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.550 | Annual | 06/28/2032 | 30250 | (823) | 168 | (655) | 142 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 143950 | (2868) | (2369) | (5237) | 1271 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 | 1100 | (78) | (515) | (593) | 7 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 300 | 0 | 196 | 196 | 0 | (2) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.825 | Annual | 09/19/2055 | 90000 | 1252 | (1631) | (379) | 0 | (47) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 48840 | 814 | 417 | 1231 | 0 | (545) |
|  Pay | 06-Month NOK-NIBOR | 3.750 | Annual | 03/18/2031 | 692900 | (2058) | (654) | (2712) | 253 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **167** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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>(7)</sup> | 06-Month NOK-NIBOR | 4.500% | Annual | 09/16/2031 | NOK | 9300 | $0 | $(3) | $(3) | $4 | $0 |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | PLN | 8600 | 0 | (162) | (162) | 2 | 0 |
|  Pay | CAONREPO | 3.898 | Annual | 06/19/2026 | CAD | 8400 | (1) | 88 | 87 | 0 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600 | (2) | 461 | 459 | 2 | 0 |
|  Pay | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 |  | 9300 | 73 | 1 | 74 | 2 | 0 |
|  Pay | CAONREPO | 1.250 | Semi-Annual | 06/16/2031 |  | 6700 | (698) | 298 | (400) | 10 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 6800 | 72 | 184 | 256 | 0 | (5) |
|  |  |  |  |  |  |  | $(2196) | $(35147) | $(37343) | $9733 | $(4294) |
|  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;19065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37729) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4817) |

---

#### 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 | 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;3034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11968 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4093) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8945) |

---

(n) Securities with an aggregate market value of $62,150 and cash of $14,362 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 $17 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin asset of $1,061 for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability |
|  AZD | 04/2026 | CAD | 105408 | $76951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | $0 |
|  | 04/2026 | SGD | 49 | 39 | 1 | 0 |
|  BOA | 04/2026 | BRL | 4500 | 862 | 0 | (7) |
|  | 04/2026 | CNH | 10717 | 1553 | 0 | (3) |
|  | 04/2026 | COP | 5181379 | 1350 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
|  | 04/2026 | EUR | 8584 | 43937 | 23 | 0 |
|  | 04/2026 |  | 19850 | $23031 | 87 | 0 |
|  | 04/2026 | INR | 200734 | 2140 | 20 | 0 |
|  | 04/2026 | KRW | 1210345 | 827 | 22 | 0 |
|  | 04/2026 | PLN | 9800 | 2651 | 11 | 0 |

---

---

| | | |
|:---|:---|:---|
| **168** | **PIMCO INTERNATIONAL 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 | 17008 | 3326 | $0 | $(4) |
|  | 04/2026 | 4464 | $3492 | 20 | 0 |
|  | 04/2026 | 110093 | 3526 | 183 | 0 |
|  | 04/2026 | $858 | 4500 | 11 | 0 |
|  | 04/2026 | 13 | 18 | 0 | 0 |
|  | 04/2026 | 550 | 3790 | 1 | 0 |
|  | 04/2026 | 3785 | 13936499 | 4 | 0 |
|  | 04/2026 | 1386 | 29174 | 0 | (12) |
|  | 04/2026 | 3372 | 2895 | 0 | (26) |
|  | 04/2026 | 1609 | 1207 | 0 | (11) |
|  | 04/2026 | 2006 | 188687 | 2 | 0 |
|  | 04/2026 | 627 | 11557 | 17 | 0 |
|  | 04/2026 | 876 | 3234 | 0 | (5) |
|  | 04/2026 | 548 | 2363 | 0 | (13) |
|  | 04/2026 | 19193 | $1094 | 0 | (39) |
|  | 05/2026 | $1820 | 12639 | 15 | 0 |
|  | 05/2026 | 198 | 862 | 0 | (3) |
|  | 06/2026 | 14161 | $4584 | 70 | 0 |
|  | 06/2026 | 55147 | 3076 | 18 | 0 |
|  | 06/2026 | $71 | 377 | 1 | 0 |
|  | 06/2026 | 139 | 961 | 0 | 0 |
|  | 06/2026 | 771 | 2406 | 0 | (5) |
|  | 06/2026 | 190 | 657 | 0 | (2) |
|  | 07/2026 | 1276 | 8742 | 0 | (2) |
|  | 09/2026 | 13936499 | $3647 | 0 | (7) |
|  | 10/2026 | 4800 | 878 | 0 | (10) |
|  BPS | 04/2026 | 85649 | 15910 | 0 | (625) |
|  | 04/2026 | 3658 | 532 | 1 | 0 |
|  | 04/2026 | 3862 | 560 | 1 | 0 |
|  | 04/2026 | 7619859 | 1989 | 0 | (83) |
|  | 04/2026 | 2333 | 3094 | 6 | 0 |
|  | 04/2026 | 13972 | 4525 | 81 | 0 |
|  | 04/2026 | 3307676 | 35560 | 545 | (41) |
|  | 04/2026 | 19777347 | 13330 | 183 | (5) |
|  | 04/2026 | 23607 | 13963 | 397 | 0 |
|  | 04/2026 | 2638 | 709 | 0 | (2) |
|  | 04/2026 | 491 | 384 | 2 | 0 |
|  | 04/2026 | 383545 | 11864 | 225 | (5) |
|  | 04/2026 | 2823232 | 89306 | 1128 | 0 |
|  | 04/2026 | $6440 | 9187 | 0 | (102) |
|  | 04/2026 | 16361 | 85649 | 174 | 0 |
|  | 04/2026 | 551 | 3862 | 8 | 0 |
|  | 04/2026 | 3710 | 2760 | 0 | (57) |
|  | 04/2026 | 18898 | 319765682 | 1 | (62) |
|  | 04/2026 | 3334 | 10559 | 25 | 0 |
|  | 04/2026 | 26250 | 2470690 | 41 | 0 |
|  | 04/2026 | 1041 | 166000 | 5 | 0 |
|  | 04/2026 | 2206 | 3295124 | 5 | (19) |
|  | 04/2026 | 7838 | 28256 | 0 | (226) |
|  | 04/2026 | 455 | 1963 | 0 | (10) |
|  | 04/2026 | 218 | 280 | 0 | 0 |
|  | 04/2026 | 7 | 221 | 0 | 0 |
|  | 04/2026 | 131037 | 4146476 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526) |
|  | 04/2026 | 39570 | $2337 | 1 | 0 |
|  | 05/2026 | 10548 | 3334 | 0 | (25) |
|  | 05/2026 | 822184 | 8690 | 0 | (36) |
|  | 05/2026 | 280 | 218 | 0 | 0 |
|  | 05/2026 | 188892 | 5862 | 0 | (26) |
|  | 05/2026 | $3400 | 17847 | 25 | 0 |
|  | 05/2026 | 4843 | 33609 | 39 | 0 |
|  | 05/2026 | 4355 | 74137948 | 11 | 0 |
|  | 05/2026 | 41090 | 3891468 | 207 | 0 |
|  | 05/2026 | 616 | 188 | 0 | (9) |
|  | 05/2026 | 384 | 490 | 0 | (2) |
|  | 05/2026 | 870 | 28561 | 0 | (2) |
|  | 06/2026 | 3830706 | $121164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | 0 |
|  | 06/2026 | $849 | 4510 | 11 | 0 |
|  | 06/2026 | 3456 | 23704 | 0 | (6) |
|  | 06/2026 | 2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50018823 | 0 | (29) |
|  | 06/2026 | 392 | 120 | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **169** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $1337 | 23177 | $0 | $(51) |
|  | 06/2026 | 577 | 18520 | 0 | (1) |
|  | 07/2026 | 13100 | $2434 | 0 | (44) |
|  | 07/2026 | $4171 | 22409 | 67 | 0 |
|  | 07/2026 | 273 | 83 | 0 | (3) |
|  | 08/2026 | 12758 | 524 | 7 | 0 |
|  | 08/2026 | $1740 | 165508 | 0 | (8) |
|  | 10/2026 | 32000 | $5837 | 0 | (85) |
|  | 01/2027 | $89268 | 2802619 | 0 | (2146) |
|  | 06/2027 | 271 | 82 | 0 | (4) |
|  | 05/2029 | 748 | $2572 | 123 | 0 |
|  | 07/2029 | 149 | 511 | 24 | 0 |
|  | 05/2030 | 677 | 2330 | 106 | 0 |
|  BRC | 04/2026 | 128 | 92 | 0 | 0 |
|  | 04/2026 | 9384 | 48047 | 44 | 0 |
|  | 04/2026 | 6132 | $8293 | 177 | 0 |
|  | 04/2026 | 9575 | 1224 | 1 | 0 |
|  | 04/2026 | 134986 | 1418 | 0 | (18) |
|  | 04/2026 | 19599 | 3834 | 0 | (12) |
|  | 04/2026 | 1800 | $405 | 0 | (3) |
|  | 04/2026 | 1653299 | 36458 | 0 | (352) |
|  | 04/2026 | $14 | 132 | 0 | 0 |
|  | 04/2026 | 2883 | 10375 | 0 | (88) |
|  | 04/2026 | 4470 | 40554 | 0 | (186) |
|  | 04/2026 | 26275 | 1204426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | 0 |
|  | 04/2026 | 81016 | $4869 | 128 | (41) |
|  | 05/2026 | 152574 | 3273 | 0 | (21) |
|  | 05/2026 | $92 | 128 | 0 | 0 |
|  | 05/2026 | 16 | 13 | 0 | 0 |
|  | 05/2026 | 1119 | 51915 | 1 | 0 |
|  | 06/2026 | 3500 | $1127 | 12 | 0 |
|  | 07/2026 | 29121 | 1646 | 0 | (60) |
|  | 01/2027 | 16434 | 2589 | 14 | 0 |
|  BSH | 04/2026 | 65800 | 11835 | 0 | (868) |
|  | 04/2026 | $12670 | 65800 | 33 | 0 |
|  | 04/2026 | 97191 | 73010 | 0 | (555) |
|  | 04/2026 | 1398 | 223252 | 8 | 0 |
|  | 04/2026 | 31674 | 54865 | 0 | (145) |
|  | 04/2026 | 10193 | 36870 | 0 | (262) |
|  | 05/2026 | 73010 | $97187 | 555 | 0 |
|  | 05/2026 | 222580 | 1398 | 0 | (8) |
|  | 05/2026 | 54865 | 31709 | 148 | 0 |
|  | 06/2026 | $93 | 321 | 0 | (1) |
|  | 07/2026 | 17149 | $5093 | 192 | 0 |
|  | 09/2026 | $93 | 322 | 0 | (2) |
|  | 10/2026 | 70100 | $12940 | 0 | (35) |
|  | 12/2026 | 5235 | 1547 | 63 | 0 |
|  | 01/2027 | 2705 | 797 | 30 | 0 |
|  CBK | 04/2026 | 2622 | 1840 | 31 | 0 |
|  | 04/2026 | 3651 | 529 | 0 | (1) |
|  | 04/2026 | 530980 | 139 | 0 | (5) |
|  | 04/2026 | 46037 | 53269 | 57 | 0 |
|  | 04/2026 | 2336 | 3128 | 36 | 0 |
|  | 04/2026 | 4447396 | 47979 | 931 | 0 |
|  | 04/2026 | 26708 | 18 | 0 | 0 |
|  | 04/2026 | 21255 | 2191 | 2 | (6) |
|  | 04/2026 | 10720 | 1152 | 20 | 0 |
|  | 04/2026 | 229 | 7 | 0 | 0 |
|  | 04/2026 | 17481 | 548 | 2 | 0 |
|  | 04/2026 | $1715 | 2395 | 0 | (63) |
|  | 04/2026 | 1661 | 11447 | 1 | 0 |
|  | 04/2026 | 1378 | 9517 | 0 | 0 |
|  | 04/2026 | 4249 | 15757660 | 36 | 0 |
|  | 04/2026 | 11754 | 10159 | 20 | (32) |
|  | 04/2026 | 2043 | 1539 | 0 | (6) |
|  | 04/2026 | 92034 | 8474478 | 36 | (2301) |
|  | 04/2026 | 1128 | 177000 | 0 | (13) |
|  | 04/2026 | 2 | 53 | 0 | 0 |
|  | 04/2026 | 36928 | 1169148 | 0 | (425) |
|  | 04/2026 | 1143 | 19451 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO INTERNATIONAL 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 | 90 | $13 | $0 | $0 |
|  | 05/2026 | 5 | 0 | 0 | 0 |
|  | 05/2026 | $2830 | 4130 | 18 | 0 |
|  | 05/2026 | 1504 | 10404 | 8 | 0 |
|  | 06/2026 | 13496958 | $3533 | 0 | (82) |
|  | 06/2026 | 22104422 | 1313 | 13 | 0 |
|  | 06/2026 | 3670 | 1190 | 21 | 0 |
|  | 06/2026 | 1168926 | 36928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | 0 |
|  | 06/2026 | $4090 | 28138 | 6 | 0 |
|  | 06/2026 | 1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20381406 | 0 | (15) |
|  | 06/2026 | 12122 | 212914 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
|  | 07/2026 | 8647822 | $2272 | 0 | (25) |
|  | 07/2026 | 15254 | 4511 | 150 | 0 |
|  | 07/2026 | $376 | 2572 | 0 | (1) |
|  | 08/2026 | 2630184 | $28065 | 538 | 0 |
|  | 08/2026 | $181 | 95528 | 10 | 0 |
|  | 09/2026 | 14795098 | $3801 | 0 | (77) |
|  | 09/2026 | 3733 | 1080 | 16 | 0 |
|  | 09/2026 | $1151 | 4469984 | 21 | 0 |
|  | 09/2026 | 1276 | 22832 | 0 | (21) |
|  | 10/2026 | 25498 | $7513 | 260 | 0 |
|  | 01/2027 | 5367 | 1586 | 67 | 0 |
|  DUB | 04/2026 | 247765 | 36163 | 190 | 0 |
|  | 04/2026 | 1790 | 85 | 1 | 0 |
|  | 04/2026 | 7007 | 35795 | 11 | 0 |
|  | 04/2026 | 46464 | $5940 | 8 | 0 |
|  | 04/2026 | 28190 | 9107 | 138 | 0 |
|  | 04/2026 | 949328 | 10086 | 59 | (21) |
|  | 04/2026 | 84966 | 16604 | 0 | (53) |
|  | 04/2026 | $90006 | 131205 | 518 | 0 |
|  | 04/2026 | 12848 | 88854 | 52 | 0 |
|  | 04/2026 | 2806 | 139979 | 0 | (285) |
|  | 04/2026 | 17 | 5810 | 0 | 0 |
|  | 04/2026 | 8851 | 829795 | 44 | (90) |
|  | 04/2026 | 57052 | 72878 | 0 | (368) |
|  | 04/2026 | 3875 | 126544 | 0 | (33) |
|  | 05/2026 | 131205 | $89972 | 0 | (519) |
|  | 05/2026 | 88639 | 12848 | 0 | (53) |
|  | 05/2026 | 72715 | 57052 | 365 | 0 |
|  | 06/2026 | 458807 | 861 | 0 | (78) |
|  | 06/2026 | 126287 | 3875 | 22 | 0 |
|  | 06/2026 | 455 | 14 | 0 | 0 |
|  | 06/2026 | $911 | 6237 | 0 | (4) |
|  | 06/2026 | 1086 | 3375 | 0 | (11) |
|  | 07/2026 | 858 | 461164 | 69 | 0 |
|  | 07/2026 | 21377 | $1208 | 0 | (45) |
|  | 08/2026 | $72 | 38485 | 5 | 0 |
|  | 01/2027 | 20500 | $3248 | 36 | 0 |
|  FAR | 04/2026 | 45991 | 32594 | 863 | 0 |
|  | 04/2026 | 7742 | 10031 | 349 | 0 |
|  | 04/2026 | 71613 | 96777 | 1990 | 0 |
|  | 04/2026 | 210325 | 1346 | 21 | 0 |
|  | 04/2026 | 437 | 346 | 6 | 0 |
|  | 04/2026 | $1742 | 277969 | 10 | 0 |
|  | 04/2026 | 3202 | 11556 | 0 | (89) |
|  | 04/2026 | 1125 | 10623 | 0 | (3) |
|  | 04/2026 | 308 | 393 | 0 | (2) |
|  | 04/2026 | 11204 | 356160 | 0 | (78) |
|  | 05/2026 | 17542 | $5543 | 0 | (43) |
|  | 05/2026 | 277130 | 1742 | 0 | (10) |
|  | 05/2026 | 10605 | 1125 | 3 | 0 |
|  | 05/2026 | 393 | 308 | 2 | 0 |
|  | 06/2026 | 10080 | 3270 | 57 | 0 |
|  | 06/2026 | 9082 | 2663 | 64 | 0 |
|  | 06/2026 | 356171 | 11204 | 117 | 0 |
|  | 06/2026 | $4553 | 79319 | 0 | (155) |
|  | 08/2026 | 16804 | $4970 | 171 | 0 |
|  | 09/2026 | 8611 | 2530 | 76 | 0 |
|  | 09/2026 | $1036 | 18293 | 0 | (30) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **171** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  GLM | 04/2026 | 193669 | $35267 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2122) |
|  | 04/2026 | 13666 | 4396 | 47 | 0 |
|  | 04/2026 | 40821 | 448 | 16 | 0 |
|  | 04/2026 | 5816 | 1481 | 43 | 0 |
|  | 04/2026 | 4757 | 1291 | 10 | 0 |
|  | 04/2026 | $36386 | 193669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | 0 |
|  | 04/2026 | 1489 | 10223 | 0 | (5) |
|  | 04/2026 | 2180 | 8108800 | 25 | 0 |
|  | 04/2026 | 10 | 3502 | 0 | 0 |
|  | 04/2026 | 512 | 8651203 | 0 | (2) |
|  | 04/2026 | 1058 | 96508 | 0 | (39) |
|  | 04/2026 | 5314 | 97992 | 150 | 0 |
|  | 04/2026 | 250 | 920 | 1 | (3) |
|  | 04/2026 | 1056 | 1342 | 0 | (13) |
|  | 04/2026 | 2164 | 71013 | 0 | (9) |
|  | 05/2026 | 44307 | 239943 | 1734 | 0 |
|  | 06/2026 | 1 | $0 | 0 | 0 |
|  | 06/2026 | 26190225 | 1553 | 14 | 0 |
|  | 06/2026 | 70887 | 2164 | 1 | 0 |
|  | 06/2026 | $212 | 1130 | 3 | 0 |
|  | 06/2026 | 2711 | 45885642 | 0 | (14) |
|  | 06/2026 | 13237 | 232529 | 0 | (342) |
|  | 07/2026 | 45300 | $8408 | 0 | (161) |
|  | 07/2026 | 8294458 | 2180 | 0 | (23) |
|  | 07/2026 | $17036 | 92221 | 408 | 0 |
|  | 08/2026 | 100004 | $5610 | 0 | (243) |
|  IND | 04/2026 | 10359 | 1594 | 0 | (8) |
|  | 04/2026 | 258120 | 304785 | 6436 | 0 |
|  | 05/2026 | $1594 | 10343 | 8 | 0 |
|  JPM | 04/2026 | 21300 | $4081 | 0 | (31) |
|  | 04/2026 | 7109 | 1029 | 0 | (3) |
|  | 04/2026 | 1084 | 51 | 0 | 0 |
|  | 04/2026 | 5090 | 26012 | 7 | 0 |
|  | 04/2026 | 4963 | $5705 | 0 | (32) |
|  | 04/2026 | 54222 | 6935 | 13 | 0 |
|  | 04/2026 | 303767 | 3232 | 24 | 0 |
|  | 04/2026 | 16459 | 4492 | 65 | (7) |
|  | 04/2026 | 28732 | 5622 | 0 | (8) |
|  | 04/2026 | 68238 | $54147 | 1072 | 0 |
|  | 04/2026 | 81021 | 2563 | 103 | 0 |
|  | 04/2026 | 26394 | 586 | 0 | (8) |
|  | 04/2026 | $4032 | 21300 | 80 | 0 |
|  | 04/2026 | 13511 | 93492 | 63 | 0 |
|  | 04/2026 | 51 | 17081 | 0 | 0 |
|  | 04/2026 | 3170 | 298547 | 7 | 0 |
|  | 04/2026 | 1977 | 36431 | 55 | 0 |
|  | 04/2026 | 2942 | 5052 | 0 | (38) |
|  | 04/2026 | 944 | 3432 | 0 | (20) |
|  | 04/2026 | 280 | 361 | 1 | 0 |
|  | 04/2026 | 1176 | 37043 | 0 | (51) |
|  | 04/2026 | 586 | 26418 | 8 | 0 |
|  | 04/2026 | 60939 | 1932364 | 0 | (579) |
|  | 04/2026 | 279420 | $16632 | 159 | (18) |
|  | 05/2026 | 4365 | 2992 | 0 | (19) |
|  | 05/2026 | 93263 | 13511 | 0 | (63) |
|  | 05/2026 | 18635 | 2865 | 0 | (22) |
|  | 05/2026 | 917 | 4704 | 2 | 0 |
|  | 05/2026 | 2449 | $15 | 0 | 0 |
|  | 05/2026 | 4698 | 917 | 0 | (1) |
|  | 05/2026 | 360 | $280 | 0 | (1) |
|  | 05/2026 | $31625 | 566884 | 0 | (116) |
|  | 06/2026 | 9287 | $3006 | 46 | 0 |
|  | 06/2026 | 61145 | 3408 | 18 | 0 |
|  | 06/2026 | 136322 | 4157 | 0 | (2) |
|  | 06/2026 | 1932303 | 60939 | 790 | 0 |
|  | 06/2026 | $27 | 451839 | 0 | 0 |
|  | 06/2026 | 732 | 2275 | 0 | (7) |
|  | 06/2026 | 15100 | $852 | 0 | (35) |
|  | 07/2026 | 13200 | 2440 | 0 | (57) |
|  | 08/2026 | 36429 | 1493 | 18 | 0 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO INTERNATIONAL 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** |
|  | 08/2026 | $62 | 5794 | $0 | $(1) |
|  | 10/2026 | 9100 | $1657 | 0 | (27) |
|  | 01/2027 | 42723 | 6739 | 45 | 0 |
|  MBC | 04/2026 | 21121 | 14556 | 0 | (16) |
|  | 04/2026 | 1030 | 1299 | 11 | 0 |
|  | 04/2026 | 271 | 1390 | 1 | 0 |
|  | 04/2026 | 2198 | $2550 | 9 | 0 |
|  | 04/2026 | 4482 | 6003 | 70 | 0 |
|  | 04/2026 | 231710 | 1490 | 30 | 0 |
|  | 04/2026 | 2902800 | 1968 | 38 | 0 |
|  | 04/2026 | 4046 | 1153 | 63 | 0 |
|  | 04/2026 | 40465 | 4334 | 60 | 0 |
|  | 04/2026 | 2457 | 1920 | 10 | 0 |
|  | 04/2026 | 152561 | 4801 | 169 | 0 |
|  | 04/2026 | $5371 | 7700 | 0 | (58) |
|  | 04/2026 | 1055 | 1441 | 0 | (19) |
|  | 04/2026 | 2653 | 2093 | 0 | (35) |
|  | 04/2026 | 1638 | 10364 | 0 | (35) |
|  | 04/2026 | 3720 | 3231 | 15 | 0 |
|  | 04/2026 | 7427 | 5564 | 0 | (63) |
|  | 04/2026 | 4236 | 674178 | 12 | 0 |
|  | 04/2026 | 7720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11296954 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |
|  | 04/2026 | 1594 | 29415 | 46 | 0 |
|  | 04/2026 | 1810 | 17415 | 6 | (18) |
|  | 04/2026 | 12 | 43 | 0 | 0 |
|  | 04/2026 | 196 | 864 | 0 | (1) |
|  | 04/2026 | 1803 | 2307 | 0 | (9) |
|  | 05/2026 | 123505 | $775 | 0 | (6) |
|  | 05/2026 | 5932 | 606 | 0 | (6) |
|  | 05/2026 | 865 | 196 | 1 | 0 |
|  | 05/2026 | 273 | 213 | 0 | 0 |
|  | 05/2026 | 29853 | 1717 | 0 | (42) |
|  | 06/2026 | 16528 | 915 | 0 | (1) |
|  | 06/2026 | $1231 | 8417 | 0 | (6) |
|  MYI | 04/2026 | 8724 | $1682 | 0 | (2) |
|  | 04/2026 | 64930 | 9241 | 0 | (802) |
|  | 04/2026 | 44 | 11 | 0 | 0 |
|  | 04/2026 | 3756 | 1044 | 32 | 0 |
|  | 04/2026 | 5090294 | 161414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | 0 |
|  | 04/2026 | $1671 | 8724 | 13 | 0 |
|  | 04/2026 | 118 | 2478 | 0 | (1) |
|  | 04/2026 | 889 | 3167 | 0 | (36) |
|  | 04/2026 | 19502 | 625811 | 37 | 0 |
|  | 06/2026 | 384075 | $23 | 0 | 0 |
|  | 06/2026 | 626396 | 19502 | 14 | 0 |
|  | 06/2026 | $728 | 5021 | 2 | 0 |
|  | 01/2027 | 161414 | 5051910 | 0 | (4371) |
|  NGF | 04/2026 | 12 | 81 | 0 | 0 |
|  | 04/2026 | 385 | 3703 | 0 | (3) |
|  | 04/2026 | 5300 | 242952 | 107 | 0 |
|  | 05/2026 | 1009 | 46719 | 0 | 0 |
|  SCX | 04/2026 | 9523 | $1378 | 0 | (1) |
|  | 04/2026 | 24354077 | 6361 | 0 | (261) |
|  | 04/2026 | 165412 | 1060 | 18 | 0 |
|  | 04/2026 | 6173932 | 4044 | 0 | (62) |
|  | 04/2026 | 36310 | 21709 | 843 | 0 |
|  | 04/2026 | 5 | 4 | 0 | 0 |
|  | 04/2026 | 10773 | 338 | 11 | 0 |
|  | 04/2026 | $75172 | 104076 | 0 | (353) |
|  | 04/2026 | 3758 | 2816 | 0 | (30) |
|  | 04/2026 | 7985 | 727161 | 0 | (306) |
|  | 04/2026 | 4044 | 6174701 | 62 | 0 |
|  | 04/2026 | 1945 | 7037 | 0 | (49) |
|  | 04/2026 | 3199 | 102102 | 0 | (9) |
|  | 05/2026 | 103933 | $75172 | 351 | 0 |
|  | 05/2026 | $3139 | 21720 | 15 | 0 |
|  | 06/2026 | 1593 | 10892 | 0 | (7) |
|  | 06/2026 | 4659 | 78546151 | 0 | (41) |
|  | 07/2026 | 724 | 4960 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **173** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SOG | 04/2026 | 6183 | $7227 | $88 | $(7) |
|  | 04/2026 | 912351 | 5864 | 115 | 0 |
|  | 04/2026 | 16396 | 3217 | 1 | 0 |
|  | 04/2026 | 8224 | $1868 | 6 | 0 |
|  | 04/2026 | 1421 | 1125 | 20 | 0 |
|  | 04/2026 | $8718 | 6946 | 18 | (49) |
|  | 04/2026 | 9523 | 64981 | 0 | (88) |
|  | 04/2026 | 370563 | 321066 | 591 | (49) |
|  | 04/2026 | 3764 | 16425 | 0 | (44) |
|  | 05/2026 | 5818 | $7284 | 0 | (18) |
|  | 05/2026 | 319249 | 368990 | 0 | (577) |
|  | 05/2026 | $33 | 229 | 0 | 0 |
|  | 05/2026 | 3446 | 2983 | 7 | 0 |
|  | 06/2026 | 7130 | $2311 | 38 | 0 |
|  | 06/2026 | 11355 | 3370 | 120 | 0 |
|  SSB | 04/2026 | 80752 | 57465 | 1750 | 0 |
|  | 04/2026 | 254 | 327 | 9 | 0 |
|  | 04/2026 | 1069 | 7 | 0 | 0 |
|  UAG | 04/2026 | 2191 | 104 | 1 | 0 |
|  | 04/2026 | 8105 | 2203 | 19 | 0 |
|  | 04/2026 | $185 | 3900 | 0 | (1) |
|  | 04/2026 | 10927 | 39588 | 1 | (264) |
|  | 05/2026 | 1507 | 1939 | 5 | 0 |
|  | 06/2026 | 11573 | $3744 | 56 | 0 |
|  | 06/2026 | 21079 | 1175 | 6 | 0 |
|  | 09/2026 | 76108477 | 19776 | 0 | (176) |
|  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;36554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25727) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 5998 | $9 | $9 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 8927 | 12 | 13 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 5310 | 54 | 16 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 1182 | 8 | 4 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 6606 | 47 | 26 |
| BPS | Put - OTC EUR versus CZK | CZK | 24.040 | 08/13/2026 | 2242 | 8 | 1 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1091 | 2 | 2 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 5128 | 7 | 8 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 2669 | 4 | 4 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 10259 | 94 | 30 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/10/2026 | 10260 | 82 | 31 |
| MYI | Put - OTC EUR versus CZK | CZK | 23.900 | 06/02/2026 | 4005 | 16 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 5998 | $(3) | $(2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 8927 | (4) | (4) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 5310 | (19) | (4) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 1182 | (3) | (1) |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 6606 | (47) | (41) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1091 | (1) | (1) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 5128 | (2) | (2) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2669 | (1) | (1) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 10259 | (32) | (8) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 10260 | (27) | (8) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |

---

174 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating<br>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 | 11200 | $(37) | $(14) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 11200 | (37) | (63) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 1600 | (5) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 1600 | (5) | (8) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 1600 | (5) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 1600 | (6) | (5) |
|  |  |  |  |  |  | $(95) | $(96) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | Fixed<br>(Pay) Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Reference Entity** | Fixed<br>(Pay) Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.272% | $4400 | $(147) | $34 | $0 | $(113) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.324 | 4400 | (162) | 31 | 0 | (131) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(5)</sup> | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2026 | 2.033% | $800 | $(8) | $2 | $0 | $(6) |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 1435 | 0 | 8 | 8 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(6)</sup>** | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(6)</sup>** | **Notional<br>Amount<sup>(6)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 300 | $70 | $(10) | $60 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 5100 | 1061 | (40) | 1021 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 600 | 136 | (16) | 120 | 0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 2500 | 527 | (27) | 500 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 6400 | 1416 | (135) | 1281 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  CBK | Floating rate equal to 1-Day JPY-SOFR less 0.450% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered 1-Day | Maturity | 03/17/2032 | $4152 | JPY | 656100 | $11 | $2 | $13 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | 73903 |  | 11085500 | 946 | (5) | 941 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **175** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(8)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  FAR | Floating rate equal to 1-Day JPY-SOFR less 0.450% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 37332 |  | 5898400 | $171 | $14 | $185 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.442% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 13961 |  | 2050000 | 58 | 14 | 72 | 0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | 16714 | GBP | 12567 | (64) | (33) | 0 | (97) |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | 104052 | JPY | 16128000 | 67 | (48) | 19 | 0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 1565 |  | 230000 | 2 | 0 | 2 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/17/2032 | CNY | 2400 | $&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) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **# of Units** | Financing Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap**<br> **Agreements, at Value** | **Swap**<br> **Agreements, at Value** |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **# of Units** | Financing Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| CBK | Receive 01-Day SGD-SIBCSORA Compounded-OIS  | N/A | 0.822 | Semi-Annual | 08/26/2026 | SGD | 170 | $0 | $3 | $3 | $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;4081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $1176 | $0 | $0 | $1176 | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060) | $116 |
|  BOA | 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | 60 | 633 | (208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | (340) | 293 | (320) | (27) |
|  BPS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5245) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5245) | 1148 | (430) | 718 |
|  BRC | 574 | 0 | 0 | 574 | (781) | 0 | 0 | (781) | (207) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |
|  BSH | 1029 | 0 | 0 | 1029 | (1876) | 0 | 0 | (1876) | (847) | 682 | (165) |
|  CBK | 2851 | 0 | 1077 | 3928 | (3387) | 0 | (6) | (3393) | 535 | 291 | 826 |
|  DUB | 1518 | 0 | 8 | 1526 | (1560) | 0 | 0 | (1560) | (34) | (10) | (44) |
|  FAR | 3729 | 0 | 257 | 3986 | (410) | 0 | 0 | (410) | 3576 | (3929) | (353) |
|  GLM | 3455 | 2 | 21 | 3478 | (2976) | (20) | (97) | (3093) | 385 | 504 | 889 |

---

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

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<br>OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(10)</sup>** |
|  GST | $0 | $0 | $500 | $500 | $0 | $0 | $0 | $0 | $500 | $(280) | $220 |
|  IND | 6444 | 0 | 0 | 6444 | (8) | 0 | 0 | (8) | 6436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2374) |
|  JPM | 2576 | 0 | 1281 | 3857 | (1146) | 0 | 0 | (1146) | 2711 | (2580) | 131 |
|  MBC | 541 | 73 | 0 | 614 | (522) | (19) | 0 | (541) | 73 | 0 | 73 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (244) | (244) | (244) | 309 | 65 |
|  MYI | 2527 | 0 | 0 | 2527 | (5212) | 0 | 0 | (5212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2685) | 2048 | (637) |
|  NGF | 107 | 0 | 0 | 107 | (3) | 0 | 0 | (3) | 104 | (260) | (156) |
|  SCX | 1300 | 0 | 0 | 1300 | (1120) | 0 | 0 | (1120) | 180 | 0 | 180 |
|  SOG | 1004 | 0 | 0 | 1004 | (832) | 0 | 0 | (832) | 172 | (100) | 72 |
|  SSB | 1759 | 0 | 0 | 1759 | 0 | 0 | 0 | 0 | 1759 | (2140) | (381) |
|  UAG | 88 | 0 | 0 | 88 | (441) | 0 | 0 | (441) | (353) | 280 | (73) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $4225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40923 | $(25727) | $(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26245) |  |  |  |

---

(p) Securities with an aggregate market value of $4,114 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> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(5)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(7)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(8)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **177** |

---

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 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 | $3034 | $3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2235 | 0 | 0 | 9733 | 11968 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36554 | $0 | $36554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 144 | 0 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2990 | 0 | 1232 | 3 | 4225 |
|  | $0 | $2990 | $0 | $37930 | $3 | $40923 |
|  | $0 | $5225 | $0 | $37930 | $12770 | $55925 |
|  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 | $35 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4093 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 523 | 0 | 0 | 4294 | 4817 |
|  | $0 | $523 | $0 | $0 | $8422 | $8945 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $25727 | $0 | $25727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 72 | 96 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 250 | 0 | 97 | 3 | 350 |
|  | $0 | $250 | $0 | $25896 | $99 | $26245 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $25896 | $8521 | $35190 |

---

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 | $694 | $694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 14534 | 14534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7579 | 0 | 0 | (2209) | 5370 |
|  | $0 | $7579 | $0 | $0 | $13019 | $20598 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(43304) | $0 | $(43304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 91 | (356) | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 757 | 1815 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 501 | 0 | 2486 | (248) | 2739 |
|  | $0 | $501 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39970) | $1211 | $(38258) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080 | $0 | $(39970) | $14230 | $(17660) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (326) | (326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (473) | 0 | 0 | (22200) | (22673) |
|  | $0 | $(473) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22531) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;((23004) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $18089 | $0 | $18089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (53) | (128) | (181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 63 | 3 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (393) | 0 | (6) | 273 | (126) |
|  | $0 | $(393) | $0 | $18093 | $148 | $17848 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(866) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $18093 | $(22383) | $(5156) |

---

178 PIMCO INTERNATIONAL 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 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $193 | $0 | $193 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8941 | 0 | 8941 |
| &nbsp;&nbsp; Non-Agency<br>Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17939 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42967 | 0 | 42967 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 34366 | 0 | 34366 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3603 | 0 | 3603 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 38543 | 0 | 38543 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37294 | 0 | 37294 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 43639 | 0 | 43639 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6899 | 1629 | 8528 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 506 | 0 | 506 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1013 | 0 | 1013 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 353 | 0 | 353 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 39040 | 0 | 39040 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6232 | 0 | 6232 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 20641 | 0 | 20641 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2933 | 0 | 2933 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9518 | 0 | 9518 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 86492 | 0 | 86492 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1614 | 0 | 1614 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 101 | 0 | 101 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 62697 | 0 | 62697 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 530 | 0 | 530 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 3008 | 3008 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8196 | 0 | 8196 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1375 | 0 | 1375 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 28428 | 0 | 28428 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10097 | 0 | 10097 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36822 | 0 | 36822 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2801 | 0 | 2801 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1787 | 0 | 1787 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8889 | 0 | 8889 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1319 | 1319 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8857 | 0 | 8857 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 520 | 0 | 520 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1430 | 0 | 1430 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 392 | 0 | 392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $487 | $0 | $487 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2840 | 0 | 2840 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1482 | 0 | 1482 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32718 | 0 | 32718 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5058 | 0 | 5058 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6580 | 0 | 6580 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8517 | 0 | 8517 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5546 | 0 | 5546 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 20724 | 0 | 20724 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2377 | 0 | 2377 |
|  Slovakia | Slovakia | Slovakia | Slovakia | Slovakia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5186 | 0 | 5186 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 41263 | 0 | 41263 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 65835 | 0 | 65835 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1213 | 0 | 1213 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11083 | 0 | 11083 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8671 | 0 | 8671 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8775 | 0 | 8775 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1173 | 0 | 1173 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3166 | 0 | 3166 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3513 | 0 | 3513 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 48709 | 0 | 48709 |
| &nbsp;&nbsp; Loan Participations<br>and Assignments | 0 | 0 | 1416 | 1416 |
| &nbsp;&nbsp; Non-Agency<br>Mortgage-Backed Securities | 0 | 27986 | 0 | 27986 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 74675 | 0 | 74675 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 36372 | 0 | 36372 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 106519 | 0 | 106519 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 1735 | 1735 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 828 | 0 | 828 |
| &nbsp;&nbsp; Non-Agency<br>Mortgage-Backed Securities | 0 | 70985 | 0 | 70985 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 158 | 0 | 158 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 989613 | 0 | 989613 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 160935 | 0 | 160935 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 42527 | 0 | 42527 |
| &nbsp;&nbsp; Mutual Funds | 817 | 0 | 0 | 817 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 9556 | 0 | 9556 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 43 | 0 | 43 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 10139 | 0 | 10139 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 13818 | 0 | 13818 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2848 | 0 | 2848 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417490 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 179

------

Schedule of Investments PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair 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;83041 | $0 | $0 | $83041 |
|  Total Investments | $83858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500531 |
|  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 |
|  Sovereign Issues | 0 | (9329) | 0 | (9329) |
|  U.S. Government Agencies | 0 | (358685) | 0 | (358685) |
|  | $0 | $(368014) | $0 | $(368014) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair 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 | $1608 | $12333 | $0 | $13941 |
|  Over the counter | 0 | 40915 | 8 | 40923 |
|  | $1608 | $53248 | $8 | $54864 |
|  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 | (4073) | (4872) | 0 | (8945) |
|  Over the counter | 0 | (26245) | 0 | (26245) |
|  | $(4073) | $(31117) | $0 | $(35190) |
|  Total Financial Derivative Instruments | $(2465) | $22131 | $8 | $19674 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152191 |

---

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>(</sup><sup>1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1638 | 0 | 0 | 0 | (9) | 0 | 0 | 1629 | (9) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) | 0 | 18 | 522 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8171) | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 2806 | 0 | 0 | 3 | 0 | 199 | 0 | 0 | 3008 | 199 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1315 | 0 | 1 | 0 | 3 | 0 | 0 | 1319 | 3 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Loan Participations and Assignments | 306 | 1437 | (331) | 0 | 37 | (33) | 0 | 0 | 1416 | (20) |
|  United States | United States | United States | United States | United States | United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Loan Participations and Assignments | 1108 | 1179 | (536) | 0 | 0 | (16) | 0 | 0 | 1735 | (15) |
|  | $12118 | $22569 | $(1134) | $4 | $55 | $1605 | $0 | $(8171) | $27046 | $1097 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $39 | $0 | $(15) | $0 | $0 | $(16) | $0 | $0 | $8 | $(2) |
|  Totals | $12157 | $22569 | $(1149) | $4 | $55 | $1589 | $0 | $(8171) | $27054 | $1095 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17939 | Recent Transaction | Purchase Price | 100.000 |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1629 | Discounted Cash Flow | Discount Rate | 6.918 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3008 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 1319 | Discounted Cash Flow | Discount Rate | 4.840 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 400 | Discounted Cash Flow | Discount Rate | 6.790 |  |
|  | 1016 | Recent Transaction | Purchase Price | 96.000 |  |

---

---

| | | |
|:---|:---|:---|
| **180** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation**<br> **Technique** | **Unobservable Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation**<br> **Technique** | **Unobservable Inputs** | Input Value(s) | Weighted<br>Average |
|  United States |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | $926 | Discounted Cash Flow | Discount Rate | 4.270-5.770 | 5.246 |
|  | 809 | Recent Transaction | Purchase Price | 100.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 8 | Indicative Market Quotation | Broker Quote | 0.191 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054 |  |  |  |  |

---

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **181** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 120.3% | INVESTMENTS IN SECURITIES 120.3% | INVESTMENTS IN SECURITIES 120.3% |
| ARGENTINA 0.0% | ARGENTINA 0.0% | ARGENTINA 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 425 | 357 |
|  1.000% due 07/09/2029 | 11 | 9 |
|  3.500% due 07/09/2041 þ | 100 | 67 |
|  Total Argentina (Cost $373) | Total Argentina (Cost $373) | 433 |
| AUSTRALIA 4.6% | AUSTRALIA 4.6% | AUSTRALIA 4.6% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.971% due 01/22/2030 (j) | 5900 | 6075 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 16400 | 11315 |
| SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% | SOVEREIGN ISSUES 3.1% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 1000 | 346 |
|  2.500% due 05/21/2030 | 1100 | 698 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 5800 | 3060 |
|  2.000% due 03/08/2033 | 4600 | 2575 |
|  2.500% due 11/22/2032 | 8400 | 4918 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 4900 | 2701 |
|  1.750% due 07/20/2034 | 2000 | 1039 |
|  2.000% due 08/22/2033 | 6000 | 3296 |
|  5.250% due 07/21/2036 | 5700 | 3809 |
|  South Australian Government Financing Authority | South Australian Government Financing Authority | South Australian Government Financing Authority |
|  4.750% due 05/24/2035 | 3000 | 1953 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 09/17/2035 | 4700 | 2381 |
|  2.000% due 11/20/2037 | 10700 | 4992 |
|  2.250% due 09/15/2033 | 6700 | 3733 |
|  4.250% due 12/20/2032 | 1500 | 974 |
|  |  | 36475 |
|  Total Australia (Cost $52,962) | Total Australia (Cost $52,962) | 53865 |
| BELGIUM 0.2% | BELGIUM 0.2% | BELGIUM 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Warehouses De Pauw CVA | Warehouses De Pauw CVA | Warehouses De Pauw CVA |
|  3.125% due 01/15/2031 | 1700 | 1896 |
|  Total Belgium (Cost $1,973) | Total Belgium (Cost $1,973) | 1896 |
| BERMUDA 0.3% | BERMUDA 0.3% | BERMUDA 0.3% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.708% due 07/20/2035 •  | 1300 | 1300 |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 2300 | 2296 |
|  Total Bermuda (Cost $3,586) | Total Bermuda (Cost $3,586) | 3596 |
| BRAZIL 1.1% | BRAZIL 1.1% | BRAZIL 1.1% |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (d) | 28600 | 5347 |
|  0.000% due 10/01/2026 (d) | 46000 | 8320 |
|  Total Brazil (Cost $13,559) | Total Brazil (Cost $13,559) | 13667 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BULGARIA 0.3% | BULGARIA 0.3% | BULGARIA 0.3% |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 1400 | 1549 |
|  4.125% due 07/18/2045 | 1400 | 1517 |
|  Total Bulgaria (Cost $3,200) | Total Bulgaria (Cost $3,200) | 3066 |
| CANADA 3.3% | CANADA 3.3% | CANADA 3.3% |
| CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% | CORPORATE BONDS & NOTES 1.0% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  0.010% due 09/14/2029 | 1900 | 1982 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.876% due 01/14/2030 | 4500 | 4616 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 900 | 1020 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.498% due 08/06/2029 •  | 2100 | 2100 |
|  4.696% due 08/06/2031 •  | 2300 | 2296 |
|  |  | 12014 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1% |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  2.381% due 02/12/2055 ~ | 71 | 51 |
|  2.867% due 02/12/2055 ~ | 2400 | 1666 |
|  |  | 1717 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  2.750% due 03/01/2030 | 100 | 71 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (f) | 1570 | 1081 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  7.130% due 03/11/2029 | 123600 | 1278 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 4300 | 3171 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 13500 | 9735 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 | 10000 | 7152 |
|  4.450% due 09/01/2034 | 2400 | 1802 |
|  PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
|  4.500% due 09/05/2031 | 3500 | 2331 |
|  |  | 26621 |
|  Total Canada (Cost $40,627) | Total Canada (Cost $40,627) | 40352 |
| CAYMAN ISLANDS 2.5% | CAYMAN ISLANDS 2.5% | CAYMAN ISLANDS 2.5% |
| ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% | ASSET-BACKED SECURITIES 2.0% |
|  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 •  | 1225 | 1227 |
|  KKR CLO 41 Ltd. | KKR CLO 41 Ltd. | KKR CLO 41 Ltd. |
|  5.002% due 04/15/2035 •  | 2100 | 2101 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.222% due 01/17/2037 •  | 633 | 631 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.752% due 10/15/2034 •  | 2250 | 2252 |
|  4.762% due 04/20/2035 •  | 1000 | 1000 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  4.790% due 07/10/2034 •  | 2600 | 2603 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 1800 | 1810 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 1800 | 1796 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  | 384 | 384 |
|  5.022% due 11/15/2038 •  | 470 | 469 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  4.822% due 10/15/2035 •  | 2300 | 2297 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  4.933% due 10/13/2032 •  | 722 | 723 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  4.818% due 10/20/2034 •  | 3100 | 3104 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 1987 | 1992 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.059% due 04/20/2032 •  | 973 | 974 |
|  |  | 23363 |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 503 | 486 |
|  4.950% due 10/15/2032 | 1300 | 1267 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1163 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 1500 | 1512 |
|  |  | 4428 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.268% due 10/25/2028 | 800 | 810 |
|  Total Cayman Islands (Cost $28,603) | Total Cayman Islands (Cost $28,603) | 28601 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 800 | 811 |
|  Total Chile (Cost $800) | Total Chile (Cost $800) | 811 |
| CHINA 8.5% | CHINA 8.5% | CHINA 8.5% |
| SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 252560 | 38635 |
|  2.820% due 05/22/2033 | 191170 | 29554 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 101700 | 14581 |
|  1.920% due 01/15/2055 | 70800 | 9335 |
|  3.530% due 10/18/2051 | 47500 | 8416 |
|  Total China (Cost $97,674) | Total China (Cost $97,674) | 100521 |
| COLOMBIA 1.0% | COLOMBIA 1.0% | COLOMBIA 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.500% due 07/25/2046 | 75900 | 18 |
|  11.750% due 01/24/2035 | 10383100 | 2574 |
|  12.000% due 03/13/2058 | 3571600 | 878 |
|  12.750% due 11/28/2040 | 11073700 | 2935 |
|  13.250% due 02/09/2033 | 18263000 | 4897 |
|  Total Colombia (Cost $11,957) | Total Colombia (Cost $11,957) | 11302 |
| COSTA RICA 0.2% | COSTA RICA 0.2% | COSTA RICA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 1750 | 2071 |
|  6.001% due 01/16/2036 | 500 | 595 |
|  Total Costa Rica (Cost $2,627) | Total Costa Rica (Cost $2,627) | 2666 |
| DENMARK 0.1% | DENMARK 0.1% | DENMARK 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 10/01/2050 | 36 | 4 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 2210 | 276 |

---

---

| | | |
|:---|:---|:---|
| **182** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2053 | 5148 | 635 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 3975 | 490 |
|  Total Denmark (Cost $1,738) | Total Denmark (Cost $1,738) | 1405 |
| EGYPT 0.1% | EGYPT 0.1% | EGYPT 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | 52800 | 951 |
|  Total Egypt (Cost $1,123) | Total Egypt (Cost $1,123) | 951 |
| FRANCE 2.1% | FRANCE 2.1% | FRANCE 2.1% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | 900 | 905 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 2400 | 2461 |
|  |  | 3366 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  2.750% due 02/25/2029 | 5200 | 5982 |
|  2.750% due 02/25/2030 | 13900 | 15904 |
|  |  | 21886 |
|  Total France (Cost $24,012) | Total France (Cost $24,012) | 25252 |
| HUNGARY 0.0% | HUNGARY 0.0% | HUNGARY 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  6.000% due 09/26/2035 | 400 | 407 |
|  Total Hungary (Cost $394) | Total Hungary (Cost $394) | 407 |
| IRELAND 3.8% | IRELAND 3.8% | IRELAND 3.8% |
| ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  3.280% due 07/25/2039 •  | 2900 | 3352 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.063% due 10/21/2034 •  | 1055 | 1221 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  3.426% due 08/15/2039 •  | 700 | 807 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.906% due 07/19/2035 •  | 1300 | 1501 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 2300 | 2657 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.006% due 10/15/2035 •  | 2400 | 2773 |
|  CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC |
|  3.229% due 05/15/2037 •  | 2300 | 2657 |
|  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 •  | 950 | 1097 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 604 | 699 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.286% due 10/18/2039 •  | 3400 | 3928 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.256% due 01/15/2039 •  | 1800 | 2081 |
|  3.383% due 08/15/2039 •  | 800 | 925 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  | 2300 | 2657 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.320% (EUR003M + 1.290%) due 01/26/2038 ~ | 2500 | 2889 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  | 546 | 632 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.256% due 10/20/2039 •  | 4000 | 4621 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.866% due 10/15/2034 •  | 1168 | 1349 |
|  3.047% due 07/15/2035 •  | 1600 | 1850 |
|  Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC |
|  3.181% due 07/15/2038 •  | 2500 | 2881 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.066% due 10/15/2034 •  | 1900 | 2198 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.216% due 10/15/2038 •  | 2600 | 3004 |
|  Total Ireland (Cost $45,519) | Total Ireland (Cost $45,519) | 45779 |
| ISRAEL 0.6% | ISRAEL 0.6% | ISRAEL 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/17/2033 | 600 | 577 |
|  5.375% due 03/12/2029 | 1300 | 1321 |
|  5.375% due 02/19/2030 | 2400 | 2438 |
|  5.500% due 03/12/2034 (j) | 1300 | 1318 |
|  5.625% due 02/19/2035 | 300 | 306 |
|  5.750% due 03/12/2054 | 1300 | 1211 |
|  Total Israel (Cost $7,112) | Total Israel (Cost $7,112) | 7171 |
| ITALY 2.2% | ITALY 2.2% | ITALY 2.2% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  0.875% due 10/08/2027 | 1800 | 2062 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  8.248% due 11/21/2033 •  | 1000 | 1153 |
|  |  | 3215 |
| SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% | SOVEREIGN ISSUES 1.9% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 | 2500 | 2482 |
|  5.750% due 05/05/2026 | 1400 | 1402 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  2.700% due 10/15/2027 | 3800 | 4385 |
|  3.400% due 04/01/2028 | 11500 | 13431 |
|  3.600% due 10/01/2035 | 1100 | 1247 |
|  |  | 22947 |
|  Total Italy (Cost $26,571) | Total Italy (Cost $26,571) | 26162 |
| JAPAN 3.7% | JAPAN 3.7% | JAPAN 3.7% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.159% due 04/24/2031 •  | 1600 | 1623 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 1000 | 984 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.246% due 07/08/2036 •  | 2300 | 2307 |
|  |  | 4914 |
| SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  4.000% due 08/28/2027 | 1800 | 1798 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 1507148 | 9530 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 320000 | 1944 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 588000 | 2568 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 09/20/2046 | 74000 | 272 |
|  0.500% due 03/20/2049 | 404200 | 1358 |
|  0.700% due 12/20/2050 | 250000 | 837 |
|  0.700% due 03/20/2051 | 250000 | 830 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.700% due 06/20/2051 |  | 200000 | 658 |
|  1.000% due 03/20/2052 |  | 500000 | 1763 |
|  2.300% due 12/20/2054 |  | 872150 | 4171 |
|  2.800% due 06/20/2055 |  | 150000 | 801 |
|  3.200% due 09/20/2055 |  | 240000 | 1390 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 |  | 850000 | 3825 |
|  2.000% due 12/20/2044 |  | 470000 | 2460 |
|  2.400% due 03/20/2045 |  | 738000 | 4109 |
|  2.500% due 06/20/2045 |  | 190000 | 1071 |
|  |  |  | 39385 |
|  Total Japan (Cost $59,099) | Total Japan (Cost $59,099) | Total Japan (Cost $59,099) | 44299 |
| JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% | JERSEY, CHANNEL ISLANDS 0.3% |
| ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% | ASSET-BACKED SECURITIES 0.3% |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.778% due 04/20/2035 •  | $— | 1900 | 1901 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  |  | 1100 | 1099 |
|  Total Jersey, Channel Islands (Cost $3,000) | Total Jersey, Channel Islands (Cost $3,000) | Total Jersey, Channel Islands (Cost $3,000) | 3000 |
| KAZAKHSTAN 0.0% | KAZAKHSTAN 0.0% | KAZAKHSTAN 0.0% | KAZAKHSTAN 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 |  | 268000 | 576 |
|  Total Kazakhstan (Cost $495) | Total Kazakhstan (Cost $495) | Total Kazakhstan (Cost $495) | 576 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | $— | 2600 | 2565 |
|  4.136% due 10/09/2030 |  | 1300 | 1274 |
|  4.652% due 10/09/2035 |  | 1900 | 1827 |
|  Total Kuwait (Cost $5,800) | Total Kuwait (Cost $5,800) | Total Kuwait (Cost $5,800) | 5666 |
| LUXEMBOURG 0.4% | LUXEMBOURG 0.4% | LUXEMBOURG 0.4% | LUXEMBOURG 0.4% |
| SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% | SOVEREIGN ISSUES 0.4% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 5300 | 5334 |
|  Total Luxembourg (Cost $5,288) | Total Luxembourg (Cost $5,288) | Total Luxembourg (Cost $5,288) | 5334 |
| MALAYSIA 1.2% | MALAYSIA 1.2% | MALAYSIA 1.2% | MALAYSIA 1.2% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. | Petronas Capital Ltd. |
|  3.404% due 04/28/2061 | $— | 800 | 527 |
|  4.550% due 04/21/2050 |  | 400 | 344 |
|  4.800% due 04/21/2060 |  | 400 | 349 |
|  |  |  | 1220 |
| SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% | SOVEREIGN ISSUES 1.1% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  2.632% due 04/15/2031 |  | 3700 | 882 |
|  3.519% due 04/20/2028 |  | 47830 | 11892 |
|  4.762% due 04/07/2037 |  | 1700 | 457 |
|  |  |  | 13231 |
|  Total Malaysia (Cost $13,039) | Total Malaysia (Cost $13,039) | Total Malaysia (Cost $13,039) | 14451 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.000% due 04/27/2051 | $— | 600 | 470 |
|  Total Mexico (Cost $559) | Total Mexico (Cost $559) | Total Mexico (Cost $559) | 470 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 183

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NETHERLANDS 0.1% | NETHERLANDS 0.1% | NETHERLANDS 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.525% due 03/25/2036 •  | 800 | 810 |
|  Total Netherlands (Cost $800) | Total Netherlands (Cost $800) | 810 |
| NEW ZEALAND 0.3% | NEW ZEALAND 0.3% | NEW ZEALAND 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  3.708% due 12/20/2028 | 3000 | 3532 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  1.500% due 05/15/2031 | 1000 | 503 |
|  Total New Zealand (Cost $4,039) | Total New Zealand (Cost $4,039) | 4035 |
| NORWAY 0.1% | NORWAY 0.1% | NORWAY 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  1.900% due 01/19/2027 | 2200 | 1482 |
|  Total Norway (Cost $1,603) | Total Norway (Cost $1,603) | 1482 |
| PERU 1.8% | PERU 1.8% | PERU 1.8% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 2800 | 873 |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.780% due 12/01/2060 | 1000 | 530 |
|  5.400% due 08/12/2034 | 5700 | 1556 |
|  6.150% due 08/12/2032 | 16200 | 4868 |
|  6.850% due 08/12/2035 | 27380 | 8034 |
|  6.900% due 08/12/2037 | 6600 | 1886 |
|  6.950% due 08/12/2031 | 8961 | 2793 |
|  |  | 19667 |
|  Total Peru (Cost $21,259) | Total Peru (Cost $21,259) | 20540 |
| POLAND 0.2% | POLAND 0.2% | POLAND 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 500 | 511 |
|  5.375% due 02/12/2035 | 1300 | 1327 |
|  Total Poland (Cost $1,812) | Total Poland (Cost $1,812) | 1838 |
| QATAR 0.0% | QATAR 0.0% | QATAR 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 600 | 529 |
|  Total Qatar (Cost $596) | Total Qatar (Cost $596) | 529 |
| ROMANIA 0.5% | ROMANIA 0.5% | ROMANIA 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 | 600 | 576 |
|  2.000% due 04/14/2033 | 100 | 91 |
|  2.124% due 07/16/2031 | 200 | 199 |
|  2.625% due 12/02/2040 | 800 | 579 |
|  3.750% due 02/07/2034 | 400 | 400 |
|  5.000% due 09/27/2026 | 73 | 85 |
|  5.125% due 09/24/2031 | 1800 | 2066 |
|  5.250% due 03/10/2030 | 600 | 704 |
|  5.250% due 05/30/2032 | 700 | 799 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 10/07/2045 |  | 300 | 332 |
|  Total Romania (Cost $6,189) | Total Romania (Cost $6,189) | Total Romania (Cost $6,189) | 5831 |
| SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% | SAUDI ARABIA 1.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | $— | 800 | 707 |
|  6.375% due 06/02/2055 |  | 800 | 797 |
|  |  |  | 1504 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 1200 | 1345 |
|  3.750% due 03/05/2037 |  | 300 | 327 |
|  4.750% due 01/18/2028 | $— | 2700 | 2707 |
|  4.750% due 01/16/2030 |  | 6600 | 6601 |
|  4.875% due 07/18/2033 |  | 400 | 396 |
|  5.000% due 01/16/2034 |  | 1200 | 1196 |
|  5.125% due 01/13/2028 |  | 1700 | 1718 |
|  5.375% due 01/13/2031 |  | 1000 | 1023 |
|  5.625% due 01/13/2035 |  | 2200 | 2279 |
|  |  |  | 17592 |
|  Total Saudi Arabia (Cost $18,988) | Total Saudi Arabia (Cost $18,988) | Total Saudi Arabia (Cost $18,988) | 19096 |
| SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% | SERBIA 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 |  | 1100 | 1175 |
|  2.050% due 09/23/2036 |  | 900 | 789 |
|  Total Serbia (Cost $2,319) | Total Serbia (Cost $2,319) | Total Serbia (Cost $2,319) | 1964 |
| SOUTH AFRICA 1.4% | SOUTH AFRICA 1.4% | SOUTH AFRICA 1.4% | SOUTH AFRICA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  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 |  | 12800 | 608 |
|  8.000% due 01/31/2030 |  | 38000 | 2222 |
|  8.750% due 02/28/2048 |  | 13600 | 727 |
|  8.875% due 02/28/2035 |  | 217000 | 12603 |
|  Total South Africa (Cost $15,390) | Total South Africa (Cost $15,390) | Total South Africa (Cost $15,390) | 16160 |
| SOUTH KOREA 1.6% | SOUTH KOREA 1.6% | SOUTH KOREA 1.6% | SOUTH KOREA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. |
|  3.500% due 10/21/2029 | $— | 2000 | 1918 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  2.696% due 03/04/2031 |  | 3000 | 3390 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.250% due 09/30/2029 | $— | 2000 | 1995 |
|  Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds | Korea Treasury Bonds |
|  1.375% due 06/10/2030 |  | 77760 | 46 |
|  2.375% due 12/10/2028 |  | 227450 | 144 |
|  2.625% due 06/10/2028 |  | 18630300 | 11943 |
|  Total South Korea (Cost $22,023) | Total South Korea (Cost $22,023) | Total South Korea (Cost $22,023) | 19436 |
| SPAIN 3.3% | SPAIN 3.3% | SPAIN 3.3% | SPAIN 3.3% |
| SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% | SOVEREIGN ISSUES 3.3% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 |  | 500 | 591 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  1.450% due 04/30/2029 |  | 610 | 678 |
|  2.400% due 05/31/2028 |  | 3800 | 4361 |
|  2.700% due 01/31/2030 |  | 3000 | 3445 |
|  3.150% due 04/30/2035 |  | 10392 | 11765 |
|  3.200% due 10/31/2035 |  | 5500 | 6223 |
|  3.450% due 10/31/2034 |  | 7270 | 8452 |
|  3.500% due 05/31/2029 |  | 2800 | 3304 |
|  Total Spain (Cost $38,839) | Total Spain (Cost $38,839) | Total Spain (Cost $38,839) | 38819 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SUPRANATIONAL 1.6% | SUPRANATIONAL 1.6% | SUPRANATIONAL 1.6% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
|  2.500% due 04/14/2027 | 1800 | 1213 |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  European Union | European Union | European Union |
|  3.375% due 12/12/2035 | 9700 | 11187 |
|  3.750% due 10/12/2045 | 5500 | 6157 |
|  |  | 17344 |
|  Total Supranational (Cost $19,328) | Total Supranational (Cost $19,328) | 18557 |
| SWITZERLAND 0.6% | SWITZERLAND 0.6% | SWITZERLAND 0.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  UBS AG | UBS AG | UBS AG |
|  4.458% (SOFRRATE + 0.810%) due 03/16/2029 ~ | 3000 | 3003 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1100 | 1009 |
|  3.869% due 01/12/2029 •  | 400 | 395 |
|  4.844% due 11/06/2033 •  | 1000 | 984 |
|  5.617% due 09/13/2030 •  | 1500 | 1547 |
|  Total Switzerland (Cost $6,846) | Total Switzerland (Cost $6,846) | 6938 |
| THAILAND 1.0% | THAILAND 1.0% | THAILAND 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  1.840% due 05/17/2036 | 112711 | 3305 |
|  2.700% due 06/17/2040 | 202500 | 6046 |
|  2.980% due 06/17/2045 | 85862 | 2509 |
|  Total Thailand (Cost $12,965) | Total Thailand (Cost $12,965) | 11860 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 2400 | 2329 |
|  4.500% due 05/06/2030 | 200 | 197 |
|  5.000% due 05/06/2035 | 400 | 390 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 600 | 609 |
|  Total United Arab Emirates (Cost $3,577) | Total United Arab Emirates (Cost $3,577) | 3525 |
| UNITED KINGDOM 6.8% | UNITED KINGDOM 6.8% | UNITED KINGDOM 6.8% |
| ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% | ASSET-BACKED SECURITIES 0.2% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  4.494% due 08/15/2066 ~ | 1684 | 2225 |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  8.875% due 09/15/2027 •(g)(h) | 600 | 817 |
|  9.250% due 09/15/2028 •(g)(h) | 200 | 279 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.856% due 05/23/2033 •  | 1800 | 2180 |
|  5.597% due 05/17/2028 •  | 500 | 506 |
|  5.887% due 08/14/2027 •  | 900 | 905 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.875% due 06/27/2029 •(g)(h) | 200 | 271 |
|  8.500% due 09/27/2027 •(g)(h) | 200 | 273 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 700 | 690 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 1600 | 1618 |
|  5.125% due 05/12/2027 •(g)(h) | 200 | 261 |
|  5.778% due 03/01/2035 •  | 2900 | 2999 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.836% (SOFRRATE + 1.190%) due 03/21/2030 ~ | 2200 | 2221 |

---

---

| | | |
|:---|:---|:---|
| **184** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.716% (SOFRINDX + 1.070%) due 09/22/2029 ~ | 3900 | 3903 |
|  6.534% due 01/10/2029 •  | 2350 | 2425 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  | 2400 | 2410 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 3100 | 3302 |
|  6.750% due 01/15/2033 | 700 | 626 |
|  |  | 25686 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0% |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 300 | 381 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  0.000% due 04/17/2068 •  | 1400 | 1853 |
|  4.585% due 05/17/2067 •  | 2846 | 3766 |
|  Curzon Mortgages PLC <br>|  |  |
|  4.945% due 07/28/2049 •  | 1519 | 2011 |
|  **EuroMASTR PLC** <br>|  |  |
|  4.065% due 06/15/2040 •  | 97 | 126 |
|  Eurosail-U.K. PLC |  |  |
|  4.815% due 06/13/2045 •  | 197 | 261 |
|  Polaris PLC |  |  |
|  4.464% due 06/27/2070 •  | 2100 | 2773 |
|  **RMAC Securities No. 1 PLC** <br>|  |  |
|  4.061% due 06/12/2044 •  | 93 | 90 |
|  **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 •  | 1748 | 2315 |
|  **Towd Point Mortgage Funding 3 PLC**  | **Towd Point Mortgage Funding 3 PLC**  | **Towd Point Mortgage Funding 3 PLC**  |
|  5.145% due 02/20/2054 •  | 1705 | 2263 |
|  **Tower Bridge Funding PLC** <br>|  |  |
|  4.536% due 12/20/2066 •  | 1877 | 2485 |
|  |  | 17943 |
| SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 | 3500 | 1612 |
|  1.250% due 07/31/2051 | 5700 | 3159 |
|  1.500% due 07/31/2053 | 2400 | 1376 |
|  1.750% due 01/22/2049 | 1900 | 1295 |
|  4.375% due 03/07/2030 | 16600 | 21934 |
|  5.250% due 01/31/2041 | 2500 | 3296 |
|  5.375% due 01/31/2056 | 1000 | 1293 |
|  |  | 33965 |
|  Total United Kingdom (Cost $89,622) | Total United Kingdom (Cost $89,622) | 80200 |
| UNITED STATES 59.5% | UNITED STATES 59.5% | UNITED STATES 59.5% |
| ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.093% due 07/25/2036 •  | 2139 | 707 |
|  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 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.493% due 10/25/2031 •  | 0 | 1 |
|  Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Argent Securities, Inc. Asset-Backed<br>Pass-Through Certificates |
|  3.642% due 02/25/2034 •  | 95 | 103 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.593% due 09/25/2046 •  | 277 | 262 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.853% due 07/25/2045 •  | 490 | 347 |
|  3.863% due 05/25/2037 •  | 59 | 40 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.473% due 12/25/2036 •  | 32 | 27 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.143% due 05/25/2044 •  | 268 | 273 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.908% due 07/25/2037 •  | 86 | 58 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.053% due 12/25/2046 •  | 957 | 506 |
|  4.273% due 09/25/2036 •  | 1559 | 535 |
|  **Home Equity Asset Trust** <br>4.393% due 11/25/2032 •  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.953% due 09/25/2037 •  | 102 | 20 |
|  4.033% due 02/25/2037 •  | 33 | 9 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.893% due 07/25/2036 •  | 46 | 17 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.143% due 04/25/2037 •  | 903 | 462 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 303 | 80 |
|  6.419% due 09/25/2046 þ | 1259 | 252 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.013% due 04/25/2037 •  | 961 | 693 |
|  4.663% due 05/25/2035 •  | 1743 | 1540 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.143% due 01/25/2035 •  | 63 | 62 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.103% due 06/25/2047 •  | 1143 | 1079 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.893% due 12/25/2036 •  | 23 | 11 |
|  3.913% due 12/25/2036 •  | 26 | 5 |
|  4.053% due 05/25/2037 •  | 217 | 170 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 488 | 466 |
|  4.887% due 07/15/2053 •  | 150 | 151 |
|  5.122% due 02/16/2055 •  | 1329 | 1342 |
|  **Soundview Home Loan Trust** <br>3.913% due 11/25/2036 •  | 25 | 7 |
|  **Terwin Mortgage Trust** <br>4.733% due 11/25/2033 •  | 34 | 31 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 10/25/2036 •  | 34 | 12 |
|  |  | 9270 |
| CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% |
|  American Express Co. <br>|  |  |
|  3.433% due 05/20/2032 •  | 1700 | 1938 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.511% due 01/24/2036 •  | 3400 | 3468 |
|  5.872% due 09/15/2034 •  | 2700 | 2828 |
|  Beignet Investor LLC <br>|  |  |
|  6.581% due 05/30/2049 | 10600 | 10907 |
|  Boeing Co. <br>|  |  |
|  6.259% due 05/01/2027 | 700 | 712 |
|  Brown & Brown, Inc. <br>|  |  |
|  6.250% due 06/23/2055 | 700 | 699 |
|  Credit Suisse AG AT1 Claim | 700 | 245 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 400 | 365 |
|  F&G Global Funding <br>|  |  |
|  4.975% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 2500 | 2508 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 300 | 288 |
|  4.125% due 08/17/2027 | 1300 | 1284 |
|  4.542% due 08/01/2026 | 600 | 599 |
|  GA Global Funding Trust <br>|  |  |
|  2.250% due 01/06/2027 | 900 | 885 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 | 800 | 811 |
|  5.371% due 04/04/2029 | 1900 | 1940 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.148% due 01/21/2029 •  | 3900 | 3877 |
|  5.016% due 10/23/2035 •  | 1600 | 1571 |
|  5.207% due 01/28/2031 •  | 1600 | 1626 |
|  5.218% due 04/23/2031 •  | 700 | 712 |
|  5.851% due 04/25/2035 •  | 1400 | 1453 |
|  6.484% due 10/24/2029 •  | 2100 | 2197 |
|  HPS Corporate Lending Fund <br>|  |  |
|  4.900% due 09/11/2028 | 1400 | 1365 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.898% due 01/22/2037 •  | $| 2800 | 2741 |
|  5.336% due 01/23/2035 •  |  | 2800 | 2844 |
|  6.087% due 10/23/2029 •  |  | 2600 | 2702 |
|  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 |  | 1700 | 1704 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.149% due 11/07/2031 •  | EUR | 900 | 1014 |
|  3.749% due 11/07/2036 •  |  | 800 | 891 |
|  3.955% due 03/21/2035 •  |  | 3100 | 3548 |
|  4.654% due 10/18/2030 •  | $| 700 | 700 |
|  5.466% due 01/18/2035 •  |  | 1200 | 1220 |
|  6.407% due 11/01/2029 •  |  | 2100 | 2192 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.466% due 07/06/2028 •  |  | 2300 | 2300 |
|  4.734% due 07/18/2031 •  |  | 2300 | 2293 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 2700 | 2655 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 100 | 97 |
|  4.000% due 12/01/2046 |  | 200 | 147 |
|  4.200% due 03/01/2029 |  | 1200 | 1186 |
|  4.250% due 03/15/2046 |  | 100 | 76 |
|  4.550% due 07/01/2030 |  | 400 | 395 |
|  **PacifiCorp** <br>|  |  |  |
|  5.300% due 02/15/2031 |  | 1000 | 1014 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.250% due 06/06/2032 | EUR | 1400 | 1573 |
|  5.125% due 02/13/2031 | $| 800 | 819 |
|  **Realty Income Corp.** <br>|  |  |  |
|  3.375% due 06/20/2031 | EUR | 1700 | 1911 |
|  **Southern California Edison Co.** <br>|  |  |  |
|  5.150% due 06/01/2029 | $| 1200 | 1217 |
|  **Southern Co.** <br>|  |  |  |
|  1.875% due 09/15/2081 •  | EUR | 600 | 673 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.078% due 09/15/2029 •  | $| 2500 | 2473 |
|  4.182% due 01/23/2030 •  |  | 4500 | 4461 |
|  4.406% (SOFRRATE + 0.740%) due 01/23/2030 ~ |  | 1100 | 1094 |
|  5.150% due 04/23/2031 •  |  | 2300 | 2340 |
|  5.198% due 01/23/2030 •  |  | 1900 | 1930 |
|  5.211% due 12/03/2035 •  |  | 1400 | 1394 |
|  6.303% due 10/23/2029 •  |  | 1400 | 1458 |
|  |  |  | 93340 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Avolon TLB Borrower 1 U.S. LLC  | Avolon TLB Borrower 1 U.S. LLC  | Avolon TLB Borrower 1 U.S. LLC  | Avolon TLB Borrower 1 U.S. LLC  |
|  5.425% (TSFR1M + 1.750%) due 06/24/2030 ~ |  | 1525 | 1530 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.158% due 06/01/2026 |  | 1300 | 1296 |
|  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 |  | 419 | 429 |
|  |  |  | 1725 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.6% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.898% due 09/25/2035 ~ |  | 19 | 16 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.173% due 09/25/2046 •  |  | 366 | 356 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.846% due 07/25/2062 þ |  | 2370 | 2349 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.356% due 10/20/2046 ~ |  | 310 | 252 |
|  4.751% due 01/20/2047 ~ |  | 37 | 32 |
|  5.500% due 09/25/2035 |  | 244 | 238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **185** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.750% due 11/25/2035 | $— | 105 | $— | 102 |
|  5.802% due 11/20/2034 ~ |  | 130 |  | 128 |
|  6.000% due 08/25/2036 |  | 41 |  | 38 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.054% due 09/25/2035 ~ |  | 39 |  | 35 |
|  5.409% due 07/25/2035 ~ |  | 33 |  | 28 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.522% due 01/26/2047 •  |  | 100 |  | 100 |
|  5.250% due 02/26/2036 ~ |  | 497 |  | 182 |
|  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 |
|  4.126% due 11/25/2036 ~ |  | 230 |  | 97 |
|  4.132% due 08/25/2036 ~ |  | 775 |  | 347 |
|  4.433% due 11/25/2036 ~ |  | 806 |  | 402 |
|  4.544% due 08/25/2036 ~ |  | 34 |  | 21 |
|  4.567% due 11/25/2035 ~ |  | 18 |  | 14 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  3.975% due 11/25/2034 ~ |  | 362 |  | 324 |
|  4.000% due 05/25/2034 ~ |  | 18 |  | 17 |
|  4.335% due 02/25/2036 ~ |  | 65 |  | 60 |
|  5.561% due 02/25/2034 ~ |  | 3 |  | 3 |
|  5.599% due 10/25/2033 ~ |  | 11 |  | 10 |
|  6.236% due 05/25/2033 ~ |  | 11 |  | 10 |
|  6.516% due 05/25/2034 ~ |  | 40 |  | 40 |
|  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 |
|  4.788% due 01/26/2036 ~ |  | 31 |  | 22 |
|  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 •  |  | 8 |  | 5 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |  |  |
|  3.250% due 03/25/2063 ~ |  | 833 |  | 749 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.904% due 07/25/2037 ~ |  | 48 |  | 39 |
|  6.447% due 02/25/2037 ~ |  | 24 |  | 25 |
|  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 |
|  4.373% due 04/25/2035 •  |  | 3 |  | 3 |
|  4.433% due 03/25/2035 •  |  | 355 |  | 331 |
|  4.453% due 02/25/2035 •  |  | 58 |  | 55 |
|  4.473% due 02/25/2035 •  |  | 25 |  | 24 |
|  4.473% due 03/25/2036 •  |  | 2 |  | 2 |
|  4.592% due 09/25/2047 ~ |  | 178 |  | 162 |
|  4.787% due 11/25/2034 ~ |  | 9 |  | 9 |
|  6.224% due 02/20/2036 •  |  | 48 |  | 43 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 |  | 24 |  | 20 |
|  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. |
|  2.500% due 05/25/2051 ~ |  | 5258 |  | 4384 |
|  3.000% due 11/27/2051 ~ |  | 3363 |  | 2925 |
|  5.387% due 08/25/2035 ~ |  | 23 |  | 22 |
|  5.750% due 09/25/2035 •  |  | 43 |  | 44 |
|  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 |
|  4.451% due 09/25/2035 ~ |  | 366 |  | 343 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.002% due 11/25/2035 •  |  | 91 |  | 87 |
|  4.113% due 02/25/2047 •  |  | 139 |  | 129 |
|  4.133% due 05/25/2047 •  |  | 126 |  | 116 |
|  4.143% due 05/25/2037 •  |  | 328 |  | 101 |
|  4.193% due 06/25/2036 •  |  | 185 |  | 73 |
|  4.193% due 06/25/2037 •  |  | 420 |  | 394 |
|  4.210% due 03/20/2046 •  |  | 24 |  | 23 |
|  4.213% due 05/25/2035 •  |  | 292 |  | 285 |
|  4.213% due 07/25/2046 •  |  | 373 |  | 346 |
|  4.313% due 07/25/2046 •  |  | 675 |  | 505 |
|  4.350% due 09/20/2046 •  |  | 1049 |  | 956 |
|  4.353% due 12/25/2035 •  |  | 18 |  | 17 |
|  5.250% due 06/25/2035 |  | 61 |  | 45 |
|  5.259% due 08/25/2035 •  |  | 83 |  | 81 |
|  5.359% due 11/25/2035 •  |  | 129 |  | 119 |
|  6.250% due 08/25/2037 |  | 296 |  | 130 |
|  6.500% due 08/25/2032 |  | 6 |  | 6 |
|  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. |
|  6.000% due 12/25/2035 |  | 104 |  | 75 |
|  Cross Mortgage Trust <br>5.036% due 11/25/2070 ~ |  | 2137 |  | 2129 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ |  | 527 |  | 439 |
|  6.500% due 07/26/2036 |  | 585 |  | 119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  5.500% due 12/25/2035 | 167 | 143 |
|  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 •  | 20 | 17 |
|  6.800% due 07/25/2036 þ | 140 | 122 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.502% due 08/25/2035 ~ | 189 | 156 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.153% due 01/25/2037 •  | 331 | 310 |
|  4.193% due 12/25/2046 •  | 455 | 461 |
|  4.213% due 04/25/2036 •  | 153 | 140 |
|  4.333% due 11/25/2045 •  | 18 | 17 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  6.745% due 10/25/2033 ~ | 5 | 5 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.233% due 06/25/2045 •  | 51 | 46 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 12/25/2051 ~ | 648 | 540 |
|  2.500% due 04/25/2052 ~ | 780 | 650 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.111% due 05/25/2035 ~ | 53 | 39 |
|  4.313% due 08/25/2046 •  | 461 | 98 |
|  4.860% due 09/25/2035 ~ | 25 | 24 |
|  5.270% due 03/25/2033 •  | 8 | 8 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.171% due 09/19/2037 •  | 310 | 274 |
|  4.271% due 03/19/2036 •  | 48 | 45 |
|  4.351% due 02/19/2036 •  | 196 | 80 |
|  4.411% due 11/19/2035 •  | 135 | 85 |
|  4.491% due 01/19/2035 •  | 12 | 11 |
|  4.685% due 07/19/2035 ~ | 29 | 22 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.453% due 03/25/2035 •  | 7 | 7 |
|  4.573% due 10/25/2034 •  | 11 | 11 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.195% due 11/25/2035 ~ | 140 | 106 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.626% due 08/25/2035 ~ | 88 | 66 |
|  4.213% due 05/25/2046 •  | 440 | 410 |
|  4.273% due 06/25/2037 •  | 166 | 157 |
|  4.293% due 02/25/2037 •  | 603 | 399 |
|  4.368% due 12/25/2034 ~ | 31 | 30 |
|  4.373% due 11/25/2036 •  | 137 | 133 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.273% due 10/25/2036 •  | 909 | 853 |
|  5.330% due 12/25/2035 ~ | 858 | 580 |
|  5.500% due 11/25/2036 ~ | 8 | 3 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 5466 | 4754 |
|  3.000% due 03/25/2052 ~ | 4975 | 4343 |
|  3.000% due 04/25/2052 ~ | 4526 | 3936 |
|  3.000% due 05/25/2052 ~ | 6962 | 6060 |
|  3.942% due 07/27/2037 ~ | 242 | 226 |
|  4.093% due 10/25/2035 •  | 875 | 542 |
|  4.968% due 07/25/2035 ~ | 32 | 30 |
|  4.985% due 02/25/2036 ~ | 151 | 103 |
|  5.267% due 10/25/2035 ~ | 33 | 32 |
|  5.428% due 08/25/2035 ~ | 2 | 2 |
|  5.681% due 11/25/2033 ~ | 8 | 8 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.433% due 11/25/2046 •  | 765 | 602 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.003% due 04/25/2046 •  | 77 | 73 |
|  4.473% due 05/25/2047 •  | 1331 | 1120 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 411 | 33 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.796% due 06/25/2035 ~ | 39 | 38 |
|  5.028% due 06/25/2037 ~ | 56 | 54 |
|  5.900% due 02/25/2033 ~ | 14 | 13 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  3.848% due 04/25/2037 ~ | 10 | 9 |
|  MF1 Trust |  |  |
|  4.743% due 12/15/2034 •  | 3100 | 3089 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 281 | 276 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.947% due 04/25/2065 ~ | $— | 108 | $— | 106 |
|  6.105% due 12/25/2068 þ |  | 482 |  | 485 |
|  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 ~ |  | 1038 |  | 1007 |
|  2.750% due 11/25/2059 ~ |  | 942 |  | 905 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ |  | 5 |  | 0 |
|  4.155% due 10/25/2035 ~ |  | 81 |  | 73 |
|  6.320% due 03/25/2047 þ |  | 145 |  | 136 |
|  6.638% due 03/25/2047 þ |  | 124 |  | 116 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ |  | 3180 |  | 2757 |
|  5.610% due 11/25/2064 ~ |  | 2502 |  | 2516 |
|  7.159% due 10/25/2063 þ |  | 1075 |  | 1084 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.737% due 01/15/2036 •  |  | 3492 |  | 3373 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  3.943% due 02/25/2047 •  |  | 764 |  | 223 |
|  4.039% due 08/25/2035 ~ |  | 91 |  | 31 |
|  4.213% due 04/25/2046 •  |  | 58 |  | 14 |
|  4.788% due 10/25/2037 ~ |  | 320 |  | 255 |
|  6.000% due 06/25/2036 |  | 279 |  | 229 |
|  6.000% due 06/25/2037 |  | 169 |  | 137 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.500% due 08/25/2036 |  | 658 |  | 172 |
|  **RFMSI Trust** <br>5.398% due 09/25/2035 ~ |  | 124 |  | 77 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.490% due 07/20/2033 •  |  | 32 |  | 32 |
|  6.609% due 04/20/2035 ~ |  | 5 |  | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.233% due 05/25/2037 •  |  | 20 |  | 19 |
|  4.423% due 04/25/2035 ~ |  | 291 |  | 264 |
|  5.259% due 01/25/2035 •  |  | 11 |  | 10 |
|  5.549% due 10/25/2037 •  |  | 118 |  | 108 |
|  5.798% due 04/25/2034 ~ |  | 3 |  | 3 |
|  5.939% due 02/25/2034 ~ |  | 18 |  | 17 |
|  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 |
|  4.173% due 07/25/2046 •  |  | 348 |  | 248 |
|  4.213% due 04/25/2036 •  |  | 44 |  | 40 |
|  4.233% due 09/25/2047 •  |  | 40 |  | 36 |
|  4.253% due 05/25/2045 •  |  | 93 |  | 90 |
|  4.291% due 07/19/2035 •  |  | 14 |  | 14 |
|  4.371% due 07/19/2034 •  |  | 1 |  | 1 |
|  4.413% due 12/25/2035 •  |  | 7 |  | 6 |
|  5.359% due 08/25/2047 •  |  | 595 |  | 515 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.083% due 10/25/2036 •  |  | 698 |  | 588 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.470% due 09/25/2036 þ |  | 189 |  | 5 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.786% due 06/25/2047 •  |  | 283 |  | 262 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ |  | 1124 |  | 1028 |
|  2.710% due 01/25/2060 ~ |  | 721 |  | 697 |
|  2.900% due 10/25/2059 ~ |  | 3427 |  | 3298 |
|  4.793% due 05/25/2058 •  |  | 341 |  | 348 |
|  UWM Mortgage Trust <br>3.000% due 01/25/2052 ~ |  | 533 |  | 462 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.259% due 12/25/2068 þ |  | 401 |  | 403 |
|  6.876% due 11/25/2068 ~ |  | 796 |  | 803 |
|  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 ~ |  | 379 |  | 346 |
|  3.829% due 12/25/2046 •  |  | 109 |  | 98 |
|  3.852% due 03/25/2036 ~ |  | 432 |  | 390 |
|  3.871% due 12/25/2046 •  |  | 188 |  | 174 |
|  3.996% due 02/25/2037 ~ |  | 106 |  | 93 |
|  4.022% due 05/25/2046 •  |  | 323 |  | 296 |
|  4.125% due 02/25/2037 ~ |  | 148 |  | 133 |
|  4.260% due 12/25/2036 ~ |  | 13 |  | 12 |
|  4.353% due 11/25/2045 •  |  | 89 |  | 84 |
|  4.373% due 07/25/2045 •  |  | 163 |  | 158 |
|  4.373% due 10/25/2045 •  |  | 23 |  | 23 |
|  4.413% due 01/25/2045 •  |  | 18 |  | 18 |
|  4.433% due 01/25/2045 •  |  | 22 |  | 21 |

---

---

| | | |
|:---|:---|:---|
| **186** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.533% due 11/25/2034 •  | $— | 165 | 163 |
|  4.616% due 03/25/2035 ~ |  | 73 | 71 |
|  4.688% due 12/25/2035 ~ |  | 102 | 96 |
|  4.773% due 11/25/2034 •  |  | 112 | 110 |
|  5.179% due 08/25/2034 ~ |  | 68 | 65 |
|  5.259% due 06/25/2042 •  |  | 10 | 10 |
|  5.259% due 08/25/2042 •  |  | 9 | 9 |
|  5.359% due 11/25/2046 •  |  | 74 | 62 |
|  5.600% due 03/25/2034 ~ |  | 60 | 60 |
|  5.718% due 06/25/2033 ~ |  | 10 | 10 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.799% due 07/25/2046 •  |  | 246 | 154 |
|  4.829% due 05/25/2046 •  |  | 605 | 544 |
|  6.000% due 10/25/2035 |  | 233 | 187 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 |  | 42 | 37 |
|  |  |  | 78396 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  1.000% due 03/26/2031 |  | 578500 | 121 |
|  Colombia TES |  |  |  |
|  1.000% due 11/28/2040 |  | 290400 | 77 |
|  |  |  | 198 |
| U.S. GOVERNMENT AGENCIES 39.0% | U.S. GOVERNMENT AGENCIES 39.0% | U.S. GOVERNMENT AGENCIES 39.0% | U.S. GOVERNMENT AGENCIES 39.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 02/01/2051 -01/01/2052 | $— | 4004 | 3390 |
|  3.000% due 06/01/2051 |  | 66 | 58 |
|  3.500% due 10/01/2039 |  | 235 | 225 |
|  5.500% due 06/01/2053 -08/01/2053 |  | 2953 | 2975 |
|  6.000% due 06/01/2053 -09/01/2054 |  | 628 | 650 |
|  6.154% due 08/01/2035 •  |  | 2 | 2 |
|  6.301% due 11/01/2035 •  |  | 14 | 14 |
|  6.500% due 12/01/2053 -04/01/2055 |  | 27068 | 28008 |
|  6.521% due 09/01/2035 •  |  | 2 | 2 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.142% due 01/15/2038 ~(a) |  | 232 | 11 |
|  4.146% due 01/15/2038 •  |  | 232 | 229 |
|  4.237% due 12/15/2031 •  |  | 5 | 5 |
|  4.387% due 12/15/2037 •  |  | 65 | 65 |
|  4.602% due 11/25/2054 •  |  | 1661 | 1672 |
|  4.642% due 08/25/2055 •  |  | 2301 | 2321 |
|  5.062% due 03/25/2055 •  |  | 2471 | 2492 |
|  5.112% due 06/25/2055 •  |  | 2748 | 2776 |
|  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 |
|  5.059% due 10/25/2044 •  |  | 137 | 127 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2051 |  | 62 | 53 |
|  3.000% due 10/01/2049 -03/01/2060 |  | 2916 | 2561 |
|  3.500% due 10/01/2034 -01/01/2059 |  | 3067 | 2818 |
|  4.000% due 01/01/2048 -06/01/2050 |  | 700 | 668 |
|  4.145% due 03/01/2033 •  |  | 9 | 9 |
|  4.714% due 12/01/2036 •  |  | 2 | 2 |
|  5.113% due 06/01/2043 •  |  | 10 | 11 |
|  5.114% due 10/01/2044 •  |  | 13 | 14 |
|  5.500% due 07/01/2053 -09/01/2053 |  | 6225 | 6276 |
|  5.754% due 12/01/2034 •  |  | 3 | 3 |
|  6.000% due 10/01/2053 -08/01/2054 |  | 5953 | 6127 |
|  6.123% due 06/01/2035 •  |  | 1 | 1 |
|  6.232% due 11/01/2034 •  |  | 77 | 81 |
|  6.290% due 09/01/2035 •  |  | 3 | 3 |
|  6.500% due 11/01/2053 -04/01/2055 |  | 8482 | 8775 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 | 24 | 24 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.842% due 07/25/2037 •  | 56 | 55 |
|  4.176% due 06/25/2029 -06/25/2036 •  | 19 | 18 |
|  4.562% due 03/25/2055 •  | 2517 | 2529 |
|  4.822% due 03/25/2055 •  | 1589 | 1602 |
|  6.000% due 04/25/2043 | 35 | 35 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 115 | 118 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  6.500% due 06/25/2044 | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 05/20/2051 -01/20/2056 | 21944 | 19618 |
|  3.500% due 10/20/2052 -03/20/2056 | 64950 | 59747 |
|  5.125% due 10/20/2029 •  | 1 | 1 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.000% due 07/20/2046 -05/20/2047 | 13 | 13 |
|  4.673% due 12/20/2073 •  | 1135 | 1149 |
|  6.000% due 08/20/2034 | 760 | 763 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 04/01/2056 | 3500 | 3012 |
|  3.000% due 05/01/2056 | 8200 | 7315 |
|  6.500% due 05/01/2056 | 34800 | 36066 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 06/01/2056 | 1880 | 1770 |
|  4.500% due 05/01/2056 -06/01/2056 | 32010 | 30861 |
|  5.000% due 04/01/2056 -05/01/2056 | 206040 | 202981 |
|  6.500% due 04/01/2056 -05/01/2056 | 22794 | 23563 |
|  |  | 463669 |
| U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% | U.S. TREASURY OBLIGATIONS 5.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (n) | 100 | 69 |
|  2.250% due 08/15/2049 (n) | 2100 | 1307 |
|  2.375% due 11/15/2049 (n) | 175 | 112 |
|  3.000% due 02/15/2048 (n) | 1600 | 1180 |
|  3.000% due 08/15/2048 (n) | 175 | 129 |
|  3.000% due 02/15/2049 (n) | 250 | 183 |
|  3.375% due 11/15/2048 (j)(n) | 3900 | 3057 |
|  4.125% due 08/15/2044 (j)(n) | 3375 | 3063 |
|  4.500% due 11/15/2054 (j) | 14800 | 13830 |
|  4.625% due 02/15/2046 (j) | 1000 | 964 |
|  4.625% due 02/15/2055 (j)(n) | 8700 | 8300 |
|  4.750% due 05/15/2055 (j)(n) | 600 | 584 |
|  4.750% due 02/15/2056 (n) | 500 | 488 |
|  4.875% due 08/15/2045 (n) | 315 | 314 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  2.500% due 01/15/2029 (l) | 3029 | 3143 |
|  3.875% due 04/15/2029 (l) | 2374 | 2562 |
|  0.125% due 07/15/2031 (l) | 3276 | 3062 |
|  0.125% due 01/15/2032 (l) | 821 | 756 |
|  0.500% due 01/15/2028 (l) | 9756 | 9683 |
|  0.625% due 07/15/2032 (l) | 560 | 528 |
|  1.125% due 01/15/2033 (l) | 4367 | 4208 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (l) | 1400 | 1347 |
|  4.125% due 02/15/2036 | 700 | 689 |
|  4.250% due 08/15/2035 (j)(n) | 500 | 498 |
|  4.375% due 05/15/2034 | 600 | 607 |
|  |  | 60663 |
|  Total United States (Cost $722,850) | Total United States (Cost $722,850) | 708791 |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| COMMERCIAL PAPER 2.0% | COMMERCIAL PAPER 2.0% | COMMERCIAL PAPER 2.0% |
|  AES Corp. |  |  |
|  4.150% due 04/02/2026 | 800 | 800 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.050% due 04/10/2026 | 250 | 250 |
|  4.100% due 04/21/2026 | 1600 | 1596 |
|  AMETEK, Inc. |  |  |
|  3.900% due 04/09/2026 | 550 | 549 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  4.030% due 04/24/2026 | 700 | 698 |
|  Crown Castle, Inc. |  |  |
|  4.300% due 04/21/2026 | 1200 | 1197 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/01/2026 | 150 | 150 |
|  4.050% due 04/13/2026 | 700 | 699 |
|  Enbridge U.S., Inc. |  |  |
|  3.910% due 04/13/2026 | 1900 | 1897 |
|  HCA, Inc. |  |  |
|  4.200% due 05/11/2026 | 4800 | 4776 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.050% due 04/08/2026 | 250 | 250 |
|  4.050% due 04/16/2026 | 250 | 249 |
|  4.150% due 05/13/2026 | 1900 | 1890 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.030% due 04/09/2026 | 1050 | 1049 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.970% due 04/15/2026 | 800 | 799 |
|  4.100% due 04/09/2026 | 700 | 699 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.020% due 04/20/2026 | 400 | 399 |
|  Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/01/2026 | 850 | 850 |
|  4.000% due 04/02/2026 | 1700 | 1700 |
|  4.050% due 04/08/2026 | 2650 | 2648 |
|  4.100% due 04/08/2026 | 900 | 899 |
|  |  | 24044 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (i) | 557197 | 557 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (d)(e) | 850 | 14 |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  31.337% due 06/11/2026 - 01/28/2027 (c)(d) | 4289450 | 2954 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.695% due 06/30/2026 - 07/21/2026 (c)(d)(n) | 598 | 592 |
| Total Short-Term Instruments<br>(Cost $27,882) | Total Short-Term Instruments<br>(Cost $27,882) | 28161 |
| Total Investments in Securities<br>(Cost $1,468,617) | Total Investments in Securities<br>(Cost $1,468,617) | 1430271 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 187

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% | INVESTMENTS IN AFFILIATES 2.6% |
| SHORT-TERM INSTRUMENTS 2.6% | SHORT-TERM INSTRUMENTS 2.6% | SHORT-TERM INSTRUMENTS 2.6% | SHORT-TERM INSTRUMENTS 2.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3207501 | $— | 31238 |
| Total Short-Term Instruments<br>(Cost $31,236) | Total Short-Term Instruments<br>(Cost $31,236) |  | 31238 |
| Total Investments in Affiliates<br>(Cost $31,236) | Total Investments in Affiliates<br>(Cost $31,236) |  | 31238 |
| Total Investments 122.9%<br>(Cost $1,499,853) | Total Investments 122.9%<br>(Cost $1,499,853) | $— | 1461509 |
|  Financial Derivative<br>Instruments (k)(m) (0.6)%<br> (Cost or Premiums, net $736) | Financial Derivative<br>Instruments (k)(m) (0.6)%<br> (Cost or Premiums, net $736) |  | (6813) |
| Other Assets and Liabilities, net (22.3)% | Other Assets and Liabilities, net (22.3)% |  | (265064) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1189632 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

(i) 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 |
|  MSC | 1.750% | 03/30/2026 | 04/06/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) | $(959) |
|  TDM | 2.750 | 04/01/2026 | TBD<sup>(2)</sup> | (504) | (504) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  United States (17.7)% | United States (17.7)% | United States (17.7)% | United States (17.7)% | United States (17.7)% | United States (17.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 04/01/2056 | $20900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19301) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19173) |
| &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 | 21000 | (19435) | (19323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2056 | 11750 | (9669) | (9467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | (60082) | (60395) |

---

---

| | | |
|:---|:---|:---|
| **188** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
| &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 | $8400 | $(7035) | $(7060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | (9627) | (9647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 9800 | (8933) | (8965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2056 | 9820 | (9899) | (9853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 06/01/2056 | 9006 | (9132) | (9167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 05/01/2056 | 32694 | (33889) | (33798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 06/01/2056 | 22400 | (23175) | (23154) |
|  Total Short Sales (17.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210002) |

---

#### 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 |
|  MSC | $0 | $(959) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | $5 |
|  TDM | 0 | (504) | 0 | (504) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463) | $&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 | $(959) | $0 | $0 | $(959) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(959) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959) |

---

(j) Securities with an aggregate market value of $964 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 $(7208) at a weighted average interest rate of 4.056%. 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. 

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(504) is outstanding at period end. 

&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 | 11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $(4) | $(12) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 11 | 11 | (4) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/24/2026 | 19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $(7) | $(7) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 19 | 19 | (4) | (3) |
|  |  |  |  |  | $(11) | $(10) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 189

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### 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 EURIBOR December Futures  | 12/2026 | 1725 | $484404 | $(1726) | $0 | $0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 26 | 1859 | (8) | 8 | 0 |
|  Canada Government 5-Year Bond June Futures  | 06/2026 | 135 | 11014 | (141) | 31 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 260 | 22430 | (384) | 90 | 0 |
|  Euro-BTP Future June Futures  | 06/2026 | 726 | 97576 | (3752) | 1175 | 0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 6 | 765 | (9) | 14 | 0 |
|  Euro-Schatz June Futures  | 06/2026 | 153 | 18701 | (110) | 25 | (1) |
|  Long Guilt June Futures  | 06/2026 | 416 | 48339 | (2407) | 363 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 368 | 39810 | (586) | 52 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 874 | 99213 | (1921) | 240 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 109 | 12705 | (353) | 24 | 0 |
|  |  |  |  | $(11397) | $2022 | $(1) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42377) | $280 | $0 | $(399) |
|  Euro-Bobl June Futures  | 06/2026 | 281 | (37491) | 703 | 0 | (149) |
|  Euro-Bund June Futures  | 06/2026 | 254 | (36813) | 637 | 0 | (267) |
|  Euro-Oat June Futures  | 06/2026 | 190 | (26066) | 827 | 0 | (242) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 16 | (13137) | 150 | 3 | (28) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 58 | (6441) | 88 | 0 | (14) |
|  |  |  |  | $2685 | $3 | $(1099) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8712) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-45 5-Year Index | (1.000)% | Quarterly | 12/20/2030 | $8800 | $(142) | $(17) | $(159) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(17) |
|  CDX.IG-45 10-Year Index | (1.000) | Quarterly | 12/20/2035 | 27153 | (217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | (55) | 0 | (94) |
|  CDX.IG-46 5-Year Index | (1.000) | Quarterly | 06/20/2031 | 41300 | (636) | (91) | (727) | 0 | (89) |
|  CDX.IG-46 10-Year Index | (1.000) | Quarterly | 06/20/2036 | 54100 | 80 | (92) | (12) | 0 | (184) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | 36600 | (572) | (23) | (595) | 0 | (52) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1487) | $(61) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $79936 | $1776 | $(333) | $1443 | $157 | $0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 42500 | 720 | 28 | 748 | 92 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

190 PIMCO INTERNATIONAL 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 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.000% | Annual | 06/17/2027 | 23700 | $(121) | $(591) | $(712) | $28 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/17/2028 | 2100 | 26 | (40) | (14) | 4 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 | 13900 | 153 | 115 | 268 | 0 | (29) |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2028 | 72220 | (796) | (629) | (1425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 4930 | (21) | (189) | (210) | 16 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 | 28400 | (831) | (414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1245) | 85 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 2150 | 6 | 97 | 103 | 0 | (9) |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 11300 | 370 | 221 | 591 | 0 | (45) |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 | 3280 | 161 | 65 | 226 | 0 | (15) |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | 117730 | 14 | 32 | 46 | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 4080000 | 6 | (86) | (80) | 4 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 09/17/2027 | 700000 | (26) | (1) | (27) | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | 24737000 | 143 | 96 | 239 | 0 | (83) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2030 | 420000 | (21) | (70) | (91) | 4 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 | 230000 | (31) | (4) | (35) | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 12/17/2030 | 320000 | (28) | (12) | (40) | 4 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 1260000 | (374) | (309) | (683) | 14 | 0 |
|  Receive<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.750 | Annual | 09/16/2031 | 6730000 | 172 | 82 | 254 | 0 | (87) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 409300 | (122) | (129) | (251) | 5 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 2160000 | (53) | (586) | (639) | 31 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 3557300 | (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) | (1761) | 68 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 1620000 | (173) | (726) | (899) | 32 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 480000 | (174) | (24) | (198) | 10 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 5629600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) | (2236) | (2519) | 115 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 12/17/2035 | 340000 | (88) | (27) | (115) | 7 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/18/2036 | 860000 | (234) | (84) | (318) | 18 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 1050000 | 717 | 846 | 1563 | 0 | (19) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/19/2044 | 1170000 | (552) | (1270) | (1822) | 15 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 321800 | (368) | (24) | (392) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 | 430000 | (357) | (42) | (399) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 03/18/2056 | 480000 | (215) | (109) | (324) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 57051 | 349 | 485 | 834 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) |
|  Receive<sup>(6)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/16/2031 | 32200 | 279 | (103) | 176 | 0 | (105) |
|  Receive<sup>(6)</sup> | 1-Day THB-THOR Compounded-OIS | 1.250 | Quarterly | 09/16/2031 | 134083 | 58 | 56 | 114 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | $8000 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 10200 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 40500 | 872 | (561) | 311 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 7000 | (1) | 3 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 36740 | 721 | (467) | 254 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 15800 | 52 | 137 | 189 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 5100 | 24 | (24) | 0 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 3100 | 13 | (21) | (8) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 1500 | (6) | 11 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 2100 | (11) | 17 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 800 | 0 | (1) | (1) | 0 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 | 10900 | (142) | 19 | (123) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 7000 | 0 | (53) | (53) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 5600 | 0 | (44) | (44) | 0 | (4) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 81527 | 266 | 543 | 809 | 0 | (81) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 300 | 0 | 2 | 2 | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 400 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 13100 | (237) | 156 | (81) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 67890 | 64 | 307 | 371 | 0 | (71) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 3800 | (75) | 10 | (65) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 4900 | 76 | 50 | 126 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6722 | (7) | (13) | (20) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 5300 | (105) | 75 | (30) | 0 | (6) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 300 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 1700 | 0 | (3) | (3) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 1000 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 1800 | 0 | (6) | (6) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 18060 | 465 | (376) | 89 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 3800 | (13) | (9) | (22) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 1400 | (5) | 29 | 24 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 600 | (2) | 12 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1000 | (4) | 25 | 21 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 2200 | (8) | 51 | 43 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 2050 | (8) | 41 | 33 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 350 | (1) | 6 | 5 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **191** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 03/19/2035 | $27760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 900 | (3) | (8) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1800 | (5) | (10) | (15) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 900 | (3) | (2) | (5) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 2000 | 100 | 3 | 103 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 2200 | 4 | 30 | 34 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 2200 | (2) | 25 | 23 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 3664 | 9 | 26 | 35 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 14500 | (283) | 402 | 119 | 0 | (12) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.621 | Annual | 11/15/2035 | 19500 | 0 | 350 | 350 | 0 | (16) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.631 | Annual | 11/15/2035 | 10400 | 0 | 178 | 178 | 0 | (8) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 400 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 40720 | (235) | 574 | 339 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 700 | 0 | 6 | 6 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 1400 | (3) | 16 | 13 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 38500 | (467) | 31 | (436) | 0 | (31) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 5870 | 12 | 51 | 63 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 400 | 0 | 5 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 500 | 0 | 6 | 6 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3600 | 1128 | 333 | 1461 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.222 | Annual | 11/15/2052 | 600 | 0 | (6) | (6) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.224 | Annual | 11/15/2052 | 600 | 0 | (6) | (6) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.225 | Annual | 11/15/2052 | 1300 | 0 | (13) | (13) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.227 | Annual | 11/15/2052 | 2000 | 0 | (21) | (21) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 11/15/2052 | 700 | 0 | (8) | (8) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.232 | Annual | 11/15/2052 | 700 | 0 | (8) | (8) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.233 | Annual | 11/15/2052 | 1300 | 0 | (15) | (15) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.238 | Annual | 11/15/2052 | 1000 | 0 | (13) | (13) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.244 | Annual | 11/15/2052 | 900 | 0 | (12) | (12) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.245 | Annual | 11/15/2052 | 2100 | 0 | (29) | (29) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.248 | Annual | 11/15/2052 | 1600 | 0 | (23) | (23) | 5 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.988 | Annual | 11/15/2053 | 5000 | 0 | 140 | 140 | 18 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 200 | 0 | 5 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 1800 | 25 | 18 | 43 | 6 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 320 | 0 | 8 | 8 | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 220 | 0 | 5 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 1723 | 13 | 10 | 23 | 6 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 5100 | 221 | 548 | 769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 700 | 0 | 22 | 22 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 1500 | 0 | 47 | 47 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 800 | 0 | 24 | 24 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2054 | 5000 | 0 | 122 | 122 | 19 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 3090 | 0 | 13 | 13 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 810 | 0 | 1 | 1 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 2300 | 0 | 147 | 147 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 300 | 0 | 19 | 19 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.804 | Annual | 02/15/2055 | 1800 | 0 | 104 | 104 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 1000 | 0 | 57 | 57 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 1200 | 0 | 56 | 56 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 1400 | 0 | 88 | 88 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 3210 | 399 | 87 | 486 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 1380 | 5 | 46 | 51 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 922 | (16) | 28 | 12 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 1666 | (1) | 54 | 53 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 7600 | 701 | 145 | 846 | 28 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 624 | (7) | 21 | 14 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 12000 | (651) | (145) | (796) | 0 | (46) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 200 | 0 | 3 | 3 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 300 | 0 | 4 | 4 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 1580 | 52 | (15) | 37 | 6 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 3800 | (111) | 123 | 12 | 2 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 5100 | (152) | 168 | 16 | 3 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 3400 | (102) | 127 | 25 | 3 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 03/18/2031 | 12900 | (58) | 10 | (48) | 59 | 0 |
|  Pay<sup>(6)</sup> | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 09/16/2031 | 3100 | (27) | 3 | (24) | 14 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 21620020 | 153 | (1415) | (1262) | 0 | (7) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 10900 | 3 | 43 | 46 | 11 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.700 | Annual | 01/20/2036 | 6200 | 0 | 28 | 28 | 7 | 0 |
|  Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 32500 | (1) | (37) | (38) | 15 | 0 |

---

---

| | | |
|:---|:---|:---|
| **192** | **PIMCO INTERNATIONAL 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 | 3-Month SEK-STIBOR | 2.500% | Annual | 03/18/2031 | SEK | 132400 | $(63) | $(158) | $(221) | $78 | $0 |
|  Pay<sup>(6)</sup> | 3-Month SEK-STIBOR | 2.750 | Annual | 09/16/2031 |  | 53000 | 11 | (58) | (47) | 33 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | AUD | 8900 | (397) | 213 | (184) | 6 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 |  | 107300 | (1108) | (3484) | (4592) | 609 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 |  | 33700 | 953 | 231 | 1184 | 0 | (193) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 |  | 7900 | 16 | (326) | (310) | 68 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 1800 | 11 | (58) | (47) | 16 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 |  | 9800 | 60 | (466) | (406) | 87 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 15200 | 255 | (685) | (430) | 137 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 9200 | (60) | (346) | (406) | 85 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 33000 | (112) | 11 | (101) | 2 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 |  | 60500 | (3) | (15) | (18) | 0 | (4) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.350 | Annual | 01/20/2036 |  | 35100 | 0 | (21) | (21) | 0 | (2) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | EUR | 245700 | (764) | (2910) | (3674) | 510 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.170 | Annual | 12/15/2028 |  | 50400 | 33 | (262) | (229) | 52 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.350 | Annual | 12/15/2028 |  | 51200 | (36) | 273 | 237 | 0 | (58) |
|  Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 1550 | 0 | (49) | (49) | 5 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.923 | Annual | 10/11/2029 |  | 6900 | 0 | (179) | (179) | 22 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 88870 | (347) | (1742) | (2089) | 444 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 79230 | (1224) | (1658) | (2882) | 700 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 980 | (65) | (65) | (130) | 9 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 1800 | (128) | (842) | (970) | 11 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.825 | Annual | 09/19/2055 |  | 35500 | 489 | (638) | (149) | 0 | (19) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 8560 | (197) | (19) | (216) | 96 | 0 |
|  Pay | CAONREPO | 3.500 | Annual | 06/19/2026 | CAD | 10600 | (5) | 84 | 79 | 1 | 0 |
|  Pay | CAONREPO | 3.898 | Annual | 06/19/2026 |  | 24700 | (1) | 256 | 255 | 1 | 0 |
|  Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 19700 | (2) | 210 | 208 | 1 | 0 |
|  Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 9600 | (608) | 373 | (235) | 13 | 0 |
|  Pay | CAONREPO | 1.500 | Semi-Annual | 06/17/2030 |  | 6400 | (551) | 293 | (258) | 9 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 |  | 2800 | (3) | (7) | (10) | 4 | 0 |
|  Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 4400 | 68 | (113) | (45) | 0 | (8) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 800 | 3 | (3) | 0 | 0 | (1) |
|  Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 5500 | (5) | (42) | (47) | 0 | (10) |
|  Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 12400 | 97 | (275) | (178) | 0 | (23) |
|  Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 3800 | (4) | (69) | (73) | 0 | (7) |
|  Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 2200 | 0 | 18 | 18 | 0 | (4) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 3500 | 43 | (119) | (76) | 0 | (7) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 3000 | (42) | 3 | (39) | 6 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 2400 | (225) | 1 | (224) | 3 | 0 |
|  Pay | CAONREPO | 2.565 | Semi-Annual | 03/07/2049 |  | 2600 | (299) | (2) | (301) | 3 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 1000 | 16 | (54) | (38) | 1 | 0 |
|  Pay | 06-Month NOK-NIBOR | 3.750 | Annual | 03/18/2031 | NOK | 55500 | (167) | (50) | (217) | 20 | 0 |
|  Pay<sup>(6)</sup> | 06-Month NOK-NIBOR | 4.500 | Annual | 09/16/2031 |  | 6000 | 0 | (2) | (2) | 2 | 0 |
|  |  |  |  |  |  |  | $(2347) | $(18223) | $(20570) | $4027 | $(1409) |
|  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;(1338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18589) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19927) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1845) |

---

#### 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<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1905) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3028) |

---

(l) Securities with an aggregate market value of $20,313 and cash of $13,988 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 $11 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 | **193** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (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> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin asset of $449 for closed futures and unsettled variation margin liability of $(60) for closed swap agreements is outstanding at period end. 

&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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability |
|  AZD | 04/2026 | 12 | $9 | $0 | $0 |
|  | 04/2026 | $22753 | 31166 | 0 | (347) |
|  BOA | 04/2026 | 1800 | $345 | 0 | (3) |
|  | 04/2026 | 8432 | 1223 | 0 | (2) |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583182 | 673 | 0 | (30) |
|  | 04/2026 | 3596 | 18407 | 10 | 0 |
|  | 04/2026 | 12246 | $14208 | 54 | 0 |
|  | 04/2026 | 70853 | 751 | 1 | (3) |
|  | 04/2026 | 1496186 | 9378 | 0 | (50) |
|  | 04/2026 | 393727 | 269 | 7 | 0 |
|  | 04/2026 | 2759 | 746 | 3 | 0 |
|  | 04/2026 | 7125 | 1393 | 0 | (2) |
|  | 04/2026 | 1602 | $1253 | 7 | 0 |
|  | 04/2026 | 18662 | 598 | 31 | 0 |
|  | 04/2026 | $343 | 1800 | 4 | 0 |
|  | 04/2026 | 999 | 21034 | 0 | (8) |
|  | 04/2026 | 3046 | 2650 | 17 | 0 |
|  | 04/2026 | 1270 | 953 | 0 | (9) |
|  | 04/2026 | 483 | 43868 | 0 | (20) |
|  | 04/2026 | 1 | 145 | 0 | 0 |
|  | 04/2026 | 186 | 3436 | 5 | 0 |
|  | 04/2026 | 736 | 3174 | 0 | (17) |
|  | 05/2026 | 2650 | $3050 | 0 | (17) |
|  | 05/2026 | $863 | 5995 | 7 | 0 |
|  | 05/2026 | 9378 | 1491680 | 50 | 0 |
|  | 05/2026 | 294 | 1281 | 0 | (4) |
|  | 06/2026 | 2715 | $879 | 13 | 0 |
|  | 06/2026 | 18092 | 1009 | 6 | 0 |
|  | 06/2026 | $27 | 141 | 0 | 0 |
|  | 06/2026 | 137 | 943 | 0 | 0 |
|  | 06/2026 | 255 | 796 | 0 | (2) |
|  | 07/2026 | 434 | 2973 | 0 | (1) |
|  | 10/2026 | 1900 | $348 | 0 | (4) |
|  BPS | 04/2026 | 30305 | 5618 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233) |
|  | 04/2026 | 1174 | 171 | 0 | 0 |
|  | 04/2026 | 2321 | 337 | 1 | 0 |
|  | 04/2026 | 3428745 | 895 | 0 | (37) |
|  | 04/2026 | 2039 | 2704 | 5 | 0 |
|  | 04/2026 | 2845 | 921 | 16 | 0 |
|  | 04/2026 | 2678821 | 28804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | (29) |
|  | 04/2026 | 3774925 | 2548 | 39 | (1) |
|  | 04/2026 | 10276 | 6078 | 173 | 0 |
|  | 04/2026 | 1051 | 282 | 0 | (1) |
|  | 04/2026 | 124887 | 3863 | 73 | (2) |
|  | 04/2026 | 240357 | 7582 | 80 | 0 |
|  | 04/2026 | $4008 | 5696 | 0 | (78) |
|  | 04/2026 | 5756 | 30305 | 94 | 0 |
|  | 04/2026 | 808 | 1128 | 3 | 0 |
|  | 04/2026 | 331 | 2321 | 5 | 0 |
|  | 04/2026 | 1394 | 1037 | 0 | (22) |
|  | 04/2026 | 6144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103952806 | 0 | (20) |
|  | 04/2026 | 679 | 2150 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **194** | **PIMCO INTERNATIONAL 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 | $3309 | 311521 | $6 | $0 |
|  | 04/2026 | 713 | 1065619 | 2 | (6) |
|  | 04/2026 | 3107 | 11198 | 0 | (90) |
|  | 04/2026 | 611 | 2637 | 0 | (13) |
|  | 04/2026 | 2 | 69 | 0 | 0 |
|  | 04/2026 | 20179 | 645405 | 0 | (33) |
|  | 04/2026 | 15846 | $936 | 1 | 0 |
|  | 05/2026 | 2148 | 679 | 0 | (5) |
|  | 05/2026 | 265583 | 2807 | 0 | (12) |
|  | 05/2026 | 603941 | 19183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | (9) |
|  | 05/2026 | $1100 | 5774 | 8 | 0 |
|  | 05/2026 | 854 | 5932 | 7 | 0 |
|  | 05/2026 | 1408 | 23970930 | 3 | 0 |
|  | 05/2026 | 17499 | 1657259 | 88 | 0 |
|  | 05/2026 | 328 | 100 | 0 | (5) |
|  | 05/2026 | 282 | 9258 | 0 | (1) |
|  | 06/2026 | 11236 | $618 | 0 | (5) |
|  | 06/2026 | 543213 | 16969 | 70 | 0 |
|  | 06/2026 | $616 | 3272 | 8 | 0 |
|  | 06/2026 | 3803 | 26088 | 0 | (6) |
|  | 06/2026 | 9692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163100380 | 0 | (102) |
|  | 06/2026 | 208 | 63 | 0 | (3) |
|  | 06/2026 | 176 | 5664 | 0 | 0 |
|  | 07/2026 | 5400 | $1003 | 0 | (18) |
|  | 07/2026 | $1608 | 8640 | 26 | 0 |
|  | 07/2026 | 145 | 44 | 0 | (2) |
|  | 08/2026 | 3909 | 160 | 2 | 0 |
|  | 08/2026 | $7469 | 710532 | 0 | (32) |
|  | 10/2026 | 12600 | $2299 | 0 | (33) |
|  | 01/2027 | $7582 | 238120 | 0 | (180) |
|  | 02/2027 | 17287 | 538041 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) |
|  | 06/2027 | 144 | 44 | 0 | (2) |
|  | 05/2029 | 511 | $1756 | 84 | 0 |
|  | 07/2029 | 65 | 222 | 11 | 0 |
|  | 05/2030 | 344 | 1185 | 54 | 0 |
|  BRC | 04/2026 | 14283 | 2074 | 2 | (2) |
|  | 04/2026 | 3675 | 18814 | 17 | 0 |
|  | 04/2026 | 3542 | $453 | 1 | 0 |
|  | 04/2026 | 8470 | 1657 | 0 | (5) |
|  | 04/2026 | 707793 | $15641 | 0 | (148) |
|  | 04/2026 | $29 | 40 | 0 | 0 |
|  | 04/2026 | 760 | 4830 | 0 | (13) |
|  | 04/2026 | 56 | 537 | 0 | (1) |
|  | 04/2026 | 2132 | 7661 | 0 | (68) |
|  | 04/2026 | 8977 | 81448 | 0 | (373) |
|  | 04/2026 | 11753 | 537541 | 119 | 0 |
|  | 04/2026 | 24029 | $1468 | 50 | 0 |
|  | 05/2026 | 39 | 28 | 0 | 0 |
|  | 05/2026 | 57243 | 1228 | 0 | (8) |
|  | 05/2026 | $515 | 23880 | 0 | 0 |
|  | 06/2026 | 2009 | $647 | 6 | 0 |
|  BSH | 04/2026 | 26200 | 4714 | 0 | (344) |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269897 | 51803 | 0 | (306) |
|  | 04/2026 | $5045 | 26200 | 13 | 0 |
|  | 04/2026 | 1436 | 1078 | 0 | (8) |
|  | 04/2026 | 7882 | 13653 | 0 | (36) |
|  | 04/2026 | 4929 | 17828 | 0 | (126) |
|  | 05/2026 | 1078 | $1435 | 8 | 0 |
|  | 05/2026 | 13653 | 7891 | 37 | 0 |
|  | 05/2026 | $51803 | 8244982 | 304 | 0 |
|  | 06/2026 | 1872 | 7003311 | 3 | 0 |
|  | 10/2026 | 27900 | $5150 | 0 | (14) |
|  CBK | 04/2026 | 7620 | 1109 | 3 | 0 |
|  | 04/2026 | 366720 | 96 | 0 | (4) |
|  | 04/2026 | 21427 | 24793 | 27 | 0 |
|  | 04/2026 | 1540328 | 16621 | 331 | 0 |
|  | 04/2026 | 238500 | 1514 | 11 | 0 |
|  | 04/2026 | 4215476 | 2841 | 38 | 0 |
|  | 04/2026 | 5170 | 532 | 0 | (2) |
|  | 04/2026 | 126 | 35 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **195** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 6640 | $712 | $11 | $0 |
|  | 04/2026 | 74 | 2 | 0 | 0 |
|  | 04/2026 | 5619 | 176 | 1 | 0 |
|  | 04/2026 | $1343 | 1834 | 0 | (25) |
|  | 04/2026 | 1141 | 7866 | 2 | 0 |
|  | 04/2026 | 247 | 1708 | 0 | 0 |
|  | 04/2026 | 4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17354901 | 0 | (1) |
|  | 04/2026 | 6255 | 5394 | 1 | (21) |
|  | 04/2026 | 1692 | 1255 | 0 | (31) |
|  | 04/2026 | 36178 | 3344972 | 11 | (743) |
|  | 04/2026 | 2689 | 420000 | 0 | (42) |
|  | 04/2026 | 0 | 9 | 0 | 0 |
|  | 04/2026 | 3359 | 106339 | 0 | (39) |
|  | 05/2026 | 161 | 1111 | 1 | 0 |
|  | 05/2026 | 1200 | 1045 | 10 | 0 |
|  | 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22322755 | $5955 | 7 | (30) |
|  | 06/2026 | 8517856 | 506 | 5 | 0 |
|  | 06/2026 | 1211 | 393 | 7 | 0 |
|  | 06/2026 | 3350 | 975 | 16 | 0 |
|  | 06/2026 | 106319 | 3359 | 50 | 0 |
|  | 06/2026 | $2967 | 20416 | 5 | 0 |
|  | 06/2026 | 444 | 7462427 | 0 | (5) |
|  | 06/2026 | 3423 | 61026 | 0 | (37) |
|  | 07/2026 | 2109 | $623 | 20 | 0 |
|  | 07/2026 | $345 | 2359 | 0 | (1) |
|  | 08/2026 | 31161255 | $8197 | 0 | (28) |
|  | 08/2026 | 414711 | 4425 | 85 | 0 |
|  | 08/2026 | 2063 | 600 | 11 | 0 |
|  | 08/2026 | $42 | 21956 | 2 | 0 |
|  | 09/2026 | 3760 | $1088 | 16 | 0 |
|  | 09/2026 | $1069 | 927642 | 0 | (67) |
|  | 09/2026 | 380 | 6789 | 0 | (6) |
|  | 01/2027 | 8053 | $2363 | 83 | 0 |
|  DUB | 04/2026 | 356829 | 51597 | 0 | (210) |
|  | 04/2026 | 3180 | 16242 | 4 | 0 |
|  | 04/2026 | 17191 | $2197 | 3 | 0 |
|  | 04/2026 | 5740 | 1854 | 28 | 0 |
|  | 04/2026 | 168398 | 1794 | 11 | (5) |
|  | 04/2026 | 37851 | 7397 | 0 | (23) |
|  | 04/2026 | $21729 | 31674 | 125 | 0 |
|  | 04/2026 | 101034 | 692348 | 6 | (519) |
|  | 04/2026 | 982 | 20743 | 0 | (5) |
|  | 04/2026 | 345 | 17279 | 0 | (34) |
|  | 04/2026 | 278 | 93333 | 3 | 0 |
|  | 04/2026 | 3743 | 347984 | 0 | (46) |
|  | 04/2026 | 14348 | 18328 | 0 | (93) |
|  | 04/2026 | 1260 | 41157 | 0 | (11) |
|  | 05/2026 | 31674 | $21720 | 0 | (125) |
|  | 05/2026 | 18286 | 14348 | 92 | 0 |
|  | 05/2026 | $51597 | 355965 | 212 | 0 |
|  | 06/2026 | 88455 | $165 | 0 | (16) |
|  | 06/2026 | 41073 | 1260 | 7 | 0 |
|  | 06/2026 | $1316 | 9014 | 0 | (5) |
|  | 07/2026 | 442 | 237489 | 36 | 0 |
|  | 08/2026 | 287118 | $3053 | 48 | 0 |
|  | 09/2026 | 3545 | 1027 | 17 | 0 |
|  FAR | 04/2026 | 10598 | 7511 | 199 | 0 |
|  | 04/2026 | 458 | 338 | 8 | 0 |
|  | 04/2026 | 7983 | 10018 | 34 | 0 |
|  | 04/2026 | 28851 | 38655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | 0 |
|  | 04/2026 | 10296782 | 64516 | 0 | (364) |
|  | 04/2026 | 73584 | 7795 | 22 | 0 |
|  | 04/2026 | $9360 | 7224 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
|  | 04/2026 | 36436 | 27085 | 0 | (586) |
|  | 04/2026 | 20904 | 3266115 | 0 | (324) |
|  | 04/2026 | 1815 | 6548 | 0 | (51) |
|  | 04/2026 | 77 | 99 | 0 | 0 |
|  | 05/2026 | 3572 | $1129 | 0 | (9) |
|  | 05/2026 | 99 | 77 | 0 | 0 |
|  | 05/2026 | $10018 | 7955 | 0 | (34) |
|  | 05/2026 | 19 | 128 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **196** | **PIMCO INTERNATIONAL 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 | $38653 | 28851 | $0 | $(468) |
|  | 05/2026 | 64516 | 10265679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | 0 |
|  | 05/2026 | 7795 | 73461 | 0 | (22) |
|  | 06/2026 | 1933 | $627 | 11 | 0 |
|  | 06/2026 | 9355 | 2744 | 66 | 0 |
|  | 06/2026 | $3538 | 61607 | 0 | (122) |
|  | 08/2026 | 4440 | $1313 | 45 | 0 |
|  | 09/2026 | 22612 | 6642 | 198 | 0 |
|  | 09/2026 | $308 | 5439 | 0 | (9) |
|  GLM | 04/2026 | 154189 | $28573 | 0 | (1194) |
|  | 04/2026 | 2621 | 843 | 9 | 0 |
|  | 04/2026 | 12700 | 139 | 5 | 0 |
|  | 04/2026 | 17783 | 4528 | 133 | 0 |
|  | 04/2026 | 680 | 538 | 9 | 0 |
|  | 04/2026 | $28962 | 154189 | 805 | 0 |
|  | 04/2026 | 1302 | 8943 | 0 | (4) |
|  | 04/2026 | 164 | 56256 | 5 | 0 |
|  | 04/2026 | 167 | 2813693 | 0 | (1) |
|  | 04/2026 | 1579 | 29113 | 45 | 0 |
|  | 04/2026 | 735 | 2648 | 0 | (22) |
|  | 04/2026 | 704 | 23114 | 0 | (3) |
|  | 04/2026 | 617 | 10642 | 11 | 0 |
|  | 06/2026 | 1 | $0 | 0 | 0 |
|  | 06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058518 | 478 | 4 | 0 |
|  | 06/2026 | 23073 | 704 | 0 | 0 |
|  | 06/2026 | $80 | 423 | 1 | 0 |
|  | 06/2026 | 844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287713 | 0 | (4) |
|  | 06/2026 | 3567 | 62337 | 0 | (111) |
|  | 07/2026 | 18000 | $3339 | 0 | (66) |
|  | 07/2026 | $21300 | 115306 | 511 | 0 |
|  IND | 04/2026 | 20590 | $3168 | 0 | (16) |
|  | 04/2026 | $325336 | 275525 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6870) |
|  | 05/2026 | 3168 | 20558 | 16 | 0 |
|  JPM | 04/2026 | 8400 | $1609 | 0 | (12) |
|  | 04/2026 | 377800 | 54598 | 0 | (254) |
|  | 04/2026 | 2046 | 10456 | 3 | 0 |
|  | 04/2026 | 3339 | $3843 | 0 | (16) |
|  | 04/2026 | 20061 | 2566 | 5 | 0 |
|  | 04/2026 | 5968 | 1625 | 20 | (3) |
|  | 04/2026 | 12795 | 2504 | 0 | (3) |
|  | 04/2026 | 16133 | $12801 | 254 | 0 |
|  | 04/2026 | 87983 | 2783 | 112 | 0 |
|  | 04/2026 | $1590 | 8400 | 31 | 0 |
|  | 04/2026 | 589 | 12567 | 3 | 0 |
|  | 04/2026 | 823 | 274388 | 2 | 0 |
|  | 04/2026 | 158 | 233201 | 0 | (3) |
|  | 04/2026 | 589 | 10856 | 16 | 0 |
|  | 04/2026 | 641 | 2271 | 0 | (29) |
|  | 04/2026 | 1413 | 44249 | 0 | (69) |
|  | 04/2026 | 101852 | $6066 | 61 | (6) |
|  | 05/2026 | 1595 | 1093 | 0 | (7) |
|  | 05/2026 | 359 | 1842 | 1 | 0 |
|  | 05/2026 | 1840 | 359 | 0 | 0 |
|  | 05/2026 | $54258 | 374536 | 254 | 0 |
|  | 05/2026 | 18807 | 337121 | 0 | (69) |
|  | 06/2026 | 2922 | $945 | 14 | 0 |
|  | 06/2026 | 19904 | 1109 | 6 | 0 |
|  | 06/2026 | 78866 | 2405 | 0 | (1) |
|  | 06/2026 | $236 | 733 | 0 | (2) |
|  | 07/2026 | 5200 | $961 | 0 | (22) |
|  | 08/2026 | 14518 | 595 | 7 | 0 |
|  | 10/2026 | 3600 | $656 | 0 | (11) |
|  MBC | 04/2026 | 8314 | 5748 | 18 | (6) |
|  | 04/2026 | 426 | 309 | 3 | 0 |
|  | 04/2026 | 476 | 601 | 6 | 0 |
|  | 04/2026 | 3529 | 166 | 0 | 0 |
|  | 04/2026 | 106 | 544 | 0 | 0 |
|  | 04/2026 | 5142 | $5937 | 5 | (11) |
|  | 04/2026 | 1496 | 1984 | 4 | 0 |
|  | 04/2026 | 3182894 | 19904 | 0 | (151) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **197** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 3300522 | $2200 | $20 | $(15) |
|  | 04/2026 | 13559 | 1387 | 0 | (14) |
|  | 04/2026 | 10775 | 1153 | 15 | 0 |
|  | 04/2026 | 48551 | 1528 | 54 | 0 |
|  | 04/2026 | $1384 | 1084 | 0 | (28) |
|  | 04/2026 | 2492 | 15769 | 0 | (53) |
|  | 04/2026 | 1031 | 769 | 0 | (13) |
|  | 04/2026 | 24233 | 3773536 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456) |
|  | 04/2026 | 472 | 8713 | 14 | 0 |
|  | 04/2026 | 328 | 3148 | 0 | (3) |
|  | 04/2026 | 642 | 2319 | 0 | (18) |
|  | 04/2026 | 292 | 1284 | 0 | (1) |
|  | 04/2026 | 638 | 20493 | 0 | (16) |
|  | 05/2026 | 1285 | $292 | 1 | 0 |
|  | 05/2026 | 12751 | 413 | 25 | 0 |
|  | 05/2026 | $66 | 3385 | 0 | (7) |
|  | 05/2026 | 1909 | 1662 | 15 | 0 |
|  | 05/2026 | 58 | 44 | 0 | (1) |
|  | 05/2026 | 20916 | 3334276 | 156 | 0 |
|  | 05/2026 | 1271 | 12440 | 13 | 0 |
|  | 05/2026 | 16953 | 546917 | 75 | 0 |
|  | 06/2026 | 2277 | $126 | 0 | 0 |
|  | 01/2027 | 547680 | 16953 | 0 | (72) |
|  MYI | 04/2026 | 134 | 34 | 1 | 0 |
|  | 04/2026 | 567 | 160 | 8 | 0 |
|  | 04/2026 | 610869 | 19351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | 0 |
|  | 04/2026 | $10 | 1602 | 0 | 0 |
|  | 04/2026 | 6345 | 202629 | 3 | (22) |
|  | 06/2026 | 202741 | $6345 | 38 | 0 |
|  | 06/2026 | $714 | 4928 | 2 | 0 |
|  | 01/2027 | 19351 | 605903 | 0 | (516) |
|  NGF | 04/2026 | 1291 | 8834 | 0 | (8) |
|  | 04/2026 | 1566 | 15054 | 0 | (11) |
|  | 04/2026 | 1396 | 63934 | 31 | 0 |
|  | 05/2026 | 987 | 45638 | 0 | (1) |
|  SCX | 04/2026 | 32156 | $23226 | 109 | 0 |
|  | 04/2026 | 1710 | 247 | 0 | 0 |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10976254 | 2867 | 0 | (118) |
|  | 04/2026 | 2770077 | 1814 | 0 | (28) |
|  | 04/2026 | 3377 | 2019 | 78 | 0 |
|  | 04/2026 | 3515 | 110 | 4 | 0 |
|  | 04/2026 | $883 | 6065 | 0 | (3) |
|  | 04/2026 | 281 | 209 | 0 | (5) |
|  | 04/2026 | 2816 | 257249 | 0 | (99) |
|  | 04/2026 | 16466 | 2568669 | 0 | (281) |
|  | 04/2026 | 1814 | 2770422 | 28 | 0 |
|  | 04/2026 | 589 | 2131 | 0 | (15) |
|  | 04/2026 | 342 | 10911 | 0 | (1) |
|  | 05/2026 | 23226 | 32112 | 0 | (109) |
|  | 05/2026 | 1875 | 12988 | 12 | 0 |
|  | 06/2026 | 1839 | 12575 | 0 | (8) |
|  | 06/2026 | 1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23652217 | 0 | (12) |
|  | 07/2026 | 1203 | 8248 | 0 | (2) |
|  SOG | 04/2026 | 243567 | $281126 | 48 | (448) |
|  | 04/2026 | 7851 | 1540 | 0 | 0 |
|  | 04/2026 | 12225 | $2776 | 9 | 0 |
|  | 04/2026 | $188 | 151 | 1 | 0 |
|  | 04/2026 | 6186 | 42211 | 0 | (57) |
|  | 04/2026 | 142 | 3002 | 0 | 0 |
|  | 04/2026 | 2545 | 2152 | 0 | (58) |
|  | 04/2026 | 86369 | 13438711 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692) |
|  | 04/2026 | 5594 | 24414 | 0 | (65) |
|  | 05/2026 | 151 | $188 | 0 | 0 |
|  | 05/2026 | 905 | 703 | 0 | (2) |
|  | 05/2026 | $32 | 222 | 0 | 0 |
|  | 05/2026 | 279498 | 241822 | 438 | 0 |
|  | 06/2026 | 1061 | $343 | 5 | 0 |
|  | 06/2026 | 4867 | 1445 | 51 | 0 |
|  | 06/2026 | $665 | 11285715 | 0 | (1) |
|  | 07/2026 | 3357 | $992 | 32 | 0 |

---

---

| | | |
|:---|:---|:---|
| **198** | **PIMCO INTERNATIONAL 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 | $234 | 11845 | $0 | $(31) |
|  SSB | 04/2026 | 18459 | $13136 | 400 | 0 |
|  | 04/2026 | $639 | 58275 | 0 | (24) |
|  | 04/2026 | 107 | 16607 | 0 | (2) |
|  | 04/2026 | 1057 | 9610 | 0 | (42) |
|  UAG | 04/2026 | 2748 | $747 | 7 | 0 |
|  | 04/2026 | $1209 | 25394 | 0 | (13) |
|  | 04/2026 | 14161 | 20862892 | 0 | (287) |
|  | 04/2026 | 5082 | 18379 | 0 | (132) |
|  | 05/2026 | 1268 | 1632 | 4 | 0 |
|  | 06/2026 | 1924 | $622 | 8 | 0 |
|  | 06/2026 | 2905 | 162 | 1 | 0 |
|  | 06/2026 | $2051 | 35790 | 0 | (66) |
|  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;9557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21824) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 2312 | $3 | $3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 3625 | 5 | 5 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 2208 | 22 | 7 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 491 | 3 | 2 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 2665 | 19 | 10 |
| BPS | Put - OTC EUR versus CZK | CZK | 24.040 | 08/13/2026 | 685 | 2 | 0 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 567 | 1 | 1 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 2083 | 3 | 3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 1084 | 2 | 2 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 4201 | 39 | 13 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/10/2026 | 4201 | 34 | 13 |
| MYI | Put - OTC EUR versus CZK | CZK | 23.900 | 06/02/2026 | 1234 | 5 | 0 |
|  Total Purchased Options | Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 2312 | $(1) | $(1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 3625 | (2) | (2) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 2208 | (8) | (2) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 491 | (1) | 0 |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 2665 | (19) | (16) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 567 | 0 | 0 |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 2083 | (1) | (1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 1084 | (1) | 0 |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 4201 | (13) | (3) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 4201 | (11) | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### 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 | 1000 | $(3) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 1000 | (3) | (5) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 1000 | (3) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 1000 | (4) | (3) |
|  |  |  |  |  |  | $(13) | $(12) |
|  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;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 199

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 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 |
|  MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2029 | 0.272% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $(67) | $16 | $0 | $(51) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.324 | 3400 | (125) | 24 | 0 | (101) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>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 |
|  CBK | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2026 | 2.033 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $(9) | $3 | $0 | $(6) |
|  DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 659 | 0 | 4 | 4 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### 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 | 200 | $46 | $(6) | $40 | $0 |
|  BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 2700 | 557 | (17) | 540 | 0 |
|  CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 300 | 68 | (8) | 60 | 0 |
|  GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 2100 | 444 | (24) | 420 | 0 |
|  JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 4400 | 972 | (91) | 881 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CROSS-CURRENCY SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Receive | Pay | Payment<br>Frequency | Maturity<br>Date<sup>(7)</sup> | Notional<br>Amount of<br>Currency<br>Received | Notional<br>Amount of<br>Currency<br>Delivered | Notional<br>Amount of<br>Currency<br>Delivered | Upfront<br>Payable/<br>(Receivable) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Floating rate equal to 1-Day USD-SOFR less 0.450% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | $2720 | JPY | 429800 | $7 | $1 | $8 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39509 |  | 5926400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | 0 |
|  FAR | Floating rate equal to 1-Day USD-SOFR less 0.450% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 03/17/2032 | 38476 |  | 6079200 | 99 | 14 | 113 | 0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.442% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 6470 |  | 950000 | 27 | 6 | 33 | 0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.301% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/15/2045 | 10668 | GBP | 8021 | (41) | (21) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

---

| | | |
|:---|:---|:---|
| **200** | **PIMCO INTERNATIONAL BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Upfront<br>Payable/<br>(Receivable)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 12/16/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15581 | JPY | 2415000 | $10 | $(7) | $3 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.425% based on the notional amount of currency received | Floating rate equal to 1-Day JPY-SOFR based on the notional amount of currency delivered | Maturity | 09/16/2031 | 748 |  | 110000 | 1 | 0 | 1 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500% | Quarterly | 03/17/2032 | CNY | 133800 | $(159) | $11 | $0 | $(148) |
| CBK | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 35600 | (32) | (7) | 0 | (39) |
| JPM | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 174650 | (110) | (83) | 0 | (193) |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(8)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 208780 | (169) | (61) | 0 | (230) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(610) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(9)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | IBOXIG Index | 42459 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 09/21/2026 | $14400 | $0 | $(64) | $0 | $(64) |
| CBK | Receive | SIBCSORA Index | N/A | 0.822 | Semi-Annual | 08/26/2026 | 110 | 0 | 2 | 2 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(62) | $2 | $(64) |
|  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;2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(10)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(347) | $0 | $0 | $(347) | $(347) | $332 | $(15) |
|  BOA | 215 | 27 | 40 | 282 | (172) | (21) | 0 | (193) | 89 | 0 | 89 |
|  BPS | 1658 | 0 | 540 | 2198 | (1542) | 0 | (212) | (1754) | 444 | (270) | 174 |
|  BRC | 195 | 0 | 0 | 195 | (618) | 0 | 0 | (618) | (423) | 282 | (141) |
|  BSH | 365 | 0 | 0 | 365 | (834) | 0 | 0 | (834) | (469) | 385 | (84) |
|  CBK | 755 | 0 | 573 | 1328 | (1082) | 0 | (45) | (1127) | 201 | 303 | 504 |
|  DUB | 592 | 0 | 4 | 596 | (1092) | 0 | 0 | (1092) | (496) | 835 | 339 |
|  FAR | 1412 | 0 | 146 | 1558 | (2315) | 0 | 0 | (2315) | (757) | 1053 | 296 |
|  GLM | 1538 | 1 | 4 | 1543 | (1405) | (12) | (62) | (1479) | 64 | 204 | 268 |
|  GST | 0 | 0 | 420 | 420 | 0 | 0 | 0 | 0 | 420 | (260) | 160 |
|  IND | 16 | 0 | 0 | 16 | (6886) | 0 | 0 | (6886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6870) | 9729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 |
|  JPM | 789 | 0 | 881 | 1670 | (507) | 0 | (193) | (700) | 970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1010) | (40) |
|  MBC | 424 | 31 | 0 | 455 | (865) | (8) | 0 | (873) | (418) | 592 | 174 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (152) | (152) | (152) | 0 | (152) |
|  MYI | 332 | 0 | 0 | 332 | (538) | 0 | 0 | (538) | (206) | 37 | (169) |
|  NGF | 31 | 0 | 0 | 31 | (20) | 0 | 0 | (20) | 11 | 0 | 11 |
|  SCX | 231 | 0 | 0 | 231 | (681) | 0 | (230) | (911) | (680) | 722 | 42 |
|  SOG | 584 | 0 | 0 | 584 | (2354) | 0 | 0 | (2354) | (1770) | 2373 | 603 |
|  SSB | 400 | 0 | 0 | 400 | (68) | 0 | 0 | (68) | 332 | (260) | 72 |
|  UAG | 20 | 0 | 0 | 20 | (498) | 0 | 0 | (498) | (478) | 593 | 115 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21824) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22759) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 201

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

(n) Securities with an aggregate market value of $17,440 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> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(9)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(10)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of 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 | $2474 | $2474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 249 | 0 | 0 | 4027 | 4276 |
|  | $0 | $249 | $0 | $0 | $6501 | $6750 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $9557 | $0 | $9557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 59 | 0 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1945 | 0 | 661 | 2 | 2608 |
|  | $0 | $1945 | $0 | $10277 | $2 | $12224 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | $0 | $10277 | $6503 | $18974 |
|  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 | $23 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1100 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 436 | 0 | 0 | 1469 | 1905 |
|  | $0 | $436 | $0 | $0 | $2592 | $3028 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $21824 | $0 | $21824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 29 | 12 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 158 | 0 | 62 | 674 | 894 |
|  | $0 | $158 | $0 | $21915 | $686 | $22759 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25787 |

---

202 PIMCO INTERNATIONAL BOND FUNDS See Accompanying Notes

------

March 31, 2026

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit <br>Contracts | Equity <br>Contracts | Foreign <br>Exchange<br>Contracts | Interest <br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $459 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 6978 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (620) | 0 | 0 | (2561) | (3181) |
|  | $0 | $(620) | $0 | $0 | $4876 | $4256 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $14053 | $0 | $14053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (56) | (198) | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 326 | 1024 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 221 | 0 | (515) | (978) | (1272) |
|  | $0 | $221 | $0 | $13808 | $(152) | $13877 |
|  | $0 | $(399) | $0 | $13808 | $4724 | $18133 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (8767) | (8767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (450) | 0 | 0 | (15403) | (15853) |
|  | $0 | $(450) | $0 | $0 | $(24173) | $(24623) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(19094) | $0 | $(19094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (29) | (805) | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 26 | 549 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (222) | 0 | 3 | 310 | 91 |
|  | $0 | $(222) | $0 | $(19094) | $54 | $(19262) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19094) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43885) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2026** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Argentina |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $433 | $0 | $433 |
|  Australia |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6075 | 0 | 6075 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11315 | 11315 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36475 | 0 | 36475 |
|  Belgium |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1896 | 0 | 1896 |
|  Bermuda |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1300 | 0 | 1300 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2296 | 0 | 2296 |
|  Brazil |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13667 | 0 | 13667 |
|  Bulgaria |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3066 | 0 | 3066 |
|  Canada |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 12014 | 0 | 12014 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1717 | 0 | 1717 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 26621 | 0 | 26621 |
|  Cayman Islands |  |  |  |  |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 23363 | 0 | 23363 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3265 | 1163 | 4428 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 810 | 0 | 810 |
|  Chile |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 811 | 0 | 811 |
|  China |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100521 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
|  Colombia |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 |
|  Costa Rica |  |  |  |  |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2666 | 0 | 2666 |
|  Denmark |  |  |  |  |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1405 | 0 | 1405 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 951 | 0 | 951 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3366 | 0 | 3366 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 21886 | 0 | 21886 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 407 | 0 | 407 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 45779 | 0 | 45779 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 7171 | 0 | 7171 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3215 | 0 | 3215 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 22947 | 0 | 22947 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4914 | 0 | 4914 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 39385 | 0 | 39385 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3000 | 0 | 3000 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 576 | 0 | 576 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5666 | 0 | 5666 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5334 | 0 | 5334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **203** |

---

------

Schedule of Investments PIMCO International Bond Fund (Unhedged) (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1220 | $0 | $1220 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13231 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13231 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 470 | 0 | 470 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 810 | 0 | 810 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3532 | 0 | 3532 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 503 | 0 | 503 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1482 | 0 | 1482 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 873 | 0 | 873 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19667 | 0 | 19667 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1838 | 0 | 1838 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 529 | 0 | 529 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5831 | 0 | 5831 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1504 | 0 | 1504 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17592 | 0 | 17592 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1964 | 0 | 1964 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16160 | 0 | 16160 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 19436 | 0 | 19436 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 38819 | 0 | 38819 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1213 | 0 | 1213 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 17344 | 0 | 17344 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6938 | 0 | 6938 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 11860 | 0 | 11860 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3525 | 0 | 3525 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2225 | 0 | 2225 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 25686 | 0 | 25686 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | 381 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 17943 | 0 | 17943 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 33965 | 0 | 33965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | $0 | $9270 | $0 | $9270 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 93340 | 0 | 93340 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1530 | 0 | 1530 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 1725 | 0 | 1725 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 78396 | 0 | 78396 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 198 | 0 | 198 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463669 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463669 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 60663 | 0 | 60663 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 24044 | 0 | 24044 |
| &nbsp;&nbsp; Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 557 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 14 | 0 | 14 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 2954 | 0 | 2954 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 592 | 0 | 592 |
|  | $557 | $1416855 | $12859 | $1430271 |
|  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 | $31238 | $0 | $0 | $31238 |
|  Total Investments | $31795 | $1416855 | $12859 | $1461509 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(210002) | $0 | $(210002) |
|  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 | 1709 | 4592 | 0 | 6301 |
|  Over the counter | 0 | 12220 | 4 | 12224 |
|  | $1709 | $16812 | $4 | $18525 |
|  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 | (1099) | (1869) | 0 | (2968) |
|  Over the counter | 0 | (22759) | 0 | (22759) |
|  | $(1099) | $(24628) | $0 | $(25727) |
|  Total Financial Derivative Instruments | $610 | $(7816) | $4 | $(7202) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244305 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements <sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $10723 | $0 | $0 | $0 | $592 | $0 | $0 | $11315 | $592 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1170 | 0 | 0 | 0 | (7) | 0 | 0 | 1163 | (7) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 1298 | 0 | (291) | 0 | 20 | 70 | 0 | (1097) | 0 | 0 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 389 | 0 | 0 | 0 | (8) | 0 | 0 | 381 | (8) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1097) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |

---

204 PIMCO INTERNATIONAL 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 | $18 | $0 | $(7) | $0 | $0 | $(7) | $0 | $0 | $4 | $(1) |
|  Totals | $1316 | $12282 | $(298) | $0 | $20 | $640 | $0 | $(1097) | $12863 | $576 |

---

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 Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $11315 | Recent Transaction | Purchase Price | 100.000 |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 1163 | Discounted Cash Flow | Discount Rate | 6.918 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 381 | Recent Transaction | Purchase Price | 96.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 4 | Indicative Market Quotation | Broker Quote | 0.191 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12863 |  |  |  |  |

---

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **205** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A and Class C shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. The PIMCO Emerging Markets Full Spectrum Bond Fund may invest assets in funds of the Trust and funds of PIMCO Equity Series and PIMCO ETF Trust, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Opportunistic Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and other affiliated and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds"). To the extent Underlying PIMCO Funds of the Trust or PIMCO Equity Series are held, Institutional Class or Class M shares will be held.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund 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.

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|:---|:---|
| **206** | **PIMCO INTERNATIONAL BOND FUNDS** |

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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 the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. Certain Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net

unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets.

Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

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| | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO Emerging Markets Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Corporate Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | Daily | Monthly |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | Daily | Monthly |
|  PIMCO Emerging Markets Local Currency and Bond Fund | Daily | Monthly |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | Daily | Monthly |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | Daily | Monthly |
|  PIMCO International Bond Fund (Unhedged) | Daily | Monthly |

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Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **207** |

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Notes to Financial Statements (Cont.)

during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, 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

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|:---|:---|
| **208** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to

investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **209** |

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Notes to Financial Statements (Cont.)

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 ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

<sup>∎</sup> Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in

markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. <br>

<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by pricing services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated

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| **210** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value

hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **211** |

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Notes to Financial Statements (Cont.)

the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to

the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO Emerging Markets Full Spectrum Bond Fund may invest substantially all or a significant portion of its assets in the Underlying PIMCO Funds and may also invest in the Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the PIMCO Emerging Markets Full Spectrum Bond Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the transactions in and earnings from investments in these Underlying PIMCO Funds or Acquired Funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### PIMCO Emerging Markets Full Spectrum Bond Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $43578 | $18832 | $(53677) | $964 | $1569 | $11266 | $2451 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 43638 | 4044 | (2712) | (244) | (224) | 44502 | 2854 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 88592 | 10004 | (33616) | 1562 | 5311 | 71853 | 6509 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 5785 | 96388 | (81000) | 3 | (1) | 21175 | 286 | 0 |
|  **Totals** | $181593 | $129268 | $(171005) | $2285 | $6655 | $148796 | $12100 | $0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders in the Notes to Financial Statements for more information. 

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely

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|:---|:---|
| **212** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund and PIMCO Emerging Markets Local Currency and Bond Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | $54805 | $1943 | $0 | $0 | $828 | $57576 | $1944 | $0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 34348 | 1648 | 0 | 0 | 89 | 36085 | 1648 | 0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Bond Fund | $56757 | $1411895 | $(1349826) | $66 | $8 | $118900 | $5989 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 4584 | 37948 | (39300) | 1 | 1 | 3234 | 149 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 95155 | 303142 | (381900) | 21 | 10 | 16428 | 2154 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 45240 | 2394288 | $(2273200) | 4 | 31 | 166363 | 5579 | 0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 5662 | 160226 | (158300) | 4 | 0 | 7592 | 226 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 37706 | 1363794 | (1318500) | 28 | 13 | 83041 | 4289 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 97 | 757327 | (726200) | 12 | 2 | 31238 | 1924 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a

realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **213** |

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Notes to Financial Statements (Cont.)

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 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

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|:---|:---|
| **214** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to 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.

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **215** |

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Notes to Financial Statements (Cont.)

payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying

common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

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|:---|:---|
| **216** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **217** |

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Notes to Financial Statements (Cont.)

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based

upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, 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.

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| **218** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

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.

(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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **219** |

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Notes to Financial Statements (Cont.)

perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Asset Swap Agreements convert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation,

other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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| **220** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

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.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The net of the notional amount received/delivered, when translated to USD at the trade date, represents an upfront payable/receivable. The re-exchange at maturity may take place at the same exchange rate, a specified rate or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **221** |

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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.

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 investing in a Fund.

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| Risks | PIMCO<br>Emerging<br>Markets<br>Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Corporate<br>Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Currency<br>and Short-<br>Term<br>Investments<br>Fund | PIMCO<br>Emerging<br>Markets<br>Full<br>Spectrum<br>Bond<br>Fund | PIMCO<br>Emerging<br>Markets<br>Local<br>Currency<br>and Bond<br>Fund | PIMCO<br>Global<br>Advantage<br>Strategy<sup>®</sup><br>Bond Fund | PIMCO Global<br>Bond<br>Opportunities<br>Fund (U.S.<br>Dollar-<br>Hedged) | PIMCO<br>International<br>Bond Fund<br>(Unhedged) |
|  Allocation |  |  |  | X |  |  |  |  |
|  Acquired Fund |  |  |  | X |  |  |  |  |
|  Small Fund |  | X |  |  |  |  |  |  |
|  Interest Rate | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X |
|  High Yield | X | X | X | X | X | X | X | X |
|  Distressed Company |  |  |  | X |  |  |  |  |
|  Market | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X |
|  Model |  |  |  | X |  |  |  |  |
|  Commodity |  |  |  | X |  |  |  |  |
|  Equity | X |  | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X |
|  Real Estate | X | X | X | X | X |  |  |  |
|  Emerging Markets | X | X | X | X | X | X | X | X |
|  China |  |  |  |  |  | X |  | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X | X |
|  Issuer Non-Diversification |  |  |  |  | X |  | X |  |
|  Smaller Company |  |  |  | X |  |  |  |  |
|  Leveraging | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X |
|  Tax |  |  |  | X |  |  |  |  |
|  Subsidiary |  |  |  | X |  |  |  |  |
|  Value Investing |  |  |  | X |  |  |  |  |
|  Arbitrage |  |  |  | X |  |  |  |  |
|  Convertible Securities |  |  |  | X |  |  |  |  |
|  Exchange-Traded Fund |  |  |  | X |  |  |  |  |
|  Contingent Convertible Securities |  | X |  |  |  |  |  |  |
|  Turnover |  |  | X |  | X | X | X |  |

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| **222** | **PIMCO INTERNATIONAL BOND FUNDS** |

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Allocation Risk is the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected.

Acquired Fund Risk is the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their 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.

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.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **223** |

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Notes to Financial Statements (Cont.)

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.

Model Risk is the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, 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 the Fund.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, 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.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline

due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject a Fund to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject a Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as

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| **224** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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".

Smaller Company Risk is the risk that the value of securities issued by a smaller company may fluctuate, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. Investments in smaller companies generally are subject to greater levels of credit, market and issuer risk.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing a Fund and may

cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Fund is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Value Investing Risk is the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected. In addition, disruptions in market conditions or limitations on the Fund's ability to access certain markets or securities may reduce the effectiveness of arbitrage strategies.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk, market risk, liquidity risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **225** |

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Notes to Financial Statements (Cont.)

fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

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

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| | |
|:---|:---|
| **226** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

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 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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **227** |

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Notes to Financial Statements (Cont.)

counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if

the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C |
|  PIMCO Emerging Markets Bond Fund | 0.45% | 0.38% | 0.48% | 0.58%<sup>(3)</sup> | N/A | 0.50% | 0.50% |
|  PIMCO Emerging Markets Corporate Bond Fund | 0.45% | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0.45% | 0.40% | 0.50% | N/A | N/A | 0.55% | N/A |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0.45%<sup>(1)(2)</sup> | 0.40% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0.45% | 0.45% | 0.55% | 0.65%<sup>(3)</sup> | N/A | 0.60% | 0.60% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0.35% | 0.30% | N/A | N/A | N/A | 0.45% | N/A |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0.25% | 0.30% | 0.40% | N/A | N/A | 0.40% | 0.40% |
|  PIMCO International Bond Fund (Unhedged) | 0.25% | 0.25% | 0.35% | 0.45%<sup>(3)</sup> | 0.25% | 0.40% | 0.40% |

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<sup>(1)</sup> Effective October 1, 2025, the Fund's Investment Advisory Fee was reduced by 0.09% to 0.45% per annum. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2027, to waive its advisory fee by 0.06% of the average daily net assets attributable to the Fund. 

<sup>(3)</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. 

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| | |
|:---|:---|
| **228** | **PIMCO INTERNATIONAL BOND FUNDS** |

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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 and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.75% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 2026, the Distributor retained $3,699,123 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **229** |

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Notes to Financial Statements (Cont.)

Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of March 31, 2026, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2027, to waive its advisory fee by 0.06% of the average daily net assets attributable to the PIMCO Emerging Markets Full Spectrum Bond Fund. This Fee Waiver Agreement will automatically renew for one-year terms thereafter unless PIMCO provides written notice of its termination 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund and PIMCO International Bond Fund (Unhedged). This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreements, 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>):

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| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Emerging Markets Bond Fund | $12 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 15 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 61 |
|  PIMCO International Bond Fund (Unhedged) | 19 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Acquired Fund Fees and Expenses The Underlying PIMCO Fund Expenses that are used for purposes of implementing the expense reduction described below are calculated using the advisory and supervisory and administrative fees for each Underlying PIMCO Fund over the total assets invested in Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of a Fund's assets.

PIMCO has contractually agreed, through July 31, 2026, to waive first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO Emerging Markets Full Spectrum Bond Fund in an amount equal to the expenses attributable to the management fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with the Fund's investments in Underlying PIMCO Funds, up to a maximum waived amount that is equal to the Fund's aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days' notice prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $1,509,327.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund and PIMCO Emerging Markets Local Currency and Bond Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, there were no waivers and/or reimbursements by PIMCO.

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|:---|:---|
| **230** | **PIMCO INTERNATIONAL BOND FUNDS** |

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March 31, 2026

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Emerging Markets Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676646 |
|  PIMCO Emerging Markets Corporate Bond Fund | 22237 | 24638 | 75093 | 80948 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 8090 | 7535 | 571393 | 486392 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 117332 | 117397 | 102518 | 95000 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 43421 | 32287 | 3752841 | 2782662 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 1288913 | 1362440 | 137820 | 154370 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15435546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15364736 | 755975 | 462002 |
|  PIMCO International Bond Fund (Unhedged) | 6151098 | 6015216 | 590564 | 246875 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **231** |

---

------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** | **PIMCO Emerging**<br> **Markets Corporate Bond Fund** |
|  | 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 | 90673 | $804854 | 68838 | $585257 | 266 | $2435 | 667 | $6022 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 134024 | 1186840 | 48028 | 403655 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 1393 | 12303 | 1153 | 9862 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 5545 | 49018 | 6726 | 57191 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 248 | 2227 | 212 | 1812 | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7563 | 67158 | 6836 | 58224 | 415 | 3846 | 450 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 6974 | 62318 | 3841 | 32621 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 180 | 1598 | 147 | 1254 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 980 | 8688 | 1038 | 8844 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 37 | 320 | 34 | 293 | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (61442) | (540716) | (49314) | (419371) | (1137) | (10519) | (5002) | (45769) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (30955) | (275849) | (61720) | (530299) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (486) | (4324) | (956) | (8157) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5203) | (45799) | (6810) | (57836) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (185) | (1641) | (137) | (1168) | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 149346 | $1326995 | 17916 | $142182 | (456) | $(4238) | (3885) | $(35654) |
|  | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Currency and Short-Term Investments Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** | **PIMCO Emerging Markets**<br> **Full Spectrum Bond Fund** |
|  | 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>03/31/2025 | 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 | 25979 | $195533 | 21171 | $153107 | 5080 | $32244 | 2909 | $17737 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 2214 | 16978 | 895 | 6512 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 506 | 3848 | 152 | 1105 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7085 | 53888 | 4829 | 34971 | 2172 | 14014 | 2453 | 14961 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 43 | 325 | 28 | 206 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 82 | 627 | 62 | 450 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (31647) | (240948) | (11864) | (86404) | (3799) | (24251) | (18587) | (115593) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2088) | (15900) | (938) | (6903) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (310) | (2353) | (286) | (2078) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 1864 | $11998 | 14049 | $100966 | 3453 | $22007 | (13225) | $(82895) |

---

---

| | |
|:---|:---|
| **232** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Emerging Markets**<br> **Local Currency and Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global**<br> **Advantage<sup>®</sup> Strategy Bond Fund** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** | **PIMCO Global Bond**<br> **Opportunities Fund (U.S. Dollar-Hedged)** |
| **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** |
| 288056 | $1785346 | 58842 | $340052 | 5475 | $56705 | 4880 | $49416 | 38594 | $377349 | 52195 | $498685 |
| 59176 | 371224 | 12972 | 74975 | N/A | N/A | N/A | N/A | 26922 | 264328 | 5027 | 48036 |
| 6560 | 41195 | 4105 | 23615 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 5355 | 33125 | 1627 | 9556 | 1280 | 13344 | 453 | 4582 | 3683 | 36051 | 2619 | 25070 |
| 946 | 5985 | 352 | 2055 | N/A | N/A | N/A | N/A | 257 | 2516 | 145 | 1375 |
| 21778 | 135845 | 13086 | 75343 | 600 | 6221 | 1088 | 10987 | 6238 | 61057 | 4215 | 40292 |
| 2677 | 16763 | 1386 | 7984 | N/A | N/A | N/A | N/A | 1015 | 9951 | 295 | 2819 |
| 328 | 2038 | 247 | 1423 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 336 | 2092 | 323 | 1863 | 82 | 848 | 69 | 702 | 372 | 3642 | 307 | 2929 |
| 43 | 267 | 28 | 160 | N/A | N/A | N/A | N/A | 19 | 184 | 13 | 128 |
| (144633) | (907108) | (74740) | (432478) | (10755) | (108724) | (15097) | (153692) | (29109) | (284262) | (18854) | (180032) |
| (22991) | (143443) | (11310) | (65461) | N/A | N/A | N/A | N/A | (5274) | (51225) | (3442) | (32846) |
| (6804) | (42241) | (1467) | (8486) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (2368) | (14739) | (2468) | (14221) | (443) | (4592) | (446) | (4510) | (4171) | (40777) | (2659) | (25399) |
| (171) | (1054) | (232) | (1330) | N/A | N/A | N/A | N/A | (98) | (954) | (185) | (1767) |
| <br>208288 | $1285295 | 2751 | $15050 | (3761) | $(36198) | (9053) | $(92515) | 38448 | $377860 | 39676 | $379290 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** | **PIMCO International**<br> **Bond Fund (Unhedged)** |
| Year Ended <br>03/31/2026 | Year Ended <br>03/31/2026 | Year Ended <br>03/31/2025 | Year Ended <br>03/31/2025 |
| Shares | Amount | Shares | Amount |
| 59786 | $469205 | 19069 | $143298 |
| 35652 | 279703 | 4549 | 34280 |
| 2026 | 15935 | 915 | 6932 |
| 561 | 4399 | 2629 | 19566 |
| 6202 | 48616 | 2757 | 20670 |
| 249 | 1956 | 26 | 190 |
| 2620 | 20505 | 2269 | 17014 |
| 1107 | 8666 | 724 | 5429 |
| 185 | 1447 | 227 | 1699 |
| 75 | 587 | 54 | 407 |
| 484 | 3787 | 467 | 3502 |
| 8 | 64 | 9 | 71 |
| (22376) | (174759) | (26209) | (197713) |
| (12686) | (99093) | (17123) | (129178) |
| (1876) | (14668) | (4380) | (32563) |
| (925) | (7231) | (1901) | (14191) |
| (3663) | (28608) | (3562) | (26725) |
| (217) | (1702) | (136) | (1022) |
| 67212 | $528809 | (19616) | $(148334) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **233** |

---

------

Notes to Financial Statements (Cont.)

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Emerging Markets Bond Fund | 2 | 0 | 47% | 0% |
|  PIMCO Emerging Markets Corporate Bond Fund | 1 | 1 | 12% | 75% |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0 | 2 | 0% | 80% |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 3 | 0 | 94% | 0% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1 | 1 | 12% | 29% |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 4 | 0 | 66% | 0% |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 3 | 0 | 34% | 0% |
|  PIMCO International Bond Fund (Unhedged) | 2 | 0 | 37% | 0% |

---

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of 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 Fund's 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 of<br>Distributable<br>Earnings |
|  PIMCO Emerging Markets Bond Fund | $0 | $0 | $(63578) | $(2412) | $(955632) | $0 | $(318) | $(1021940) |
|  PIMCO Emerging Markets Corporate Bond Fund | 1455 | 0 | (8921) | (3) | (86575) | 0 | 0 | (94044) |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4944 | 0 | (21000) | (22) | (640905) | 0 | 0 | (656983) |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 690 | 0 | (9969) | (4) | (107610) | 0 | 0 | (116893) |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 59040 | 0 | (104375) | (2117) | (366315) | 0 | 0 | (413767) |

---

---

| | |
|:---|:---|
| **234** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Global Advantage<sup>®</sup> Strategy Bond Fund | $0 | $0 | $(15396) | $(2) | $(13310) | $0 | $(310) | $(29018) |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 8644 | 0 | (79357) | (1495) | 0 | 0 | (5919) | (78127) |
|  PIMCO International Bond Fund (Unhedged) | 0 | 0 | (83298) | (407) | (29094) | 0 | (5627) | (118426) |

---

---

| | |
|:---|:---|
| <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), sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 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 Emerging Markets Bond Fund | $147133 | $808499 |
|  PIMCO Emerging Markets Corporate Bond Fund | 20369 | 66206 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 359360 | 281545 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 4440 | 103170 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 228649 | 137666 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund\* | 4873 | 8437 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 26488 | 2606 |

---

---

| | |
|:---|:---|
| <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 IRS 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 Emerging Markets Bond Fund | $3266847 | $145707 | $(210573) | $(64866) |
|  PIMCO Emerging Markets Corporate Bond Fund | 69505 | 1344 | (10259) | (8915) |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 702686 | 63273 | (83924) | (20651) |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 243657 | 12857 | (22791) | (9934) |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 3015685 | 265383 | (371168) | (105785) |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 233525 | 10208 | (25461) | (15253) |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 2208292 | 99399 | (177207) | (77808) |
|  PIMCO International Bond Fund (Unhedged) | 1294101 | 41648 | (123440) | (81792) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **235** |

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------

Notes to Financial Statements (Cont.) March 31, 2026

<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), sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, and short positions. 

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>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Emerging Markets Bond Fund | $161739 | $0 | $0 | $118641 | $0 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 3984 | 0 | 0 | 4611 | 0 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 55177 | 0 | 0 | 36015 | 0 | 0 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 14050 | 0 | 0 | 12644 | 0 | 2343 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 171886 | 0 | 0 | 67977 | 0 | 27983 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 5580 | 0 | 1703 | 11767 | 0 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 94537 | 0 | 0 | 60247 | 0 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 39080 | 0 | 0 | 30210 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **236** | **PIMCO INTERNATIONAL BOND FUNDS** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged)

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PIMCO Emerging Markets Bond Fund, PIMCO Emerging Markets Corporate Bond Fund, PIMCO Emerging Markets Currency and Short-Term Investments Fund, PIMCO Emerging Markets Full Spectrum Bond Fund, PIMCO Emerging Markets Local Currency and Bond Fund, PIMCO Global Advantage Strategy Bond Fund, PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) and PIMCO International Bond Fund (Unhedged) (eight of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 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 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.

#### 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **237** |

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Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | FAR | Wells Fargo Bank National Association | MYC | Morgan Stanley Bank, N.A. |
| BCY | Barclays Capital, Inc. | GLM | Goldman Sachs Bank USA | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | NOM | Nomura Securities International, Inc. |
| BRC | Barclays Bank PLC | IND | Crédit Agricole Corporate and Investment Bank S.A. | RBC | Royal Bank of Canada |
| BSH | Banco Santander S.A. - New York Branch | JML | JP Morgan Securities Plc | RYL | NatWest Markets Plc |
| BSS | Banco Santander S.A. | JPM | JP Morgan Chase Bank N.A. | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | JPS | J.P. Morgan Securities LLC | SOG | Societe Generale Paris |
| DBL | Deutsche Bank AG London | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| DEU | Deutsche Bank Securities, Inc. | MEI | Merrill Lynch International | TDM | TD Securities (USA) LLC |
| DUB | Deutsche Bank AG | MSC | Morgan Stanley & Co. LLC. | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| ARS | Argentine Peso | HUF | Hungarian Forint | PKR | Pakistani Rupee |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| AZN | Azerbaijani Manat | ILS | Israeli Shekel | PYG | Paraguayan Guarani |
| BRL | Brazilian Real | INR | Indian Rupee | RON | Romanian New Leu |
| CAD | Canadian Dollar | JPY | Japanese Yen | RSD | Serbian Dinar |
| CHF | Swiss Franc | KES | Kenyan Schilling | SAR | Saudi Riyal |
| CLP | Chilean Peso | KRW | South Korean Won | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | SGD | Singapore Dollar |
| CNY | Chinese Renminbi (Mainland) | KZT | Kazakhstani Tenge | THB | Thai Baht |
| COP | Colombian Peso | LKR | Sri Lankan Rupee | TRY | Turkish New Lira |
| CRC | Costa Rican Colon | MNT | Mongolian Tugrik | TWD | Taiwanese Dollar |
| CZK | Czech Koruna | MXN | Mexican Peso | UGX | Ugandan Shilling |
| DKK | Danish Krone | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| DOP | Dominican Peso | NGN | Nigerian Naira | UYU | Uruguayan Peso |
| EGP | Egyptian Pound | NOK | Norwegian Krone | UZS | Uzbekistani Sum |
| EUR | Euro | NZD | New Zealand Dollar | VND | Vietnamese Dong |
| GBP | British Pound | PEN | Peruvian New Sol | ZAR | South African Rand |
| GHS | Ghanaian Cedi | PHP | Philippine Peso | ZMW | Zambian Kwacha |
| HKD | Hong Kong Dollar |  |  |  |  |
|  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: |  |  |  |  |
| BBSW3M | 3 Month Bank Bill Swap Rate | EUR003M | 3 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| BISTREFI | Turkish Lira Overnight Reference Rate | EUR006M | 6 Month EUR Swap Rate | SONIO | Sterling Overnight Interbank Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | IBR | Indicador Bancario de Referencia | THOR | Thai Overnight Baht Repurchase Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | JY0003M | 3 Month JPY-LIBOR | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | MUTKCALM | Tokyo Overnight Average Rate | TSFR6M | Term SOFR 6-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SIBCSORA | Singapore Overnight Rate Average | US0003M | ICE 3-Month USD LIBOR |
| CNREPOFIX | China Fixing Repo Rates 7-Day | SOFRINDX | Secured Overnight Financing Rate Index | WIRON | Warsaw Interbank Offered Rate |
| CPI | Consumer Price Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | JIBAR | Johannesburg Interbank Agreed Rate | PRIBOR | Prague Interbank Offered Rate |
| BABs | Build America Bonds | JSC | Joint Stock Company | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | KLIBOR | Kuala Lumpur Interbank Offered Rate | STIBOR | Stockholm Interbank Offered Rate |
| BBSW | Bank Bill Swap Reference Rate | KORIBOR | Korea Interbank Offered Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD | To-Be-Determined |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | MIBOR | Mumbai Interbank Offered Rate | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CHILIBOR | Chile Interbank Offered Rate | NIBOR | Norwegian Interbank Offered Rate | TELBOR | Tel Aviv Inter-Bank Offered Rate |
| CLO | Collateralized Loan Obligation | OAT | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| DAC | Designated Activity Company | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **238** | **PIMCO INTERNATIONAL BOND FUNDS** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 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 Emerging Markets Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0526 | $0.0000 | $0.0000 | $0.0526 |
|  November 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  December 2025 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
|  January 2026 | $0.0507 | $0.0000 | $0.0000 | $0.0507 |
|  February 2026 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
|  March 2026 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
| 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 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
|  November 2025 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
|  December 2025 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  January 2026 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
|  February 2026 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  March 2026 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
| 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 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  November 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  December 2025 | $0.0489 | $0.0000 | $0.0000 | $0.0489 |
|  January 2026 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  February 2026 | $0.0456 | $0.0000 | $0.0000 | $0.0456 |
|  March 2026 | $0.0489 | $0.0000 | $0.0000 | $0.0489 |
| 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 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  November 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  December 2025 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  January 2026 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  February 2026 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  March 2026 | $0.0473 | $0.0000 | $0.0000 | $0.0473 |
| 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 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  November 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  December 2025 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  January 2026 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  February 2026 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  March 2026 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 239

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Distribution Information (Cont.)

PIMCO Emerging Markets Corporate Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0539 | $0.0000 | $0.0000 | $0.0539 |
|  November 2025 | $0.0494 | $0.0000 | $0.0000 | $0.0494 |
|  December 2025 | $0.0479 | $0.0000 | $0.0000 | $0.0479 |
|  January 2026 | $0.0530 | $0.0000 | $0.0000 | $0.0530 |
|  February 2026 | $0.0520 | $0.0000 | $0.0000 | $0.0520 |
|  March 2026 | $0.0510 | $0.0000 | $0.0000 | $0.0510 |

---

PIMCO Emerging Markets Currency and Short-Term Investments Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0586 | $0.0000 | $0.0000 | $0.0586 |
|  November 2025 | $0.0487 | $0.0000 | $0.0000 | $0.0487 |
|  December 2025 | $0.0538 | $0.0000 | $0.0000 | $0.0538 |
|  January 2026 | $0.0600 | $0.0000 | $0.0000 | $0.0600 |
|  February 2026 | $0.0560 | $0.0000 | $0.0000 | $0.0560 |
|  March 2026 | $0.0582 | $0.0000 | $0.0000 | $0.0582 |
| 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 | $0.0579 | $0.0000 | $0.0000 | $0.0579 |
|  November 2025 | $0.0482 | $0.0000 | $0.0000 | $0.0482 |
|  December 2025 | $0.0532 | $0.0000 | $0.0000 | $0.0532 |
|  January 2026 | $0.0594 | $0.0000 | $0.0000 | $0.0594 |
|  February 2026 | $0.0554 | $0.0000 | $0.0000 | $0.0554 |
|  March 2026 | $0.0576 | $0.0000 | $0.0000 | $0.0576 |
| 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 | $0.0559 | $0.0000 | $0.0000 | $0.0559 |
|  November 2025 | $0.0464 | $0.0000 | $0.0000 | $0.0464 |
|  December 2025 | $0.0512 | $0.0000 | $0.0000 | $0.0512 |
|  January 2026 | $0.0574 | $0.0000 | $0.0000 | $0.0574 |
|  February 2026 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
|  March 2026 | $0.0557 | $0.0000 | $0.0000 | $0.0557 |

---

PIMCO Emerging Markets Full Spectrum Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  November 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
|  December 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
|  January 2026 | $0.0474 | $0.0000 | $0.0000 | $0.0474 |
|  February 2026 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  March 2026 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |

---

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| | |
|:---|:---|
| **240** | **PIMCO INTERNATIONAL BOND FUNDS** |

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(Unaudited)

PIMCO Emerging Markets Local Currency and Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  November 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  December 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  January 2026 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  February 2026 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
|  March 2026 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
| 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 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  November 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  December 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  January 2026 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  February 2026 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  March 2026 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
| 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 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  November 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  December 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  January 2026 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  February 2026 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  March 2026 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
| 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 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  November 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  January 2026 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  February 2026 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  March 2026 | $0.0368 | $0.0000 | $0.0000 | $0.0368 |
| 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 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  November 2025 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  December 2025 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  January 2026 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  February 2026 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  March 2026 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **241** |

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Distribution Information (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  November 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  January 2026 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  February 2026 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  March 2026 | $0.0470 | $0.0000 | $0.0000 | $0.0470 |
| **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 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |
|  November 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  December 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  January 2026 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  February 2026 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  March 2026 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
| <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | <br> PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  November 2025 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
|  December 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  January 2026 | $0.0391 | $0.0000 | $0.0000 | $0.0391 |
|  February 2026 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  March 2026 | $0.0394 | $0.0000 | $0.0000 | $0.0394 |
| **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 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  November 2025 | $0.0376 | $0.0000 | $0.0000 | $0.0376 |
|  December 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  January 2026 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
|  February 2026 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  March 2026 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
| **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 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  November 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  December 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  January 2026 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  February 2026 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  March 2026 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |

---

---

| | |
|:---|:---|
| **242** | **PIMCO INTERNATIONAL BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  November 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  December 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  January 2026 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  February 2026 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
|  March 2026 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
| <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) | <br> PIMCO International Bond Fund (Unhedged) |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0213 | $0.0000 | $0.0039 | $0.0252 |
|  November 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  December 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  January 2026 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  February 2026 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  March 2026 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0208 | $0.0000 | $0.0038 | $0.0246 |
|  November 2025 | $0.0212 | $0.0000 | $0.0000 | $0.0212 |
|  December 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  January 2026 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  February 2026 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  March 2026 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
| **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 | $0.0206 | $0.0000 | $0.0037 | $0.0243 |
|  November 2025 | $0.0209 | $0.0000 | $0.0000 | $0.0209 |
|  December 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  January 2026 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  February 2026 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  March 2026 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
| **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 | $0.0200 | $0.0000 | $0.0036 | $0.0236 |
|  November 2025 | $0.0202 | $0.0000 | $0.0000 | $0.0202 |
|  December 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  January 2026 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  February 2026 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  March 2026 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
| **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 | $0.0192 | $0.0000 | $0.0035 | $0.0227 |
|  November 2025 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
|  December 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  January 2026 | $0.0217 | $0.0000 | $0.0000 | $0.0217 |
|  February 2026 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  March 2026 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **243** |

---

------

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 | $0.0152 | $0.0000 | $0.0028 | $0.0180 |
|  November 2025 | $0.0149 | $0.0000 | $0.0000 | $0.0149 |
|  December 2025 | $0.0169 | $0.0000 | $0.0000 | $0.0169 |
|  January 2026 | $0.0166 | $0.0000 | $0.0000 | $0.0166 |
|  February 2026 | $0.0162 | $0.0000 | $0.0000 | $0.0162 |
|  March 2026 | $0.0203 | $0.0000 | $0.0000 | $0.0203 |

---

\* 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. 

---

| | |
|:---|:---|
| **244** | **PIMCO INTERNATIONAL 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 Emerging Markets Bond Fund | 0.00% | 1.85% | $11715 | $0 |
|  PIMCO Emerging Markets Corporate Bond Fund | 0.00% | 0.00% | 269 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 0.00% | 0.00% | 2638 | 0 |
|  PIMCO Emerging Markets Full Spectrum Bond Fund | 0.00% | 0.00% | 79 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 0.00% | 0.00% | 4857 | 0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 0.00% | 10.46% | 622 | 0 |
|  PIMCO Global Bond Opportunities Fund (U.S. Dollar-Hedged) | 0.00% | 0.00% | 26976 | 0 |
|  PIMCO International Bond Fund (Unhedged) | 0.00% | 0.00% | 14499 | 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 | **245** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **246** | **PIMCO INTERNATIONAL 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 | **247** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **248** | **PIMCO INTERNATIONAL 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](g104737g75h91.jpg)

PIMSINTLBONDFSTMAR_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) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d119941dex99codeeth.htm)

(a)(2) Not applicable for open-end investment companies.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d119941dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) There was no change in the Registrant's independent public accountant for the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d119941dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | June 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

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

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.

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Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

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Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal<br> Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 1, 2026<br>|
| Signature: | /s/ Joshua D. Ratner<br>|
| Title: | President (Principal Executive Officer)<br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| 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;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Joshua D. Ratner<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | June 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.