# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-25-308184
**Filing Date:** 2025-12
**Character Count:** 4551000
**Document Hash:** 99a6efff1f9f00fa140ab673bc913ced
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-308184.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-308184

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 251550400

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

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

### PIMCO GNMA and Government Securities Fund (Series ID: S000009684)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026541 | Institutional | PDMIX           |
| C000026542 | A             | PAGNX           |
| C000026544 | C             | PCGNX           |
| C000064137 | I-2           | PPGNX           |
| C000203300 | I-3           | PANNX           |

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

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

### PIMCO 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 Investment Grade Credit Bond Fund (Series ID: S000009688)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026564 | Institutional  | PIGIX           |
| C000026565 | Administrative | PGCAX           |
| C000026566 | A              | PBDAX           |
| C000026567 | C              | PBDCX           |
| C000064141 | I-2            | PBDPX           |
| C000200444 | I-3            | PCNNX           |

### PIMCO Long-Term U.S. Government Fund (Series ID: S000009690)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026570 | Institutional | PGOVX           |
| C000026572 | A             | PFGAX           |
| C000026574 | C             | PFGCX           |
| C000064142 | I-2           | PLTPX           |

### PIMCO Moderate Duration Fund (Series ID: S000009694)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026586 | Institutional | PMDRX           |
| C000085176 | I-2           | PMOPX           |

### PIMCO Total Return Fund II (Series ID: S000009709)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000026656 | Institutional | PMBIX           |
| C000082492 | I-2           | PMTPX           |

### PIMCO Total Return ESG Fund (Series ID: S000009710)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026658 | Institutional  | PTSAX           |
| C000026659 | Administrative | PRFAX           |
| C000066771 | I-2            | PRAPX           |
| C000203306 | I-3            |  |
| C000217562 | Class A        | PTGAX           |
| C000217563 | Class C        | PTGCX           |

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

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

### PIMCO Long Duration Total Return Fund (Series ID: S000013232)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000035567 | Institutional | PLRIX           |
| C000064164 | I-2           | PLRPX           |
| C000080408 | Class A       | PLRAX           |
| C000195167 | Class C       | PLRCX           |

### PIMCO Extended Duration Fund (Series ID: S000013233)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000035569 | Institutional | PEDIX           |
| C000064165 | I-2           | PEDPX           |

### PIMCO Dynamic Bond Fund (Series ID: S000022557)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000065243 | A             | PUBAX           |
| C000065245 | I-2           | PUCPX           |
| C000065246 | Institutional | PFIUX           |
| C000069483 | Class C       | PUBCX           |
| C000069484 | Class R       | PUBRX           |
| C000200461 | I-3           | PFNUX           |

### 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 LOW DURATION OPPORTUNITIES FUND (Series ID: S000024795)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000073749 | Institutional | PUTIX           |
| C000073751 | Class A       | ATMAX           |
| C000073752 | Class C       | ATMCX           |
| C000073754 | I-2           | PUTPX           |

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

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

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

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

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

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

### PIMCO Total Return Fund IV (Series ID: S000032049)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000099802 | Institutional Class | PTUIX           |
| C000099804 | Class A             | PTUZX           |

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

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

### PIMCO Mortgage Opportunities and Bond Fund (Series ID: S000038441)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118561 | Institutional Class | PMZIX           |
| C000118562 | I-2                 | PMZPX           |
| C000118565 | Class A             | PMZAX           |
| C000118566 | Class C             | PMZCX           |
| C000200465 | I-3                 | PMZNX           |

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

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

### PIMCO Climate Bond Fund (Series ID: S000066984)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000215594 | Class A             | PCEBX           |
| C000215595 | I-3                 | PCEWX           |
| C000215596 | Institutional Class | PCEIX           |
| C000215597 | I-2                 | PCEPX           |
| C000215598 | Class C             | PCECX           |

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

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

### PIMCO Total Return Fund V (Series ID: S000079898)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241367 | Institutional Class |  |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

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

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

------

#### EXPLANATORY NOTE
The Registrant is filing this Certified Shareholder Report on Form N-CSR in three (3) separate submissions due to file size limitations on EDGAR submissions. 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 two companion submissions (the "first companion submission" and the "second 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 filing.

------

**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 Climate Bond Fund Class A

● PIMCO Climate Bond Fund Class C

● PIMCO Climate Bond Fund Institutional Class

● PIMCO Climate Bond Fund I-2

● PIMCO Climate Bond Fund I-3

● PIMCO Dynamic Bond Fund Class A

● PIMCO Dynamic Bond Fund Class C

● PIMCO Dynamic Bond Fund Institutional Class

● PIMCO Dynamic Bond Fund I-2

● PIMCO Dynamic Bond Fund Class R

● PIMCO Dynamic Bond Fund I-3

● PIMCO Extended Duration Fund Institutional Class

● PIMCO Extended Duration Fund I-2

● PIMCO GNMA and Government Securities Fund Class A

● PIMCO GNMA and Government Securities Fund Class C

● PIMCO GNMA and Government Securities Fund Institutional Class

● PIMCO GNMA and Government Securities Fund I-2

● PIMCO GNMA and Government Securities Fund I-3

● PIMCO Investment Grade Credit Bond Fund Class A

● PIMCO Investment Grade Credit Bond Fund Administrative Class

● PIMCO Investment Grade Credit Bond Fund Class C

● PIMCO Investment Grade Credit Bond Fund Institutional Class

● PIMCO Investment Grade Credit Bond Fund I-2

● PIMCO Investment Grade Credit Bond Fund I-3

● PIMCO Long Duration Total Return Fund Institutional Class

● PIMCO Long Duration Total Return Fund I-2

● PIMCO Long Duration Total Return Fund Class A

● PIMCO Long Duration Total Return Fund Class C

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

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

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

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

● PIMCO Low Duration Opportunities Fund Class A

● PIMCO Low Duration Opportunities Fund Class C

● PIMCO Low Duration Opportunities Fund Institutional Class

● PIMCO Low Duration Opportunities Fund I-2

● PIMCO Moderate Duration Fund Institutional Class

● PIMCO Moderate Duration Fund I-2

------

● PIMCO Mortgage Opportunities and Bond Fund I-3

● PIMCO Mortgage Opportunities and Bond Fund Class A

● PIMCO Mortgage Opportunities and Bond Fund Class C

● PIMCO Mortgage Opportunities and Bond Fund Institutional Class

● PIMCO Mortgage Opportunities and Bond Fund I-2

● PIMCO Total Return ESG Fund Administrative Class

● PIMCO Total Return ESG Fund Institutional Class

● PIMCO Total Return ESG Fund I-2

● PIMCO Total Return ESG Fund Class A

● PIMCO Total Return ESG Fund Class C

● PIMCO Total Return ESG Fund I-3

● PIMCO Total Return Fund II Institutional Class

● PIMCO Total Return Fund II I-2

● PIMCO Total Return Fund IV Class A

● PIMCO Total Return Fund IV Institutional Class

● PIMCO Total Return Fund V Institutional Class

● PIMCO Credit Opportunities Bond Fund Class A

● PIMCO Credit Opportunities Bond Fund Class C

● PIMCO Credit Opportunities Bond Fund Institutional Class

● PIMCO Credit Opportunities Bond Fund I-2

● PIMCO Diversified Income Fund Class A

● PIMCO Diversified Income Fund Administrative Class

● PIMCO Diversified Income Fund Class C

● PIMCO Diversified Income Fund Institutional Class

● PIMCO Diversified Income Fund I-2

● PIMCO Diversified Income Fund I-3

● PIMCO ESG Income Fund Class A

● PIMCO ESG Income Fund Class C

● PIMCO ESG Income Fund Institutional Class

● PIMCO ESG Income Fund I-2

● PIMCO ESG Income Fund I-3

● PIMCO High Yield Fund Class A

● PIMCO High Yield Fund Administrative Class

● PIMCO High Yield Fund Class C

● PIMCO High Yield Fund Institutional Class

● PIMCO High Yield Fund I-2

● PIMCO High Yield Fund Class R

● PIMCO High Yield Fund I-3

● PIMCO High Yield Spectrum Fund Class A

● PIMCO High Yield Spectrum Fund Class C

● PIMCO High Yield Spectrum Fund Institutional Class

● PIMCO High Yield Spectrum Fund I-2

● PIMCO High Yield Spectrum Fund I-3

● PIMCO Long-Term Credit Bond Fund Institutional Class

● PIMCO Long-Term Credit Bond Fund I-2

● PIMCO Low Duration Credit Fund Class A

● PIMCO Low Duration Credit Fund Class C

● PIMCO Low Duration Credit Fund Institutional Class

● PIMCO Low Duration Credit Fund I-2

● PIMCO Low Duration Income Fund Class A

● PIMCO Low Duration Income Fund Class C

● PIMCO Low Duration Income Fund Institutional Class

● PIMCO Low Duration Income Fund I-2

● PIMCO Low Duration Income Fund I-3

● PIMCO Low Duration Income Fund Class C-2

● PIMCO Preferred and Capital Securities Fund Class A

● PIMCO Preferred and Capital Securities Fund Class C

● PIMCO Preferred and Capital Securities Fund I-2

● PIMCO Preferred and Capital Securities Fund Institutional Class

● PIMCO Preferred and Capital Securities Fund I-3

------

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

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

------

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

● PIMCO Global Advantage® Strategy Bond Fund Class A

● PIMCO Global Advantage® Strategy Bond Fund Institutional Class

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

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

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

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

● PIMCO International Bond Fund (Unhedged) Class A

● PIMCO International Bond Fund (Unhedged) Administrative Class

● PIMCO International Bond Fund (Unhedged) Class C

● PIMCO International Bond Fund (Unhedged) Institutional Class

● PIMCO International Bond Fund (Unhedged) I-2

● PIMCO International Bond Fund (Unhedged) I-3

● PIMCO California Municipal Intermediate Value Fund Institutional Class

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Intermediate Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

● PIMCO Income Fund Class A

● PIMCO Income Fund Administrative Class

● PIMCO Income Fund Class C

● PIMCO Income Fund Institutional Class

● PIMCO Income Fund I-2

● PIMCO Income Fund Class R

● PIMCO Income Fund I-3

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

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

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

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

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

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

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

● PIMCO Total Return Fund Class A

● PIMCO Total Return Fund Administrative Class

● PIMCO Total Return Fund Class C

● PIMCO Total Return Fund Institutional Class

● PIMCO Total Return Fund I-2

● PIMCO Total Return Fund Class R

● PIMCO Total Return Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund Class C

● PIMCO TRENDS Managed Futures Strategy Fund Class A

● PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

● PIMCO TRENDS Managed Futures Strategy Fund I-2

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

● PIMCO ABS and Short-Term Investments Portfolio

● PIMCO EM Bond and Short-Term Investments Portfolio

● PIMCO High Yield and Short-Term Investments Portfolio

● PIMCO Investment Grade Credit Bond Portfolio

● PIMCO Long Duration Credit Bond Portfolio

------

● PIMCO Low Duration Portfolio

● PIMCO Moderate Duration Portfolio

● PIMCO Mortgage and Short-Term Investments Portfolio

● PIMCO Municipal Portfolio

● PIMCO Real Return Portfolio

● PIMCO Sector Funds Series – AM

● PIMCO Sector Fund Series – H

● PIMCO Sector Fund Series – I

● PIMCO Short-Term Portfolio

● PIMCO Short-Term Floating NAV Portfolio II

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

● PIMCO International Portfolio

● PIMCO Short Asset Portfolio

● PIMCO Short-Term Floating NAV Portfolio III

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO CommoditiesPLUS® Strategy Fund Class A

● PIMCO CommoditiesPLUS® Strategy Fund Class C

● PIMCO CommoditiesPLUS® Strategy Fund InstitutionalClass

● PIMCO CommoditiesPLUS® Strategy Fund I-2

● PIMCO CommoditiesPLUS® Strategy Fund I-3

● PIMCO CommodityRealReturnStrategy Fund® Class A

● PIMCO CommodityRealReturnStrategy Fund® Administrative Class

● PIMCO CommodityRealReturnStrategy Fund® Class C

● PIMCO CommodityRealReturnStrategy Fund® Institutional Class

● PIMCO CommodityRealReturnStrategy Fund® I-2

● PIMCO CommodityRealReturnStrategy Fund® Class R

● PIMCO CommodityRealReturnStrategy Fund® I-3

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO Government Money Market Fund Class A

● PIMCO Government Money Market Fund Class C

● PIMCO Government Money Market Fund Class M

● PIMCO Government Money Market Fund I-2

● PIMCO Government Money Market Fund Institutional Class

● PIMCO Government Money Market Fund Administrative Class

● PIMCO Low Duration Fund Class A

● PIMCO Low Duration Fund Administrative Class

● PIMCO Low Duration Fund Class C

● PIMCO Low Duration Fund Institutional Class

● PIMCO Low Duration Fund I-2

● PIMCO Low Duration Fund Class R

● PIMCO Low Duration Fund I-3

● PIMCO Low Duration Fund Class C-2

------

● PIMCO Low Duration Fund II Administrative Class

● PIMCO Low Duration Fund II Institutional Class

● PIMCO Low Duration ESG Fund Institutional Class

● PIMCO Low Duration ESG Fund I-2

● PIMCO Short Asset Investment Fund Class A

● PIMCO Short Asset Investment Fund Administrative Class

● PIMCO Short Asset Investment Fund Institutional Class

● PIMCO Short Asset Investment Fund I-2

● PIMCO Short Asset Investment Fund Class M

● PIMCO Short Asset Investment Fund I-3

● PIMCO Short-Term Fund Class A

● PIMCO Short-Term Fund Administrative Class

● PIMCO Short-Term Fund Class C

● PIMCO Short-Term Fund Institutional Class

● PIMCO Short-Term Fund I-2

● PIMCO Short-Term Fund Class R

● PIMCO Short-Term Fund I-3

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

&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;(b) Not applicable to the Registrant.

# Class A: PAUAX

# PIMCO All Asset All Authority Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $150 | 2.88%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $999010 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $1023 |

---

---

| | |
|:---|:---|
| 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 | 0.2% |
| Affiliated Investments | 140.1% |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 21.3% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 19.6% |
| PIMCO Total Return Fund | 18.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 11.3% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 7.3% |
| PIMCO High Yield Fund | 6.8% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 4.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Class A: PAUAX

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

September 30, 2025

PIMS4019TSRSAR_093025

# Class C: PAUCX

# PIMCO All Asset All Authority Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $189 | 3.63%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $999010 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $1023 |

---

---

| | |
|:---|:---|
| 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 | 0.2% |
| Affiliated Investments | 140.1% |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 21.3% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 19.6% |
| PIMCO Total Return Fund | 18.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 11.3% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 7.3% |
| PIMCO High Yield Fund | 6.8% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 4.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Class C: PAUCX

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

September 30, 2025

PIMS4219TSRSAR_093025

# I-3: PAUNX

# PIMCO All Asset All Authority Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $135 | 2.59%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $999010 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $1023 |

---

---

| | |
|:---|:---|
| 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 | 0.2% |
| Affiliated Investments | 140.1% |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 21.3% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 19.6% |
| PIMCO Total Return Fund | 18.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 11.3% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 7.3% |
| PIMCO High Yield Fund | 6.8% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 4.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# I-3: PAUNX

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

September 30, 2025

PIMS2174TSRSAR_093025

# Institutional Class: PAUIX

# PIMCO All Asset All Authority Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $127 | 2.44%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $999010 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $1023 |

---

---

| | |
|:---|:---|
| 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 | 0.2% |
| Affiliated Investments | 140.1% |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 21.3% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 19.6% |
| PIMCO Total Return Fund | 18.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 11.3% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 7.3% |
| PIMCO High Yield Fund | 6.8% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 4.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Institutional Class: PAUIX

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

September 30, 2025

PIMS1860TSRSAR_093025

# I-2: PAUPX

# PIMCO All Asset All Authority Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $132 | 2.54%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $999010 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 40% |
| Total Net Advisory Fees Paid During the Reporting Period | $1023 |

---

---

| | |
|:---|:---|
| 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 | 0.2% |
| Affiliated Investments | 140.1% |
| Other Assets and Liabilities, Net | (40.3%) |
| Total | 100.0% |

---

---

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

---

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

---

| | |
|:---|:---|
| PIMCO Low Duration Fund | 21.3% |
| PIMCO All Authority: Multi-RAE PLUS Fund | 19.6% |
| PIMCO Total Return Fund | 18.0% |
| PIMCO RealEstateRealReturn Strategy Fund | 11.3% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 8.8% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 7.3% |
| PIMCO High Yield Fund | 6.8% |
| PIMCO TRENDS Managed Futures Strategy Fund | 5.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 5.7% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 4.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# I-2: PAUPX

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

September 30, 2025

PIMS1932TSRSAR_093025

# Class A: PASAX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.58%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Class A: PASAX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4018TSRSAR_093025

# Administrative Class: PAALX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $20 | 0.39%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Administrative Class: PAALX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0588TSRSAR_093025

# Class C: PASCX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $69 | 1.33%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Class C: PASCX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4218TSRSAR_093025

# I-3: PAANX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $15 | 0.29%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# I-3: PAANX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2175TSRSAR_093025

# Institutional Class: PAAIX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Institutional Class: PAAIX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0034TSRSAR_093025

# I-2: PALPX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $12 | 0.24%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# I-2: PALPX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1922TSRSAR_093025

# Class R: PATRX

# PIMCO All Asset Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $43 | 0.83%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $10089825 |
| # of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 25% |
| Total Net Advisory Fees Paid During the Reporting Period | $4432 |

---

---

| | |
|:---|:---|
| 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 | 100.6% |
| 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. |
| &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-RAE PLUS Fund | 19.3% |
| PIMCO All Asset: Multi-Real Fund | 16.8% |
| PIMCO Total Return Fund | 8.4% |
| PIMCO Low Duration Fund | 7.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 6.9% |
| PIMCO Emerging Markets Currency and Short-Term Investments Fund | 4.4% |
| PIMCO TRENDS Managed Futures Strategy Fund | 4.1% |
| PIMCO High Yield Fund | 3.5% |
| PIMCO RAE Fundamental Advantage PLUS Fund | 3.1% |
| PIMCO RAE Worldwide Long/Short PLUS Fund | 3.1% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![Image](g931311g65g99.jpg)

# Class R: PATRX

# PIMCO All Asset Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4518TSRSAR_093025

# Class A: PCEBX

# PIMCO Climate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.92%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $37510 |
| # of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 7% |
| Total Net Advisory Fees Paid During the Reporting Period | $44 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 65.9% |
| Sovereign Issues | 10.3% |
| U.S. Government Agencies | 4.5% |
| Asset-Backed Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 12.5% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | 2.3% |
| 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](g931311g95v11.jpg)

# Class A: PCEBX
![Image](g931311g65g99.jpg)

# PIMCO Climate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8087TSRSAR_093025

# Class C: PCECX

# PIMCO Climate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $85 | 1.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $37510 |
| # of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 7% |
| Total Net Advisory Fees Paid During the Reporting Period | $44 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 65.9% |
| Sovereign Issues | 10.3% |
| U.S. Government Agencies | 4.5% |
| Asset-Backed Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 12.5% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | 2.3% |
| 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](g931311g95v11.jpg)

# Class C: PCECX
![Image](g931311g65g99.jpg)

# PIMCO Climate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8287TSRSAR_093025

# I-2: PCEPX

# PIMCO Climate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $32 | 0.62%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $37510 |
| # of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 7% |
| Total Net Advisory Fees Paid During the Reporting Period | $44 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 65.9% |
| Sovereign Issues | 10.3% |
| U.S. Government Agencies | 4.5% |
| Asset-Backed Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 12.5% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | 2.3% |
| 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](g931311g95v11.jpg)

# I-2: PCEPX
![Image](g931311g65g99.jpg)

# PIMCO Climate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2214TSRSAR_093025

# I-3: PCEWX

# PIMCO Climate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $37510 |
| # of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 7% |
| Total Net Advisory Fees Paid During the Reporting Period | $44 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 65.9% |
| Sovereign Issues | 10.3% |
| U.S. Government Agencies | 4.5% |
| Asset-Backed Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 12.5% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | 2.3% |
| 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](g931311g95v11.jpg)

# I-3: PCEWX
![Image](g931311g65g99.jpg)

# PIMCO Climate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2215TSRSAR_093025

# Institutional Class: PCEIX

# PIMCO Climate Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $27 | 0.52%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $37510 |
| # of Portfolio Holdings | 328 |
| Portfolio Turnover Rate | 7% |
| Total Net Advisory Fees Paid During the Reporting Period | $44 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 65.9% |
| Sovereign Issues | 10.3% |
| U.S. Government Agencies | 4.5% |
| Asset-Backed Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Municipal Bonds & Notes | 0.6% |
| Short-Term Instruments | 12.5% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | 2.3% |
| 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](g931311g95v11.jpg)

# Institutional Class: PCEIX
![Image](g931311g65g99.jpg)

# PIMCO Climate Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2213TSRSAR_093025

# Class A: PZCRX

# PIMCO Credit Opportunities Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $56 | 1.10%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $497463 |
| # of Portfolio Holdings | 599 |
| Portfolio Turnover Rate | 91% |
| Total Net Advisory Fees Paid During the Reporting Period | $677 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 61.3% |
| U.S. Government Agencies | 6.3% |
| U.S. Treasury Obligations | 3.3% |
| Asset-Backed Securities | 2.6% |
| Sovereign Issues | 2.5% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Loan Participations and Assignments | 1.5% |
| Convertible Bonds & Notes | 0.5% |
| Preferred Securities | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.1%) |
| 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](g931311g95v11.jpg)

# Class A: PZCRX
![Image](g931311g65g99.jpg)

# PIMCO Credit Opportunities Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6033TSRSAR_093025

# Class C: PCCRX

# PIMCO Credit Opportunities Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $94 | 1.85%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $497463 |
| # of Portfolio Holdings | 599 |
| Portfolio Turnover Rate | 91% |
| Total Net Advisory Fees Paid During the Reporting Period | $677 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 61.3% |
| U.S. Government Agencies | 6.3% |
| U.S. Treasury Obligations | 3.3% |
| Asset-Backed Securities | 2.6% |
| Sovereign Issues | 2.5% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Loan Participations and Assignments | 1.5% |
| Convertible Bonds & Notes | 0.5% |
| Preferred Securities | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.1%) |
| 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](g931311g95v11.jpg)

# Class C: PCCRX
![Image](g931311g65g99.jpg)

# PIMCO Credit Opportunities Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6233TSRSAR_093025

# Institutional Class: PCARX

# PIMCO Credit Opportunities Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $36 | 0.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $497463 |
| # of Portfolio Holdings | 599 |
| Portfolio Turnover Rate | 91% |
| Total Net Advisory Fees Paid During the Reporting Period | $677 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 61.3% |
| U.S. Government Agencies | 6.3% |
| U.S. Treasury Obligations | 3.3% |
| Asset-Backed Securities | 2.6% |
| Sovereign Issues | 2.5% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Loan Participations and Assignments | 1.5% |
| Convertible Bonds & Notes | 0.5% |
| Preferred Securities | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.1%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PCARX
![Image](g931311g65g99.jpg)

# PIMCO Credit Opportunities Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2028TSRSAR_093025

# I-2: PPCRX

# PIMCO Credit Opportunities Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $497463 |
| # of Portfolio Holdings | 599 |
| Portfolio Turnover Rate | 91% |
| Total Net Advisory Fees Paid During the Reporting Period | $677 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 61.3% |
| U.S. Government Agencies | 6.3% |
| U.S. Treasury Obligations | 3.3% |
| Asset-Backed Securities | 2.6% |
| Sovereign Issues | 2.5% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Loan Participations and Assignments | 1.5% |
| Convertible Bonds & Notes | 0.5% |
| Preferred Securities | 0.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 18.9% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (5.1%) |
| 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](g931311g95v11.jpg)

# I-2: PPCRX
![Image](g931311g65g99.jpg)

# PIMCO Credit Opportunities Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2030TSRSAR_093025

# Class A: PDVAX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 1.20%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# Class A: PDVAX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4033TSRSAR_093025

# Administrative Class: PDAAX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $54 | 1.05%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# Administrative Class: PDAAX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0406TSRSAR_093025

# Class C: PDICX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $100 | 1.95%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# Class C: PDICX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4233TSRSAR_093025

# I-3: PDNIX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $49 | 0.95%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# I-3: PDNIX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2178TSRSAR_093025

# Institutional Class: PDIIX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $41 | 0.80%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# Institutional Class: PDIIX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0106TSRSAR_093025

# I-2: PDVPX

# PIMCO Diversified Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $46 | 0.90%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3046937 |
| # of Portfolio Holdings | 1626 |
| Portfolio Turnover Rate | 123% |
| Total Net Advisory Fees Paid During the Reporting Period | $6595 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 45.2% |
| Sovereign Issues | 17.7% |
| U.S. Government Agencies | 16.3% |
| Asset-Backed Securities | 12.7% |
| Loan Participations and Assignments | 5.7% |
| Non-Agency Mortgage-Backed Securities | 5.1% |
| U.S. Treasury Obligations | 4.6% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 6.7% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (14.6%) |
| 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. |
| &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](g931311g95v11.jpg)

# I-2: PDVPX
![Image](g931311g65g99.jpg)

# PIMCO Diversified Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1908TSRSAR_093025

# Class A: PUBAX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $60 | 1.18%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class A: PUBAX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4086TSRSAR_093025

# Class C: PUBCX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 1.93%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class C: PUBCX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4286TSRSAR_093025

# I-3: PFNUX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $48 | 0.93%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-3: PFNUX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2206TSRSAR_093025

# Institutional Class: PFIUX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $40 | 0.78%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PFIUX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1863TSRSAR_093025

# I-2: PUCPX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $45 | 0.88%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PUCPX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1931TSRSAR_093025

# Class R: PUBRX

# PIMCO Dynamic Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $73 | 1.43%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2555653 |
| # of Portfolio Holdings | 1939 |
| Portfolio Turnover Rate | 387% |
| Total Net Advisory Fees Paid During the Reporting Period | $6872 |

---

---

| | |
|:---|:---|
| 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 | 66.0% |
| Corporate Bonds & Notes | 21.0% |
| Sovereign Issues | 19.0% |
| Asset-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 11.5% |
| Non-Agency Mortgage-Backed Securities | 6.3% |
| Loan Participations and Assignments | 1.6% |
| Municipal Bonds & Notes | 0.3% |
| Preferred Securities | 0.2% |
| Convertible Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 16.6% |
| Affiliated Investments | 20.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (76.3%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class R: PUBRX
![Image](g931311g65g99.jpg)

# PIMCO Dynamic Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4586TSRSAR_093025

# Institutional Class: PEDIX

# PIMCO Extended Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $304 | 6.09%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $472719 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 62% |
| Total Net Advisory Fees Paid During the Reporting Period | $513 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 188.1% |
| U.S. Government Agencies | 18.3% |
| Asset-Backed Securities | 5.4% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (119.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PEDIX
![Image](g931311g65g99.jpg)

# PIMCO Extended Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1890TSRSAR_093025

# I-2: PEDPX

# PIMCO Extended Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $309 | 6.19%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $472719 |
| # of Portfolio Holdings | 508 |
| Portfolio Turnover Rate | 62% |
| Total Net Advisory Fees Paid During the Reporting Period | $513 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 188.1% |
| U.S. Government Agencies | 18.3% |
| Asset-Backed Securities | 5.4% |
| Sovereign Issues | 4.5% |
| Non-Agency Mortgage-Backed Securities | 2.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (119.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PEDPX
![Image](g931311g65g99.jpg)

# PIMCO Extended Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1934TSRSAR_093025

# Class A: PGMAX

# PIMCO Global Core Asset Allocation Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.28%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $311016 |
| # of Portfolio Holdings | 727 |
| Portfolio Turnover Rate | 211% |
| Total Net Advisory Fees Paid During the Reporting Period | $1043 |

---

---

| | |
|:---|:---|
| 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 | 15.8% |
| Asset-Backed Securities | 7.8% |
| Sovereign Issues | 6.3% |
| U.S. Treasury Obligations | 4.0% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Common Stocks | 1.8% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 73.6% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (13.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class A: PGMAX
![Image](g931311g65g99.jpg)

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

September 30, 2025

PIMS4090TSRSAR_093025

# Class C: PGMCX

# PIMCO Global Core Asset Allocation Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $108 | 2.03%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $311016 |
| # of Portfolio Holdings | 727 |
| Portfolio Turnover Rate | 211% |
| Total Net Advisory Fees Paid During the Reporting Period | $1043 |

---

---

| | |
|:---|:---|
| 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 | 15.8% |
| Asset-Backed Securities | 7.8% |
| Sovereign Issues | 6.3% |
| U.S. Treasury Obligations | 4.0% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Common Stocks | 1.8% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 73.6% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (13.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class C: PGMCX
![Image](g931311g65g99.jpg)

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

September 30, 2025

PIMS4290TSRSAR_093025

# Institutional Class: PGAIX

# PIMCO Global Core Asset Allocation Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $45 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $311016 |
| # of Portfolio Holdings | 727 |
| Portfolio Turnover Rate | 211% |
| Total Net Advisory Fees Paid During the Reporting Period | $1043 |

---

---

| | |
|:---|:---|
| 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 | 15.8% |
| Asset-Backed Securities | 7.8% |
| Sovereign Issues | 6.3% |
| U.S. Treasury Obligations | 4.0% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Common Stocks | 1.8% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 73.6% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (13.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PGAIX
![Image](g931311g65g99.jpg)

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

September 30, 2025

PIMS1828TSRSAR_093025

# I-2: PGAPX

# PIMCO Global Core Asset Allocation Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $50 | 0.94%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $311016 |
| # of Portfolio Holdings | 727 |
| Portfolio Turnover Rate | 211% |
| Total Net Advisory Fees Paid During the Reporting Period | $1043 |

---

---

| | |
|:---|:---|
| 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 | 15.8% |
| Asset-Backed Securities | 7.8% |
| Sovereign Issues | 6.3% |
| U.S. Treasury Obligations | 4.0% |
| Non-Agency Mortgage-Backed Securities | 2.1% |
| Common Stocks | 1.8% |
| Corporate Bonds & Notes | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 73.6% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (13.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PGAPX
![Image](g931311g65g99.jpg)

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

September 30, 2025

PIMS1933TSRSAR_093025

# Class A: PAGNX

# PIMCO GNMA and Government Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $137 | 2.70%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1338943 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 676% |
| Total Net Advisory Fees Paid During the Reporting Period | $1634 |

---

---

| | |
|:---|:---|
| 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 | 234.6% |
| Asset-Backed Securities | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.0% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 2.0% |
| Other Assets and Liabilities, Net | (143.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class A: PAGNX
![Image](g931311g65g99.jpg)

# PIMCO GNMA and Government Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4055TSRSAR_093025

# Class C: PCGNX

# PIMCO GNMA and Government Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $175 | 3.45%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1338943 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 676% |
| Total Net Advisory Fees Paid During the Reporting Period | $1634 |

---

---

| | |
|:---|:---|
| 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 | 234.6% |
| Asset-Backed Securities | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.0% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 2.0% |
| Other Assets and Liabilities, Net | (143.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class C: PCGNX
![Image](g931311g65g99.jpg)

# PIMCO GNMA and Government Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4255TSRSAR_093025

# I-3: PANNX

# PIMCO GNMA and Government Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $125 | 2.45%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1338943 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 676% |
| Total Net Advisory Fees Paid During the Reporting Period | $1634 |

---

---

| | |
|:---|:---|
| 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 | 234.6% |
| Asset-Backed Securities | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.0% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 2.0% |
| Other Assets and Liabilities, Net | (143.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-3: PANNX
![Image](g931311g65g99.jpg)

# PIMCO GNMA and Government Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2211TSRSAR_093025

# Institutional Class: PDMIX

# PIMCO GNMA and Government Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $117 | 2.30%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1338943 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 676% |
| Total Net Advisory Fees Paid During the Reporting Period | $1634 |

---

---

| | |
|:---|:---|
| 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 | 234.6% |
| Asset-Backed Securities | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.0% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 2.0% |
| Other Assets and Liabilities, Net | (143.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PDMIX
![Image](g931311g65g99.jpg)

# PIMCO GNMA and Government Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0134TSRSAR_093025

# I-2: PPGNX

# PIMCO GNMA and Government Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $122 | 2.40%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1338943 |
| # of Portfolio Holdings | 2003 |
| Portfolio Turnover Rate | 676% |
| Total Net Advisory Fees Paid During the Reporting Period | $1634 |

---

---

| | |
|:---|:---|
| 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 | 234.6% |
| Asset-Backed Securities | 3.0% |
| Non-Agency Mortgage-Backed Securities | 2.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.0% |
| Affiliated Investments | 1.0% |
| Financial Derivative Instruments | 2.0% |
| Other Assets and Liabilities, Net | (143.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PPGNX
![Image](g931311g65g99.jpg)

# PIMCO GNMA and Government Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1905TSRSAR_093025

# Class A: PHDAX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.92%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class A: PHDAX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4006TSRSAR_093025

# Administrative Class: PHYAX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $42 | 0.82%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Administrative Class: PHYAX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0408TSRSAR_093025

# Class C: PHDCX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $86 | 1.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C: PHDCX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4206TSRSAR_093025

# I-3: PHNNX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $37 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-3: PHNNX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2184TSRSAR_093025

# Institutional Class: PHIYX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PHIYX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0108TSRSAR_093025

# I-2: PHLPX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $35 | 0.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PHLPX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1910TSRSAR_093025

# Class R: PHYRX

# PIMCO High Yield Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $60 | 1.17%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $7925886 |
| # of Portfolio Holdings | 774 |
| Portfolio Turnover Rate | 45% |
| Total Net Advisory Fees Paid During the Reporting Period | $9210 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 85.3% |
| Loan Participations and Assignments | 3.9% |
| U.S. Treasury Obligations | 2.7% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 5.8% |
| Affiliated Investments | 7.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (4.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class R: PHYRX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4506TSRSAR_093025

# Class A: PHSAX

# PIMCO High Yield Spectrum Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 1.02%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $505855 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $702 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.2% |
| Loan Participations and Assignments | 7.2% |
| Sovereign Issues | 5.5% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 0.3% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| 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. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class A: PHSAX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Spectrum Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6020TSRSAR_093025

# Class C: PHSCX

# PIMCO High Yield Spectrum Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.77%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $505855 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $702 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.2% |
| Loan Participations and Assignments | 7.2% |
| Sovereign Issues | 5.5% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 0.3% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| 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. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class C: PHSCX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Spectrum Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6220TSRSAR_093025

# I-3: PHFNX

# PIMCO High Yield Spectrum Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $42 | 0.82%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $505855 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $702 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.2% |
| Loan Participations and Assignments | 7.2% |
| Sovereign Issues | 5.5% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 0.3% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| 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. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-3: PHFNX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Spectrum Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2185TSRSAR_093025

# Institutional Class: PHSIX

# PIMCO High Yield Spectrum Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $35 | 0.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $505855 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $702 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.2% |
| Loan Participations and Assignments | 7.2% |
| Sovereign Issues | 5.5% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 0.3% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| 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. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PHSIX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Spectrum Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1984TSRSAR_093025

# I-2: PHSPX

# PIMCO High Yield Spectrum Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $40 | 0.77%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $505855 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid During the Reporting Period | $702 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.2% |
| Loan Participations and Assignments | 7.2% |
| Sovereign Issues | 5.5% |
| U.S. Treasury Obligations | 3.8% |
| Common Stocks | 0.3% |
| Convertible Bonds & Notes | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.1%) |
| 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. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PHSPX
![Image](g931311g65g99.jpg)

# PIMCO High Yield Spectrum Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1985TSRSAR_093025

# Class A: PBDAX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.99%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class A: PBDAX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4051TSRSAR_093025

# Administrative Class: PGCAX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $43 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Administrative Class: PGCAX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0438TSRSAR_093025

# Class C: PBDCX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $89 | 1.74%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C: PBDCX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4251TSRSAR_093025

# I-3: PCNNX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $38 | 0.74%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-3: PCNNX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2187TSRSAR_093025

# Institutional Class: PIGIX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $30 | 0.59%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PIGIX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0056TSRSAR_093025

# I-2: PBDPX

# PIMCO Investment Grade Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $35 | 0.69%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12942906 |
| # of Portfolio Holdings | 2075 |
| Portfolio Turnover Rate | 100% |
| Total Net Advisory Fees Paid During the Reporting Period | $15467 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 69.6% |
| U.S. Treasury Obligations | 11.6% |
| U.S. Government Agencies | 9.8% |
| Sovereign Issues | 5.1% |
| Asset-Backed Securities | 4.0% |
| Preferred Securities | 3.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Loan Participations and Assignments | 0.7% |
| Municipal Bonds & Notes | 0.3% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.6% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (9.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PBDPX
![Image](g931311g65g99.jpg)

# PIMCO Investment Grade Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1909TSRSAR_093025

# Class A: PLRAX

# PIMCO Long Duration Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $133 | 2.62%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2326213 |
| # of Portfolio Holdings | 1428 |
| Portfolio Turnover Rate | 96% |
| Total Net Advisory Fees Paid During the Reporting Period | $2746 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 69.9% |
| Corporate Bonds & Notes | 47.2% |
| U.S. Government Agencies | 17.3% |
| Sovereign Issues | 8.1% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 3.3% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 0.8% |
| Preferred Securities | 0.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (56.1%) |
| 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](g931311g95v11.jpg)

# Class A: PLRAX
![Image](g931311g65g99.jpg)

# PIMCO Long Duration Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8084TSRSAR_093025

# Class C: PLRCX

# PIMCO Long Duration Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $171 | 3.37%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2326213 |
| # of Portfolio Holdings | 1428 |
| Portfolio Turnover Rate | 96% |
| Total Net Advisory Fees Paid During the Reporting Period | $2746 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 69.9% |
| Corporate Bonds & Notes | 47.2% |
| U.S. Government Agencies | 17.3% |
| Sovereign Issues | 8.1% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 3.3% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 0.8% |
| Preferred Securities | 0.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (56.1%) |
| 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](g931311g95v11.jpg)

# Class C: PLRCX
![Image](g931311g65g99.jpg)

# PIMCO Long Duration Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8204TSRSAR_093025

# Institutional Class: PLRIX

# PIMCO Long Duration Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $113 | 2.22%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2326213 |
| # of Portfolio Holdings | 1428 |
| Portfolio Turnover Rate | 96% |
| Total Net Advisory Fees Paid During the Reporting Period | $2746 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 69.9% |
| Corporate Bonds & Notes | 47.2% |
| U.S. Government Agencies | 17.3% |
| Sovereign Issues | 8.1% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 3.3% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 0.8% |
| Preferred Securities | 0.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (56.1%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PLRIX
![Image](g931311g65g99.jpg)

# PIMCO Long Duration Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1889TSRSAR_093025

# I-2: PLRPX

# PIMCO Long Duration Total Return Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $118 | 2.32%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $2326213 |
| # of Portfolio Holdings | 1428 |
| Portfolio Turnover Rate | 96% |
| Total Net Advisory Fees Paid During the Reporting Period | $2746 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 69.9% |
| Corporate Bonds & Notes | 47.2% |
| U.S. Government Agencies | 17.3% |
| Sovereign Issues | 8.1% |
| Asset-Backed Securities | 7.4% |
| Non-Agency Mortgage-Backed Securities | 3.3% |
| Municipal Bonds & Notes | 1.7% |
| Loan Participations and Assignments | 0.8% |
| Preferred Securities | 0.3% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (56.1%) |
| 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](g931311g95v11.jpg)

# I-2: PLRPX
![Image](g931311g65g99.jpg)

# PIMCO Long Duration Total Return Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1935TSRSAR_093025

# Institutional Class: PTCIX

# PIMCO Long-Term Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3385373 |
| # of Portfolio Holdings | 1222 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $4810 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 67.0% |
| U.S. Treasury Obligations | 19.0% |
| U.S. Government Agencies | 8.1% |
| Sovereign Issues | 4.4% |
| Preferred Securities | 3.4% |
| Municipal Bonds & Notes | 1.6% |
| Loan Participations and Assignments | 0.8% |
| Asset-Backed Securities | 0.6% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (7.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PTCIX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1945TSRSAR_093025

# I-2: PLCPX

# PIMCO Long-Term Credit Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $43 | 0.83%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $3385373 |
| # of Portfolio Holdings | 1222 |
| Portfolio Turnover Rate | 66% |
| Total Net Advisory Fees Paid During the Reporting Period | $4810 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 67.0% |
| U.S. Treasury Obligations | 19.0% |
| U.S. Government Agencies | 8.1% |
| Sovereign Issues | 4.4% |
| Preferred Securities | 3.4% |
| Municipal Bonds & Notes | 1.6% |
| Loan Participations and Assignments | 0.8% |
| Asset-Backed Securities | 0.6% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 2.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (7.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PLCPX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term Credit Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2054TSRSAR_093025

# Class A: PFGAX

# PIMCO Long-Term U.S. Government Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $220 | 4.37%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $791169 |
| # of Portfolio Holdings | 302 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $869 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 162.6% |
| U.S. Government Agencies | 22.6% |
| Non-Agency Mortgage-Backed Securities | 2.8% |
| Asset-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.4% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (89.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class A: PFGAX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term U.S. Government Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4003TSRSAR_093025

# Class C: PFGCX

# PIMCO Long-Term U.S. Government Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $257 | 5.12%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $791169 |
| # of Portfolio Holdings | 302 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $869 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 162.6% |
| U.S. Government Agencies | 22.6% |
| Non-Agency Mortgage-Backed Securities | 2.8% |
| Asset-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.4% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (89.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C: PFGCX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term U.S. Government Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4203TSRSAR_093025

# Institutional Class: PGOVX

# PIMCO Long-Term U.S. Government Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $203 | 4.02%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $791169 |
| # of Portfolio Holdings | 302 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $869 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 162.6% |
| U.S. Government Agencies | 22.6% |
| Non-Agency Mortgage-Backed Securities | 2.8% |
| Asset-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.4% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (89.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PGOVX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term U.S. Government Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0101TSRSAR_093025

# I-2: PLTPX

# PIMCO Long-Term U.S. Government Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $208 | 4.12%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $791169 |
| # of Portfolio Holdings | 302 |
| Portfolio Turnover Rate | 60% |
| Total Net Advisory Fees Paid During the Reporting Period | $869 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 162.6% |
| U.S. Government Agencies | 22.6% |
| Non-Agency Mortgage-Backed Securities | 2.8% |
| Asset-Backed Securities | 1.3% |
| Corporate Bonds & Notes | 0.4% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (89.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PLTPX
![Image](g931311g65g99.jpg)

# PIMCO Long-Term U.S. Government Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1903TSRSAR_093025

# Class A: PSRZX

# PIMCO Low Duration Credit Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $58 | 1.13%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $148997 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 51.7% |
| Corporate Bonds & Notes | 32.7% |
| U.S. Treasury Obligations | 3.6% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 8.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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. |
| &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](g931311g95v11.jpg)

# Class A: PSRZX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Credit Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6026TSRSAR_093025

# Class C: PSRWX

# PIMCO Low Duration Credit Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $96 | 1.88%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $148997 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 51.7% |
| Corporate Bonds & Notes | 32.7% |
| U.S. Treasury Obligations | 3.6% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 8.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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. |
| &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](g931311g95v11.jpg)

# Class C: PSRWX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Credit Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6226TSRSAR_093025

# Institutional Class: PSRIX

# PIMCO Low Duration Credit Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $43 | 0.83%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $148997 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 51.7% |
| Corporate Bonds & Notes | 32.7% |
| U.S. Treasury Obligations | 3.6% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 8.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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. |
| &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](g931311g95v11.jpg)

# Institutional Class: PSRIX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Credit Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2000TSRSAR_093025

# I-2: PSRPX

# PIMCO Low Duration Credit Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $48 | 0.93%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $148997 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid During the Reporting Period | $301 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 51.7% |
| Corporate Bonds & Notes | 32.7% |
| U.S. Treasury Obligations | 3.6% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 8.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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. |
| &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](g931311g95v11.jpg)

# I-2: PSRPX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Credit Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2002TSRSAR_093025

# Class A: PFIAX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.91%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class A: PFIAX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4041TSRSAR_093025

# Class C: PFNCX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $62 | 1.21%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C: PFNCX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4241TSRSAR_093025

# Class C-2: PLDCX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $72 | 1.41%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C-2: PLDCX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS4841TSRSAR_093025

# I-3: PFNIX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $34 | 0.66%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-3: PFNIX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2189TSRSAR_093025

# Institutional Class: PFIIX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $26 | 0.51%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PFIIX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1868TSRSAR_093025

# I-2: PFTPX

# PIMCO Low Duration Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $31 | 0.61%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $15271467 |
| # of Portfolio Holdings | 2627 |
| Portfolio Turnover Rate | 337% |
| Total Net Advisory Fees Paid During the Reporting Period | $20055 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.0% |
| Asset-Backed Securities | 19.6% |
| Corporate Bonds & Notes | 13.7% |
| Non-Agency Mortgage-Backed Securities | 13.4% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 6.6% |
| Loan Participations and Assignments | 2.7% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.3% |
| Affiliated Investments | 14.0% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (64.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PFTPX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1906TSRSAR_093025

# Class A: ATMAX

# PIMCO Low Duration Opportunities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $49 | 0.97%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $94624 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 372% |
| Total Net Advisory Fees Paid During the Reporting Period | $114 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.1% |
| Corporate Bonds & Notes | 22.6% |
| Sovereign Issues | 15.4% |
| U.S. Treasury Obligations | 11.6% |
| Asset-Backed Securities | 11.3% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 16.5% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (61.5%) |
| 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](g931311g95v11.jpg)

# Class A: ATMAX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Opportunities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6001TSRSAR_093025

# Class C: ATMCX

# PIMCO Low Duration Opportunities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $88 | 1.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $94624 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 372% |
| Total Net Advisory Fees Paid During the Reporting Period | $114 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.1% |
| Corporate Bonds & Notes | 22.6% |
| Sovereign Issues | 15.4% |
| U.S. Treasury Obligations | 11.6% |
| Asset-Backed Securities | 11.3% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 16.5% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (61.5%) |
| 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](g931311g95v11.jpg)

# Class C: ATMCX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Opportunities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6201TSRSAR_093025

# Institutional Class: PUTIX

# PIMCO Low Duration Opportunities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $94624 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 372% |
| Total Net Advisory Fees Paid During the Reporting Period | $114 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.1% |
| Corporate Bonds & Notes | 22.6% |
| Sovereign Issues | 15.4% |
| U.S. Treasury Obligations | 11.6% |
| Asset-Backed Securities | 11.3% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 16.5% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (61.5%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PUTIX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Opportunities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1942TSRSAR_093025

# I-2: PUTPX

# PIMCO Low Duration Opportunities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $34 | 0.67%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $94624 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 372% |
| Total Net Advisory Fees Paid During the Reporting Period | $114 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.1% |
| Corporate Bonds & Notes | 22.6% |
| Sovereign Issues | 15.4% |
| U.S. Treasury Obligations | 11.6% |
| Asset-Backed Securities | 11.3% |
| Non-Agency Mortgage-Backed Securities | 1.4% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Preferred Securities | 0.1% |
| Short-Term Instruments | 21.4% |
| Affiliated Investments | 16.5% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (61.5%) |
| 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](g931311g95v11.jpg)

# I-2: PUTPX
![Image](g931311g65g99.jpg)

# PIMCO Low Duration Opportunities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1955TSRSAR_093025

# Institutional Class: PMDRX

# PIMCO Moderate Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $40 | 0.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1708029 |
| # of Portfolio Holdings | 1197 |
| Portfolio Turnover Rate | 120% |
| Total Net Advisory Fees Paid During the Reporting Period | $1993 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 59.4% |
| U.S. Government Agencies | 21.7% |
| Corporate Bonds & Notes | 15.4% |
| Sovereign Issues | 10.2% |
| Asset-Backed Securities | 8.1% |
| Non-Agency Mortgage-Backed Securities | 4.5% |
| Loan Participations and Assignments | 0.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (23.6%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PMDRX
![Image](g931311g65g99.jpg)

# PIMCO Moderate Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0120TSRSAR_093025

# I-2: PMOPX

# PIMCO Moderate Duration Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $45 | 0.89%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1708029 |
| # of Portfolio Holdings | 1197 |
| Portfolio Turnover Rate | 120% |
| Total Net Advisory Fees Paid During the Reporting Period | $1993 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 59.4% |
| U.S. Government Agencies | 21.7% |
| Corporate Bonds & Notes | 15.4% |
| Sovereign Issues | 10.2% |
| Asset-Backed Securities | 8.1% |
| Non-Agency Mortgage-Backed Securities | 4.5% |
| Loan Participations and Assignments | 0.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 4.0% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (23.6%) |
| 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](g931311g95v11.jpg)

# I-2: PMOPX
![Image](g931311g65g99.jpg)

# PIMCO Moderate Duration Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1962TSRSAR_093025

# Class A: PMZAX

# PIMCO Mortgage Opportunities and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $128 | 2.52%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12530293 |
| # of Portfolio Holdings | 3714 |
| Portfolio Turnover Rate | 534% |
| Total Net Advisory Fees Paid During the Reporting Period | $21078 |

---

---

| | |
|:---|:---|
| 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 | 144.9% |
| Asset-Backed Securities | 30.9% |
| Non-Agency Mortgage-Backed Securities | 30.4% |
| Corporate Bonds & Notes | 1.2% |
| U.S. Treasury Obligations | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (111.3%) |
| 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](g931311g95v11.jpg)

# Class A: PMZAX
![Image](g931311g65g99.jpg)

# PIMCO Mortgage Opportunities and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6044TSRSAR_093025

# Class C: PMZCX

# PIMCO Mortgage Opportunities and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $166 | 3.27%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12530293 |
| # of Portfolio Holdings | 3714 |
| Portfolio Turnover Rate | 534% |
| Total Net Advisory Fees Paid During the Reporting Period | $21078 |

---

---

| | |
|:---|:---|
| 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 | 144.9% |
| Asset-Backed Securities | 30.9% |
| Non-Agency Mortgage-Backed Securities | 30.4% |
| Corporate Bonds & Notes | 1.2% |
| U.S. Treasury Obligations | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (111.3%) |
| 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](g931311g95v11.jpg)

# Class C: PMZCX
![Image](g931311g65g99.jpg)

# PIMCO Mortgage Opportunities and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6244TSRSAR_093025

# I-3: PMZNX

# PIMCO Mortgage Opportunities and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $116 | 2.27%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12530293 |
| # of Portfolio Holdings | 3714 |
| Portfolio Turnover Rate | 534% |
| Total Net Advisory Fees Paid During the Reporting Period | $21078 |

---

---

| | |
|:---|:---|
| 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 | 144.9% |
| Asset-Backed Securities | 30.9% |
| Non-Agency Mortgage-Backed Securities | 30.4% |
| Corporate Bonds & Notes | 1.2% |
| U.S. Treasury Obligations | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (111.3%) |
| 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](g931311g95v11.jpg)

# I-3: PMZNX
![Image](g931311g65g99.jpg)

# PIMCO Mortgage Opportunities and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2190TSRSAR_093025

# Institutional Class: PMZIX

# PIMCO Mortgage Opportunities and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $108 | 2.12%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12530293 |
| # of Portfolio Holdings | 3714 |
| Portfolio Turnover Rate | 534% |
| Total Net Advisory Fees Paid During the Reporting Period | $21078 |

---

---

| | |
|:---|:---|
| 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 | 144.9% |
| Asset-Backed Securities | 30.9% |
| Non-Agency Mortgage-Backed Securities | 30.4% |
| Corporate Bonds & Notes | 1.2% |
| U.S. Treasury Obligations | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (111.3%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PMZIX
![Image](g931311g65g99.jpg)

# PIMCO Mortgage Opportunities and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2075TSRSAR_093025

# I-2: PMZPX

# PIMCO Mortgage Opportunities and Bond Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $113 | 2.22%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $12530293 |
| # of Portfolio Holdings | 3714 |
| Portfolio Turnover Rate | 534% |
| Total Net Advisory Fees Paid During the Reporting Period | $21078 |

---

---

| | |
|:---|:---|
| 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 | 144.9% |
| Asset-Backed Securities | 30.9% |
| Non-Agency Mortgage-Backed Securities | 30.4% |
| Corporate Bonds & Notes | 1.2% |
| U.S. Treasury Obligations | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | 2.2% |
| Other Assets and Liabilities, Net | (111.3%) |
| 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](g931311g95v11.jpg)

# I-2: PMZPX
![Image](g931311g65g99.jpg)

# PIMCO Mortgage Opportunities and Bond Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2077TSRSAR_093025

# Class A: PEGAX

# PIMCO ESG Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 1.19%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $355040 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 149% |
| Total Net Advisory Fees Paid During the Reporting Period | $400 |

---

---

| | |
|:---|:---|
| 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 | 48.6% |
| Corporate Bonds & Notes | 27.8% |
| U.S. Treasury Obligations | 13.6% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 10.6% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 4.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (21.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class A: PEGAX
![Image](g931311g65g99.jpg)

# PIMCO ESG Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8090TSRSAR_093025

# Class C: PEGBX

# PIMCO ESG Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $99 | 1.94%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $355040 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 149% |
| Total Net Advisory Fees Paid During the Reporting Period | $400 |

---

---

| | |
|:---|:---|
| 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 | 48.6% |
| Corporate Bonds & Notes | 27.8% |
| U.S. Treasury Obligations | 13.6% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 10.6% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 4.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (21.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Class C: PEGBX
![Image](g931311g65g99.jpg)

# PIMCO ESG Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8290TSRSAR_093025

# I-2: PEGPX

# PIMCO ESG Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $45 | 0.89%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $355040 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 149% |
| Total Net Advisory Fees Paid During the Reporting Period | $400 |

---

---

| | |
|:---|:---|
| 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 | 48.6% |
| Corporate Bonds & Notes | 27.8% |
| U.S. Treasury Obligations | 13.6% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 10.6% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 4.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (21.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-2: PEGPX
![Image](g931311g65g99.jpg)

# PIMCO ESG Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2219TSRSAR_093025

# I-3: PEGQX

# PIMCO ESG Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $48 | 0.94%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $355040 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 149% |
| Total Net Advisory Fees Paid During the Reporting Period | $400 |

---

---

| | |
|:---|:---|
| 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 | 48.6% |
| Corporate Bonds & Notes | 27.8% |
| U.S. Treasury Obligations | 13.6% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 10.6% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 4.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (21.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# I-3: PEGQX
![Image](g931311g65g99.jpg)

# PIMCO ESG Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2220TSRSAR_093025

# Institutional Class: PEGIX

# PIMCO ESG Income Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $40 | 0.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $355040 |
| # of Portfolio Holdings | 719 |
| Portfolio Turnover Rate | 149% |
| Total Net Advisory Fees Paid During the Reporting Period | $400 |

---

---

| | |
|:---|:---|
| 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 | 48.6% |
| Corporate Bonds & Notes | 27.8% |
| U.S. Treasury Obligations | 13.6% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Asset-Backed Securities | 10.6% |
| Sovereign Issues | 4.1% |
| Preferred Securities | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 4.9% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (21.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PEGIX
![Image](g931311g65g99.jpg)

# PIMCO ESG Income Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2218TSRSAR_093025

# Institutional Class: PPEIX

# PIMCO Total Return Fund V

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $30 | 0.58%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $321980 |
| # of Portfolio Holdings | 591 |
| Portfolio Turnover Rate | 143% |
| Total Net Advisory Fees Paid During the Reporting Period | $350 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.1% |
| Corporate Bonds & Notes | 28.4% |
| U.S. Treasury Obligations | 23.6% |
| Asset-Backed Securities | 5.6% |
| Sovereign Issues | 4.1% |
| Non-Agency Mortgage-Backed Securities | 0.6% |
| Short-Term Instruments | 11.4% |
| Financial Derivative Instruments | 1.0% |
| Other Assets and Liabilities, Net | (17.8%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g931311g95v11.jpg)

# Institutional Class: PPEIX
![Image](g931311g65g99.jpg)

# PIMCO Total Return Fund V
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2242TSRSAR_093025

# Class A: PFANX

# PIMCO Preferred and Capital Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $68 | 1.31%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $810891 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1748 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.7% |
| Preferred Securities | 35.5% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (2.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the 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](g931311g95v11.jpg)

# Class A: PFANX
![Image](g931311g65g99.jpg)

# PIMCO Preferred and Capital Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8021TSRSAR_093025

# Class C: PFCJX

# PIMCO Preferred and Capital Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $106 | 2.06%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $810891 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1748 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.7% |
| Preferred Securities | 35.5% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (2.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the 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](g931311g95v11.jpg)

# Class C: PFCJX
![Image](g931311g65g99.jpg)

# PIMCO Preferred and Capital Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8286TSRSAR_093025

# I-3: PFNNX

# PIMCO Preferred and Capital Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $57 | 1.11%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $810891 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1748 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.7% |
| Preferred Securities | 35.5% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (2.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the 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](g931311g95v11.jpg)

# I-3: PFNNX
![Image](g931311g65g99.jpg)

# PIMCO Preferred and Capital Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2192TSRSAR_093025

# Institutional Class: PFINX

# PIMCO Preferred and Capital Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $50 | 0.96%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $810891 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1748 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.7% |
| Preferred Securities | 35.5% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (2.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the 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](g931311g95v11.jpg)

# Institutional Class: PFINX
![Image](g931311g65g99.jpg)

# PIMCO Preferred and Capital Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2139TSRSAR_093025

# I-2: PFPNX

# PIMCO Preferred and Capital Securities Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $55 | 1.06%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $810891 |
| # of Portfolio Holdings | 284 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $1748 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.7% |
| Preferred Securities | 35.5% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 6.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (2.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the 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](g931311g95v11.jpg)

# I-2: PFPNX
![Image](g931311g65g99.jpg)

# PIMCO Preferred and Capital Securities Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2138TSRSAR_093025

# Administrative Class: PRFAX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $81 | 1.58%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Administrative Class: PRFAX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0405TSRSAR_093025

# Class A: PTGAX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $88 | 1.73%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class A: PTGAX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8089TSRSAR_093025

# Class C: PTGCX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $126 | 2.48%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Class C: PTGCX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS8289TSRSAR_093025

# I-3: PTRSX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $75 | 1.48%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-3: PTRSX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2237TSRSAR_093025

# Institutional Class: PTSAX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $68 | 1.33%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# Institutional Class: PTSAX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0105TSRSAR_093025

# I-2: PRAPX

# PIMCO Total Return ESG Fund

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $73 | 1.43%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1659550 |
| # of Portfolio Holdings | 1004 |
| Portfolio Turnover Rate | 113% |
| Total Net Advisory Fees Paid During the Reporting Period | $2015 |

---

---

| | |
|:---|:---|
| 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 | 42.4% |
| Corporate Bonds & Notes | 29.3% |
| U.S. Treasury Obligations | 24.2% |
| Asset-Backed Securities | 10.8% |
| Sovereign Issues | 10.4% |
| Non-Agency Mortgage-Backed Securities | 7.9% |
| Municipal Bonds & Notes | 0.5% |
| Loan Participations and Assignments | 0.1% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (25.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &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](g931311g95v11.jpg)

# I-2: PRAPX
![Image](g931311g65g99.jpg)

# PIMCO Total Return ESG Fund
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1947TSRSAR_093025

# Institutional Class: PMBIX

# PIMCO Total Return Fund II

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $65 | 1.28%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $601621 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 126% |
| Total Net Advisory Fees Paid During the Reporting Period | $696 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 55.0% |
| U.S. Government Agencies | 40.0% |
| Corporate Bonds & Notes | 24.0% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 3.8% |
| Preferred Securities | 0.4% |
| Municipal Bonds & Notes | 0.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (38.2%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PMBIX
![Image](g931311g65g99.jpg)

# PIMCO Total Return Fund II
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS0153TSRSAR_093025

# I-2: PMTPX

# PIMCO Total Return Fund II

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $70 | 1.38%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $601621 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 126% |
| Total Net Advisory Fees Paid During the Reporting Period | $696 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 55.0% |
| U.S. Government Agencies | 40.0% |
| Corporate Bonds & Notes | 24.0% |
| Non-Agency Mortgage-Backed Securities | 10.7% |
| Asset-Backed Securities | 3.8% |
| Preferred Securities | 0.4% |
| Municipal Bonds & Notes | 0.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 3.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (38.2%) |
| 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](g931311g95v11.jpg)

# I-2: PMTPX
![Image](g931311g65g99.jpg)

# PIMCO Total Return Fund II
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS1960TSRSAR_093025

# Class A: PTUZX

# PIMCO Total Return Fund IV

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.88%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $332708 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 193% |
| Total Net Advisory Fees Paid During the Reporting Period | $398 |

---

---

| | |
|:---|:---|
| 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 | 47.2% |
| Corporate Bonds & Notes | 45.3% |
| U.S. Treasury Obligations | 15.3% |
| Non-Agency Mortgage-Backed Securities | 5.7% |
| Sovereign Issues | 5.2% |
| Asset-Backed Securities | 2.4% |
| Municipal Bonds & Notes | 0.7% |
| Common Stocks | 0.3% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.2%) |
| 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](g931311g95v11.jpg)

# Class A: PTUZX
![Image](g931311g65g99.jpg)

# PIMCO Total Return Fund IV
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS6032TSRSAR_093025

# Institutional Class: PTUIX

# PIMCO Total Return Fund IV

#### Semi-Annual Shareholder Report \| September 30, 2025
![Image](g931311g86q57.jpg)

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $27 | 0.53%<sup>Footnote Reference1</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| Total Net Assets | $332708 |
| # of Portfolio Holdings | 759 |
| Portfolio Turnover Rate | 193% |
| Total Net Advisory Fees Paid During the Reporting Period | $398 |

---

---

| | |
|:---|:---|
| 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 | 47.2% |
| Corporate Bonds & Notes | 45.3% |
| U.S. Treasury Obligations | 15.3% |
| Non-Agency Mortgage-Backed Securities | 5.7% |
| Sovereign Issues | 5.2% |
| Asset-Backed Securities | 2.4% |
| Municipal Bonds & Notes | 0.7% |
| Common Stocks | 0.3% |
| Short-Term Instruments | 2.1% |
| Affiliated Investments | 5.0% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (29.2%) |
| 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](g931311g95v11.jpg)

# Institutional Class: PTUIX
![Image](g931311g65g99.jpg)

# PIMCO Total Return Fund IV
Semi-Annual Shareholder Report \|

September 30, 2025

PIMS2025TSRSAR_093025

------

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the semiannual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

● Bond Funds

● Credit Bond Funds

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

● Equity-Related Strategy Funds

● International Bond Funds

● Municipal Value Funds

● Income Fund

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

● Total Return Fund

● TRENDS Managed Futures Strategy Fund

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

● PAPS Portfolios

● PAPS All Asset Funds

● Real Return Strategy Funds

● Short Duration Strategy Funds

● Tax-Efficient Strategy Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

------

![LOGO](g25330g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Asset Allocation Funds**

PIMCO All Asset Fund

PIMCO All Asset All Authority Fund

PIMCO Global Core Asset Allocation Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx25330_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx25330_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx25330_3) | 12 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx25330_4) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx25330_5) | 16 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx25330_6) | 17 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx25330_7) | 18 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx25330_8) | 19 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx25330_9) | 20 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx25330_10) | 38 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx25330_11) | 61 |
| &nbsp;&nbsp; [Glossary](#tx25330_13) | 67 |
| &nbsp;&nbsp; [Distribution Information](#tx25330_14) | 68 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx25330_16) | 70 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx25330_17) | 71 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx25330_18) | 72 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset Fund](#tx25330_19) | 21 |
| &nbsp;&nbsp; [PIMCO All Asset All Authority Fund](#tx25330_20) | 22 |
| &nbsp;&nbsp; [PIMCO Global Core Asset Allocation Fund<sup>(1)</sup>](#tx25330_21) | 23 |

---

<sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO 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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate 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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate 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.

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 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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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

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.

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

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|:---|:---|
| **4** | **PIMCO ASSET ALLOCATION FUNDS** |

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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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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended<sup>^</sup>: | **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; 04/01/2025 - 09/30/2025+ | $11.04 | $0.29 | $0.57 | $0.86 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.94 | 0.84 | 2.80 | 3.64 | (0.81) | 0.00 | 0.00 | (0.81) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 11.07 | 0.29 | 0.57 | 0.86 | (0.27) | 0.00 | 0.00 | (0.27) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 0.84 | 2.79 | 3.63 | (0.80) | 0.00 | 0.00 | (0.80) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 11.09 | 0.28 | 0.58 | 0.86 | (0.26) | 0.00 | 0.00 | (0.26) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 1.07 | 2.55 | 3.62 | (0.79) | 0.00 | 0.00 | (0.79) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 11.06 | 0.28 | 0.57 | 0.85 | (0.26) | 0.00 | 0.00 | (0.26) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.97 | 0.81 | 2.80 | 3.61 | (0.78) | 0.00 | 0.00 | (0.78) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 11.03 | 0.27 | 0.58 | 0.85 | (0.25) | 0.00 | 0.00 | (0.25) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.96 | 0.80 | 2.78 | 3.58 | (0.76) | 0.00 | 0.00 | (0.76) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.98 | 0.22 | 0.57 | 0.79 | (0.21) | 0.00 | 0.00 | (0.21) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.91 | 0.52 | 2.95 | 3.47 | (0.64) | 0.00 | 0.00 | (0.64) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.92 | 0.25 | 0.57 | 0.82 | (0.24) | 0.00 | 0.00 | (0.24) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.89 | 0.76 | 2.76 | 3.52 | (0.73) | 0.00 | 0.00 | (0.73) |
|  **PIMCO All Asset All Authority Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.56 | $0.10 | $0.43 | $0.53 | $(0.10) | $0.00 | $0.00 | $(0.10) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.71 | 1.75 | 2.46 | (0.63) | 0.00 | 0.00 | (0.63) |

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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/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset**<br> **Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** |  | **Expenses**<br> **Excluding**<br> **Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest<br>Expense 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** |
| $11.63 | 7.89% | $9140739 | 0.135 | %\* | 0.225 | %\* | 0.135 | %\* | 0.225 | %\* | 5.17 | %\* | 25% |
| 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 |
| 12.77 | 37.13 | 14734941 | 0.135 |  | 0.225 |  | 0.135 |  | 0.225 |  | 7.22 |  | 143 |
| 11.66 | 7.82 | 326427 | 0.235 | \* | 0.325 | \* | 0.235 | \* | 0.325 | \* | 5.11 | \* | 25 |
| 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 |
| 12.80 | 36.89 | 547542 | 0.235 |  | 0.325 |  | 0.235 |  | 0.325 |  | 7.16 |  | 143 |
| 11.69 | 7.86 | 9750 | 0.285 | \* | 0.425 | \* | 0.285 | \* | 0.425 | \* | 4.94 | \* | 25 |
| 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 |
| 12.80 | 36.86 | 9628 | 0.285 |  | 0.425 |  | 0.285 |  | 0.425 |  | 8.82 |  | 143 |
| 11.65 | 7.75 | 54060 | 0.385 | \* | 0.475 | \* | 0.385 | \* | 0.475 | \* | 4.94 | \* | 25 |
| 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 |
| 12.80 | 36.71 | 101104 | 0.385 |  | 0.475 |  | 0.385 |  | 0.475 |  | 6.91 |  | 143 |
| 11.63 | 7.77 | 505128 | 0.575 | <sup>(h)</sup>\* | 0.665 | <sup>(h)</sup>\* | 0.575 | <sup>(h)</sup>\* | 0.665 | <sup>(h)</sup>\* | 4.76 | \* | 25 |
| 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 |
| 12.78 | 36.41 | 890767 | 0.585 |  | 0.675 |  | 0.585 |  | 0.675 |  | 6.88 |  | 143 |
| 11.56 | 7.26 | 21482 | 1.325 | <sup>(h)</sup>\* | 1.415 | <sup>(h)</sup>\* | 1.325 | <sup>(h)</sup>\* | 1.415 | <sup>(h)</sup>\* | 3.99 | \* | 25 |
| 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 |
| 12.74 | 35.41 | 67808 | 1.335 |  | 1.425 |  | 1.335 |  | 1.425 |  | 4.56 |  | 143 |
| 11.50 | 7.55 | 32239 | 0.825 | <sup>(h)</sup>\* | 0.915 | <sup>(h)</sup>\* | 0.825 | <sup>(h)</sup>\* | 0.915 | <sup>(h)</sup>\* | 4.51 | \* | 25 |
| 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 |
| 12.68 | 36.05 | 46373 | 0.835 |  | 0.925 |  | 0.835 |  | 0.925 |  | 6.54 |  | 143 |
| $6.99 | 8.07% | $691437 | 2.44 | %<sup>(g)</sup>\* | 2.44 | %<sup>(g)</sup>\* | 0.27 | %\* | 0.27 | %\* | 3.02 | %\* | 40% |
| 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 |
| 8.49 | 37.48 | 2289116 | 0.73 | <sup>(g)</sup> | 0.76 | <sup>(g)</sup> | 0.23 |  | 0.26 |  | 9.12 |  | 159 |

---

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended<sup>^</sup>: | **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-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $6.57 | $0.10 | $0.41 | $0.51 | $(0.09) | $0.00 | $0.00 | $(0.09) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.69 | 1.77 | 2.46 | (0.62) | 0.00 | 0.00 | (0.62) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 6.57 | 0.10 | 0.41 | 0.51 | (0.09) | 0.00 | 0.00 | (0.09) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.62 | 1.84 | 2.46 | (0.62) | 0.00 | 0.00 | (0.62) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025++ | 6.56 | 0.09 | 0.41 | 0.50 | (0.08) | 0.00 | 0.00 | (0.08) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.73 | 1.70 | 2.43 | (0.60) | 0.00 | 0.00 | (0.60) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 6.58 | 0.06 | 0.42 | 0.48 | (0.06) | 0.00 | 0.00 | (0.06) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 6.66 | 0.48 | 1.89 | 2.37 | (0.52) | 0.00 | 0.00 | (0.52) |
|  **PIMCO Global Core Asset Allocation Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $14.86 | $0.34 | $1.63 | $1.97 | $(0.13) | $0.00 | $0.00 | $(0.13) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.80 | 0.14 | 3.85 | 3.99 | (1.21) | 0.00 | 0.00 | (1.21) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.81 | 0.33 | 1.63 | 1.96 | (0.12) | 0.00 | 0.00 | (0.12) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.78 | 0.12 | 3.85 | 3.97 | (1.20) | 0.00 | 0.00 | (1.20) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.62 | 0.30 | 1.60 | 1.90 | (0.10) | 0.00 | 0.00 | (0.10) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.70 | 0.06 | 3.82 | 3.88 | (1.16) | 0.00 | 0.00 | (1.16) |

---

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| | | |
|:---|:---|:---|
| **8** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset**<br> **Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** |  | **Expenses**<br> **Excluding**<br> **Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest<br>Expense and<br>Dividends on**<br> **Securities**<br> **Sold Short** |  | **Expenses**<br> **Excluding**<br> **Interest<br>Expense,**<br> **Dividends on**<br> **Securities<br>Sold Short**<br> **and Waivers** |  | **Net**<br> **Investment**<br> **Income (Loss)** |  | **Portfolio**<br> **Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $6.99 | 7.86% | $99815 | 2.54 | %<sup>(g)</sup>\* | 2.54 | %<sup>(g)</sup>\* | 0.37 | %\* | 0.37 | %\* | 2.95 | %\* | 40% |
| 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 |
| 8.50 | 37.51 | 289056 | 0.83 | <sup>(g)</sup> | 0.86 | <sup>(g)</sup> | 0.33 |  | 0.36 |  | 8.83 |  | 159 |
| 6.99 | 7.83 | 1114 | 2.59 | <sup>(g)</sup>\* | 2.64 | <sup>(g)</sup>\* | 0.42 | \* | 0.47 | \* | 2.88 | \* | 40 |
| 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 |
| 8.50 | 37.46 | 11581 | 0.88 | <sup>(g)</sup> | 0.96 | <sup>(g)</sup> | 0.38 |  | 0.46 |  | 7.70 |  | 159 |
| 6.98 | 7.71 | 198482 | 2.88 | <sup>(g)(h)</sup>\* | 2.88 | <sup>(g)(h)</sup>\* | 0.71 | <sup>(h)</sup>\* | 0.71 | <sup>(h)</sup>\* | 2.60 | \* | 40 |
| 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 |
| 8.49 | 36.95 | 465005 | 1.18 | <sup>(g)</sup> | 1.21 | <sup>(g)</sup> | 0.68 |  | 0.71 |  | 9.24 |  | 159 |
| 7.00 | 7.32 | 8162 | 3.63 | <sup>(g)(h)</sup>\* | 3.63 | <sup>(g)(h)</sup>\* | 1.46 | <sup>(h)</sup>\* | 1.46 | <sup>(h)</sup>\* | 1.84 | \* | 40 |
| 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>(f)(g)</sup> | 2.93 | <sup>(f)(g)</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 |
| 8.51 | 35.91 | 64967 | 1.93 | <sup>(g)</sup> | 1.96 | <sup>(g)</sup> | 1.43 |  | 1.46 |  | 6.18 |  | 159 |
| $16.70 | 13.28% | $181979 | 0.84 | %\* | 1.04 | %\* | 0.75 | %\* | 0.95 | %\* | 4.32 | %\* | 211% |
| 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 |
| 13.58 | 38.21 | 167863 | 0.85 |  | 1.00 |  | 0.84 |  | 0.99 |  | 1.09 |  | 182 |
| 16.65 | 13.27 | 29813 | 0.94 | \* | 1.14 | \* | 0.85 | \* | 1.05 | \* | 4.22 | \* | 211 |
| 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 |
| 13.55 | 38.06 | 42347 | 0.95 |  | 1.10 |  | 0.94 |  | 1.09 |  | 0.91 |  | 182 |
| 16.42 | 13.01 | 96665 | 1.28 | <sup>(h)</sup>\* | 1.48 | <sup>(h)</sup>\* | 1.19 | <sup>(h)</sup>\* | 1.39 | <sup>(h)</sup>\* | 3.87 | \* | 211 |
| 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 |
| 13.42 | 37.47 | 130491 | 1.30 |  | 1.45 |  | 1.29 |  | 1.44 |  | 0.51 |  | 182 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended<sup>^</sup>: | **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 Core Asset Allocation Fund (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $14.04 | $0.23 | $1.54 | $1.77 | $(0.05) | $0.00 | $0.00 | $(0.05) |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.41 | 0.01 | 3.67 | 3.68 | (1.03) | 0.00 | 0.00 | (1.03) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> 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%. 

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset**<br> **Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** |  | **Expenses**<br> **Excluding**<br> **Waivers** |  | **Expenses**<br> **Excluding**<br> **Interest<br>Expense and<br>Dividends on**<br> **Securities**<br> **Sold Short** |  | **Expenses**<br> **Excluding**<br> **Interest<br>Expense,**<br> **Dividends on**<br> **Securities<br>Sold Short**<br> **and Waivers** |  | **Net**<br> **Investment**<br> **Income (Loss)** |  | **Portfolio**<br> **Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $15.76 | 12.60% | $2559 | 2.03 | %<sup>(h)</sup>\* | 2.23 | %<sup>(h)</sup>\* | 1.94 | %<sup>(h)</sup>\* | 2.14 | %<sup>(h)</sup>\* | 3.12 | %\* | 211% |
| 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 |
| 13.06 | 36.47 | 10493 | 2.05 |  | 2.20 |  | 2.04 |  | 2.19 |  | 0.11 |  | 182 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</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 | $1704 | $1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 10148607 | 1399469 |
|  Receivable for investments in Affiliates sold | 59890 | 228 |
|  Receivable for Fund shares sold | 3514 | 243 |
|  Interest and/or dividends receivable | 2 | 2 |
|  Dividends receivable from Affiliates | 18909 | 3233 |
|  Reimbursement receivable from PIMCO | 842 | 2 |
|  Prepaid expenses | 0 | 401 |
|  **Total Assets** | 10233468 | 1405341 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for line of credit | $0 | $400000 |
|  Payable for investments in Affiliates purchased | 81120 | 3572 |
|  Deposits from counterparty | 0 | 1787 |
|  Payable for Fund shares redeemed | 60386 | 235 |
|  Overdraft due to custodian | 0 | 1 |
|  Accrued investment advisory fees | 1479 | 159 |
|  Accrued supervisory and administrative fees | 517 | 72 |
|  Accrued distribution fees | 30 | 5 |
|  Accrued servicing fees | 111 | 41 |
|  Other liabilities | 0 | 459 |
|  **Total Liabilities** | 143643 | 406331 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $10089825 | $999010 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $13109025 | $8018889 |
|  Distributable earnings (accumulated loss) | (3019200) | (7019879) |
|  **Net Assets** | $10089825 | $999010 |
|  Cost of investments in securities | $1704 | $1763 |
|  Cost of investments in Affiliates | $9258660 | $1284613 |
|  Cost of foreign currency held | $0 | $1787 |

---

---

| | |
|:---|:---|
| <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 |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PIMCO<br>All Asset Fund** | **PIMCO<br>All Asset<br>All Authority Fund** |
|  **Net Assets:** |  |  |
|  Institutional Class | $9140739 | $691437 |
|  I-2 | 326427 | 99815 |
|  I-3 | 9750 | 1114 |
|  Administrative Class | 54060 | N/A |
|  Class A | 505128 | 198482 |
|  Class C | 21482 | 8162 |
|  Class R | 32239 | N/A |
|  **Shares Issued and Outstanding:** |  |  |
|  Institutional Class | 785997 | 98973 |
|  I-2 | 27992 | 14278 |
|  I-3 | 834 | 159 |
|  Administrative Class | 4638 | N/A |
|  Class A | 43450 | 28438 |
|  Class C | 1858 | 1166 |
|  Class R | 2804 | N/A |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** |  |  |
|  Institutional Class | $11.63 | $6.99 |
|  I-2 | 11.66 | 6.99 |
|  I-3 | 11.69 | 6.99 |
|  Administrative Class | 11.65 | N/A |
|  Class A | 11.63 | 6.98 |
|  Class C | 11.56 | 7.00 |
|  Class R | 11.50 | 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.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</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 | $120175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 228855 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 7131 |
|  Cash | 190 |
|  Deposits with counterparty | 4507 |
|  Foreign currency, at value | 1541 |
|  Receivable for investments sold | 6250 |
|  Receivable for investments sold on a delayed-delivery basis | 301 |
|  Receivable for TBA investments sold | 66434 |
|  Receivable for Fund shares sold | 202 |
|  Interest and/or dividends receivable | 334 |
|  Dividends receivable from Affiliates | 845 |
|  Reimbursement receivable from PIMCO | 49 |
|  **Total Assets** | 437196 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $12101 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1789 |
|  Payable for investments purchased | 621 |
|  Payable for investments in Affiliates purchased | 874 |
|  Payable for investments purchased on a delayed-delivery basis | 6232 |
|  Payable for TBA investments purchased | 97857 |
|  Deposits from counterparty | 5882 |
|  Payable for Fund shares redeemed | 169 |
|  Accrued investment advisory fees | 221 |
|  Accrued supervisory and administrative fees | 27 |
|  Accrued distribution fees | 2 |
|  Accrued servicing fees | 20 |
|  Foreign capital gains tax payable | 2 |
|  Other liabilities | 5 |
|  **Total Liabilities** | 126180 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $311016 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $336630 |
|  Distributable earnings (accumulated loss) | (25614) |
|  **Net Assets** | $311016 |
|  Cost of investments in securities | $120754 |
|  Cost of investments in Affiliates | $227198 |
|  Cost of foreign currency held | $1544 |
|  Proceeds received on short sales | $12056 |
|  Cost or premiums of financial derivative instruments, net | $6077 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $181979 |
|  I-2 | 29813 |
|  Class A | 96665 |
|  Class C | 2559 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 10896 |
|  I-2 | 1791 |
|  Class A | 5887 |
|  Class C | 162 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $16.70 |
|  I-2 | 16.65 |
|  Class A | 16.42 |
|  Class C | 15.76 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>All Asset Fund** | **PIMCO**<br> **All Asset<br>All Authority Fund** |
|  **Investment Income:** |  |  |
|  Dividends | $52 | $13 |
|  Dividends from Investments in Affiliates | 290151 | 27098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 290203 | 27111 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 9580 | 992 |
|  Supervisory and administrative fees | 3439 | 496 |
|  Distribution and/or servicing fees - Administrative Class | 66 | 0 |
|  Distribution and/or servicing fees - Class A | 622 | 248 |
|  Distribution and/or servicing fees - Class C | 109 | 41 |
|  Distribution and/or servicing fees - Class R | 79 | 0 |
|  Trustee fees | 24 | 2 |
|  Interest expense | 16 | 10768 |
|  Miscellaneous expense | 0 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 13935 | 12624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (5151) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 8784 | 12624 |
|  **Net Investment Income (Loss)** | 281419 | 14487 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | 0 | (2) |
|  Investments in Affiliates | 10916 | 2430 |
|  **Net Realized Gain (Loss)** | 10916 | 2428 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in Affiliates | 536609 | 58384 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 536609 | 58384 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $828944 | $75299 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations PIMCO Global Core Asset Allocation Fund

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $2442 |
|  Dividends | 19 |
|  Dividends from Investments in Affiliates | 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7647 |
|  **Expenses:** |  |
|  Investment advisory fees | 1337 |
|  Supervisory and administrative fees | 182 |
|  Distribution and/or servicing fees - Class A | 116 |
|  Distribution and/or servicing fees - Class C | 13 |
|  Trustee fees | 1 |
|  Interest expense | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1487 |
|  **Net Investment Income (Loss)** | 6160 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 904 |
|  Investments in Affiliates | (76) |
|  Exchange-traded or centrally cleared financial derivative instruments | 664 |
|  Over the counter financial derivative instruments | 28509 |
|  Foreign currency | 148 |
|  **Net Realized Gain (Loss)** | 30149 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 590 |
|  Investments in Affiliates | 1534 |
|  Exchange-traded or centrally cleared financial derivative instruments | (188) |
|  Over the counter financial derivative instruments | (1498) |
|  Foreign currency assets and liabilities | 42 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 480 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $36789 |
|  \* Foreign tax withholdings | $7 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

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>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $281419 | $725646 | $14487 | $34453 |
|  Net realized gain (loss) | 10916 | (347829) | 2428 | (76157) |
|  Net change in unrealized appreciation (depreciation) | 536609 | 262849 | 58384 | 91695 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 828944 | 640666 | 75299 | 49991 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (236946) | (656741) | (9648) | (23122) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7562) | (22247) | (1325) | (3233) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (274) | (1454) | (15) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1201) | (3224) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (10956) | (30528) | (2441) | (5499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (404) | (1296) | (71) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (670) | (1824) | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0 | 0 | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (258013) | (717314) | (13500) | (32065) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (1667219) | (1863816) | (61076) | (486499) |
|  **Total Increase (Decrease) in Net Assets** | (1096288) | (1940464) | 723 | (468573) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 11186113 | 13126577 | 998287 | 1466860 |
|  End of period | $10089825 | $11186113 | $999010 | $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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **18** | **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>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6160 | $9041 |
|  Net realized gain (loss) | 30149 | 17005 |
|  Net change in unrealized appreciation (depreciation) | 480 | (3436) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 36789 | 22610 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1426) | (2398) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (225) | (379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (591) | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (8) | (13) |
|  **Total Distributions<sup>(a)</sup>** | (2250) | (3750) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (9424) | 43111 |
|  **Total Increase (Decrease) in Net Assets** | 25115 | 61971 |
|  **Net Assets:** |  |  |
|  Beginning of period | 285901 | 223930 |
|  End of period | $311016 | $285901 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |
| (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 | $75299 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547687) |
|  Proceeds from sales of long-term securities | 608417 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (1753) |
| (Increase) decrease in receivable for investments sold | (87) |
| (Increase) decrease in interest and/or dividends receivable | (2) |
| (Increase) decrease in dividends receivable from Affiliates | 320 |
| (Increase) decrease in Prepaid Expenses | (199) |
| (Increase) decrease in reimbursement receivable from PIMCO | (22) |
|  Increase (decrease) in payable for investments purchased | (245) |
|  Increase (decrease) in deposits from counterparty | 1787 |
|  Increase (decrease) in accrued supervisory and administrative fees | (10) |
|  Increase (decrease) in accrued servicing fees | (1) |
|  Increase (decrease) in other liabilities | 59 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (2430) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (58384) |
|  **Net Cash Provided by (Used for) Operating Activities** | 75064 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 73135 |
|  Payments on shares redeemed | (146817) |
|  Increase (decrease) in overdraft due to custodian | 1 |
|  Cash distributions paid\* | (1383) |
|  **Net Cash Received from (Used for) Financing Activities** | (75064) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of period | 0 |
|  End of period | $0 |
|  \*Reinvestment of distributions | $12117 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the period | $10908 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset Fund September 30, 2025 (Unaudited)

#### (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 |
|  4.200% (b) | 1704395 | $— | 1704 |
| Total Short-Term Instruments (Cost $1,704) | Total Short-Term Instruments (Cost $1,704) |  | 1704 |
| Total Investments in Securities (Cost $1,704) | Total Investments in Securities (Cost $1,704) |  | 1704 |
| INVESTMENTS IN AFFILIATES 100.6% | INVESTMENTS IN AFFILIATES 100.6% | INVESTMENTS IN AFFILIATES 100.6% | INVESTMENTS IN AFFILIATES 100.6% |
| MUTUAL FUNDS 99.4% | MUTUAL FUNDS 99.4% | MUTUAL FUNDS 99.4% | MUTUAL FUNDS 99.4% |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 164053656 |  | 1944036 |
|  PIMCO All Asset: Multi-Real Fund | 185623835 |  | 1692889 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund (a) | 57995083 |  | 441922 |
|  PIMCO Emerging Markets Local Currency and Bond Fund (a) | 110943102 |  | 692285 |
|  PIMCO Extended Duration Fund (a) | 10949157 |  | 142996 |
|  PIMCO High Yield Fund (a) | 43889072 |  | 358135 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Spectrum Fund (a) | 12165904 | $— | 114238 |
|  PIMCO Income Fund (a) | 11750047 |  | 127840 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) (a) | 25476173 |  | 252724 |
|  PIMCO Investment Grade Credit Bond Fund (a) | 6465154 |  | 59609 |
|  PIMCO Long Duration Total Return Fund (a) | 22735403 |  | 165968 |
|  PIMCO Long-Term Real Return Fund (a) | 5803284 |  | 68537 |
|  PIMCO Long-Term U.S. Government Fund (a) | 14917012 |  | 211225 |
|  PIMCO Low Duration Fund (a) | 82319815 |  | 769690 |
|  PIMCO RAE Emerging Markets Fund (a) | 25623516 |  | 307226 |
|  PIMCO RAE Fundamental Advantage PLUS Fund (a) | 40471552 |  | 317702 |
|  PIMCO RAE International Fund (a) | 12833009 |  | 118834 |
|  PIMCO RAE PLUS EMG Fund (a) | 11802003 |  | 92410 |
|  PIMCO RAE PLUS International Fund (a) | 10945873 |  | 90851 |
|  PIMCO RAE US Fund (a) | 5903924 |  | 89562 |
|  PIMCO RAE US Small Fund (a) | 12171906 |  | 142290 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund (a) | 42350889 |  | 313397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO Real Return Fund (a) | 9781537 | $— | 102217 |
|  PIMCO RealEstateRealReturn Strategy Fund (a) | 5805126 |  | 159293 |
|  PIMCO Total Return Fund (a) | 95722199 |  | 843312 |
|  PIMCO TRENDS Managed Futures Strategy Fund (a) | 40757648 |  | 413282 |
| Total Mutual Funds (Cost $9,142,522) | Total Mutual Funds (Cost $9,142,522) |  | 10032470 |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| MUTUAL FUNDS 1.2% | MUTUAL FUNDS 1.2% | MUTUAL FUNDS 1.2% | MUTUAL FUNDS 1.2% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
| 4.290 (b) | 116138219 |  | 116137 |
| Total Short-Term Instruments (Cost $116,138) | Total Short-Term Instruments (Cost $116,138) |  | 116137 |
| Total Investments in Affiliates (Cost $9,258,660) | Total Investments in Affiliates (Cost $9,258,660) |  | 10148607 |
| Total Investments 100.6% (Cost $9,260,364) | Total Investments 100.6% (Cost $9,260,364) | $— | 10150311 |
| Other Assets and Liabilities, net (0.6)% | Other Assets and Liabilities, net (0.6)% |  | (60486) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 10089825 |

---

#### 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 September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | $0 | $1704 | $0 | $1704 |
|  | $0 | $1704 | $0 | $1704 |
|  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 | 10032470 | 0 | 0 | 10032470 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 116137 | 0 | 0 | 116137 |
|  | $10148607 | $0 | $0 | $10148607 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10148607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150311 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Schedule of Investments PIMCO All Asset All Authority Fund September 30, 2025 (Unaudited)

#### (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 0.2% | INVESTMENTS IN SECURITIES 0.2% | INVESTMENTS IN SECURITIES 0.2% | INVESTMENTS IN SECURITIES 0.2% |
| 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 |
|  4.200% (b) | 1762576 | $— | 1763 |
|  Total Short-Term Instruments (Cost $1,763) | Total Short-Term Instruments (Cost $1,763) |  | 1763 |
|  Total Investments in Securities (Cost $1,763) | Total Investments in Securities (Cost $1,763) |  | 1763 |
| INVESTMENTS IN AFFILIATES 140.1% | INVESTMENTS IN AFFILIATES 140.1% | INVESTMENTS IN AFFILIATES 140.1% | INVESTMENTS IN AFFILIATES 140.1% |
| MUTUAL FUNDS 139.1% | MUTUAL FUNDS 139.1% | MUTUAL FUNDS 139.1% | MUTUAL FUNDS 139.1% |
|  PIMCO All Asset: Multi-Real Fund | 4319861 |  | 39397 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 17000626 |  | 195847 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup> (a) | 366294 |  | 5150 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund (a) | 7409771 |  | 56462 |
|  PIMCO Emerging Markets Local Currency and Bond Fund (a) | 14121240 |  | 88116 |
|  PIMCO Extended Duration Fund (a) | 1155488 |  | 15091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO High Yield Fund (a) | 8293480 | $— | 67675 |
|  PIMCO High Yield Spectrum Fund (a) | 2317749 |  | 21764 |
|  PIMCO Income Fund (a) | 1105864 |  | 12032 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) (a) | 7324639 |  | 72660 |
|  PIMCO Investment Grade Credit Bond Fund (a) | 681635 |  | 6285 |
|  PIMCO Long Duration Total Return Fund (a) | 2357072 |  | 17207 |
|  PIMCO Long-Term Credit Bond Fund (a) | 10952 |  | 98 |
|  PIMCO Long-Term Real Return Fund (a) | 1725371 |  | 20377 |
|  PIMCO Long-Term U.S. Government Fund (a) | 1537954 |  | 21777 |
|  PIMCO Low Duration Fund (a) | 22721885 |  | 212450 |
|  PIMCO RAE Emerging Markets Fund (a) | 2631871 |  | 31556 |
|  PIMCO RAE Fundamental Advantage PLUS Fund (a) | 5172957 |  | 40608 |
|  PIMCO RAE International Fund (a) | 1451705 |  | 13443 |
|  PIMCO RAE PLUS EMG Fund (a) | 1233180 |  | 9656 |
|  PIMCO RAE PLUS International Fund (a) | 1467459 |  | 12180 |
|  PIMCO RAE US Small Fund (a) | 902530 |  | 10551 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PIMCO RAE Worldwide Long/Short PLUS Fund (a) | 5375879 | $— | 39781 |
|  PIMCO Real Return Fund (a) | 2637678 |  | 27564 |
|  PIMCO RealEstateRealReturn Strategy Fund (a) | 4111018 |  | 112806 |
|  PIMCO Total Return Fund (a) | 20440260 |  | 180079 |
|  PIMCO TRENDS Managed Futures Strategy Fund (a) | 5809881 |  | 58912 |
| Total Mutual Funds (Cost $1,274,668) | Total Mutual Funds (Cost $1,274,668) |  | 1389524 |
| SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% | SHORT-TERM INSTRUMENTS 1.2% |
| 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 |
|  4.290% (b) | 9945844 |  | 9945 |
| Total Short-Term Instruments (Cost $9945) | Total Short-Term Instruments (Cost $9945) |  | 9945 |
| Total Investments in Affiliates (Cost $1,284,613) | Total Investments in Affiliates (Cost $1,284,613) |  | 1399469 |
| Total Investments 140.3% (Cost $1,286,376) | Total Investments 140.3% (Cost $1,286,376) | $— | 1401232 |
| Other Assets and Liabilities, net (40.3)% | Other Assets and Liabilities, net (40.3)% |  | (402222) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 999010 |

---

#### 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 September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $0 | $1763 | $0 | $1763 |
|  | $0 | $1763 | $0 | $1763 |
|  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 | 1389524 | 0 | 0 | 1389524 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 9945 | 0 | 0 | 9945 |
|  | $1399469 | $0 | $0 | $1399469 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401232 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 38.6% | INVESTMENTS IN SECURITIES 38.6% | INVESTMENTS IN SECURITIES 38.6% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| 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 ^«(b) | 1 | 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) | 35 | 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) | 58 | 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) | 70 | 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) | 105 | 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) | 99 | 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 12/28/2028 (a) | 23 | 1 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(a)(b) | 16 | 2 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(a)(b) | 16 | 2 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(a)(b) | 32 | 5 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(a)(b) | 48 | 7 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(a)(b) | 49 | 8 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(a)(b) | 23 | 4 |
|  |  | 35 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  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) | 621 | 483 |
|  Total Corporate Bonds & Notes (Cost $607) | Total Corporate Bonds & Notes (Cost $607) | 518 |
| 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 12/31/2025 (e) | 18 | 1 |
|  0.000% due 12/31/2026 (e) | 23 | 1 |
|  0.000% due 12/31/2027 (e) | 29 | 1 |
|  0.000% due 12/31/2028 (e) | 47 | 1 |
|  0.000% due 12/31/2029 (e) | 47 | 1 |
|  0.000% due 12/31/2030 (e) | 58 | 1 |
|  0.000% due 12/31/2031 (e) | 58 | 1 |
|  0.000% due 12/31/2032 (e) | 110 | 3 |
|  Total Convertible Bonds & Notes (Cost $14) | Total Convertible Bonds & Notes (Cost $14) | 10 |
| U.S. GOVERNMENT AGENCIES 15.8% | U.S. GOVERNMENT AGENCIES 15.8% | U.S. GOVERNMENT AGENCIES 15.8% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.037% due 07/15/2041 •  | 273 | 272 |
|  5.245% due 04/15/2049 - 12/15/2050 • | 406 | 406 |
|  5.306% due 04/25/2055 •  | 1288 | 1291 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.860% due 03/25/2049 •  | 211 | 209 |
|  5.125% due 12/25/2047 •  | 359 | 359 |
|  5.145% due 01/25/2051 •  | 245 | 246 |
|  5.326% due 08/25/2054 •  | 61 | 62 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.927% due 08/20/2068 •  | 326 | 327 |
|  5.039% due 05/20/2074 •  | 109 | 109 |
|  5.239% due 05/20/2074 •  | 167 | 167 |
|  5.289% due 09/20/2071 •  | 2021 | 2027 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 7010 | 6159 |
|  3.500% due 11/01/2055 | 800 | 731 |
|  4.500% due 10/01/2055 - 11/01/2055 | 5300 | 5141 |
|  5.000% due 11/01/2055 | 11600 | 11498 |
|  5.500% due 11/01/2055 | 1000 | 1008 |
|  6.000% due 11/01/2055 | 5800 | 5925 |
|  6.500% due 11/01/2055 | 12900 | 13340 |
|  Total U.S. Government Agencies (Cost $49,283) | Total U.S. Government Agencies (Cost $49,283) | 49277 |
| 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) | 2700 | 1763 |
|  4.000% due 11/15/2042 (m) | 2050 | 1896 |
|  4.000% due 11/15/2052 (m) | 1550 | 1372 |
|  4.625% due 02/15/2055 | 800 | 786 |
|  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 | 2391 | 1915 |
|  1.750% due 01/15/2034 (k) | 3153 | 3169 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 | 1470 | 1528 |
|  Total U.S. Treasury Obligations (Cost $13,770) | Total U.S. Treasury Obligations (Cost $13,770) | 12429 |
| 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 |
|  4.752% due 07/25/2037 •  | 162 | 143 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.225% due 07/25/2036 ~ | 38 | 33 |
|  4.475% due 02/25/2036 ~ | 25 | 23 |
|  4.737% due 08/25/2033 ~ | 25 | 23 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.115% due 09/20/2036 ~ | 41 | 37 |
|  4.912% due 03/25/2035 •  | 33 | 33 |
|  6.000% due 04/25/2036 | 145 | 68 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.572% due 07/25/2035 •  | 258 | 194 |
|  4.592% due 09/25/2047 •  | 60 | 56 |
|  5.153% due 02/25/2036 •  | 74 | 68 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.892% due 04/25/2035 •  | 47 | 46 |
|  4.917% due 04/25/2035 •  | 61 | 59 |
|  RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 12/25/2036 | 35 | 29 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ | 1 | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.748% due 07/19/2035 •  | 8 | 8 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.089% due 04/25/2055 ~ | 5000 | 4897 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.932% due 01/25/2045 •  | 883 | 896 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,599) | Total Non-Agency Mortgage-Backed Securities (Cost $6,599) | 6614 |
| ASSET-BACKED SECURITIES 7.8% | ASSET-BACKED SECURITIES 7.8% | ASSET-BACKED SECURITIES 7.8% |
| AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% | AUTOMOBILE SEQUENTIAL 0.9% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.900% due 08/10/2027 | 23 | 23 |
|  6.160% due 09/10/2029 | 1911 | 1984 |
|  OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust | OneMain Direct Auto Receivables Trust |
|  5.410% due 11/14/2029 | 306 | 309 |
|  Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC | Oscar U.S. Funding XV LLC |
|  5.810% due 12/10/2027 | 287 | 289 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 166 | 168 |
|  |  | 2773 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 2.8% | HOME EQUITY OTHER 2.8% | HOME EQUITY OTHER 2.8% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.752% due 04/25/2036 •  | 70 | 66 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.752% due 06/25/2036 •  | 106 | 78 |
|  5.172% due 08/25/2035 •  | 101 | 100 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.752% due 05/25/2035 •  | 260 | 237 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 209 | 189 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.772% due 03/25/2037 •  | 207 | 205 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.552% due 05/25/2035 •  | 19 | 18 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  5.052% due 02/25/2036 •  | 773 | 763 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.542% due 10/25/2036 •  | 377 | 344 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.592% due 09/25/2036 •  | 1527 | 394 |
|  4.832% due 09/25/2034 •  | 47 | 47 |
|  4.872% due 01/25/2036 •  | 936 | 847 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  5.337% due 05/25/2035 •  | 1924 | 1840 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.767% due 07/25/2036 •  | 68 | 66 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.782% due 03/25/2036 •  | 406 | 401 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.992% due 07/25/2035 •  | 187 | 179 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.842% due 10/25/2036 •  | 39 | 39 |
|  5.067% due 02/25/2036 •  | 100 | 99 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  4.712% due 02/25/2037 •  | 8717 | 2740 |
|  |  | 8652 |
| HOME EQUITY SEQUENTIAL 1.6% | HOME EQUITY SEQUENTIAL 1.6% | HOME EQUITY SEQUENTIAL 1.6% |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.838% due 11/25/2034 þ | 5007 | 4966 |
| 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 | 345 |
| 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 |
|  5.472% due 06/25/2036 •  | 1140 | 1161 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.707% due 11/25/2036 •  | 250 | 249 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.977% due 11/25/2036 •  | 759 | 745 |
|  |  | 2155 |
| OTHER ABS 1.7% | OTHER ABS 1.7% | OTHER ABS 1.7% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 160 | 160 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 43 | 43 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 105 | 105 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  3.280% due 12/28/2048 | 61 | 58 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.669% due 07/15/2031 •  | 202 | 202 |
|  Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. | Madison Park Funding XXXV Ltd. |
|  5.577% due 04/20/2032 •  | 220 | 221 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | $| 513 | 496 |
|  5.865% due 11/15/2068 •  |  | 142 | 143 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.747% due 07/20/2032 •  |  | 216 | 216 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  |  | 86 | 86 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | EUR | 213 | 251 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | $| 232 | 222 |
|  5.500% due 06/17/2052 |  | 1669 | 1720 |
|  6.172% due 10/16/2056 •  |  | 498 | 508 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.797% due 07/20/2032 •  |  | 382 | 382 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.602% due 10/13/2032 •  |  | 261 | 262 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  |  | 51 | 51 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.707% due 07/20/2032 •  |  | 144 | 144 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.579% due 10/15/2030 •  |  | 42 | 42 |
|  |  |  | 5312 |
|  Total Asset-Backed Securities (Cost $23,821) | Total Asset-Backed Securities (Cost $23,821) | Total Asset-Backed Securities (Cost $23,821) | 24203 |
| SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (e) | BRL | 33500 | 5880 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | COP | 9015700 | 2323 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 | EGP | 12100 | 253 |
|  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 | 577 |
|  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 | 2710 |
|  2.800% due 06/20/2055 |  | 280000 | 1794 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  8.500% due 03/01/2029 | MXN | 44000 | 2438 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 11/30/2028 (f) |  | 233 | 13 |
|  4.000% due 08/24/2034 (f) |  | 134 | 7 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 3100 | 865 |
|  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 | 17600 | 1001 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  0.700% due 04/30/2032 | EUR | 1800 | 1848 |
|  Total Sovereign Issues (Cost $19,347) | Total Sovereign Issues (Cost $19,347) | Total Sovereign Issues (Cost $19,347) | 19709 |
|  |  | **SHARES** |  |
| COMMON STOCKS 1.8% | COMMON STOCKS 1.8% | COMMON STOCKS 1.8% | COMMON STOCKS 1.8% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Frontier Communications Parent, Inc. (c) | Frontier Communications Parent, Inc. (c) | 19317 | 721 |
|  TEGNA, Inc. |  | 19432 | 395 |
|  Vimeo, Inc. (c) |  | 25500 | 198 |
|  |  |  | 1314 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Potbelly Corp. (c) |  | 6200 | 106 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  JDE Peet's NV |  | 21565 | 790 |
|  Kellanova |  | 8950 | 734 |
|  |  |  | 1524 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Merus NV (c) |  | 5600 | 527 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Norfolk Southern Corp. |  | 2208 | 663 |
|  Steelcase, Inc. Class A |  | 13246 | 228 |
|  WNS Holdings Ltd. (c) |  | 4967 | 379 |
|  |  |  | 1270 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  CyberArk Software Ltd. (c) |  | 1656 | 800 |
|  PROS Holdings, Inc. (c) |  | 9000 | 206 |
|  |  |  | 1006 |
|  Total Common Stocks (Cost $5,645) | Total Common Stocks (Cost $5,645) | Total Common Stocks (Cost $5,645) | 5747 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| 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 |  |  |
|  4.200% (h) |  | 573773 | 574 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.123% due 10/09/2025 - 12/11/2025 (d)(e) | 1100 | $— | 1094 |
| Total Short-Term Instruments<br>(Cost $1,668) | Total Short-Term Instruments<br>(Cost $1,668) |  | 1668 |
| Total Investments in Securities (Cost $120,754) | Total Investments in Securities (Cost $120,754) |  | 120175 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 73.6% | INVESTMENTS IN AFFILIATES 73.6% | INVESTMENTS IN AFFILIATES 73.6% | INVESTMENTS IN AFFILIATES 73.6% |
| MUTUAL FUNDS (g) 39.7% | MUTUAL FUNDS (g) 39.7% | MUTUAL FUNDS (g) 39.7% | MUTUAL FUNDS (g) 39.7% |
|  PIMCO Income Fund | 2853563 |  | 31047 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 6164737 |  | 61154 |
|  PIMCO Total Return Fund | 3536101 |  | 31153 |
| Total Mutual Funds (Cost $122,019) | Total Mutual Funds (Cost $122,019) |  | 123354 |
| SHORT-TERM INSTRUMENTS 33.9% | SHORT-TERM INSTRUMENTS 33.9% | SHORT-TERM INSTRUMENTS 33.9% | SHORT-TERM INSTRUMENTS 33.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 33.9% |
|  PIMCO Short Asset Portfolio | 6306780 |  | 61876 |
|  PIMCO Short-Term Floating NAV Portfolio III | 4479474 |  | 43625 |
| Total Short-Term Instruments (Cost $105,179) | Total Short-Term Instruments (Cost $105,179) |  | 105501 |
| Total Investments in Affiliates (Cost $227,198) | Total Investments in Affiliates (Cost $227,198) |  | 228855 |
| Total Investments 112.2%<br>(Cost $347,952) | Total Investments 112.2%<br>(Cost $347,952) | $— | 349030 |
|  Financial Derivative<br>Instruments (j)(l) 1.7%<br> (Cost or Premiums, net $6,077) |  |  | 5346 |
| Other Assets and Liabilities, net (13.9)% | Other Assets and Liabilities, net (13.9)% |  | (43360) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 311016 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) 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) Principal amount of security is adjusted for inflation.

(g) Institutional Class Shares of each Fund.

(h) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.2)% | U.S. Government Agencies (3.2)% | U.S. Government Agencies (3.2)% | U.S. Government Agencies (3.2)% | U.S. Government Agencies (3.2)% | U.S. Government Agencies (3.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | $(10074) | $(10078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 2400 | (1982) | (2023) |
|  Total Short Sales (3.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12056) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12101) |

---

(i) Securities with an aggregate market value of $1 have been pledged as collateral as of September 30, 2025 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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  Arabica Coffee March Futures | 03/2026 | 2 | $269 | $(7) | $3 | $0 |
|  Australia Government 3-Year Bond December Futures  | 12/2025 | 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 | (8) | 3 | (1) |
|  Brent Crude June Futures  | 04/2026 | 6 | 390 | (8) | 0 | (4) |
|  Canada Government 5-Year Bond December Futures  | 12/2025 | 22 | 1823 | 21 | 4 | 0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 14 | 1232 | 26 | 5 | 0 |
|  Cocoa December Futures  | 12/2025 | 2 | 135 | (16) | 0 | (5) |
|  Cocoa March Futures  | 03/2026 | 2 | 136 | (10) | 0 | (5) |
|  Copper December Futures  | 12/2025 | 2 | 243 | (44) | 0 | (2) |
|  Euro-Bobl December Futures  | 12/2025 | 35 | 4841 | 1 | 7 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 28 | 3940 | 40 | 12 | 0 |
|  Euro-Schatz December Futures  | 12/2025 | 4 | 502 | 0 | 0 | 0 |
|  Gas Oil March Futures  | 03/2026 | 7 | 457 | 14 | 0 | (3) |
|  Gold 100 oz. December Futures  | 12/2025 | 1 | 387 | 15 | 2 | 0 |
|  Iron Ore January Futures  | 01/2026 | 44 | 444 | (10) | 2 | 0 |
|  Iron Ore November Futures  | 11/2025 | 12 | 124 | 3 | 1 | 0 |
|  Live Cattle December Futures  | 12/2025 | 8 | 751 | 10 | 3 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 4 | 268 | 3 | 1 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 4 | 268 | 6 | 0 | 0 |
|  LME Lead November Futures  | 11/2025 | 8 | 394 | (3) | 0 | 0 |
|  LME Nickel January Futures  | 01/2026 | 1 | 92 | 0 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 4 | 364 | (4) | 0 | 0 |
|  LME Zinc January Futures  | 01/2026 | 7 | 518 | 7 | 8 | (1) |
|  LME Zinc November Futures  | 11/2025 | 7 | 521 | 31 | 3 | 0 |
|  Long Guilt December Futures  | 12/2025 | 14 | 1710 | 8 | 7 | (1) |
|  New York Harbor March Futures  | 02/2026 | 6 | 565 | 7 | 0 | (6) |
|  Palladium December Futures  | 12/2025 | 1 | 129 | 8 | 0 | 0 |
|  Platinum January Futures  | 01/2026 | 2 | 161 | 23 | 0 | (3) |
|  RBOB Gasoline March Futures  | 02/2026 | 7 | 551 | (3) | 0 | (5) |
|  Silver December Futures  | 12/2025 | 2 | 466 | 79 | 0 | (4) |
|  Soybean January Futures  | 01/2026 | 8 | 408 | (10) | 0 | (4) |
|  Soybean Meal January Futures  | 01/2026 | 43 | 1195 | (32) | 0 | (7) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 37 | 4314 | 84 | 0 | (9) |
|  WTI Crude March Futures  | 02/2026 | 4 | 245 | (6) | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |

---

#### 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 |
|  Arabica Coffee December Futures  | 12/2025 | 1 | $(141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $0 | $(1) |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3675) | 7 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  Corn December Futures  | 12/2025 | 67 | (1392) | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | 0 |
|  Corn March Futures  | 03/2026 | 33 | (713) | (2) | 11 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 3 | (99) | 2 | 0 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 19 | (642) | 14 | 0 | (1) |
|  Euro-Bund December Futures  | 12/2025 | 30 | (4528) | (27) | 1 | (12) |
|  Euro-Oat December Futures  | 12/2025 | 35 | (4986) | (46) | 0 | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

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** |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 11 | $(274) | $27 | $6 | $0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 17 | (441) | 31 | 9 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11019) | 105 | 9 | (9) |
|  Lean Hogs December Futures  | 12/2025 | 13 | (461) | (23) | 8 | 0 |
|  LME Aluminum January Futures  | 01/2026 | 2 | (134) | (1) | 0 | 0 |
|  LME Aluminum November Futures  | 11/2025 | 4 | (268) | (7) | 0 | 0 |
|  LME Lead January Futures  | 01/2026 | 7 | (349) | 2 | 2 | 0 |
|  LME Lead November Futures  | 11/2025 | 8 | (394) | 10 | 0 | 0 |
|  LME Nickel November Futures  | 11/2025 | 4 | (364) | (1) | 0 | 0 |
|  LME Zinc November Futures  | 11/2025 | 6 | (446) | (14) | 0 | 0 |
|  Natural Gas January Futures  | 12/2025 | 10 | (418) | (1) | 2 | 0 |
|  Natural Gas March Futures  | 02/2026 | 17 | (616) | (6) | 2 | 0 |
|  Robusta Coffee January Futures  | 01/2026 | 1 | (42) | 0 | 0 | 0 |
|  Soybean March Futures  | 03/2026 | 8 | (414) | 8 | 3 | 0 |
|  Soybean Meal March Futures  | 03/2026 | 17 | (485) | 20 | 2 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 6 | (179) | 6 | 1 | 0 |
|  Sugar No. 11 March Futures  | 02/2026 | 41 | (762) | 4 | 0 | (7) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 97 | (20215) | (30) | 0 | (11) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 193 | (21075) | (23) | 0 | (7) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 13 | (1463) | (12) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 40 | (4803) | (56) | 23 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 115 | (13234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | 7 | 0 |
|  Wheat December Futures  | 12/2025 | 18 | (457) | 41 | 10 | 0 |
|  Wheat March Futures  | 03/2026 | 23 | (606) | 42 | 12 | 0 |
|  White Sugar March Futures  | 02/2026 | 4 | (93) | 0 | 0 | (1) |
|  |  |  |  | $(49) | $128 | $(86) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |

---

#### 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.IG-44 10-Year Index | (1.000)% | Quarterly | 06/20/2035 | $3700 | $(6) | $(30) | $(36) | $0 | $(1) |
|  CDX.iTraxx Europe 43 5-Year Index | (1.000) | Quarterly | 06/20/2030 | 200 | 4 | 1 | 5 | 0 | 0 |
|  CDX.iTraxx Crossover 43 5-Year Index | (5.000) | Quarterly | 06/20/2030 | 89 | (8) | (3) | (11) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | $&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;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.400% | Annual | 02/10/2026 | GBP | 9300 | $47 | $(24) | $23 | $0 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/17/2027 |  | 2500 | (15) | (3) | (18) | 1 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 5500 | (27) | (5) | (32) | 8 | 0 |
|  Receive<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 |  | 2500 | 14 | 2 | 16 | 0 | (4) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 505 | (17) | 5 | (12) | 0 | (1) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 3800 | 79 | (14) | 65 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Pay<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 1650 | (34) | (1) | (35) | 6 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 30 | (2) | 1 | (1) | 0 | 0 |
|  Receive<sup>(4)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 |  | 600 | 24 | (4) | 20 | 0 | (5) |
|  Pay<sup>(4)</sup> | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/18/2031 | INR | 526220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | 15 | (10) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2027 | JPY | 510000 | 7 | 3 | 10 | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 09/18/2029 |  | 690000 | 20 | 76 | 96 | 3 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 06/18/2030 |  | 260700 | 7 | (19) | (12) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2030 |  | 190000 | (2) | (10) | (12) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 |  | 660000 | 92 | (96) | (4) | 0 | (6) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/17/2032 |  | 70000 | (3) | (7) | (10) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 |  | 290000 | 0 | (38) | (38) | 0 | (4) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 |  | 160000 | (6) | (19) | (25) | 0 | (2) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.300 | Annual | 12/18/2044 |  | 260000 | (91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (4) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2045 |  | 20400 | (8) | 11 | 3 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 |  | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | 14 | 502 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 |  | 120000 | 30 | 48 | 78 | 2 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.250 | Annual | 09/17/2055 |  | 60000 | (13) | (6) | (19) | 0 | (1) |
|  Receive<sup>(4)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.500 | Semi-Annual | 03/18/2031 | SGD | 210 | 0 | 1 | 1 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100% | Annual | 02/11/2026 | $29700 | $37 | $7 | $44 | $0 | $(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 9500 | (67) | 6 | (61) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 1200 | (9) | 1 | (8) | 0 | (1) |
|  Pay<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 4500 | 14 | 4 | 18 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 5100 | 0 | (49) | (49) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 11/30/2028 | 7800 | (3) | (166) | (169) | 0 | (5) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 928 | 0 | 1 | 1 | 0 | (1) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 3030 | (18) | 19 | 1 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 5600 | (100) | 51 | (49) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 3800 | 94 | (32) | 62 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 3300 | (78) | 24 | (54) | 0 | (2) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 5300 | (90) | (3) | (93) | 1 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 23200 | (98) | 361 | 263 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 6400 | (21) | (79) | (100) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2890 | 175 | (140) | 35 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 8800 | 264 | (355) | (91) | 0 | (1) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 4249 | (49) | 22 | (27) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 3300 | 165 | (47) | 118 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 200 | (13) | 6 | (7) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 9600 | 81 | (5) | 76 | 0 | 0 |
|  Pay<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1300 | 8 | 2 | 10 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 700 | 137 | 124 | 261 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 3300 | 271 | 417 | 688 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 167 | (1) | (3) | (4) | 0 | (1) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 | 4344 | (34) | 52 | 18 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 1300 | 79 | 89 | 168 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 8500 | 16 | (684) | (668) | 0 | (24) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 2072 | 113 | 60 | 173 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 730 | 0 | 11 | 11 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 3400 | 426 | 4 | 430 | 10 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.427 | Annual | 03/20/2055 | 6400 | 47 | 54 | 101 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 1000 | (137) | 14 | (123) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 1300 | 106 | (7) | 99 | 4 | 0 |
|  Pay<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 1200 | (36) | (1) | (37) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 1500 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 14000 | 0 | (12) | (12) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 9000 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 1000 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(4)</sup> | 3-Month CNY-CNREPOFIX | 1.500 | Quarterly | 03/18/2031 | 40120 | 46 | 1 | 47 | 0 | (6) |
|  Receive | 03-Month COP-IBR Compounded-OIS | 8.610 | Quarterly | 08/22/2029 | 9019000 | (9) | 9 | 0 | 2 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 8.620 | Quarterly | 01/23/2030 | 3076900 | 2 | (3) | (1) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 8.750 | Quarterly | 03/20/2029 | 34500 | 61 | 61 | 122 | 1 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 8.649 | Quarterly | 04/03/2029 | 47800 | (158) | (11) | (169) | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 7100 | 52 | 70 | 122 | 20 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 2100 | 26 | 6 | 32 | 7 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 | 5100 | 34 | (12) | 22 | 6 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 3.920 | Annual | 04/21/2030 | 25400 | 4 | (103) | (99) | 0 | (27) |
|  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 | 114600 | (8) | 55 | 47 | 0 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 400 | 1 | 1 | 2 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 | 8700 | (891) | (332) | (1223) | 13 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 11600 | (26) | (9) | (35) | 0 | (20) |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 8300 | (24) | 36 | 12 | 28 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2990 | (60) | 5 | (55) | 0 | (23) |
|  Pay | 6-Month HUF-BBR | 6.200 | Annual | 03/20/2029 | 514200 | (9) | 57 | 48 | 0 | (1) |
|  Receive<sup>(4)</sup> | 03-Month KRW-KORIBOR | 2.500 | Quarterly | 03/18/2031 | 1952520 | 4 | 7 | 11 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 5.020 | Annual | 03/21/2029 | 34300 | (36) | (491) | (527) | 0 | (18) |
|  Receive<sup>(4)</sup> | 6-Month THB-THBFIX | 1.000 | Quarterly | 03/18/2031 | 80630 | 11 | 9 | 20 | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 8.835 | Lunar | 12/23/2025 | 13700 | 0 | 2 | 2 | 0 | 0 |
|  Pay<sup>(4)</sup> | 28-Day MXN-TIIE | 8.835 | Lunar | 03/13/2029 | 13700 | (5) | 36 | 31 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 9.050 | Lunar | 12/12/2029 | 46000 | (140) | (27) | (167) | 0 | (2) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 12/18/2026 | 2100 | (25) | 0 | (25) | 0 | (1) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 | 9100 | (141) | (8) | (149) | 0 | (11) |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 | 1700 | (8) | 21 | 13 | 2 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 03/19/2035 | 3100 | 87 | (70) | 17 | 0 | (8) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 | 4600 | (40) | 78 | 38 | 13 | 0 |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/18/2055 | 200 | 4 | (2) | 2 | 1 | 0 |
|  |  |  |  |  |  | $596 | $(1071) | $(475) | $193 | $(220) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 27

------

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 September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | Variation Margin<br>Liability<sup>(5)</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;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |

---

(k) Securities with an aggregate market value of $1,015 and cash of $4,507 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(5)</sup> Unsettled variation margin liability of $(7) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 284 | $187 | $0 | $(1) |
|  | 10/2025 | 2673 | 1921 | 1 | 0 |
|  | 10/2025 | 4502 | 5251 | 0 | (35) |
|  | 11/2025 | $187 | 284 | 1 | 0 |
|  | 11/2025 | 1921 | 2668 | 0 | (1) |
|  BOA | 10/2025 | 664 | $778 | 0 | (1) |
|  | 10/2025 | 1685000 | 100 | 0 | (1) |
|  | 10/2025 | 247 | 2 | 0 | 0 |
|  | 10/2025 | 800 | 222 | 2 | 0 |
|  | 10/2025 | $81 | 271 | 1 | 0 |
|  | 10/2025 | 369 | 32661 | 0 | (2) |
|  | 10/2025 | 40 | 5915 | 1 | 0 |
|  | 10/2025 | 100 | 138929 | 0 | (1) |
|  | 10/2025 | 11 | 19 | 0 | 0 |
|  | 11/2025 | 5894 | $39 | 0 | (1) |
|  | 11/2025 | 20 | 11 | 0 | 0 |
|  | 11/2025 | $30 | 100 | 0 | 0 |
|  | 11/2025 | 6201 | $355 | 0 | (3) |
|  | 12/2025 | 16575 | 516 | 1 | 0 |
|  BPS | 10/2025 | 187 | 123 | 0 | 0 |
|  | 10/2025 | 8200 | 1371 | 0 | (169) |
|  | 10/2025 | 2444 | 343 | 0 | 0 |
|  | 10/2025 | 7406566 | 448 | 5 | (1) |
|  | 10/2025 | 10657 | 121 | 1 | 0 |
|  | 10/2025 | 2301 | 1799 | 15 | 0 |
|  | 10/2025 | 22594 | 543 | 0 | 0 |
|  | 10/2025 | 24409 | 814 | 13 | (1) |
|  | 10/2025 | $1512 | 8200 | 29 | 0 |
|  | 10/2025 | 618 | 10200269 | 0 | (6) |
|  | 10/2025 | 46 | 6853 | 0 | 0 |
|  | 10/2025 | 496 | 685484 | 0 | (8) |
|  | 10/2025 | 423 | 1540 | 1 | 0 |
|  | 10/2025 | 49 | 1484 | 0 | 0 |
|  | 11/2025 | 1336909 | $80 | 0 | 0 |
|  | 11/2025 | 8901 | 100 | 0 | 0 |
|  | 11/2025 | 6829 | 46 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 70091 | $50 | $0 | $0 |
|  | 11/2025 | $123 | 187 | 0 | 0 |
|  | 11/2025 | 37 | 200 | 0 | 0 |
|  | 11/2025 | 100 | 337 | 1 | 0 |
|  | 12/2025 | 116816 | $352 | 2 | 0 |
|  | 12/2025 | 2438 | 81 | 1 | 0 |
|  | 12/2025 | $96 | 1616070 | 1 | 0 |
|  | 04/2026 | 5000 | $876 | 0 | (24) |
|  BRC | 10/2025 | 1656 | 311 | 0 | 0 |
|  | 10/2025 | 546 | 681 | 0 | (5) |
|  | 10/2025 | 2226 | 667 | 0 | (5) |
|  | 10/2025 | 84 | 20 | 0 | 0 |
|  | 10/2025 | 909 | 249 | 0 | (1) |
|  | 10/2025 | $303 | 1656 | 8 | 0 |
|  | 10/2025 | 3878 | 5323 | 0 | (53) |
|  | 10/2025 | 797 | 636 | 2 | 0 |
|  | 10/2025 | 2 | 23 | 0 | 0 |
|  | 10/2025 | 117 | 2061 | 2 | 0 |
|  | 11/2025 | 100 | $66 | 0 | 0 |
|  | 11/2025 | 634 | 797 | 0 | (2) |
|  | 11/2025 | 23 | 2 | 0 | 0 |
|  | 11/2025 | 91 | 2 | 0 | 0 |
|  | 11/2025 | 647 | 37 | 0 | (1) |
|  | 12/2025 | 3372 | 804 | 1 | 0 |
|  BSH | 10/2025 | 8800 | 1655 | 1 | 0 |
|  | 10/2025 | $1618 | 8800 | 35 | 0 |
|  | 10/2025 | 99 | 355 | 3 | 0 |
|  | 12/2025 | 1456 | $409 | 0 | (10) |
|  | 01/2026 | $205 | 735 | 6 | 0 |
|  | 02/2026 | 425 | 1487 | 1 | 0 |
|  | 04/2026 | 9400 | $1655 | 0 | (36) |
|  CBK | 10/2025 | 598 | 391 | 0 | (5) |
|  | 10/2025 | 13282 | 2496 | 2 | (1) |
|  | 10/2025 | 6495 | 915 | 4 | 0 |
|  | 10/2025 | 4933717 | 1223 | 0 | (31) |
|  | 10/2025 | 9850 | 1267 | 1 | 0 |
|  | 10/2025 | 6184410 | 375 | 5 | 0 |
|  | 10/2025 | 51627 | 581 | 0 | 0 |
|  | 10/2025 | 63200 | 427 | 0 | (1) |
|  | 10/2025 | 176 | 17 | 0 | 0 |
|  | 10/2025 | 476 | 130 | 0 | (1) |
|  | 10/2025 | 849 | 661 | 3 | 0 |
|  | 10/2025 | 35617 | 1202 | 32 | 0 |
|  | 10/2025 | $2403 | 13282 | 92 | 0 |
|  | 10/2025 | 100 | 390586 | 0 | (1) |
|  | 10/2025 | 2801 | 2397 | 14 | 0 |
|  | 10/2025 | 282 | 4657803 | 0 | (3) |
|  | 10/2025 | 20 | 69 | 1 | 0 |
|  | 10/2025 | 1795 | 157634 | 0 | (22) |
|  | 10/2025 | 338 | 49500 | 0 | (3) |
|  | 10/2025 | 224 | 2230 | 0 | 0 |
|  | 10/2025 | 101 | 960 | 1 | 0 |
|  | 10/2025 | 1057 | 1352 | 0 | (10) |
|  | 10/2025 | 10 | 330 | 0 | 0 |
|  | 10/2025 | 509 | 15485 | 0 | (1) |
|  | 11/2025 | 11633003 | $2794 | 0 | (161) |
|  | 11/2025 | 2230 | 224 | 0 | 0 |
|  | 11/2025 | 1281 | 350 | 0 | (18) |
|  | 11/2025 | 66 | 51 | 0 | 0 |
|  | 11/2025 | $52 | 175 | 1 | 0 |
|  | 11/2025 | 384 | 34146 | 0 | 0 |
|  | 12/2025 | 282484 | $293 | 0 | (1) |
|  | 12/2025 | 6 | 0 | 0 | 0 |
|  | 12/2025 | 11288 | 373 | 1 | 0 |
|  | 12/2025 | $195 | 4053 | 1 | 0 |
|  | 12/2025 | 99 | 1669006 | 1 | 0 |
|  | 01/2026 | 4089 | $136 | 0 | 0 |
|  | 01/2026 | $205 | 1123 | 1 | 0 |
|  | 02/2026 | 628 | $171 | 0 | (9) |
|  | 03/2026 | $768 | 741385 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **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** |
|  DUB | 10/2025 | 5237 | $737 | $2 | $0 |
|  | 10/2025 | 2956546 | 180 | 3 | 0 |
|  | 10/2025 | 55217 | 622 | 1 | 0 |
|  | 10/2025 | 670138 | 483 | 5 | 0 |
|  | 10/2025 | 355 | 100 | 0 | (2) |
|  | 10/2025 | 4362 | 144 | 0 | 0 |
|  | 10/2025 | $1572 | 5373 | 50 | 0 |
|  | 10/2025 | 1180 | 104368 | 0 | (6) |
|  | 10/2025 | 50 | 69141 | 0 | (1) |
|  | 10/2025 | 102 | 355 | 0 | 0 |
|  | 10/2025 | 491 | 629 | 0 | (4) |
|  | 11/2025 | 5370 | $1572 | 0 | (49) |
|  | 11/2025 | 1769 | 20 | 0 | 0 |
|  | 11/2025 | $622 | 55327 | 0 | (1) |
|  | 11/2025 | 1564 | $89 | 0 | (1) |
|  FAR | 10/2025 | 213 | 139 | 0 | (2) |
|  | 10/2025 | 2283 | 322 | 1 | 0 |
|  | 10/2025 | 98296 | 669 | 4 | 0 |
|  | 10/2025 | 1012 | 277 | 0 | (1) |
|  | 10/2025 | $955 | 1472 | 19 | 0 |
|  | 10/2025 | 143 | 114 | 0 | 0 |
|  | 10/2025 | 1493 | 131677 | 0 | (12) |
|  | 10/2025 | 244 | 891 | 1 | 0 |
|  | 10/2025 | 2329 | 2999 | 0 | (4) |
|  | 11/2025 | 114 | $143 | 0 | 0 |
|  | 11/2025 | 2992 | 2329 | 4 | 0 |
|  | 11/2025 | $139 | 213 | 2 | 0 |
|  | 12/2025 | 31251 | $1649 | 0 | (44) |
|  GLM | 10/2025 | 24109 | 3987 | 0 | (542) |
|  | 10/2025 | 17 | 21 | 0 | 0 |
|  | 10/2025 | 180 | 25 | 0 | 0 |
|  | 10/2025 | 1648977 | 99 | 0 | 0 |
|  | 10/2025 | 82 | 20 | 0 | 0 |
|  | 10/2025 | 39 | 30 | 0 | 0 |
|  | 10/2025 | $4463 | 24109 | 68 | (1) |
|  | 10/2025 | 369 | 509 | 0 | (4) |
|  | 10/2025 | 151 | 2501371 | 0 | (1) |
|  | 10/2025 | 428 | 37524 | 0 | (6) |
|  | 12/2025 | 373 | $20 | 0 | (1) |
|  | 12/2025 | 159 | 38 | 0 | 0 |
|  | 12/2025 | $96 | 1602612 | 0 | 0 |
|  | 04/2026 | 19100 | $3367 | 0 | (69) |
|  IND | 10/2025 | 124 | 81 | 0 | (1) |
|  | 10/2025 | 281464 | 200 | 0 | (1) |
|  JPM | 10/2025 | 1861 | 336 | 0 | (14) |
|  | 10/2025 | 3162 | 2288 | 16 | 0 |
|  | 10/2025 | 8922692 | 535 | 0 | 0 |
|  | 10/2025 | 1040199 | 750 | 9 | 0 |
|  | 10/2025 | 602 | 164 | 0 | (2) |
|  | 10/2025 | 165 | 128 | 0 | 0 |
|  | 10/2025 | 20467 | 686 | 13 | 0 |
|  | 10/2025 | $350 | 1861 | 0 | 0 |
|  | 10/2025 | 635 | 10550683 | 0 | (3) |
|  | 10/2025 | 93 | 311 | 1 | 0 |
|  | 10/2025 | 39 | 1182 | 0 | 0 |
|  | 10/2025 | 26 | 465 | 1 | 0 |
|  | 11/2025 | 1385 | $79 | 0 | (1) |
|  | 12/2025 | 9159383 | 2308 | 0 | (5) |
|  | 12/2025 | $924 | 308746 | 1 | 0 |
|  MBC | 10/2025 | 187 | $235 | 0 | 0 |
|  | 10/2025 | 2665 | 375 | 1 | 0 |
|  | 10/2025 | 611 | 724 | 6 | 0 |
|  | 10/2025 | 1091206 | 67 | 1 | 0 |
|  | 10/2025 | 17558 | 198 | 0 | 0 |
|  | 10/2025 | 260100 | 1773 | 14 | 0 |
|  | 10/2025 | 1439951 | 1034 | 8 | 0 |
|  | 10/2025 | 1626 | 1269 | 8 | 0 |
|  | 10/2025 | 1 | 0 | 0 | 0 |
|  | 10/2025 | $364 | 2590 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1464 | 1091 | $4 | $0 |
|  | 10/2025 | 198 | 17558 | 0 | 0 |
|  | 10/2025 | 23 | 3396 | 0 | 0 |
|  | 10/2025 | 489 | 682655 | 0 | (2) |
|  | 10/2025 | 2 | 23 | 0 | 0 |
|  | 10/2025 | 307 | 524 | 0 | (3) |
|  | 10/2025 | 468 | 4482 | 8 | 0 |
|  | 10/2025 | 394 | 12721 | 0 | (1) |
|  | 11/2025 | 2584 | $364 | 0 | 0 |
|  | 11/2025 | 5806 | 39 | 0 | 0 |
|  | 11/2025 | 23 | 2 | 0 | 0 |
|  | 11/2025 | $1038 | 7371 | 1 | 0 |
|  | 11/2025 | 198 | 17607 | 0 | 0 |
|  | 12/2025 | 25187 | $783 | 2 | 0 |
|  MYI | 10/2025 | 1259 | 220 | 0 | (16) |
|  | 10/2025 | 2691 | 378 | 0 | 0 |
|  | 10/2025 | 1140092 | 69 | 1 | 0 |
|  | 10/2025 | 1094 | 7 | 0 | 0 |
|  | 10/2025 | $237 | 1259 | 0 | (1) |
|  | 10/2025 | 868 | 129560 | 8 | 0 |
|  | 10/2025 | 231 | 835 | 0 | (1) |
|  | 10/2025 | 537 | 16184 | 0 | (5) |
|  | 11/2025 | 129111 | $868 | 0 | (8) |
|  | 12/2025 | 14495 | 704 | 3 | 0 |
|  | 12/2025 | 16700 | 50 | 0 | 0 |
|  | 12/2025 | 85 | 20 | 0 | 0 |
|  | 12/2025 | 16078 | 537 | 6 | 0 |
|  NGF | 10/2025 | 1377778 | 991 | 9 | 0 |
|  | 10/2025 | $136 | 2246621 | 0 | (1) |
|  | 11/2025 | 8135 | $187 | 0 | (2) |
|  | 12/2025 | $50 | 2192 | 0 | 0 |
|  SCX | 10/2025 | 1957 | $275 | 1 | 0 |
|  | 10/2025 | 2178491 | 130 | 0 | 0 |
|  | 10/2025 | 36881 | 415 | 0 | 0 |
|  | 10/2025 | 5602 | 38 | 0 | 0 |
|  | 10/2025 | 19801 | 668 | 18 | 0 |
|  | 10/2025 | $5 | 34 | 0 | 0 |
|  | 10/2025 | 568 | 425 | 3 | 0 |
|  | 10/2025 | 185 | 3040228 | 0 | (3) |
|  | 10/2025 | 712 | 62827 | 0 | (5) |
|  | 11/2025 | 425 | $568 | 0 | (3) |
|  | 11/2025 | 28 | 0 | 0 | 0 |
|  | 11/2025 | $395 | 35182 | 0 | 0 |
|  | 12/2025 | 4972 | $242 | 2 | 0 |
|  | 12/2025 | 1105 | 317 | 0 | (1) |
|  | 12/2025 | $130 | 2183997 | 0 | 0 |
|  | 12/2025 | 1548 | 88659 | 0 | (31) |
|  SOG | 10/2025 | 166 | $110 | 0 | 0 |
|  | 10/2025 | 13267 | 2486 | 0 | (7) |
|  | 10/2025 | 51294 | 349 | 2 | 0 |
|  | 10/2025 | 1490088 | 1084 | 22 | 0 |
|  | 10/2025 | 549 | 320 | 2 | 0 |
|  | 10/2025 | 5475 | 580 | 0 | (2) |
|  | 10/2025 | 63026 | 2053 | 0 | (18) |
|  | 10/2025 | $2494 | 13267 | 0 | (2) |
|  | 10/2025 | 100 | 403600 | 3 | 0 |
|  | 10/2025 | 3975 | 3380 | 0 | (7) |
|  | 10/2025 | 1896 | 282149 | 12 | 0 |
|  | 10/2025 | 50 | 2916 | 0 | 0 |
|  | 11/2025 | 3380 | $3983 | 7 | 0 |
|  | 11/2025 | 281173 | 1896 | 0 | (12) |
|  | 11/2025 | $110 | 166 | 0 | 0 |
|  | 11/2025 | 3231 | 13173312 | 111 | 0 |
|  | 11/2025 | 580 | 5463 | 2 | 0 |
|  | 12/2025 | 2486 | 13456 | 6 | 0 |
|  | 03/2026 | 551638 | $569 | 0 | (4) |
|  SSB | 10/2025 | 1516 | 2043 | 5 | 0 |
|  | 11/2025 | 618 | 168 | 0 | (10) |
|  | 12/2025 | 949 | 50 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

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** |
|  UAG | 10/2025 | 6563 | $1967 | $0 | $(14) |
|  | 10/2025 | 2176 | 214 | 0 | (4) |
|  | 10/2025 | 351 | 100 | 0 | (1) |
|  | 10/2025 | $158 | 539 | 5 | 0 |
|  | 10/2025 | 17 | 1517 | 0 | 0 |
|  | 10/2025 | 230 | 834 | 0 | 0 |
|  | 10/2025 | 70 | 2265 | 0 | 0 |
|  | 11/2025 | 539 | $158 | 0 | (5) |
|  | 11/2025 | 704 | 40 | 0 | (1) |
|  | 12/2025 | 82962 | 251 | 2 | 0 |
|  | 12/2025 | 41154 | 717 | 13 | 0 |
|  | 12/2025 | $153 | 2832 | 1 | 0 |
|  | 12/2025 | 262 | 8266 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1591) |

---

#### 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 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.427% | 03/20/2045 | 30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.427 | 03/20/2045 | 30000 | 3116 | 3371 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $6232 | $6263 |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating 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) | $(142) |
|  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;(308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) |

---

#### SWAP AGREEMENTS:

#### 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>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1600 | $(48) | $54 | $6 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 1306 | (83) | 83 | 0 | 0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 7100 | (235) | 258 | 23 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 2800 | (81) | 90 | 9 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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 |
| GLM | Receive<br> 3-Month MYR-KLIBOR<sup>(2)</sup> | 3.000% | Quarterly | 03/18/2031 | MYR | 8540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

32 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | MLPIREIL Index<sup>(8)</sup> | 99286 | 4.740% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | $9653 | $0 | $(7) | $0 | $(7) |
|  | Pay | MLPIREIS Index<sup>(9)</sup> | 86468 | 4.590% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 8555 | 0 | 8 | 8 | 0 |
|  JPM | Receive | JPACWILV Index<sup>(10)</sup> | 1522859 | 4.640% (FEDL01 plus a specified spread) | Monthly | 10/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184238 | 0 | (49) | 0 | (49) |
|  MBC | Receive | NDUEACWF Index  | 34923 | 4.610% (SOFR plus a specified spread) | Monthly | 09/23/2026 | 18861 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</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>(6)</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 |
|  FAR | Pay | HNI Corp. | 2903 | 4.050% (SOFR less a specified spread) | Monthly | 02/05/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | $0 | $0 | $0 | $0 |
|  RBC | Pay | Palo Alto Networks,Inc. | 3643 | 4.525% (SOFR plus a specified spread) | Monthly | 03/25/2026 | 742 | 0 | 2 | 2 | 0 |
|  | Pay | Union Pacific Corp. | 2208 | 4.550% (SOFR plus a specified spread) | Monthly | 03/25/2026 | 522 | 0 | 1 | 1 | 0 |
|  |  |  |  |  |  |  |  | $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;(433) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(</sup><sup>7)</sup> |
|  AZD | $2 | $0 | $0 | $2 | $(37) | $0 | $0 | $(37) | $(35) | $0 | $(35) |
|  BOA | 5 | 0 | 8 | 13 | (9) | 0 | (7) | (16) | (3) | 0 | (3) |
|  BPS | 69 | 0 | 0 | 69 | (209) | 0 | 0 | (209) | (140) | 276 | 136 |
|  BRC | 13 | 0 | 0 | 13 | (67) | 0 | 0 | (67) | (54) | 0 | (54) |
|  BSH | 46 | 0 | 0 | 46 | (46) | 0 | 0 | (46) | 0 | (40) | (40) |
|  CBK | 162 | 0 | 0 | 162 | (268) | 0 | 0 | (268) | (106) | 0 | (106) |
|  DUB | 61 | 0 | 0 | 61 | (64) | 0 | 0 | (64) | (3) | 0 | (3) |
|  FAR | 31 | 0 | 0 | 31 | (63) | 0 | 0 | (63) | (32) | 0 | (32) |
|  GLM | 68 | 0 | 24 | 92 | (624) | (142) | 0 | (766) | (674) | 276 | (398) |
|  GST | 0 | 0 | 6 | 6 | 0 | 0 | 0 | 0 | 6 | (30) | (24) |
|  IND | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  JPM | 41 | 0 | 0 | 41 | (25) | 0 | (49) | (74) | (33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4997) |
|  MBC | 53 | 0 | 0 | 53 | (6) | 0 | 0 | (6) | 47 | (280) | (233) |
|  MYC | 0 | 6263 | 23 | 6286 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | 35 | 6321 |
|  MYI | 18 | 0 | 0 | 18 | (31) | 0 | 0 | (31) | (13) | (10) | (23) |
|  NGF | 9 | 0 | 0 | 9 | (3) | 0 | 0 | (3) | 6 | 0 | 6 |
|  RBC | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SCX | 24 | 0 | 0 | 24 | (43) | 0 | 0 | (43) | (19) | 0 | (19) |
|  SOG | 167 | 0 | 0 | 167 | (52) | 0 | 0 | (52) | 115 | 0 | 115 |
|  SSB | 5 | 0 | 0 | 5 | (11) | 0 | 0 | (11) | (6) | 0 | (6) |
|  TOR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (300) | (300) |
|  UAG | 21 | 0 | 9 | 30 | (31) | 0 | 0 | (31) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1789) |  |  |  |

---

(m) Securities with an aggregate market value of $587 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(8)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | %<br>of Index | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 0.8% | $77 |
|  American Tower Corp. | 5.7 | 551 |
|  Apple Hospitality REIT, Inc. | 4.8 | 463 |
|  AvalonBay Communities, Inc. | 1.5 | 145 |
|  Crown Castle International Corp. | 5.8 | 560 |
|  Cubesmart | 0.8 | 77 |
|  DiamondRock Hospitality Company | 1.6 | 154 |
|  Digital Realty Trust, Inc. | 2.9 | 280 |
|  Equinix, Inc. | 2 | 193 |
|  Equity Lifestyle Properties, Inc. | 4.8 | 463 |
|  Equity Residential | 2.1 | 203 |
|  Extra Space Storage, Inc. | 0.1 | 10 |
|  Federal Realty Investment Trust | 0.6 | 58 |
|  First Industrial Realty Trust, Inc. | 3.3 | 319 |
|  Gaming and Leisure Properties, Inc. | 5.4 | 521 |
|  Healthcare Realty Trust Incorporated | 2.5 | 241 |
|  Healthpeak Properties, Inc. | 6.5 | 627 |
|  Host Hotels & Resorts, Inc. | 2.5 | 241 |
|  Invitation Homes, Inc. | 4.1 | 396 |
|  Kimco Realty Corporation | 4 | 386 |
|  Kite Realty Group Trust | 5.7 | 550 |
|  Macerich Co. | 5.5 | 531 |
|  NNN REIT, Inc. | 2.1 | 203 |
|  Park Hotels & Resorts, Inc. | 1 | 97 |
|  Public Storage | 0.5 | 48 |
|  Realty Income Corp. | 0.1 | 10 |
|  Ryman Hospitality Properties, Inc. | 2.6 | 251 |
|  Sabra Health Care REIT, Inc. | 0.5 | 48 |
|  SBA Communications Corporation | 5.6 | 541 |
|  Simon Property Group, Inc. | 5.9 | 570 |
|  Sun Communities, Inc. | 2.8 | 270 |
|  UDR, Inc. | 1.9 | 183 |
|  VICI Properties, Inc. | 4 | 386 |
|  Total Real Estate |  | $9653 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 |

---

<sup>(9)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.2% | $103 |
|  Agree Realty Corporation | 4.9 | 419 |
|  American Assets Trust, Inc. | 1.4 | 120 |
|  Boston Properties Inc | 4.6 | 394 |
|  Brandywine Realty Trust | 1.8 | 154 |
|  Brixmor Property Group, Inc. | 2.5 | 214 |
|  Camden Property Trust | 0.4 | 34 |
|  Copt Defense Properties | 5.5 | 471 |
|  Cousins Properties Incorporated | 5.4 | 462 |
|  Curbline Properties Corp. | 2.4 | 205 |
|  Douglas Emmett, Inc. | 4.7 | 402 |
|  Eastgroup Properties, Inc. | 2.0 | 171 |
|  Elme Communities | 2.6 | 222 |
|  EPR Properties | 0.2 | 17 |
|  Essential Properties Realty Trust, Inc. | 1.5 | 127 |
|  Essex Property Trust, Inc. | 0.1 | 9 |
|  Highwoods Properties, Inc. | 6.6 | 565 |
|  Independence Realty Trust, Inc. | 2.9 | 248 |
|  JBG Smith Properties | 4.7 | 402 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO ASSET ALLOCATION FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Referenced Entity** | **%**<br> **of Index** | **Value** |
|  Kilroy Realty Corporation | 6.8% | $582 |
|  LXP Industrial Trust | 0.4 | 34 |
|  Mid-America Apartment Communities, Inc. | 2.1 | 180 |
|  National Storage Affiliates Trust | 0.5 | 43 |
|  Omega Healthcare Investors, Inc. | 2.8 | 240 |
|  Pebblebrook Hotel Trust | 1.4 | 120 |
|  Phillips Edison & Company, Inc. | 0.1 | 9 |
|  Prologis, Inc. | 0.5 | 43 |
|  Regency Centers Corp. | 1.6 | 136 |
|  Rexford Industrial Realty, Inc. | 1 | 86 |
|  Stag Industrial, Inc. | 0.4 | 34 |
|  Sunstone Hotel Investors, Inc. | 1.2 | 103 |
|  Tanger, Inc. | 0.7 | 60 |
|  Terreno Realty Corporation | 3.1 | 265 |
|  Urban Edge Properties | 0.7 | 60 |
|  Ventas, Inc. | 6.9 | 590 |
|  Veries Residential, Inc. | 1.5 | 127 |
|  Vornado Realty Trust | 3.3 | 282 |
|  Welltower, Inc. | 8.2 | 702 |
|  WP Carey, Inc. | 1.4 | 120 |
|  Total Real Estate |  | $8555 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 |

---

<sup>(10)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of September 30, 2025: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Communication Services |  |  |
|  Alphabet, Inc. | 4.9% | $9028 |
|  Meta Platforms, Inc. | 2.3 | 4237 |
|  Verizon Communications, Inc. | 1.3 | 2395 |
|  Netease, Inc. | 0.6 | 1105 |
|  Electronic Arts, Inc. | 0.6 | 1105 |
|  Other Communication Services<sup>◄</sup> | 0.5 | 921 |
|  Total Communication Services |  | $18791 |
|  Consumer Discretionary |  |  |
|  Amazon.com, Inc. | 2.7% | $4974 |
|  Booking Holdings, Inc. | 1.1 | 2027 |
|  PDD Holdings, Inc. | 1 | 1842 |
|  Other Consumer Discretionary<sup>◄</sup> | 4.3 | 7922 |
|  Total Consumer Discretionary |  | $16765 |
|  Consumer Staples |  |  |
|  Philip Morris International, Inc. | 1.3% | $2395 |
|  Altria Group, Inc. | 1.2 | 2211 |
|  British American Tobacco PLC | 1 | 1842 |
|  Colgate-Palmolive Company | 0.7 | 1290 |
|  Other Consumer Staples<sup>◄</sup> | 1.5 | 2764 |
|  Total Consumer Staples |  | $10502 |
|  Energy |  |  |
|  EOG Resources, Inc. | 0.7% | $1290 |
|  Other Energy<sup>◄</sup> | 0.6 | 1105 |
|  Total Energy |  | $2395 |
|  Financials |  |  |
|  Banco Bilbao Vizcaya Argentaria S.A. | 1.1% | $2027 |
|  Goldman Sachs Group, Inc. | 1.1 | 2027 |
|  Banco Santander S.A. | 1 | 1842 |
|  CME Group, Inc. | 0.9 | 1658 |
|  American Express Co. | 0.9 | 1658 |
|  Bank of New York Mellon Corp. | 0.9 | 1658 |
|  AllState Corp. | 0.6 | 1105 |
|  3I Group PLC | 0.6 | 1105 |
|  Intesa Sanpaolo SPA | 0.6 | 1105 |
|  Other Financials<sup>◄</sup> | 9.9 | 18241 |
|  Total Financials |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32426 |

---

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Health Care |  |  |
|  Bristol-Myers Squibb Company | 0.8% | $1474 |
|  Gilead Sciences, Inc. | 0.9 | 1658 |
|  GSK PLC | 0.6 | 1105 |
|  Johnson & Johnson | 2 | 3685 |
|  Merck & Co., Inc. | 1.4 | 2579 |
|  Novartis AG | 0.9 | 1658 |
|  Roche Holding AG | 0.9 | 1658 |
|  Veeva Systems, Inc. | 0.5 | 921 |
|  Other Health Care<sup>◄</sup> | 1.4 | 2579 |
|  Total Health Care |  | $17317 |
|  Industrials |  |  |
|  General Dynamics Corp. | 0.8% | $1474 |
|  Lockheed Martin Corp. | 0.9 | 1658 |
|  Vinci SA | 0.7 | 1290 |
|  Other Industrials<sup>◄</sup> | 5.8 | 10686 |
|  Total Industrials |  | $15108 |
|  Materials |  |  |
|  Newmont Corporation | 1.0% | $1842 |
|  Other Materials<sup>◄</sup> | 1.8 | 3316 |
|  Total Materials |  | $5158 |
|  Real Estate |  |  |
|  Other Real Estate<sup>◄</sup> | 1.4% | $2579 |
|  Total Real Estate |  | $2579 |
|  Technology |  |  |
|  Adobe, Inc. | 1.6% | $2948 |
|  Apple, Inc. | 2.8 | 5159 |
|  Cisco Systems, Inc. | 1.7 | 3132 |
|  Intuit, Inc. | 1.1 | 2027 |
|  Mastercard, Inc. | 1.1 | 2027 |
|  MediaTek Inc | 0.7 | 1290 |
|  Microsoft Corp. | 4.9 | 9028 |
|  Motorola Solutions, Inc. | 0.7 | 1290 |
|  NVIDIA Corp. | 3.7 | 6817 |
|  PayPal Holdings, Inc. | 0.7 | 1290 |
|  QUALCOMM, Inc. | 1.7 | 3132 |
|  SK Hynix Inc. | 1.4 | 2579 |
|  Taiwan Semiconductor Manufacturing Co Ltd. | 1.7 | 3132 |
|  Tencent Holdings Limited | 0.7 | 1290 |
|  Tokyo Electron Limited | 0.6 | 1105 |
|  Other Technology<sup>◄</sup> | 7.8 | 14372 |
|  Total Technology |  | $60618 |
|  Utilities |  |  |
|  Other Utilities<sup>◄</sup> | 1.4% | $2579 |
| Total Utilities |  | $2579 |
| Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184238 |

---

---

| | |
|:---|:---|
| <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 September 30, 2025.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Consolidated Schedule of Investments PIMCO Global Core Asset Allocation Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $111 | $0 | $0 | $0 | $78 | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 193 | 193 |
|  | $111 | $0 | $0 | $0 | $271 | $382 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $795 | $0 | $795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 6263 | 6263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 38 | 11 | 0 | 24 | 73 |
|  | $0 | $38 | $11 | $795 | $6287 | $7131 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $70 | $0 | $0 | $0 | $87 | $157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 220 | 221 |
|  | $70 | $1 | $0 | $0 | $307 | $378 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | $0 | $1591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 142 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 56 | 0 | 0 | 56 |
|  | $0 | $0 | $56 | $1591 | $142 | $1789 |
|  | $70 | $1 | $56 | $1591 | $449 | $2167 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $(155) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 54 | 0 | 0 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 508 | 0 | (26) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16) | 0 | 0 | 401 | 385 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $299 | $664 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1696) | $0 | $(1696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 486 | 29746 | 0 | (27) | 30205 |
|  | $0 | $486 | $29746 | $(1696) | $(27) | $28509 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1696) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29173 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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  | $51 | $0 | $(21) | $0 | $185 | $215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (15) | 0 | 0 | (388) | (403) |
|  | $51 | $(15) | $(21) | $0 | $(203) | $(188) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1236) | $0 | $(1236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (42) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 49 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (416) | 135 | 0 | 12 | (269) |
|  | $0 | $(416) | $135 | $(1236) | $19 | $(1498) |
|  | $51 | $(431) | $114 | $(1236) | $(184) | $(1686) |

---

36 PIMCO ASSET ALLOCATION FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $0 | $35 | $0 | $35 |
| &nbsp;&nbsp; Industrials | 0 | 483 | 0 | 483 |
|  Convertible Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 10 | 0 | 10 |
|  U.S. Government Agencies | 0 | 49277 | 0 | 49277 |
|  U.S. Treasury Obligations | 0 | 12429 | 0 | 12429 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6614 | 0 | 6614 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2773 | 0 | 2773 |
| &nbsp;&nbsp; Home Equity Other | 0 | 8652 | 0 | 8652 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 4966 | 0 | 4966 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 345 | 0 | 345 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2155 | 0 | 2155 |
| &nbsp;&nbsp; Other ABS | 0 | 5312 | 0 | 5312 |
|  Sovereign Issues | 0 | 19709 | 0 | 19709 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 1314 | 0 | 0 | 1314 |
| &nbsp;&nbsp; Consumer Discretionary | 106 | 0 | 0 | 106 |
| &nbsp;&nbsp; Consumer Staples | 1524 | 0 | 0 | 1524 |
| &nbsp;&nbsp; Health Care | 527 | 0 | 0 | 527 |
| &nbsp;&nbsp; Industrials | 1270 | 0 | 0 | 1270 |
| &nbsp;&nbsp; Information Technology | 1006 | 0 | 0 | 1006 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 574 | 0 | 574 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1094 | 0 | 1094 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |
|  Mutual Funds | $123354 | $0 | $0 | $123354 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 105501 | 0 | 0 | 105501 |
|  | $228855 | $0 | $0 | $228855 |
|  Total Investments | $234602 | $114428 | $0 | $349030 |
|  Short Sales, at Value - Liabilities |  |  |  |  |
|  U.S. Government Agencies | $0 | $(12101) | $0 | $(12101) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |
|  Exchange-traded or centrally cleared | 159 | 223 | 0 | 382 |
|  Over the counter | 0 | 7131 | 0 | 7131 |
|  | $159 | $7354 | $0 | $7513 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |  |  |
|  Exchange-traded or centrally cleared | (123) | (248) | 0 | (371) |
|  Over the counter | 0 | (1789) | 0 | (1789) |
|  | $(123) | $(2037) | $0 | $(2160) |
|  Total Financial Derivative Instruments | $36 | $5317 | $0 | $5353 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342282 |

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There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

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------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the 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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate 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 Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate 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 has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment

Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities

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| | |
|:---|:---|
| **38** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

September 30, 2025 (Unaudited)

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.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **39** |

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------

Notes to Financial Statements (Cont.)

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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 |

---

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, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

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| | |
|:---|:---|
| **40** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

September 30, 2025 (Unaudited)

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 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 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

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Notes to Financial Statements (Cont.)

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 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 holds or 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 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 a Fund or 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 a Fund or 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.

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|:---|:---|
| **42** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield

curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

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 September 30, 2025 (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>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $2061898 | $83915 | $(525535) | $46664 | $277094 | $1944036 | $65076 | $0 |
|  PIMCO All Asset: Multi-Real Fund | 1794706 | 700365 | (824663) | (34609) | 57090 | 1692889 | 65186 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 385440 | 149203 | (117071) | (6058) | 30408 | 441922 | 17505 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 538055 | 220924 | (118198) | 845 | 50659 | 692285 | 23535 | 0 |
|  PIMCO Extended Duration Fund | 151490 | 54788 | (60399) | (2154) | (729) | 142996 | 2246 | 0 |
|  PIMCO Government Money Market Fund | 67053 | 2096797 | (2047713) | 0 | 0 | 116137 | 1192 | 0 |
|  PIMCO High Yield Fund | 364485 | 62551 | (77015) | 176 | 7938 | 358135 | 11504 | 0 |
|  PIMCO High Yield Spectrum Fund | 88376 | 38264 | (15142) | 15 | 2725 | 114238 | 3278 | 0 |
|  PIMCO Income Fund | 142764 | 41022 | (58182) | 1490 | 746 | 127840 | 4270 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 454160 | 11494 | (215822) | 8505 | (5613) | 252724 | 7970 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 68353 | 1572 | (11496) | (1115) | 2295 | 59609 | 1572 | 0 |
|  PIMCO Long Duration Total Return Fund | 173720 | 60518 | (69768) | 1300 | 198 | 165968 | 3706 | 0 |
|  PIMCO Long-Term Real Return Fund | 115743 | 2582 | (45577) | (3821) | (390) | 68537 | 2610 | 0 |

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| **44** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO All Asset Fund (Cont.) |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value<br>03/31/2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Long-Term U.S. Government Fund | $228899 | $89152 | $(105571) | $(14438) | $13183 | $211225 | $4034 | $0 |
|  PIMCO Low Duration Fund | 1289226 | 492556 | (1016092) | 9155 | (5155) | 769690 | 23009 | 0 |
|  PIMCO RAE Emerging Markets Fund | 347681 | 16688 | (108647) | 17877 | 33627 | 307226 | 0 | 0 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 391037 | 11157 | (75007) | (4484) | (5001) | 317702 | 853 | 0 |
|  PIMCO RAE International Fund | 121065 | 25321 | (48495) | 7083 | 13860 | 118834 | 0 | 0 |
|  PIMCO RAE PLUS EMG Fund | 93803 | 3946 | (16960) | 2360 | 9261 | 92410 | 3945 | 0 |
|  PIMCO RAE PLUS International Fund | 92515 | 3832 | (16729) | (1557) | 12790 | 90851 | 3831 | 0 |
|  PIMCO RAE US Fund | 119949 | 0 | (44565) | (1618) | 15796 | 89562 | 0 | 0 |
|  PIMCO RAE US Small Fund | 111624 | 59515 | (44343) | 25 | 15469 | 142290 | 0 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 398426 | 30473 | (84029) | (2946) | (28527) | 313397 | 21850 | 0 |
|  PIMCO Real Return Fund | 151257 | 24584 | (73789) | 1322 | (1157) | 102217 | 2557 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 159109 | 22242 | (28519) | 717 | 5744 | 159293 | 951 | 0 |
|  PIMCO Total Return Fund | 888427 | 404685 | (461506) | (5268) | 16974 | 843312 | 19471 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 394300 | 95183 | (84975) | (8550) | 17324 | 413282 | 0 | 0 |
|  **Totals** | $**11193561** | $**4803329** | $**(6395808)** | $**10916** | $**536609** | $**10148607** | $**290151** | $**0** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | 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>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-Real Fund | $70355 | $102679 | $(136216) | $3889 | $(1310) | $39397 | $1533 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 173788 | 15414 | (28879) | 2386 | 33138 | 195847 | 0 | 0 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 0 | 11037 | (10450) | (587) | 0 | 0 | 0 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>  | 11327 | 18605 | (24154) | 407 | (1035) | 5150 | 304 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 38120 | 25061 | (9365) | (188) | 2834 | 56462 | 1998 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 53125 | 38464 | (9195) | (1) | 5723 | 88116 | 2686 | 0 |
|  PIMCO Extended Duration Fund | 16022 | 8913 | (9581) | (305) | 42 | 15091 | 218 | 0 |
|  PIMCO Government Money Market Fund | 9955 | 90231 | (90241) | 0 | 0 | 9945 | 195 | 0 |
|  PIMCO High Yield Fund | 56755 | 15362 | (5904) | (67) | 1529 | 67675 | 1989 | 0 |
|  PIMCO High Yield Spectrum Fund | 11936 | 10538 | (1127) | 21 | 396 | 21764 | 498 | 0 |
|  PIMCO Income Fund | 11180 | 3535 | (2861) | 32 | 146 | 12032 | 347 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 84945 | 10080 | (22945) | 485 | 95 | 72660 | 1777 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 6410 | 384 | (622) | (51) | 164 | 6285 | 150 | 0 |
|  PIMCO Long Duration Total Return Fund | 17567 | 9095 | (9636) | (2891) | 3072 | 17207 | 358 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 94 | 2 | 0 | 0 | 2 | 98 | 3 | 0 |
|  PIMCO Long-Term Real Return Fund | 24199 | 3416 | (6477) | (439) | (322) | 20377 | 636 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 24168 | 13699 | (16008) | (2654) | 2572 | 21777 | 392 | 0 |
|  PIMCO Low Duration Credit Fund | 11375 | 184 | (11615) | 254 | (198) | 0 | 188 | 0 |
|  PIMCO Low Duration Fund | 280832 | 74369 | (143561) | 65 | 745 | 212450 | 5183 | 0 |
|  PIMCO RAE Emerging Markets Fund | 34682 | 4221 | (12788) | 3286 | 2155 | 31556 | 0 | 0 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 43496 | 3597 | (5477) | (274) | (734) | 40608 | 103 | 0 |
|  PIMCO RAE International Fund | 12557 | 3383 | (4922) | 912 | 1513 | 13443 | 0 | 0 |
|  PIMCO RAE PLUS EMG Fund | 8656 | 657 | (757) | 93 | 1007 | 9656 | 374 | 0 |
|  PIMCO RAE PLUS International Fund | 11082 | 809 | (1067) | 117 | 1239 | 12180 | 471 | 0 |
|  PIMCO RAE US Small Fund | 0 | 9868 | (110) | 8 | 785 | 10551 | 0 | 0 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 43685 | 5528 | (5822) | (153) | (3457) | 39781 | 2540 | 0 |
|  PIMCO Real Return Fund | 34906 | 4767 | (12207) | 133 | (35) | 27564 | 629 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 77340 | 92391 | (59890) | (1606) | 4571 | 112806 | 636 | 0 |
|  PIMCO Total Return Fund | 176636 | 51993 | (50796) | (66) | 2312 | 180079 | 3890 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 54204 | 9635 | (5986) | (376) | 1435 | 58912 | 0 | 0 |
|  **Totals** | $1399397 | $637917 | $(698659) | $2430 | $58384 | $1399469 | $27098 | $0 |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

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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 | 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>09/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Income Fund | $30084 | $3827 | $(3311) | $(51) | $498 | $31047 | $870 | $0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 58923 | 1810 | 0 | 0 | 421 | 61154 | 1327 | 0 |
|  PIMCO Short Asset Portfolio | 64119 | 10419 | (12770) | (27) | 135 | 61876 | 1361 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 22167 | 100836 | (79400) | 2 | 20 | 43625 | 935 | 0 |
|  PIMCO Total Return Fund | 29999 | 694 | 0 | 0 | 460 | 31153 | 693 | 0 |
|  **Totals** | $**205292** | $**117586** | $**(95481)** | $**(76)** | $**1534** | $**228855** | $**5186** | $**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 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.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and

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| **46** | **PIMCO ASSET ALLOCATION FUNDS** |

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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 Consolidated Statement 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 and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely

payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently

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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 Funds' 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.

(a) Line of Credit Consistent with its principal investment strategies, the PIMCO All Asset All Authority Fund (the "AAAA Fund") has entered into an amended and restated secured credit agreement with

State Street Bank & Trust Company for investment purposes subject to the limitations of the Act. All or a portion of the AAAA Fund's securities are pledged as collateral under the agreement.

The AAAA Fund pays financing charges at a rate per annum equal to the sum of (a) seventy-five basis points (0.75%) plus (b) the highest of (i) the Overnight Bank Funding Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day and (iii) Adjusted Term SOFR for a one-month tenor in effect on such day. The AAAA Fund also pays a fee of 0.15% per annum on the unused commitment amounts of the revolving line of credit. The commitment amount is:

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| **Commitment<br>Amount**<br> **(in thousands)** |
| $400000 |

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Borrowings outstanding, if any, as of September 30, 2025 are disclosed as payable for line of credit on the Statements of Assets and Liabilities. Interest and Commitment and Upfront fees, if any, paid by the AAAA Fund in relation to the borrowings are disclosed as part of interest expense on the Statements of Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statements of Operations.

The AAAA Fund's borrowing activity under the agreement for the period ended September 30, 2025 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 | Commitment<br>and Upfront<br>Fees | Outstanding<br>Principal as of<br>September 30,<br>2025 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | 5.17% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | $&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

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to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund

as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened 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,

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

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swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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.

(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

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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 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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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **51** |

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Notes to Financial Statements (Cont.)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap

agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

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| | | | |
|:---|:---|:---|:---|
| 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 |

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|:---|:---|
| **52** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

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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** |
|  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.

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 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 the 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 the Fund's performance is closely related to the risks associated with the securities and other investments

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

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Notes to Financial Statements (Cont.)

held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

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's or Underlying PIMCO Fund's 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 and 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 policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure

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| **54** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

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 or certain Underlying PIMCO Funds' investment models used in making investment allocation decisions, and the indexation or quantitative methodologies used in constructing an underlying index or model portfolio for an Underlying PIMCO 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 or an Underlying PIMCO Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of a Fund.

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, 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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

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Notes to Financial Statements (Cont.)

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 the Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. 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 more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or Research Affiliates, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or Research Affiliates and the individual portfolio managers in connection with managing a Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

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 a 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"), a 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.

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| **56** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Arbitrage Risk is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected. In addition, disruptions in market conditions or limitations on the Fund's ability to access certain markets or securities may reduce the effectiveness of arbitrage strategies.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may 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 (vi) 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 Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments,

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

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Notes to Financial Statements (Cont.)

in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and

sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the 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

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| **58** | **PIMCO ASSET ALLOCATION FUNDS** |

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September 30, 2025 (Unaudited)

other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC

derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

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Notes to Financial Statements (Cont.)

each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative

services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| 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. 

<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. 

<sup>(3)</sup> 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 Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by a 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 period ended September 30, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares 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):

---

| | | |
|:---|:---|:---|
| | 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% |

---

---

| | |
|:---|:---|
| **60** | **PIMCO ASSET ALLOCATION FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **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 September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of September 30, 2025, there were no recoverable amounts.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO 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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

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------

Notes to Financial Statements (Cont.)

PIMCO. As of September 30, 2025, the Fund below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

---

| | |
|:---|:---|
| <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 PIMCO All Asset All Authority, 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 September 30, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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;12801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32092 |
|  PIMCO All Asset All Authority Fund | 170 | 0 | 3 | 173 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the Fund below waived the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Asset Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 |

---

---

| | |
|:---|:---|
| <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 September 30, 2025, the amount waived and/or reimbursed was $290,390.

The 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 the Fund in an amount equal to the management fee and administrative services fee, respectively, paid by the GCAA Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the 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 September 30, 2025, the amount waived and/or reimbursed was $6,029. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the GCAA Subsidiary.

---

| | |
|:---|:---|
| **62** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

September 30, 2025 (Unaudited)

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 September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset Fund | $0 | $0 | $2706532 | $4348096 |
|  PIMCO All Asset All Authority Fund | 0 | 0 | 547687 | 608418 |
|  PIMCO Global Core Asset Allocation Fund | 477894 | 481723 | 19651 | 16654 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund | PIMCO All Asset Fund |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 53036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595681 | 108107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200147 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 2121 | 24086 | 3866 | 43085 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 131 | 1480 | 678 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 258 | 2914 | 722 | 8071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 822 | 9234 | 1880 | 20846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 76 | 862 | 103 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 130 | 1428 | 237 | 2603 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 19530 | 222409 | 54940 | 603999 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 522 | 5962 | 1575 | 17366 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 24 | 274 | 131 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 105 | 1201 | 293 | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 882 | 10046 | 2543 | 27957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 34 | 381 | 111 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 59 | 670 | 168 | 1824 |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

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Notes to Financial Statements (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** | **PIMCO All Asset Fund** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (213825) | $(2432690) | (307482) | $(3420725) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (4328) | (48608) | (16684) | (184907) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (593) | (6718) | (2728) | (30485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (562) | (6312) | (1211) | (13520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3781) | (42342) | (12107) | (134463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (325) | (3622) | (1046) | (11575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (324) | (3555) | (788) | (8656) |
|  **Net increase (decrease) resulting from Fund share transactions** | (146008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1667219) | (166692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1863816) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund | PIMCO All Asset All Authority Fund |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591 | $61531 | 4250 | $27567 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1208 | 8244 | 1907 | 12394 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 13 | 88 | 37 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 380 | 2544 | 1209 | 7814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 113 | 763 | 71 | 455 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1267 | 8703 | 3247 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 164 | 1129 | 414 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 2 | 15 | 5 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 321 | 2203 | 763 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 10 | 67 | 25 | 164 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (16274) | (107333) | (68937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448156) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2508) | (16553) | (7068) | (46024) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (34) | (226) | (98) | (639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9854) | (64012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (272) | (1815) | (770) | (5011) |
|  **Net increase (decrease) resulting from Fund share transactions** | (9072) | $(61076) | (74799) | $(486499) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund | PIMCO Global Core Asset Allocation Fund |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | 5785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80664 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 62 | 977 | 127 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 88 | 1348 | 277 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 113 | 39 | 550 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 75 | 1244 | 142 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 9 | 152 | 18 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 32 | 519 | 58 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1 | 8 | 1 | 13 |

---

---

| | |
|:---|:---|
| **64** | **PIMCO ASSET ALLOCATION FUNDS** |

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------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** | **PIMCO Global Core Asset Allocation Fund** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (565) | $(8784) | (1633) | $(23826) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (129) | (2022) | (331) | (4771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (410) | (6319) | (1192) | (17157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (32) | (478) | (99) | (1341) |
|  **Net increase (decrease) resulting from Fund share transactions** | (620) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9424) | 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 September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more 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 All Asset Fund | 1 | 0 | 22% | 0% |
|  PIMCO All Asset All Authority Fund | 1 | 0 | 42% | 0% |
|  PIMCO Global Core Asset Allocation Fund | 1 | 0 | 36% | 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 0.7% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

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 September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

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------

Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO All Asset Fund | $1151165 | $2187837 |
|  PIMCO All Asset All Authority Fund | 1644675 | 5400529 |
|  PIMCO Global Core Asset Allocation Fund | 51944 | 4409 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO All Asset Fund | $9260364 | $923841 | $(33894) | $889947 |
|  PIMCO All Asset All Authority Fund | 1286376 | 122419 | (7563) | 114856 |
|  PIMCO Global Core Asset Allocation Fund | 341973 | 8040 | (8075) | (35) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | |
|:---|:---|
| **66** | **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 | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MYC | Morgan Stanley Capital Services LLC | TOR | The Toronto-Dominion Bank |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| FAR | Wells Fargo Bank National Association |  |  |  |  |
|  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 |  |  |
|  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 | THBFIX | Thai Baht Floating-Rate Fix |
| 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 |
| DAC | Designated Activity Company | oz. | Ounce | WTI | West Texas Intermediate |
| EURIBOR | Euro Interbank Offered Rate | PIK | Payment-in-Kind |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

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Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO 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) |
|  June 2025 | $0.1418 | $0.0000 | $0.0000 | $0.1418 |
|  September 2025 | $0.1315 | $0.0000 | $0.0000 | $0.1315 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1396 | $0.0000 | $0.0000 | $0.1396 |
|  September 2025 | $0.1286 | $0.0000 | $0.0000 | $0.1286 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1385 | $0.0000 | $0.0000 | $0.1385 |
|  September 2025 | $0.1258 | $0.0000 | $0.0000 | $0.1258 |
| 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) |
|  June 2025 | $0.1363 | $0.0000 | $0.0000 | $0.1363 |
|  September 2025 | $0.1242 | $0.0000 | $0.0000 | $0.1242 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1320 | $0.0000 | $0.0000 | $0.1320 |
|  September 2025 | $0.1186 | $0.0000 | $0.0000 | $0.1186 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1155 | $0.0000 | $0.0000 | $0.1155 |
|  September 2025 | $0.0966 | $0.0000 | $0.0000 | $0.0966 |
| Class R | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1269 | $0.0000 | $0.0000 | $0.1269 |
|  September 2025 | $0.1116 | $0.0000 | $0.0000 | $0.1116 |

---

---

| | |
|:---|:---|
| **68** | **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)** |
|  June 2025 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  September 2025 | $0.0544 | $0.0000 | $0.0000 | $0.0544 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  September 2025 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  September 2025 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  September 2025 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  September 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  **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)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1318 | $0.0000 | $0.0000 | $0.1318 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1248 | $0.0000 | $0.0000 | $0.1248 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.1006 | $0.0000 | $0.0000 | $0.1006 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2025 | $0.0484 | $0.0000 | $0.0000 | $0.0484 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **70** | **PIMCO ASSET ALLOCATION FUNDS** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

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| **72** | **PIMCO ASSET ALLOCATION FUNDS** |

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(Unaudited)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that

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|:---|:---|
| **74** | **PIMCO ASSET ALLOCATION FUNDS** |

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(Unaudited)

the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays

for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be

competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group,

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| **76** | **PIMCO ASSET ALLOCATION FUNDS** |

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(Unaudited)

S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g25330g75h91.jpg)

PIMSAALLOCFSTMSAR_093025

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![LOGO](g97160g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

**Bond Funds**

PIMCO Climate Bond Fund

PIMCO Dynamic Bond Fund

PIMCO Extended Duration Fund

PIMCO GNMA and Government Securities Fund

PIMCO Investment Grade Credit Bond Fund

PIMCO Long Duration Total Return Fund

PIMCO Long-Term U.S. Government Fund

PIMCO Low Duration Opportunities Fund

PIMCO Moderate Duration Fund

PIMCO Mortgage Opportunities and Bond Fund

PIMCO Total Return ESG Fund

PIMCO Total Return Fund II

PIMCO Total Return Fund IV

PIMCO Total Return Fund V

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx97160_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx97160_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx97160_3) | 20 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx97160_4) | 24 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx97160_5) | 26 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx97160_6) | 30 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx97160_7) | 233 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx97160_8) | 256 |
| &nbsp;&nbsp; [Glossary](#tx97160_10) | 267 |
| &nbsp;&nbsp; [Distribution Information](#tx97160_11) | 268 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx97160_13) | 278 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx97160_14) | 279 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx97160_15) | 280 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Climate Bond Fund](#tx97160_16) | 31 |
| &nbsp;&nbsp; [PIMCO Dynamic Bond Fund](#tx97160_17) | 38 |
| &nbsp;&nbsp; [PIMCO Extended Duration Fund](#tx97160_18) | 64 |
| &nbsp;&nbsp; [PIMCO GNMA and Government Securities Fund](#tx97160_19) | 74 |
| &nbsp;&nbsp; [PIMCO Investment Grade Credit Bond Fund](#tx97160_20) | 83 |
| &nbsp;&nbsp; [PIMCO Long Duration Total Return Fund](#tx97160_21) | 108 |
| &nbsp;&nbsp; [PIMCO Long-Term U.S. Government Fund](#tx97160_22) | 127 |
| &nbsp;&nbsp; [PIMCO Low Duration Opportunities Fund](#tx97160_23) | 134 |
| &nbsp;&nbsp; [PIMCO Moderate Duration Fund](#tx97160_24) | 147 |
| &nbsp;&nbsp; [PIMCO Mortgage Opportunities and Bond Fund](#tx97160_25) | 164 |
| &nbsp;&nbsp; [PIMCO Total Return ESG Fund](#tx97160_26) | 186 |
| &nbsp;&nbsp; [PIMCO Total Return Fund II](#tx97160_27) | 200 |
| &nbsp;&nbsp; [PIMCO Total Return Fund IV](#tx97160_28) | 210 |
| &nbsp;&nbsp; [PIMCO Total Return Fund V](#tx97160_29) | 222 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Climate Bond Fund, PIMCO Dynamic Bond Fund, PIMCO Extended Duration Fund, PIMCO GNMA and Government Securities Fund, PIMCO Investment Grade Credit Bond Fund, PIMCO Long Duration Total Return Fund, PIMCO Long-Term U.S. Government Fund, PIMCO Low Duration Opportunities Fund, PIMCO Moderate Duration Fund, PIMCO Mortgage Opportunities and Bond Fund, PIMCO Total Return ESG Fund, PIMCO Total Return Fund II, PIMCO Total Return Fund IV and PIMCO Total Return Fund V (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in

the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

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| **2** | **PIMCO BOND FUNDS** |

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contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit

facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Climate Bond Fund | 12/10/19 | 12/10/19 | 12/10/19 | 12/10/19 |  | 12/10/19 | 12/10/19 |  | Diversified |
|  PIMCO Dynamic Bond Fund | 06/30/08 | 06/30/08 | 06/30/08 | 04/27/18 |  | 06/30/08 | 07/31/08 | 07/31/08 | Diversified |
|  PIMCO Extended Duration Fund | 08/31/06 | 08/31/06 | 09/11/08 |  |  |  |  |  | Diversified |
|  PIMCO GNMA and Government Securities Fund | 07/31/97 | 07/31/97 | 04/30/08 | 01/31/19 |  | 11/30/00 | 05/31/01 |  | Diversified |
|  PIMCO Investment Grade Credit Bond Fund | 04/28/00 | 04/28/00 | 04/30/08 | 04/27/18 | 09/30/02 | 07/30/04 | 07/30/04 |  | Diversified |
|  PIMCO Long Duration Total Return Fund | 08/31/06 | 08/31/06 | 09/11/08 |  |  | 09/08/17 | 01/05/18 |  | Diversified |
|  PIMCO Long-Term U.S. Government Fund | 07/01/91 | 07/01/91 | 04/30/08 |  |  | 01/20/97 | 01/20/97 |  | Diversified |
|  PIMCO Low Duration Opportunities Fund | 01/30/09 | 01/30/09 | 09/10/09 |  |  | 01/30/09 | 01/30/09 |  | Diversified |
|  PIMCO Moderate Duration Fund | 12/31/96 | 12/31/96 | 12/31/09 |  |  |  |  |  | Diversified |
|  PIMCO Mortgage Opportunities and Bond Fund | 10/22/12 | 10/22/12 | 10/22/12 | 04/27/18 |  | 10/22/12 | 10/22/12 |  | Diversified |
|  PIMCO Total Return ESG Fund | 05/01/91 | 05/01/91 | 03/31/09 | 07/29/22 | 04/11/97 | 02/03/20 | 02/03/20 |  | Diversified |
|  PIMCO Total Return Fund II | 12/30/91 | 12/30/91 | 12/31/09 |  |  |  |  |  | Diversified |
|  PIMCO Total Return Fund IV | 05/26/11 | 05/26/11 |  |  |  | 05/26/11 |  |  | Diversified |
|  PIMCO Total Return Fund V | 05/01/23 | 05/01/23 |  |  |  |  |  |  | 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website

at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names

Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

A supplement was filed on February 14, 2025 to provide notification of changes to the principal investment strategies of the PIMCO Mortgage Opportunities and Bond Fund. As of August 1, 2025, the third-to-last sentence in the first paragraph of the principal investment strategies of PIMCO Mortgage Opportunities and Bond Fund was deleted and replaced with the following: The average portfolio duration of this Fund normally varies from 0 to 8 years based on PIMCO's market forecasts.

A supplement was filed on May 21, 2025 to provide notification of changes to the principal investment strategies of the PIMCO Long-Term U.S. Government Fund. As of May 21, 2025, the second paragraph of the principal investment strategies of PIMCO Long-Term U.S. Government Fund was deleted and replaced with the following: The Fund's investments in Fixed Income Instruments are limited to those of investment grade U.S. dollar-denominated securities of U.S. issuers that are rated at least A by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Rating Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality. In addition, the Fund may only invest up to 10% of its total assets in securities rated A by Moody's, or equivalently rated by S&P or Fitch or, if unrated, determined by PIMCO to be of comparable quality. In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. For the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored entities are not subject to these limits.

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| **4** | **PIMCO BOND FUNDS** |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

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Financial Highlights

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|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Climate Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.92 | $0.16 | $&nbsp;&nbsp;&nbsp;&nbsp;0.18 | $&nbsp;&nbsp;&nbsp;&nbsp;0.34 | $(0.16) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.78 | 0.32 | 0.16 | 0.48 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.56 | 0.29 | 0.22 | 0.51 | (0.23) | 0.00 | (0.06) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.56 | 0.23 | (0.69) | (0.46) | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.23 | 0.17 | (0.59) | (0.42) | (0.21) | (0.04) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.47 | 0.14 | 0.85 | 0.99 | (0.21) | (0.02) | 0.00 | (0.23) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.92 | 0.15 | 0.18 | 0.33 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.78 | 0.32 | 0.15 | 0.47 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.56 | 0.28 | 0.22 | 0.50 | (0.22) | 0.00 | (0.06) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.56 | 0.22 | (0.69) | (0.47) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.23 | 0.16 | (0.59) | (0.43) | (0.20) | (0.04) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.47 | 0.14 | 0.84 | 0.98 | (0.20) | (0.02) | 0.00 | (0.22) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.92 | 0.15 | 0.18 | 0.33 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.78 | 0.31 | 0.16 | 0.47 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.56 | 0.29 | 0.21 | 0.50 | (0.22) | 0.00 | (0.06) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.56 | 0.22 | (0.69) | (0.47) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.23 | 0.16 | (0.60) | (0.44) | (0.19) | (0.04) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.47 | 0.13 | 0.85 | 0.98 | (0.20) | (0.02) | 0.00 | (0.22) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.92 | 0.14 | 0.18 | 0.32 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.78 | 0.29 | 0.16 | 0.45 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.56 | 0.26 | 0.22 | 0.48 | (0.20) | 0.00 | (0.06) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.56 | 0.19 | (0.68) | (0.49) | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.23 | 0.13 | (0.59) | (0.46) | (0.17) | (0.04) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.47 | 0.10 | 0.85 | 0.95 | (0.17) | (0.02) | 0.00 | (0.19) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.92 | 0.11 | 0.18 | 0.29 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.78 | 0.22 | 0.16 | 0.38 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.56 | 0.20 | 0.21 | 0.41 | (0.13) | 0.00 | (0.06) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.56 | 0.13 | (0.69) | (0.56) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.23 | 0.05 | (0.59) | (0.54) | (0.09) | (0.04) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.47 | 0.03 | 0.85 | 0.88 | (0.10) | (0.02) | 0.00 | (0.12) |
|  **PIMCO Dynamic Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.10 | $0.26 | $0.18 | $0.44 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.49 | 0.26 | 0.75 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.49 | 0.23 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.36 | (0.62) | (0.26) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.35 | (0.73) | (0.38) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.41 | 0.79 | 1.20 | (0.35) | 0.00 | 0.00 | (0.35) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.10 | 0.25 | 0.18 | 0.43 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.48 | 0.26 | 0.74 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.48 | 0.23 | 0.71 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.35 | (0.62) | (0.27) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.34 | (0.73) | (0.39) | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.40 | 0.79 | 1.19 | (0.34) | 0.00 | 0.00 | (0.34) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.10 | 0.25 | 0.18 | 0.43 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.47 | 0.27 | 0.74 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.46 | 0.24 | 0.70 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.34 | (0.62) | (0.28) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.33 | (0.73) | (0.40) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.40 | 0.79 | 1.19 | (0.34) | 0.00 | 0.00 | (0.34) |

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| **6** | **PIMCO BOND FUNDS** | See Accompanying Notes |

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| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year 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** |
| $9.10 | 3.82% | $27053 | 0.52 | %\* | 0.52 | %\* | 0.50 | %\* | 0.50 | %\* | 3.51 | %\* | 7% |
| 8.92 | 5.58 | 25300 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 3.66 |  | 17 |
| 8.78 | 6.08 | 15948 | 0.61 |  | 0.61 |  | 0.50 |  | 0.50 |  | 3.44 |  | 28 |
| 8.56 | (4.65) | 11684 | 0.59 |  | 0.59 |  | 0.51 |  | 0.51 |  | 2.59 |  | 38 |
| 9.56 | (4.27) | 16998 | 0.51 |  | 0.51 |  | 0.51 |  | 0.51 |  | 1.65 |  | 26 |
| 10.23 | 10.48 | 13684 | 0.54 |  | 0.54 |  | 0.51 |  | 0.51 |  | 1.36 |  | 79 |
| 9.10 | 3.77 | 572 | 0.62 | \* | 0.62 | \* | 0.60 | \* | 0.60 | \* | 3.38 | \* | 7 |
| 8.92 | 5.48 | 79 | 0.64 |  | 0.64 |  | 0.60 |  | 0.60 |  | 3.57 |  | 17 |
| 8.78 | 5.97 | 212 | 0.71 |  | 0.71 |  | 0.60 |  | 0.60 |  | 3.28 |  | 28 |
| 8.56 | (4.75) | 394 | 0.69 |  | 0.69 |  | 0.61 |  | 0.61 |  | 2.45 |  | 38 |
| 9.56 | (4.37) | 563 | 0.61 |  | 0.61 |  | 0.61 |  | 0.61 |  | 1.52 |  | 26 |
| 10.23 | 10.36 | 1107 | 0.64 |  | 0.64 |  | 0.61 |  | 0.61 |  | 1.38 |  | 79 |
| 9.10 | 3.74 | 974 | 0.67 | \* | 0.72 | \* | 0.65 | \* | 0.70 | \* | 3.36 | \* | 7 |
| 8.92 | 5.43 | 1113 | 0.69 |  | 0.74 |  | 0.65 |  | 0.70 |  | 3.50 |  | 17 |
| 8.78 | 5.93 | 559 | 0.76 |  | 0.81 |  | 0.65 |  | 0.70 |  | 3.39 |  | 28 |
| 8.56 | (4.79) | 81 | 0.74 |  | 0.79 |  | 0.66 |  | 0.71 |  | 2.44 |  | 38 |
| 9.56 | (4.42) | 86 | 0.66 |  | 0.71 |  | 0.66 |  | 0.71 |  | 1.54 |  | 26 |
| 10.23 | 10.31 | 47 | 0.69 |  | 0.74 |  | 0.66 |  | 0.71 |  | 1.27 |  | 79 |
| 9.10 | 3.61 | 8831 | 0.92 | \* | 0.92 | \* | 0.90 | \* | 0.90 | \* | 3.11 | \* | 7 |
| 8.92 | 5.16 | 2559 | 0.94 |  | 0.94 |  | 0.90 |  | 0.90 |  | 3.26 |  | 17 |
| 8.78 | 5.66 | 1402 | 1.01 |  | 1.01 |  | 0.90 |  | 0.90 |  | 3.03 |  | 28 |
| 8.56 | (5.04) | 837 | 0.99 |  | 0.99 |  | 0.91 |  | 0.91 |  | 2.19 |  | 38 |
| 9.56 | (4.65) | 861 | 0.91 |  | 0.91 |  | 0.91 |  | 0.91 |  | 1.27 |  | 26 |
| 10.23 | 10.04 | 590 | 0.94 |  | 0.94 |  | 0.91 |  | 0.91 |  | 0.96 |  | 79 |
| 9.10 | 3.22 | 80 | 1.67 | \* | 1.67 | \* | 1.65 | \* | 1.65 | \* | 2.35 | \* | 7 |
| 8.92 | 4.38 | 75 | 1.69 |  | 1.69 |  | 1.65 |  | 1.65 |  | 2.51 |  | 17 |
| 8.78 | 4.88 | 67 | 1.76 |  | 1.76 |  | 1.65 |  | 1.65 |  | 2.34 |  | 28 |
| 8.56 | (5.75) | 22 | 1.74 |  | 1.74 |  | 1.66 |  | 1.66 |  | 1.45 |  | 38 |
| 9.56 | (5.38) | 22 | 1.66 |  | 1.66 |  | 1.66 |  | 1.66 |  | 0.44 |  | 26 |
| 10.23 | 9.22 | 59 | 1.69 |  | 1.69 |  | 1.66 |  | 1.66 |  | 0.28 |  | 79 |
| $10.27 | 4.39% | $2167536 | 0.78 | %\* | 0.83 | %\* | 0.75 | %\* | 0.80 | %\* | 5.04 | %\* | 387% |
| 10.10 | 7.84 | 2492971 | 0.79 |  | 0.84 |  | 0.75 |  | 0.80 |  | 4.93 |  | 919 |
| 9.83 | 7.67 | 2110254 | 0.93 |  | 0.96 |  | 0.78 |  | 0.81 |  | 5.15 |  | 528 |
| 9.56 | (2.53) | 1982406 | 0.84 |  | 0.84 |  | 0.81 |  | 0.81 |  | 3.64 |  | 174 |
| 10.26 | (3.59) | 3128636 | 0.81 |  | 0.81 |  | 0.81 |  | 0.81 |  | 3.25 |  | 145 |
| 10.84 | 12.14 | 3247810 | 0.83 |  | 0.83 |  | 0.81 |  | 0.81 |  | 3.87 |  | 431 |
| 10.27 | 4.34 | 199514 | 0.88 | \* | 0.93 | \* | 0.85 | \* | 0.90 | \* | 4.94 | \* | 387 |
| 10.10 | 7.73 | 190027 | 0.89 |  | 0.94 |  | 0.85 |  | 0.90 |  | 4.83 |  | 919 |
| 9.83 | 7.56 | 187383 | 1.03 |  | 1.06 |  | 0.88 |  | 0.91 |  | 5.06 |  | 528 |
| 9.56 | (2.63) | 237252 | 0.94 |  | 0.94 |  | 0.91 |  | 0.91 |  | 3.57 |  | 174 |
| 10.26 | (3.68) | 330748 | 0.91 |  | 0.91 |  | 0.91 |  | 0.91 |  | 3.17 |  | 145 |
| 10.84 | 12.03 | 324410 | 0.93 |  | 0.93 |  | 0.91 |  | 0.91 |  | 3.77 |  | 431 |
| 10.27 | 4.32 | 37597 | 0.93 | \* | 1.03 | \* | 0.90 | \* | 1.00 | \* | 4.88 | \* | 387 |
| 10.10 | 7.68 | 34833 | 0.94 |  | 1.04 |  | 0.90 |  | 1.00 |  | 4.76 |  | 919 |
| 9.83 | 7.52 | 16639 | 1.15 | <sup>(e)</sup> | 1.23 | <sup>(e)</sup> | 0.93 | <sup>(e)</sup> | 1.01 | <sup>(e)</sup> | 4.79 |  | 528 |
| 9.56 | (2.68) | 2635 | 0.98 |  | 1.03 |  | 0.95 |  | 1.00 |  | 3.44 |  | 174 |
| 10.26 | (3.73) | 9557 | 0.96 |  | 1.01 |  | 0.96 |  | 1.01 |  | 3.08 |  | 145 |
| 10.84 | 11.98 | 6803 | 0.98 |  | 1.03 |  | 0.96 |  | 1.01 |  | 3.78 |  | 431 |

---

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Dynamic Bond Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.10 | $0.23 | $0.19 | $0.42 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.45 | 0.26 | 0.71 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.46 | 0.22 | 0.68 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.32 | (0.62) | (0.30) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.31 | (0.74) | (0.43) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.37 | 0.79 | 1.16 | (0.31) | 0.00 | 0.00 | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.10 | 0.20 | 0.18 | 0.38 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.38 | 0.26 | 0.64 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.39 | 0.22 | 0.61 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.25 | (0.63) | (0.38) | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.24 | (0.75) | (0.51) | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.28 | 0.80 | 1.08 | (0.23) | 0.00 | 0.00 | (0.23) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.10 | 0.22 | 0.18 | 0.40 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.83 | 0.42 | 0.27 | 0.69 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.56 | 0.43 | 0.22 | 0.65 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.26 | 0.30 | (0.63) | (0.33) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.84 | 0.28 | (0.73) | (0.45) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.99 | 0.34 | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | (0.28) | 0.00 | 0.00 | (0.28) |
|  **PIMCO Extended Duration Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $13.40 | $0.20 | $(0.33) | $(0.13) | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.03 | 0.29 | (0.62) | (0.33) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 16.43 | 0.28 | (2.03) | (1.75) | (0.24) | (0.41) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 22.56 | 0.52 | (6.12) | (5.60) | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 28.48 | 0.84 | 0.36 | 1.20 | (0.72) | (6.40) | 0.00 | (7.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 44.36 | 1.12 | (9.20) | (8.08) | (1.24) | (6.56) | 0.00 | (7.80) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 13.40 | 0.20 | (0.34) | (0.14) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.03 | 0.27 | (0.61) | (0.34) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 16.43 | 0.26 | (2.02) | (1.76) | (0.23) | (0.41) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 22.56 | 0.47 | (6.09) | (5.62) | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 28.48 | 0.80 | 0.36 | 1.16 | (0.68) | (6.40) | 0.00 | (7.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 44.36 | 1.16 | (9.28) | (8.12) | (1.20) | (6.56) | 0.00 | (7.76) |
|  **PIMCO GNMA and Government Securities Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.39 | $0.19 | $&nbsp;&nbsp;&nbsp;&nbsp;0.11 | $0.30 | $(0.20) | $0.00 | $0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.34 | 0.39 | 0.11 | 0.50 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.45 | 0.33 | (0.07) | 0.26 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.22 | (0.84) | (0.62) | (0.48) | 0.00 | (0.01) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.36 | 0.10 | (0.64) | (0.54) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.31 | 0.12 | 0.17 | 0.29 | (0.24) | 0.00 | 0.00 | (0.24) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.39 | 0.19 | 0.10 | 0.29 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.34 | 0.38 | 0.11 | 0.49 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.45 | 0.32 | (0.07) | 0.25 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.21 | (0.84) | (0.63) | (0.47) | 0.00 | (0.01) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.36 | 0.08 | (0.63) | (0.55) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.31 | 0.11 | 0.17 | 0.28 | (0.23) | 0.00 | 0.00 | (0.23) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.39 | 0.19 | 0.10 | 0.29 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.34 | 0.37 | 0.12 | 0.49 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.45 | 0.32 | (0.07) | 0.25 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.24 | (0.87) | (0.63) | (0.47) | 0.00 | (0.01) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.36 | 0.10 | (0.65) | (0.55) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.31 | 0.11 | 0.16 | 0.27 | (0.22) | 0.00 | 0.00 | (0.22) |

---

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| | | |
|:---|:---|:---|
| **8** | **PIMCO BOND FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $10.27 | 4.18% | $139416 | 1.18 | %\* | 1.23 | %\* | 1.15 | %\* | 1.20 | %\* | 4.63 | %\* | 387% |
| 10.10 | 7.41 | 140632 | 1.19 |  | 1.24 |  | 1.15 |  | 1.20 |  | 4.53 |  | 919 |
| 9.83 | 7.24 | 152069 | 1.33 |  | 1.36 |  | 1.18 |  | 1.21 |  | 4.76 |  | 528 |
| 9.56 | (2.92) | 169276 | 1.24 |  | 1.24 |  | 1.21 |  | 1.21 |  | 3.28 |  | 174 |
| 10.26 | (3.97) | 222905 | 1.21 |  | 1.21 |  | 1.21 |  | 1.21 |  | 2.93 |  | 145 |
| 10.84 | 11.70 | 260754 | 1.23 |  | 1.23 |  | 1.21 |  | 1.21 |  | 3.48 |  | 431 |
| 10.27 | 3.79 | 6067 | 1.93 | \* | 1.98 | \* | 1.90 | \* | 1.95 | \* | 3.88 | \* | 387 |
| 10.10 | 6.61 | 6637 | 1.94 |  | 1.99 |  | 1.90 |  | 1.95 |  | 3.81 |  | 919 |
| 9.83 | 6.45 | 10084 | 2.08 |  | 2.11 |  | 1.93 |  | 1.96 |  | 4.02 |  | 528 |
| 9.56 | (3.65) | 12832 | 1.99 |  | 1.99 |  | 1.96 |  | 1.96 |  | 2.51 |  | 174 |
| 10.26 | (4.69) | 19276 | 1.96 |  | 1.96 |  | 1.96 |  | 1.96 |  | 2.26 |  | 145 |
| 10.84 | 10.86 | 29487 | 1.98 |  | 1.98 |  | 1.96 |  | 1.96 |  | 2.67 |  | 431 |
| 10.27 | 4.06 | 5523 | 1.43 | \* | 1.48 | \* | 1.40 | \* | 1.45 | \* | 4.38 | \* | 387 |
| 10.10 | 7.16 | 5144 | 1.44 |  | 1.49 |  | 1.40 |  | 1.45 |  | 4.27 |  | 919 |
| 9.83 | 6.98 | 4812 | 1.58 |  | 1.61 |  | 1.43 |  | 1.46 |  | 4.51 |  | 528 |
| 9.56 | (3.17) | 5041 | 1.49 |  | 1.49 |  | 1.46 |  | 1.46 |  | 3.06 |  | 174 |
| 10.26 | (4.21) | 5510 | 1.46 |  | 1.46 |  | 1.46 |  | 1.46 |  | 2.64 |  | 145 |
| 10.84 | 11.42 | 5928 | 1.48 |  | 1.48 |  | 1.46 |  | 1.46 |  | 3.21 |  | 431 |
| $13.06 | (0.90)% | $457895 | 6.09 | %\* | 6.09 | %\* | 0.50 | %\* | 0.50 | %\* | 3.22 | %\* | 62% |
| 13.40 | (2.31) | 428208 | 6.80 |  | 6.80 |  | 0.50 |  | 0.50 |  | 2.14 |  | 117 |
| 14.03 | (10.65) | 551213 | 6.20 |  | 6.20 |  | 0.50 |  | 0.50 |  | 1.93 |  | 119 |
| 16.43 | (24.87) | 604478 | 2.99 |  | 2.99 |  | 0.50 |  | 0.50 |  | 3.01 |  | 119 |
| 22.56 | 1.18 | 695468 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 2.84 |  | 73 |
| 28.48 | (21.28) | 1052474 | 0.63 |  | 0.63 |  | 0.50 |  | 0.50 |  | 2.81 |  | 220 |
| 13.06 | (0.95) | 14824 | 6.19 | \* | 6.19 | \* | 0.60 | \* | 0.60 | \* | 3.12 | \* | 62 |
| 13.40 | (2.41) | 17668 | 6.90 |  | 6.90 |  | 0.60 |  | 0.60 |  | 1.98 |  | 117 |
| 14.03 | (10.74) | 27331 | 6.30 |  | 6.30 |  | 0.60 |  | 0.60 |  | 1.84 |  | 119 |
| 16.43 | (24.95) | 43525 | 3.42 | <sup>(e)</sup> | 3.42 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 2.80 |  | 119 |
| 22.56 | 1.08 | 36796 | 0.64 |  | 0.64 |  | 0.60 |  | 0.60 |  | 2.80 |  | 73 |
| 28.48 | (21.35) | 26264 | 0.73 |  | 0.73 |  | 0.60 |  | 0.60 |  | 2.83 |  | 220 |
| $9.49 | 3.23% | $600844 | 2.30 | %\* | 2.30 | %\* | 0.50 | %\* | 0.50 | %\* | 4.14 | %\* | 676% |
| 9.39 | 5.50 | 580870 | 1.89 |  | 1.89 |  | 0.50 |  | 0.50 |  | 4.14 |  | 1358 |
| 9.34 | 2.91 | 592930 | 1.46 |  | 1.46 |  | 0.50 |  | 0.50 |  | 3.63 |  | 1329 |
| 9.45 | (5.80) | 554311 | 1.33 |  | 1.33 |  | 0.50 |  | 0.50 |  | 2.24 |  | 1167 |
| 10.56 | (4.82) | 541861 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 0.86 |  | 1082 |
| 11.36 | 2.57 | 891491 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 1.08 |  | 1091 |
| 9.49 | 3.18 | 486833 | 2.40 | \* | 2.40 | \* | 0.60 | \* | 0.60 | \* | 4.04 | \* | 676 |
| 9.39 | 5.39 | 446405 | 1.99 |  | 1.99 |  | 0.60 |  | 0.60 |  | 4.04 |  | 1358 |
| 9.34 | 2.80 | 542230 | 1.56 |  | 1.56 |  | 0.60 |  | 0.60 |  | 3.54 |  | 1329 |
| 9.45 | (5.90) | 389287 | 1.43 |  | 1.43 |  | 0.60 |  | 0.60 |  | 2.16 |  | 1167 |
| 10.56 | (4.92) | 386422 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 0.73 |  | 1082 |
| 11.36 | 2.47 | 876543 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 0.95 |  | 1091 |
| 9.49 | 3.15 | 82146 | 2.45 | \* | 2.50 | \* | 0.65 | \* | 0.70 | \* | 3.99 | \* | 676 |
| 9.39 | 5.34 | 83510 | 2.04 |  | 2.09 |  | 0.65 |  | 0.70 |  | 3.99 |  | 1358 |
| 9.34 | 2.75 | 79892 | 1.61 |  | 1.66 |  | 0.65 |  | 0.70 |  | 3.49 |  | 1329 |
| 9.45 | (5.94) | 66191 | 1.69 | <sup>(e)</sup> | 1.74 | <sup>(e)</sup> | 0.65 | <sup>(e)</sup> | 0.70 | <sup>(e)</sup> | 2.53 |  | 1167 |
| 10.56 | (4.97) | 2708 | 0.67 |  | 0.72 |  | 0.65 |  | 0.70 |  | 0.85 |  | 1082 |
| 11.36 | 2.42 | 2703 | 0.66 |  | 0.71 |  | 0.65 |  | 0.70 |  | 0.93 |  | 1091 |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 9

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Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO GNMA and Government Securities Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.39 | $0.18 | $0.10 | $0.28 | $(0.18) | $0.00 | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.34 | 0.35 | 0.11 | 0.46 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.45 | 0.30 | (0.07) | 0.23 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.18 | (0.84) | (0.66) | (0.44) | 0.00 | (0.01) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.36 | 0.05 | (0.63) | (0.58) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.31 | 0.08 | 0.16 | 0.24 | (0.19) | 0.00 | 0.00 | (0.19) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.39 | 0.14 | 0.11 | 0.25 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.34 | 0.28 | 0.11 | 0.39 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.45 | 0.23 | (0.07) | 0.16 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.11 | (0.84) | (0.73) | (0.37) | 0.00 | (0.01) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.36 | (0.03) | (0.64) | (0.67) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.31 | 0.00 | 0.16 | 0.16 | (0.11) | 0.00 | 0.00 | (0.11) |
|  **PIMCO Investment Grade Credit Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.04 | $0.20 | $0.19 | $0.39 | $(0.22) | $0.00 | $0.00 | $(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.38 | 0.15 | 0.53 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.33 | 0.06 | 0.39 | (0.33) | 0.00 | (0.03) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.32 | (0.82) | (0.50) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.34 | (0.82) | (0.48) | (0.40) | (0.09) | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.33 | 0.64 | 0.97 | (0.37) | (0.04) | 0.00 | (0.41) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.04 | 0.20 | 0.18 | 0.38 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.37 | 0.15 | 0.52 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.32 | 0.06 | 0.38 | (0.32) | 0.00 | (0.03) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.31 | (0.82) | (0.51) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.33 | (0.82) | (0.49) | (0.39) | (0.09) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.32 | 0.64 | 0.96 | (0.36) | (0.04) | 0.00 | (0.40) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.04 | 0.20 | 0.18 | 0.38 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.37 | 0.15 | 0.52 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.32 | 0.05 | 0.37 | (0.31) | 0.00 | (0.03) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.30 | (0.82) | (0.52) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.33 | (0.83) | (0.50) | (0.38) | (0.09) | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.31 | 0.64 | 0.95 | (0.35) | (0.04) | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.04 | 0.19 | 0.19 | 0.38 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.36 | 0.15 | 0.51 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.31 | 0.05 | 0.36 | (0.30) | 0.00 | (0.03) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.30 | (0.83) | (0.53) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.32 | (0.83) | (0.51) | (0.37) | (0.09) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.30 | 0.64 | 0.94 | (0.34) | (0.04) | 0.00 | (0.38) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.04 | 0.18 | 0.19 | 0.37 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.35 | 0.15 | 0.50 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.30 | 0.05 | 0.35 | (0.29) | 0.00 | (0.03) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.28 | (0.82) | (0.54) | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.30 | (0.83) | (0.53) | (0.35) | (0.09) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.29 | 0.63 | 0.92 | (0.32) | (0.04) | 0.00 | (0.36) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.04 | 0.15 | 0.18 | 0.33 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.91 | 0.28 | 0.15 | 0.43 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.88 | 0.23 | 0.06 | 0.29 | (0.23) | 0.00 | (0.03) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.21 | (0.82) | (0.61) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.72 | 0.22 | (0.83) | (0.61) | (0.27) | (0.09) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.16 | 0.20 | 0.64 | 0.84 | (0.24) | (0.04) | 0.00 | (0.28) |

---

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| | | |
|:---|:---|:---|
| **10** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year 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** |
| $9.49 | 3.02% | $161892 | 2.70 | %\* | 2.70 | %\* | 0.90 | %\* | 0.90 | %\* | 3.74 | 676% |
| 9.39 | 5.08 | 175659 | 2.29 |  | 2.29 |  | 0.90 |  | 0.90 |  | 3.74 | 1358 |
| 9.34 | 2.50 | 206659 | 1.86 |  | 1.86 |  | 0.90 |  | 0.90 |  | 3.22 | 1329 |
| 9.45 | (6.18) | 206950 | 1.73 |  | 1.73 |  | 0.90 |  | 0.90 |  | 1.84 | 1167 |
| 10.56 | (5.20) | 247080 | 0.92 |  | 0.92 |  | 0.90 |  | 0.90 |  | 0.49 | 1082 |
| 11.36 | 2.17 | 343893 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 0.68 | 1091 |
| 9.49 | 2.64 | 7228 | 3.45 | \* | 3.45 | \* | 1.65 | \* | 1.65 | \* | 2.99 | 676 |
| 9.39 | 4.29 | 8530 | 3.04 |  | 3.04 |  | 1.65 |  | 1.65 |  | 2.99 | 1358 |
| 9.34 | 1.74 | 12175 | 2.61 |  | 2.61 |  | 1.65 |  | 1.65 |  | 2.46 | 1329 |
| 9.45 | (6.89) | 13946 | 2.48 |  | 2.48 |  | 1.65 |  | 1.65 |  | 1.08 | 1167 |
| 10.56 | (5.91) | 20023 | 1.67 |  | 1.67 |  | 1.65 |  | 1.65 |  | (0.30) | 1082 |
| 11.36 | 1.40 | 36785 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | (0.04) | 1091 |
| $9.21 | 4.34% | $5460752 | 0.59 | %\* | 0.59 | %\* | 0.50 | %\* | 0.50 | %\* | 4.46 | 100% |
| 9.04 | 6.09 | 5329732 | 0.95 |  | 0.95 |  | 0.50 |  | 0.50 |  | 4.27 | 270 |
| 8.91 | 4.50 | 5384982 | 1.09 |  | 1.09 |  | 0.50 |  | 0.50 |  | 3.83 | 150 |
| 8.88 | (5.07) | 5372945 | 1.04 |  | 1.04 |  | 0.50 |  | 0.50 |  | 3.54 | 78 |
| 9.75 | (4.83) | 8198437 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 3.21 | 89 |
| 10.72 | 9.51 | 10087718 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 3.00 | 173 |
| 9.21 | 4.29 | 6614716 | 0.69 | \* | 0.69 | \* | 0.60 | \* | 0.60 | \* | 4.36 | 100 |
| 9.04 | 5.98 | 6241906 | 1.05 |  | 1.05 |  | 0.60 |  | 0.60 |  | 4.18 | 270 |
| 8.91 | 4.39 | 5673929 | 1.19 |  | 1.19 |  | 0.60 |  | 0.60 |  | 3.73 | 150 |
| 8.88 | (5.16) | 5750592 | 1.14 |  | 1.14 |  | 0.60 |  | 0.60 |  | 3.44 | 78 |
| 9.75 | (4.93) | 6370209 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 3.11 | 89 |
| 10.72 | 9.40 | 6892128 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 2.90 | 173 |
| 9.21 | 4.26 | 120345 | 0.74 | \* | 0.79 | \* | 0.65 | \* | 0.70 | \* | 4.31 | 100 |
| 9.04 | 5.93 | 122579 | 1.10 |  | 1.15 |  | 0.65 |  | 0.70 |  | 4.13 | 270 |
| 8.91 | 4.34 | 109883 | 1.24 |  | 1.29 |  | 0.65 |  | 0.70 |  | 3.67 | 150 |
| 8.88 | (5.21) | 122874 | 1.19 |  | 1.24 |  | 0.65 |  | 0.70 |  | 3.40 | 78 |
| 9.75 | (4.97) | 86492 | 0.66 |  | 0.71 |  | 0.65 |  | 0.70 |  | 3.07 | 89 |
| 10.72 | 9.34 | 103026 | 0.67 |  | 0.72 |  | 0.65 |  | 0.70 |  | 2.86 | 173 |
| 9.21 | 4.21 | 16743 | 0.84 | \* | 0.84 | \* | 0.75 | \* | 0.75 | \* | 4.21 | 100 |
| 9.04 | 5.83 | 18119 | 1.20 |  | 1.20 |  | 0.75 |  | 0.75 |  | 4.01 | 270 |
| 8.91 | 4.24 | 22789 | 1.34 |  | 1.34 |  | 0.75 |  | 0.75 |  | 3.56 | 150 |
| 8.88 | (5.31) | 32810 | 1.29 |  | 1.29 |  | 0.75 |  | 0.75 |  | 3.30 | 78 |
| 9.75 | (5.07) | 50691 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 2.93 | 89 |
| 10.72 | 9.23 | 116339 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 2.76 | 173 |
| 9.21 | 4.13 | 676660 | 0.99 | \* | 0.99 | \* | 0.90 | \* | 0.90 | \* | 4.06 | 100 |
| 9.04 | 5.67 | 693314 | 1.35 |  | 1.35 |  | 0.90 |  | 0.90 |  | 3.87 | 270 |
| 8.91 | 4.08 | 764931 | 1.49 |  | 1.49 |  | 0.90 |  | 0.90 |  | 3.42 | 150 |
| 8.88 | (5.45) | 871404 | 1.44 |  | 1.44 |  | 0.90 |  | 0.90 |  | 3.15 | 78 |
| 9.75 | (5.21) | 1122903 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 2.81 | 89 |
| 10.72 | 9.07 | 1500859 | 0.92 |  | 0.92 |  | 0.90 |  | 0.90 |  | 2.61 | 173 |
| 9.21 | 3.75 | 53690 | 1.74 | \* | 1.74 | \* | 1.65 | \* | 1.65 | \* | 3.31 | 100 |
| 9.04 | 4.88 | 62860 | 2.10 |  | 2.10 |  | 1.65 |  | 1.65 |  | 3.11 | 270 |
| 8.91 | 3.31 | 86264 | 2.24 |  | 2.24 |  | 1.65 |  | 1.65 |  | 2.66 | 150 |
| 8.88 | (6.16) | 115151 | 2.19 |  | 2.19 |  | 1.65 |  | 1.65 |  | 2.40 | 78 |
| 9.75 | (5.92) | 167467 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 2.05 | 89 |
| 10.72 | 8.26 | 254017 | 1.67 |  | 1.67 |  | 1.65 |  | 1.65 |  | 1.86 | 173 |

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SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 11

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Long Duration Total Return Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.24 | $0.15 | $0.07 | $0.22 | $(0.16) | $0.00 | $0.00 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.24 | 0.27 | 0.02 | 0.29 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.24 | (0.26) | (0.02) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.29 | (1.60) | (1.31) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.91 | 0.38 | (0.52) | (0.14) | (0.36) | (0.30) | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.16 | 0.44 | (0.22) | 0.22 | (0.42) | (1.05) | 0.00 | (1.47) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.24 | 0.15 | 0.07 | 0.22 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.24 | 0.26 | 0.02 | 0.28 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.23 | (0.26) | (0.03) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.28 | (1.59) | (1.31) | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.91 | 0.37 | (0.52) | (0.15) | (0.35) | (0.30) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.16 | 0.43 | (0.22) | 0.21 | (0.41) | (1.05) | 0.00 | (1.46) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.24 | 0.14 | 0.07 | 0.21 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.24 | 0.24 | 0.02 | 0.26 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.21 | (0.26) | (0.05) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.25 | (1.59) | (1.34) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.91 | 0.34 | (0.52) | (0.18) | (0.32) | (0.30) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.16 | 0.39 | (0.21) | 0.18 | (0.38) | (1.05) | 0.00 | (1.43) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.24 | 0.11 | 0.07 | 0.18 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.24 | 0.19 | 0.01 | 0.20 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.51 | 0.16 | (0.26) | (0.10) | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.19 | (1.58) | (1.39) | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.91 | 0.26 | (0.52) | (0.26) | (0.24) | (0.30) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 11.16 | 0.31 | (0.22) | 0.09 | (0.29) | (1.05) | 0.00 | (1.34) |
|  **PIMCO Long-Term U.S. Government Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $14.26 | $0.25 | $(0.08) | $0.17 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.46 | 0.45 | (0.17) | 0.28 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 15.80 | 0.45 | (1.33) | (0.88) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 19.24 | 0.40 | (3.42) | (3.02) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 20.92 | 0.40 | (0.64) | (0.24) | (0.40) | (1.04) | 0.00 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 31.48 | 0.56 | (4.44) | (3.88) | (0.84) | (5.84) | 0.00 | (6.68) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.26 | 0.24 | (0.08) | 0.16 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.46 | 0.44 | (0.17) | 0.27 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 15.80 | 0.44 | (1.34) | (0.90) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 19.24 | 0.38 | (3.41) | (3.03) | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 20.92 | 0.36 | (0.64) | (0.28) | (0.36) | (1.04) | 0.00 | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 31.48 | 0.56 | (4.44) | (3.88) | (0.84) | (5.84) | 0.00 | (6.68) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.26 | 0.23 | (0.08) | 0.15 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.46 | 0.40 | (0.16) | 0.24 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 15.80 | 0.40 | (1.33) | (0.93) | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 19.24 | 0.34 | (3.41) | (3.07) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 20.92 | 0.32 | (0.64) | (0.32) | (0.32) | (1.04) | 0.00 | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 31.48 | 0.48 | (4.44) | (3.96) | (0.76) | (5.84) | 0.00 | (6.60) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 14.26 | 0.18 | (0.08) | 0.10 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 14.46 | 0.30 | (0.17) | 0.13 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 15.80 | 0.29 | (1.33) | (1.04) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 ~ | 19.24 | 0.22 | (3.42) | (3.20) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 ~ | 20.92 | 0.16 | (0.64) | (0.48) | (0.16) | (1.04) | 0.00 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 ~ | 31.48 | 0.24 | (4.40) | (4.16) | (0.56) | (5.84) | 0.00 | (6.40) |

---

12 PIMCO BOND FUNDS See Accompanying Notes

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $7.30 | 3.19% | $2167706 | 2.22 | %\* | 2.22 | %\* | 0.50 | %\* | 0.50 | %\* | 4.32 | %\* | 96% |
| 7.24 | 4.06 | 2097832 | 3.89 |  | 3.89 |  | 0.50 |  | 0.50 |  | 3.70 |  | 178 |
| 7.24 | (0.15) | 2475471 | 3.00 |  | 3.00 |  | 0.50 |  | 0.50 |  | 3.38 |  | 176 |
| 7.51 | (14.29) | 2948352 | 1.72 |  | 1.72 |  | 0.50 |  | 0.50 |  | 3.77 |  | 161 |
| 9.11 | (1.96) | 3459023 | 0.53 |  | 0.53 |  | 0.50 |  | 0.50 |  | 3.68 |  | 65 |
| 9.91 | 0.94 | 3020570 | 0.59 |  | 0.59 |  | 0.50 |  | 0.50 |  | 3.81 |  | 179 |
| 7.30 | 3.14 | 104321 | 2.32 | \* | 2.32 | \* | 0.60 | \* | 0.60 | \* | 4.23 | \* | 96 |
| 7.24 | 3.96 | 114669 | 3.99 |  | 3.99 |  | 0.60 |  | 0.60 |  | 3.57 |  | 178 |
| 7.24 | (0.25) | 137542 | 3.16 | <sup>(e)</sup> | 3.16 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 3.31 |  | 176 |
| 7.51 | (14.37) | 101898 | 1.86 | <sup>(e)</sup> | 1.86 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 3.65 |  | 161 |
| 9.11 | (2.06) | 99612 | 0.63 |  | 0.63 |  | 0.60 |  | 0.60 |  | 3.58 |  | 65 |
| 9.91 | 0.84 | 114487 | 0.69 |  | 0.69 |  | 0.60 |  | 0.60 |  | 3.73 |  | 179 |
| 7.30 | 2.99 | 45025 | 2.62 | \* | 2.62 | \* | 0.90 | \* | 0.90 | \* | 3.92 | \* | 96 |
| 7.24 | 3.64 | 43086 | 4.29 |  | 4.29 |  | 0.90 |  | 0.90 |  | 3.31 |  | 178 |
| 7.24 | (0.53) | 33424 | 3.33 | <sup>(e)</sup> | 3.33 | <sup>(e)</sup> | 0.90 | <sup>(e)</sup> | 0.90 | <sup>(e)</sup> | 2.98 |  | 176 |
| 7.51 | (14.63) | 54117 | 2.26 | <sup>(e)</sup> | 2.26 | <sup>(e)</sup> | 0.90 | <sup>(e)</sup> | 0.90 | <sup>(e)</sup> | 3.30 |  | 161 |
| 9.11 | (2.34) | 26529 | 0.93 |  | 0.93 |  | 0.90 |  | 0.90 |  | 3.28 |  | 65 |
| 9.91 | 0.55 | 37262 | 0.99 |  | 0.99 |  | 0.90 |  | 0.90 |  | 3.40 |  | 179 |
| 7.30 | 2.60 | 9161 | 3.37 | \* | 3.37 | \* | 1.65 | \* | 1.65 | \* | 3.18 | \* | 96 |
| 7.24 | 2.87 | 9510 | 4.98 | <sup>(e)</sup> | 4.98 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 2.57 |  | 178 |
| 7.24 | (1.28) | 9560 | 4.31 | <sup>(e)</sup> | 4.31 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 2.26 |  | 176 |
| 7.51 | (15.28) | 4626 | 3.07 | <sup>(e)</sup> | 3.07 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 2.49 |  | 161 |
| 9.11 | (3.08) | 2066 | 1.68 |  | 1.68 |  | 1.65 |  | 1.65 |  | 2.51 |  | 65 |
| 9.91 | (0.21) | 3381 | 1.74 |  | 1.74 |  | 1.65 |  | 1.65 |  | 2.69 |  | 179 |
| $14.16 | 1.26% | $630513 | 4.015 | %\* | 4.015 | %\* | 0.475 | %\* | 0.475 | %\* | 3.64 | %\* | 60% |
| 14.26 | 2.04 | 669988 | 3.655 |  | 3.655 |  | 0.475 |  | 0.475 |  | 3.17 |  | 138 |
| 14.46 | (5.56) | 825652 | 1.875 |  | 1.875 |  | 0.475 |  | 0.475 |  | 3.13 |  | 144 |
| 15.80 | (15.67) | 723159 | 1.045 |  | 1.045 |  | 0.475 |  | 0.475 |  | 2.49 |  | 143 |
| 19.24 | (1.74) | 517558 | 0.485 |  | 0.485 |  | 0.475 |  | 0.475 |  | 1.84 |  | 103 |
| 20.92 | (14.90) | 581538 | 0.565 |  | 0.565 |  | 0.475 |  | 0.475 |  | 1.90 |  | 249 |
| 14.16 | 1.21 | 91274 | 4.115 | \* | 4.115 | \* | 0.575 | \* | 0.575 | \* | 3.54 | \* | 60 |
| 14.26 | 1.93 | 87049 | 3.755 |  | 3.755 |  | 0.575 |  | 0.575 |  | 3.06 |  | 138 |
| 14.46 | (5.65) | 172127 | 2.045 | <sup>(e)</sup> | 2.045 | <sup>(e)</sup> | 0.575 | <sup>(e)</sup> | 0.575 | <sup>(e)</sup> | 3.05 |  | 144 |
| 15.80 | (15.76) | 96860 | 1.145 |  | 1.145 |  | 0.575 |  | 0.575 |  | 2.39 |  | 143 |
| 19.24 | (1.84) | 65785 | 0.585 |  | 0.585 |  | 0.575 |  | 0.575 |  | 1.74 |  | 103 |
| 20.92 | (14.99) | 80506 | 0.665 |  | 0.665 |  | 0.575 |  | 0.575 |  | 1.90 |  | 249 |
| 14.16 | 1.08 | 39696 | 4.365 | \* | 4.365 | \* | 0.825 | \* | 0.825 | \* | 3.29 | \* | 60 |
| 14.26 | 1.68 | 42257 | 4.005 |  | 4.005 |  | 0.825 |  | 0.825 |  | 2.83 |  | 138 |
| 14.46 | (5.88) | 46659 | 2.225 |  | 2.225 |  | 0.825 |  | 0.825 |  | 2.75 |  | 144 |
| 15.80 | (15.97) | 58241 | 1.345 | <sup>(e)</sup> | 1.345 | <sup>(e)</sup> | 0.825 | <sup>(e)</sup> | 0.825 | <sup>(e)</sup> | 2.12 |  | 143 |
| 19.24 | (2.09) | 68558 | 0.835 |  | 0.835 |  | 0.825 |  | 0.825 |  | 1.49 |  | 103 |
| 20.92 | (15.20) | 87751 | 0.915 |  | 0.915 |  | 0.825 |  | 0.825 |  | 1.65 |  | 249 |
| 14.16 | 0.70 | 29686 | 5.115 | \* | 5.115 | \* | 1.575 | \* | 1.575 | \* | 2.54 | \* | 60 |
| 14.26 | 0.92 | 28959 | 4.755 |  | 4.755 |  | 1.575 |  | 1.575 |  | 2.08 |  | 138 |
| 14.46 | (6.58) | 20891 | 2.975 |  | 2.975 |  | 1.575 |  | 1.575 |  | 2.03 |  | 144 |
| 15.80 | (16.61) | 14751 | 2.145 | <sup>(e)</sup> | 2.145 | <sup>(e)</sup> | 1.575 | <sup>(e)</sup> | 1.575 | <sup>(e)</sup> | 1.37 |  | 143 |
| 19.24 | (2.81) | 13289 | 1.585 |  | 1.585 |  | 1.575 |  | 1.575 |  | 0.74 |  | 103 |
| 20.92 | (15.84) | 13794 | 1.665 |  | 1.665 |  | 1.575 |  | 1.575 |  | 0.89 |  | 249 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Opportunities Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $10.70 | $0.25 | $0.14 | $0.39 | $(0.26) | $0.00 | $0.00 | $(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.50 | 0.25 | 0.75 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.08 | 0.49 | 0.15 | 0.64 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.29 | (0.46) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.98 | 0.15 | (0.45) | (0.30) | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.28 | 0.20 | 0.69 | 0.89 | (0.19) | 0.00 | 0.00 | (0.19) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.25 | 0.13 | 0.38 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.49 | 0.25 | 0.74 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.08 | 0.48 | 0.15 | 0.63 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.28 | (0.46) | (0.18) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.98 | 0.14 | (0.45) | (0.31) | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.28 | 0.19 | 0.69 | 0.88 | (0.18) | 0.00 | 0.00 | (0.18) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.23 | 0.14 | 0.37 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.46 | 0.25 | 0.71 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.08 | 0.45 | 0.15 | 0.60 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.25 | (0.46) | (0.21) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.98 | 0.11 | (0.45) | (0.34) | (0.08) | 0.00 | 0.00 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.28 | 0.15 | 0.70 | 0.85 | (0.15) | 0.00 | 0.00 | (0.15) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 10.70 | 0.19 | 0.14 | 0.33 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.40 | 0.38 | 0.25 | 0.63 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.08 | 0.38 | 0.15 | 0.53 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.56 | 0.18 | (0.48) | (0.30) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.98 | 0.02 | (0.44) | (0.42) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.28 | 0.07 | 0.70 | 0.77 | (0.07) | 0.00 | 0.00 | (0.07) |
|  **PIMCO Moderate Duration Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.34 | $0.21 | $0.13 | $0.34 | $(0.21) | $0.00 | $0.00 | $(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.17 | 0.40 | 0.19 | 0.59 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.41 | (0.07) | 0.34 | (0.33) | 0.00 | (0.07) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.83 | 0.27 | (0.48) | (0.21) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.42 | 0.16 | (0.61) | (0.45) | (0.13) | 0.00 | (0.01) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.50 | 0.19 | 0.25 | 0.44 | (0.24) | (0.28) | 0.00 | (0.52) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.34 | 0.21 | 0.13 | 0.34 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.17 | 0.39 | 0.19 | 0.58 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.40 | (0.07) | 0.33 | (0.32) | 0.00 | (0.07) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.83 | 0.30 | (0.52) | (0.22) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.42 | 0.15 | (0.61) | (0.46) | (0.12) | 0.00 | (0.01) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.50 | 0.18 | 0.25 | 0.43 | (0.23) | (0.28) | 0.00 | (0.51) |
|  **PIMCO Mortgage Opportunities and Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.34 | $0.24 | $0.08 | $0.32 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.37 | 0.47 | 0.17 | 0.64 | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.42 | 0.37 | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.50 | 0.40 | (0.74) | (0.34) | (0.73) | 0.00 | (0.01) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.94 | 0.35 | (0.39) | (0.04) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.37 | 0.38 | 0.63 | 1.01 | (0.44) | 0.00 | 0.00 | (0.44) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.34 | 0.24 | 0.08 | 0.32 | (0.27) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.37 | 0.46 | 0.18 | 0.64 | (0.67) | 0.00 | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.42 | 0.37 | 0.22 | 0.59 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.50 | 0.39 | (0.74) | (0.35) | (0.72) | 0.00 | (0.01) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.94 | 0.34 | (0.39) | (0.05) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.37 | 0.36 | 0.63 | 0.99 | (0.42) | 0.00 | 0.00 | (0.42) |

---

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| | | |
|:---|:---|:---|
| **14** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $10.83 | 3.68% | $26391 | 0.57 | %\* | 0.57 | %\* | 0.56 | %\* | 0.56 | %\* | 4.75 | %\* | 372% |
| 10.70 | 7.39 | 26103 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 4.77 |  | 951 |
| 10.40 | 6.47 | 34901 | 0.57 |  | 0.59 |  | 0.53 |  | 0.55 |  | 4.88 |  | 714 |
| 10.08 | (1.55) | 45204 | 0.52 |  | 0.57 |  | 0.51 |  | 0.56 |  | 2.80 |  | 327 |
| 10.56 | (2.77) | 81791 | 0.51 |  | 0.56 |  | 0.51 |  | 0.56 |  | 1.36 |  | 199 |
| 10.98 | 8.70 | 71748 | 0.52 |  | 0.57 |  | 0.51 |  | 0.56 |  | 1.82 |  | 385 |
| 10.83 | 3.63 | 55981 | 0.67 | \* | 0.67 | \* | 0.66 | \* | 0.66 | \* | 4.65 | \* | 372 |
| 10.70 | 7.29 | 58059 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 4.63 |  | 951 |
| 10.40 | 6.36 | 31578 | 0.67 |  | 0.69 |  | 0.63 |  | 0.65 |  | 4.75 |  | 714 |
| 10.08 | (1.65) | 25346 | 0.62 |  | 0.67 |  | 0.61 |  | 0.66 |  | 2.73 |  | 327 |
| 10.56 | (2.86) | 35225 | 0.61 |  | 0.66 |  | 0.61 |  | 0.66 |  | 1.25 |  | 199 |
| 10.98 | 8.59 | 42685 | 0.62 |  | 0.67 |  | 0.61 |  | 0.66 |  | 1.72 |  | 385 |
| 10.83 | 3.47 | 11426 | 0.97 | \* | 0.97 | \* | 0.96 | \* | 0.96 | \* | 4.35 | \* | 372 |
| 10.70 | 6.96 | 11190 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 4.35 |  | 951 |
| 10.40 | 6.05 | 13008 | 0.97 |  | 0.99 |  | 0.93 |  | 0.95 |  | 4.48 |  | 714 |
| 10.08 | (1.95) | 16476 | 0.92 |  | 0.97 |  | 0.91 |  | 0.96 |  | 2.48 |  | 327 |
| 10.56 | (3.15) | 23580 | 0.91 |  | 0.96 |  | 0.91 |  | 0.96 |  | 0.96 |  | 199 |
| 10.98 | 8.26 | 28203 | 0.92 |  | 0.97 |  | 0.91 |  | 0.96 |  | 1.43 |  | 385 |
| 10.83 | 3.08 | 826 | 1.72 | \* | 1.72 | \* | 1.71 | \* | 1.71 | \* | 3.60 | \* | 372 |
| 10.70 | 6.17 | 1133 | 1.72 |  | 1.72 |  | 1.70 |  | 1.70 |  | 3.60 |  | 951 |
| 10.40 | 5.26 | 1186 | 1.72 |  | 1.74 |  | 1.68 |  | 1.70 |  | 3.74 |  | 714 |
| 10.08 | (2.80) | 2383 | 1.67 |  | 1.72 |  | 1.66 |  | 1.71 |  | 1.72 |  | 327 |
| 10.56 | (3.80) | 3607 | 1.66 |  | 1.71 |  | 1.66 |  | 1.71 |  | 0.21 |  | 199 |
| 10.98 | 7.46 | 4385 | 1.67 |  | 1.72 |  | 1.66 |  | 1.71 |  | 0.69 |  | 385 |
| $9.47 | 3.70% | $1691843 | 0.79 | %\* | 0.80 | %\* | 0.45 | %\* | 0.46 | %\* | 4.49 | %\* | 120% |
| 9.34 | 6.56 | 1648519 | 0.95 |  | 0.95 |  | 0.46 |  | 0.46 |  | 4.33 |  | 272 |
| 9.17 | 3.77 | 1396694 | 0.53 |  | 0.53 |  | 0.46 |  | 0.46 |  | 4.53 |  | 286 |
| 9.23 | (2.05) | 1377011 | 0.49 |  | 0.49 |  | 0.46 |  | 0.46 |  | 2.92 |  | 221 |
| 9.83 | (4.39) | 1399413 | 0.46 |  | 0.46 |  | 0.46 |  | 0.46 |  | 1.58 |  | 63 |
| 10.42 | 4.17 | 1438994 | 0.46 |  | 0.46 |  | 0.46 |  | 0.46 |  | 1.75 |  | 315 |
| 9.47 | 3.65 | 16186 | 0.89 | \* | 0.90 | \* | 0.55 | \* | 0.56 | \* | 4.39 | \* | 120 |
| 9.34 | 6.45 | 14594 | 0.95 | <sup>(e)</sup> | 0.95 | <sup>(e)</sup> | 0.56 | <sup>(e)</sup> | 0.56 | <sup>(e)</sup> | 4.24 |  | 272 |
| 9.17 | 3.67 | 4599 | 0.63 |  | 0.63 |  | 0.56 |  | 0.56 |  | 4.39 |  | 286 |
| 9.23 | (2.14) | 10930 | 0.59 |  | 0.59 |  | 0.56 |  | 0.56 |  | 3.21 |  | 221 |
| 9.83 | (4.49) | 3737 | 0.56 |  | 0.56 |  | 0.56 |  | 0.56 |  | 1.48 |  | 63 |
| 10.42 | 4.07 | 2905 | 0.56 |  | 0.56 |  | 0.56 |  | 0.56 |  | 1.68 |  | 315 |
| $9.39 | 3.48% | $8923605 | 2.12 | %\* | 2.12 | %\* | 0.60 | %\* | 0.60 | %\* | 5.22 | %\* | 534% |
| 9.34 | 7.13 | 8433044 | 1.68 |  | 1.68 |  | 0.60 |  | 0.60 |  | 5.02 |  | 1120 |
| 9.37 | 6.57 | 6457261 | 2.14 |  | 2.14 |  | 0.60 |  | 0.60 |  | 4.02 |  | 1239 |
| 9.42 | (3.14) | 5063979 | 1.35 |  | 1.35 |  | 0.60 |  | 0.60 |  | 4.06 |  | 926 |
| 10.50 | (0.40) | 5631928 | 0.63 |  | 0.63 |  | 0.60 |  | 0.60 |  | 3.20 |  | 720 |
| 10.94 | 9.79 | 5583247 | 0.68 |  | 0.68 |  | 0.60 |  | 0.60 |  | 3.46 |  | 913 |
| 9.39 | 3.43 | 3170266 | 2.22 | \* | 2.22 | \* | 0.70 | \* | 0.70 | \* | 5.12 | \* | 534 |
| 9.34 | 7.03 | 2797117 | 1.78 |  | 1.78 |  | 0.70 |  | 0.70 |  | 4.92 |  | 1120 |
| 9.37 | 6.46 | 2450603 | 2.24 |  | 2.24 |  | 0.70 |  | 0.70 |  | 3.95 |  | 1239 |
| 9.42 | (3.24) | 1643989 | 1.45 |  | 1.45 |  | 0.70 |  | 0.70 |  | 3.97 |  | 926 |
| 10.50 | (0.50) | 1756926 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 3.12 |  | 720 |
| 10.94 | 9.67 | 1249015 | 0.78 |  | 0.78 |  | 0.70 |  | 0.70 |  | 3.35 |  | 913 |

---

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 15

------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Mortgage Opportunities and Bond Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.34 | $0.24 | $0.07 | $0.31 | $(0.26) | $0.00 | $0.00 | $(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.37 | 0.46 | 0.17 | 0.63 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.42 | 0.36 | 0.22 | 0.58 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.50 | 0.39 | (0.74) | (0.35) | (0.72) | 0.00 | (0.01) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.94 | 0.33 | (0.38) | (0.05) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.37 | 0.36 | 0.63 | 0.99 | (0.42) | 0.00 | 0.00 | (0.42) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.34 | 0.23 | 0.07 | 0.30 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.37 | 0.43 | 0.18 | 0.61 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.42 | 0.34 | 0.22 | 0.56 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.50 | 0.36 | (0.74) | (0.38) | (0.69) | 0.00 | (0.01) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.94 | 0.31 | (0.39) | (0.08) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.37 | 0.33 | 0.63 | 0.96 | (0.39) | 0.00 | 0.00 | (0.39) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.34 | 0.19 | 0.08 | 0.27 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.37 | 0.36 | 0.18 | 0.54 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.42 | 0.26 | 0.23 | 0.49 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.50 | 0.29 | (0.74) | (0.45) | (0.62) | 0.00 | (0.01) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.94 | 0.22 | (0.38) | (0.16) | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.37 | 0.25 | 0.63 | 0.88 | (0.31) | 0.00 | 0.00 | (0.31) |
|  **PIMCO Total Return ESG Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.73 | $0.15 | $0.11 | $0.26 | $(0.15) | $0.00 | $0.00 | $(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.28 | 0.15 | 0.43 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.25 | (0.04) | 0.21 | (0.16) | 0.00 | (0.12) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.64 | 0.22 | (0.84) | (0.62) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.33 | 0.20 | (0.62) | (0.42) | (0.20) | (0.07) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.38 | 0.21 | 0.17 | 0.38 | (0.23) | (0.20) | 0.00 | (0.43) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.73 | 0.15 | 0.11 | 0.26 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.27 | 0.15 | 0.42 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.24 | (0.04) | 0.20 | (0.15) | 0.00 | (0.12) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.64 | 0.21 | (0.84) | (0.63) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.33 | 0.19 | (0.62) | (0.43) | (0.19) | (0.07) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.38 | 0.20 | 0.17 | 0.37 | (0.22) | (0.20) | 0.00 | (0.42) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.73 | 0.15 | 0.11 | 0.26 | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.27 | 0.15 | 0.42 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.24 | (0.04) | 0.20 | (0.15) | 0.00 | (0.12) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/29/2022 - 03/31/2023 | 8.20 | 0.16 | (0.42) | (0.26) | (0.27) | 0.00 | 0.00 | (0.27) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.73 | 0.14 | 0.11 | 0.25 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.26 | 0.15 | 0.41 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.23 | (0.04) | 0.19 | (0.14) | 0.00 | (0.12) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.64 | 0.20 | (0.84) | (0.64) | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.33 | 0.18 | (0.62) | (0.44) | (0.18) | (0.07) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.38 | 0.20 | 0.16 | 0.36 | (0.21) | (0.20) | 0.00 | (0.41) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.73 | 0.14 | 0.11 | 0.25 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.25 | 0.15 | 0.40 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.22 | (0.04) | 0.18 | (0.13) | 0.00 | (0.12) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.64 | 0.19 | (0.85) | (0.66) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.33 | 0.16 | (0.61) | (0.45) | (0.17) | (0.07) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.38 | 0.16 | 0.18 | 0.34 | (0.19) | (0.20) | 0.00 | (0.39) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year 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** |
| $9.39 | 3.40% | $86368 | 2.27 | %\* | 2.32 | %\* | 0.75 | %\* | 0.80 | %\* | 5.07 | %\* | 534% |
| 9.34 | 6.98 | 81064 | 1.83 |  | 1.88 |  | 0.75 |  | 0.80 |  | 4.88 |  | 1120 |
| 9.37 | 6.41 | 78661 | 2.29 |  | 2.34 |  | 0.75 |  | 0.80 |  | 3.88 |  | 1239 |
| 9.42 | (3.29) | 75482 | 1.50 |  | 1.55 |  | 0.75 |  | 0.80 |  | 3.93 |  | 926 |
| 10.50 | (0.55) | 70707 | 0.78 |  | 0.83 |  | 0.75 |  | 0.80 |  | 3.08 |  | 720 |
| 10.94 | 9.63 | 46548 | 0.83 |  | 0.88 |  | 0.75 |  | 0.80 |  | 3.36 |  | 913 |
| 9.39 | 3.28 | 300183 | 2.52 | \* | 2.52 | \* | 1.00 | \* | 1.00 | \* | 4.82 | \* | 534 |
| 9.34 | 6.71 | 291036 | 2.08 |  | 2.08 |  | 1.00 |  | 1.00 |  | 4.61 |  | 1120 |
| 9.37 | 6.14 | 208197 | 2.54 |  | 2.54 |  | 1.00 |  | 1.00 |  | 3.64 |  | 1239 |
| 9.42 | (3.53) | 226211 | 1.75 |  | 1.75 |  | 1.00 |  | 1.00 |  | 3.68 |  | 926 |
| 10.50 | (0.80) | 187669 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 2.81 |  | 720 |
| 10.94 | 9.34 | 172679 | 1.08 |  | 1.08 |  | 1.00 |  | 1.00 |  | 3.08 |  | 913 |
| 9.39 | 2.89 | 49871 | 3.27 | \* | 3.27 | \* | 1.75 | \* | 1.75 | \* | 4.07 | \* | 534 |
| 9.34 | 5.91 | 49367 | 2.83 |  | 2.83 |  | 1.75 |  | 1.75 |  | 3.86 |  | 1120 |
| 9.37 | 5.36 | 29109 | 3.29 |  | 3.29 |  | 1.75 |  | 1.75 |  | 2.83 |  | 1239 |
| 9.42 | (4.26) | 25259 | 2.50 |  | 2.50 |  | 1.75 |  | 1.75 |  | 2.92 |  | 926 |
| 10.50 | (1.54) | 30577 | 1.78 |  | 1.78 |  | 1.75 |  | 1.75 |  | 2.05 |  | 720 |
| 10.94 | 8.52 | 31626 | 1.83 |  | 1.83 |  | 1.75 |  | 1.75 |  | 2.35 |  | 913 |
| $7.84 | 3.45% | $1351172 | 1.33 | %\* | 1.33 | %\* | 0.50 | %\* | 0.50 | %\* | 3.92 | %\* | 113% |
| 7.73 | 5.75 | 1323227 | 1.45 |  | 1.45 |  | 0.50 |  | 0.50 |  | 3.67 |  | 391 |
| 7.60 | 2.86 | 1601878 | 0.82 |  | 0.82 |  | 0.50 |  | 0.50 |  | 3.37 |  | 468 |
| 7.67 | (7.17) | 1803296 | 0.61 |  | 0.61 |  | 0.50 |  | 0.50 |  | 2.79 |  | 391 |
| 8.64 | (4.61) | 2054386 | 0.51 |  | 0.51 |  | 0.50 |  | 0.50 |  | 2.15 |  | 184 |
| 9.33 | 3.97 | 1774662 | 0.53 |  | 0.53 |  | 0.50 |  | 0.50 |  | 2.21 |  | 327 |
| 7.84 | 3.40 | 269324 | 1.43 | \* | 1.43 | \* | 0.60 | \* | 0.60 | \* | 3.82 | \* | 113 |
| 7.73 | 5.65 | 255909 | 1.55 |  | 1.55 |  | 0.60 |  | 0.60 |  | 3.58 |  | 391 |
| 7.60 | 2.76 | 246329 | 0.92 |  | 0.92 |  | 0.60 |  | 0.60 |  | 3.27 |  | 468 |
| 7.67 | (7.26) | 276253 | 0.71 |  | 0.71 |  | 0.60 |  | 0.60 |  | 2.67 |  | 391 |
| 8.64 | (4.71) | 402434 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 2.05 |  | 184 |
| 9.33 | 3.86 | 331326 | 0.63 |  | 0.63 |  | 0.60 |  | 0.60 |  | 2.11 |  | 327 |
| 7.84 | 3.37 | 7663 | 1.48 | \* | 1.53 | \* | 0.65 | \* | 0.70 | \* | 3.78 | \* | 113 |
| 7.73 | 5.60 | 9203 | 1.60 |  | 1.65 |  | 0.65 |  | 0.70 |  | 3.54 |  | 391 |
| 7.60 | 2.71 | 6651 | 0.97 |  | 1.02 |  | 0.65 |  | 0.70 |  | 3.22 |  | 468 |
| 7.67 | (3.14) | 4691 | 0.71 | <sup>(e)</sup>\* | 0.76 | <sup>(e)</sup> | 0.65 | <sup>(e)</sup>\* | 0.70 | <sup>(e)</sup>\* | 3.03 | \* | 391 |
| 7.84 | 3.32 | 16770 | 1.58 | \* | 1.58 | \* | 0.75 | \* | 0.75 | \* | 3.67 | \* | 113 |
| 7.73 | 5.49 | 16964 | 1.70 |  | 1.70 |  | 0.75 |  | 0.75 |  | 3.43 |  | 391 |
| 7.60 | 2.61 | 16259 | 1.07 |  | 1.07 |  | 0.75 |  | 0.75 |  | 3.12 |  | 468 |
| 7.67 | (7.40) | 18147 | 0.86 |  | 0.86 |  | 0.75 |  | 0.75 |  | 2.54 |  | 391 |
| 8.64 | (4.85) | 21552 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 1.89 |  | 184 |
| 9.33 | 3.71 | 20325 | 0.78 |  | 0.78 |  | 0.75 |  | 0.75 |  | 2.04 |  | 327 |
| 7.84 | 3.24 | 13932 | 1.73 | \* | 1.73 | \* | 0.90 | \* | 0.90 | \* | 3.51 | \* | 113 |
| 7.73 | 5.33 | 10488 | 1.85 |  | 1.85 |  | 0.90 |  | 0.90 |  | 3.27 |  | 391 |
| 7.60 | 2.45 | 13527 | 1.22 |  | 1.22 |  | 0.90 |  | 0.90 |  | 2.96 |  | 468 |
| 7.67 | (7.54) | 17280 | 1.01 |  | 1.01 |  | 0.90 |  | 0.90 |  | 2.40 |  | 391 |
| 8.64 | (4.99) | 15988 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 1.74 |  | 184 |
| 9.33 | 3.56 | 8282 | 0.93 |  | 0.93 |  | 0.90 |  | 0.90 |  | 1.68 |  | 327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Total Return ESG Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.73 | $0.11 | $0.11 | $0.22 | $(0.11) | $0.00 | $0.00 | $(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.60 | 0.19 | 0.15 | 0.34 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.67 | 0.17 | (0.05) | 0.12 | (0.07) | 0.00 | (0.12) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.64 | 0.13 | (0.84) | (0.71) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.33 | 0.09 | (0.61) | (0.52) | (0.10) | (0.07) | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.38 | 0.09 | 0.18 | 0.27 | (0.12) | (0.20) | 0.00 | (0.32) |
|  **PIMCO Total Return Fund II** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.35 | $0.16 | $0.11 | $0.27 | $(0.16) | $0.00 | $0.00 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.18 | 0.31 | 0.18 | 0.49 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.30 | (0.08) | 0.22 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.98 | 0.22 | (0.71) | (0.49) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.52 | 0.12 | (0.52) | (0.40) | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.98 | 0.17 | 0.04 | 0.21 | (0.19) | (0.47) | (0.01) | (0.67) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.35 | 0.15 | 0.12 | 0.27 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.18 | 0.31 | 0.17 | 0.48 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.30 | (0.09) | 0.21 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.98 | 0.21 | (0.71) | (0.50) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.52 | 0.11 | (0.52) | (0.41) | (0.13) | 0.00 | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.98 | 0.15 | 0.05 | 0.20 | (0.18) | (0.47) | (0.01) | (0.66) |
|  **PIMCO Total Return Fund IV** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.51 | $0.20 | $0.12 | $0.32 | $(0.20) | $0.00 | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.39 | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.35 | (0.09) | 0.26 | (0.26) | 0.00 | (0.07) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.31 | 0.25 | (0.76) | (0.51) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.96 | 0.20 | (0.65) | (0.45) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.85 | 0.23 | 0.11 | 0.34 | (0.12) | 0.00 | (0.11) | (0.23) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.51 | 0.18 | 0.12 | 0.30 | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.39 | 0.36 | 0.13 | 0.49 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.46 | 0.32 | (0.09) | 0.23 | (0.23) | 0.00 | (0.07) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.31 | 0.21 | (0.75) | (0.54) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.96 | 0.16 | (0.65) | (0.49) | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.85 | 0.19 | 0.11 | 0.30 | (0.08) | 0.00 | (0.11) | (0.19) |
|  **PIMCO Total Return Fund V** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.75 | $0.22 | $0.12 | $0.34 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.74 | 0.45 | 0.04 | 0.49 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/2023 - 03/31/2024 | 10.00 | 0.41 | (0.24) | 0.17 | (0.43) | 0.00 | 0.00 | (0.43) |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

~ A one for four reverse share split, effective March 24, 2023, has been retroactively applied.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(f)</sup> Ratios shown do not include expenses of the investment companies in which the Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO BOND FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** | **Ratios to Average Net Assets<sup>(f)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $7.84 | 2.87% | $689 | 2.48 | %\* | 2.48 | %\* | 1.65 | %\* | 1.65 | %\* | 2.77 | %\* | 113% |
| 7.73 | 4.55 | 716 | 2.60 |  | 2.60 |  | 1.65 |  | 1.65 |  | 2.54 |  | 391 |
| 7.60 | 1.70 | 728 | 1.97 |  | 1.97 |  | 1.65 |  | 1.65 |  | 2.21 |  | 468 |
| 7.67 | (8.24) | 1006 | 1.76 |  | 1.76 |  | 1.65 |  | 1.65 |  | 1.67 |  | 391 |
| 8.64 | (5.71) | 847 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 1.00 |  | 184 |
| 9.33 | 2.80 | 523 | 1.68 |  | 1.68 |  | 1.65 |  | 1.65 |  | 0.95 |  | 327 |
| $8.46 | 3.33% | $574326 | 1.28 | %\* | 1.29 | %\* | 0.49 | %\* | 0.50 | %\* | 3.85 | %\* | 126% |
| 8.35 | 6.08 | 572396 | 1.62 |  | 1.62 |  | 0.50 |  | 0.50 |  | 3.73 |  | 437 |
| 8.18 | 2.73 | 601591 | 0.57 |  | 0.57 |  | 0.50 |  | 0.50 |  | 3.70 |  | 387 |
| 8.26 | (5.40) | 559913 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.66 |  | 371 |
| 8.98 | (4.28) | 611583 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 1.26 |  | 293 |
| 9.52 | 2.01 | 605257 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 1.67 |  | 483 |
| 8.46 | 3.28 | 27295 | 1.38 | \* | 1.39 | \* | 0.59 | \* | 0.60 | \* | 3.71 | \* | 126 |
| 8.35 | 5.97 | 8741 | 1.58 | <sup>(e)</sup> | 1.58 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 0.60 | <sup>(e)</sup> | 3.76 |  | 437 |
| 8.18 | 2.63 | 36778 | 0.67 |  | 0.67 |  | 0.60 |  | 0.60 |  | 3.68 |  | 387 |
| 8.26 | (5.49) | 5353 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 2.56 |  | 371 |
| 8.98 | (4.38) | 7769 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 1.15 |  | 293 |
| 9.52 | 1.90 | 11474 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 1.52 |  | 483 |
| $9.63 | 3.42% | $316450 | 0.53 | %\* | 0.53 | %\* | 0.50 | %\* | 0.50 | %\* | 4.23 | %\* | 193% |
| 9.51 | 5.65 | 303772 | 0.57 |  | 0.57 |  | 0.50 |  | 0.50 |  | 4.14 |  | 488 |
| 9.39 | 2.86 | 260708 | 0.67 |  | 0.67 |  | 0.50 |  | 0.50 |  | 3.83 |  | 340 |
| 9.46 | (4.89) | 233338 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.59 |  | 383 |
| 10.31 | (4.20) | 316993 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 1.80 |  | 278 |
| 10.96 | 3.13 | 449336 | 0.52 |  | 0.52 |  | 0.50 |  | 0.50 |  | 2.08 |  | 403 |
| 9.63 | 3.24 | 16258 | 0.88 | \* | 0.88 | \* | 0.85 | \* | 0.85 | \* | 3.88 | \* | 193 |
| 9.51 | 5.28 | 14311 | 0.92 |  | 0.92 |  | 0.85 |  | 0.85 |  | 3.79 |  | 488 |
| 9.39 | 2.50 | 11053 | 1.02 |  | 1.02 |  | 0.85 |  | 0.85 |  | 3.47 |  | 340 |
| 9.46 | (5.22) | 11290 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.22 |  | 383 |
| 10.31 | (4.53) | 14481 | 0.85 |  | 0.85 |  | 0.85 |  | 0.85 |  | 1.45 |  | 278 |
| 10.96 | 2.77 | 17292 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 1.73 |  | 403 |
| $9.85 | 3.51% | $321980 | 0.58 | %\* | 0.58 | %\* | 0.51 | %\* | 0.51 | %\* | 4.48 | %\* | 143% |
| 9.75 | 5.14 | 255981 | 0.54 |  | 0.54 |  | 0.50 |  | 0.50 |  | 4.60 |  | 347 |
| 9.74 | 1.77 | 153897 | 0.53 | \* | 0.66 | \* | 0.50 | \* | 0.63 | \* | 4.64 |  | 321 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Climate Bond<br>Fund** | **PIMCO<br>Dynamic Bond<br>Fund** | **PIMCO<br>Extended<br>Duration Fund** | **PIMCO**<br> **GNMA and<br>Government<br>Securities<br>Fund** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Fund** | **PIMCO<br>Long Duration<br>Total Return<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $36721 | $3988299 | $1033581 | $3225526 | $13853185 | $3627023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 510879 | 4744 | 13438 | 340587 | 3254 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 14 | 4136 | 684 | 145 | 5979 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 75 | 25874 | 659 | 26741 | 11817 | 3857 |
|  Cash | 16 | 16 | 66 | 0 | 0 | 20 |
|  Deposits with counterparty | 462 | 5832 | 2959 | 32807 | 18345 | 3236 |
|  Foreign currency, at value | 77 | 12600 | 969 | 0 | 11528 | 5003 |
|  Receivable for investments sold | 0 | 14143 | 66423 | 162 | 65998 | 406912 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 38 | 0 | 0 | 139 | 0 |
|  Receivable for TBA investments sold | 0 | 2427073 | 98250 | 4354117 | 1610889 | 354685 |
|  Receivable for Fund shares sold | 35 | 3366 | 0 | 1073 | 57744 | 489 |
|  Interest and/or dividends receivable | 373 | 18787 | 2483 | 6585 | 132265 | 27781 |
|  Dividends receivable from Affiliates | 0 | 1523 | 15 | 45 | 702 | 26 |
|  Reimbursement receivable from PIMCO | 0 | 102 | 0 | 3 | 5 | 0 |
|  **Total Assets** | 37773 | 7012668 | 1210833 | 7660642 | 16109183 | 4433421 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $1704 | $562988 | $474897 | $20085 | $1248696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 0 | 42151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 353436 | 0 | 938453 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 18 | 1246 | 260 | 207 | 6496 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 157 | 23601 | 543 | 454 | 12879 | 3557 |
|  Payable for investments purchased | 0 | 53867 | 1182 | 23861 | 223731 | 54363 |
|  Payable for investments in Affiliates purchased | 0 | 103973 | 16 | 47 | 718 | 27 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 58812 | 0 | 27094 | 17200 | 3000 |
|  Payable for TBA investments purchased | 0 | 3840222 | 171900 | 4849579 | 2794772 | 735498 |
|  Payable for unfunded loan commitments | 0 | 211 | 0 | 0 | 20917 | 430 |
|  Deposits from counterparty | 0 | 13317 | 1013 | 4236 | 24692 | 1572 |
|  Payable for Fund shares redeemed | 67 | 4055 | 26 | 1837 | 19304 | 14000 |
|  Distributions payable | 2 | 776 | 1 | 392 | 19533 | 376 |
|  Overdraft due to custodian | 0 | 0 | 0 | 0 | 113 | 0 |
|  Accrued investment advisory fees | 8 | 1110 | 92 | 266 | 2508 | 465 |
|  Accrued supervisory and administrative fees | 9 | 544 | 93 | 338 | 3117 | 480 |
|  Accrued distribution fees | 0 | 5 | 0 | 4 | 36 | 5 |
|  Accrued servicing fees | 2 | 30 | 0 | 34 | 146 | 11 |
|  Accrued taxes payable | 0 | 10 | 0 | 0 | 0 | 0 |
|  Accrued reimbursement to PIMCO | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign capital gains tax payable | 0 | 91 | 0 | 0 | 30 | 0 |
|  Other liabilities | 0 | 5 | 0 | 0 | 0 | 0 |
|  **Total Liabilities** | 263 | 4457015 | 738114 | 6321699 | 3166277 | 2107208 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |
|  **Net Assets** | $37510 | $2555653 | $472719 | $1338943 | $12942906 | $2326213 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $38609 | $3155985 | $911002 | $1571213 | $15064557 | $3478790 |
|  Distributable earnings (accumulated loss) | (1099) | (600332) | (438283) | (232270) | (2121651) | (1152577) |
|  **Net Assets** | $37510 | $2555653 | $472719 | $1338943 | $12942906 | $2326213 |
|  Cost of investments in securities | $35749 | $4128976 | $1381311 | $3301118 | $14189540 | $3949418 |
|  Cost of investments in Affiliates | $0 | $510228 | $4743 | $13436 | $340550 | $3253 |
|  Cost of foreign currency held | $77 | $12596 | $973 | $0 | $11533 | $4917 |
|  Proceeds received on short sales | $0 | $345794 | $0 | $942715 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $76 | $75719 | $(988) | $17034 | $87955 | $5574 |
|  \* Includes repurchase agreements of: | $0 | $370361 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Long-Term**<br> **U.S. Government**<br> **Fund** | **PIMCO<br>Low Duration<br>Opportunities**<br> **Fund** | **PIMCO**<br> **Moderate<br>Duration Fund** | **PIMCO**<br> **Mortgage<br>Opportunities<br>and Bond**<br> **Fund** | **PIMCO**<br> **Total Return**<br> **ESG Fund** | **PIMCO**<br> **Total Return**<br> **Fund II** | **PIMCO**<br> **Total Return**<br> **Fund IV** | **PIMCO**<br> **Total Return**<br> **Fund V** |
| $1501016 | $137597 | $2047047 | $26085096 | $2083774 | $808552 | $413296 | $376194 |
| 115 | 15626 | 67670 | 118466 | 0 | 22854 | 16595 | 0 |
| 688 | 91 | 2106 | 3606 | 986 | 325 | 141 | 85 |
| 0 | 663 | 3523 | 279475 | 3986 | 0 | 319 | 3446 |
| 590 | 0 | 770 | 0 | 1384 | 27 | 0 | 649 |
| 6615 | 1790 | 26613 | 139491 | 18999 | 5773 | 3368 | 4348 |
| 0 | 373 | 3491 | 4055 | 1725 | 0 | 1020 | 182 |
| 284949 | 10 | 84531 | 8345 | 57661 | 38083 | 120 | 90 |
| 0 | 1 | 0 | 0 | 43 | 0 | 0 | 8 |
| 152266 | 82795 | 392444 | 20240103 | 222404 | 84199 | 115414 | 45900 |
| 115 | 509 | 4105 | 21895 | 1784 | 223 | 759 | 1084 |
| 10629 | 592 | 12927 | 75874 | 12997 | 4788 | 2439 | 2124 |
| 11 | 55 | 1 | 287 | 0 | 3 | 55 | 0 |
| 0 | 0 | 20 | 3 | 0 | 7 | 0 | 0 |
| 1956994 | 240102 | 2645248 | 46976696 | 2405743 | 964834 | 553526 | 434110 |
| $894642 | $0 | $242019 | $3543969 | $319287 | $123864 | $0 | $0 |
| 5659 | 0 | 1289 | 4575 | 20708 | 8257 | 0 | 0 |
| 84 | 15244 | 40604 | 3013326 | 1827 | 0 | 1494 | 0 |
| 199 | 35 | 325 | 2519 | 517 | 50 | 84 | 45 |
| 57 | 1118 | 8767 | 10863 | 2578 | 11 | 296 | 275 |
| 0 | 1535 | 32670 | 281644 | 22084 | 7598 | 4514 | 5802 |
| 11 | 1257 | 1 | 301 | 0 | 3 | 57 | 0 |
| 0 | 1668 | 1700 | 270331 | 0 | 0 | 0 | 0 |
| 263763 | 123772 | 604304 | 27234271 | 372393 | 221152 | 212548 | 98960 |
| 0 | 0 | 295 | 1452 | 547 | 0 | 0 | 0 |
| 640 | 641 | 2847 | 18325 | 2834 | 1705 | 992 | 3702 |
| 352 | 149 | 836 | 46356 | 2422 | 236 | 687 | 3217 |
| 71 | 6 | 930 | 3494 | 299 | 96 | 10 | 0 |
| 0 | 0 | 0 | 8577 | 0 | 0 | 0 | 0 |
| 143 | 18 | 342 | 3497 | 329 | 120 | 66 | 64 |
| 172 | 28 | 288 | 2803 | 353 | 121 | 67 | 64 |
| 18 | 1 | 0 | 30 | 4 | 0 | 0 | 0 |
| 14 | 3 | 0 | 70 | 3 | 0 | 3 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 3 | 2 | 0 | 8 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1165825 | 145478 | 937219 | 34446403 | 746193 | 363213 | 220818 | 112130 |
| $791169 | $94624 | $1708029 | $12530293 | $1659550 | $601621 | $332708 | $321980 |
| $1326790 | $99698 | $1821507 | $13638068 | $2063730 | $682371 | $374970 | $318467 |
| (535621) | (5074) | (113478) | (1107775) | (404180) | (80750) | (42262) | 3513 |
| $791169 | $94624 | $1708029 | $12530293 | $1659550 | $601621 | $332708 | $321980 |
| $1640800 | $137656 | $2045040 | $26586205 | $2192201 | $840348 | $420160 | $372799 |
| $115 | $15607 | $66971 | $118454 | $0 | $22622 | $16589 | $0 |
| $0 | $373 | $3506 | $4055 | $1722 | $0 | $1022 | $181 |
| $83 | $15293 | $40526 | $3028813 | $1834 | $0 | $1510 | $0 |
| $(680) | $67 | $5780 | $595300 | $14593 | $2765 | $(368) | $3776 |
| $0 | $18100 | $0 | $20 | $0 | $0 | $0 | $33300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Climate Bond<br>Fund** | **PIMCO<br>Dynamic Bond<br>Fund** | **PIMCO<br>Extended<br>Duration Fund** | **PIMCO<br>GNMA and<br>Government<br>Securities<br>Fund** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Fund** | **PIMCO<br>Long Duration<br>Total Return<br>Fund** |
|  **Net Assets:** |  |  |  |  |  |  |
|  Institutional Class | $27053 | $2167536 | $457895 | $600844 | $5460752 | $2167706 |
|  I-2 | 572 | 199514 | 14824 | 486833 | 6614716 | 104321 |
|  I-3 | 974 | 37597 | N/A | 82146 | 120345 | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A | 16743 | N/A |
|  Class A | 8831 | 139416 | N/A | 161892 | 676660 | 45025 |
|  Class C | 80 | 6067 | N/A | 7228 | 53690 | 9161 |
|  Class R | N/A | 5523 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 2972 | 210965 | 35048 | 63317 | 592622 | 297004 |
|  I-2 | 63 | 19419 | 1135 | 51303 | 717854 | 14293 |
|  I-3 | 107 | 3659 | N/A | 8657 | 13060 | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A | 1817 | N/A |
|  Class A | 970 | 13570 | N/A | 17060 | 73434 | 6169 |
|  Class C | 9 | 590 | N/A | 762 | 5827 | 1256 |
|  Class R | N/A | 537 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Institutional Class | $9.10 | $10.27 | $13.06 | $9.49 | $9.21 | $7.30 |
|  I-2 | 9.10 | 10.27 | 13.06 | 9.49 | 9.21 | 7.30 |
|  I-3 | 9.10 | 10.27 | N/A | 9.49 | 9.21 | N/A |
|  Administrative Class | N/A | N/A | N/A | N/A | 9.21 | N/A |
|  Class A | 9.10 | 10.27 | N/A | 9.49 | 9.21 | 7.30 |
|  Class C | 9.10 | 10.27 | N/A | 9.49 | 9.21 | 7.30 |
|  Class R | N/A | 10.27 | N/A | N/A | N/A | N/A |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Long-Term<br>U.S. Government<br>Fund** | **PIMCO<br>Low Duration<br>Opportunities**<br> **Fund** | **PIMCO**<br> **Moderate<br>Duration Fund** | **PIMCO**<br> **Mortgage<br>Opportunities<br>and Bond**<br> **Fund** | **PIMCO**<br> **Total Return**<br> **ESG Fund** | **PIMCO**<br> **Total Return**<br> **Fund II** | **PIMCO**<br> **Total Return**<br> **Fund IV** | **PIMCO**<br> **Total Return**<br> **Fund V** |
| $630513 | $26391 | $1691843 | $8923605 | $1351172 | $574326 | $316450 | $321980 |
| 91274 | 55981 | 16186 | 3170266 | 269324 | 27295 | N/A | N/A |
| N/A | N/A | N/A | 86368 | 7663 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 16770 | N/A | N/A | N/A |
| 39696 | 11426 | N/A | 300183 | 13932 | N/A | 16258 | N/A |
| 29686 | 826 | N/A | 49871 | 689 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 44538 | 2436 | 178605 | 950800 | 172359 | 67904 | 32851 | 32702 |
| 6447 | 5167 | 1709 | 337793 | 34356 | 3227 | N/A | N/A |
| N/A | N/A | N/A | 9203 | 978 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 2139 | N/A | N/A | N/A |
| 2804 | 1055 | N/A | 31985 | 1777 | N/A | 1688 | N/A |
| 2097 | 76 | N/A | 5314 | 88 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| $14.16 | $10.83 | $9.47 | $9.39 | $7.84 | $8.46 | $9.63 | $9.85 |
| 14.16 | 10.83 | 9.47 | 9.39 | 7.84 | 8.46 | N/A | N/A |
| N/A | N/A | N/A | 9.39 | 7.84 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 7.84 | N/A | N/A | N/A |
| 14.16 | 10.83 | N/A | 9.39 | 7.84 | N/A | 9.63 | N/A |
| 14.16 | 10.83 | N/A | 9.39 | 7.84 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **Climate<br>Bond Fund** | **PIMCO<br>Dynamic**<br> **Bond Fund** | **PIMCO<br>Extended<br>Duration**<br> **Fund** | **PIMCO**<br> **GNMA and<br>Government<br>Securities<br>Fund** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Fund** | **PIMCO**<br> **Long**<br> **Duration<br>Total Return<br>Fund** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $706 | $67506 | $18991 | $41512 | $300013 | $71621 |
|  Dividends | 0 | 223 | 15 | 28 | 2488 | 28 |
|  Dividends from Investments in Affiliates | 0 | 11988 | 111 | 594 | 9345 | 257 |
|  Miscellaneous income | 0 | 156 | 0 | 0 | 277 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 706 | 79873 | 19117 | 42134 | 312123 | 71910 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 44 | 7559 | 513 | 1634 | 15467 | 2746 |
|  Supervisory and administrative fees | 51 | 3679 | 520 | 2081 | 19239 | 2836 |
|  Distribution and/or servicing fees - Administrative Class | N/A | N/A | N/A | N/A | 21 | N/A |
|  Distribution and/or servicing fees - Class A | 10 | 173 | N/A | 205 | 847 | 51 |
|  Distribution and/or servicing fees - Class C | 1 | 31 | N/A | 39 | 289 | 45 |
|  Distribution and/or servicing fees - Class R | N/A | 13 | N/A | N/A | N/A | N/A |
|  Trustee fees | 0 | 6 | 1 | 3 | 26 | 5 |
|  Interest expense | 4 | 394 | 11480 | 11771 | 5269 | 18918 |
|  Miscellaneous expense | 0 | 8 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 110 | 11863 | 12514 | 15733 | 41158 | 24601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (0) | (696) | 0 | (21) | (31) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 110 | 11167 | 12514 | 15712 | 41127 | 24601 |
|  **Net Investment Income (Loss)** | 596 | 68706 | 6603 | 26422 | 270996 | 47309 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | (16) | 35249 | (33413) | 5918 | (62123) | (14915) |
|  Investments in Affiliates | 0 | (36) | 1 | 24 | 288 | (8) |
|  Exchange-traded or centrally cleared financial derivative instruments | 303 | 15966 | 3125 | 9568 | 15468 | (12861) |
|  Over the counter financial derivative instruments | (1336) | (29782) | (429) | 704 | (57228) | (13221) |
|  Short sales | 0 | (360) | 0 | 0 | 0 | 0 |
|  Foreign currency | 11 | 470 | 67 | 0 | (3578) | 253 |
|  **Net Realized Gain (Loss)** | (1038) | 21507 | (30649) | 16214 | (107173) | (40752) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 1669 | 45131 | 28199 | 9488 | 319043 | 60801 |
|  Investments in Affiliates | 0 | 410 | 0 | 5 | 37 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (171) | (2262) | (4529) | (7261) | 32775 | 2015 |
|  Over the counter financial derivative instruments | 232 | (14191) | 110 | (2341) | 6960 | 2431 |
|  Short sales | 0 | (3381) | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 5 | 147 | (12) | 0 | 416 | 119 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1735 | 25854 | 23768 | (109) | 359231 | 65366 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1293 | $116067 | $(278) | $42527 | $&nbsp;&nbsp;&nbsp;&nbsp;523054 | $71923 |
|  \* Foreign tax withholdings | $0 | $93 | $0 | $0 | $4 | $0 |
|  \*\* Foreign capital gains tax | $0 | $(10) | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Long-Term**<br> **U.S. Government<br>Fund** | **PIMCO**<br> **Low Duration<br>Opportunities**<br> **Fund** | **PIMCO**<br> **Moderate Duration<br>Fund** | **PIMCO**<br> **Mortgage<br>Opportunities**<br> **and Bond**<br> **Fund** | **PIMCO**<br> **Total Return ESG<br>Fund** | **PIMCO**<br> **Total Return**<br> **Fund II** | **PIMCO**<br> **Total Return**<br> **Fund IV** | **PIMCO**<br> **Total Return**<br> **Fund V** |
| $29384 | $1979 | $43016 | $437892 | $42341 | $14579 | $7168 | $7086 |
| 16 | 10 | 34 | 187 | 0 | 13 | 188 | 0 |
| 154 | 426 | 1228 | 4245 | 0 | 435 | 232 | 0 |
| 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| 29554 | 2415 | 44279 | 442324 | 42342 | 15027 | 7588 | 7086 |
| 869 | 114 | 2096 | 21078 | 2015 | 732 | 398 | 350 |
| 1045 | 172 | 1769 | 16887 | 2162 | 737 | 406 | 350 |
| N/A | N/A | N/A | N/A | 21 | N/A | N/A | N/A |
| 49 | 13 | N/A | 375 | 15 | N/A | 19 | N/A |
| 143 | 5 | N/A | 251 | 3 | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2 | 0 | 3 | 23 | 3 | 1 | 1 | N/A |
| 13665 | 6 | 2883 | 91671 | 6719 | 2320 | 43 | 93 |
| 0 | 3 | 8 | 1 | 1 | 0 | 0 | 7 |
| 15773 | 313 | 6759 | 130286 | 10939 | 3790 | 867 | 800 |
| 0 | 0 | (103) | (22) | (2) | (36) | 0 | 0 |
| 15773 | 313 | 6656 | 130264 | 10937 | 3754 | 867 | 800 |
| 13781 | 2102 | 37623 | 312060 | 31405 | 11273 | 6721 | 6286 |
| (3091) | 1040 | 7121 | (8998) | (10249) | 568 | (1130) | 1334 |
| 6 | 2 | 0 | 28 | 0 | 2 | 1 | 0 |
| 323 | (248) | 11020 | 212246 | 6320 | 3021 | 1307 | 1184 |
| 692 | (665) | (5134) | (39315) | (10602) | 245 | (1430) | (809) |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3) |
| 0 | 23 | 236 | 251 | 157 | 0 | 78 | 37 |
| (2070) | 152 | 13243 | 164212 | (14374) | 3836 | (1174) | 1743 |
| (2013) | 1189 | 18749 | 117619 | 36040 | 6329 | 5356 | 2112 |
| 2 | 9 | 594 | 19 | 0 | 197 | 6 | 0 |
| (1008) | 158 | (3666) | (174096) | (468) | (2482) | (405) | (177) |
| 20 | (474) | (4503) | (6310) | 1760 | 5 | 263 | 349 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 6 | 17 | (35) | (52) | 0 | 9 | 3 |
| (2999) | 888 | 11191 | (62803) | 37280 | 4049 | 5229 | 2287 |
| $8712 | $3142 | $62057 | $413469 | $54311 | $19158 | $10776 | $10316 |
| $0 | $3 | $0 | $0 | $0 | $0 | $0 | $0 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Climate Bond Fund** | **PIMCO**<br> **Climate Bond Fund** | **PIMCO**<br> **Dynamic Bond Fund** | **PIMCO**<br> **Dynamic Bond Fund** | **PIMCO**<br> **Extended Duration Fund** | **PIMCO**<br> **Extended Duration Fund** | **PIMCO**<br> **GNMA and Government**<br> **Securities Fund** | **PIMCO**<br> **GNMA and Government**<br> **Securities Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025<br>(Unaudited)** | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $596 | $816 | $68706 | $126683 | $6603 | $10550 | $26422 | $56132 |
|  Net realized gain (loss) | (1038) | 136 | 21507 | 11921 | (30649) | (13280) | 16214 | (5064) |
|  Net change in unrealized appreciation (depreciation) | 1735 | 245 | 25854 | 56246 | 23768 | (10959) | (109) | 17747 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1293 | 1197 | 116067 | 194850 | (278) | (13689) | 42527 | 68815 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (447) | (768) | (62320) | (108208) | (6587) | (10275) | (12368) | (30295) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (5) | (4) | (4939) | (8865) | (245) | (470) | (9771) | (22873) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (18) | (32) | (918) | (731) | N/A | N/A | (1693) | (3881) |
| &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 | (125) | (56) | (3361) | (6499) | N/A | N/A | (3155) | (8246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1) | (2) | (129) | (304) | N/A | N/A | (120) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | (123) | (214) | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 | 0 | 0 | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | 0 | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | 0 | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | 0 | 0 | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (596) | (862) | (71790) | (124821) | (6832) | (10745) | (27107) | (65666) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 7687 | 10603 | (358868) | 318974 | 33953 | (108234) | 28549 | (142061) |
|  **Total Increase (Decrease) in Net Assets** | 8384 | 10938 | (314591) | 389003 | 26843 | (132668) | 43969 | (138912) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 29126 | 18188 | 2870244 | 2481241 | 445876 | 578544 | 1294974 | 1433886 |
|  End of period | $37510 | $29126 | $2555653 | $2870244 | $472719 | $445876 | $1338943 | $1294974 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Investment Grade Credit**<br> **Bond Fund** | **PIMCO**<br> **Investment Grade Credit**<br> **Bond Fund** | **PIMCO**<br> **Long Duration Total**<br> **Return Fund** | **PIMCO**<br> **Long Duration Total**<br> **Return Fund** | **PIMCO**<br> **Long-Term U.S. Government**<br> **Fund** | **PIMCO**<br> **Long-Term U.S. Government**<br> **Fund** | **PIMCO**<br> **Low Duration Opportunities**<br> **Fund** | **PIMCO**<br> **Low Duration Opportunities**<br> **Fund** | **PIMCO**<br> **Moderate Duration**<br> **Fund** | **PIMCO**<br> **Moderate Duration**<br> **Fund** |
| **Six Months Ended<br>September 30, 2025**<br> (Unaudited) | **Year Ended<br>March 31, 2025** | **Six Months Ended**<br> **September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** |
| $270996 | $513843 | $47309 | $90303 | $13781 | $29590 | $2102 | $4314 | $37623 | $67080 |
| (107173) | (261299) | (40752) | (136749) | (2070) | (6950) | 152 | 295 | 13243 | 15591 |
| 359231 | 459076 | 65366 | 121245 | (2999) | (6843) | 888 | 1954 | 11191 | 16149 |
| 523054 | 711620 | 71923 | 74799 | 8712 | 15797 | 3142 | 6563 | 62057 | 98820 |
| (127075) | (245676) | (47503) | (90575) | (12044) | (24921) | (625) | (1205) | (37551) | (69907) |
| (145369) | (254873) | (2396) | (5032) | (1702) | (4797) | (1253) | (2197) | (343) | (338) |
| (2832) | (4944) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (386) | (867) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (14884) | (29497) | (868) | (1059) | (705) | (1364) | (237) | (464) | N/A | N/A |
| (1050) | (2413) | (157) | (266) | (403) | (588) | (19) | (37) | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (291596) | (538270) | (50924) | (96932) | (14854) | (31670) | (2134) | (3903) | (37894) | (70245) |
| 242938 | 252382 | 40117 | (368767) | (30942) | (221203) | (2869) | 13152 | 20753 | 233245 |
| 474396 | 425732 | 61116 | (390900) | (37084) | (237076) | (1861) | 15812 | 44916 | 261830 |
| 12468510 | 12042778 | 2265097 | 2655997 | 828253 | 1065329 | 96485 | 80673 | 1663113 | 1401293 |
| $12942906 | $12468510 | $2326213 | $2265097 | $791169 | $828253 | $94624 | $96485 | $1708029 | $1663113 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Mortgage Opportunities and**<br> **Bond Fund** | **PIMCO**<br> **Mortgage Opportunities and**<br> **Bond Fund** | **PIMCO**<br> **Total Return ESG Fund** | **PIMCO**<br> **Total Return ESG Fund** | **PIMCO**<br> **Total Return Fund II** | **PIMCO**<br> **Total Return Fund II** | **PIMCO**<br> **Total Return Fund IV** | **PIMCO**<br> **Total Return Fund IV** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025<br>(Unaudited)** | **Year Ended**<br> **March 31, 2025** | **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $312060 | $519122 | $31405 | $62494 | $11273 | $21067 | $6721 | $12263 |
|  Net realized gain (loss) | 164212 | 79388 | (14374) | (29991) | 3836 | 574 | (1174) | 115 |
|  Net change in unrealized appreciation (depreciation) | (62803) | 110096 | 37280 | 65750 | 4049 | 12506 | 5229 | 4224 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 413469 | 708606 | 54311 | 98253 | 19158 | 34147 | 10776 | 16602 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (249730) | (528047) | (26101) | (55618) | (11361) | (21077) | (6410) | (12037) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (84218) | (191257) | (5000) | (9439) | (199) | (708) | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2455) | (5671) | (156) | (264) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (317) | (605) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8100) | (17009) | (208) | (464) | N/A | N/A | (292) | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1166) | (2354) | (9) | (19) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | (1756) | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | (643) | 0 | 0 | 0 | 0 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | (19) | 0 | 0 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 0 | 0 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | (60) | 0 | 0 | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | (9) | 0 | 0 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (345669) | (746825) | (31791) | (66409) | (11560) | (21785) | (6702) | (12503) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 810865 | 2466016 | 20523 | (300709) | 12886 | (69594) | 10551 | 42223 |
|  **Total Increase (Decrease) in Net Assets** | 878665 | 2427797 | 43043 | (268865) | 20484 | (57232) | 14625 | 46322 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 11651628 | 9223831 | 1616507 | 1885372 | 581137 | 638369 | 318083 | 271761 |
|  End of period | $12530293 | $11651628 | $1659550 | $1616507 | $601621 | $581137 | $332708 | $318083 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

---

| | |
|:---|:---|
| **PIMCO**<br> **Total Return Fund V** | **PIMCO**<br> **Total Return Fund V** |
| **Six Months Ended**<br> **September 30, 2025**<br> (Unaudited) | **Year Ended**<br> **March 31, 2025** |
| $6286 | $9436 |
| 1743 | 42 |
| 2287 | 790 |
| 10316 | 10268 |
| (6827) | (10025) |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/ A | N/A |
| 0 | 0 |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| N/A | N/A |
| (6827) | (10025) |
| 62510 | 101841 |
| 65999 | 102084 |
| 255981 | 153897 |
| $321980 | $255981 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Statements of Cash Flows

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Extended<br>Duration Fund** | **PIMCO<br>Long Duration<br>Total Return<br>Fund** | **PIMCO<br>Long-Term<br>U.S. Government<br>Fund** | **PIMCO<br>Total Return<br>ESG Fund** | **PIMCO<br>Total Return<br>Fund II** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |  |  |  |
|  Net increase (decrease) in net assets resulting from operations | $(278) | $71923 | $8712 | $54311 | $19158 |
|  **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 | (635352) | (3491506) | (899042) | (2370086) | (1046707) |
|  Proceeds from sales of long-term securities | 610318 | 3254912 | 880541 | 2485358 | 1017286 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 7747 | 23519 | 26149 | 3616 | 2202 |
| (Increase) decrease in deposits with counterparty | 1944 | 667 | 784 | 2281 | 123 |
| (Increase) decrease in receivable for investments sold | (34058) | 417140 | 99834 | 193245 | 152336 |
| (Increase) decrease in interest and/or dividends receivable | (29) | (1702) | (220) | (655) | (314) |
| (Increase) decrease in dividends receivable from Affiliates | 3 | 140 | 75 | 0 | 10 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (3843) | (7607) | (2981) | 4352 | (294) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (415) | (13212) | 689 | (11451) | 228 |
| (Increase) decrease in reimbursement receivable from PIMCO | 0 | 0 | 0 | 0 | (1) |
|  Increase (decrease) in payable for investments purchased | 13689 | (134804) | (38272) | (329402) | (151986) |
|  Increase (decrease) in deposits from counterparty | 1013 | 235 | 371 | (1046) | 360 |
|  Increase (decrease) in accrued investment advisory fees | 4 | 18 | (6) | 7 | 9 |
|  Increase (decrease) in accrued supervisory and administrative fees | 3 | 19 | (7) | 8 | 9 |
|  Increase (decrease) in accrued distribution fees | 0 | 0 | 1 | 0 | 0 |
|  Increase (decrease) in accrued servicing fees | 0 | 3 | 0 | 1 | 0 |
|  Proceeds from short sales transactions, net | 65741 | 190292 | 91166 | 261105 | 60728 |
|  Payments on short sales transactions, net | (65741) | (196053) | (91166) | (273374) | (60728) |
|  Proceeds from (Payments on) foreign currency transactions | 55 | 372 | 0 | 105 | 0 |
|  Increase (decrease) in foreign capital gains tax payable | 0 | (3) | 0 | 0 | 0 |
|  Increase (decrease) in other liabilities | 0 | 0 | 0 | 0 | 0 |
|  *Net Realized (Gain) Loss* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 33413 | 14915 | 3091 | 10249 | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) | 8 | (6) | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (3125) | 12861 | (323) | (6320) | (3021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 429 | 13221 | (692) | 10602 | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (67) | (253) | 0 | (157) | 0 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (28199) | (60801) | 2013 | (36040) | (6329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 0 | 0 | (2) | 0 | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 4529 | (2015) | 1008 | 468 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (110) | (2431) | (20) | (1760) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 12 | (119) | 0 | 52 | 0 |
|  Net amortization (accretion) on investments | (11977) | (6005) | (2228) | (372) | (405) |
|  **Net Cash Provided by (Used for) Operating Activities** | (44295) | 83734 | 79469 | (4903) | (15871) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |  |  |  |
|  Proceeds from shares sold | 121450 | 316471 | 179356 | 167492 | 60382 |
|  Payments on shares redeemed | (94333) | (306002) | (226414) | (179511) | (58275) |
|  Cash distributions paid\* | (6) | (2466) | (427) | (1811) | (621) |
|  Proceeds from reverse repurchase agreements | 44246957 | 45935679 | 32552559 | 5075581 | 3503447 |
|  Payments on reverse repurchase agreements | (44201887) | (46069457) | (32589786) | (5063214) | (3487953) |
|  Proceeds from sale-buyback transactions | 244956 | 1132348 | 619099 | 73212 | 106768 |
|  Payments on sale-buyback transactions | (273668) | (1090197) | (613440) | (67526) | (108227) |
|  **Net Cash Received from (Used for) Financing Activities** | 43469 | (83624) | (79053) | 4223 | 15521 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (826) | 110 | 416 | (680) | (350) |
|  **Cash and Foreign Currency:** |  |  |  |  |  |
|  Beginning of period | 1861 | 4913 | 174 | 3789 | 377 |
|  End of period | $1035 | $5023 | $590 | $3109 | $27 |
|  \* Reinvestment of distributions | $6826 | $48509 | $14416 | $29967 | $10946 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |  |  |  |
|  Interest expense paid during the period | $11537 | $18902 | $14057 | $7045 | $2458 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Climate Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.9% | INVESTMENTS IN SECURITIES 97.9% | INVESTMENTS IN SECURITIES 97.9% |
| CORPORATE BONDS & NOTES 65.9% | CORPORATE BONDS & NOTES 65.9% | CORPORATE BONDS & NOTES 65.9% |
| BANKING & FINANCE 35.8% | BANKING & FINANCE 35.8% | BANKING & FINANCE 35.8% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.125% due 02/22/2028 | 200 | 273 |
|  ACEF Holding SCA | ACEF Holding SCA | ACEF Holding SCA |
|  0.750% due 06/14/2028 | 100 | 112 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  2.875% due 05/30/2031 •  | 125 | 147 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 160 | 135 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 100 | 103 |
|  Assura Financing PLC | Assura Financing PLC | Assura Financing PLC |
|  1.625% due 06/30/2033 | 125 | 126 |
|  AXA SA | AXA SA | AXA SA |
|  5.625% due 01/16/2054 •  | 100 | 135 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.134% due 06/12/2028 | 100 | 122 |
|  6.204% due 11/10/2028 •  | 200 | 208 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  5.000% due 07/04/2031 •  | 100 | 127 |
|  7.594% due 12/06/2032 •  | 100 | 141 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  0.250% due 06/29/2028 | 100 | 110 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 | 100 | 82 |
|  6.500% due 01/15/2034 | 20 | 22 |
|  British Land Co. PLC | British Land Co. PLC | British Land Co. PLC |
|  2.375% due 09/14/2029 | 100 | 123 |
|  Caja Rural de Navarra SCC | Caja Rural de Navarra SCC | Caja Rural de Navarra SCC |
|  3.000% due 04/26/2027 | 100 | 119 |
|  Castellum AB | Castellum AB | Castellum AB |
|  0.750% due 09/04/2026 | 100 | 116 |
|  CBRE Open-Ended Funds SCA SICAV-SIF | CBRE Open-Ended Funds SCA SICAV-SIF | CBRE Open-Ended Funds SCA SICAV-SIF |
|  0.900% due 10/12/2029 | 100 | 108 |
|  4.750% due 03/27/2034 | 100 | 124 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  2.500% due 04/01/2031 | 100 | 91 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  4.125% due 02/20/2037 •  | 200 | 239 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.266% due 06/04/2034 •  | 100 | 121 |
|  Community Preservation Corp. | Community Preservation Corp. | Community Preservation Corp. |
|  2.867% due 02/01/2030 | 75 | 70 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.375% due 11/27/2033 | 200 | 248 |
|  CTP NV | CTP NV | CTP NV |
|  1.250% due 06/21/2029 | 200 | 220 |
|  Derwent London PLC | Derwent London PLC | Derwent London PLC |
|  1.875% due 11/17/2031 | 100 | 112 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.875% due 02/23/2028 •  | 200 | 233 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  3.125% due 05/20/2031 •  | 100 | 118 |
|  4.625% due 11/01/2029 •  | 100 | 124 |
|  EQT AB | EQT AB | EQT AB |
|  0.875% due 05/14/2031 | 100 | 103 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  3.650% due 09/03/2033 | 100 | 117 |
|  4.000% due 05/19/2034 | 100 | 119 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 80 | 75 |
|  ERP Operating LP | ERP Operating LP | ERP Operating LP |
|  1.850% due 08/01/2031 | 100 | 88 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  3.250% due 01/14/2033 •  | 100 | 117 |
|  Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial | Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial | Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial |
|  3.125% due 11/09/2031 | 100 | 119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  0.750% due 07/15/2027 | 200 | 126 |
|  2.750% due 01/16/2034 | 40 | 47 |
|  3.750% due 02/14/2033 | 240 | 236 |
|  Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III |
|  5.454% due 10/15/2054 •  | 50 | 47 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.625% due 10/09/2028 | 100 | 135 |
|  Goodman Australia Finance Pty. Ltd. | Goodman Australia Finance Pty. Ltd. | Goodman Australia Finance Pty. Ltd. |
|  4.250% due 05/03/2030 | 100 | 123 |
|  Grainger PLC | Grainger PLC | Grainger PLC |
|  3.375% due 04/24/2028 | 100 | 129 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.750% due 07/15/2035 | 40 | 41 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 | 125 | 115 |
|  8.000% due 06/15/2027 | 10 | 10 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  2.125% due 12/01/2028 | 100 | 94 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 50 | 45 |
|  3.500% due 09/15/2030 | 100 | 94 |
|  5.700% due 07/01/2034 | 125 | 128 |
|  IHG Finance LLC | IHG Finance LLC | IHG Finance LLC |
|  4.375% due 11/28/2029 | 100 | 123 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.000% due 02/12/2035 •  | 100 | 121 |
|  4.875% due 05/16/2029 •(c)(d) | 200 | 193 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  3.875% due 08/28/2034 | 75 | 74 |
|  4.000% due 08/27/2026 | 75 | 75 |
|  International Development Association | International Development Association | International Development Association |
|  4.375% due 06/11/2029 | 100 | 102 |
|  International Finance Corp. | International Finance Corp. | International Finance Corp. |
|  4.900% due 12/05/2034 | 200 | 134 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  4.375% due 04/25/2034 | 200 | 244 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  5.100% due 04/11/2034 | 100 | 103 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.070% due 10/22/2027 •  | 200 | 204 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 100 | 83 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  0.000% due 09/15/2031 (b) | 650 | 655 |
|  2.000% due 11/15/2029 | 300 | 347 |
|  2.500% due 10/09/2030 | 300 | 353 |
|  Lendlease Finance Ltd. | Lendlease Finance Ltd. | Lendlease Finance Ltd. |
|  3.400% due 10/27/2027 | 80 | 51 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.875% due 05/14/2032 •  | 100 | 121 |
|  Lseg Netherlands BV | Lseg Netherlands BV | Lseg Netherlands BV |
|  4.231% due 09/29/2030 | 100 | 124 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  0.848% due 07/19/2029 | 200 | 219 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  3.460% due 08/27/2030 •  | 250 | 299 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|  1.000% due 05/26/2042 •  | 100 | 100 |
|  Nationale-Nederlanden Bank NV | Nationale-Nederlanden Bank NV | Nationale-Nederlanden Bank NV |
|  0.500% due 09/21/2028 | 100 | 111 |
|  1.875% due 05/17/2032 | 100 | 110 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.673% due 08/05/2031 •  | 150 | 180 |
|  7.500% due 02/28/2032 •(c)(d) | 200 | 274 |
|  NE Property BV | NE Property BV | NE Property BV |
|  2.000% due 01/20/2030 | 100 | 112 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.430% due 03/09/2028 | 200 | 205 |
|  P3 Group SARL | P3 Group SARL | P3 Group SARL |
|  4.000% due 04/19/2032 | 100 | 120 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  3.125% due 06/18/2031 | 100 | 118 |
|  Prologis International Funding II SA | Prologis International Funding II SA | Prologis International Funding II SA |
|  0.875% due 07/09/2029 | 125 | 137 |
|  1.750% due 03/15/2028 | 125 | 144 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 100 | 90 |
|  Sagax AB | Sagax AB | Sagax AB |
|  4.375% due 05/29/2030 | 200 | 245 |
|  Segro Capital SARL | Segro Capital SARL | Segro Capital SARL |
|  0.500% due 09/22/2031 | 100 | 100 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  3.320% due 01/29/2027 | 100 | 119 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  0.800% due 11/17/2029 •  | 100 | 110 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.318% due 10/07/2031 | 100 | 119 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.500% due 03/09/2028 | 200 | 206 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  3.250% due 08/27/2031 | 200 | 237 |
|  UniCredit Bank Czech Republic & Slovakia AS | UniCredit Bank Czech Republic & Slovakia AS | UniCredit Bank Czech Republic & Slovakia AS |
|  3.750% due 06/20/2028 | 100 | 121 |
|  Vesteda Finance BV | Vesteda Finance BV | Vesteda Finance BV |
|  4.000% due 05/07/2032 | 100 | 122 |
|  VIA Outlets BV | VIA Outlets BV | VIA Outlets BV |
|  1.750% due 11/15/2028 | 100 | 113 |
|  Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |
|  3.875% due 09/10/2030 | 200 | 241 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  7.375% due 03/15/2032 | 9 | 10 |
|  Workspace Group PLC | Workspace Group PLC | Workspace Group PLC |
|  2.250% due 03/11/2028 | 100 | 125 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.000% due 05/06/2027 | 100 | 114 |
|  |  | 13425 |
| INDUSTRIALS 14.4% | INDUSTRIALS 14.4% | INDUSTRIALS 14.4% |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.000% due 02/22/2029 | 200 | 193 |
|  Amprion GmbH | Amprion GmbH | Amprion GmbH |
|  3.625% due 05/21/2031 | 100 | 120 |
|  3.875% due 09/07/2028 | 100 | 121 |
|  AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS |
|  5.875% due 09/14/2033 | 66 | 70 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  4.250% due 06/11/2036 | 100 | 117 |
|  Arcadis NV | Arcadis NV | Arcadis NV |
|  4.875% due 02/28/2028 | 100 | 122 |
|  Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
|  2.400% due 12/15/2031 | 50 | 44 |
|  5.300% due 06/15/2035 | 200 | 206 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  6.500% due 07/10/2031 | 100 | 110 |
|  Berkeley Group PLC | Berkeley Group PLC | Berkeley Group PLC |
|  2.500% due 08/11/2031 | 100 | 114 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 125 | 169 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  5.550% due 08/22/2034 | 35 | 36 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  1.000% due 07/31/2031 | 150 | 154 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  4.650% due 02/15/2033 | 40 | 40 |
|  Continental Wind LLC | Continental Wind LLC | Continental Wind LLC |
|  6.000% due 02/28/2033 | 42 | 43 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  4.500% due 05/15/2027 | 100 | 120 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |
|  4.750% due 01/15/2029 | 100 | 98 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO Climate Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Denso Corp. | Denso Corp. | Denso Corp. | Denso Corp. |
|  4.420% due 09/11/2029 | $| 100 | 101 |
|  DSV Finance BV | DSV Finance BV | DSV Finance BV | DSV Finance BV |
|  0.500% due 03/03/2031 | EUR | 100 | 103 |
|  Ellevio AB | Ellevio AB | Ellevio AB | Ellevio AB |
|  3.750% due 05/14/2035 |  | 100 | 118 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 100 | 118 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  6.100% due 08/19/2032 | $| 38 | 39 |
|  Forvia SE | Forvia SE | Forvia SE | Forvia SE |
|  2.375% due 06/15/2029 | EUR | 100 | 113 |
|  Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. |
|  5.000% due 07/27/2028 | $| 200 | 205 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 |  | 150 | 130 |
|  Kerry Group Financial Services Unltd. Co. | Kerry Group Financial Services Unltd. Co. | Kerry Group Financial Services Unltd. Co. | Kerry Group Financial Services Unltd. Co. |
|  3.375% due 03/05/2033 | EUR | 200 | 234 |
|  Levi Strauss & Co. | Levi Strauss & Co. | Levi Strauss & Co. | Levi Strauss & Co. |
|  3.500% due 03/01/2031 | $| 55 | 51 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 |  | 200 | 179 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  2.000% due 08/19/2031 |  | 100 | 88 |
|  3.100% due 11/29/2061 |  | 30 | 19 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 |  | 100 | 95 |
|  Nexans SA | Nexans SA | Nexans SA | Nexans SA |
|  4.250% due 03/11/2030 | EUR | 100 | 122 |
|  Norsk Hydro ASA | Norsk Hydro ASA | Norsk Hydro ASA | Norsk Hydro ASA |
|  3.625% due 01/23/2032 |  | 100 | 119 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  0.399% due 12/13/2028 |  | 100 | 109 |
|  Oberlin College | Oberlin College | Oberlin College | Oberlin College |
|  2.874% due 10/01/2051 | $| 125 | 76 |
|  Owens Corning | Owens Corning | Owens Corning | Owens Corning |
|  5.500% due 06/15/2027 |  | 100 | 102 |
|  Pandora AS | Pandora AS | Pandora AS | Pandora AS |
|  3.875% due 05/31/2030 | EUR | 100 | 121 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  3.900% due 07/18/2032 | $| 40 | 39 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  0.500% due 09/22/2029 | EUR | 100 | 107 |
|  5.438% due 04/03/2034 | $| 100 | 104 |
|  Swisscom Finance BV | Swisscom Finance BV | Swisscom Finance BV | Swisscom Finance BV |
|  3.250% due 09/05/2034 | EUR | 100 | 117 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | $| 50 | 51 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.950% due 03/15/2028 |  | 100 | 102 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.183% due 11/21/2033 | EUR | 100 | 122 |
|  Tennet Netherlands BV | Tennet Netherlands BV | Tennet Netherlands BV | Tennet Netherlands BV |
|  4.500% due 10/28/2034 |  | 100 | 128 |
|  Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. |
|  5.100% due 06/13/2034 | $| 40 | 41 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | EUR | 100 | 121 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
|  5.994% due 11/15/2033 •(c) |  | 100 | 122 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 |  | 200 | 228 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.875% due 04/14/2028 | $| 10 | 10 |
|  |  |  | 5411 |
| UTILITIES 15.7% | UTILITIES 15.7% | UTILITIES 15.7% | UTILITIES 15.7% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 |  | 84 | 75 |
|  5.450% due 06/01/2028 |  | 40 | 41 |
|  Alliander NV | Alliander NV | Alliander NV | Alliander NV |
|  3.000% due 05/06/2033 | EUR | 200 | 231 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  British Telecommunications PLC | British Telecommunications PLC | British Telecommunications PLC |
|  3.875% due 01/20/2034 | 100 | 120 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.300% due 04/01/2053 | 25 | 25 |
|  Colbun SA | Colbun SA | Colbun SA |
|  5.375% due 09/11/2035 | 200 | 200 |
|  EDP Servicios Financieros Espana SA | EDP Servicios Financieros Espana SA | EDP Servicios Financieros Espana SA |
|  4.375% due 04/04/2032 | 200 | 249 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.750% due 06/17/2044 | 100 | 118 |
|  7.375% due 06/17/2035 •(c) | 100 | 137 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 200 | 196 |
|  Eurogrid GmbH | Eurogrid GmbH | Eurogrid GmbH |
|  3.732% due 10/18/2035 | 100 | 117 |
|  Hanwha Energy USA Holdings Corp. | Hanwha Energy USA Holdings Corp. | Hanwha Energy USA Holdings Corp. |
|  4.375% due 07/02/2028 | 200 | 202 |
|  iliad SA | iliad SA | iliad SA |
|  4.250% due 12/15/2029 | 200 | 240 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.650% due 08/01/2048 | 150 | 115 |
|  4.250% due 07/15/2049 | 25 | 21 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.100% due 07/30/2051 | 50 | 34 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  3.875% due 01/16/2029 | 100 | 121 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  3.500% due 03/22/2030 | 200 | 241 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.650% due 08/15/2028 | 325 | 338 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 | 100 | 95 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  1.960% due 06/27/2030 | 125 | 113 |
|  5.783% due 09/16/2052 | 40 | 40 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  3.100% due 06/01/2051 | 25 | 17 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  3.500% due 05/15/2031 | 100 | 120 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  6.700% due 04/01/2053 | 41 | 44 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  3.200% due 03/01/2050 | 53 | 37 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  2.200% due 08/15/2031 | 200 | 176 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  3.100% due 03/15/2032 | 200 | 185 |
|  4.650% due 03/15/2033 | 50 | 50 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  5.685% due 06/15/2054 | 20 | 20 |
|  RWE AG | RWE AG | RWE AG |
|  4.625% due 06/18/2055 •  | 100 | 120 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 | 150 | 148 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.950% due 08/15/2028 | 150 | 154 |
|  Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC |
|  2.625% due 02/22/2033 | 100 | 113 |
|  3.875% due 08/04/2035 | 100 | 118 |
|  Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC |
|  5.375% due 06/30/2035 | 206 | 212 |
|  South Eastern Power Networks PLC | South Eastern Power Networks PLC | South Eastern Power Networks PLC |
|  1.750% due 09/30/2034 | 200 | 201 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.500% due 06/01/2031 | 150 | 133 |
|  3.450% due 02/01/2052 | 100 | 67 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 80 | 54 |
|  3.750% due 06/15/2049 | 50 | 38 |
|  SSE PLC | SSE PLC | SSE PLC |
|  4.000% due 09/05/2031 | 100 | 122 |
|  TDC Net AS | TDC Net AS | TDC Net AS |
|  5.618% due 02/06/2030 | 100 | 126 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC |
|  3.750% due 05/23/2034 | EUR | 100 | 118 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  1.500% due 09/18/2030 | $| 280 | 245 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  |  | 65 | 51 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.750% due 09/30/2032 |  | 20 | 20 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
|  4.950% due 04/01/2033 |  | 132 | 134 |
|  |  |  | 5892 |
|  Total Corporate Bonds & Notes (Cost $23,829) | Total Corporate Bonds & Notes (Cost $23,829) | Total Corporate Bonds & Notes (Cost $23,829) | 24728 |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
| FLORIDA 0.3% | FLORIDA 0.3% | FLORIDA 0.3% | FLORIDA 0.3% |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2020 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2020 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2020 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2020 |
|  2.154% due 07/01/2030 |  | 110 | 101 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 | New York City, New York Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2010 |
|  5.724% due 06/15/2042 |  | 110 | 112 |
|  Total Municipal Bonds & Notes (Cost $272) | Total Municipal Bonds & Notes (Cost $272) | Total Municipal Bonds & Notes (Cost $272) | 213 |
| U.S. GOVERNMENT AGENCIES 4.5% | U.S. GOVERNMENT AGENCIES 4.5% | U.S. GOVERNMENT AGENCIES 4.5% | U.S. GOVERNMENT AGENCIES 4.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.500% due 02/01/2053 - 06/01/2053 |  | 174 | 169 |
|  5.000% due 02/01/2053 - 07/01/2054 |  | 263 | 261 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 05/01/2053 - 07/01/2053 |  | 177 | 173 |
|  5.000% due 10/01/2053 - 11/01/2053 |  | 1085 | 1081 |
|  Total U.S. Government Agencies (Cost $1,641) | Total U.S. Government Agencies (Cost $1,641) | Total U.S. Government Agencies (Cost $1,641) | 1684 |
| U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.625% due 02/15/2035 |  | 300 | 312 |
|  Total U.S. Treasury Obligations (Cost $310) | Total U.S. Treasury Obligations (Cost $310) | Total U.S. Treasury Obligations (Cost $310) | 312 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.431% due 11/10/2032 |  | 100 | 80 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.315% due 04/15/2038 •  |  | 87 | 87 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.622% due 05/15/2039 |  | 100 | 96 |
|  One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust |
|  2.516% due 09/15/2054 |  | 100 | 92 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  |  | 100 | 98 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.575% due 09/15/2040 ~ |  | 75 | 76 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $568) | Total Non-Agency Mortgage-Backed Securities (Cost $568) | Total Non-Agency Mortgage-Backed Securities (Cost $568) | 529 |
| ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% |
| AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 |  | 50 | 50 |

---

32 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OTHER ABS 1.8% | OTHER ABS 1.8% | OTHER ABS 1.8% |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 63 | 51 |
|  4.000% due 04/20/2049 | 39 | 35 |
|  4.950% due 07/20/2049 | 79 | 71 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 44 | 36 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 65 | 57 |
|  Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC |
|  5.300% due 05/20/2050 | 87 | 80 |
|  Sunnova Hestia I Issuer LLC | Sunnova Hestia I Issuer LLC | Sunnova Hestia I Issuer LLC |
|  5.750% due 12/20/2050 | 88 | 89 |
|  Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC |
|  2.790% due 02/22/2049 | 121 | 102 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 | 161 | 145 |
|  |  | 666 |
|  Total Asset-Backed Securities (Cost $788) | Total Asset-Backed Securities (Cost $788) | 716 |
| SOVEREIGN ISSUES 10.3% | SOVEREIGN ISSUES 10.3% | SOVEREIGN ISSUES 10.3% |
|  Adif Alta Velocidad | Adif Alta Velocidad | Adif Alta Velocidad |
|  3.125% due 10/31/2032 | 100 | 117 |
|  3.500% due 04/30/2032 | 100 | 119 |
|  Agence Francaise de Developpement EPIC | Agence Francaise de Developpement EPIC | Agence Francaise de Developpement EPIC |
|  3.500% due 02/25/2033 | 100 | 119 |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  4.250% due 06/21/2034 | 1200 | 798 |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
|  2.300% due 02/15/2033 | 150 | 174 |
|  2.500% due 02/15/2035 | 100 | 116 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  2.250% due 12/01/2029 | CAD | 50 | 35 |
|  3.000% due 03/01/2032 |  | 100 | 72 |
|  3.500% due 03/01/2034 |  | 200 | 148 |
|  European Union | European Union | European Union | European Union |
|  2.625% due 02/04/2048 | EUR | 60 | 58 |
|  2.750% due 02/04/2033 |  | 135 | 158 |
|  3.250% due 02/04/2050 |  | 100 | 106 |
|  Ile-de-France Mobilites | Ile-de-France Mobilites | Ile-de-France Mobilites | Ile-de-France Mobilites |
|  3.050% due 02/03/2033 |  | 100 | 115 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  4.050% due 10/30/2037 |  | 50 | 61 |
|  Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds | Kingdom of Belgium Government Bonds |
|  2.750% due 04/22/2039 |  | 100 | 107 |
|  Ministeries Van de Vlaamse Gemeenschap | Ministeries Van de Vlaamse Gemeenschap | Ministeries Van de Vlaamse Gemeenschap | Ministeries Van de Vlaamse Gemeenschap |
|  3.250% due 01/12/2043 |  | 100 | 107 |
|  Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV |
|  3.000% due 04/20/2033 |  | 100 | 118 |
|  Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds | Netherlands Government Bonds |
|  3.250% due 01/15/2044 |  | 25 | 29 |
|  Ontario Teachers' Finance Trust | Ontario Teachers' Finance Trust | Ontario Teachers' Finance Trust | Ontario Teachers' Finance Trust |
|  2.850% due 12/04/2031 |  | 150 | 176 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  4.100% due 03/04/2033 | CAD | 100 | 76 |
|  Regie Autonome des Transports Parisiens EPIC | Regie Autonome des Transports Parisiens EPIC | Regie Autonome des Transports Parisiens EPIC | Regie Autonome des Transports Parisiens EPIC |
|  3.250% due 04/11/2033 | EUR | 100 | 116 |
|  SFIL SA | SFIL SA | SFIL SA | SFIL SA |
|  3.125% due 09/17/2029 |  | 100 | 119 |
|  Slovenia Government Bonds | Slovenia Government Bonds | Slovenia Government Bonds | Slovenia Government Bonds |
|  3.125% due 07/02/2035 |  | 80 | 94 |
|  Societe Des Grands Projets EPIC | Societe Des Grands Projets EPIC | Societe Des Grands Projets EPIC | Societe Des Grands Projets EPIC |
|  0.300% due 11/25/2031 |  | 200 | 199 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Societe Nationale SNCF SACA | Societe Nationale SNCF SACA | Societe Nationale SNCF SACA | Societe Nationale SNCF SACA |
|  3.125% due 11/02/2027 | 100 | $— | 119 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.875% due 07/31/2033 | 200 |  | 205 |
|  1.500% due 07/31/2053 | 70 |  | 41 |
|  4.375% due 07/31/2054 | 136 |  | 153 |
| Total Sovereign Issues (Cost $3,657) | Total Sovereign Issues (Cost $3,657) |  | 3855 |
| SHORT-TERM INSTRUMENTS 12.5% | SHORT-TERM INSTRUMENTS 12.5% | SHORT-TERM INSTRUMENTS 12.5% | SHORT-TERM INSTRUMENTS 12.5% |
| U.S. TREASURY BILLS 12.5% | U.S. TREASURY BILLS 12.5% | U.S. TREASURY BILLS 12.5% | U.S. TREASURY BILLS 12.5% |
|  4.221% due 10/02/2025 -<br>12/11/2025 (a)(b) | 4700 |  | 4684 |
| Total Short-Term Instruments<br>(Cost $4,684) | Total Short-Term Instruments<br>(Cost $4,684) |  | 4684 |
| Total Investments in Securities<br>(Cost $35,749) | Total Investments in Securities<br>(Cost $35,749) |  | 36721 |
| Total Investments 97.9%<br>(Cost $35,749) | Total Investments 97.9%<br>(Cost $35,749) | $— | 36721 |
|  Financial Derivative<br>Instruments (e)(f) (0.2)%<br> (Cost or Premiums, net $76) |  |  | (86) |
| Other Assets and Liabilities, net 2.3% | Other Assets and Liabilities, net 2.3% |  | 875 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 37510 |

---

#### 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) Coupon represents a weighted average yield to maturity.

(b) Zero coupon security.

(c) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(d) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 2-Year Bond December Futures  | 12/2025 | 3 | $228 | $1 | $0 | $0 |
|  Euro-Bobl December Futures  | 12/2025 | 8 | 1107 | 0 | 2 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12339 | 1 | 4 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 2 | 233 | 5 | 0 | (1) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 20 | 2302 | 32 | 0 | (1) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 33

------

Schedule of Investments PIMCO Climate Bond Fund (Cont.)

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 1 | $(75) | $0 | $0 | $(1) |
|  Euro-Bund December Futures  | 12/2025 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 2 | (269) | (6) | 1 | (2) |
|  Long Guilt December Futures  | 12/2025 | 3 | (367) | 1 | 0 | (1) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2084) | (4) | 0 | (1) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 6 | (675) | (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 1 | (120) | (4) | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | $2 | $(15) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(1) | $8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 700 | $(3) | $(1) | $(4) | $1 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 50 | 2 | 0 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/16/2050 | $280 | 84 | 50 | 134 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 400 | 11 | 20 | 31 | 1 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 1910 | 8 | (2) | 6 | 3 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 90 | (1) | (1) | (2) | 0 | (1) |
|  Pay | CAONREPO | 1.000 | Semi-Annual | 06/16/2026 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | 20 | (5) | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $0 | $8 | $6 | $14 | $0 | $(17) | $(1) | $(18) |

---

Cash of $462 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> 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;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | Currency to<br>be Received | Asset | Liability |
|  BOA | 10/2025 | 117 | $137 | $0 | $0 |
|  | 10/2025 | 552 | 4 | 0 | 0 |
|  | 10/2025 | $6 | 498 | 0 | 0 |
|  | 10/2025 | 0 | 50 | 0 | 0 |
|  | 11/2025 | 4 | 550 | 0 | 0 |
|  BPS | 10/2025 | 639 | $4 | 0 | 0 |
|  | 11/2025 | $4 | 637 | 0 | 0 |
|  BRC | 10/2025 | 3178 | $3718 | 0 | (14) |
|  | 10/2025 | 1749 | 2352 | 0 | (1) |
|  CBK | 10/2025 | 32 | 38 | 0 | 0 |
|  | 10/2025 | 302 | 408 | 2 | 0 |
|  | 10/2025 | 515 | 6 | 0 | 0 |
|  | 10/2025 | $417 | 581 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $26 | 22 | $0 | $0 |
|  | 10/2025 | 28 | 2474 | 0 | 0 |
|  | 10/2025 | 58 | 8600 | 0 | 0 |
|  | 11/2025 | 580 | $417 | 0 | (1) |
|  | 11/2025 | $6 | 516 | 0 | 0 |
|  FAR | 10/2025 | 1703 | $1105 | 0 | (22) |
|  | 10/2025 | $1112 | 1703 | 15 | 0 |
|  | 10/2025 | 3331 | 2852 | 16 | 0 |
|  | 10/2025 | 24 | 2098 | 0 | 0 |
|  | 10/2025 | 135 | 19798 | 0 | (1) |
|  | 11/2025 | 1703 | $1113 | 0 | (15) |
|  | 11/2025 | 2852 | 3338 | 0 | (17) |
|  GLM | 10/2025 | $7 | 572 | 0 | 0 |
|  JPM | 10/2025 | 581 | $421 | 3 | 0 |
|  | 10/2025 | 10588 | 12383 | 0 | (48) |
|  MBC | 10/2025 | 317 | 2 | 0 | 0 |
|  | 10/2025 | $123 | 105 | 0 | 0 |
|  | 11/2025 | 2 | 316 | 0 | 0 |
|  MYI | 10/2025 | 12081 | $81 | 0 | (1) |
|  | 10/2025 | $2 | 220 | 0 | 0 |
|  | 11/2025 | 81 | 12039 | 1 | 0 |
|  SCX | 10/2025 | 577 | $6 | 0 | 0 |
|  | 10/2025 | $2744 | 2051 | 15 | 0 |
|  | 10/2025 | 16 | 1415 | 0 | 0 |
|  | 10/2025 | 8 | 1128 | 0 | 0 |
|  | 11/2025 | 2051 | $2744 | 0 | (15) |
|  | 11/2025 | $6 | 578 | 0 | 0 |
|  SOG | 10/2025 | 26309 | $177 | 0 | (1) |
|  | 10/2025 | $12862 | 10937 | 0 | (21) |
|  | 10/2025 | 70 | 10331 | 0 | 0 |
|  | 11/2025 | 10937 | $12888 | 21 | 0 |
|  | 11/2025 | $177 | 26218 | 1 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BRC | $0 | $0 | $0 | $0 | $(15) | $0 | $0 | $(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  CBK | 3 | 0 | 0 | 3 | (1) | 0 | 0 | (1) | 2 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  FAR | 31 | 0 | 0 | 31 | (55) | 0 | 0 | (55) | (24) | 0 | (24) |
|  JPM | 3 | 0 | 0 | 3 | (48) | 0 | 0 | (48) | (45) | 0 | (45) |
|  MYI | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  SCX | 15 | 0 | 0 | 15 | (15) | 0 | 0 | (15) | 0 | 0 | 0 |
|  SOG | 22 | 0 | 0 | 22 | (22) | 0 | 0 | (22) | 0 | 0 | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO Climate Bond Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | 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 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6 | 6 |
|  | $0 | $0 | $0 | $0 | $14 | $14 |
|  Over the counter | Over the 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 | $75 | $0 | $75 |
|  | $0 | $0 | $0 | $75 | $14 | $89 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $0 | $0 | $0 | $0 | $18 | $18 |
|  Over the counter | Over the 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 | $157 | $0 | $157 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $261 | $261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 42 | 42 |
|  | $0 | $0 | $0 | $0 | $303 | $303 |
|  Over the counter | Over the 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 | $(1336) | $0 | $(1336) |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336) | $303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(166) | $(166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (5) | (5) |
|  | $0 | $0 | $0 | $0 | $(171) | $(171) |
|  Over the counter | Over the 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 | $232 | $0 | $232 |
|  | $&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 | $232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | $61 |

---

36 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $13425 | $0 | $13425 |
| &nbsp;&nbsp; Industrials | 0 | 5411 | 0 | 5411 |
| &nbsp;&nbsp; Utilities | 0 | 5892 | 0 | 5892 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Florida | 0 | 101 | 0 | 101 |
| &nbsp;&nbsp; New York | 0 | 112 | 0 | 112 |
|  U.S. Government Agencies | 0 | 1684 | 0 | 1684 |
|  U.S. Treasury Obligations | 0 | 312 | 0 | 312 |
|  Non-Agency Mortgage-Backed Securities | 0 | 529 | 0 | 529 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 50 | 0 | 50 |
| &nbsp;&nbsp; Other ABS | 0 | 666 | 0 | 666 |
|  Sovereign Issues | 0 | 3855 | 0 | 3855 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4684 | 0 | 4684 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36721 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $4 | $10 | $0 | $14 |
|  Over the counter | 0 | 75 | 0 | 75 |
|  | $4 | $85 | $0 | $89 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (14) | (4) | 0 | (18) |
|  Over the counter | 0 | (157) | 0 | (157) |
|  | $(14) | $(161) | $0 | $(175) |
|  Total Financial Derivative Instruments | $(10) | $(76) | $0 | $(86) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36635 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO Dynamic 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 156.1% | INVESTMENTS IN SECURITIES 156.1% | INVESTMENTS IN SECURITIES 156.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6% |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.575% (TSFR3M + 2.250%)<br>due 04/20/2028 ~ | 3890 | 3889 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.663% (TSFR1M + 2.500%)<br>due 12/15/2027 ~ | 6221 | 6230 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.660% (TSFR3M + 3.500%)<br>due 05/19/2031 ~ | 2475 | 2467 |
|  8.068% (TSFR3M + 3.750%)<br>due 05/19/2031 ~ | 5203 | 5200 |
|  MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
|  6.913% (TSFR1M + 2.750%)<br>due 03/28/2031 ~ | 792 | 796 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 1900 | 2234 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.500%)<br>due 01/09/2030 «~µ | 1000 | 991 |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME)<br>due 08/31/2026 «~ | 600 | 600 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.413% (TSFR1M + 2.250%)<br>due 02/10/2032 ~ | 1194 | 1195 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  7.752% (TSFR3M + 3.750%)<br>due 10/20/2027 ~ | 276 | 277 |
|  Spa Holdings 3 OY | Spa Holdings 3 OY | Spa Holdings 3 OY |
|  8.263% (TSFR3M + 4.000%)<br>due 02/04/2028 ~ | 1625 | 1623 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 4700 | 5442 |
|  Telecom Serbia | Telecom Serbia | Telecom Serbia |
|  3.399% (EUR003M + 1.350%) due 06/11/2029 «~ | 6000 | 7027 |
|  X Corp. | X Corp. | X Corp. |
|  9.500% due 10/26/2029 | 2200 | 2210 |
|  Total Loan Participations and Assignments (Cost $38,860) | Total Loan Participations and Assignments (Cost $38,860) | 40181 |
| CORPORATE BONDS & NOTES 21.0% | CORPORATE BONDS & NOTES 21.0% | CORPORATE BONDS & NOTES 21.0% |
| BANKING & FINANCE 11.0% | BANKING & FINANCE 11.0% | BANKING & FINANCE 11.0% |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.750% due 10/01/2031 | 1900 | 1981 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ | 1800 | 1894 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 2100 | 1908 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.985% due 08/13/2027 •  | 6100 | 6113 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 1700 | 1504 |
|  2.100% due 06/15/2030 | 700 | 631 |
|  3.650% due 03/15/2027 | 4500 | 4468 |
|  4.050% due 03/15/2032 | 700 | 679 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ | 500 | 543 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 3200 | 3780 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.375% due 07/15/2029 | 2000 | 2050 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 161 | 159 |
|  2.528% due 11/18/2027 | 4 | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.950% due 01/15/2028 | $— | 3600 | $— | 3637 |
|  4.950% due 10/15/2032 |  | 800 |  | 791 |
|  5.150% due 01/15/2030 |  | 2000 |  | 2030 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  |  | 2500 |  | 3219 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | $— | 5000 |  | 4994 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.202% due 04/25/2029 •  |  | 1700 |  | 1743 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  |  | 4400 |  | 3966 |
|  4.337% due 01/10/2028 |  | 800 |  | 800 |
|  4.375% due 01/12/2026 |  | 900 |  | 900 |
|  4.836% due 05/09/2028 |  | 350 |  | 352 |
|  4.972% due 05/16/2029 •  |  | 1900 |  | 1929 |
|  7.385% due 11/02/2028 •  |  | 1000 |  | 1061 |
|  7.437% due 11/02/2033 •  |  | 1800 |  | 2066 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  12.236% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |  | 500 |  | 535 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 |  | 1900 |  | 1731 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  |  | 3200 |  | 3052 |
|  2.159% due 09/15/2029 •  |  | 6400 |  | 6004 |
|  3.052% due 01/13/2031 •  |  | 4100 |  | 3858 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  |  | 7800 |  | 7978 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ |  | 1400 |  | 1472 |
|  12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~ |  | 2300 |  | 2403 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.183% due 01/30/2036 •  |  | 3700 |  | 3840 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.500% due 10/05/2026 |  | 1900 |  | 1931 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 |  | 4300 |  | 1313 |
|  Credit Suisse AG AT1 Claim | $— | 8700 |  | 1131 |
|  CTP NV | CTP NV | CTP NV | CTP NV | CTP NV |
|  0.625% due 09/27/2026 |  | 1000 |  | 1152 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  |  | 1700 |  | 1887 |
|  2.129% due 11/24/2026 •  | $— | 1000 |  | 996 |
|  3.547% due 09/18/2031 •  |  | 5600 |  | 5310 |
|  3.729% due 01/14/2032 •  |  | 1700 |  | 1595 |
|  5.882% due 07/08/2031 •  |  | 1700 |  | 1761 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  0.250% due 03/15/2027 |  | 1400 |  | 1593 |
|  3.900% due 04/15/2032 | $— | 3000 |  | 2879 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~ |  | 400 |  | 422 |
|  15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 400 |  | 422 |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  | 400 |  | 421 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 |  | 1300 |  | 1129 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 |  | 2900 |  | 2912 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 |  | 2500 |  | 2495 |
|  5.918% due 03/20/2028 |  | 1600 |  | 1628 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.640% due 02/24/2028 •  |  | 4100 |  | 4015 |
|  3.615% due 03/15/2028 •  |  | 4600 |  | 4566 |
|  3.691% due 06/05/2028 •  |  | 16100 |  | 15986 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ |  | 600 |  | 600 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(k) | 1300 | 1317 |
|  5.160% due 06/07/2032 «(k) | 2400 | 2472 |
|  5.330% due 06/07/2035 «(k) | 600 | 622 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 2000 | 2015 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.875% due 09/28/2026 •(h)(i) | 6200 | 8364 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.017% due 03/28/2028 •  | 3500 | 3490 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  1.850% due 09/15/2032 | 1400 | 1184 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.750% due 01/11/2027 •(h)(i) | 1700 | 2098 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.947% due 02/24/2028 •  | 8200 | 8073 |
|  2.963% due 01/25/2033 •  | 9200 | 8420 |
|  4.005% due 04/23/2029 •  | 500 | 499 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 1050 | 1064 |
|  KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC |
|  4.850% due 05/17/2032 | 1000 | 1011 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1600 | 1878 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 1900 | 2009 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 03/18/2028 •  | 1900 | 1887 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | 600 | 670 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.559% due 02/25/2030 | 1000 | 930 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  3.261% due 05/22/2030 •  | 3800 | 3667 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.431% due 01/23/2030 •  | 1400 | 1407 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 13500 | 13495 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 800 | 837 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 2200 | 2236 |
|  5.125% due 05/12/2027 •(h)(i) | 1700 | 2258 |
|  7.472% due 11/10/2026 •  | 10000 | 10032 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 1100 | 1061 |
|  2.450% due 09/15/2028 | 600 | 551 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | 400 | 423 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 4800 | 3618 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ | 500 | 518 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ | 2300 | 2395 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 700 | 743 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 1100 | 1040 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 2400 | 2377 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 650 | 644 |
|  4.320% due 09/22/2029 •  | 1500 | 1496 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 1900 | 2206 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  2.300% due 06/15/2028 | 2000 | 1898 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.222% due 09/17/2031 | 4800 | 4239 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 600 | 626 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 400 | 416 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 3250 | 3008 |
|  4.194% due 04/01/2031 •  | 3000 | 2967 |
|  4.375% due 02/10/2031 •(h)(i) | 400 | 364 |
|  6.327% due 12/22/2027 •  | 5700 | 5844 |
|  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 (c) | 2431 | 73 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ | 1400 | 1413 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 300 | 303 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ | 300 | 301 |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ | 300 | 301 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 9700 | 9615 |
|  3.584% due 05/22/2028 •  | 4950 | 4906 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 5100 | 5032 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 250 | 260 |
|  |  | 280792 |
| INDUSTRIALS 8.0% | INDUSTRIALS 8.0% | INDUSTRIALS 8.0% |
|  Air Canada | Air Canada | Air Canada |
|  4.625% due 08/15/2029 | 800 | 575 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  4.000% due 02/15/2028 | 2200 | 933 |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.250% due 10/15/2029 | 2700 | 2753 |
|  5.500% due 10/15/2029 | 2800 | 2436 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.150% due 08/15/2033 | 351 | 329 |
|  3.350% due 04/15/2031 | 1367 | 1320 |
|  3.375% due 11/01/2028 | 200 | 197 |
|  3.575% due 07/15/2029 | 458 | 449 |
|  3.650% due 08/15/2030 | 591 | 575 |
|  3.700% due 04/01/2028 | 1013 | 1008 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 475 | 476 |
|  5.750% due 04/20/2029 | 500 | 502 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 1000 | 1048 |
|  5.950% due 10/15/2033 | 4600 | 4865 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 2200 | 2198 |
|  4.375% due 12/15/2028 | 600 | 598 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 1900 | 2031 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 | 6000 | 6767 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 25500 | 25500 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 08/04/2033 | 1000 | 1051 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  4.000% due 04/15/2029 | 3100 | 3087 |
|  4.150% due 04/15/2032 | 3100 | 3041 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  4.250% due 12/15/2027 | 1700 | 1671 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  5.125% due 06/30/2027 | 9500 | 9605 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.350% due 05/09/2027 | 3300 | 3311 |
|  4.750% due 05/09/2032 | 300 | 302 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  3.875% due 04/15/2026 | 3500 | 4114 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |
|  4.750% due 01/15/2029 | 7200 | 7057 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  7.375% due 01/15/2026 | 6900 | 6933 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.500% due 10/20/2025 | 108 | 108 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 1900 | 1956 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.875% due 02/01/2029 | 300 | 301 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  2.900% due 03/01/2027 | 1200 | 1179 |
|  3.450% due 03/01/2032 | 2200 | 2034 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 4500 | 5292 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  8.750% due 05/15/2030 | 4000 | 4182 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 11/15/2031 | 500 | 449 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 3000 | 2970 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 | 6500 | 6258 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.875% due 06/23/2027 | 5500 | 5549 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 (m) | 1500 | 1695 |
|  INEOS Styrolution Ludwigshafen GmbH | INEOS Styrolution Ludwigshafen GmbH | INEOS Styrolution Ludwigshafen GmbH |
|  2.250% due 01/16/2027 | 2450 | 2830 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 2955 | 3502 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 353 | 332 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 4600 | 4704 |
|  6.200% due 08/15/2034 | 1900 | 1989 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 1700 | 1477 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 | 500 | 447 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  2.652% due 03/17/2026 | 300 | 352 |
|  4.345% due 09/17/2027 | 5200 | 5106 |
|  4.810% due 09/17/2030 | 1100 | 1037 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.567% due 07/16/2027 | 1400 | 1410 |
|  4.620% due 07/16/2028 | 1300 | 1313 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  4.400% due 06/01/2027 | 1800 | 1807 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.950% due 01/28/2031 | 2200 | 2132 |
|  10.000% due 02/07/2033 | 2300 | 2671 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  5.000% due 03/15/2027 | 1423 | 1432 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  5.400% due 08/08/2028 | 1500 | 1536 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 1906 | 2226 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.250% due 11/15/2031 | 1400 | 1232 |
|  3.875% due 04/15/2030 | 2100 | 2060 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 1300 | 1234 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 216 | 324 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2033 | 2000 | 1656 |
|  6.500% due 02/09/2034 | 400 | 381 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (f) | 16 | 18 |
|  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 (c) | 2903 | 537 |
|  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 (c) | 1374 | 1057 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 378 | 348 |
|  5.875% due 04/15/2029 | 1881 | 1935 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 300 | 300 |
|  4.625% due 04/15/2029 | 1600 | 1577 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  8.125% due 06/01/2028 | 370 | 383 |
|  8.375% due 06/01/2031 | 500 | 525 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  7.500% due 05/01/2033 | 3400 | 3759 |
|  7.750% due 05/01/2035 | 3400 | 3840 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 1200 | 1210 |
|  5.700% due 08/01/2035 | 2450 | 2492 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  5.250% due 05/15/2029 | 3700 | 4874 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 | 4800 | 5049 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 3300 | 3329 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 600 | 600 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  1.164% due 11/15/2027 | 1700 | 1939 |
|  |  | 203667 |
| UTILITIES 2.0% | UTILITIES 2.0% | UTILITIES 2.0% |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.300% due 02/15/2030 | 105 | 105 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  3.757% due 03/16/2032 | 1900 | 1791 |
|  BP Capital Markets BV | BP Capital Markets BV | BP Capital Markets BV |
|  3.360% due 09/12/2031 | 4100 | 4877 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 2850 | 3642 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.700% due 05/15/2032 | 6900 | 6989 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  6.050% due 09/01/2033 | 1800 | 1909 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2600 | 2508 |
|  3.150% due 01/01/2026 | 1500 | 1495 |
|  3.250% due 06/01/2031 | 2800 | 2576 |
|  3.300% due 12/01/2027 | 1000 | 979 |
|  3.950% due 12/01/2047 | 600 | 449 |
|  4.200% due 03/01/2029 | 5500 | 5455 |
|  4.300% due 03/15/2045 | 700 | 563 |
|  4.400% due 03/01/2032 | 1100 | 1074 |
|  4.450% due 04/15/2042 | 400 | 336 |
|  4.500% due 07/01/2040 | 200 | 174 |
|  4.550% due 07/01/2030 | 1000 | 994 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.700% due 06/01/2027 | 3100 | 3113 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 | 5900 | 5814 |
|  Sprint LLC | Sprint LLC | Sprint LLC |
|  7.625% due 03/01/2026 | 6600 | 6615 |
|  |  | 51458 |
|  Total Corporate Bonds & Notes<br>(Cost $537,600) | Total Corporate Bonds & Notes<br>(Cost $537,600) | 535917 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 39

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  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 | 2500 | 2130 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  7.350% due 07/01/2035 | 786 | 857 |
| WEST VIRGINIA 0.2% | WEST VIRGINIA 0.2% | WEST VIRGINIA 0.2% |
|  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 (f) | 34905 | 3262 |
|  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 |
|  3.401% due 06/01/2034 | 400 | 348 |
|  3.501% due 06/01/2035 | 400 | 342 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 |
|  1.820% due 06/01/2026 | 200 | 197 |
|  |  | 4149 |
|  Total Municipal Bonds & Notes (Cost $9,062) | Total Municipal Bonds & Notes (Cost $9,062) | 7136 |
| U.S. GOVERNMENT AGENCIES 66.0% | U.S. GOVERNMENT AGENCIES 66.0% | U.S. GOVERNMENT AGENCIES 66.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 07/01/2047 | 56 | 54 |
|  6.000% due 04/01/2055 | 21689 | 22546 |
|  6.191% due 09/01/2035 •  | 2 | 2 |
|  6.348% due 12/01/2032 •  | 1 | 1 |
|  6.481% due 08/01/2035 •  | 1 | 1 |
|  6.515% due 03/01/2036 •  | 6 | 6 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.367% due 03/15/2050 ~(a) | 18317 | 809 |
|  1.500% due 02/25/2036 (a) | 11702 | 482 |
|  1.529% due 04/25/2048 - 11/25/2049 •(a) | 17070 | 2320 |
|  2.000% due 01/25/2051 - 04/25/2051 (a) | 16822 | 1844 |
|  2.500% due 03/25/2051 (a) | 18172 | 2819 |
|  3.000% due 10/25/2049 - 11/25/2051 (a) | 21694 | 3400 |
|  3.500% due 03/25/2050 - 07/25/2051 (a) | 16653 | 3124 |
|  4.500% due 03/15/2032 (a) | 506 | 41 |
|  4.810% due 08/15/2040 •  | 375 | 370 |
|  4.837% due 12/15/2029 •  | 10 | 9 |
|  5.000% due 02/15/2048 - 05/25/2050 (a) | 4876 | 1037 |
|  5.500% due 09/15/2039 | 17 | 17 |
|  6.000% due 05/15/2035 | 32 | 33 |
|  7.500% due 08/15/2030 | 3 | 3 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.000% due 06/25/2052 (a) | 17866 | 2215 |
|  2.500% due 01/25/2052 (a) | 14469 | 2183 |
|  3.000% due 12/15/2047 - 04/25/2053 (a) | 31204 | 5182 |
|  3.500% due 06/15/2049 (a) | 2457 | 504 |
|  4.000% due 06/15/2049 (a) | 4365 | 791 |
|  5.000% due 06/25/2053 (a) | 17188 | 3712 |
|  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 |
|  4.345% due 07/25/2033 ~ | 1 | 1 |
|  5.553% due 07/25/2044 •  | 539 | 522 |
|  6.500% due 10/25/2043 | 30 | 31 |
|  6.555% due 09/25/2029 ~ | 11 | 11 |
|  7.000% due 07/25/2043 | 21 | 22 |
|  7.002% due 11/25/2030 þ | 1 | 1 |
|  7.500% due 07/25/2043 - 03/25/2044 | 32 | 35 |
|  8.610% due 12/25/2030 þ | 61 | 58 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 03/01/2050 | 60836 | 54393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 10/01/2040 - 06/01/2048 | $— | 5563 | $— | 5214 |
|  4.000% due 05/01/2047 - 04/01/2048 |  | 7522 |  | 7220 |
|  4.437% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.891% due 12/01/2036 •  |  | 1 |  | 1 |
|  5.421% due 08/01/2042 - 10/01/2044 •  |  | 56 |  | 57 |
|  6.007% due 12/01/2034 •  |  | 4 |  | 5 |
|  6.125% due 08/01/2029 •  |  | 1 |  | 1 |
|  6.253% due 05/01/2036 •  |  | 17 |  | 18 |
|  6.326% due 09/01/2034 •  |  | 2 |  | 2 |
|  6.420% due 12/01/2034 •  |  | 5 |  | 5 |
|  6.425% due 01/01/2036 - 03/01/2036 •  |  | 59 |  | 60 |
|  6.500% due 06/01/2036 - 08/01/2038 |  | 464 |  | 490 |
|  6.526% due 11/01/2034 •  |  | 38 |  | 40 |
|  6.625% due 02/01/2036 •  |  | 20 |  | 21 |
|  6.654% due 09/01/2031 •  |  | 3 |  | 3 |
|  7.045% due 09/01/2039 •  |  | 7 |  | 7 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 02/25/2044 |  | 6 |  | 6 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  3.000% due 03/25/2050 (a) |  | 6981 |  | 1245 |
|  5.000% due 08/25/2053 - 11/25/2053 (a) |  | 21871 |  | 4728 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  1.286% due 07/25/2043 •(a) |  | 4973 |  | 674 |
|  1.619% due 06/25/2050 ~(a) |  | 5630 |  | 388 |
|  1.629% due 06/25/2047 •(a) |  | 302 |  | 41 |
|  1.729% due 06/25/2048 •(a) |  | 5500 |  | 682 |
|  2.000% due 07/25/2052 (a) |  | 10023 |  | 1291 |
|  2.029% due 01/25/2042 •(a) |  | 3537 |  | 508 |
|  3.000% due 11/25/2051 - 01/25/2052 (a) |  | 14118 |  | 2448 |
|  3.500% due 11/25/2051 (a) |  | 28218 |  | 5204 |
|  4.500% due 09/25/2053 (a) |  | 10213 |  | 2318 |
|  4.523% due 12/25/2036 •  |  | 13 |  | 12 |
|  4.583% due 03/25/2034 •  |  | 4 |  | 4 |
|  4.593% due 03/25/2036 •  |  | 5 |  | 5 |
|  4.613% due 08/25/2034 •  |  | 1 |  | 1 |
|  4.821% due 03/25/2037 •  |  | 32 |  | 32 |
|  5.000% due 01/25/2035 |  | 2 |  | 2 |
|  5.000% due 06/25/2041 (a) |  | 368 |  | 47 |
|  5.051% due 04/18/2032 •  |  | 7 |  | 7 |
|  6.000% due 01/25/2033 - 04/25/2043 |  | 27 |  | 28 |
|  6.373% due 05/25/2035 ~ |  | 3 |  | 3 |
|  7.500% due 06/25/2032 |  | 8 |  | 8 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  5.295% due 02/25/2033 þ |  | 37 |  | 37 |
|  6.000% due 07/25/2044 |  | 25 |  | 26 |
|  6.089% due 10/25/2031 þ |  | 1 |  | 1 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  1.586% due 12/25/2042 ~(a) |  | 6608 |  | 364 |
|  4.821% due 05/25/2042 •  |  | 1 |  | 1 |
|  5.750% due 08/25/2033 |  | 17 |  | 17 |
|  Federal National Mortgage Association Whole Loan | Federal National Mortgage Association Whole Loan | Federal National Mortgage Association Whole Loan | Federal National Mortgage Association Whole Loan | Federal National Mortgage Association Whole Loan |
|  1.537% due 11/25/2046 ~(a) |  | 3353 |  | 128 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% due 07/20/2030 •  |  | 4 |  | 4 |
|  4.750% due 10/20/2027 - 10/20/2029 •  |  | 3 |  | 3 |
|  5.000% (H15T1Y + 1.500%) due 07/20/2026 - 09/20/2026 ~ |  | 1 |  | 1 |
|  5.000% due 03/15/2039 - 05/15/2039 |  | 401 |  | 410 |
|  5.500% due 10/15/2034 - 03/15/2035 |  | 25 |  | 26 |
|  5.625% due 01/20/2027 - 04/20/2030 •  |  | 6 |  | 5 |
|  6.000% due 06/20/2038 |  | 8 |  | 8 |
|  8.000% due 03/20/2030 |  | 3 |  | 3 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.800% due 08/20/2049 - 09/20/2049 •(a) |  | 11233 |  | &nbsp;&nbsp;&nbsp;&nbsp;1364 |
|  4.550% due 05/20/2037 •  |  | 172 |  | 170 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 | 4400 | 3789 |
|  5.000% due 10/01/2055 - 11/01/2055 | 160400 | 159519 |
|  6.000% due 10/01/2055 - 11/01/2055 | 126900 | 129077 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.600% due 09/01/2028 | 19 | 19 |
|  6.220% due 12/01/2028 | 20 | 21 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 25100 | 22052 |
|  4.000% due 11/01/2055 | 106200 | 100079 |
|  4.500% due 10/01/2055 - 11/01/2055 | 69800 | 67679 |
|  5.000% due 10/01/2055 - 11/01/2055 | 495900 | 491530 |
|  5.500% due 11/01/2055 | 60150 | 60610 |
|  6.000% due 10/01/2055 - 11/01/2055 | 409000 | 417781 |
|  6.500% due 11/01/2055 | 86000 | 88935 |
|  Total U.S. Government Agencies<br>(Cost $1,709,301) | Total U.S. Government Agencies<br>(Cost $1,709,301) | 1685065 |
| U.S. TREASURY OBLIGATIONS 11.5% | U.S. TREASURY OBLIGATIONS 11.5% | U.S. TREASURY OBLIGATIONS 11.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.375% due 02/15/2042 (q) | 12200 | 9045 |
|  2.500% due 02/15/2045 | 20 | 14 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.625% due 07/15/2032 (o)(q) | 47001 | 44502 |
|  1.125% due 01/15/2033 (o)(q) | 50318 | 48786 |
|  1.375% due 07/15/2033 | 20422 | 20115 |
|  1.750% due 01/15/2034 (o)(q) | 11875 | 11935 |
|  1.875% due 07/15/2034 | 39840 | 40436 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.500% due 03/31/2027 (o)(q) | 6300 | 6195 |
|  4.250% due 11/15/2034 (q) | 112200 | 113488 |
|  Total U.S. Treasury Obligations<br>(Cost $287,917) | Total U.S. Treasury Obligations<br>(Cost $287,917) | 294516 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.3% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.532% due 03/25/2036 •  | 179 | 106 |
|  4.755% due 10/25/2035 ~ | 61 | 57 |
|  5.450% due 09/25/2035 ~ | 2 | 2 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 195 | 173 |
|  5.073% due 11/25/2046 •  | 8120 | 1985 |
|  5.123% due 10/25/2046 •  | 98 | 82 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 ~ | 5170 | 4194 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  3.501% due 10/20/2046 ~ | 587 | 504 |
|  4.358% due 06/20/2037 ~ | 39 | 34 |
|  4.570% due 02/20/2047 •  | 634 | 612 |
|  4.630% due 10/20/2036 •  | 220 | 171 |
|  4.692% due 04/25/2037 •  | 183 | 155 |
|  4.810% due 06/20/2047 •  | 576 | 477 |
|  5.072% due 05/25/2037 •  | 121 | 104 |
|  5.500% due 09/25/2034 | 300 | 291 |
|  5.806% due 03/25/2037 ~ | 4 | 4 |
|  5.878% due 10/25/2036 ~ | 121 | 110 |
|  6.000% due 08/25/2037 | 325 | 269 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.864% due 02/25/2034 ~ | 15 | 15 |
|  6.457% due 05/25/2034 ~ | 31 | 30 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  0.000% due 02/26/2036 ~ | 243 | 0 |
|  5.250% due 02/26/2036 ~ | 1308 | 497 |
|  5.250% due 06/26/2037 | 216 | 192 |
|  26.541% due 04/26/2037 ~ | 148 | 72 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.093% due 03/25/2036 ~ | 139 | 111 |
|  4.167% due 11/25/2036 ~ | 313 | 141 |
|  4.592% due 08/25/2036 •  | 748 | 644 |
|  4.612% due 08/25/2036 •  | 318 | 288 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.672% due 02/25/2034 •  | $— | 26 | $— | 24 |
|  4.693% due 03/25/2036 ~ |  | 655 |  | 375 |
|  4.712% due 04/25/2036 •  |  | 835 |  | 753 |
|  4.774% due 08/25/2036 ~ |  | 9 |  | 6 |
|  4.850% due 11/25/2035 ~ |  | 52 |  | 39 |
|  5.170% due 01/25/2036 ~ |  | 332 |  | 316 |
|  5.425% due 05/25/2035 ~ |  | 578 |  | 555 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  0.000% due 10/25/2034 ~ |  | 11 |  | 9 |
|  4.000% due 05/25/2034 ~ |  | 3 |  | 3 |
|  4.928% due 08/25/2035 ~ |  | 18 |  | 17 |
|  5.912% due 11/25/2034 ~ |  | 1 |  | 1 |
|  6.212% due 04/25/2034 ~ |  | 15 |  | 15 |
|  6.341% due 11/25/2034 ~ |  | 31 |  | 29 |
|  6.513% due 01/25/2034 ~ |  | 83 |  | 83 |
|  6.896% due 05/25/2034 ~ |  | 6 |  | 6 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.652% due 01/25/2037 •  |  | 1003 |  | 945 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.152% due 06/25/2035 ~ |  | 11 |  | 11 |
|  6.522% due 02/25/2037 ~ |  | 6 |  | 6 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.872% due 07/25/2037 •  |  | 333 |  | 295 |
|  6.000% due 02/25/2037 |  | 560 |  | 184 |
|  ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates |
|  4.262% due 08/25/2037 þ |  | 1127 |  | 960 |
|  Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates |
|  4.502% due 05/25/2036 •  |  | 299 |  | 288 |
|  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 |
|  4.228% due 03/25/2037 ~ |  | 41 |  | 35 |
|  4.667% due 09/25/2034 ~ |  | 7 |  | 7 |
|  4.912% due 03/25/2035 •  |  | 66 |  | 66 |
|  4.932% due 02/25/2035 •  |  | 28 |  | 26 |
|  4.964% due 07/25/2034 ~ |  | 47 |  | 45 |
|  5.012% due 02/25/2035 •  |  | 472 |  | 442 |
|  5.032% due 09/25/2034 •  |  | 1 |  | 1 |
|  5.097% due 11/25/2034 ~ |  | 18 |  | 18 |
|  5.500% due 11/25/2035 |  | 42 |  | 22 |
|  5.500% due 07/25/2037 |  | 395 |  | 157 |
|  5.750% due 07/25/2037 |  | 1489 |  | 697 |
|  5.750% due 08/25/2037 |  | 5967 |  | 2955 |
|  6.000% due 02/25/2036 |  | 298 |  | 96 |
|  6.000% due 03/25/2036 |  | 3 |  | 1 |
|  6.137% due 12/25/2033 ~ |  | 7 |  | 7 |
|  6.224% due 02/20/2036 •  |  | 66 |  | 58 |
|  6.248% due 02/20/2036 •  |  | 376 |  | 352 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 287 |  | 277 |
|  4.672% due 11/25/2034 •  |  | 7 |  | 7 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 09/25/2037 |  | 54 |  | 56 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.768% due 11/25/2036 ~ |  | 195 |  | 168 |
|  5.482% due 08/25/2035 ~ |  | 110 |  | 104 |
|  5.840% due 09/25/2035 •  |  | 10 |  | 10 |
|  6.310% due 11/25/2035 •  |  | 121 |  | 123 |
|  6.743% due 02/25/2034 ~ |  | 4 |  | 4 |
|  6.825% due 09/25/2037 ~ |  | 40 |  | 40 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 251 |  | 221 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.963% due 10/25/2035 ~ |  | 218 |  | 187 |
|  4.333% due 06/25/2037 ~ |  | 31 |  | 30 |
|  4.512% due 06/25/2036 •  |  | 404 |  | 382 |
|  4.552% due 04/25/2047 •  |  | 1677 |  | 1557 |
|  4.622% due 05/25/2036 •  |  | 895 |  | 338 |
|  4.622% due 05/25/2037 •  |  | 33 |  | 10 |
|  4.642% due 02/25/2037 •  |  | 6946 |  | 1979 |
|  4.652% due 09/25/2046 •  |  | 41 |  | 40 |
|  4.672% due 05/25/2036 •  |  | 814 |  | 626 |
|  4.672% due 06/25/2037 •  |  | 10 |  | 9 |
|  4.710% due 07/20/2035 •  |  | 12 |  | 11 |
|  4.722% due 09/25/2035 •  |  | 1951 |  | 1169 |
|  4.772% due 12/25/2035 •  |  | 2009 |  | 794 |
|  4.772% due 05/25/2037 •  |  | 798 |  | 251 |
|  4.772% due 09/25/2046 •  |  | 812 |  | 668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.832% due 12/25/2035 •  | $— | 204 | $— | 192 |
|  4.890% due 11/20/2035 •  |  | 1211 |  | 1096 |
|  4.972% due 05/25/2036 •  |  | 1001 |  | 407 |
|  4.982% due 07/25/2036 •  |  | 793 |  | 259 |
|  5.022% due 08/25/2035 •  |  | 39 |  | 31 |
|  5.072% due 12/25/2035 •  |  | 242 |  | 205 |
|  5.172% due 12/25/2036 •  |  | 4028 |  | 1282 |
|  5.250% due 06/25/2035 |  | 8 |  | 6 |
|  5.500% due 04/25/2035 |  | 231 |  | 192 |
|  5.500% due 10/25/2035 |  | 184 |  | 95 |
|  5.500% due 11/25/2035 |  | 1113 |  | 605 |
|  5.500% due 12/25/2035 |  | 162 |  | 81 |
|  5.500% due 01/25/2036 |  | 173 |  | 94 |
|  5.500% due 03/25/2036 |  | 38 |  | 16 |
|  5.633% due 01/25/2036 •  |  | 388 |  | 370 |
|  5.750% due 07/25/2035 |  | 1136 |  | 692 |
|  6.000% due 04/25/2036 |  | 543 |  | 234 |
|  6.000% due 01/25/2037 |  | 640 |  | 314 |
|  6.000% due 02/25/2037 |  | 1984 |  | 780 |
|  6.000% due 03/25/2037 |  | 667 |  | 221 |
|  6.000% due 08/25/2037 |  | 470 |  | 217 |
|  6.250% due 11/25/2036 |  | 300 |  | 220 |
|  6.500% due 09/25/2037 |  | 1060 |  | 372 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  6.000% due 05/25/2036 |  | 356 |  | 195 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ |  | 24 |  | 24 |
|  6.000% due 01/25/2036 |  | 642 |  | 394 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  7.000% due 02/25/2034 |  | 20 |  | 20 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.250% due 08/25/2036 |  | 288 |  | 104 |
|  7.000% due 08/25/2037 ~ |  | 794 |  | 375 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.431% due 11/10/2032 |  | 1200 |  | 961 |
|  4.197% due 07/27/2037 ~ |  | 1182 |  | 1088 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.660% due 10/15/2036 •  |  | 1000 |  | 993 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.472% due 08/25/2037 •  |  | 11 |  | 9 |
|  4.512% due 08/25/2036 •  |  | 992 |  | 908 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.572% due 04/25/2037 •  |  | 273 |  | 193 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.988% due 08/19/2045 •  |  | 7 |  | 6 |
|  5.073% due 03/19/2046 •  |  | 231 |  | 199 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.842% due 04/17/2041 •  |  | 343 |  | 402 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.484% due 06/10/2044 •  |  | 5102 |  | 5949 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | $— | 10204 |  | 10212 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.347% due 01/25/2036 ~ |  | 1970 |  | 946 |
|  4.640% due 03/25/2035 ~ |  | 14 |  | 8 |
|  5.120% due 06/25/2036 ~ |  | 172 |  | 136 |
|  5.326% due 04/25/2036 ~ |  | 140 |  | 116 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ |  | 64 |  | 43 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.812% due 11/25/2045 •  |  | 31 |  | 29 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ |  | 4 |  | 4 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.712% due 06/25/2045 •  |  | 3 |  | 3 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  |  | 184 |  | 210 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 03/25/2035 •  | $— | 26 |  | 24 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.898% due 06/25/2034 ~ |  | 21 |  | 21 |
|  5.750% due 03/25/2036 |  | 129 |  | 116 |
|  5.750% due 01/25/2037 |  | 309 |  | 181 |
|  5.880% due 03/25/2033 •  |  | 1 |  | 1 |
|  6.000% due 02/25/2036 |  | 1079 |  | 391 |
|  6.000% due 03/25/2037 |  | 626 |  | 311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/25/2037 | $— | 160 | $— | 116 |
|  6.500% due 09/25/2036 |  | 319 |  | 139 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.428% due 11/19/2046 •  |  | 17 |  | 12 |
|  4.728% due 06/19/2035 •  |  | 13 |  | 13 |
|  4.748% due 01/19/2036 •  |  | 805 |  | 523 |
|  4.783% due 06/19/2045 •  |  | 2310 |  | 1037 |
|  4.808% due 02/19/2036 •  |  | 560 |  | 240 |
|  4.828% due 11/19/2036 •  |  | 69 |  | 61 |
|  4.868% due 11/19/2035 •  |  | 232 |  | 151 |
|  5.068% due 11/19/2034 •  |  | 216 |  | 197 |
|  5.748% due 10/19/2035 •  |  | 307 |  | 221 |
|  5.932% due 04/19/2034 ~ |  | 3 |  | 2 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.682% due 04/25/2037 ~ |  | 3518 |  | 3172 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.932% due 03/25/2035 •  |  | 37 |  | 34 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.972% due 05/25/2036 •  |  | 28 |  | 26 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  3.839% due 06/25/2037 ~ |  | 433 |  | 261 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.029% due 12/25/2036 ~ |  | 16 |  | 12 |
|  5.496% due 01/25/2036 ~ |  | 299 |  | 283 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.558% due 01/25/2036 ~ |  | 186 |  | 167 |
|  4.037% due 06/25/2036 ~ |  | 389 |  | 345 |
|  4.580% due 12/25/2034 ~ |  | 154 |  | 146 |
|  4.592% due 04/25/2037 •  |  | 199 |  | 178 |
|  4.652% due 09/25/2046 •  |  | 15 |  | 14 |
|  4.672% due 11/25/2046 •  |  | 221 |  | 211 |
|  4.772% due 02/25/2037 •  |  | 1052 |  | 708 |
|  4.954% due 10/25/2034 ~ |  | 501 |  | 479 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.552% due 03/25/2037 •  |  | 343 |  | 294 |
|  4.632% due 06/25/2037 •  |  | 3629 |  | 1845 |
|  4.779% due 05/25/2037 ~ |  | 511 |  | 451 |
|  4.946% due 06/27/2037 •  |  | 163 |  | 96 |
|  5.500% due 11/25/2036 ~ |  | 1 |  | 0 |
|  5.843% due 05/26/2037 ~ |  | 2178 |  | 1720 |
|  6.810% due 08/25/2036 þ |  | 464 |  | 456 |
|  JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust | JP Morgan Chase Commercial Mortgage<br>Securities Trust |
|  4.248% due 07/05/2033 |  | 1300 |  | 1237 |
|  4.997% due 04/15/2037 •  |  | 976 |  | 963 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 05/25/2034 ~ |  | 25 |  | 25 |
|  4.983% due 11/25/2035 ~ |  | 125 |  | 97 |
|  5.204% due 07/25/2035 ~ |  | 7 |  | 7 |
|  5.464% due 04/25/2037 ~ |  | 16 |  | 12 |
|  5.729% due 04/25/2036 ~ |  | 73 |  | 64 |
|  5.750% due 01/25/2036 |  | 771 |  | 326 |
|  5.945% due 11/25/2033 ~ |  | 1 |  | 1 |
|  6.000% due 08/25/2037 |  | 9 |  | 4 |
|  6.250% due 07/25/2036 |  | 1238 |  | 363 |
|  6.500% due 01/25/2036 |  | 408 |  | 205 |
|  6.500% due 08/25/2036 |  | 1412 |  | 455 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.672% due 08/25/2046 •  |  | 768 |  | 753 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ |  | 10 |  | 9 |
|  5.859% due 05/25/2034 ~ |  | 34 |  | 33 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  |  | 13 |  | 12 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.705% due 12/15/2030 •  |  | 25 |  | 24 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  0.056% due 11/25/2029 ~(a) |  | 297 |  | 0 |
|  4.440% due 03/25/2036 ~ |  | 598 |  | 294 |
|  5.601% due 02/25/2036 ~ |  | 256 |  | 252 |
|  6.054% due 02/25/2033 ~ |  | 4 |  | 4 |
|  7.000% due 05/25/2033 ~ |  | 1 |  | 1 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.582% due 07/25/2035 ~ |  | 68 |  | 61 |
|  3.777% due 12/25/2037 ~ |  | 915 |  | 588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.171% due 08/25/2034 ~ | $— | 28 | $— | 26 |
|  4.532% due 03/25/2036 •  |  | 175 |  | 113 |
|  5.252% due 07/25/2035 ~ |  | 44 |  | 36 |
|  5.654% due 08/25/2034 ~ |  | 3 |  | 3 |
|  6.035% due 06/25/2036 ~ |  | 10 |  | 10 |
|  6.500% due 06/25/2036 ~ |  | 255 |  | 247 |
|  NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates |
|  6.500% due 02/25/2035 |  | 318 |  | 277 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.858% due 04/10/2037 |  | 330 |  | 289 |
|  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 ~ |  | 4704 |  | 4549 |
|  2.750% due 11/25/2059 ~ |  | 7652 |  | 7372 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.350% due 10/25/2035 ~ |  | 196 |  | 176 |
|  5.112% due 06/25/2037 •  |  | 2863 |  | 2409 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.058% due 12/26/2034 ~ |  | 143 |  | 47 |
|  4.522% due 02/25/2036 •  |  | 117 |  | 75 |
|  4.632% due 05/25/2036 •  |  | 644 |  | 590 |
|  4.642% due 12/25/2036 •  |  | 45 |  | 40 |
|  4.672% due 11/25/2036 •  |  | 148 |  | 106 |
|  4.772% due 08/25/2037 •  |  | 29 |  | 28 |
|  4.903% due 02/25/2035 ~ |  | 431 |  | 383 |
|  5.072% due 10/25/2045 •  |  | 105 |  | 75 |
|  5.160% due 01/25/2036 ~ |  | 1016 |  | 681 |
|  6.000% due 06/25/2036 |  | 135 |  | 111 |
|  6.196% due 09/25/2037 ~ |  | 6084 |  | 4029 |
|  6.500% due 09/25/2037 |  | 175 |  | 146 |
|  RBSGC Structured Trust | RBSGC Structured Trust | RBSGC Structured Trust | RBSGC Structured Trust | RBSGC Structured Trust |
|  5.500% due 11/25/2035 ~ |  | 1339 |  | 1122 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.361% due 06/27/2036 •  |  | 1239 |  | 1235 |
|  4.677% due 06/27/2036 •  |  | 3500 |  | 3110 |
|  4.677% due 08/27/2037 •  |  | 114 |  | 113 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  |  | 1463 |  | 394 |
|  4.722% due 02/25/2034 •  |  | 41 |  | 39 |
|  5.500% due 09/25/2035 |  | 81 |  | 35 |
|  5.500% due 12/25/2035 |  | 227 |  | 101 |
|  5.750% due 02/25/2036 |  | 784 |  | 259 |
|  6.000% due 07/25/2036 |  | 328 |  | 158 |
|  6.000% due 07/25/2037 |  | 1358 |  | 494 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  0.000% due 09/25/2036 ~ |  | 7 |  | 0 |
|  5.594% due 02/25/2036 ~ |  | 171 |  | 163 |
|  6.000% due 10/25/2036 |  | 237 |  | 193 |
|  6.500% due 03/25/2032 |  | 7 |  | 7 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  4.255% due 06/12/2044 •  |  | 344 |  | 457 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.573% due 09/20/2046 ~ | $— | 29 |  | 19 |
|  STRIPs III Ltd. | STRIPs III Ltd. | STRIPs III Ltd. | STRIPs III Ltd. | STRIPs III Ltd. |
|  5.000% due 03/27/2049 ~ |  | 239 |  | 4 |
|  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 |
|  4.059% due 04/25/2036 ~ |  | 260 |  | 135 |
|  4.260% due 09/25/2036 ~ |  | 160 |  | 108 |
|  4.509% due 10/25/2036 ~ |  | 265 |  | 132 |
|  4.592% due 10/25/2035 •  |  | 1586 |  | 1531 |
|  4.712% due 06/25/2037 •  |  | 819 |  | 760 |
|  4.833% due 01/25/2035 ~ |  | 41 |  | 40 |
|  5.281% due 03/25/2034 ~ |  | 4 |  | 3 |
|  5.553% due 01/25/2035 •  |  | 9 |  | 8 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.392% due 08/25/2036 •  |  | 95 |  | 84 |
|  4.632% due 07/25/2046 •  |  | 1288 |  | 1118 |
|  4.692% due 05/25/2036 •  |  | 83 |  | 58 |
|  4.692% due 08/25/2036 •  |  | 460 |  | 382 |
|  4.732% due 05/25/2045 •  |  | 21 |  | 20 |
|  4.748% due 07/19/2035 •  |  | 38 |  | 38 |
|  4.828% due 07/19/2034 •  |  | 2 |  | 2 |
|  4.832% due 02/25/2036 •  |  | 130 |  | 109 |
|  4.872% due 08/25/2036 •  |  | 446 |  | 329 |
|  4.948% due 03/19/2034 •  |  | 1 |  | 1 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.698% due 03/25/2033 ~ |  | 14 |  | 14 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.297% due 10/25/2043 ~ | $| 40 | 38 |
|  5.583% due 06/25/2037 •  |  | 8186 | 7023 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ |  | 10810 | 10402 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.988% due 05/20/2036 ~ |  | 16 | 16 |
|  7.280% due 10/20/2035 ~ |  | 124 | 119 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.727% due 05/25/2046 •  |  | 66 | 55 |
|  3.752% due 10/25/2036 ~ |  | 14 | 13 |
|  3.866% due 10/25/2036 ~ |  | 344 | 305 |
|  3.903% due 07/25/2037 ~ |  | 183 | 164 |
|  3.943% due 12/25/2046 •  |  | 237 | 216 |
|  3.949% due 12/25/2046 •  |  | 129 | 114 |
|  3.988% due 03/25/2037 ~ |  | 11989 | 10401 |
|  4.009% due 06/25/2037 ~ |  | 712 | 628 |
|  4.108% due 05/25/2037 ~ |  | 18 | 15 |
|  4.812% due 12/25/2045 •  |  | 2 | 2 |
|  4.852% due 12/25/2045 •  |  | 221 | 203 |
|  4.883% due 01/25/2047 •  |  | 59 | 57 |
|  4.903% due 06/25/2047 •  |  | 29 | 25 |
|  4.936% due 01/25/2036 ~ |  | 286 | 277 |
|  4.961% due 03/25/2035 ~ |  | 59 | 59 |
|  5.133% due 06/25/2046 •  |  | 366 | 344 |
|  5.353% due 11/25/2042 •  |  | 4 | 4 |
|  5.527% due 08/25/2035 ~ |  | 145 | 152 |
|  5.553% due 06/25/2042 •  |  | 61 | 58 |
|  5.553% due 08/25/2042 •  |  | 32 | 31 |
|  5.706% due 09/25/2033 ~ |  | 2 | 2 |
|  5.771% due 06/25/2033 ~ |  | 25 | 25 |
|  5.781% due 03/25/2033 ~ |  | 18 | 18 |
|  5.999% due 10/25/2034 ~ |  | 51 | 50 |
|  6.187% due 03/25/2034 ~ |  | 1 | 1 |
|  6.774% due 12/25/2032 ~ |  | 1169 | 1145 |
|  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 (f) | GBP | 0 | 772 |
|  4.937% due 12/21/2049 •  |  | 2035 | 2746 |
|  5.636% due 12/21/2049 •  |  | 910 | 1233 |
|  6.136% due 12/21/2049 •  |  | 455 | 613 |
|  6.636% due 12/21/2049 •  |  | 260 | 349 |
|  7.136% due 12/21/2049 •  |  | 260 | 346 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.923% due 04/25/2047 •  | $| 2368 | 1967 |
|  4.972% due 01/25/2036 •  |  | 1865 | 1509 |
|  5.500% due 11/25/2035 |  | 78 | 64 |
|  5.750% due 11/25/2035 |  | 462 | 445 |
|  6.000% due 10/25/2035 |  | 282 | 224 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.690% due 06/25/2033 ~ |  | 11 | 10 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  4.622% due 06/25/2037 •  |  | 519 | 376 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.874% due 06/15/2036 ~ |  | 1400 | 1292 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.085% due 04/25/2036 ~ |  | 25 | 24 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $181,243) | Total Non-Agency Mortgage-Backed Securities (Cost $181,243) | Total Non-Agency Mortgage-Backed Securities (Cost $181,243) | 160764 |
| ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% |
| HOME EQUITY OTHER 7.0% | HOME EQUITY OTHER 7.0% | HOME EQUITY OTHER 7.0% | HOME EQUITY OTHER 7.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.572% due 05/25/2037 •  |  | 8620 | 8161 |
|  4.972% due 06/25/2034 •  |  | 243 | 244 |
|  5.272% due 06/25/2037 •  |  | 32 | 27 |
|  5.322% due 03/25/2034 •  |  | 530 | 520 |
|  5.397% due 12/25/2032 •  |  | 109 | 109 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.512% due 08/25/2036 •  |  | 2792 | 630 |
|  4.592% due 08/25/2036 •  |  | 1497 | 338 |
|  4.672% due 12/25/2036 •  |  | 4744 | 1192 |
|  5.247% due 11/25/2033 •  |  | 110 | 111 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.272% due 03/25/2035 •  |  | 98 | 94 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.397% due 11/25/2034 •  | 870 | 846 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.972% due 10/25/2031 •  | 142 | 141 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 346 | 111 |
|  4.422% due 09/25/2036 •  | 815 | 263 |
|  4.572% due 06/25/2036 •  | 3283 | 895 |
|  4.572% due 07/25/2036 •  | 1950 | 531 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.461% due 02/25/2034 •  | 376 | 400 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  5.367% due 02/25/2035 •  | 288 | 291 |
|  Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust |
|  5.210% due 02/28/2040 •  | 44 | 43 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 1928 | 1876 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 11/25/2042 •  | 2 | 2 |
|  C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust |
|  3.270% due 03/25/2037 þ | 7286 | 2547 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.572% due 11/25/2036 •  | 783 | 356 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.432% due 10/25/2036 •  | 715 | 550 |
|  4.752% due 06/25/2036 •  | 1807 | 1740 |
|  5.172% due 05/25/2034 •  | 676 | 726 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 7761 | 7859 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 09/25/2036 •  | 8147 | 6302 |
|  4.592% due 12/25/2036 •  | 1529 | 1046 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.952% due 12/25/2036 •  | 139 | 115 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.892% due 09/25/2037 •  | 1685 | 1401 |
|  4.992% due 07/25/2034 •  | 47 | 50 |
|  5.772% due 02/25/2035 •  | 734 | 733 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.168% due 01/25/2032 •  | 1 | 1 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  7.790% due 05/25/2030 þ | 43 | 42 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.757% due 11/25/2036 •  | 1249 | 812 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.422% due 01/25/2037 •  | 1284 | 594 |
|  4.532% due 11/25/2036 •  | 4526 | 1583 |
|  4.752% due 02/25/2037 •  | 3315 | 1030 |
|  4.772% due 05/25/2036 •  | 7848 | 5102 |
|  5.142% due 05/25/2034 •  | 2446 | 2403 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.572% due 08/25/2036 •  | 2193 | 931 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.832% due 07/25/2037 •  | 31412 | 16865 |
|  4.999% due 09/25/2035 ~ | 70 | 66 |
|  5.172% due 08/25/2037 •  | 23 | 23 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.372% due 12/25/2046 •  | 923 | 458 |
|  4.472% due 12/25/2046 •  | 3368 | 1672 |
|  4.572% due 09/25/2036 •  | 1340 | 464 |
|  4.572% due 12/25/2046 •  | 2167 | 1076 |
|  4.732% due 12/25/2046 •  | 417 | 207 |
|  4.752% due 08/25/2036 •  | 645 | 555 |
|  4.812% due 04/25/2036 •  | 1910 | 1296 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.612% due 04/25/2037 •  | 3000 | 2694 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.512% due 04/25/2037 •  | 1613 | 1097 |
|  4.592% due 07/25/2037 •  | 2364 | 1331 |
|  4.672% due 07/25/2037 •  | 2439 | 1373 |
|  Home Equity Mortgage Trust | Home Equity Mortgage Trust | Home Equity Mortgage Trust |
|  5.867% due 07/25/2036 þ | 131 | 12 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.462% due 01/25/2037 •  | 1304 | 935 |
|  4.492% due 12/25/2036 •  | 3286 | 819 |
|  4.612% due 12/25/2036 •  | 950 | 226 |
|  4.712% due 12/25/2036 •  | 7033 | 1676 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.732% due 01/25/2037 •  | 3794 | 1269 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.572% due 07/25/2036 •  | 1175 | 546 |
|  4.592% due 07/25/2036 •  | 1215 | 335 |
|  6.630% due 07/25/2036 þ | 967 | 256 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.872% due 02/25/2036 •  | 1396 | 1233 |
|  5.589% due 07/25/2032 •  | 72 | 71 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 10/25/2036 •  | 843 | 275 |
|  4.372% due 11/25/2036 •  | 50 | 15 |
|  4.572% due 08/25/2036 •  | 774 | 274 |
|  4.752% due 03/25/2036 •  | 2277 | 1370 |
|  4.752% due 10/25/2036 •  | 1334 | 1199 |
|  5.022% due 10/25/2035 •  | 489 | 477 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.716% due 02/25/2037 þ | 1495 | 164 |
|  4.492% due 08/25/2037 •  | 1561 | 768 |
|  4.572% due 08/25/2037 •  | 9418 | 4636 |
|  5.172% due 02/25/2047 •  | 391 | 232 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.332% due 12/25/2036 •  | 2779 | 1396 |
|  4.382% due 03/25/2037 •  | 1249 | 532 |
|  4.412% due 11/25/2036 •  | 7500 | 3588 |
|  4.422% due 10/25/2036 •  | 16849 | 8797 |
|  4.422% due 11/25/2036 •  | 2369 | 1397 |
|  4.422% due 12/25/2036 •  | 615 | 309 |
|  4.452% due 02/25/2037 •  | 1917 | 608 |
|  4.472% due 02/25/2037 •  | 50 | 22 |
|  4.492% due 11/25/2036 •  | 4055 | 1940 |
|  4.522% due 03/25/2037 •  | 13390 | 5701 |
|  4.572% due 09/25/2036 •  | 8870 | 3058 |
|  4.592% due 09/25/2036 •  | 1487 | 642 |
|  4.632% due 02/25/2037 •  | 1378 | 437 |
|  4.752% due 06/25/2036 •  | 803 | 405 |
|  4.772% due 08/25/2036 •  | 102 | 51 |
|  5.322% due 09/25/2033 •  | 289 | 291 |
|  5.322% due 06/25/2035 •  | 4000 | 3733 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 12/25/2036 •  | 1227 | 589 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  7.272% due 01/25/2033 •  | 212 | 185 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.932% due 10/25/2036 •  | 3990 | 724 |
|  5.072% due 02/25/2037 •  | 395 | 110 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.572% due 09/25/2036 •  | 2867 | 1125 |
|  4.612% due 11/25/2036 •  | 6803 | 2107 |
|  4.692% due 01/25/2037 •  | 2687 | 887 |
|  4.772% due 10/25/2036 •  | 1023 | 472 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.402% due 07/25/2037 •  | 758 | 496 |
|  4.452% due 04/25/2037 •  | 827 | 406 |
|  4.512% due 04/25/2037 •  | 864 | 491 |
|  4.522% due 07/25/2037 •  | 1026 | 671 |
|  4.712% due 01/25/2037 •  | 666 | 391 |
|  4.772% due 03/25/2037 •  | 454 | 225 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  3.150% due 10/25/2035 þ | 535 | 301 |
|  4.737% due 05/25/2037 •  | 1404 | 1169 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.072% due 12/25/2034 •  | 330 | 326 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.412% due 09/25/2036 •  | 2203 | 531 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  2.624% due 09/25/2037 þ | 5303 | 3760 |
|  5.612% due 04/25/2037 þ | 3801 | 974 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.792% due 07/25/2036 •  | 11029 | 9931 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.812% due 07/25/2036 •  | $| 2039 | 1805 |
|  5.307% due 08/25/2035 •  |  | 952 | 951 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.579% due 03/25/2035 •  |  | 55 | 48 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.037% due 02/25/2034 •  |  | 240 | 239 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.572% due 10/25/2036 •  |  | 1926 | 1822 |
|  4.692% due 10/25/2036 •  |  | 2300 | 1796 |
|  4.812% due 02/25/2036 •  |  | 4714 | 2329 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.492% due 02/25/2037 •  |  | 4007 | 1069 |
|  4.832% due 10/25/2036 •  |  | 1678 | 1669 |
|  5.222% due 09/25/2037 •  |  | 1655 | 1398 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.992% due 10/25/2035 •  |  | 231 | 227 |
|  5.247% due 01/25/2035 •  |  | 1713 | 1611 |
|  5.397% due 01/25/2035 •  |  | 606 | 531 |
|  5.652% due 04/25/2033 •  |  | 36 | 37 |
|  5.847% due 01/25/2035 •  |  | 684 | 575 |
|  5.997% due 01/25/2035 •  |  | 633 | 286 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.962% due 09/25/2035 •  |  | 4265 | 4102 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  4.752% due 05/25/2036 •  |  | 1122 | 881 |
|  |  |  | 178867 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.492% due 01/25/2037 •  |  | 2264 | 1275 |
|  4.592% due 01/25/2037 •  |  | 1088 | 613 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.110% due 01/25/2037 þ |  | 1088 | 304 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.612% due 10/25/2046 •  |  | 212 | 209 |
|  |  |  | 2401 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.770% due 09/01/2031 þ |  | 2165 | 2204 |
| WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.750% due 11/25/2034 þ |  | 407 | 364 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  |  | 215 | 207 |
|  5.500% due 08/25/2036 |  | 33 | 33 |
|  6.500% due 10/25/2036 |  | 4756 | 1641 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  5.097% due 05/25/2034 •  |  | 186 | 182 |
|  5.217% due 03/25/2035 •  |  | 558 | 600 |
|  5.547% due 07/25/2034 •  |  | 36 | 36 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.393% due 11/25/2034 •  |  | 510 | 494 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.792% due 05/25/2046 •  |  | 20663 | 18611 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.032% due 12/25/2035 •  |  | 1300 | 1284 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.872% due 06/25/2044 •  |  | 149 | 137 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 03/25/2036 •  |  | 2270 | 1426 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.512% due 03/25/2037 •  |  | 592 | 305 |
|  4.572% due 09/25/2037 •  |  | 3674 | 1276 |
|  |  |  | 26596 |
| OTHER ABS 5.2% | OTHER ABS 5.2% | OTHER ABS 5.2% | OTHER ABS 5.2% |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.806% due 10/15/2031 •  | EUR | 6281 | 7373 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.874% due 04/20/2032 •  | 2889 | 3396 |
|  ARES XXXIX CLO Ltd. | ARES XXXIX CLO Ltd. | ARES XXXIX CLO Ltd. |
|  5.749% due 07/18/2037 •  | 7000 | 7023 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Aurium CLO IV DAC | Aurium CLO IV DAC | Aurium CLO IV DAC |
|  2.982% due 01/16/2031 •  | 5367 | 6304 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 3200 | 3211 |
|  5.698% due 10/16/2037 •  | 1200 | 1203 |
|  Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. | Belle Haven ABS CDO Ltd. |
|  7.860% due 11/03/2044 •  | 33772 | 8834 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  | 1000 | 1003 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 3495 | 4106 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2800 | 3293 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 3345 | 3922 |
|  2.926% due 08/15/2032 •  | 1707 | 2006 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 775 | 776 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.767% due 01/20/2035 •  | 2000 | 2008 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.530% due 10/24/2030 •  | 2434 | 2438 |
|  5.642% due 04/17/2035 •  | 6900 | 6910 |
|  Citius I Funding Ltd. | Citius I Funding Ltd. | Citius I Funding Ltd. |
|  7.750% due 05/05/2046 «•  | 435816 | 0 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 2900 | 2903 |
|  Generate CLO 8 Ltd. | Generate CLO 8 Ltd. | Generate CLO 8 Ltd. |
|  5.705% due 01/20/2038 •  | 6000 | 6032 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 2500 | 2509 |
|  KKR CLO 9 Ltd. | KKR CLO 9 Ltd. | KKR CLO 9 Ltd. |
|  5.529% due 07/15/2030 •  | 287 | 287 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 3300 | 3303 |
|  Magnetite XLII Ltd. | Magnetite XLII Ltd. | Magnetite XLII Ltd. |
|  5.628% due 01/25/2038 •  | 1000 | 1005 |
|  Magnetite XXXVII Ltd. | Magnetite XXXVII Ltd. | Magnetite XXXVII Ltd. |
|  5.975% due 10/20/2036 •  | 1500 | 1503 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.712% due 10/25/2033 •  | 80 | 79 |
|  4.739% due 03/23/2037 •  | 44 | 44 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 1800 | 1802 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.203% due 02/15/2035 •  | 6600 | 7748 |
|  Rad CLO 16 Ltd. | Rad CLO 16 Ltd. | Rad CLO 16 Ltd. |
|  5.868% due 07/15/2037 •  | 1500 | 1508 |
|  Romark CLO Ltd. | Romark CLO Ltd. | Romark CLO Ltd. |
|  5.611% due 10/23/2030 •  | 875 | 876 |
|  Segovia European CLO DAC | Segovia European CLO DAC | Segovia European CLO DAC |
|  2.904% due 07/20/2032 ~ | 5759 | 6767 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.718% due 09/07/2039 •  | 10654 | 5970 |
|  4.738% due 09/07/2039 •  | 24865 | 13966 |
|  Signal Peak CLO 8 Ltd. | Signal Peak CLO 8 Ltd. | Signal Peak CLO 8 Ltd. |
|  5.715% due 10/20/2037 •  | 2125 | 2136 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.971% due 06/25/2043 •  | 103 | 99 |
|  5.971% due 09/25/2076 •  | 104 | 101 |
|  6.271% due 11/25/2070 •  | 141 | 140 |
|  Talon Funding Ltd. | Talon Funding Ltd. | Talon Funding Ltd. |
|  7.990% due 06/05/2035 •  | 1445 | 232 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  4.590% due 10/02/2039 •  | 3599 | 33 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  0.000% due 01/25/2034 •(b) | 2200 | 2200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 266 | 266 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  5.707% due 07/20/2032 •  | 1484 | 1486 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 3900 | 3905 |
|  5.491% due 04/17/2030 •  | 54 | 54 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 1400 | 1400 |
|  |  | 133161 |
|  Total Asset-Backed Securities<br>(Cost $470,747) | Total Asset-Backed Securities<br>(Cost $470,747) | 343229 |
| SOVEREIGN ISSUES 19.0% | SOVEREIGN ISSUES 19.0% | SOVEREIGN ISSUES 19.0% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (f) | 521500 | 91534 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.500% due 01/22/2031 (g) | 68586225 | 17592 |
|  11.750% due 01/24/2035 | 50221000 | 12768 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  5.300% due 01/21/2041 | 2050 | 1858 |
|  10.500% due 03/15/2037 | 11400 | 196 |
|  10.750% due 06/01/2036 | 74800 | 1303 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5100 | 5181 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 10500 | 10804 |
|  5.375% due 02/19/2030 | 5400 | 5577 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 1181000 | 6123 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 2030000 | 11711 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 2710000 | 16797 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.400% due 02/09/2028 | 1000 | 1028 |
|  5.850% due 07/02/2032 | 1800 | 1861 |
|  6.000% due 05/13/2030 | 2700 | 2839 |
|  6.350% due 02/09/2035 | 2600 | 2752 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 11/30/2028 (g) | 21419 | 1166 |
|  New Zealand Government Bonds | New Zealand Government Bonds | New Zealand Government Bonds |
|  3.000% due 09/20/2030 (g) | 5832 | 3613 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 4100 | 1249 |
|  7.300% due 08/12/2033 | 97900 | 31446 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 42200 | 11773 |
|  6.150% due 08/12/2032 | 150200 | 45860 |
|  6.900% due 08/12/2037 | 44400 | 13380 |
|  6.950% due 08/12/2031 | 98246 | 31341 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 09/18/2030 ~ | 73384900 | 16566 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 04/28/2028 ~ | 105674300 | 24777 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 629025 | 34552 |
|  8.000% due 01/31/2030 | 149700 | 8700 |
|  8.250% due 03/31/2032 | 58600 | 3349 |
|  8.500% due 01/31/2037 | 280500 | 14966 |
|  8.875% due 02/28/2035 | 305300 | 17368 |
|  9.000% due 01/31/2040 | 266700 | 14142 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 10000 | 9898 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 3600 | 3717 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.375% due 01/13/2031 | 2200 | 2314 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  7.625% due 05/15/2034 | 5500 | 5845 |
|  Total Sovereign Issues (Cost $459,151) | Total Sovereign Issues (Cost $459,151) | 485946 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  SES SA «(d) | 22273 | 265 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat SA «(d)(k) | 22273 | 0 |
|  Stichting Administratiekantoor «(d) | 11319 | 0 |
|  |  | 0 |
|  Total Common Stocks (Cost $1,324) | Total Common Stocks (Cost $1,324) | 265 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(k) | 1 | 0 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) | 0 |
| CONVERTIBLE PREFERRED SECURITIES 0.2% | CONVERTIBLE PREFERRED SECURITIES 0.2% | CONVERTIBLE PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% | 3500 | 4320 |
|  Total Convertible Preferred Securities (Cost $4,179) | Total Convertible Preferred Securities (Cost $4,179) | 4320 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  6.329% (US0003M + 1.750%) due 01/15/2067 ~ | 6600000 | 4462 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 4096 | 714 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(h) | 400000 | 397 |
|  Total Preferred Securities (Cost $4,965) | Total Preferred Securities (Cost $4,965) | 5573 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 16.6% | SHORT-TERM INSTRUMENTS 16.6% | SHORT-TERM INSTRUMENTS 16.6% |
| COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/01/2025 | 1400 | 1400 |
|  4.560% due 10/02/2025 | 750 | 750 |
|  4.560% due 10/03/2025 | 750 | 750 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (b) | 1400 | 1398 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.780% due 10/16/2025 | 1200 | 1197 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 | 250 | 250 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.450% due 10/22/2025 | 2300 | 2294 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/21/2025 (b) | 250 | 249 |
|  4.610% due 10/23/2025 | 2300 | 2293 |
|  4.620% due 10/21/2025 | 2350 | 2344 |
|  4.620% due 10/23/2025 | 2100 | 2094 |
|  4.800% due 10/07/2025 | 350 | 350 |
|  4.800% due 10/09/2025 | 250 | 250 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 2950 | 2944 |
|  4.600% due 10/23/2025 | 6000 | 5982 |
|  4.650% due 10/17/2025 | 1150 | 1147 |
|  4.750% due 10/09/2025 | 2450 | 2447 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.440% due 10/06/2025 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.410% due 10/01/2025 | 1050 | 1050 |
|  4.450% due 10/15/2025 | 1000 | 998 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.540% due 10/20/2025 | 450 | 449 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 1750 | 1728 |
|  4.330% due 11/19/2025 | 3700 | 3678 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  4.600% due 10/02/2025 | 250 | 250 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 4100 | 4091 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.610% due 10/14/2025 | 250 | 250 |
|  |  | 40883 |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money<br>Market Fund, Premier Class | State Street Institutional U.S. Government Money<br>Market Fund, Premier Class | State Street Institutional U.S. Government Money<br>Market Fund, Premier Class |
|  4.200% (j) | 3225373 | 3225 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (l) 14.5% | REPURCHASE AGREEMENTS (l) 14.5% | REPURCHASE AGREEMENTS (l) 14.5% |
|  |  | 370361 |
| NIGERIA TREASURY BILLS 0.4% | NIGERIA TREASURY BILLS 0.4% | NIGERIA TREASURY BILLS 0.4% |
|  31.351% due 06/11/2026 - 06/29/2026 ~(e)(f) | 17233030 | 10154 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.324% due 11/12/2025 - 11/28/2025 (e)(f)(q) | 767 | 764 |
| Total Short-Term Instruments<br>(Cost $424,627) | Total Short-Term Instruments<br>(Cost $424,627) | 425387 |
| Total Investments in Securities<br>(Cost $4,128,976) | Total Investments in Securities<br>(Cost $4,128,976) | 3988299 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 20.0% | INVESTMENTS IN AFFILIATES 20.0% | INVESTMENTS IN AFFILIATES 20.0% |
| SHORT-TERM INSTRUMENTS 20.0% | SHORT-TERM INSTRUMENTS 20.0% | SHORT-TERM INSTRUMENTS 20.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.0% |
|  PIMCO Short Asset Portfolio | 12928692 | 126843 |
|  PIMCO Short-Term Floating NAV Portfolio III | 39432790 | 384036 |
| Total Short-Term Instruments<br>(Cost $510,228) | Total Short-Term Instruments<br>(Cost $510,228) | 510879 |
| Total Investments in Affiliates<br>(Cost $510,228) | Total Investments in Affiliates<br>(Cost $510,228) | 510879 |
| Total Investments 176.1%<br>(Cost $4,639,204) | Total Investments 176.1%<br>(Cost $4,639,204) | 4499178 |
|  Financial Derivative<br>Instruments (n)(p) 0.2%<br> (Cost or Premiums, net $75,719) | Financial Derivative<br>Instruments (n)(p) 0.2%<br> (Cost or Premiums, net $75,719) | 5163 |
| Other Assets and Liabilities, net (76.3)% | Other Assets and Liabilities, net (76.3)% | (1948688) |
| Net Assets 100.0% | Net Assets 100.0% | 2555653 |

---

44 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Principal amount of security is adjusted for inflation.

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(i) Contingent convertible security.

(j) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(k) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 1300 | 1317 | 0.05 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 2400 | 2472 | 0.10 |
|  Hardwood Funding LLC 5.330% due 06/07/2035 | 03/11/2025 | 600 | 622 | 0.02 |
|  Intelsat SA | 09/05/2018 - 08/29/2025 | 1313 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | 0.17% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(l) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | **Principal<br>Amount** | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 2.350% | 09/19/2025 | 10/31/2025 | $1105 | TreeHouse Foods, Inc. 4.000% due 09/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 |
|  | 2.850 | 09/19/2025 | 10/31/2025 | 1152 | TreeHouse Foods, Inc. 4.000% due 09/01/2028 | (1198) | 1152 | 1153 |
|  | 3.100 | 09/19/2025 | 10/31/2025 | 218 | American Axle & Manufacturing, Inc. 5.000% due 10/01/2029 | (220) | 218 | 218 |
|  | 3.600 | 09/19/2025 | 10/31/2025 | 321 | Service Properties Trust 4.375% due 02/15/2030 | (321) | 321 | 321 |
|  | 3.650 | 09/19/2025 | 10/31/2025 | 1068 | Gray Media, Inc. 5.375% due 11/15/2031 | (1081) | 1068 | 1069 |
|  | 3.800 | 09/19/2025 | 10/31/2025 | 407 | Adient Global Holdings Ltd. 8.250% due 04/15/2031 | (408) | 407 | 408 |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 2202 | Caesars Entertainment, Inc. 4.625% due 10/15/2029 | (856) | 2202 | 2204 |
|  |  |  |  |  | CommScope LLC 4.750% due 09/01/2029 | (1177) |  |  |
|  |  |  |  |  | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. 5.250% due 07/15/2029 | (184) |  |  |
|  | 3.870 | 09/19/2025 | 10/31/2025 | 526 | Chemours Co. 5.375% due 05/15/2027 | (187) | 526 | 526 |
|  |  |  |  |  | Owens-Brockway Glass Container, Inc. 7.250% due 05/15/2031 | (337) |  |  |
|  | 3.880 | 09/19/2025 | 10/31/2025 | 52 | Rogers Communications, Inc. 5.250% due 03/15/2082 | (52) | 52 | 52 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 2569 | Amentum Holdings, Inc. 7.250% due 08/01/2032 | (186) | 2569 | 2572 |
|  |  |  |  |  | Celanese U.S. Holdings LLC 6.879% due 07/15/2032 | (171) |  |  |
|  |  |  |  |  | Darling Ingredients, Inc. 6.000% due 06/15/2030 | (797) |  |  |
|  |  |  |  |  | Herc Holdings, Inc. 5.500% due 07/15/2027 | (808) |  |  |
|  |  |  |  |  | Terex Corp. 6.250% due 10/15/2032 | (603) |  |  |
|  | 3.910 | 09/19/2025 | 10/31/2025 | 4846 | Celanese U.S. Holdings LLC 7.050% due 11/15/2030 | (171) | 4846 | 4852 |
|  |  |  |  |  | Energizer Holdings, Inc. 4.375% due 03/31/2029 | (1177) |  |  |
|  |  |  |  |  | Herc Holdings, Inc. 6.625% - 7.250% due<br>06/15/2029 - 06/15/2033 | (653) |  |  |
|  |  |  |  |  | Perrigo Finance Unlimited Co. 6.125% due 09/30/2032 | (2721) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  | 3.920% | 09/19/2025 | 10/31/2025 | $1177 | Cleveland-Cliffs, Inc. 6.750% due 04/15/2030 | $(1179) | $1177 | $1179 |
|  | 3.920 | 10/01/2025 | 10/31/2025 | 2014 | Edgewell Personal Care Co. 4.125% due 04/01/2029 | (876) | 2014 | 2014 |
|  |  |  |  |  | Kodiak Gas Services LLC 6.750% due 10/01/2035 | (1135) |  |  |
|  | 3.930 | 09/19/2025 | 10/01/2025 | 1212 | Service Properties Trust 3.950% - 8.625% due 01/15/2028 - 11/15/2031 | (1213) | 1212 | 1214 |
|  | 3.930 | 09/24/2025 | 10/01/2025 | 1119 | Huntsman International LLC 4.500% due 05/01/2029 | (1109) | 1119 | 1120 |
|  | 3.930 | 09/19/2025 | 10/31/2025 | 285 | Celanese U.S. Holdings LLC 6.830% due 07/15/2029 | (284) | 285 | 285 |
|  | 4.220 | 09/30/2025 | 10/01/2025 | 5900 | U.S. Treasury Notes 3.500% due 09/30/2029 | (6018) | 5900 | 5901 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 75800 | U.S. Treasury Notes 1.250% - 2.000% due 11/15/2026 - 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75809 |
|  | 4.450 | 09/30/2025 | 10/01/2025 | 25000 | U.S. Treasury Notes 4.625% due 09/30/2028 | (24945) | 25000 | 25003 |
| BPS | 3.830 | 09/19/2025 | 10/01/2025 | 10 | Bombardier, Inc. 6.000% due 02/15/2028 | (10) | 10 | 10 |
|  | 3.910 | 09/19/2025 | 10/01/2025 | 36 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 5.000% due 06/01/2029 | (19) | 36 | 36 |
|  |  |  |  |  | Phinia, Inc. 6.625% due 10/15/2032 | (17) |  |  |
|  | 3.910 | 09/19/2025 | 10/31/2025 | 1222 | Sirius XM Radio LLC 3.125% due 09/01/2026 | (396) | 1222 | 1223 |
|  |  |  |  |  | Tenet Healthcare Corp. 6.125% due 10/01/2028 | (826) |  |  |
| BRC | 2.000 | 09/19/2025 | 10/31/2025 | 1208 | Caesars Entertainment, Inc. 6.000% due 10/15/2032 | (1216) | 1208 | 1209 |
|  | 2.750 | 09/19/2025 | 10/31/2025 | 198 | Acadia Healthcare Co., Inc. 7.375% due 03/15/2033 | (198) | 198 | 198 |
|  | 3.750 | 09/19/2025 | 10/01/2025 | 21 | American Airlines, Inc. 8.500% due 05/15/2029 | (22) | 21 | 21 |
|  | 3.800 | 09/19/2025 | 10/31/2025 | 467 | Adient Global Holdings Ltd. 7.500% due 02/15/2033 | (465) | 467 | 467 |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 467 | Goodyear Tire & Rubber Co. 5.000% due 07/15/2029 | (464) | 467 | 467 |
|  | 3.880 | 09/19/2025 | 10/31/2025 | 4065 | Cinemark USA, Inc. 5.250% due 07/15/2028 | (14) | 4065 | 4070 |
|  |  |  |  |  | Kennedy-Wilson, Inc. 4.750% due 02/01/2030 | (2440) |  |  |
|  |  |  |  |  | Olin Corp. 5.000% due 02/01/2030 | (190) |  |  |
|  |  |  |  |  | Six Flags Entertainment Corp. 7.250% due 05/15/2031 | (1313) |  |  |
|  |  |  |  |  | Sonic Automotive, Inc. 4.625% due 11/15/2029 | (89) |  |  |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 66 | Ball Corp. 6.875% due 03/15/2028 | (8) | 66 | 66 |
|  |  |  |  |  | Ingevity Corp. 3.875% due 11/01/2028 | (20) |  |  |
|  |  |  |  |  | Lithia Motors, Inc. 4.375% due 01/15/2031 | (14) |  |  |
|  |  |  |  |  | Open Text Holdings, Inc. 4.125% due 12/01/2031 | (23) |  |  |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 3180 | Amentum Holdings, Inc. 7.250% due 08/01/2032 | (289) | 3180 | 3184 |
|  |  |  |  |  | Celanese U.S. Holdings LLC 6.850% - 7.050% due 11/15/2028 - 07/15/2032 | (527) |  |  |
|  |  |  |  |  | Goodyear Tire & Rubber Co. 4.875% due 03/15/2027 | (573) |  |  |
|  |  |  |  |  | Hillenbrand, Inc. 6.250% due 02/15/2029 | (414) |  |  |
|  |  |  |  |  | Kennedy-Wilson, Inc. 4.750% due 02/01/2030 | (422) |  |  |
|  |  |  |  |  | Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% due 04/30/2031 | (180) |  |  |
|  |  |  |  |  | Perrigo Finance Unlimited Co. 4.900% - 6.125% due 06/15/2030 - 09/30/2032 | (753) |  |  |
| BUS | 2.530 | 09/19/2025 | 10/03/2025 | 20000 | Province of Manitoba 3.200% due 03/05/2050 | (14811) | 14371 | 14383 |
| BYR | 3.750 | 09/19/2025 | 10/31/2025 | $404 | CommScope LLC 4.750% due 09/01/2029 | (197) | 404 | 405 |
|  |  |  |  |  | Sonic Automotive, Inc. 4.625% due 11/15/2029 | (208) |  |  |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 389 | Acadia Healthcare Co., Inc. 5.000% due 04/15/2029 | (191) | 389 | 389 |
|  |  |  |  |  | Rogers Communications, Inc. 5.250% due 03/15/2082 | (199) |  |  |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 3868 | ACCO Brands Corp. 4.250% due 03/15/2029 | (181) | 3868 | 3873 |
|  |  |  |  |  | AdaptHealth LLC 4.625% due 08/01/2029 | (189) |  |  |
|  |  |  |  |  | Amentum Holdings, Inc. 7.250% due 08/01/2032 | (305) |  |  |
|  |  |  |  |  | Energizer Holdings, Inc. 4.375% due 03/31/2029 | (1177) |  |  |
|  |  |  |  |  | MGM Resorts International 4.625% due 09/01/2026 | (83) |  |  |
|  |  |  |  |  | Pediatrix Medical Group, Inc. 5.375% due 02/15/2030 | (676) |  |  |
|  |  |  |  |  | Perrigo Finance Unlimited Co. 4.900% due 06/15/2030 | (198) |  |  |
|  |  |  |  |  | Rogers Communications, Inc. 7.000% due 04/15/2055 | (218) |  |  |
|  |  |  |  |  | WESCO Distribution, Inc. 6.375% due 03/15/2033 | (806) |  |  |
| DEU | 3.700 | 09/19/2025 | 10/31/2025 | 1850 | Goodyear Tire & Rubber Co. 5.625% due 04/30/2033 | (1814) | 1850 | 1852 |
|  | 3.740 | 09/19/2025 | 10/31/2025 | 1955 | Hillenbrand, Inc. 6.250% due 02/15/2029 | (1966) | 1955 | 1957 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  | 3.750% | 09/19/2025 | 10/31/2025 | $1622 | Service Properties Trust 4.375% due 02/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1627) | $1622 | $1624 |
|  | 3.800 | 09/19/2025 | 10/31/2025 | 2720 | Owens-Brockway Glass Container, Inc. 7.250% due 05/15/2031 | (2721) | 2720 | 2723 |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 2092 | CommScope LLC 4.750% due 09/01/2029 | (2097) | 2092 | 2095 |
|  | 3.880 | 09/19/2025 | 10/31/2025 | 2456 | Goodyear Tire & Rubber Co. 5.000% due 07/15/2029 | (2443) | 2456 | 2459 |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 44 | Bombardier, Inc. 8.750% due 11/15/2030 | (45) | 44 | 44 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 12555 | Acadia Healthcare Co., Inc. 5.000% due 04/15/2029 | (171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571 |
|  |  |  |  |  | Bath & Body Works, Inc. 6.625% due 10/01/2030 | (793) |  |  |
|  |  |  |  |  | Cascades, Inc./Cascades USA, Inc. 6.750% due 07/15/2030 | (1144) |  |  |
|  |  |  |  |  | Celanese U.S. Holdings LLC 6.830% due 07/15/2029 | (1572) |  |  |
|  |  |  |  |  | Chemours Co. 5.375% due 05/15/2027 | (1939) |  |  |
|  |  |  |  |  | Clarivate Science Holdings Corp. 4.875% due 07/01/2029 | (3546) |  |  |
|  |  |  |  |  | Energizer Holdings, Inc. 4.375% due 03/31/2029 | (97) |  |  |
|  |  |  |  |  | MGM Resorts International 4.625% due 09/01/2026 | (401) |  |  |
|  |  |  |  |  | Organon & Co./Organon Foreign Debt Co-Issuer BV 7.875% due 05/15/2034 | (1723) |  |  |
|  |  |  |  |  | Pediatrix Medical Group, Inc. 5.375% due 02/15/2030 | (1126) |  |  |
|  | 3.900 | 09/24/2025 | 10/31/2025 | 1622 | Tenet Healthcare Corp. 6.125% due 10/01/2028 | (1625) | 1622 | 1623 |
|  | 3.910 | 09/19/2025 | 10/31/2025 | 8959 | Amneal Pharmaceuticals LLC 6.875% due 08/01/2032 | (1152) | 8957 | 8971 |
|  |  |  |  |  | Asbury Automotive Group, Inc. 4.750% due 03/01/2030 | (832) |  |  |
|  |  |  |  |  | Concentra Health Services, Inc. 6.875% due 07/15/2032 | (1133) |  |  |
|  |  |  |  |  | MGM Resorts International 4.750% due 10/15/2028 | (1015) |  |  |
|  |  |  |  |  | Newell Brands, Inc. 8.500% due 06/01/2028 | (1172) |  |  |
|  |  |  |  |  | Rogers Communications, Inc. 7.000% - 7.125% due 04/15/2055 | (1517) |  |  |
|  |  |  |  |  | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. 5.250% due 07/15/2029 | (979) |  |  |
|  |  |  |  |  | WESCO Distribution, Inc. 6.375% due 03/15/2033 | (1144) |  |  |
|  | 3.910 | 09/24/2025 | 10/31/2025 | 1109 | Nabors Industries, Inc. 9.125% due 01/31/2030 | (1109) | 1109 | 1110 |
| GSC | 3.750 | 09/19/2025 | TBD<sup>(2)</sup> | 2749 | Victoria's Secret & Co. 4.625% due 07/15/2029 | (143) | 2749 | 2753 |
|  |  |  |  |  | Cinemark USA, Inc. 7.000% due 08/01/2032 | (394) |  |  |
|  |  |  |  |  | Acadia Healthcare Co., Inc. 7.375% due 03/15/2033 | (63) |  |  |
|  | 3.800 | 09/19/2025 | TBD<sup>(2)</sup> | 2606 | Six Flags Entertainment Corp. 7.250% due 05/15/2031 | (2137) |  |  |
| JPS | 3.800 | 09/19/2025 | 10/31/2025 | 366 | Organon & Co./Organon Foreign Debt Co-Issuer BV 7.875% due 05/15/2034 | (359) | 366 | 366 |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 3348 | Adient Global Holdings Ltd. 7.500% due 02/15/2033 | (3347) | 3348 | 3352 |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 84 | Scotts Miracle-Gro Co. 4.375% due 02/01/2032 | (83) | 84 | 84 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 3766 | ACCO Brands Corp. 4.250% due 03/15/2029 | (217) | 3765 | 3771 |
|  |  |  |  |  | Asbury Automotive Group, Inc. 4.750% due 03/01/2030 | (1126) |  |  |
|  |  |  |  |  | Clarivate Science Holdings Corp. 4.875% due 07/01/2029 | (564) |  |  |
|  |  |  |  |  | MGM Resorts International 6.125% due 09/15/2029 | (1149) |  |  |
|  |  |  |  |  | NESCO Holdings II, Inc. 5.500% due 04/15/2029 | (432) |  |  |
|  |  |  |  |  | Rogers Communications, Inc. 7.000% due 04/15/2055 | (267) |  |  |
|  | 3.910 | 09/24/2025 | 10/01/2025 | 1136 | Compass Minerals International, Inc. 8.000% due 07/01/2030 | (1123) | 1136 | 1137 |
|  |  |  |  |  | Huntsman International LLC 4.500% due 05/01/2029 | (14) |  |  |
|  | 3.910 | 09/19/2025 | 10/31/2025 | 1219 | Energizer Holdings, Inc. 4.375% due 03/31/2029 | (312) | 1218 | 1221 |
|  |  |  |  |  | MGM Resorts International 6.125% due 09/15/2029 | (894) |  |  |
|  | 3.910 | 10/01/2025 | 10/31/2025 | 1117 | Amkor Technology, Inc. 5.875% due 10/01/2033 | (1114) | 1116 | 1117 |
|  | 3.920 | 09/24/2025 | 10/31/2025 | 1128 | Kodiak Gas Services LLC 6.500% due 10/01/2033 | (1126) | 1128 | 1129 |
| MSC | 2.750 | 09/19/2025 | 10/31/2025 | 2088 | Acadia Healthcare Co., Inc. 7.375% due 03/15/2033 | (125) | 2087 | 2090 |
|  |  |  |  |  | Clear Channel Outdoor Holdings, Inc. 7.500% due 06/01/2029 | (1995) |  |  |
|  | 3.000 | 09/19/2025 | 10/31/2025 | 3008 | Sally Holdings LLC/Sally Capital, Inc. 6.750% due 03/01/2032 | (3009) | 3008 | 3011 |
|  | 3.250 | 09/19/2025 | 10/31/2025 | 3342 | American Axle & Manufacturing, Inc. 5.000% due 10/01/2029 | (2928) | 3342 | 3346 |
|  |  |  |  |  | Hanesbrands, Inc. 9.000% due 02/15/2031 | (429) |  |  |
|  | 3.500 | 09/19/2025 | 10/31/2025 | 4051 | Goodyear Tire & Rubber Co. 5.250% due 07/15/2031 | (1260) | 4051 | 4056 |
|  |  |  |  |  | MGM Resorts International 6.500% due 04/15/2032 | (2088) |  |  |
|  |  |  |  |  | Victoria's Secret & Co. 4.625% due 07/15/2029 | (676) |  |  |
|  | 3.600 | 09/19/2025 | 10/31/2025 | 2958 | United Natural Foods, Inc. 6.750% due 10/15/2028 | (2973) | 2958 | 2962 |
|  | 3.750 | 09/19/2025 | 10/31/2025 | 6730 | JELD-WEN, Inc. 4.875% due 12/15/2027 | (1784) | 6730 | 6738 |
|  |  |  |  |  | Kennedy-Wilson, Inc. 5.000% due 03/01/2031 | (2525) |  |  |
|  |  |  |  |  | Owens-Brockway Glass Container, Inc. 7.250% due 05/15/2031 | (207) |  |  |
|  |  |  |  |  | Service Properties Trust 4.950% due 10/01/2029 | (2177) |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  | 3.800% | 09/19/2025 | 10/31/2025 | $4687 | Caesars Entertainment, Inc. 4.625% due 10/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 |
|  |  |  |  |  | CommScope LLC 4.750% due 09/01/2029 | (203) |  |  |
|  |  |  |  |  | CommScope Technologies LLC 5.000% due 03/15/2027 | (196) |  |  |
|  | 3.850 | 09/19/2025 | 10/31/2025 | 2280 | Central Garden & Pet Co. 4.125% due 10/15/2030 | (2280) | 2280 | 2283 |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 1152 | Cleveland-Cliffs, Inc. 6.875% due 11/01/2029 | (1153) | 1152 | 1153 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 6647 | Amneal Pharmaceuticals LLC 6.875% due 08/01/2032 | (1125) | 6647 | 6656 |
|  |  |  |  |  | Cinemark USA, Inc. 5.250% due 07/15/2028 | (1107) |  |  |
|  |  |  |  |  | Cleveland-Cliffs, Inc. 6.750% due 04/15/2030 | (1179) |  |  |
|  |  |  |  |  | MGM Resorts International 6.125% due 09/15/2029 | (1123) |  |  |
|  |  |  |  |  | Newell Brands, Inc. 8.500% due 06/01/2028 | (1200) |  |  |
|  |  |  |  |  | WESCO Distribution, Inc. 6.375% due 03/15/2033 | (910) |  |  |
|  | 3.900 | 09/24/2025 | 10/31/2025 | 26 | CACI International, Inc. 6.375% due 06/15/2033 | (26) | 26 | 26 |
|  | 3.900 | 10/01/2025 | 10/31/2025 | 1212 | Cleveland-Cliffs, Inc. 6.875% due 11/01/2029 | (79) | 1212 | 1212 |
|  |  |  |  |  | Newell Brands, Inc. 6.875% due 04/01/2036 | (1134) |  |  |
|  | 3.920 | 09/19/2025 | 10/31/2025 | 1211 | Asbury Automotive Group, Inc. 5.000% due 02/15/2032 | (147) | 1211 | 1213 |
|  |  |  |  |  | Newell Brands, Inc. 8.500% due 06/01/2028 | (1063) |  |  |
|  | 3.920 | 09/24/2025 | 10/31/2025 | 3902 | Chemours Co. 5.750% due 11/15/2028 | (225) | 3902 | 3905 |
|  |  |  |  |  | Constellium SE 3.750% due 04/15/2029 | (1115) |  |  |
|  |  |  |  |  | Herc Holdings, Inc. 7.250% due 06/15/2033 | (322) |  |  |
|  |  |  |  |  | Marriott Ownership Resorts, Inc. 6.500% due 10/01/2033 | (1123) |  |  |
|  |  |  |  |  | NCL Corp. Ltd. 6.250% due 09/15/2033 | (1109) |  |  |
| NOM | 3.900 | 09/19/2025 | 10/31/2025 | 1569 | Cascades, Inc./Cascades USA, Inc. 6.750% due 07/15/2030 | (728) | 1569 | 1571 |
|  |  |  |  |  | Masterbrand, Inc. 7.000% due 07/15/2032 | (840) |  |  |
|  | 3.900 | 09/24/2025 | 10/31/2025 | 887 | NCL Corp. Ltd. 6.750% due 02/01/2032 | (885) | 887 | 888 |
|  | 3.920 | 09/19/2025 | 10/01/2025 | 2278 | Asbury Automotive Group, Inc. 4.625% due 11/15/2029 | (1112) | 2279 | 2281 |
|  |  |  |  |  | CACI International, Inc. 6.375% due 06/15/2033 | (1165) |  |  |
|  | 3.920 | 09/19/2025 | 10/31/2025 | 3684 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 6.250% due 03/15/2033 | (1130) | 3684 | 3689 |
|  |  |  |  |  | CACI International, Inc. 6.375% due 06/15/2033 | (1139) |  |  |
|  |  |  |  |  | Caesars Entertainment, Inc. 6.500% due 02/15/2032 | (1132) |  |  |
|  |  |  |  |  | NCL Corp. Ltd. 6.750% due 02/01/2032 | (78) |  |  |
|  |  |  |  |  | NESCO Holdings II, Inc. 5.500% due 04/15/2029 | (201) |  |  |
|  | 3.920 | 10/01/2025 | 10/31/2025 | 1136 | NCL Corp. Ltd. 6.250% due 09/15/2033 | (1134) | 1136 | 1136 |
| RDR | 2.250 | 09/19/2025 | 10/31/2025 | 1079 | Clear Channel Outdoor Holdings, Inc. 7.500% due 06/01/2029 | (1097) | 1079 | 1080 |
|  | 2.800 | 09/19/2025 | 10/31/2025 | 707 | Clear Channel Outdoor Holdings, Inc. 7.500% due 06/01/2029 | (718) | 707 | 708 |
|  | 3.150 | 09/19/2025 | 10/31/2025 | 2088 | Acadia Healthcare Co., Inc. 7.375% due 03/15/2033 | (2085) | 2088 | 2090 |
|  | 3.200 | 09/19/2025 | 10/31/2025 | 2460 | Select Medical Corp. 6.250% due 12/01/2032 | (2453) | 2460 | 2463 |
|  | 3.450 | 09/19/2025 | 10/31/2025 | 864 | Goodyear Tire & Rubber Co. 5.625% due 04/30/2033 | (358) | 864 | 865 |
|  |  |  |  |  | Kennedy-Wilson, Inc. 5.000% due 03/01/2031 | (491) |  |  |
|  | 3.600 | 09/19/2025 | 10/31/2025 | 201 | Gray Media, Inc. 5.375% due 11/15/2031 | (204) | 201 | 201 |
|  | 3.750 | 09/19/2025 | 10/31/2025 | 233 | Six Flags Entertainment Corp. 7.250% due 05/15/2031 | (231) | 233 | 233 |
|  | 3.800 | 09/19/2025 | 10/01/2025 | 2064 | Adient Global Holdings Ltd. 8.250% due 4/15/2031 | (2066) | 2064 | 2066 |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 116 | Entegris, Inc. 5.950% due 06/15/2030 | (42) | 116 | 116 |
|  |  |  |  |  | Hudson Pacific Properties LP 3.250% due 01/15/2030 | (52) |  |  |
|  |  |  |  |  | XHR LP 6.625% due 05/15/2030 | (21) |  |  |
|  | 3.900 | 09/19/2025 | 10/03/2025 | 776 | ACCO Brands Corp. 4.250% due 03/15/2029 | (206) | 776 | 776 |
|  |  |  |  |  | Olin Corp. 5.000% due 02/01/2030 | (204) |  |  |
|  |  |  |  |  | Organon & Co. 7.875% due 05/15/2034 | (358) |  |  |
|  | 3.900 | 09/24/2025 | 10/31/2025 | 1112 | Energizer Holdings, Inc. 6.000% due 09/15/2033 | (1103) | 1112 | 1113 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 18795 | ACCO Brands Corp. 4.250% due 03/15/2029 | (206) | 18795 | 18819 |
|  |  |  |  |  | AdaptHealth LLC 4.625% due 08/01/2029 | (188) |  |  |
|  |  |  |  |  | Adient Global Holdings Ltd. 7.500% due 02/15/2033 | (188) |  |  |
|  |  |  |  |  | Bath & Body Works, Inc. 6.625% due 10/01/2030 | (4122) |  |  |
|  |  |  |  |  | Celanese U.S. Holdings LLC 6.879% due 07/15/2032 | (230) |  |  |
|  |  |  |  |  | Chemours Co. 5.375% due 05/15/2027 | (189) |  |  |
|  |  |  |  |  | Clarivate Science Holdings Corp. 4.875% due 07/01/2029 | (145) |  |  |
|  |  |  |  |  | Cleveland-Cliffs, Inc. 6.875% due 11/01/2029 | (1206) |  |  |
|  |  |  |  |  | Energizer Holdings, Inc. 4.375% due 03/31/2029 | (768) |  |  |
|  |  |  |  |  | Herc Holdings, Inc. 7.250% due 06/15/2033 | (215) |  |  |
|  |  |  |  |  | Kennedy-Wilson, Inc. 4.750% due 02/01/2030 | (84) |  |  |
|  |  |  |  |  | Masterbrand, Inc. 7.000% due 07/15/2032 | (2404) |  |  |
|  |  |  |  |  | NESCO Holdings II, Inc. 5.500% due 04/15/2029 | (75) |  |  |
|  |  |  |  |  | Newell Brands, Inc. 8.500% due 06/01/2028 | (1172) |  |  |
|  |  |  |  |  | Olin Corp. 5.000% - 6.625% due 02/01/2030 -04/01/2033 | (1916) |  |  |
|  |  |  |  |  | Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% - 7.875% due 04/30/2031 - 05/15/2034 | (5007) |  |  |
|  |  |  |  |  | Sealed Air Corp. 6.875% due 07/15/2033 | (1156) |  |  |
|  |  |  |  |  | Sonic Automotive, Inc. 4.625% due 11/15/2029 | (198) |  |  |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| SAL | 3.750% | 09/19/2025 | 10/31/2025 | $2478 | Sonic Automotive, Inc. 4.625% due 11/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2473) | $2478 | $2481 |
|  | 3.900 | 09/19/2025 | 10/01/2025 | 1162 | LGI Homes, Inc. 7.000% due 11/15/2032 | (1155) | 1162 | 1164 |
|  | 3.900 | 09/24/2025 | 10/01/2025 | 2694 | WESCO Distribution, Inc. 6.625% due 03/15/2032 | (2687) | 2694 | 2696 |
|  | 3.900 | 09/19/2025 | 10/31/2025 | 58201 | ACCO Brands Corp. 4.250% due 03/15/2029 | (2084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58277 |
|  |  |  |  |  | Acadia Healthcare Co., Inc. 5.000% due 04/15/2029 | (1906) |  |  |
|  |  |  |  |  | AdaptHealth LLC 4.625% due 08/01/2029 | (2004) |  |  |
|  |  |  |  |  | Amentum Holdings, Inc. 7.250% due 08/01/2032 | (3995) |  |  |
|  |  |  |  |  | Amneal Pharmaceuticals LLC 6.875% due 08/01/2032 | (471) |  |  |
|  |  |  |  |  | Asbury Automotive Group, Inc. 5.000% due 02/15/2032 | (980) |  |  |
|  |  |  |  |  | Celanese U.S. Holdings LLC 6.850% - 7.050% due 11/15/2028 -11/15/2030 | (2865) |  |  |
|  |  |  |  |  | Cinemark USA, Inc. 7.000% due 08/01/2032 | (2104) |  |  |
|  |  |  |  |  | Cleveland-Cliffs, Inc. 6.750% - 6.875% due 11/01/2029 - 04/15/2030 | (2280) |  |  |
|  |  |  |  |  | Darling Ingredients, Inc. 6.000% due 06/15/2030 | (4113) |  |  |
|  |  |  |  |  | Goodyear Tire & Rubber Co. 4.875% due 03/15/2027 | (2792) |  |  |
|  |  |  |  |  | Herc Holdings, Inc. 5.500% - 7.250% due 07/15/2027 - 06/15/2033 | (8027) |  |  |
|  |  |  |  |  | LGI Homes, Inc. 7.000% due 11/15/2032 | (653) |  |  |
|  |  |  |  |  | MGM Resorts International 4.625% - 4.750% due 09/01/2026 - 10/15/2028 | (2385) |  |  |
|  |  |  |  |  | NESCO Holdings II, Inc. 5.500% due 04/15/2029 | (3620) |  |  |
|  |  |  |  |  | Olin Corp. 5.000% - 6.625% due<br>02/01/2030 - 04/01/2033 | (3214) |  |  |
|  |  |  |  |  | Perrigo Finance Unlimited Co. 4.900% due 06/15/2030 | (3024) |  |  |
|  |  |  |  |  | Rogers Communications, Inc. 5.250% - 7.000% due 04/15/2055 - 03/15/2082 | (4778) |  |  |
|  |  |  |  |  | Sirius XM Radio LLC 3.125% due 09/01/2026 | (2079) |  |  |
|  |  |  |  |  | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. 5.250% due 07/15/2029 | (1077) |  |  |
|  |  |  |  |  | Terex Corp. 6.250% due 10/15/2032 | (2935) |  |  |
|  |  |  |  |  | WESCO Distribution, Inc. 6.375% due 03/15/2033 | (728) |  |  |
|  | 3.900 | 09/24/2025 | 10/31/2025 | 1613 | Avient Corp. 7.125% due 08/01/2030 | (1144) | 1613 | 1614 |
|  |  |  |  |  | Resideo Funding, Inc. 6.500% due 07/15/2032 | (468) |  |  |
|  | 3.900 | 10/01/2025 | 10/31/2025 | 1620 | LGI Homes, Inc. 7.000% due 11/15/2032 | (50) | 1620 | 1620 |
|  |  |  |  |  | WESCO Distribution, Inc. 6.625% due 03/15/2032 | (1565) |  |  |
|  | 3.910 | 09/24/2025 | 10/01/2025 | 1129 | Huntsman International LLC 2.950% due 06/15/2031 | (1109) | 1129 | 1130 |
|  | 3.910 | 09/19/2025 | 10/31/2025 | 1112 | Atkore, Inc. 4.250% due 06/01/2031 | (1113) | 1112 | 1113 |
|  | 3.910 | 10/01/2025 | 10/31/2025 | 4051 | Atkore, Inc. 4.250% due 06/01/2031 | (686) | 4051 | 4051 |
|  |  |  |  |  | Forvia SE 6.750% due 09/15/2033 | (1118) |  |  |
|  |  |  |  |  | Kennedy-Wilson, Inc. 4.750% due 03/01/2029 | (1128) |  |  |
|  |  |  |  |  | Newell Brands, Inc. 6.625% due 09/15/2029 | (1112) |  |  |
|  | 3.930 | 09/19/2025 | 10/31/2025 | 4121 | Celanese U.S. Holdings LLC 6.879% due 07/15/2032 | (3007) | 4121 | 4126 |
|  |  |  |  |  | CommScope Technologies LLC 5.000% due 03/15/2027 | (1095) |  |  |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372748) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370677 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(3)</sup>** | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 1.000% | 09/04/2025 | TBD<sup>(4)</sup> | EUR | (1451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $(1704) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 49

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  Corporate Bonds & Notes (9.2)% | Corporate Bonds & Notes (9.2)% | Corporate Bonds & Notes (9.2)% | Corporate Bonds & Notes (9.2)% | Corporate Bonds & Notes (9.2)% | Corporate Bonds & Notes (9.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% | &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy Wilson, Inc. | 4.750% | 03/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | $(1122) | $(1128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. | 4.750 | 02/01/2030 | 3140 | (2840) | (2947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. | 5.000 | 03/01/2031 | 3225 | (2860) | (3016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 4.375 | 02/15/2030 | 2275 | (1820) | (1948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 4.950 | 10/01/2029 | 2400 | (1998) | (2177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Banking & Finance |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (8.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. | 5.000% | 04/15/2029 | 2260 | (2177) | (2267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. | 7.375 | 03/15/2033 | 2370 | (2425) | (2471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 4.250 | 03/15/2029 | 2967 | (2645) | (2688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC | 4.625 | 08/01/2029 | 2495 | (2321) | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. | 7.500 | 02/15/2033 | 3825 | (3806) | (4000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. | 8.250 | 04/15/2031 | 2275 | (2345) | (2474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | 6.250 | 03/15/2033 | 1100 | (1135) | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. | 7.250 | 08/01/2032 | 4542 | (4642) | (4775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. | 5.000 | 10/01/2029 | 3225 | (2927) | (3147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 5.875 | 10/01/2033 | 1100 | (1113) | (1114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC | 6.875 | 08/01/2032 | 2625 | (2700) | (2749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. | 4.750 | 03/01/2030 | 2000 | (1936) | (1957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. | 5.000 | 02/15/2032 | 1150 | (1105) | (1127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 4.250 | 06/01/2031 | 1900 | (1778) | (1799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 7.125 | 08/01/2030 | 1100 | (1135) | (1144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 6.625 | 10/01/2030 | 4650 | (4770) | (4915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. | 6.375 | 06/15/2033 | 1100 | (1136) | (1159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | 4.625 | 10/15/2029 | 5275 | (4947) | (5161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | 6.000 | 10/15/2032 | 1200 | (1157) | (1216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | 6.500 | 02/15/2032 | 1100 | (1120) | (1132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc. | 6.750 | 07/15/2030 | 1800 | (1804) | (1872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.830 | 07/15/2029 | 1771 | (1842) | (1856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.850 | 11/15/2028 | 950 | (993) | (1011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.879 | 07/15/2032 | 3462 | (3575) | (3590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 7.050 | 11/15/2030 | 2236 | (2344) | (2369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | 4.125 | 10/15/2030 | 2350 | (2219) | (2280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. | 5.375 | 05/15/2027 | 2268 | (2232) | (2314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. | 5.750 | 11/15/2028 | 225 | (220) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc. | 5.250 | 07/15/2028 | 1114 | (1107) | (1121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc. | 7.000 | 08/01/2032 | 2375 | (2449) | (2498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. | 4.875 | 07/01/2029 | 4440 | (4163) | (4255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. | 7.500 | 06/01/2029 | 3820 | (3462) | (3810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. | 6.750 | 04/15/2030 | 3300 | (3326) | (3459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. | 6.875 | 11/01/2029 | 2350 | (2381) | (2464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC | 4.750 | 09/01/2029 | 3669 | (3532) | (3665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC | 5.000 | 03/15/2027 | 1297 | (1242) | (1291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. | 6.875 | 07/15/2032 | 1075 | (1111) | (1133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellium SE | 3.750 | 04/15/2029 | 1150 | (1097) | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. | 6.000 | 06/15/2030 | 4775 | (4808) | (4910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 4.125 | 04/01/2029 | 900 | (856) | (857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 4.375 | 03/31/2029 | 3676 | (3507) | (3531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 6.000 | 09/15/2033 | 1125 | (1112) | (1104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forvia SE | 6.750 | 09/15/2033 | 1100 | (1115) | (1118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. | 4.875 | 03/15/2027 | 3375 | (3352) | (3365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. | 5.000 | 07/15/2029 | 2975 | (2865) | (2907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. | 5.250 | 07/15/2031 | 1325 | (1251) | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. | 5.625 | 04/30/2033 | 2275 | (2137) | (2172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 5.375 | 11/15/2031 | 1664 | (1168) | (1285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. | 9.000 | 02/15/2031 | 400 | (422) | (429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 5.500 | 07/15/2027 | 5000 | (4989) | (5049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 6.625 | 06/15/2029 | 3675 | (3738) | (3851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 7.250 | 06/15/2033 | 1047 | (1094) | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 6.250 | 02/15/2029 | 2300 | (2331) | (2379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc. | 4.875 | 12/15/2027 | 1800 | (1749) | (1784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC | 6.500 | 10/01/2033 | 1100 | (1122) | (1126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC | 6.750 | 10/01/2035 | 1100 | (1130) | (1135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc. | 7.000 | 11/15/2032 | 700 | (690) | (703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. | 6.500 | 10/01/2033 | 1125 | (1122) | (1123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | 7.000 | 07/15/2032 | 3091 | (3148) | (3244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 4.625 | 09/01/2026 | 522 | (522) | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 4.750 | 10/15/2028 | 3312 | (3278) | (3361) |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 6.125% | 09/15/2029 | $| 3100 | $(3163) | $(3166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 6.500 | 04/15/2032 |  | 1990 | (2026) | (2088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc. | 9.125 | 01/31/2030 |  | 1050 | (1097) | (1109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd. | 6.250 | 09/15/2033 |  | 2225 | (2242) | (2243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd. | 6.750 | 02/01/2032 |  | 926 | (943) | (963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. | 5.500 | 04/15/2029 |  | 4305 | (4080) | (4328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.625 | 09/15/2029 |  | 1100 | (1105) | (1112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.875 | 04/01/2036 |  | 1100 | (1092) | (1096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 8.500 | 06/01/2028 |  | 4225 | (4453) | (4608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 5.000 | 02/01/2030 |  | 2500 | (2392) | (2465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 6.625 | 04/01/2033 |  | 2747 | (2677) | (2864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV | 5.125 | 04/30/2031 |  | 5375 | (4686) | (4829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV | 7.875 | 05/15/2034 |  | 2549 | (2308) | (2440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. | 7.250 | 05/15/2031 |  | 3125 | (3148) | (3271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. | 5.375 | 02/15/2030 |  | 1800 | (1778) | (1802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 4.900 | 06/15/2030 |  | 3450 | (3340) | (3420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 6.125 | 09/30/2032 |  | 3250 | (3240) | (3275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc. | 6.500 | 07/15/2032 |  | 450 | (458) | (468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. | 5.250 | 03/15/2082 |  | 1552 | (1525) | (1546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. | 7.000 | 04/15/2055 |  | 3845 | (3883) | (4185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. | 7.125 | 04/15/2055 |  | 1175 | (1175) | (1299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc. | 6.750 | 03/01/2032 |  | 2875 | (2931) | (3009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 6.875 | 07/15/2033 |  | 1050 | (1122) | (1157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp. | 6.250 | 12/01/2032 |  | 2400 | (2383) | (2453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC | 3.125 | 09/01/2026 |  | 2500 | (2450) | (2474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. | 7.250 | 05/15/2031 |  | 3580 | (3649) | (3683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | 5.250 | 07/15/2029 |  | 2288 | (2231) | (2239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. | 4.625 | 11/15/2029 |  | 3000 | (2866) | (2968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.125 | 10/01/2028 |  | 2375 | (2373) | (2451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 6.250 | 10/15/2032 |  | 3375 | (3359) | (3539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc. | 4.000 | 09/01/2028 |  | 2400 | (2245) | (2347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. | 6.750 | 10/15/2028 |  | 2875 | (2825) | (2973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co. | 4.625 | 07/15/2029 |  | 848 | (789) | (819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. | 6.375 | 03/15/2033 |  | 3450 | (3551) | (3589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. | 6.625 | 03/15/2032 |  | 1500 | (1545) | (1565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  |  |  |  | (219055) | (225312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds & Notes |  |  |  |  | (229695) | (236528) |
|  U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 10/01/2055 |  | 46000 | (36311) | (37087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | (79788) | (79821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agencies |  |  |  |  | (116099) | (116908) |
|  Total Short Sales (13.8)% |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353436) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127006 | $0 | $0 | $0 | $127006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128613) | $(1607) |
|  BPS | 1269 | 0 | 0 | 0 | 1269 | (1267) | 2 |
|  BRC | 9682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704) | 0 | 0 | 7978 | (7940) | 38 |
|  BUS | 14383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 14383 | (14811) | (428) |
|  BYR | 4667 | 0 | 0 | 0 | 4667 | (4627) | 40 |
|  DEU | 37029 | 0 | 0 | 0 | 37029 | (36901) | 128 |
|  GSC | 2753 | 0 | 0 | 0 | 2753 | (2737) | 16 |
|  JPS | 12177 | 0 | 0 | 0 | 12177 | (12126) | 51 |
|  MSC | 43344 | 0 | 0 | 0 | 43344 | (43302) | 42 |
|  NOM | 9565 | 0 | 0 | 0 | 9565 | (9544) | 21 |
|  RDR | 30530 | 0 | 0 | 0 | 30530 | (31162) | (632) |
|  SAL | 78272 | 0 | 0 | 0 | 78272 | (78313) | (41) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139489) |
|  BMO | 0 | 0 | 0 | (750) | (750) | 0 | (750) |
|  BOS | 0 | 0 | 0 | (13682) | (13682) | 0 | (13682) |
|  DEU | 0 | 0 | 0 | (1263) | (1263) | 0 | (1263) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **51** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Payable for<br>Short Sales** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(5)</sup>** |
|  GSC | $0 | $0 | $0 | $(13028) | $(13028) | $0 | $(13028) |
|  JEF | 0 | 0 | 0 | (10592) | (10592) | 0 | (10592) |
|  JPS | 0 | 0 | 0 | (7709) | (7709) | 0 | (7709) |
|  MBC | 0 | 0 | 0 | (1034) | (1034) | 0 | (1034) |
|  MJR | 0 | 0 | 0 | (6099) | (6099) | 0 | (6099) |
|  MSC | 0 | 0 | 0 | (14370) | (14370) | 0 | (14370) |
|  NKF | 0 | 0 | 0 | (209) | (209) | 0 | (209) |
|  PER | 0 | 0 | 0 | (10038) | (10038) | 0 | (10038) |
|  RDR | 0 | 0 | 0 | (1041) | (1041) | 0 | (1041) |
|  SAL |  |  |  | (3339) | (3339) | 0 | (3339) |
|  SBI | 0 | 0 | 0 | (2247) | (2247) | 0 | (2247) |
|  SNI | 0 | 0 | 0 | (181) | (181) | 0 | (181) |
|  WFS | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11457) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236528) |  |  |  |

---

#### 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 | $(1704) | $(1704) |
|  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;(1704) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704) |
|  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  | $(1704) |

---

(m) Securities with an aggregate market value of $1,695 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(5712) at a weighted average interest rate of 3.790%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CBOE California Carbon Allowances December 2025 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.000 | 12/15/2026 | 276 | $276 | $450 | $276 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |

---

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $(35) | $(39) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 142 | 142 | (32) | (30) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 52 | 52 | (19) | (12) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 20 | 20 | (5) | (6) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 32 | 32 | (15) | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) |

---

52 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 79 | $79 | $(15) | $(9) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 127 | 127 | (31) | (17) |
|  |  |  |  |  | $(46) | $(26) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 316 | $76089 | $(249) | $24 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 316 | 76405 | (24) | 24 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 316 | 76239 | (158) | 24 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 316 | 75806 | (437) | 6 | 0 |
|  California Carbon Allowance December Futures  | 12/2025 | 920 | 28603 | 2106 | 101 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 469 | 15388 | (64) | 51 | 0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 215 | 18919 | 392 | 85 | 0 |
|  Long Guilt December Futures  | 12/2025 | 246 | 30054 | 62 | 129 | (16) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 3607 | 751693 | 667 | 394 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 4108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448574 | 682 | 160 | (3) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 443 | 49838 | (141) | 0 | (7) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 586 | 70357 | 1886 | 0 | (330) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 164 | $(22684) | $21 | $0 | $(31) |
|  Euro-Bund December Futures  | 12/2025 | 352 | (53134) | (175) | 13 | (140) |
|  Euro-Schatz December Futures  | 12/2025 | 385 | (48356) | 55 | 0 | (9) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110186) | 1045 | 89 | (89) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 735 | (85696) | (1844) | 184 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 4341 | (499554) | (5176) | 271 | 0 |
|  |  |  |  | $(6074) | $557 | $(269) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Boeing Co. | 1.000% | Quarterly | 12/20/2026 | 0.272% | $7000 | $86 | $(23) | $63 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.323 | 400 | 5 | 0 | 5 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 630 | 67 | (31) | 36 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 700 | 4 | (1) | 4 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 3650 | 23 | (2) | 21 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-35 5-Year Index | 1.000% | Quarterly | 06/20/2026 | $92 | $(1) | $1 | $0 | $0 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101163 | 6865 | 1341 | 8206 | 23 | (36) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 78250 | 5951 | 190 | 6141 | 87 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 2900 | 65 | 2 | 67 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 53

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 122975 | $(641) | $(70) | $(711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 650 | (3) | 28 | 25 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/10/2026 | $275600 | 320 | 95 | 415 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 239700 | 3630 | 1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | 31800 | 3206 | (2132) | 1074 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 200 | 18 | (12) | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 77130 | 162 | (928) | (766) | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1600 | (3) | (23) | (26) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 5500 | 0 | 8 | 8 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 35690 | 0 | (61) | (61) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 11000 | 0 | (33) | (33) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 7300 | 0 | (38) | (38) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 6000 | 0 | (36) | (36) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 24600 | 0 | (163) | (163) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 11600 | 0 | (78) | (78) | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 24100 | 0 | (211) | (211) | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 22200 | 0 | (201) | (201) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 15800 | 0 | (146) | (146) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 3700 | 0 | (35) | (35) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 03/30/2031 | 25770 | 189 | 3797 | 3986 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 42200 | (44) | (431) | (475) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 126000 | 10 | (2050) | (2040) | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 22780 | (36) | (75) | (111) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1500 | (6) | (21) | (27) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 2900 | (11) | (46) | (57) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 1200 | (4) | (16) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2500 | (9) | (33) | (42) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 1700 | (6) | (26) | (32) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 2800 | (8) | (47) | (55) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 3000 | (9) | (68) | (77) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2800 | (8) | (42) | (50) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 7000 | (21) | 83 | 62 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 07/14/2044 | 2970 | 0 | 107 | 107 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 51300 | 18802 | 1251 | 20053 | 140 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.999 | Annual | 07/03/2053 | 18000 | 951 | 5098 | 6049 | 45 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.842 | Annual | 09/19/2053 | 13900 | 4933 | 52 | 4985 | 35 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.874 | Annual | 09/19/2053 | 13200 | 4591 | 85 | 4676 | 37 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 | 21110 | 1204 | 6558 | 7761 | 55 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 18800 | 552 | 946 | 1498 | 56 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 37100 | 5249 | (644) | 4605 | 113 | 0 |
| Pay | 1-Year BRL-CDI | 0.000 | Maturity | 01/04/2027 | 544100 | 0 | (5250) | (5250) | 5 | (20) |
| Receive | 1-Year BRL-CDI | 10.768 | Maturity | 01/04/2027 | 136900 | 1237 | 84 | 1321 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | 74400 | 0 | (512) | (512) | 0 | (2) |
| Pay | 1-Year BRL-CDI | 11.566 | Maturity | 01/04/2027 | 376200 | 0 | (2493) | (2493) | 0 | (11) |
| Receive | 1-Year BRL-CDI | 11.691 | Maturity | 01/04/2027 | 740800 | 0 | 4596 | 4596 | 20 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 139300 | 2 | (126) | (124) | 0 | (25) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 41300 | 0 | (21) | (21) | 0 | 0 |
| Receive | 1-Year BRL-CDI | 14.028 | Maturity | 01/04/2027 | 303800 | 0 | 136 | 136 | 3 | 0 |
| Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 | 282600 | 0 | (132) | (132) | 30 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 168000 | (2) | (49) | (51) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 1074800 | 237 | (153) | 84 | 117 | 0 |
| Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 | 460600 | 0 | (419) | (419) | 0 | (51) |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/28/2028 | 90703800 | 6 | 7 | 13 | 12 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | 09/18/2030 | 57240300 | 0 | (28) | (28) | 12 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 172945 | 727 | 2079 | 2806 | 526 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 169300 | 2575 | 34 | 2609 | 586 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 8500 | (766) | 474 | (292) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 5000 | (391) | 258 | (133) | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 15500 | 55 | (8) | 47 | 26 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.415 | Annual | 07/09/2035 | 55900 | 0 | (347) | (347) | 201 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 17020 | (31) | 7 | (24) | 0 | (57) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 29200 | (427) | (720) | (1147) | 0 | (56) |
|  |  |  |  |  |  | $46230 | $9308 | $55537 | $2195 | $(469) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $59295 | $10785 | $70080 | $2305 | $(505) |

---

54 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | 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;276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246) |

---

(o) Securities with an aggregate market value of $82,791 and cash of $5,832 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $7 and liability of $(2) is outstanding at period end.. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(p) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 102167 | $119162 | $0 | $(787) |
|  | 10/2025 | $636 | 969 | 5 | 0 |
|  | 10/2025 | 27944 | 38876 | 0 | (9) |
|  | 11/2025 | 969 | $637 | 0 | (5) |
|  | 11/2025 | 38814 | 27944 | 9 | 0 |
|  BOA | 10/2025 | 20019 | 14517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | 0 |
|  | 10/2025 | 2644 | 18 | 0 | 0 |
|  | 10/2025 | 106 | 29 | 0 | 0 |
|  | 10/2025 | $883 | 78120 | 0 | (5) |
|  | 10/2025 | 1284 | 190480 | 4 | 0 |
|  | 10/2025 | 1313 | 2280 | 9 | 0 |
|  | 10/2025 | 14893 | 53925 | 0 | (60) |
|  | 11/2025 | 31654 | $5662 | 0 | (209) |
|  | 11/2025 | 17065 | 267 | 0 | (5) |
|  | 11/2025 | 3024 | 3558 | 1 | 0 |
|  | 11/2025 | 20609 | 138 | 0 | (2) |
|  | 11/2025 | 2280 | 1314 | 0 | (9) |
|  | 11/2025 | $478 | 1597 | 5 | 0 |
|  | 11/2025 | 80819 | $4650 | 0 | (14) |
|  | 08/2026 | $1580 | 28609 | 35 | 0 |
|  BPS | 10/2025 | 204904 | $34257 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4242) |
|  | 10/2025 | 2532 | 356 | 0 | 0 |
|  | 10/2025 | 1997 | 2351 | 7 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35294985 | 2131 | 20 | (4) |
|  | 10/2025 | 106389 | 1209 | 12 | 0 |
|  | 10/2025 | 12443 | 3419 | 1 | (5) |
|  | 10/2025 | 901178 | 29789 | 187 | 0 |
|  | 10/2025 | $38162 | 204903 | 355 | (17) |
|  | 10/2025 | 6241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102582486 | 0 | (93) |
|  | 10/2025 | 12634 | 1116761 | 0 | (74) |
|  | 10/2025 | 161 | 23959 | 1 | 0 |
|  | 10/2025 | 3043 | 4188279 | 0 | (58) |
|  | 10/2025 | 1669 | 6044 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 20053641 | $1200 | $0 | $(1) |
|  | 11/2025 | 121943 | 1370 | 0 | 0 |
|  | 11/2025 | 23876 | 161 | 0 | (1) |
|  | 11/2025 | 1051362 | 750 | 0 | 0 |
|  | 11/2025 | $582 | 3115 | 0 | (1) |
|  | 12/2025 | 767 | 12900330 | 5 | 0 |
|  | 04/2026 | 75000 | $13130 | 0 | (361) |
|  | 06/2026 | $62 | 19 | 0 | 0 |
|  | 07/2026 | 197 | 60 | 1 | 0 |
|  | 05/2030 | 784 | $2700 | 93 | 0 |
|  | 08/2030 | 202 | 680 | 9 | 0 |
|  BRC | 10/2025 | 199 | 145 | 2 | 0 |
|  | 10/2025 | 7339 | 9195 | 0 | (25) |
|  | 10/2025 | 28099 | 675 | 0 | 0 |
|  | 10/2025 | $223 | 179 | 2 | 0 |
|  | 10/2025 | 7 | 69 | 0 | 0 |
|  | 10/2025 | 3386 | 12382 | 20 | 0 |
|  | 10/2025 | 20385 | 878777 | 400 | 0 |
|  | 11/2025 | 2624 | $1735 | 0 | (3) |
|  | 11/2025 | 615 | 724 | 0 | 0 |
|  | 11/2025 | 69 | 7 | 0 | 0 |
|  | 11/2025 | 125646 | 34100 | 0 | (2034) |
|  | 11/2025 | $9195 | 7310 | 25 | 0 |
|  | 11/2025 | 7577 | 329682 | 98 | 0 |
|  | 11/2025 | 172189 | $9779 | 0 | (157) |
|  | 12/2025 | $115 | 2117 | 0 | 0 |
|  | 12/2025 | 1355 | 59630 | 2 | 0 |
|  BSH | 10/2025 | 133200 | $25044 | 17 | 0 |
|  | 10/2025 | $24494 | 133200 | 533 | 0 |
|  | 10/2025 | 387 | 668 | 0 | 0 |
|  | 11/2025 | 668 | $388 | 0 | 0 |
|  | 11/2025 | 15380 | 4202 | 0 | (221) |
|  | 12/2025 | 111857 | 31793 | 0 | (357) |
|  | 12/2025 | $15747 | 56071 | 371 | 0 |
|  | 01/2026 | 44936 | $12685 | 0 | (223) |
|  | 01/2026 | $8240 | 29221 | 156 | 0 |
|  | 03/2026 | 20068 | $5745 | 0 | (9) |
|  | 04/2026 | 142500 | 25090 | 0 | (543) |
|  CBK | 10/2025 | 43604 | 28960 | 157 | (50) |
|  | 10/2025 | 154692 | 29085 | 20 | 0 |
|  | 10/2025 | 26386 | 19091 | 131 | 0 |
|  | 10/2025 | 68468 | 9641 | 31 | 0 |
|  | 10/2025 | 3586 | 560 | 0 | (4) |
|  | 10/2025 | 3024 | 3545 | 0 | (5) |
|  | 10/2025 | 10052 | 13567 | 48 | 0 |
|  | 10/2025 | 10832 | 1393 | 1 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13285167 | 793 | 0 | (3) |
|  | 10/2025 | 907179 | 10209 | 5 | 0 |
|  | 10/2025 | 536 | 53 | 0 | (1) |
|  | 10/2025 | 1448 | 404 | 0 | (12) |
|  | 10/2025 | 753 | 589 | 6 | 0 |
|  | 10/2025 | 16837 | 568 | 15 | 0 |
|  | 10/2025 | $28570 | 154692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | 0 |
|  | 10/2025 | 10126 | 8610 | 0 | (18) |
|  | 10/2025 | 12168 | 8954 | 0 | (126) |
|  | 10/2025 | 219 | 3603296 | 0 | (3) |
|  | 10/2025 | 3761 | 330364 | 0 | (45) |
|  | 10/2025 | 681 | 6791 | 0 | 0 |
|  | 10/2025 | 12 | 15 | 0 | 0 |
|  | 10/2025 | 261 | 8408 | 0 | (1) |
|  | 10/2025 | 133 | 4031 | 0 | 0 |
|  | 10/2025 | 42711 | $2466 | 0 | (7) |
|  | 11/2025 | 6790 | 681 | 0 | 0 |
|  | 11/2025 | 42970 | 11734 | 0 | (624) |
|  | 11/2025 | 15 | 12 | 0 | 0 |
|  | 11/2025 | $32 | 45 | 0 | 0 |
|  | 11/2025 | 10209 | 909040 | 0 | (5) |
|  | 11/2025 | 141 | 2446 | 0 | 0 |
|  | 12/2025 | 36861 | $1928 | 0 | (68) |
|  | 12/2025 | 65867 | 18223 | 0 | (709) |
|  | 12/2025 | 4008 | 133 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13322826 | $4 | $0 |
|  | 12/2025 | 1676 | 6002 | 49 | 0 |
|  | 01/2026 | 64644 | $18063 | 0 | (501) |
|  | 03/2026 | 17335 | 4875 | 0 | (98) |
|  | 03/2026 | $1082 | 3803 | 9 | 0 |
|  | 05/2026 | 40488 | $11418 | 0 | (168) |
|  DUB | 10/2025 | 2704 | 380 | 0 | 0 |
|  | 10/2025 | 1700 | 497 | 0 | (16) |
|  | 10/2025 | 125932 | 1418 | 1 | 0 |
|  | 10/2025 | 10748 | 8386 | 54 | 0 |
|  | 10/2025 | $156 | 1107 | 0 | 0 |
|  | 10/2025 | 1703 | 150505 | 0 | (10) |
|  | 10/2025 | 820 | 1136432 | 0 | (10) |
|  | 11/2025 | 497 | 1699 | 15 | 0 |
|  | 11/2025 | 1418 | 126183 | 0 | (1) |
|  | 11/2025 | 415797 | $23754 | 0 | (240) |
|  | 12/2025 | $200 | 10137 | 6 | 0 |
|  FAR | 10/2025 | 168099 | $31379 | 0 | (205) |
|  | 10/2025 | 1315 | 1651 | 0 | (1) |
|  | 10/2025 | 1050280 | 7144 | 42 | 0 |
|  | 10/2025 | 7200 | 1974 | 0 | (6) |
|  | 10/2025 | $24952 | 38338 | 416 | 0 |
|  | 10/2025 | 31606 | 168099 | 0 | (22) |
|  | 10/2025 | 136 | 962 | 0 | 0 |
|  | 10/2025 | 3571 | 314956 | 0 | (29) |
|  | 10/2025 | 3770 | 13781 | 21 | 0 |
|  | 10/2025 | 49743 | 64064 | 0 | (79) |
|  | 11/2025 | 19736 | $12892 | 0 | (174) |
|  | 11/2025 | 63902 | 49743 | 75 | 0 |
|  | 11/2025 | $26133 | 146013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | 0 |
|  | 11/2025 | 1651 | 1310 | 2 | 0 |
|  | 12/2025 | 47015 | $2481 | 0 | (66) |
|  | 12/2025 | $31379 | 170481 | 196 | 0 |
|  | 12/2025 | 22417 | 427119 | 717 | 0 |
|  GLM | 10/2025 | 325338 | $54667 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6467) |
|  | 10/2025 | 202866 | 28549 | 76 | 0 |
|  | 10/2025 | 12762218 | 765 | 0 | 0 |
|  | 10/2025 | 20329786 | 14509 | 63 | (42) |
|  | 10/2025 | 35738 | 27906 | 201 | 0 |
|  | 10/2025 | 256744 | 8492 | 59 | 0 |
|  | 10/2025 | $59948 | 325338 | 1188 | (8) |
|  | 10/2025 | 11 | 76 | 0 | 0 |
|  | 10/2025 | 5927 | 97479314 | 0 | (84) |
|  | 10/2025 | 25804 | 2281261 | 0 | (145) |
|  | 10/2025 | 7212 | 10180590 | 42 | 0 |
|  | 10/2025 | 3167 | 11519 | 2 | 0 |
|  | 12/2025 | 125 | 6321 | 3 | 0 |
|  | 12/2025 | 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792823 | 0 | 0 |
|  | 01/2026 | 29788 | $482 | 11 | 0 |
|  | 03/2026 | 10189 | 157 | 0 | (3) |
|  | 04/2026 | 297300 | 52386 | 6 | (1098) |
|  IND | 10/2025 | $610 | 3902 | 4 | 0 |
|  | 11/2025 | 3893 | $610 | 0 | (4) |
|  JPM | 10/2025 | 712 | 131 | 0 | (3) |
|  | 10/2025 | 4581 | 3315 | 23 | 0 |
|  | 10/2025 | 2482450 | 27959 | 37 | 0 |
|  | 10/2025 | $134 | 712 | 0 | 0 |
|  | 10/2025 | 425 | 2706 | 1 | 0 |
|  | 10/2025 | 236 | 3894675 | 0 | (3) |
|  | 10/2025 | 1419 | 1966926 | 0 | (17) |
|  | 10/2025 | 2232 | 8201 | 24 | 0 |
|  | 10/2025 | 2067 | 88230 | 47 | 0 |
|  | 11/2025 | 2700 | $425 | 0 | (1) |
|  | 11/2025 | 2760 | 827 | 0 | (6) |
|  | 11/2025 | $27959 | 2487455 | 0 | (38) |
|  | 11/2025 | 368202 | $21007 | 0 | (241) |
|  | 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124596071 | 31504 | 47 | 0 |
|  | 12/2025 | $4887 | 90959 | 40 | 0 |
|  | 04/2026 | 6700 | $1130 | 0 | (75) |
|  MBC | 10/2025 | 1099 | 1302 | 12 | 0 |
|  | 10/2025 | 1880 | 13 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **57** |

---

------

Schedule of Investments PIMCO Dynamic 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** |
|  | 10/2025 | 4166092 | $2979 | $10 | $0 |
|  | 10/2025 | 17697 | 1846 | 0 | (34) |
|  | 10/2025 | 16339 | 12749 | 83 | 0 |
|  | 10/2025 | $10681 | 8474 | 0 | (35) |
|  | 10/2025 | 4277 | 30466 | 0 | (1) |
|  | 10/2025 | 200 | 9920 | 5 | 0 |
|  | 10/2025 | 2303 | 1961 | 0 | (1) |
|  | 10/2025 | 5255 | 3885 | 1 | (32) |
|  | 10/2025 | 80 | 11874 | 1 | 0 |
|  | 10/2025 | 4103 | 5727770 | 0 | (21) |
|  | 10/2025 | 7 | 70 | 0 | 0 |
|  | 10/2025 | 9885 | 16812 | 0 | (138) |
|  | 10/2025 | 616 | 19836 | 0 | (3) |
|  | 11/2025 | 29274 | $4119 | 1 | 0 |
|  | 11/2025 | 20301 | 137 | 0 | 0 |
|  | 11/2025 | 70 | 7 | 0 | 0 |
|  | 11/2025 | $36 | 259 | 0 | 0 |
|  | 11/2025 | 290 | 964 | 1 | 0 |
|  | 12/2025 | 100 | 5072 | 3 | 0 |
|  | 12/2025 | 3482 | 64819 | 29 | 0 |
|  MYI | 10/2025 | 11690 | $79 | 0 | 0 |
|  | 10/2025 | 6747 | 1864 | 8 | 0 |
|  | 10/2025 | $159 | 1134 | 0 | 0 |
|  | 10/2025 | 1357 | 1164 | 9 | 0 |
|  | 10/2025 | 3034 | 452993 | 29 | 0 |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 107 | 3232 | 0 | (1) |
|  | 11/2025 | 451426 | $3034 | 0 | (29) |
|  | 11/2025 | 2 | 0 | 0 | 0 |
|  | 12/2025 | 3211 | 107 | 1 | 0 |
|  NGF | 10/2025 | $197 | 3265808 | 0 | (2) |
|  | 10/2025 | 1873 | 2605258 | 0 | (16) |
|  | 11/2025 | 336 | 14657 | 2 | 0 |
|  | 12/2025 | 24883 | 1091141 | 80 | 0 |
|  RBC | 12/2025 | 555 | 10359 | 6 | 0 |
|  SCX | 10/2025 | 9615 | $1807 | 1 | 0 |
|  | 10/2025 | 3023 | 471 | 0 | (5) |
|  | 10/2025 | 10275451 | 615 | 0 | 0 |
|  | 10/2025 | 80196 | 902 | 0 | 0 |
|  | 10/2025 | 59853 | 407 | 2 | 0 |
|  | 10/2025 | 501 | 393 | 4 | 0 |
|  | 10/2025 | 10220 | 345 | 9 | 0 |
|  | 10/2025 | $1808 | 9614 | 0 | (1) |
|  | 10/2025 | 116 | 825 | 0 | 0 |
|  | 10/2025 | 23283 | 17406 | 127 | 0 |
|  | 10/2025 | 220 | 3623281 | 0 | (3) |
|  | 10/2025 | 1655 | 146049 | 0 | (12) |
|  | 11/2025 | 17406 | $23287 | 0 | (127) |
|  | 11/2025 | 98 | 1 | 0 | 0 |
|  | 11/2025 | $902 | 80352 | 0 | 0 |
|  | 12/2025 | 1807 | 9752 | 0 | (1) |
|  | 12/2025 | 615 | 10301421 | 1 | 0 |
|  SOG | 10/2025 | 548070 | $3727 | 21 | 0 |
|  | 10/2025 | 25628 | 14932 | 74 | 0 |
|  | 10/2025 | $109988 | 93527 | 0 | (182) |
|  | 10/2025 | 6630 | 986505 | 41 | 0 |
|  | 10/2025 | 23 | 230 | 0 | 0 |
|  | 10/2025 | 1885 | 17803 | 6 | 0 |
|  | 11/2025 | 93528 | $110209 | 183 | 0 |
|  | 11/2025 | 983094 | 6630 | 0 | (41) |
|  | 11/2025 | 230 | 23 | 0 | 0 |
|  | 11/2025 | 17765 | 1885 | 0 | (6) |
|  SSB | 10/2025 | 24592 | 4549 | 0 | (72) |
|  | 10/2025 | 20193 | 27219 | 61 | 0 |
|  | 11/2025 | 12259 | 3323 | 0 | (205) |
|  | 12/2025 | 15466 | 4182 | 0 | (264) |
|  UAG | 10/2025 | 7710 | 5580 | 40 | 0 |
|  | 10/2025 | 171 | 50 | 0 | (2) |
|  | 10/2025 | 6626 | 651 | 0 | (13) |
|  | 10/2025 | 6743 | 1858 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1107 | 1673 | $0 | $0 |
|  | 10/2025 | 561 | 1870 | 4 | 0 |
|  | 10/2025 | 41 | 3627 | 0 | 0 |
|  | 10/2025 | 3431 | 5868 | 0 | (29) |
|  | 10/2025 | 244 | 875 | 0 | (3) |
|  | 10/2025 | 2472 | 42709 | 1 | 0 |
|  | 10/2025 | 42729 | $2472 | 0 | (1) |
|  | 11/2025 | $50 | 171 | 2 | 0 |
|  | 11/2025 | 187298 | $10625 | 0 | (183) |
|  | 12/2025 | $3232 | 60087 | 23 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22545) |

---

#### 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 BRL | BRL | 5.500 | 11/24/2025 | 10514 | $173 | $323 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 15771 | 753 | 850 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |

---

#### 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 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470% | 06/04/2035 | 9800 | $879 | $833 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 9800 | 879 | 808 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/16/2039 | 31900 | 3054 | 2245 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.255 | 08/16/2039 | 31900 | 3054 | 3795 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 332800 | 272 | 295 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.808 | 07/31/2034 | 14700 | 1289 | 914 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.808 | 07/31/2034 | 14700 | 1289 | 1438 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 286900 | 221 | 254 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.800 | 07/12/2034 | 29700 | 2567 | 1825 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.800 | 07/12/2034 | 29700 | 2567 | 2899 |
|  |  |  |  |  |  | $16071 | $15306 |
|  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;16997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16479 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/24/2025 | 10514 | $(37) | $(63) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/24/2025 | 10514 | (141) | (32) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 31542 | (754) | (817) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(912) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 4400 | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 7500 | (21) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 5000 | (13) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 7500 | (21) | (46) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 5000 | (13) | (20) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 1900 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 1900 | (5) | (8) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 1700 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 1700 | (4) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 1600 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 1600 | (4) | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **59** |

---

------

Schedule of Investments PIMCO Dynamic 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** |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385% | 10/10/2025 | 4500 | $(14) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 4500 | (13) | (15) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 3900 | (13) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 3900 | (13) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 7400 | (24) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 7400 | (24) | (13) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 4200 | (11) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 4200 | (11) | (7) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 1500 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 1500 | (4) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 1600 | (6) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 1600 | (5) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 2100 | (6) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 2100 | (6) | (7) |
|  |  |  |  |  |  | $(261) | $(144) |
|  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;(1193) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES—SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.872% | $700 | $(6) | $7 | $1 | $0 |
| JPM | Hochtief AG | 5.000 | Quarterly | 12/20/2026 | 0.180 | 5900 | 1406 | (990) | 416 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES—SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $900 | $(26) | $29 | $3 | $0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 18100 | (628) | 687 | 59 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 12100 | (424) | 463 | 39 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | $101 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $14 | $0 | $0 | $14 | $(801) | $0 | $0 | $(801) | $(787) | $712 | $(75) |
|  BOA | 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 | 0 | 9038 | (304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286) | 7752 | 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015 |
|  BPS | 691 | 0 | 0 | 691 | (4863) | (8) | 0 | (4871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941 | (239) |
|  BRC | 549 | 0 | 0 | 549 | (2219) | (5) | 0 | (2224) | (1675) | 1435 | (240) |
|  BSH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | 0 | 0 | 1077 | (1353) | 0 | 0 | (1353) | (276) | 101 | (175) |
|  CBK | 971 | 0 | 0 | 971 | (2448) | (16) | 0 | (2464) | (1493) | 1111 | (382) |
|  DUB | 76 | 295 | 0 | 371 | (277) | (2) | 0 | (279) | 92 | (360) | (268) |
|  FAR | 2551 | 0 | 0 | 2551 | (582) | 0 | 0 | (582) | 1969 | (1770) | 199 |
|  GLM | 1657 | 0 | 0 | 1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7847) | (35) | 0 | (7882) | (6225) | 6387 | 162 |
|  GST | 0 | 0 | 4 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  IND | 4 | 0 | 0 | 4 | (4) | 0 | 0 | (4) | 0 | 0 | 0 |
|  JPM | 219 | 2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987 | (384) | 0 | 0 | (384) | 2603 | (24) | 2579 |
|  MBC | 146 | 0 | 0 | 146 | (265) | 0 | 0 | (265) | (119) | 0 | (119) |
|  MYC | 0 | 4978 | 59 | 5037 | 0 | 0 | 0 | 0 | 5037 | 276 | 5313 |
|  MYI | 47 | 0 | 0 | 47 | (30) | 0 | 0 | (30) | 17 | 3 | 20 |
|  NGF | 82 | 0 | 0 | 82 | (18) | 0 | 0 | (18) | 64 | 0 | 64 |
|  RBC | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(6)</sup>** |
|  SCX | $144 | $0 | $0 | $144 | $(149) | $0 | $0 | $(149) | $(5) | $0 | $(5) |
|  SOG | 325 | 0 | 0 | 325 | (229) | 0 | 0 | (229) | 96 | 0 | 96 |
|  SSB | 61 | 0 | 0 | 61 | (541) | 0 | 0 | (541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | (37) |
|  UAG | 73 | 0 | 39 | 112 | (231) | (8) | 0 | (239) | (127) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22545) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1056) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23601) |  |  |  |

---

(q) Securities with an aggregate market value of $14,672 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | $0 | $0 | $0 | $0 | $276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 152 | 0 | 0 | 0 | 1403 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 110 | 0 | 0 | 2195 | 2305 |
|  | $428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $0 | $0 | $3598 | $4136 |
|  Over the counter | Over the 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 | $8877 | $0 | $8877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1173 | 15306 | 16479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 518 | 0 | 0 | 0 | 518 |
|  | $0 | $518 | $0 | $10050 | $15306 | $25874 |
|  | $428 | $628 | $0 | $10050 | $18904 | $30010 |
|  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 | $116 | $116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 625 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 36 | 0 | 0 | 469 | 505 |
|  | $0 | $36 | $0 | $0 | $1210 | $1246 |
|  Over the counter | Over the 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 | $22545 | $0 | $22545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 912 | 144 | 1056 |
|  | $0 | $0 | $0 | $23457 | $144 | $23601 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24847 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 61

------

Schedule of Investments PIMCO Dynamic Bond Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $628 | $628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (199) | 0 | 0 | 0 | 4590 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2789 | 0 | 0 | 8158 | 10947 |
|  | $(199) | $2789 | $0 | $0 | $13376 | $15966 |
|  Over the counter | Over the 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 | $(32460) | $0 | $(32460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (5373) | (5373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 36 | 0 | 0 | 7757 | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 258 | 0 | 0 | 0 | 258 |
|  | $0 | $294 | $0 | $(32460) | $2384 | $(29782) |
|  | $(199) | $3083 | $0 | $(32460) | $15760 | $(13816) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(174) | $0 | $0 | $0 | $0 | $(174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3021 | 0 | 0 | 0 | (1603) | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1550 | 0 | 0 | (5094) | (3544) |
|  | $2847 | $1550 | $0 | $0 | $(6659) | $(2262) |
|  Over the counter | Over the 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 | $(12883) | $0 | $(12883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 247 | 2567 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 20 | (4111) | (4091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (31) | 0 | 0 | 0 | (31) |
|  | $0 | $(31) | $0 | $(12616) | $(1544) | $(14191) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8203) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16453) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $29329 | $10852 | $40181 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 274503 | 6289 | 280792 |
| &nbsp;&nbsp; Industrials | 0 | 178167 | 25500 | 203667 |
| &nbsp;&nbsp; Utilities | 0 | 51458 | 0 | 51458 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 2130 | 0 | 2130 |
| &nbsp;&nbsp; Illinois | 0 | 857 | 0 | 857 |
| &nbsp;&nbsp; West Virginia | 0 | 4149 | 0 | 4149 |
|  U.S. Government Agencies | 0 | 1685065 | 0 | 1685065 |
|  U.S. Treasury Obligations | 0 | 294516 | 0 | 294516 |
|  Non-Agency Mortgage-Backed Securities | 0 | 160764 | 0 | 160764 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 178867 | 0 | 178867 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 2401 | 0 | 2401 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 2204 | 0 | 2204 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 26596 | 0 | 26596 |
| &nbsp;&nbsp; Other ABS | 2200 | 130961 | 0 | 133161 |
|  Sovereign Issues | 0 | 485946 | 0 | 485946 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 265 | 265 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 4320 | 0 | 0 | 4320 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 5573 | 0 | 5573 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | $0 | $40883 | $0 | $40883 |
| &nbsp;&nbsp; Mutual Funds | 0 | 3225 | 0 | 3225 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 370361 | 0 | 370361 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 10154 | 0 | 10154 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 764 | 0 | 764 |
|  | $6520 | $3938873 | $42906 | $3988299 |
|  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 | $510879 | $0 | $0 | $510879 |
|  Total Investments | $517399 | $3938873 | $42906 | $4499178 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Corporate Bonds & Notes | 0 | (236528) | 0 | (236528) |
|  U.S. Government Agencies | 0 | (116908) | 0 | (116908) |
|  | $0 | $(353436) | $0 | $(353436) |
|  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 | 744 | 3392 | 0 | 4136 |
|  Over the counter | 0 | 25874 | 0 | 25874 |
|  | $744 | $29266 | $0 | $30010 |

---

62 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(306) | $(940) | $0 | $(1246) |
|  Over the counter | 0 | (23601) | 0 | (23601) |
|  | $(306) | $(24541) | $0 | $(24847) |
|  Total Financial Derivative Instruments | $438 | $4725 | $0 | $5163 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150905 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/<br>(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $9587 | $603 | $(3) | $4 | $0 | $661 | $0 | $0 | $10852 | $662 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 4325 | 6172 | (4300) | 0 | 0 | 92 | 0 | 0 | 6289 | 117 |
| &nbsp;&nbsp; Industrials | 0 | 25500 | 0 | 0 | 0 | 0 | 0 | 0 | 25500 | 0 |
|  Non-Agency Mortgage-Backed Securities | 3931 | 0 | 0 | 25 | 0 | 238 | 0 | (4194) | 0 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 265 | 0 | 0 | 265 | 265 |
| &nbsp;&nbsp; Financials | 762 | 0 | (774) | 0 | 0 | 12 | 0 | 0 | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5077) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4194) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $600 | Cost | Purchase Price | 100.000 |  |
|  | 10252 | Discounted Cash Flow | Discount Rate | 3.786-6.436 | 4.052 |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 4411 | Discounted Cash Flow | Discount Rate | 4.320-4.850 | 4.574 |
|  | 1878 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 25500 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 265 | Discounted Cash Flow | Discount Rate | 7.930 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42906 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

Schedule of Investments PIMCO Extended Duration Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 218.6% | INVESTMENTS IN SECURITIES 218.6% | INVESTMENTS IN SECURITIES 218.6% |
| U.S. GOVERNMENT AGENCIES 18.3% | U.S. GOVERNMENT AGENCIES 18.3% | U.S. GOVERNMENT AGENCIES 18.3% |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  4.446% due 11/25/2052 ~ | 4412 | 4042 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 989 | 942 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 01/15/2041 (b)(d) | 2234 | 1805 |
|  3.000% due 04/15/2053 | 1658 | 1370 |
|  4.000% due 09/15/2054 | 928 | 861 |
|  6.000% due 06/15/2035 | 537 | 560 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 08/01/2048 | 32 | 30 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 07/25/2043 | 534 | 453 |
|  5.000% due 08/25/2033 | 15 | 15 |
|  5.500% due 04/25/2033 - 08/25/2035 | 19 | 20 |
|  6.000% due 12/25/2034 | 348 | 361 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 2231 | 130 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.000% due 09/20/2055 | 100 | 94 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.500% due 10/20/2037 | 215 | 219 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 11000 | 10342 |
|  4.500% due 11/01/2055 | 2100 | 2036 |
|  Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS |
|  0.000% due 10/15/2028 (a) | 800 | 716 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.625% due 09/15/2060 | 1000 | 898 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 10 | 10 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 2100 | 1979 |
|  4.500% due 10/01/2055 - 11/01/2055 | 8300 | 8049 |
|  5.000% due 11/01/2055 | 15900 | 15760 |
|  6.000% due 11/01/2055 | 33200 | 33913 |
|  6.500% due 11/01/2055 | 1700 | 1758 |
|  Total U.S. Government Agencies (Cost $87,692) | Total U.S. Government Agencies (Cost $87,692) | 86363 |
| U.S. TREASURY OBLIGATIONS 188.1% | U.S. TREASURY OBLIGATIONS 188.1% | U.S. TREASURY OBLIGATIONS 188.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 08/15/2049 (g) | 3400 | 2171 |
|  2.250% due 02/15/2052 (g) | 5500 | 3413 |
|  2.750% due 08/15/2047 (g) | 1600 | 1160 |
|  2.750% due 11/15/2047 | 1 | 1 |
|  3.000% due 11/15/2044 | 80 | 62 |
|  3.000% due 02/15/2048 (g) | 1600 | 1208 |
|  3.000% due 08/15/2048 (g) | 38000 | 28580 |
|  3.375% due 11/15/2048 (g) | 16600 | 13340 |
|  3.625% due 02/15/2053 (g) | 1200 | 992 |
|  4.000% due 11/15/2052 (g) | 1900 | 1682 |
|  4.250% due 02/15/2054 (g) | 9600 | 8864 |
|  4.250% due 08/15/2054 (g) | 31900 | 29458 |
|  4.500% due 11/15/2054 (g) | 2800 | 2697 |
|  4.625% due 02/15/2055 (g) | 51800 | 50934 |
|  4.750% due 05/15/2055 (g) | 52900 | 53082 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 07/15/2032 (g) | 5781 | 5474 |
|  1.125% due 01/15/2033 (g) | 9196 | 8916 |
|  1.750% due 01/15/2034 (g) | 7777 | 7816 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 06/30/2032 (g) | 12300 | 12366 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 05/15/2034 (a) | 31800 | 22205 |
|  0.000% due 08/15/2034 (a)(g) | 76520 | 52743 |
|  0.000% due 11/15/2034 (a)(i) | 34600 | 23542 |
|  0.000% due 08/15/2035 (a)(i) | 6870 | 4497 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 05/15/2036 (a) | 52000 | 32711 |
|  0.000% due 11/15/2036 (a) | 76900 | 47158 |
|  0.000% due 05/15/2037 (a) | 54350 | 32473 |
|  0.000% due 08/15/2037 (a) | 9100 | 5364 |
|  0.000% due 05/15/2041 (a) | 160 | 76 |
|  0.000% due 08/15/2041 (a) | 120 | 56 |
|  0.000% due 11/15/2041 (a) | 60 | 28 |
|  0.000% due 08/15/2042 (a) | 690 | 306 |
|  0.000% due 11/15/2042 (a) | 120 | 52 |
|  0.000% due 08/15/2041 (d) | 14800 | 7142 |
|  0.000% due 02/15/2042 (d)(i) | 9500 | 4443 |
|  0.000% due 05/15/2042 (d)(i) | 9700 | 4464 |
|  0.000% due 05/15/2043 (d) | 16610 | 7220 |
|  0.000% due 08/15/2043 (d) | 22200 | 9522 |
|  0.000% due 05/15/2044 (d) | 32700 | 13447 |
|  0.000% due 08/15/2044 (d)(i) | 1500 | 609 |
|  0.000% due 11/15/2044 (d)(i) | 4800 | 1922 |
|  0.000% due 02/15/2045 (d)(i) | 5200 | 2056 |
|  0.000% due 05/15/2045 (d)(i) | 7750 | 3025 |
|  0.000% due 08/15/2046 (d)(i) | 3500 | 1281 |
|  0.000% due 05/15/2048 (d) | 77000 | 25734 |
|  0.000% due 08/15/2048 (d)(g) | 153800 | 50783 |
|  0.000% due 11/15/2048 (d)(g) | 172400 | 56245 |
|  0.000% due 02/15/2049 (d) | 120600 | 38887 |
|  0.000% due 08/15/2049 (d) | 72300 | 22787 |
|  0.000% due 11/15/2049 (d) | 155500 | 48414 |
|  0.000% due 08/15/2050 (d)(g) | 202600 | 61095 |
|  0.000% due 05/15/2051 (d)(g) | 213900 | 62128 |
|  0.000% due 11/15/2054 (d) | 58200 | 14632 |
|  Total U.S. Treasury Obligations<br>(Cost $1,235,463) | Total U.S. Treasury Obligations<br>(Cost $1,235,463) | 889263 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2% |
|  1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
|  5.690% due 10/13/2037 | 3000 | 2723 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  5.015% due 09/15/2058 | 900 | 921 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ | 93 | 51 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  5.660% due 04/15/2057 | 1200 | 1258 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.187% due 07/15/2058 | 800 | 823 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.593% due 09/25/2047 ~ | 68 | 61 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.722% due 10/10/2049 ~ | 1800 | 1650 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.648% due 12/15/2031 •  | 662 | 659 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.172% due 12/25/2049 •  | 51 | 50 |
|  6.262% due 07/25/2035 ~ | 11 | 11 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ | 1182 | 1139 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.553% due 03/25/2055 þ | 722 | 731 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.592% due 10/25/2035 •  | 183 | 177 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.883% due 01/25/2047 •  | 60 | 57 |
|  5.653% due 10/25/2046 •  | 2 | 2 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $11,193) | Total Non-Agency Mortgage-Backed Securities (Cost $11,193) | 10313 |
| ASSET-BACKED SECURITIES 5.4% | ASSET-BACKED SECURITIES 5.4% | ASSET-BACKED SECURITIES 5.4% |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 | 1400 | 1472 |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.400% due 10/16/2036 •  | 549 | 548 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.822% due 01/15/2037 •  | 965 | 967 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.600% due 12/16/2036 •  | 321 | 321 |
|  LFT CRE Ltd. | LFT CRE Ltd. | LFT CRE Ltd. |
|  5.435% due 06/15/2039 •  | 728 | 730 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 429 | 429 |
|  |  | 2995 |
| HOME EQUITY OTHER 1.2% | HOME EQUITY OTHER 1.2% | HOME EQUITY OTHER 1.2% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.067% due 01/25/2035 •  | 3283 | 3162 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 1518 | 1538 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.097% due 10/25/2034 •  | 970 | 947 |
|  |  | 5647 |
| OTHER ABS 3.3% | OTHER ABS 3.3% | OTHER ABS 3.3% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 1000 | 1001 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  5.278% due 07/25/2034 •  | 700 | 702 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  | 500 | 589 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  3.016% due 05/15/2032 •  | 996 | 1171 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 300 | 353 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.256% due 05/25/2055 •  | 664 | 673 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.680% due 07/22/2027 | 1000 | 1005 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 337 | 336 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(c) | 600 | 600 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  5.330% due 07/17/2036 •  | 1000 | 1001 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 1000 | 1001 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  5.365% due 11/15/2042 | 870 | 877 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  | 1000 | 1178 |
|  Saranac CLO VI Ltd. | Saranac CLO VI Ltd. | Saranac CLO VI Ltd. |
|  5.439% due 08/13/2031 •  | 388 | 388 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.807% due 05/15/2050 | 490 | 504 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 800 | 801 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 1000 | 1001 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 962 | 967 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 1320 | 1323 |
|  Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. | Venture XXVIII CLO Ltd. |
|  5.577% due 07/20/2030 •  | 164 | 164 |
|  |  | 15635 |
|  Total Asset-Backed Securities (Cost $25,528) | Total Asset-Backed Securities (Cost $25,528) | 25749 |
| SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% | SOVEREIGN ISSUES 4.5% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 (c) | 400 | 402 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 1000 | 759 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | JPY | 380000 | $— | 2192 |
|  2.400% due 03/20/2055 |  | 47000 |  | 277 |
|  2.800% due 06/20/2055 |  | 180000 |  | 1154 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 500000 |  | 3099 |
|  2.400% due 03/20/2045 |  | 74000 |  | 487 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (e) | MXN | 1454 |  | 72 |
|  3.000% due 12/03/2026 (e) |  | 171 |  | 9 |
|  4.000% due 11/30/2028 (e) |  | 2480 |  | 135 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 4100 |  | 1144 |
|  6.150% due 08/12/2032 |  | 8700 |  | 2656 |
|  6.950% due 08/12/2031 |  | 4161 |  | 1327 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.250% due 03/31/2032 | ZAR | 7800 |  | 446 |
|  8.500% due 01/31/2037 |  | 11300 |  | 603 |
|  8.875% due 02/28/2035 |  | 112600 |  | 6406 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | GBP | 200 | 224 |
|  Total Sovereign Issues (Cost $20,934) | Total Sovereign Issues (Cost $20,934) | Total Sovereign Issues (Cost $20,934) | 21392 |
|  |  | **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% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) |  | 500936 | 501 |
| Total Short-Term Instruments<br>(Cost $501) | Total Short-Term Instruments<br>(Cost $501) | Total Short-Term Instruments<br>(Cost $501) | 501 |
| Total Investments in Securities<br>(Cost $1,381,311) | Total Investments in Securities<br>(Cost $1,381,311) | Total Investments in Securities<br>(Cost $1,381,311) | 1033581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 487063 | $— | 4744 |
| Total Short-Term Instruments<br>(Cost $4,743) | Total Short-Term Instruments<br>(Cost $4,743) |  | 4744 |
| Total Investments in Affiliates<br>(Cost $4,743) | Total Investments in Affiliates<br>(Cost $4,743) |  | 4744 |
| Total Investments 219.6%<br>(Cost $1,386,054) | Total Investments 219.6%<br>(Cost $1,386,054) | $— | 1038325 |
|  Financial Derivative<br>Instruments (h)(j) 0.1%<br> (Cost or Premiums, net $(988)) |  |  | 540 |
| Other Assets and Liabilities, net (119.7)% | Other Assets and Liabilities, net (119.7)% |  | (566146) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 472719 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

Þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(93709) | $(93799) |
|  BOO | 4.290 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262868) | (262899) |
|  BRC | 4.340 | 09/30/2025 | 10/02/2025 | (51411) | (51418) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (22292) | (22309) |
|  DEU | 4.180 | 10/01/2025 | 10/03/2025 | (54156) | (54156) |
|  | 4.250 | 09/24/2025 | 10/01/2025 | (53892) | (53936) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (12235) | (12235) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (12235) | (12236) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562988) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 65

------

Schedule of Investments PIMCO Extended Duration Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOM | $0 | $(93799) | $0 | $(93799) | $92825 | $(974) |
|  BOO | 0 | (262899) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263084 | 185 |
|  BRC | 0 | (51418) | 0 | (51418) | 50934 | (484) |
|  BSN | 0 | (22309) | 0 | (22309) | 22202 | (107) |
|  DEU | 0 | (108092) | 0 | (108092) | 53082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55010) |
|  STR | 0 | (24471) | 0 | (24471) | 12366 | (12105) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562988) | $&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 | $(329071) | $(167526) | $0 | $0 | $(496597) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(496597) |
|  Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496597) |

---

(g) Securities with an aggregate market value of $495,236 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(510458) at a weighted average interest rate of 4.406%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(66391) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $(18) | $(20) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 20 | 20 | (5) | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.000 | 10/24/2025 | 76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | $(19) | $(10) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 82 | $6150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $0 |
|  Euro-Bund December Futures  | 12/2025 | 55 | 8302 | 49 | 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Long Guilt December Futures  | 12/2025 | 12 | 1466 | 7 | 6 | (1) |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 41 | $8544 | $8 | $5 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 319 | 34833 | 37 | 12 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 297 | 33413 | 132 | 0 | (4) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 275 | 33017 | 842 | 0 | (155) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) |
| **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** |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 17 | $(15610) | $148 | $13 | $(13) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 1104 | (128720) | (2671) | 276 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 3263 | (375500) | (3954) | 204 | 0 |
|  |  |  |  | $(6477) | $493 | $(13) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | **Payment**<br> **Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | Floating Rate Index | Fixed Rate | **Payment**<br> **Frequency** | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 17200 | $(54) | $(45) | $(99) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/31/2028 | $3340 | 14 | (64) | (50) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | 21 | (185) | (164) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 10200 | (90) | (65) | (155) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 40779 | (41) | (619) | (660) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 850 | (3) | (13) | (16) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 700 | (2) | (11) | (13) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 800 | (2) | (14) | (16) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 5100 | (15) | 60 | 45 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/15/2051 | 9100 | (386) | 3888 | 3502 | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 10/23/2053 | 9100 | (155) | 3805 | 3650 | 26 | 0 |
|  Pay<sup>(1)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 14000 | (133) | 254 | 121 | 29 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2570 | (39) | (8) | (47) | 0 | (20) |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | 8000 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 | 11100 | 0 | 12 | 12 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 | 8400 | 0 | 6 | 6 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.910 | Lunar | 03/29/2032 | 1100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.100 | Lunar | 03/26/2035 | 900 | 0 | 1 | 1 | 0 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 1000 | 2 | (14) | (12) | 0 | (2) |
|  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;(883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $(260) |

---

(i) Securities with an aggregate market value of $14,413 and cash of $2,959 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Schedule of Investments PIMCO Extended Duration Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 76 | $44 | $0 | $0 |
|  | 10/2025 | $4439 | 6176 | 0 | (1) |
|  | 10/2025 | 4322 | 3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 0 |
|  | 11/2025 | 6166 | $4439 | 1 | 0 |
|  | 11/2025 | $44 | 76 | 0 | 0 |
|  BOA | 10/2025 | 4567 | $31 | 0 | 0 |
|  | 10/2025 | 53 | 31 | 0 | 0 |
|  | 10/2025 | $382 | 302 | 0 | (3) |
|  | 10/2025 | 120 | 404 | 2 | 0 |
|  | 10/2025 | 294 | 26004 | 0 | (2) |
|  | 10/2025 | 767 | 114861 | 10 | 0 |
|  | 10/2025 | 151 | 208394 | 0 | (2) |
|  | 10/2025 | 71 | 254 | 0 | (1) |
|  | 11/2025 | 114464 | $767 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 11/2025 | $1009 | 5408 | 0 | (1) |
|  | 11/2025 | 70 | 233 | 1 | 0 |
|  | 11/2025 | 31 | 53 | 0 | 0 |
|  | 12/2025 | 281 | 5268 | 5 | 0 |
|  BPS | 10/2025 | 1641 | $309 | 0 | 0 |
|  | 10/2025 | 3877 | 544 | 0 | 0 |
|  | 10/2025 | 268 | 316 | 1 | 0 |
|  | 10/2025 | 12910069 | 780 | 8 | (1) |
|  | 10/2025 | 21453 | 244 | 2 | 0 |
|  | 10/2025 | 53 | 31 | 0 | 0 |
|  | 10/2025 | 83410 | 2775 | 36 | (1) |
|  | 10/2025 | $300 | 1641 | 8 | 0 |
|  | 10/2025 | 927 | 15306581 | 0 | (10) |
|  | 10/2025 | 896 | 133072 | 4 | 0 |
|  | 10/2025 | 870 | 1201785 | 0 | (14) |
|  | 10/2025 | 1226 | 4461 | 2 | 0 |
|  | 11/2025 | 3008046 | $180 | 0 | 0 |
|  | 11/2025 | 17802 | 200 | 0 | 0 |
|  | 11/2025 | 132610 | 896 | 0 | (4) |
|  | 11/2025 | 154200 | 110 | 0 | 0 |
|  | 11/2025 | $140 | 471 | 2 | 0 |
|  | 11/2025 | 31 | 52 | 0 | 0 |
|  | 12/2025 | 3657 | $122 | 1 | 0 |
|  | 12/2025 | $208 | 3507032 | 1 | 0 |
|  | 12/2025 | 119 | 2205 | 1 | 0 |
|  BRC | 10/2025 | 220 | $275 | 0 | (1) |
|  | 10/2025 | 465 | 627 | 3 | 0 |
|  | 10/2025 | 1863 | 509 | 0 | (3) |
|  | 10/2025 | $1430 | 126270 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 10/2025 | 1 | 12 | 0 | 0 |
|  | 11/2025 | 12 | $1 | 0 | 0 |
|  | 11/2025 | $238 | 189 | 1 | 0 |
|  | 11/2025 | 627 | 465 | 0 | (3) |
|  | 11/2025 | 48 | 2104 | 1 | 0 |
|  | 11/2025 | 8091 | $460 | 0 | (7) |
|  | 12/2025 | $225 | 4158 | 0 | 0 |
|  BSH | 10/2025 | 498 | $579 | 0 | (6) |
|  | 10/2025 | 16 | 9 | 0 | 0 |
|  | 11/2025 | $9 | 16 | 0 | 0 |
|  | 12/2025 | 12112 | $3410 | 0 | (73) |
|  | 12/2025 | $55 | 194 | 1 | 0 |
|  CBK | 10/2025 | 170 | $111 | 0 | (2) |
|  | 10/2025 | 15720 | 2956 | 2 | 0 |
|  | 10/2025 | 10469 | 1475 | 6 | 0 |
|  | 10/2025 | 1000 | 1167 | 0 | (7) |
|  | 10/2025 | 7619659 | 460 | 4 | (1) |
|  | 10/2025 | 34542 | 389 | 1 | 0 |
|  | 10/2025 | 5848 | 1674 | 0 | (10) |
|  | 10/2025 | 1312 | 1022 | 5 | 0 |
|  | 10/2025 | 1771 | 55 | 0 | 0 |
|  | 10/2025 | 64191 | 2166 | 57 | 0 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $2844 | 15720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $0 |
|  | 10/2025 | 840 | 616 | 0 | (12) |
|  | 10/2025 | 276 | 4537016 | 0 | (4) |
|  | 10/2025 | 1252 | 109968 | 0 | (15) |
|  | 10/2025 | 118 | 1178 | 0 | 0 |
|  | 10/2025 | 303 | 2875 | 2 | 0 |
|  | 10/2025 | 679 | 20675 | 1 | (1) |
|  | 10/2025 | 2007 | $116 | 0 | 0 |
|  | 11/2025 | 1178 | 118 | 0 | 0 |
|  | 11/2025 | $30 | 101 | 0 | 0 |
|  | 11/2025 | 389 | 34610 | 0 | 0 |
|  | 12/2025 | 14926 | $494 | 1 | 0 |
|  | 12/2025 | $216 | 3621891 | 1 | 0 |
|  | 01/2026 | 5603 | $186 | 0 | 0 |
|  DUB | 10/2025 | 8308 | 1168 | 2 | 0 |
|  | 10/2025 | 4106314 | 251 | 4 | 0 |
|  | 10/2025 | 56005 | 630 | 1 | 0 |
|  | 10/2025 | 458565 | 331 | 4 | 0 |
|  | 10/2025 | $430 | 7055870 | 0 | (7) |
|  | 10/2025 | 233 | 797 | 7 | 0 |
|  | 10/2025 | 597 | 52745 | 0 | (3) |
|  | 10/2025 | 138 | 234 | 0 | (2) |
|  | 11/2025 | 796 | $233 | 0 | (7) |
|  | 11/2025 | 2654 | 30 | 0 | 0 |
|  | 11/2025 | $630 | 56116 | 0 | (1) |
|  | 11/2025 | 19539 | $1116 | 0 | (11) |
|  FAR | 10/2025 | 3333 | 2162 | 0 | (43) |
|  | 10/2025 | 34 | 43 | 0 | 0 |
|  | 10/2025 | 3622 | 510 | 2 | 0 |
|  | 10/2025 | 2221 | 2595 | 0 | (13) |
|  | 10/2025 | 221151 | 1504 | 9 | 0 |
|  | 10/2025 | 37 | 22 | 0 | 0 |
|  | 10/2025 | 2073 | 567 | 0 | (3) |
|  | 10/2025 | $3402 | 5211 | 46 | 0 |
|  | 10/2025 | 1189 | 104839 | 0 | (10) |
|  | 10/2025 | 708 | 2581 | 2 | 0 |
|  | 10/2025 | 4822 | 6210 | 0 | (8) |
|  | 11/2025 | 5211 | $3404 | 0 | (46) |
|  | 11/2025 | 6195 | 4822 | 7 | 0 |
|  | 11/2025 | $43 | 34 | 0 | 0 |
|  | 11/2025 | 2600 | 2221 | 13 | 0 |
|  | 11/2025 | 22 | 37 | 0 | 0 |
|  | 12/2025 | 1129 | $59 | 0 | (2) |
|  | 12/2025 | $22 | 419 | 1 | 0 |
|  GLM | 10/2025 | 25253 | $4729 | 0 | (16) |
|  | 10/2025 | 24 | 30 | 0 | 0 |
|  | 10/2025 | 286 | 40 | 0 | 0 |
|  | 10/2025 | 3540909 | 212 | 0 | 0 |
|  | 10/2025 | 388103 | 275 | 0 | (2) |
|  | 10/2025 | 52 | 41 | 0 | 0 |
|  | 10/2025 | $4748 | 25253 | 0 | (3) |
|  | 10/2025 | 277 | 4578349 | 0 | (3) |
|  | 10/2025 | 340 | 29876 | 0 | (4) |
|  | 10/2025 | 275 | 388191 | 2 | 0 |
|  | 11/2025 | 30 | 101 | 0 | 0 |
|  | 11/2025 | 2326 | 101273 | 17 | 0 |
|  | 12/2025 | 4729 | 25612 | 15 | 0 |
|  | 12/2025 | 208 | 3477810 | 0 | 0 |
|  IND | 10/2025 | 163 | $107 | 0 | (1) |
|  JPM | 10/2025 | 5251 | 3800 | 27 | 0 |
|  | 10/2025 | 8106289 | 486 | 0 | 0 |
|  | 10/2025 | 793680 | 572 | 7 | 0 |
|  | 10/2025 | 1234 | 336 | 0 | (4) |
|  | 10/2025 | 235 | 183 | 1 | 0 |
|  | 10/2025 | $783 | 13006162 | 0 | (4) |
|  | 10/2025 | 120 | 402 | 2 | 0 |
|  | 10/2025 | 742 | 2674 | 0 | (7) |
|  | 10/2025 | 58 | 1773 | 0 | 0 |
|  | 11/2025 | 17302 | $987 | 0 | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

---

------

Schedule of Investments PIMCO Extended Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 10/2025 | 1545 | $1031 | $8 | $0 |
|  | 10/2025 | 24 | 30 | 0 | 0 |
|  | 10/2025 | 4228 | 595 | 1 | 0 |
|  | 10/2025 | 166 | 197 | 2 | 0 |
|  | 10/2025 | 673 | 907 | 3 | 0 |
|  | 10/2025 | 404557 | 25 | 0 | 0 |
|  | 10/2025 | 168147 | 1146 | 9 | 0 |
|  | 10/2025 | 1633833 | 1172 | 8 | 0 |
|  | 10/2025 | 2455 | 256 | 0 | (5) |
|  | 10/2025 | 4613 | 3606 | 29 | 0 |
|  | 10/2025 | 4179 | 130 | 1 | 0 |
|  | 10/2025 | $579 | 4127 | 0 | 0 |
|  | 10/2025 | 530 | 448 | 0 | (4) |
|  | 10/2025 | 443 | 65952 | 3 | 0 |
|  | 10/2025 | 718 | 1003202 | 0 | (3) |
|  | 10/2025 | 1 | 12 | 0 | 0 |
|  | 10/2025 | 100 | 3237 | 0 | 0 |
|  | 11/2025 | 4117 | $579 | 0 | 0 |
|  | 11/2025 | 112754 | 762 | 0 | (3) |
|  | 11/2025 | 12 | 1 | 0 | 0 |
|  | 11/2025 | $907 | 673 | 0 | (3) |
|  | 12/2025 | 217 | 4025 | 1 | 0 |
|  MYI | 10/2025 | 4268 | $600 | 1 | 0 |
|  | 10/2025 | 1622462 | 99 | 1 | 0 |
|  | 10/2025 | 20197 | 137 | 0 | 0 |
|  | 10/2025 | $1044 | 155794 | 10 | 0 |
|  | 10/2025 | 668 | 2419 | 0 | (3) |
|  | 10/2025 | 400 | 12039 | 0 | (4) |
|  | 11/2025 | 155258 | $1044 | 0 | (10) |
|  | 12/2025 | 11961 | 400 | 5 | 0 |
|  NGF | 10/2025 | 1051253 | 756 | 7 | 0 |
|  | 10/2025 | $248 | 4112088 | 0 | (2) |
|  | 11/2025 | 2430 | 105851 | 30 | 0 |
|  RBC | 12/2025 | 102 | 1900 | 1 | 0 |
|  SCX | 10/2025 | 918 | $667 | 8 | 0 |
|  | 10/2025 | 3104 | 437 | 1 | 0 |
|  | 10/2025 | 234 | 312 | 0 | (2) |
|  | 10/2025 | 4072281 | 244 | 0 | 0 |
|  | 10/2025 | 38241 | 430 | 0 | 0 |
|  | 10/2025 | 103407 | 703 | 4 | 0 |
|  | 10/2025 | 642 | 183 | 0 | (1) |
|  | 10/2025 | 38258 | 1291 | 34 | 0 |
|  | 10/2025 | $277 | 4562176 | 0 | (4) |
|  | 10/2025 | 581 | 51264 | 0 | (4) |
|  | 11/2025 | 543 | $4 | 0 | 0 |
|  | 11/2025 | $313 | 234 | 2 | 0 |
|  | 11/2025 | 400 | 35660 | 0 | 0 |
|  | 12/2025 | 244 | 4082574 | 0 | 0 |
|  SSB | 10/2025 | 387887 | $280 | 4 | 0 |
|  | 10/2025 | $1460 | 7807 | 7 | 0 |
|  | 10/2025 | 1018 | 755 | 0 | (2) |
|  UAG | 10/2025 | 1683 | 504 | 0 | (4) |
|  | 10/2025 | 1243 | 122 | 0 | (2) |
|  | 10/2025 | $23 | 80 | 1 | 0 |
|  | 10/2025 | 14 | 1207 | 0 | 0 |
|  | 10/2025 | 666 | 2417 | 0 | (1) |
|  | 10/2025 | 100 | 3236 | 0 | 0 |
|  | 10/2025 | 116 | 2007 | 0 | 0 |
|  | 10/2025 | 2008 | $116 | 0 | 0 |
|  | 11/2025 | 80 | 23 | 0 | (1) |
|  | 11/2025 | 8801 | 499 | 0 | (9) |
|  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;659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) |

---

70 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325% | 10/14/2025 | 5700 | $(15) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 5700 | (16) | (35) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 400 | (1) | (2) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 900 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 900 | (3) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 4400 | (12) | (15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 4400 | (12) | (7) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $30 | $0 | $0 | $30 | $(1) | $0 | $0 | $(1) | $29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $29 |
|  BOA | 18 | 0 | 0 | 18 | (19) | (36) | 0 | (55) | (37) | 0 | (37) |
|  BPS | 66 | 0 | 0 | 66 | (30) | (2) | 0 | (32) | 34 | 0 | 34 |
|  BRC | 5 | 0 | 0 | 5 | (24) | 0 | 0 | (24) | (19) | 0 | (19) |
|  BSH | 1 | 0 | 0 | 1 | (79) | 0 | 0 | (79) | (78) | 0 | (78) |
|  CBK | 189 | 0 | 0 | 189 | (52) | 0 | 0 | (52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  DUB | 18 | 0 | 0 | 18 | (31) | 0 | 0 | (31) | (13) | 0 | (13) |
|  FAR | 80 | 0 | 0 | 80 | (125) | 0 | 0 | (125) | (45) | 0 | (45) |
|  GLM | 34 | 0 | 0 | 34 | (28) | (22) | 0 | (50) | (16) | 0 | (16) |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 37 | 0 | 0 | 37 | (26) | 0 | 0 | (26) | 11 | 0 | 11 |
|  MBC | 65 | 0 | 0 | 65 | (18) | 0 | 0 | (18) | 47 | 0 | 47 |
|  MYI | 17 | 0 | 0 | 17 | (17) | 0 | 0 | (17) | 0 | 0 | 0 |
|  NGF | 37 | 0 | 0 | 37 | (2) | 0 | 0 | (2) | 35 | 0 | 35 |
|  RBC | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 49 | 0 | 0 | 49 | (11) | 0 | 0 | (11) | 38 | 0 | 38 |
|  SSB | 11 | 0 | 0 | 11 | (2) | 0 | 0 | (2) | 9 | 0 | 9 |
|  UAG | 1 | 0 | 0 | 1 | (17) | 0 | 0 | (17) | (16) | 0 | (16) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | $&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;659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $580 | $580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 104 | 104 |
|  | $0 | $0 | $0 | $0 | $684 | $684 |
|  Over the counter | Over the 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 | $659 | $0 | $659 |
|  | $&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;659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 71

------

Schedule of Investments PIMCO Extended Duration Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $34 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 175 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 51 | 51 |
|  | $0 | $0 | $0 | $0 | $260 | $260 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $483 | $0 | $483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 60 | 60 |
|  | $0 | $0 | $0 | $483 | $60 | $543 |
|  | $&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;483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $207 | $207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 185 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2733 | 2733 |
|  | $&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;3125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 |
|  Over the counter | Over the 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;(924) | $0 | $(924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (11) | 0 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 38 | 0 | 0 | 468 | 506 |
|  | $0 | $38 | $0 | $(935) | $468 | $(429) |
|  | $0 | $38 | $0 | $(935) | $3593 | $2696 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (2396) | (2396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2141) | (2141) |
|  | $0 | $0 | $0 | $0 | $(4529) | $(4529) |
|  Over the counter | Over the 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 | $109 | $0 | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 10 | 0 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (9) | (9) |
|  | $0 | $0 | $0 | $119 | $(9) | $110 |
|  | $0 | $0 | $0 | $119 | $(4538) | $(4419) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $0 | $86363 | $0 | $86363 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889263 |
|  Non-Agency Mortgage-Backed Securities | 0 | 10313 | 0 | 10313 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1472 | 0 | 1472 |
| &nbsp;&nbsp; CMBS Other | 0 | 2995 | 0 | 2995 |
| &nbsp;&nbsp; Home Equity Other | 0 | 5647 | 0 | 5647 |
| &nbsp;&nbsp; Other ABS | 0 | 15635 | 0 | 15635 |
|  Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 21392 | 0 | 21392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $501 | $0 | $501 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033581 |
|  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 | $4744 | $0 | $0 | $4744 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | $1033581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1038325 |

---

72 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  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 | $83 | $601 | $0 | $684 |
|  Over the counter | 0 | 659 | 0 | 659 |
|  | $83 | $1260 | $0 | $1343 |
|  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 | (16) | (244) | 0 | (260) |
|  Over the counter | 0 | (543) | 0 | (543) |
|  | $(16) | $(787) | $0 | $(803) |
|  Total Financial Derivative Instruments | $67 | $473 | $0 | $540 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038865 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **73** |

---

------

Schedule of Investments PIMCO GNMA and Government Securities Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 240.9% | INVESTMENTS IN SECURITIES 240.9% | INVESTMENTS IN SECURITIES 240.9% | INVESTMENTS IN SECURITIES 240.9% | INVESTMENTS IN SECURITIES 240.9% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. | Preferred Term Securities X Ltd./Preferred Term Securities X, Inc. |
|  5.424% (US0003M + 0.860%) due 07/03/2033 ~ | $— | 46 | $— | 46 |
|  Total Corporate Bonds & Notes (Cost $39) | Total Corporate Bonds & Notes (Cost $39) | Total Corporate Bonds & Notes (Cost $39) |  | 46 |
| U.S. GOVERNMENT AGENCIES 234.6% | U.S. GOVERNMENT AGENCIES 234.6% | U.S. GOVERNMENT AGENCIES 234.6% | U.S. GOVERNMENT AGENCIES 234.6% | U.S. GOVERNMENT AGENCIES 234.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  1.500% due 12/01/2050 - 04/01/2051 |  | 247 |  | 192 |
|  2.000% due 01/01/2036 - 10/01/2036 |  | 6004 |  | 5544 |
|  2.500% due 01/01/2028 - 03/01/2052 |  | 16242 |  | 14324 |
|  3.000% due 10/01/2026 - 02/01/2052 |  | 27829 |  | 25605 |
|  3.000% due 02/01/2040 - 11/01/2050 (f) |  | 35840 |  | 32196 |
|  3.050% due 03/01/2032 |  | 1771 |  | 1635 |
|  3.500% due 03/01/2042 - 02/01/2050 |  | 12090 |  | 11296 |
|  3.830% due 01/01/2050 •  |  | 769 |  | 759 |
|  4.000% due 04/01/2041 - 04/01/2049 |  | 19779 |  | 19087 |
|  4.400% due 06/01/2030 |  | 616 |  | 619 |
|  4.500% due 01/01/2036 - 06/01/2053 |  | 3719 |  | 3684 |
|  5.000% due 07/01/2033 - 09/01/2053 |  | 7558 |  | 7599 |
|  5.500% due 09/01/2034 - 05/01/2054 |  | 2471 |  | 2509 |
|  5.500% due 04/01/2054 - 01/01/2055 (f) |  | 150368 |  | 151768 |
|  6.000% due 06/01/2045 - 07/01/2054 |  | 15474 |  | 16010 |
|  6.000% due 07/01/2053 (f) |  | 40595 |  | 41606 |
|  6.500% due 05/01/2045 - 09/01/2055 |  | 51408 |  | 53609 |
|  6.600% due 09/01/2034 •  |  | 260 |  | 267 |
|  6.671% due 11/01/2036 •  |  | 238 |  | 248 |
|  6.674% due 10/01/2039 •  |  | 561 |  | 582 |
|  6.700% due 05/01/2031 •  |  | 3 |  | 3 |
|  6.875% due 11/01/2041 •  |  | 539 |  | 563 |
|  7.000% due 01/01/2055 |  | 400 |  | 419 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ |  | 7916 |  | 7532 |
|  4.228% due 10/25/2034 ~ |  | 10212 |  | 10101 |
|  4.660% due 01/25/2031 |  | 3300 |  | 3348 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 05/15/2033 - 10/15/2058 (b)(d) |  | 4852 |  | 3143 |
|  0.000% due 05/15/2041 •  |  | 3516 |  | 3452 |
|  0.036% due 10/15/2035 •  |  | 318 |  | 300 |
|  0.347% due 05/15/2035 •  |  | 435 |  | 441 |
|  1.250% due 12/15/2044 |  | 6744 |  | 5706 |
|  1.500% due 03/15/2028 |  | 1834 |  | 1787 |
|  1.640% due 10/15/2037 ~(a) |  | 21 |  | 1 |
|  1.646% due 10/15/2037 ~(a) |  | 39 |  | 2 |
|  1.755% due 03/15/2037 ~(a) |  | 46 |  | 3 |
|  1.774% due 05/15/2037 ~(a) |  | 35 |  | 2 |
|  1.800% due 05/15/2044 |  | 3886 |  | 3785 |
|  1.887% due 11/15/2036 ~(a) |  | 125 |  | 7 |
|  1.931% due 08/15/2041 ~(a) |  | 40 |  | 2 |
|  1.936% due 02/15/2038 ~(a) |  | 80 |  | 4 |
|  1.941% due 11/15/2038 ~(a) |  | 132 |  | 7 |
|  2.000% due 11/25/2050 (a) |  | 2434 |  | 331 |
|  2.012% due 10/15/2041 ~(a) |  | 91 |  | 5 |
|  2.019% due 06/15/2038 ~(a) |  | 103 |  | 6 |
|  2.190% due 08/15/2036 ~(a) |  | 55 |  | 4 |
|  2.500% due 08/15/2027 (a) |  | 103 |  | 2 |
|  3.000% due 11/15/2027 - 06/25/2050 (a) |  | 22760 |  | 3540 |
|  3.263% due 02/15/2027 •(a) |  | 37 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 04/25/2050 (a) | $— | 27227 | $— | 5609 |
|  4.000% due 07/15/2034 - 11/15/2042 (a) |  | 1477 |  | 208 |
|  4.810% due 04/15/2038 •  |  | 1707 |  | 1686 |
|  4.987% due 06/15/2042 •  |  | 518 |  | 517 |
|  5.021% due 01/25/2050 •  |  | 136 |  | 133 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.500% due 10/15/2052 (a) |  | 18375 |  | 2915 |
|  3.500% due 01/15/2043 - 08/15/2045 (a) |  | 874 |  | 138 |
|  4.810% due 10/15/2037 •  |  | 202 |  | 200 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  4.451% due 07/25/2033 ~ |  | 429 |  | 409 |
|  Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |
|  3.000% due 09/25/2045 - 12/25/2046 |  | 2953 |  | 2576 |
|  3.500% due 12/25/2046 |  | 2207 |  | 1960 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.500% due 06/01/2051 |  | 157 |  | 121 |
|  2.000% due 07/01/2028 - 06/01/2037 |  | 3170 |  | 2932 |
|  2.000% due 11/01/2036 (f) |  | 12097 |  | 11137 |
|  2.500% due 01/01/2033 - 04/01/2052 |  | 23603 |  | 20041 |
|  3.000% due 10/01/2026 - 05/01/2058 |  | 45761 |  | 41597 |
|  3.000% due 12/01/2050 (f) |  | 8096 |  | 7259 |
|  3.045% due 04/01/2029 |  | 887 |  | 860 |
|  3.148% due 01/01/2048 •  |  | 3351 |  | 3301 |
|  3.500% due 02/01/2030 - 01/01/2059 |  | 45182 |  | 42201 |
|  3.500% due 08/01/2043 (f) |  | 21262 |  | 20119 |
|  3.575% due 02/01/2026 |  | 1000 |  | 996 |
|  3.750% due 02/01/2029 |  | 3685 |  | 3659 |
|  3.820% due 01/01/2029 |  | 732 |  | 728 |
|  4.000% due 05/01/2033 - 07/01/2053 |  | 28880 |  | 28102 |
|  4.092% due 08/01/2049 •  |  | 753 |  | 786 |
|  4.140% due 04/01/2028 |  | 778 |  | 781 |
|  4.374% due 02/01/2028 ~ |  | 1997 |  | 2003 |
|  4.385% due 04/01/2033 |  | 828 |  | 827 |
|  4.440% due 06/01/2033 |  | 2000 |  | 2004 |
|  4.490% due 04/01/2033 |  | 1600 |  | 1612 |
|  4.500% due 01/01/2026 - 07/01/2053 |  | 27404 |  | 27173 |
|  4.550% due 05/01/2028 |  | 100 |  | 102 |
|  4.580% due 08/01/2033 |  | 1000 |  | 1014 |
|  4.590% due 06/01/2033 |  | 9903 |  | 10010 |
|  4.680% due 06/01/2030 (f) |  | 11283 |  | 11491 |
|  4.700% due 04/01/2033 |  | 2037 |  | 2054 |
|  4.770% due 12/01/2029 |  | 674 |  | 687 |
|  4.900% due 10/01/2028 |  | 355 |  | 363 |
|  4.990% due 03/01/2031 |  | 983 |  | 1009 |
|  5.000% due 04/01/2027 - 09/01/2053 |  | 3505 |  | 3519 |
|  5.060% due 11/01/2034 |  | 6528 |  | 6776 |
|  5.070% due 09/01/2033 |  | 824 |  | 857 |
|  5.260% due 06/01/2031 |  | 1220 |  | 1273 |
|  5.300% due 09/01/2038 |  | 918 |  | 969 |
|  5.320% due 10/01/2043 |  | 190 |  | 196 |
|  5.410% due 12/01/2031 - 05/01/2034 |  | 10349 |  | 10906 |
|  5.500% due 12/01/2032 - 09/01/2053 |  | 4472 |  | 4565 |
|  5.500% due 03/01/2054 - 05/01/2054 (f) |  | 13910 |  | 14055 |
|  5.570% due 10/01/2028 |  | 431 |  | 443 |
|  5.610% due 10/01/2028 |  | 883 |  | 908 |
|  5.700% due 08/01/2030 |  | 930 |  | 984 |
|  5.810% due 06/01/2031 (f) |  | 13800 |  | 14367 |
|  5.820% due 11/01/2033 |  | 1230 |  | 1337 |
|  5.850% due 11/01/2028 |  | 2303 |  | 2419 |
|  5.870% due 12/01/2033 |  | 1500 |  | 1636 |
|  5.960% due 11/01/2033 |  | 537 |  | 587 |
|  6.000% due 04/01/2032 - 04/01/2054 |  | 14494 |  | 14959 |
|  6.000% due 11/01/2053 (f) |  | 28009 |  | 28948 |
|  6.010% due 07/01/2028 |  | 1139 |  | 1190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.306% due 09/01/2041 •  | $— | 97 | $— | 99 |
|  6.404% due 01/01/2036 •  |  | 157 |  | 162 |
|  6.470% due 10/01/2037 •  |  | 944 |  | 981 |
|  6.500% due 05/01/2045 - 09/01/2055 |  | 32550 |  | 33754 |
|  6.500% due 04/01/2055 (f) |  | 4985 |  | 5157 |
|  6.618% due 05/01/2038 •  |  | 532 |  | 552 |
|  6.660% due 04/01/2030 |  | 1985 |  | 2140 |
|  6.665% due 02/01/2042 •  |  | 56 |  | 58 |
|  6.737% due 05/01/2035 •  |  | 84 |  | 86 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  3.500% due 08/25/2043 (a) |  | 76 |  | 13 |
|  6.500% due 04/25/2038 (a) |  | 41 |  | 9 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 10/25/2042 - 10/25/2045 •  |  | 377 |  | 253 |
|  0.000% due 06/25/2043 •(a) |  | 1037 |  | 61 |
|  0.200% due 02/25/2043 •(a) |  | 310 |  | 2 |
|  0.530% due 11/25/2040 •(a) |  | 2379 |  | 158 |
|  1.446% due 07/25/2044 ~(a) |  | 148 |  | 6 |
|  1.465% due 10/25/2046 ~(a) |  | 51 |  | 2 |
|  1.500% due 04/25/2028 |  | 3687 |  | 3593 |
|  1.529% due 11/25/2049 •(a) |  | 280 |  | 38 |
|  1.575% due 04/25/2046 ~(a) |  | 105 |  | 5 |
|  1.595% due 07/25/2052 ~(a) |  | 153 |  | 8 |
|  1.625% due 07/25/2045 ~(a) |  | 619 |  | 36 |
|  1.666% due 07/25/2044 ~(a) |  | 199 |  | 12 |
|  1.673% due 09/25/2045 ~(a) |  | 104 |  | 4 |
|  1.679% due 08/25/2042 •(a) |  | 361 |  | 33 |
|  1.698% due 04/25/2055 ~(a) |  | 245 |  | 12 |
|  1.729% due 11/25/2044 - 06/25/2048 •(a) |  | 3839 |  | 472 |
|  1.734% due 03/25/2045 ~(a) |  | 325 |  | 18 |
|  1.744% due 08/25/2054 ~(a) |  | 222 |  | 12 |
|  1.745% due 01/25/2045 ~(a) |  | 119 |  | 7 |
|  1.897% due 08/25/2044 ~(a) |  | 117 |  | 8 |
|  1.980% due 08/25/2055 ~(a) |  | 151 |  | 9 |
|  2.500% due 02/25/2051 (a) |  | 3179 |  | 544 |
|  3.000% due 03/25/2043 - 09/25/2048 |  | 1280 |  | 1112 |
|  3.000% due 04/25/2043 - 12/25/2048 (a) |  | 811 |  | 99 |
|  3.500% due 04/25/2046 (a) |  | 70 |  | 6 |
|  4.000% due 06/25/2044 (a) |  | 21 |  | 1 |
|  4.122% due 10/25/2040 ~ |  | 357 |  | 360 |
|  4.642% due 11/25/2031 ~ |  | 1507 |  | 1524 |
|  4.659% due 05/25/2042 ~ |  | 450 |  | 450 |
|  4.771% due 12/25/2047 •  |  | 3733 |  | 3632 |
|  4.921% due 02/25/2049 •  |  | 159 |  | 155 |
|  5.145% due 01/25/2051 •  |  | 13700 |  | 13731 |
|  5.171% due 10/25/2037 •  |  | 553 |  | 554 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.093% due 04/25/2042 ~ |  | 242 |  | 233 |
|  5.183% due 05/25/2042 ~ |  | 698 |  | 695 |
|  5.280% due 01/25/2042 ~ |  | 865 |  | 836 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.796% due 03/25/2042 ~ |  | 383 |  | 378 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 582 |  | 34 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2042 - 08/16/2052 ~(a) |  | 4722 |  | 0 |
|  0.750% due 11/16/2051 ~(a) |  | 14 |  | 0 |
|  2.500% due 06/15/2043 - 02/20/2063 |  | 34019 |  | 29079 |
|  2.500% due 03/20/2051 - 09/20/2051 (f) |  | 96620 |  | 83259 |
|  3.000% due 11/20/2026 - 04/20/2055 |  | 101916 |  | 91461 |
|  3.000% due 04/20/2050 - 01/20/2052 (f) |  | 31788 |  | 28197 |
|  3.150% due 11/20/2042 - 12/20/2042 |  | 377 |  | 340 |
|  3.250% due 05/15/2042 |  | 429 |  | 398 |
|  3.500% due 11/20/2034 - 01/20/2063 |  | 113416 |  | 104451 |
|  3.500% due 06/20/2049 - 07/20/2051 (f) |  | 31344 |  | 28383 |
|  3.750% due 06/20/2045 - 12/20/2045 |  | 2428 |  | 2268 |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 09/20/2038 - 08/20/2062 | $— | 28735 | $— | 27270 |
|  4.050% due 04/15/2040 - 11/15/2040 |  | 719 |  | 691 |
|  4.500% due 04/15/2030 - 08/20/2062 |  | 57761 |  | 57040 |
|  4.625% due 08/20/2045 •  |  | 101 |  | 103 |
|  4.875% due 08/15/2039 - 10/15/2040 |  | 220 |  | 220 |
|  4.887% due 03/20/2058 •  |  | 177 |  | 178 |
|  5.000% due 12/20/2032 - 10/20/2062 |  | 16343 |  | 16445 |
|  5.250% due 05/15/2033 - 10/15/2033 |  | 152 |  | 152 |
|  5.380% due 08/15/2034 |  | 37 |  | 38 |
|  5.475% due 06/15/2035 |  | 106 |  | 110 |
|  5.500% due 06/20/2032 - 01/20/2049 |  | 3985 |  | 4058 |
|  5.520% due 06/15/2034 - 02/15/2035 |  | 116 |  | 120 |
|  5.530% due 05/15/2035 |  | 67 |  | 70 |
|  5.570% due 03/15/2035 |  | 55 |  | 55 |
|  5.625% due 02/20/2030 - 06/20/2038 •  |  | 111 |  | 113 |
|  5.680% due 12/15/2034 |  | 111 |  | 116 |
|  5.720% due 12/15/2034 |  | 45 |  | 47 |
|  5.750% due 09/15/2033 |  | 6 |  | 6 |
|  5.820% due 04/15/2034 - 12/15/2034 |  | 121 |  | 125 |
|  5.870% due 10/15/2034 |  | 50 |  | 52 |
|  5.875% due 10/15/2033 |  | 74 |  | 75 |
|  5.930% due 10/15/2034 |  | 36 |  | 38 |
|  5.970% due 08/15/2034 |  | 46 |  | 48 |
|  6.000% due 04/15/2027 - 02/20/2055 |  | 9626 |  | 9894 |
|  6.000% due 08/20/2053 (f) |  | 18204 |  | 18983 |
|  6.020% due 01/15/2034 |  | 28 |  | 28 |
|  6.075% due 01/15/2034 |  | 76 |  | 76 |
|  6.093% due 04/20/2061 •  |  | 25 |  | 25 |
|  6.250% due 03/15/2029 |  | 14 |  | 14 |
|  6.500% due 02/15/2026 - 09/20/2055 |  | 9361 |  | 9550 |
|  6.545% due 12/20/2070 •  |  | 3273 |  | 3351 |
|  6.700% due 07/20/2026 |  | 2 |  | 2 |
|  7.000% due 11/20/2025 - 12/20/2062 |  | 16807 |  | 17111 |
|  7.250% due 01/15/2027 |  | 1 |  | 1 |
|  7.500% due 01/15/2027 - 10/15/2035 |  | 96 |  | 99 |
|  8.000% due 05/20/2027 - 07/15/2031 |  | 82 |  | 84 |
|  8.500% due 12/15/2029 - 12/15/2030 |  | 6 |  | 6 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 03/20/2034 - 12/20/2040 (b)(d) |  | 1818 |  | 1534 |
|  0.000% due 05/20/2043 - 09/20/2045 •  |  | 941 |  | 559 |
|  0.221% due 09/20/2045 ~(a) |  | 286 |  | 13 |
|  0.256% due 08/20/2045 ~(a) |  | 99 |  | 4 |
|  0.259% due 06/20/2043 ~(a) |  | 177 |  | 9 |
|  0.315% due 12/20/2045 ~(a) |  | 95 |  | 5 |
|  0.341% due 11/20/2045 ~(a) |  | 183 |  | 9 |
|  0.807% due 06/20/2042 ~(a) |  | 183 |  | 10 |
|  0.857% due 06/20/2042 ~(a) |  | 168 |  | 8 |
|  1.800% due 09/20/2049 •(a) |  | 1607 |  | 204 |
|  2.000% due 10/20/2050 - 02/20/2051 (a) |  | 34700 |  | 4064 |
|  2.050% due 10/20/2050 •(a) |  | 1942 |  | 289 |
|  2.500% due 09/20/2027 - 12/20/2051 (a) |  | 32502 |  | 4633 |
|  3.000% due 01/20/2029 - 09/20/2051 (a) |  | 33951 |  | 5483 |
|  3.000% due 08/20/2051 |  | 9845 |  | 6545 |
|  3.500% due 08/20/2042 - 09/20/2046 (a) |  | 2120 |  | 262 |
|  3.500% due 01/20/2052 - 12/20/2068 |  | 5791 |  | 4733 |
|  3.500% due 01/20/2069 ~ |  | 2668 |  | 2585 |
|  3.811% due 01/20/2031 ~ |  | 104 |  | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 02/20/2042 - 11/20/2048 | 1932 | 1761 |
|  4.000% due 10/20/2043 (a) | 43 | 5 |
|  4.500% due 08/20/2045 (a) | 3415 | 647 |
|  4.500% due 12/20/2050 •  | 2235 | 2080 |
|  4.695% due 11/20/2036 •  | 8287 | 8201 |
|  4.818% due 06/20/2036 •  | 5771 | 5715 |
|  5.039% due 02/20/2074 •  | 5931 | 5929 |
|  5.046% due 09/20/2062 •  | 2 | 2 |
|  5.066% due 05/20/2069 •  | 635 | 635 |
|  5.139% due 03/20/2071 •  | 232 | 231 |
|  5.146% due 08/20/2061 •  | 5 | 5 |
|  5.179% due 04/20/2074 •  | 955 | 956 |
|  5.189% due 04/20/2073 •  | 1741 | 1745 |
|  5.266% due 06/20/2066 •  | 162 | 162 |
|  5.289% due 07/20/2073 - 07/20/2074 •  | 55160 | 55454 |
|  5.346% due 04/20/2066 •  | 838 | 841 |
|  5.359% due 08/20/2073 •  | 4806 | 4853 |
|  5.389% due 03/20/2073 •  | 21355 | 21482 |
|  5.489% due 05/20/2073 •  | 8230 | 8358 |
|  5.516% due 07/20/2070 - 08/20/2070 •  | 87418 | 88479 |
|  5.539% due 05/20/2073 •  | 1414 | 1430 |
|  5.716% due 09/20/2070 - 01/20/2071 •  | 59532 | 60578 |
|  5.766% due 09/20/2063 •  | 74 | 75 |
|  5.889% due 08/20/2071 •  | 1958 | 2004 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 | 275000 | 227407 |
|  2.500% due 11/01/2055 | 109000 | 93863 |
|  3.000% due 10/01/2055 - 11/01/2055 | 274850 | 245400 |
|  3.500% due 10/01/2055 - 11/01/2055 | 103600 | 94453 |
|  4.000% due 10/01/2055 - 11/01/2055 | 148950 | 140048 |
|  4.500% due 11/01/2055 | 60770 | 58908 |
|  5.000% due 10/01/2055 - 11/01/2055 | 101450 | 100829 |
|  5.500% due 10/01/2055 - 11/01/2055 | 63100 | 63553 |
|  6.000% due 11/01/2055 | 28000 | 28479 |
|  6.500% due 10/01/2055 - 11/01/2055 | 65500 | 67275 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 10/01/2040 | 7400 | 7170 |
|  4.500% due 10/01/2040 | 8700 | 8690 |
|  5.000% due 10/01/2040 | 9400 | 9498 |
|  5.500% due 10/01/2040 | 5000 | 5111 |
|  6.000% due 11/01/2055 | 263035 | 268682 |
|  7.000% due 11/01/2055 | 6000 | 6283 |
|  Total U.S. Government Agencies (Cost $3,214,036) | Total U.S. Government Agencies (Cost $3,214,036) | 3140513 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.3% |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 373 | 377 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 519 | 368 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.500% due 06/25/2054 ~ | 1694 | 1725 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 4 | 4 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 1037 | 864 |
|  4.699% due 05/27/2053 ~ | 1418 | 1278 |
|  IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust |
|  3.400% due 08/18/2043 | 7791 | 7627 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 05/25/2052 ~ | 6095 | 5290 |
|  5.172% due 12/25/2049 •  | 519 | 500 |
|  La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust |
|  3.358% due 01/15/2046 « | 1470 | 1357 |
|  4.250% due 09/29/2046 « | 2971 | 2722 |
|  La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust |
|  3.508% due 11/24/2042 «•  | 2047 | 1965 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 1134 | 1111 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 3652 | 3270 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 2 | 2 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 1740 | 1593 |
|  2.710% due 01/25/2060 ~ | 1155 | 1116 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $33,381) | Total Non-Agency Mortgage-Backed Securities (Cost $33,381) | 31169 |
| ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% |
| AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% | AUTOMOBILE ABS OTHER 0.0% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.550% due 01/10/2028 | 305 | 303 |
| HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.572% due 01/25/2032 •  | 4 | 4 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 11/25/2032 •  | 3 | 3 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 360 | 364 |
|  |  | 371 |
| OTHER ABS 2.9% | OTHER ABS 2.9% | OTHER ABS 2.9% |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  6.025% due 04/20/2037 •  | 3700 | 3714 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  6.125% due 04/20/2036 •  | 2000 | 2010 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  5.508% due 10/25/2030 •  | 1827 | 1830 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.938% due 04/15/2037 •  | 2000 | 2010 |
|  Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. | Cathedral Lake VIII Ltd. |
|  5.807% due 01/20/2035 •  | 1000 | 1004 |
|  Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. |
|  6.148% due 01/15/2037 •  | 3300 | 3311 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.928% due 04/15/2037 •  | 2600 | 2613 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  5.475% due 10/19/2029 •  | 1361 | 1361 |
|  Generate CLO 3 Ltd. | Generate CLO 3 Ltd. | Generate CLO 3 Ltd. |
|  6.155% due 10/20/2036 •  | 1300 | 1310 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 1800 | 1807 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  5.321% due 10/15/2034 •  | 3400 | 3400 |
|  Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. | Marble Point CLO XIV Ltd. |
|  5.525% due 01/20/2032 •  | 389 | 388 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.265% due 05/21/2034 •  | 6360 | 6367 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 2100 | 2108 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 500 | 501 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  6.005% due 01/20/2037 •  | 2900 | 2913 |
|  TCW CLO Ltd. | TCW CLO Ltd. | TCW CLO Ltd. |
|  5.918% due 01/16/2037 •  | 1200 | 1206 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.525% due 07/20/2032 •  | 849 | 850 |
|  |  | 38703 |
|  Total Asset-Backed Securities (Cost $39,241) | Total Asset-Backed Securities (Cost $39,241) | 39377 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 75

------

Schedule of Investments PIMCO GNMA and Government Securities Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| 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 4.200% (e) | 536800 | $— | 537 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% |
|  4.050% due 10/30/2025 - 01/27/2026 (c)(d)(i) | 13993 |  | 13884 |
| Total Short-Term Instruments (Cost $14,421) | Total Short-Term Instruments (Cost $14,421) |  | 14421 |
| Total Investments in Securities (Cost $3,301,118) | Total Investments in Securities (Cost $3,301,118) |  | 3225526 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% | INVESTMENTS IN AFFILIATES 1.0% |
| SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% | SHORT-TERM INSTRUMENTS 1.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1379762 | $— | 13438 |
| Total Short-Term Instruments (Cost $13,436) | Total Short-Term Instruments (Cost $13,436) |  | 13438 |
| Total Investments in Affiliates (Cost $13,436) | Total Investments in Affiliates (Cost $13,436) |  | 13438 |
| Total Investments 241.9% (Cost $3,314,554) | Total Investments 241.9% (Cost $3,314,554) | $— | 3238964 |
|  Financial Derivative<br>Instruments (g)(h) 2.0%<br> (Cost or Premiums, net $17,034) | Financial Derivative<br>Instruments (g)(h) 2.0%<br> (Cost or Premiums, net $17,034) |  | 26225 |
| Other Assets and Liabilities, net (143.9)% | Other Assets and Liabilities, net (143.9)% |  | (1926246) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1338943 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Coupon represents a 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 |
|  SAL | 4.300% | 09/22/2025 | 10/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474387) | $(474897) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474897) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (70.1)% | U.S. Government Agencies (70.1)% | U.S. Government Agencies (70.1)% | U.S. Government Agencies (70.1)% | U.S. Government Agencies (70.1)% | U.S. Government Agencies (70.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500% | 10/01/2040 | $1000 | $(902) | $(895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 20500 | (18992) | (18846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 20800 | (16764) | (16770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2040 | 1625 | (1539) | (1529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 10000 | (8286) | (8427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 80950 | (68224) | (68225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 10/01/2040 | 10800 | (10419) | (10347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277900 | (246892) | (244150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 190800 | (174962) | (174292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 202643 | (191363) | (190963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 11/01/2055 | 13977 | (13685) | (13552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | 3650 | (3623) | (3618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 141650 | (142938) | (142734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 11/01/2055 | 42650 | (44126) | (44105) |
|  Total Short Sales (70.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942715) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938453) |

---

76 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  SAL | $0 | $(474897) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474897) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17823 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474897) | $&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. Government Agencies | $0 | $(474897) | $0 | $0 | $(474897) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474897) | $&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;(474897) |
|  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  | $(474897) |

---

(f) Securities with an aggregate market value of $493,121 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(503614) at a weighted average interest rate of 4.459%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23549) | $(35) | $0 | $(12) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/17/2035 | $42500 | $(370) | $55 | $(315) | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314900 | 2991 | (83) | 2908 | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 26200 | (609) | 227 | (382) | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 28400 | 558 | (760) | (202) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 30600 | (993) | 115 | (878) | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 275410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15519) | 9251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 137400 | (128) | 477 | 349 | 0 | (56) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 70800 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556) | (1056) | 0 | (27) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Schedule of Investments PIMCO GNMA and Government Securities Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | $(616) | $221 | $(395) | $6 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 26400 | (653) | 242 | (411) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 77600 | (552) | 1482 | 931 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 64600 | 2234 | (2872) | (638) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 25600 | (275) | 150 | (125) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 5700 | 374 | (163) | 211 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 17600 | 741 | (109) | 632 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 47900 | (819) | 439 | (381) | 0 | (1) |
|  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;(13136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) |

---

Cash of $32,807 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.906% | 03/04/2026 | 33600 | $371 | $317 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.098 | 02/06/2035 | 2900 | 258 | 209 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.098 | 02/06/2035 | 2900 | 258 | 263 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 3600 | 319 | 280 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 3600 | 319 | 313 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 3500 | 314 | 297 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 3500 | 314 | 289 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 7500 | 678 | 634 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.640 | 07/23/2035 | 14000 | 1259 | 1277 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.640 | 07/23/2035 | 7000 | 629 | 554 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 6600 | 581 | 551 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 6600 | 581 | 551 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 17900 | 1549 | 1628 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 17900 | 1549 | 1398 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 4600 | 396 | 424 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 4600 | 396 | 355 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/17/2025 | 18500 | 37 | 0 |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/24/2025 | 47000 | 37 | 0 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 10/31/2025 | 28300 | 38 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/08/2025 | 225000 | 338 | 0 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 11/03/2025 | 18400 | 31 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/30/2026 | 293900 | 86 | 73 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.135 | 09/14/2026 | 10400 | 134 | 105 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.635 | 09/14/2026 | 10400 | 134 | 172 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.308 | 05/02/2035 | 7200 | 640 | 571 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 05/02/2035 | 7200 | 640 | 619 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.630 | 05/22/2035 | 3800 | 348 | 345 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.630 | 05/22/2035 | 3800 | 348 | 301 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 05/29/2035 | 3900 | 351 | 338 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 05/29/2035 | 3900 | 351 | 317 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.440 | 06/18/2035 | 5600 | 501 | 471 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.440 | 06/18/2035 | 5600 | 501 | 466 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.559 | 07/09/2035 | 13000 | 1154 | 1143 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.559 | 07/09/2035 | 6500 | 577 | 523 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.460% | 08/06/2035 | 9600 | $844 | $812 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.460 | 08/06/2035 | 9600 | 844 | 794 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 12/16/2025 | 43400 | 43 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.250 | 03/03/2026 | 51000 | 21 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 04/03/2026 | 27400 | 90 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 03/07/2035 | 4200 | 365 | 299 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.073 | 03/07/2035 | 4200 | 365 | 383 |
| GLM Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/17/2025 | 39000 | 254 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 04/24/2035 | 3900 | 345 | 309 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 3900 | 345 | 334 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 3800 | 340 | 317 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 3800 | 340 | 317 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 3900 | 351 | 308 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 3900 | 351 | 339 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 5600 | 482 | 516 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 5600 | 482 | 433 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/17/2025 | 39000 | 76 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.077 | 11/10/2025 | 31000 | 99 | 24 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.081 | 12/08/2025 | 17000 | 206 | 29 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.313 | 06/08/2026 | 17000 | 349 | 196 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.313 | 06/08/2026 | 17000 | 349 | 52 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/17/2025 | 18500 | 127 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 11/28/2025 | 16700 | 257 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 6000 | 529 | 513 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 6000 | 529 | 493 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/22/2025 | 20000 | 37 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/22/2025 | 20000 | 123 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 11/03/2025 | 20200 | 134 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 16200 | 1447 | 1340 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 8100 | 732 | 685 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 12800 | 1126 | 1109 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 12800 | 1126 | 1042 |
|  |  |  |  |  |  | $30464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26686 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.094 | 12/04/2025 | 5000 | $5 | $5 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 96.980 | 10/07/2025 | 12500 | 30 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.094 | 10/07/2025 | 12000 | 26 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.875 | 10/07/2025 | 17500 | 22 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.891 | 10/07/2025 | 12000 | 15 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.961 | 10/07/2025 | 26000 | 23 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.164 | 10/07/2025 | 34500 | 35 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.813 | 11/06/2025 | 37600 | 19 | 1 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.945 | 12/04/2025 | 12500 | 14 | 12 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 17500 | 23 | 17 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.957 | 12/04/2025 | 17500 | 19 | 17 |
| MSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.641 | 10/07/2025 | 5000 | 3 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 98.180 | 11/06/2025 | 18800 | 22 | 2 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.797 | 11/06/2025 | 18800 | 9 | 1 |
|  |  |  |  |  | $265 | $55 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26741 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.248% | 10/07/2025 | 7900 | $(27) | $0 |
| BRC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.908 | 11/06/2025 | 14900 | (22) | (6) |
| DUB Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.115 | 10/07/2025 | 23000 | (35) | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200 | 03/30/2026 | 12700 | (86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.274 | 10/07/2025 | 7800 | (30) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 12600 | (23) | (26) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Schedule of Investments PIMCO GNMA and Government Securities 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** |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 5.500% | 12/16/2025 | 43400 | $(21) | $0 |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 17000 | (23) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.221 | 10/07/2025 | 13100 | (22) | 0 |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 3100 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.032 | 12/04/2025 | 12600 | (19) | (26) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.036 | 12/04/2025 | 12600 | (19) | (25) |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 7900 | (15) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.081 | 11/06/2025 | 18800 | (12) | (2) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 11/06/2025 | 21500 | (14) | (2) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.577 | 11/10/2025 | 15500 | (42) | (62) |
|  |  |  |  |  |  | $(414) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.188 | 10/07/2025 | 26000 | $(89) | $(88) |
| JPM | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 93.484 | 10/07/2025 | 15000 | (56) | (126) |
|  |  |  |  |  | $(145) | $(214) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $10586 | $0 | $10586 | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10586 | $293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
|  BRC | 0 | 0 | 0 | 0 | 0 | (6) | 0 | (6) | (6) | 0 | (6) |
|  CBK | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | (140) |
|  DUB | 0 | 7050 | 0 | 7050 | 0 | (117) | 0 | (117) | 6933 | 283 | 7216 |
|  FAR | 0 | 690 | 0 | 690 | 0 | 0 | 0 | 0 | 690 | 0 | 690 |
|  GLM | 0 | 1277 | 0 | 1277 | 0 | 0 | 0 | 0 | 1277 | 0 | 1277 |
|  GSC | 0 | 30 | 0 | 30 | 0 | (88) | 0 | (88) | (58) | 303 | 245 |
|  JPM | 0 | 1613 | 0 | 1613 | 0 | (177) | 0 | (177) | 1436 | 261 | 1697 |
|  MSC | 0 | 3 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  MYC | 0 | 1316 | 0 | 1316 | 0 | (66) | 0 | (66) | 1250 | (320) | 930 |
|  NGF | 0 | 4176 | 0 | 4176 | 0 | 0 | 0 | 0 | 4176 | 263 | 4439 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) |  |  |  |

---

(i) Securities with an aggregate market value of $1,403 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | $145 | $145 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $26741 | $26741 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26886 |
|  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 | $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 168 | 168 |
|  | $0 | $0 | $0 | $0 | $207 | $207 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $454 | $454 |
|  | $0 | $0 | $0 | $0 | $661 | $661 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3786 | $3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5782 | 5782 |
|  | $0 | $0 | $0 | $0 | $9568 | $9568 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(1983) | $(1983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 2687 | 2687 |
|  | $0 | $0 | $0 | $0 | $704 | $704 |
|  | $&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 | $10272 | $10272 |
|  Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (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 | $(2136) | $(2136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (5125) | (5125) |
|  | $0 | $0 | $0 | $0 | $(7261) | $(7261) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(1771) | $(1771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (570) | (570) |
|  | $0 | $0 | $0 | $0 | $(2341) | $(2341) |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9602) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9602) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 81

------

Schedule of Investments PIMCO GNMA and Government Securities Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $46 | $0 | $46 |
|  U.S. Government Agencies | 0 | 3140513 | 0 | 3140513 |
|  Non-Agency Mortgage-Backed Securities | 0 | 25125 | 6044 | 31169 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 303 | 0 | 303 |
| &nbsp;&nbsp; Home Equity Other | 0 | 371 | 0 | 371 |
| &nbsp;&nbsp; Other ABS | 0 | 38703 | 0 | 38703 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 537 | 0 | 537 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 13884 | 0 | 13884 |
|  | $0 | $3219482 | $6044 | $3225526 |
|  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 | $13438 | $0 | $0 | $13438 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238964 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(938453) | $0 | $(938453) |
|  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 | 145 | 0 | 145 |
|  Over the counter | 0 | 26741 | 0 | 26741 |
|  | $0 | $26886 | $0 | $26886 |
|  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 | (207) | 0 | (207) |
|  Over the counter | 0 | (454) | 0 | (454) |
|  | $0 | $(661) | $0 | $(661) |
|  Total Financial Derivative Instruments | $0 | $26225 | $0 | $26225 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326736 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 107.1% | INVESTMENTS IN SECURITIES 107.1% | INVESTMENTS IN SECURITIES 107.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7% |
|  Altice France SA | Altice France SA | Altice France SA |
|  7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 940 | 1047 |
|  BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. |
|  TBD% due 07/10/2031 | 1000 | 1116 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 18989 | 18148 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  6.541% (TSFR3M + 2.250%) due 12/15/2031 ~ | 995 | 996 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 1217 | 1217 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 5500 | 5596 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% - 8.333% due 11/30/2025 «µ | 4648 | 4512 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 19100 | 22461 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(m) | 4200 | 4200 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(m) | 2552 | 2996 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% due 04/30/2030 «~µ | 9000 | 9000 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 9000 | 9000 |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 9000 | 9000 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 6000 | 6076 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 1445 | 585 |
|  Total Loan Participations and Assignments<br>(Cost $95,327) | Total Loan Participations and Assignments<br>(Cost $95,327) | 95950 |
| CORPORATE BONDS & NOTES 69.6% | CORPORATE BONDS & NOTES 69.6% | CORPORATE BONDS & NOTES 69.6% |
| BANKING & FINANCE 31.8% | BANKING & FINANCE 31.8% | BANKING & FINANCE 31.8% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 300 | 300 |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.875% due 09/22/2031 •(j)(k) | 3600 | 4618 |
|  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 | 32616 | 32054 |
|  3.650% due 07/21/2027 | 2770 | 2746 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  3.200% due 09/16/2040 | 800 | 630 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  3.750% due 06/01/2026 | 5900 | 5870 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 4500 | 4341 |
|  4.250% due 06/15/2026 | 3100 | 3098 |
|  5.950% due 02/15/2029 | 1400 | 1461 |
|  6.500% due 07/18/2028 | 15709 | 16516 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~ | 2400 | 2579 |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ | 2400 | 2526 |
|  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 ^«•(d)(k) | 3100 | 186 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.750% due 06/09/2027 | 1000 | 1006 |
|  6.992% due 06/13/2029 •  | 10100 | 10667 |
|  8.000% due 11/01/2031 | 4800 | 5474 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 17000 | 15449 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.284% due 07/26/2035 •  | 6819 | 7041 |
|  5.442% due 01/30/2036 •  | 6800 | 7075 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 2000 | 1773 |
|  3.375% due 07/15/2051 | 500 | 336 |
|  3.625% due 04/15/2032 | 1600 | 1499 |
|  4.250% due 02/15/2028 | 3667 | 3659 |
|  5.250% due 03/15/2035 | 1000 | 1011 |
|  5.500% due 02/01/2034 | 6300 | 6506 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 8700 | 7698 |
|  2.750% due 01/15/2027 | 18800 | 18475 |
|  2.950% due 01/15/2051 | 17500 | 11353 |
|  3.650% due 03/15/2027 | 1900 | 1887 |
|  3.800% due 08/15/2029 | 11030 | 10824 |
|  3.950% due 03/15/2029 | 5470 | 5416 |
|  4.400% due 02/15/2026 | 3581 | 3581 |
|  5.800% due 11/15/2028 | 8000 | 8357 |
|  5.900% due 11/15/2033 | 15000 | 16088 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 7000 | 6786 |
|  3.750% due 07/15/2027 | 6250 | 6079 |
|  3.950% due 07/15/2026 | 13950 | 13868 |
|  6.350% due 10/23/2029 | 3500 | 3581 |
|  6.500% due 02/08/2029 | 1000 | 1023 |
|  7.950% due 08/11/2028 | 5400 | 5746 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 | 11100 | 11259 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.550% due 03/15/2032 | 5100 | 5354 |
|  6.700% due 07/29/2031 | 9400 | 9967 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  2.875% due 06/15/2027 | 8420 | 8223 |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 13900 | 13135 |
|  ARES Finance Co. III LLC | ARES Finance Co. III LLC | ARES Finance Co. III LLC |
|  4.125% due 06/30/2051 •  | 4900 | 4828 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  5.600% due 10/11/2054 | 2000 | 1936 |
|  6.375% due 11/10/2028 | 7500 | 7935 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 8400 | 8315 |
|  5.600% due 02/15/2030 | 4200 | 4243 |
|  6.200% due 03/21/2032 | 6300 | 6512 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ | 2100 | 2282 |
|  Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. |
|  5.750% due 07/01/2030 | 2800 | 2933 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 | 2850 | 2675 |
|  3.600% due 09/15/2051 | 4800 | 3446 |
|  6.125% due 09/15/2028 | 8000 | 8418 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 2400 | 2458 |
|  5.516% due 03/25/2027 | 18200 | 18539 |
|  5.526% due 07/11/2031 | 4700 | 4848 |
|  5.583% due 01/09/2029 | 4000 | 4136 |
|  5.684% due 02/23/2026 | 3559 | 3576 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 16454 | 16170 |
|  4.875% due 10/01/2025 | 10591 | 10591 |
|  Aviva PLC | Aviva PLC | Aviva PLC |
|  7.750% due 09/30/2032 •(j)(k) | 2800 | 3933 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.125% due 02/21/2026 | 2210 | 2188 |
|  2.528% due 11/18/2027 | 8284 | 7966 |
|  3.250% due 02/15/2027 | 8600 | 8460 |
|  4.950% due 10/15/2032 | 6000 | 5930 |
|  AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC |
|  4.000% due 12/06/2027 | 17000 | 16919 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.875% due 12/13/2030 •(j)(k)(n) | 3000 | 3808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.883% due 11/15/2034 •  | $— | 4000 | $— | 4656 |
|  8.375% due 06/21/2028 •(j)(k) |  | 3400 |  | 4434 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  2.750% due 01/11/2026 | $— | 5900 |  | 5859 |
|  Banco General SA | Banco General SA | Banco General SA | Banco General SA | Banco General SA |
|  4.125% due 08/07/2027 |  | 3900 |  | 3884 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(j)(k) |  | 16000 |  | 17951 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  |  | 19100 |  | 17066 |
|  2.299% due 07/21/2032 •  |  | 26300 |  | 23337 |
|  2.551% due 02/04/2028 •  |  | 45700 |  | 44765 |
|  2.687% due 04/22/2032 •  |  | 17500 |  | 15946 |
|  2.972% due 02/04/2033 •  |  | 27000 |  | 24595 |
|  3.593% due 07/21/2028 •  |  | 8000 |  | 7928 |
|  3.824% due 01/20/2028 •  |  | 1800 |  | 1792 |
|  3.970% due 03/05/2029 •  |  | 18700 |  | 18612 |
|  4.571% due 04/27/2033 •  |  | 16600 |  | 16603 |
|  5.015% due 07/22/2033 •  |  | 6500 |  | 6644 |
|  5.288% due 04/25/2034 •  |  | 12800 |  | 13247 |
|  5.511% due 01/24/2036 •  |  | 2500 |  | 2614 |
|  5.819% due 09/15/2029 •  |  | 7600 |  | 7949 |
|  8.050% due 06/15/2027 |  | 8000 |  | 8471 |
|  Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
|  5.526% due 08/18/2026 |  | 10000 |  | 10127 |
|  6.000% due 10/15/2036 |  | 4600 |  | 4993 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.689% due 06/28/2028 |  | 5000 |  | 5112 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  7.230% (TSFR3M + 2.910%) due 01/12/2026 ~(j)(k) |  | 368 |  | 369 |
|  8.000% due 01/27/2084 •(k) |  | 2600 |  | 2794 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.375% due 01/12/2026 |  | 25977 |  | 25979 |
|  5.335% due 09/10/2035 •  |  | 6300 |  | 6393 |
|  5.690% due 03/12/2030 •  |  | 2700 |  | 2806 |
|  5.851% due 03/21/2035 •  |  | 2000 |  | 2725 |
|  6.224% due 05/09/2034 •  | $— | 12200 |  | 13129 |
|  6.375% due 12/15/2025 •(j)(k) |  | 5900 |  | 7949 |
|  6.496% due 09/13/2027 •  | $— | 8862 |  | 9043 |
|  6.692% due 09/13/2034 •  |  | 3700 |  | 4095 |
|  7.437% due 11/02/2033 •  |  | 4300 |  | 4935 |
|  8.375% due 09/15/2031 •(j)(k) |  | 5800 |  | 8225 |
|  9.250% due 09/15/2028 •(j)(k) |  | 3000 |  | 4371 |
|  9.625% due 12/15/2029 •(j)(k) | $— | 5500 |  | 6254 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  12.236% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |  | 900 |  | 964 |
|  22.480% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |  | 1100 |  | 1240 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  7.625% due 02/11/2035 •(k) |  | 4000 |  | 4218 |
|  8.125% due 01/08/2039 •(k) |  | 10000 |  | 10910 |
|  8.450% due 06/29/2038 •(k) |  | 14600 |  | 16211 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 |  | 10000 |  | 9988 |
|  6.150% due 04/02/2030 |  | 8600 |  | 8823 |
|  8.000% due 05/25/2028 |  | 5000 |  | 5340 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.500% due 04/10/2029 |  | 12000 |  | 13490 |
|  2.000% due 01/30/2032 | $— | 900 |  | 773 |
|  2.800% due 09/30/2050 |  | 5300 |  | 3319 |
|  4.450% due 07/15/2045 |  | 1300 |  | 1133 |
|  5.000% due 06/15/2044 |  | 3900 |  | 3668 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  5.875% due 11/15/2027 |  | 12200 |  | 12504 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.125% due 10/07/2051 |  | 5900 |  | 4330 |
|  4.375% due 02/15/2032 |  | 11700 |  | 11197 |
|  6.250% due 04/18/2034 |  | 4200 |  | 4408 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  4.400% due 08/14/2028 |  | 4900 |  | 4917 |
|  7.375% due 09/10/2034 •(j)(k) |  | 25900 |  | 27131 |
|  8.500% due 08/14/2028 •(j)(k) |  | 5500 |  | 5883 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  5.750% due 01/15/2035 |  | 3500 |  | 3580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **83** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 5250 | 5431 |
|  5.936% due 05/30/2035 •  | 7600 | 7965 |
|  6.612% due 10/19/2027 •  | 13000 | 13297 |
|  7.003% due 10/19/2034 •  | 6006 | 6703 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  2.600% due 09/15/2031 | 2900 | 2541 |
|  5.000% due 11/01/2032 | 1000 | 994 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 6300 | 6788 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 6400 | 4528 |
|  3.900% due 01/25/2028 | 5600 | 5561 |
|  4.850% due 03/29/2029 | 4825 | 4907 |
|  5.330% due 01/15/2036 | 23000 | 23130 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.950% due 03/17/2052 | 1500 | 1323 |
|  5.650% due 06/11/2034 | 4800 | 4983 |
|  Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC |
|  1.750% due 04/07/2026 | 3800 | 4425 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 | 300 | 298 |
|  7.200% due 12/12/2028 | 16300 | 17420 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 1200 | 1262 |
|  12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~ | 12000 | 12540 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.500% due 01/30/2026 | 2776 | 2777 |
|  6.312% due 06/08/2029 •  | 4700 | 4931 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 3000 | 2908 |
|  Carlyle Secured Lending, Inc. | Carlyle Secured Lending, Inc. | Carlyle Secured Lending, Inc. |
|  6.750% due 02/18/2030 | 6000 | 6243 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 7600 | 8111 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.536% due 05/10/2031 •  | 300 | 318 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 4300 | 3860 |
|  7.500% due 05/30/2029 | 1700 | 1812 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 13400 | 13600 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 2100 | 2184 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.488% due 12/04/2026 | 9000 | 9145 |
|  5.570% due 04/30/2034 | 1000 | 1060 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.200% due 10/21/2026 | 15990 | 15861 |
|  3.668% due 07/24/2028 •  | 2200 | 2181 |
|  3.785% due 03/17/2033 •  | 2038 | 1937 |
|  3.887% due 01/10/2028 •  | 7400 | 7371 |
|  4.075% due 04/23/2029 •  | 1260 | 1257 |
|  5.174% due 02/13/2030 •  | 5600 | 5745 |
|  5.449% due 06/11/2035 •  | 11913 | 12358 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.500% due 06/15/2033 | 5000 | 5193 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.210% due 09/01/2031 | 200 | 206 |
|  5.550% due 03/01/2028 | 172 | 175 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.750% due 07/21/2026 | 510 | 508 |
|  4.375% due 06/29/2027 •(j)(k) | 6000 | 7099 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.250% due 03/15/2026 | 7833 | 7754 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.650% due 04/05/2027 | 6200 | 6149 |
|  3.850% due 04/05/2029 | 4300 | 4236 |
|  6.375% due 09/15/2054 •  | 1000 | 1028 |
|  6.875% due 12/15/2052 •  | 5500 | 5642 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 2700 | 2747 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) | Corestate Capital Holding SA (8.000% Cash or 9.000% PIK) |
|  8.000% due 12/31/2026 (c) | 225 | 107 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 12400 | 11357 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 6000 | 1862 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  7.250% due 09/23/2028 •(j)(k) | 12100 | 15318 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(m) | 3200 | 3241 |
|  6.740% due 03/20/2030 «(m) | 3800 | 3879 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.650% due 09/01/2027 | 2443 | 2418 |
|  3.700% due 06/15/2026 | 4230 | 4213 |
|  3.800% due 02/15/2028 | 15524 | 15347 |
|  4.000% due 03/01/2027 | 3100 | 3088 |
|  4.450% due 02/15/2026 | 11372 | 11367 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |
|  2.250% due 12/15/2028 | 3200 | 3014 |
|  4.375% due 02/15/2029 | 3625 | 3629 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 19100 | 19028 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  | 3000 | 3052 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.129% due 11/24/2026 •  | 27747 | 27647 |
|  5.625% due 05/19/2031 •  | 5500 | 6533 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  1.500% due 03/15/2030 | 11100 | 12117 |
|  Digital Stout Holding LLC | Digital Stout Holding LLC | Digital Stout Holding LLC |
|  3.750% due 10/17/2030 | 1100 | 1398 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 | 5400 | 5359 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 7900 | 7042 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 5700 | 5799 |
|  Eaton Vance Corp. | Eaton Vance Corp. | Eaton Vance Corp. |
|  3.500% due 04/06/2027 | 1200 | 1192 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 3700 | 3932 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 4600 | 4248 |
|  4.500% due 06/01/2027 | 9400 | 9410 |
|  4.750% due 12/15/2026 | 8000 | 8021 |
|  4.950% due 04/15/2028 | 2600 | 2621 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.000% due 05/19/2034 | 7100 | 8477 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.875% due 11/19/2027 | 2000 | 2031 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 •  | 12600 | 13144 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 •(j)(k) | 200 | 235 |
|  8.500% due 10/15/2028 •(j)(k) | 5800 | 7684 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.550% due 06/15/2031 | 3000 | 2688 |
|  2.650% due 03/15/2032 | 2500 | 2231 |
|  5.500% due 04/01/2034 | 4032 | 4191 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~ | 300 | 317 |
|  15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 300 | 316 |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ | 300 | 316 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.875% due 12/15/2027 | 3987 | 3962 |
|  4.950% due 01/15/2033 | 6400 | 6441 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.522% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 11300 | 11395 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.875% due 06/10/2027 | $— | 4000 | $— | 4106 |
|  5.875% due 01/16/2030 |  | 5600 |  | 5824 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 |  | 16400 |  | 19211 |
|  4.625% due 04/29/2030 | $— | 7700 |  | 7732 |
|  6.000% due 12/07/2033 |  | 6300 |  | 6713 |
|  6.350% due 03/22/2054 |  | 1400 |  | 1481 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 |  | 4500 |  | 2904 |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.924% (T-BILL 1MO + 4.020%) due 01/08/2027 ~ |  | 4000 |  | 4113 |
|  FMR LLC | FMR LLC | FMR LLC | FMR LLC | FMR LLC |
|  6.500% due 12/14/2040 |  | 1000 |  | 1119 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.330% due 11/25/2025 |  | 2900 |  | 3407 |
|  2.700% due 08/10/2026 | $— | 2700 |  | 2657 |
|  2.900% due 02/16/2028 |  | 494 |  | 470 |
|  3.375% due 11/13/2025 |  | 2900 |  | 2895 |
|  4.125% due 08/17/2027 |  | 4372 |  | 4301 |
|  4.389% due 01/08/2026 |  | 1200 |  | 1200 |
|  5.125% due 11/05/2026 |  | 3000 |  | 3011 |
|  5.800% due 03/05/2027 |  | 5800 |  | 5860 |
|  5.800% due 03/08/2029 |  | 11214 |  | 11383 |
|  5.850% due 05/17/2027 |  | 7000 |  | 7089 |
|  5.918% due 03/20/2028 |  | 5200 |  | 5290 |
|  6.054% due 11/05/2031 |  | 2401 |  | 2455 |
|  6.950% due 03/06/2026 |  | 2887 |  | 2910 |
|  6.950% due 06/10/2026 |  | 3985 |  | 4037 |
|  7.350% due 11/04/2027 |  | 5900 |  | 6155 |
|  7.350% due 03/06/2030 |  | 2800 |  | 2998 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 |  | 5400 |  | 5610 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 |  | 3700 |  | 2374 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 |  | 6900 |  | 7314 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2030 |  | 8200 |  | 8167 |
|  6.875% due 08/15/2029 |  | 9600 |  | 9837 |
|  7.875% due 01/15/2029 |  | 6400 |  | 6726 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.500% due 09/18/2030 |  | 10000 |  | 9926 |
|  5.200% due 12/09/2031 |  | 3000 |  | 3057 |
|  5.500% due 01/08/2029 |  | 5000 |  | 5177 |
|  5.900% due 01/13/2035 |  | 6800 |  | 7067 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 |  | 15800 |  | 15571 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 |  | 12000 |  | 10806 |
|  4.000% due 01/15/2030 |  | 3200 |  | 3102 |
|  4.000% due 01/15/2031 |  | 3300 |  | 3161 |
|  5.250% due 02/15/2033 |  | 1200 |  | 1203 |
|  5.300% due 01/15/2029 |  | 17037 |  | 17363 |
|  5.625% due 09/15/2034 |  | 10000 |  | 10130 |
|  5.750% due 06/01/2028 |  | 6300 |  | 6480 |
|  5.750% due 11/01/2037 |  | 9300 |  | 9243 |
|  6.250% due 09/15/2054 |  | 6300 |  | 6352 |
|  6.750% due 12/01/2033 |  | 4740 |  | 5139 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.383% due 07/21/2032 •  |  | 4200 |  | 3750 |
|  2.615% due 04/22/2032 •  |  | 7000 |  | 6352 |
|  3.691% due 06/05/2028 •  |  | 26100 |  | 25914 |
|  4.223% due 05/01/2029 •  |  | 27247 |  | 27285 |
|  5.016% due 10/23/2035 •  |  | 17300 |  | 17423 |
|  5.049% due 07/23/2030 •  |  | 17900 |  | 18352 |
|  5.536% due 01/28/2036 •  |  | 4500 |  | 4699 |
|  5.734% due 01/28/2056 •  |  | 10000 |  | 10375 |
|  6.484% due 10/24/2029 •  |  | 17000 |  | 18094 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 |  | 4100 |  | 3826 |
|  Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC |
|  5.125% due 10/07/2034 |  | 1300 |  | 1315 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 21100 |  | 20825 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ |  | 500 |  | 500 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 18800 | 19320 |
|  6.375% due 07/01/2034 | 3100 | 3156 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 4800 | 4334 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(m) | 3900 | 3951 |
|  4.980% due 06/07/2030 «(m) | 3900 | 3984 |
|  5.160% due 06/07/2032 «(m) | 3900 | 4016 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 | 400 | 369 |
|  8.000% due 06/15/2027 | 2321 | 2417 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 5600 | 5188 |
|  4.125% due 03/15/2028 | 2200 | 2176 |
|  4.200% due 04/15/2029 | 4000 | 3923 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 2000 | 1781 |
|  3.375% due 12/15/2029 | 6300 | 5992 |
|  3.500% due 09/15/2030 | 4900 | 4603 |
|  5.500% due 04/15/2035 | 100 | 101 |
|  5.700% due 06/15/2032 | 1000 | 1031 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 4000 | 4068 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.130% due 03/03/2031 •  | 6500 | 6658 |
|  5.875% due 09/28/2026 •(j)(k) | 14400 | 19427 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 (n) | 10000 | 8597 |
|  Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
|  2.800% due 02/10/2031 | 3000 | 2751 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.250% due 05/16/2031 •(j)(k) | 2900 | 2590 |
|  5.750% due 11/16/2026 •(j)(k) | 1800 | 1808 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  1.850% due 09/15/2032 | 12800 | 10821 |
|  4.000% due 09/15/2027 | 3326 | 3323 |
|  4.350% due 06/15/2029 | 3900 | 3937 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  | 5900 | 4994 |
|  5.710% due 01/15/2026 | 2200 | 2205 |
|  6.625% due 06/20/2033 | 7416 | 8167 |
|  7.200% due 11/28/2033 | 8869 | 10111 |
|  7.778% due 06/20/2054 •  | 6300 | 7573 |
|  7.800% due 11/28/2053 | 700 | 866 |
|  8.248% due 11/21/2033 •  | 17000 | 20069 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 2000 | 1729 |
|  2.700% due 01/15/2034 | 15300 | 12992 |
|  4.150% due 04/15/2032 | 2000 | 1936 |
|  4.875% due 02/01/2035 | 600 | 593 |
|  5.450% due 08/15/2030 | 5200 | 5412 |
|  5.500% due 08/15/2033 | 8750 | 9099 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 23700 | 24632 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 7153 | 6285 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 11900 | 11537 |
|  2.545% due 11/08/2032 •  | 10000 | 8972 |
|  2.580% due 04/22/2032 •  | 9600 | 8728 |
|  2.739% due 10/15/2030 •  | 22000 | 20781 |
|  3.540% due 05/01/2028 •  | 10100 | 10016 |
|  3.702% due 05/06/2030 •  | 16000 | 15730 |
|  3.782% due 02/01/2028 •  | 7900 | 7867 |
|  4.005% due 04/23/2029 •  | 21000 | 20953 |
|  4.203% due 07/23/2029 •  | 300 | 301 |
|  4.603% due 10/22/2030 •  | 6100 | 6173 |
|  4.912% due 07/25/2033 •(n) | 33672 | 34348 |
|  4.946% due 10/22/2035 •  | 8000 | 8071 |
|  5.140% due 01/24/2031 •  | 4300 | 4442 |
|  5.294% due 07/22/2035 •  | 11900 | 12296 |
|  5.350% due 06/01/2034 •  | 46600 | 48570 |
|  5.534% due 11/29/2045 •  | 18000 | 18522 |
|  6.087% due 10/23/2029 •  | 14800 | 15621 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 10000 | 10129 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(d) | 81 | 8 |
|  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 (c) | 1210 | 28 |
|  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 (c) | 2017 | 43 |
|  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 (c) | 2421 | 39 |
|  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 (c) | 3631 | 50 |
|  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 (c) | 3400 | 52 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (c) | 807 | 22 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 •(j)(k) | 3600 | 4421 |
|  8.000% due 09/05/2028 •(j)(k) | 600 | 784 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 7800 | 6489 |
|  2.650% due 11/15/2033 | 2472 | 2025 |
|  3.050% due 02/15/2030 | 6796 | 6277 |
|  6.250% due 01/15/2036 | 3500 | 3623 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 1046 | 1072 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 10000 | 9812 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 | 3046 | 3039 |
|  4.500% due 09/19/2028 | 3500 | 3517 |
|  6.000% due 03/15/2031 | 7200 | 7613 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 6200 | 4611 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 01/11/2027 | 6500 | 6477 |
|  4.375% due 03/22/2028 | 500 | 502 |
|  5.985% due 08/07/2027 •  | 1800 | 1826 |
|  6.068% due 06/13/2036 •  | 13100 | 13758 |
|  8.500% due 09/27/2027 •(j)(k) | 19500 | 27561 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 | 4000 | 4604 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | 3200 | 3574 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.650% due 03/15/2035 | 8000 | 8157 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 1000 | 1000 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 2900 | 2943 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  5.000% due 03/15/2035 | 16600 | 16813 |
|  5.350% due 11/15/2044 | 1900 | 1886 |
|  5.400% due 03/15/2055 | 9000 | 8833 |
|  5.700% due 09/15/2053 | 4300 | 4407 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  3.400% due 03/08/2026 | 1600 | 1595 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  | 7100 | 7393 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 2313 | 2303 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  10.750% due 08/01/2069 | 4000 | 5350 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.538% due 07/20/2027 •  | 4200 | 4111 |
|  2.048% due 07/17/2030 | 3200 | 2890 |
|  5.133% due 07/20/2033 •  | 29400 | 30258 |
|  5.188% due 09/12/2036 •  | 5000 | 5083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.354% due 09/13/2028 •  | $— | 5200 | $— | 5317 |
|  5.426% due 04/17/2035 •  |  | 2000 |  | 2082 |
|  5.574% due 01/16/2036 •  |  | 5900 |  | 6198 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  |  | 17200 |  | 15329 |
|  2.869% due 09/13/2030 •  |  | 7800 |  | 7387 |
|  5.594% due 07/10/2035 •  |  | 2000 |  | 2095 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ |  | 300 |  | 217 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(m) | $— | 15800 |  | 11414 |
|  1.593% due 05/04/2027 •  |  | 9600 |  | 9450 |
|  1.794% due 02/13/2032 •  |  | 36100 |  | 31494 |
|  2.239% due 07/21/2032 •  |  | 20000 |  | 17669 |
|  2.475% due 01/21/2028 •  |  | 2000 |  | 1958 |
|  3.622% due 04/01/2031 •  |  | 3600 |  | 3494 |
|  4.654% due 10/18/2030 •  |  | 14600 |  | 14764 |
|  5.042% due 07/19/2030 •  |  | 9400 |  | 9636 |
|  5.123% due 02/01/2029 •  |  | 11600 |  | 11851 |
|  5.173% due 01/16/2030 •  |  | 17400 |  | 17887 |
|  5.230% due 01/15/2031 •  |  | 12100 |  | 12491 |
|  5.250% due 04/21/2034 •  |  | 1700 |  | 1754 |
|  5.424% due 07/21/2034 •  |  | 13800 |  | 14383 |
|  5.466% due 01/18/2035 •  |  | 5000 |  | 5209 |
|  5.587% due 01/18/2036 •  |  | 7900 |  | 8275 |
|  6.250% due 08/09/2026 |  | 269 |  | 274 |
|  6.407% due 11/01/2029 •  |  | 11000 |  | 11693 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.882% due 10/30/2026 |  | 27000 |  | 27536 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.734% due 07/18/2031 •  |  | 6000 |  | 6092 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.350% due 04/09/2027 |  | 14709 |  | 14967 |
|  5.450% due 12/12/2028 |  | 3000 |  | 3105 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 1500 |  | 1358 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  7.875% due 12/20/2031 •(j)(k) |  | 2300 |  | 3208 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | $— | 5300 |  | 4099 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 •(j)(k) |  | 30060 |  | 39930 |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ | $— | 2900 |  | 2920 |
|  7.300% due 11/19/2034 •(j)(k) |  | 3500 |  | 3696 |
|  7.625% due 09/30/2035 •(j)(k) |  | 8000 |  | 10857 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 | $— | 7800 |  | 7806 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 4500 |  | 5239 |
|  4.875% due 12/08/2028 |  | 6000 |  | 7137 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
|  4.450% due 05/15/2069 | $— | 3500 |  | 2790 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 |  | 8200 |  | 8803 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.250% due 09/13/2053 •  |  | 8000 |  | 8492 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 |  | 7400 |  | 6949 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 12100 |  | 12543 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 4600 |  | 4348 |
|  5.594% due 07/02/2027 |  | 3500 |  | 3579 |
|  5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 12500 |  | 12605 |
|  5.709% due 01/09/2026 |  | 11200 |  | 11244 |
|  5.842% due 01/18/2028 |  | 15000 |  | 15514 |
|  7.000% due 07/15/2030 •(j)(k) |  | 7800 |  | 8084 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(j)(k) |  | 1100 |  | 1025 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 517 |  | 529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **85** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2050 | 59692 | 7393 |
|  1.000% due 10/01/2053 | 1872 | 219 |
|  1.500% due 10/01/2052 | 29023 | 3609 |
|  1.500% due 10/01/2053 | 73762 | 9454 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.250% due 04/15/2033 | 5274 | 4656 |
|  4.500% due 04/01/2027 | 2600 | 2608 |
|  4.750% due 01/15/2028 | 700 | 706 |
|  5.250% due 01/15/2026 | 600 | 600 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  5.375% due 11/15/2029 | 4500 | 4453 |
|  7.875% due 03/15/2030 | 3200 | 3389 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 296 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.850% due 02/10/2030 | 1100 | 1123 |
|  4.898% (SOFRRATE + 0.600%) due 01/27/2028 ~ | 21000 | 21073 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.604% (T-BILL 1MO + 9.700%) due 06/09/2031 ~ | 300 | 320 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 8600 | 6482 |
|  Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
|  5.750% due 07/15/2034 | 2800 | 2915 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 | 4800 | 5081 |
|  9.250% due 07/20/2028 | 7000 | 7775 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(m) | 6000 | 6769 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ | 1000 | 1037 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ | 4000 | 4166 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 3400 | 3555 |
|  Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
|  4.111% due 02/15/2028 | 3500 | 3492 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  3.000% due 04/18/2026 | 1800 | 1788 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 9500 | 6984 |
|  Protective Life Corp. | Protective Life Corp. | Protective Life Corp. |
|  3.400% due 01/15/2030 | 7000 | 6704 |
|  4.300% due 09/30/2028 | 10900 | 10905 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 | 5000 | 5210 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  0.500% due 09/09/2030 | 2200 | 2286 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 3400 | 3611 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 300 | 358 |
|  Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. |
|  6.200% due 05/15/2029 | 1600 | 1672 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.200% due 01/15/2027 | 5100 | 5043 |
|  4.450% due 09/15/2026 | 4100 | 4110 |
|  4.875% due 06/01/2026 | 4670 | 4688 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  3.600% due 02/01/2027 | 880 | 874 |
|  Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II | Reliance Standard Life Global Funding II |
|  2.750% due 01/21/2027 | 160 | 156 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 6300 | 5610 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.700% due 01/18/2029 | 4300 | 4076 |
|  5.250% due 01/09/2030 | 8000 | 8279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 01/11/2031 | $— | 6000 | 6266 |
|  6.000% due 11/21/2028 |  | 4100 | 4314 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 |  | 650 | 591 |
|  3.900% due 10/15/2029 |  | 3213 | 3114 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 |  | 1000 | 1018 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 |  | 18968 | 20904 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 |  | 15533 | 15384 |
|  5.353% due 09/06/2030 •  |  | 7821 | 7980 |
|  5.473% due 03/20/2029 •  |  | 10800 | 11010 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.320% due 09/22/2029 •  |  | 10000 | 9976 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.631% due 05/15/2051 |  | 3800 | 3690 |
|  1.884% due 07/15/2050 |  | 21000 | 20842 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 |  | 2700 | 2712 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 |  | 4300 | 4373 |
|  6.125% due 07/15/2030 |  | 9600 | 9930 |
|  6.500% due 03/11/2029 |  | 8600 | 8943 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 |  | 5000 | 5092 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.603% due 01/12/2033 •  |  | 8100 | 7491 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 |  | 9800 | 9609 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 |  | 3800 | 3335 |
|  2.750% due 11/18/2030 |  | 3200 | 2911 |
|  5.400% due 04/30/2030 |  | 5300 | 5400 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.130% due 07/08/2030 |  | 2300 | 2084 |
|  2.750% due 01/15/2030 |  | 4700 | 4411 |
|  5.424% due 07/09/2031 |  | 6500 | 6823 |
|  5.464% due 01/13/2026 |  | 6372 | 6395 |
|  5.558% due 07/09/2034 |  | 9400 | 9922 |
|  5.632% due 01/15/2035 |  | 36000 | 38218 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 |  | 5800 | 5250 |
|  4.200% due 04/15/2032 |  | 7765 | 7528 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK) |
|  5.000% due 09/30/2026 ^(c)(d) |  | 1139 | 171 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 09/30/2027 ^(c)(d) |  | 1142 | 176 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 09/30/2027 ^(c)(d) |  | 2290 | 349 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 09/30/2028 ^(c)(d) |  | 3443 | 534 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 09/30/2029 ^(c)(d) |  | 3451 | 535 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 09/30/2030 ^(c)(d) |  | 1625 | 250 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 |  | 4100 | 4075 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 |  | 5610 | 7514 |
|  Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC |
|  5.661% due 10/13/2041 |  | 3076 | 4058 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | $— | 1000 | 1043 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |  | 500 | 521 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ |  | 300 | 306 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  7.161% due 10/30/2029 •  | 5800 | 6283 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 (n) | 1800 | 1766 |
|  4.869% due 01/15/2030 | 250 | 245 |
|  6.390% due 01/15/2050 | 1700 | 1570 |
|  6.950% due 01/30/2044 | 1983 | 1970 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  6.787% due 10/26/2027 •  | 32650 | 33529 |
|  UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 | 2700 | 2640 |
|  7.500% due 02/15/2028 | 7500 | 8076 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.494% due 08/10/2027 •  | 11100 | 10840 |
|  2.095% due 02/11/2032 •  | 7600 | 6708 |
|  2.746% due 02/11/2033 •  | 4500 | 4014 |
|  4.151% due 12/23/2029 •  | 20000 | 19958 |
|  4.194% due 04/01/2031 •  | 14600 | 14437 |
|  5.428% due 02/08/2030 •  | 12000 | 12400 |
|  5.617% due 09/13/2030 •  | 15100 | 15775 |
|  6.246% due 09/22/2029 •  | 12800 | 13507 |
|  6.537% due 08/12/2033 •  | 12650 | 13958 |
|  7.000% due 02/05/2035 •(j)(k) | 7000 | 7143 |
|  9.016% due 11/15/2033 •  | 18850 | 23625 |
|  9.250% due 11/13/2028 •(j)(k) | 7000 | 7740 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.500% due 01/15/2028 | 7425 | 7318 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 5200 | 5555 |
|  7.500% due 06/03/2026 •(j)(k) | 11000 | 13318 |
|  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 (c) | 2562 | 77 |
|  Unum Group | Unum Group | Unum Group |
|  6.000% due 06/15/2054 | 1900 | 1926 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ | 1450 | 1463 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 250 | 253 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 | 4100 | 4162 |
|  5.125% due 05/15/2032 | 12600 | 12729 |
|  5.625% due 04/01/2035 | 2000 | 2049 |
|  5.750% due 04/01/2034 | 7700 | 8005 |
|  6.125% due 04/01/2054 | 3000 | 3046 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 18650 | 18220 |
|  4.125% due 08/15/2030 | 12531 | 12115 |
|  4.500% due 01/15/2028 | 1400 | 1399 |
|  4.625% due 12/01/2029 | 2400 | 2377 |
|  5.750% due 02/01/2027 | 1650 | 1671 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  5.000% due 09/20/2034 | 14800 | 14728 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 30750 | 29898 |
|  3.000% due 04/22/2026 | 21809 | 21685 |
|  3.196% due 06/17/2027 •  | 10670 | 10596 |
|  3.526% due 03/24/2028 •  | 15000 | 14868 |
|  3.584% due 05/22/2028 •  | 38906 | 38562 |
|  4.892% due 09/15/2036 •  | 14900 | 14876 |
|  5.198% due 01/23/2030 •  | 9800 | 10095 |
|  5.244% due 01/24/2031 •  | 7300 | 7554 |
|  5.376% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 11400 | 11475 |
|  5.557% due 07/25/2034 •  | 14300 | 15026 |
|  5.574% due 07/25/2029 •  | 17400 | 18036 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.500% due 07/16/2028 | 4300 | 4332 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 8363 | 8251 |
|  4.750% due 05/15/2026 | 7734 | 7756 |
|  7.350% due 07/01/2026 | 2000 | 2043 |
|  7.375% due 03/15/2032 | 5657 | 6484 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 297 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.250% due 10/01/2026 | 6446 | 6449 |
|  |  | 4114958 |
| INDUSTRIALS 29.1% | INDUSTRIALS 29.1% | INDUSTRIALS 29.1% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  0.950% due 02/10/2026 | 6010 | 5935 |
|  1.800% due 02/10/2031 | 26000 | 22607 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 6700 | 5649 |
|  5.050% due 03/15/2034 | 8000 | 8235 |
|  5.200% due 03/15/2035 | 6000 | 6212 |
|  5.350% due 03/15/2044 | 11869 | 11941 |
|  5.400% due 03/15/2054 | 4200 | 4179 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 3075 | 3049 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 11900 | 11968 |
|  4.500% due 09/11/2034 | 5000 | 4966 |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 3000 | 2834 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  2.750% due 08/15/2051 | 4800 | 3051 |
|  Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA |
|  1.750% due 07/30/2031 | 3000 | 3258 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 3465 | 3287 |
|  3.600% due 09/15/2028 | 2464 | 2429 |
|  5.250% due 10/01/2030 | 2596 | 2658 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 | 12898 | 11800 |
|  3.750% due 01/15/2030 | 4100 | 3961 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 6810 | 6826 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.000% due 09/23/2029 | 4900 | 4673 |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  3.550% due 10/01/2027 | 400 | 395 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 2500 | 2532 |
|  5.125% due 07/15/2029 | 5900 | 5068 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  5.100% due 03/17/2030 | 2761 | 2825 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 14850 | 13613 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.000% due 04/15/2030 | 2675 | 2575 |
|  3.150% due 08/15/2033 | 17310 | 16247 |
|  3.200% due 12/15/2029 | 6045 | 5860 |
|  3.350% due 04/15/2031 | 11740 | 11338 |
|  3.375% due 11/01/2028 | 1349 | 1327 |
|  3.575% due 07/15/2029 | 2099 | 2059 |
|  3.650% due 08/15/2030 | 3015 | 2934 |
|  3.700% due 04/01/2028 | 4445 | 4420 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.400% due 02/22/2062 | 2500 | 2003 |
|  4.663% due 06/15/2051 | 7254 | 6341 |
|  5.150% due 03/02/2028 | 5500 | 5629 |
|  5.250% due 03/02/2030 | 9929 | 10295 |
|  5.250% due 03/02/2033 | 21900 | 22692 |
|  5.600% due 03/02/2043 | 33650 | 34115 |
|  5.750% due 03/02/2063 | 25100 | 25060 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  1.650% due 05/11/2030 | 1450 | 1311 |
|  4.100% due 08/08/2062 | 4100 | 3319 |
|  4.850% due 05/10/2053 | 11730 | 11416 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 | 9445 | 9372 |
|  4.250% due 11/01/2029 | 3300 | 3256 |
|  5.800% due 04/15/2034 | 3900 | 4089 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  4.900% due 02/26/2031 | 11600 | 11983 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.150% due 05/15/2038 | 10500 | 9925 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 3200 | 2319 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 55000 | 54815 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 7700 | 8232 |
|  6.500% due 11/21/2033 | 700 | 755 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  6.500% due 07/10/2031 | 3000 | 3302 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.828% due 06/07/2032 | 10000 | 12063 |
|  5.081% due 06/07/2029 | 13100 | 13456 |
|  Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL |
|  4.029% due 06/07/2036 | 7000 | 8375 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 127100 | 127100 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 7400 | 7337 |
|  4.875% due 07/15/2026 | 1722 | 1722 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 1300 | 1211 |
|  5.625% due 08/15/2030 | 1100 | 1115 |
|  6.500% due 05/15/2032 | 13329 | 13806 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.500% due 08/11/2030 | 7600 | 7614 |
|  4.650% due 03/19/2027 | 2000 | 2017 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 10000 | 10058 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 20368 | 20216 |
|  2.950% due 02/01/2030 | 375 | 353 |
|  3.200% due 03/01/2029 | 185 | 179 |
|  3.250% due 02/01/2028 | 365 | 357 |
|  3.550% due 03/01/2038 | 175 | 145 |
|  3.625% due 02/01/2031 | 3500 | 3355 |
|  5.150% due 05/01/2030 | 8000 | 8212 |
|  5.705% due 05/01/2040 | 21000 | 21441 |
|  5.805% due 05/01/2050 | 46400 | 46387 |
|  5.930% due 05/01/2060 | 30000 | 29993 |
|  6.259% due 05/01/2027 | 2400 | 2470 |
|  6.298% due 05/01/2029 | 24823 | 26350 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 600 | 589 |
|  5.950% due 08/04/2033 | 7606 | 7992 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  2.650% due 06/01/2030 | 4000 | 3743 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 7554 | 7157 |
|  4.250% due 05/15/2034 | 1176 | 1149 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 21400 | 19470 |
|  2.600% due 02/15/2033 | 3800 | 3337 |
|  3.137% due 11/15/2035 | 22839 | 19768 |
|  3.187% due 11/15/2036 | 24922 | 21278 |
|  3.469% due 04/15/2034 | 4000 | 3652 |
|  4.926% due 05/15/2037 | 37864 | 37779 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 6296 | 8511 |
|  CAB SELAS | CAB SELAS | CAB SELAS |
|  3.375% due 02/01/2028 (n) | 1102 | 1217 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 4300 | 3736 |
|  3.402% due 01/15/2038 | 10600 | 9196 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 578 | 591 |
|  5.400% due 12/15/2034 | 8000 | 8152 |
|  5.850% due 02/01/2035 | 6419 | 6705 |
|  6.250% due 03/15/2038 | 6997 | 7472 |
|  6.450% due 06/30/2033 | 2101 | 2278 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  2.450% due 12/02/2031 | 10400 | 9264 |
|  4.950% due 08/15/2045 | 1631 | 1533 |
|  6.125% due 09/15/2115 | 10000 | 10330 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 12200 | 12033 |
|  5.750% due 03/15/2030 | 9350 | 9552 |
|  5.750% due 08/01/2032 | 4400 | 4483 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 10100 | 9913 |
|  5.100% due 03/01/2030 | 6000 | 6108 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 3500 | 3255 |
|  2.500% due 03/01/2031 | 13535 | 11668 |
|  2.625% due 08/01/2031 | 17620 | 15148 |
|  3.000% due 10/15/2030 | 10819 | 9674 |
|  3.375% due 02/15/2030 | 900 | 829 |
|  4.625% due 12/15/2029 | 12416 | 12046 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  4.950% due 03/14/2030 | 4450 | 4532 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  2.300% due 02/01/2032 | 7662 | 6558 |
|  3.700% due 04/01/2051 | 5000 | 3301 |
|  3.850% due 04/01/2061 | 23000 | 14347 |
|  3.900% due 06/01/2052 | 13500 | 9150 |
|  3.950% due 06/30/2062 | 2200 | 1393 |
|  4.800% due 03/01/2050 | 5400 | 4280 |
|  5.125% due 07/01/2049 | 17200 | 14232 |
|  5.375% due 05/01/2047 | 6985 | 6041 |
|  5.750% due 04/01/2048 | 15890 | 14413 |
|  5.850% due 12/01/2035 | 7500 | 7574 |
|  6.100% due 06/01/2029 | 129 | 135 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 5200 | 4364 |
|  3.700% due 11/15/2029 | 47274 | 45958 |
|  5.125% due 06/30/2027 | 19335 | 19549 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.550% due 10/30/2035 | 5000 | 5111 |
|  5.750% due 08/15/2034 | 6200 | 6449 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 2787 | 2663 |
|  5.850% due 08/01/2034 | 2350 | 2405 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 1200 | 1217 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 4900 | 4241 |
|  6.000% due 01/15/2029 | 1200 | 1166 |
|  Cigna Group | Cigna Group | Cigna Group |
|  2.375% due 03/15/2031 | 6278 | 5650 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.800% due 01/15/2051 | 22300 | 13625 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  1.375% due 11/01/2027 | 400 | 377 |
|  4.850% due 11/01/2028 | 9545 | 9647 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 | 1008 | 1003 |
|  4.800% due 01/15/2029 | 1400 | 1423 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(m) | 5004 | 5164 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.600% due 03/15/2034 | 2315 | 2381 |
|  Crown Castle Towers LLC | Crown Castle Towers LLC | Crown Castle Towers LLC |
|  4.241% due 07/15/2048 | 11900 | 11769 |
|  CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
|  4.050% due 04/27/2029 | 4500 | 4489 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.000% due 08/15/2026 | 375 | 371 |
|  4.780% due 03/25/2038 | 3850 | 3610 |
|  5.000% due 01/30/2029 | 18400 | 18766 |
|  5.050% due 03/25/2048 | 20700 | 18434 |
|  5.450% due 09/15/2035 | 9300 | 9468 |
|  5.625% due 02/21/2053 | 2544 | 2419 |
|  5.700% due 06/01/2034 | 5300 | 5533 |
|  5.875% due 06/01/2053 | 15090 | 14837 |
|  6.000% due 06/01/2044 | 1600 | 1624 |
|  6.050% due 06/01/2054 | 8200 | 8300 |
|  6.200% due 09/15/2055 | 2600 | 2678 |
|  6.250% due 09/15/2065 | 3500 | 3563 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 | 259 | 244 |
|  5.789% due 01/10/2026 | 4 | 4 |
|  5.926% due 01/10/2034 | 267 | 271 |
|  6.036% due 12/10/2028 | 2069 | 2112 |
|  8.353% due 07/10/2031 | 227 | 248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 6300 | 6103 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 6050 | 6085 |
|  6.020% due 06/15/2026 | 5942 | 5991 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 | 2500 | 2431 |
|  7.375% due 01/15/2026 | 33801 | 33965 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.400% due 04/18/2034 | 7900 | 8068 |
|  5.750% due 04/18/2054 | 8300 | 7995 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 750 | 738 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 | 2400 | 2476 |
|  Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. |
|  3.000% due 11/15/2029 | 3250 | 3094 |
|  3.900% due 11/15/2049 | 3700 | 2745 |
|  Edwards Lifesciences Corp. | Edwards Lifesciences Corp. | Edwards Lifesciences Corp. |
|  4.300% due 06/15/2028 | 6700 | 6725 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  3.650% due 12/01/2027 | 8806 | 8745 |
|  5.200% due 02/15/2035 | 1700 | 1733 |
|  5.700% due 02/15/2055 | 3300 | 3268 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.600% due 08/14/2034 | 7400 | 7432 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 1000 | 1062 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 | 14800 | 12604 |
|  4.250% due 12/01/2026 | 3300 | 3302 |
|  5.625% due 04/05/2034 | 4500 | 4699 |
|  5.700% due 03/08/2033 | 9600 | 10106 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 5861 | 5850 |
|  4.950% due 06/15/2028 | 6200 | 6308 |
|  5.350% due 05/15/2045 | 2600 | 2387 |
|  5.600% due 09/01/2034 | 7500 | 7701 |
|  5.700% due 04/01/2035 | 7900 | 8162 |
|  5.750% due 02/15/2033 | 4600 | 4824 |
|  5.800% due 06/15/2038 | 6230 | 6357 |
|  5.950% due 05/15/2054 | 9000 | 8722 |
|  6.050% due 09/01/2054 | 18700 | 18374 |
|  6.200% due 04/01/2055 | 4800 | 4832 |
|  6.500% due 02/01/2042 | 3600 | 3815 |
|  6.625% due 10/15/2036 | 206 | 225 |
|  7.500% due 07/01/2038 | 4302 | 5011 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.950% due 05/15/2054 | 14200 | 14205 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  3.120% due 09/01/2027 | 4300 | 4241 |
|  5.150% due 09/15/2034 | 9000 | 9197 |
|  5.350% due 03/15/2034 | 3267 | 3394 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.450% due 02/15/2043 | 6890 | 6092 |
|  4.950% due 02/15/2035 | 7900 | 7969 |
|  5.200% due 01/15/2036 | 18600 | 18913 |
|  5.700% due 02/15/2042 | 2002 | 2063 |
|  7.433% (TSFR3M + 3.248%) due 08/16/2077 ~ | 7651 | 7657 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  4.500% due 01/15/2029 | 3235 | 3236 |
|  4.750% due 01/15/2031 | 6300 | 6290 |
|  5.750% due 02/01/2034 | 3100 | 3246 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 6600 | 6918 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 16800 | 17279 |
|  6.750% due 04/15/2029 | 1261 | 1274 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  2.900% due 03/01/2027 | 10000 | 9823 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.600% due 06/01/2029 | 1020 | 995 |
|  6.150% due 10/01/2038 | 1600 | 1737 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  3.500% due 07/01/2029 | 3000 | 2916 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.200% due 10/01/2028 | $— | 4905 | $— | 4907 |
|  5.250% due 08/11/2035 |  | 31000 |  | 31342 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 |  | 36900 |  | 33969 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 |  | 8100 |  | 8187 |
|  5.250% due 01/15/2032 |  | 3400 |  | 3488 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 |  | 5000 |  | 5065 |
|  6.500% due 10/13/2033 |  | 6600 |  | 7269 |
|  Freeport Minerals Corp. | Freeport Minerals Corp. | Freeport Minerals Corp. | Freeport Minerals Corp. | Freeport Minerals Corp. |
|  9.500% due 06/01/2031 |  | 200 |  | 243 |
|  Gatwick Funding Ltd. | Gatwick Funding Ltd. | Gatwick Funding Ltd. | Gatwick Funding Ltd. | Gatwick Funding Ltd. |
|  6.125% due 03/02/2028 |  | 6200 |  | 8406 |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(j) | $— | 2800 |  | 2841 |
|  7.125% due 06/10/2035 •(j) |  | 1300 |  | 1345 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  3.200% due 08/15/2029 |  | 6072 |  | 5768 |
|  4.875% due 03/17/2031 |  | 1300 |  | 1605 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  9.250% due 12/01/2028 | $— | 400 |  | 418 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 |  | 1200 |  | 1261 |
|  6.103% due 08/23/2042 |  | 8000 |  | 8421 |
|  6.129% due 02/23/2038 |  | 1700 |  | 1811 |
|  Grifols SA | Grifols SA | Grifols SA | Grifols SA | Grifols SA |
|  7.500% due 05/01/2030 (m) |  | 8000 |  | 9923 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | $— | 4802 |  | 4754 |
|  3.375% due 03/24/2029 |  | 1700 |  | 1655 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 |  | 5000 |  | 4777 |
|  3.500% due 07/15/2051 |  | 4500 |  | 3081 |
|  3.625% due 03/15/2032 |  | 2700 |  | 2534 |
|  4.125% due 06/15/2029 |  | 6800 |  | 6743 |
|  4.625% due 03/15/2052 |  | 2400 |  | 1983 |
|  5.125% due 06/15/2039 |  | 1000 |  | 964 |
|  5.450% due 09/15/2034 |  | 1100 |  | 1129 |
|  5.500% due 06/01/2033 |  | 19000 |  | 19747 |
|  5.625% due 09/01/2028 |  | 11500 |  | 11868 |
|  5.750% due 03/01/2035 |  | 16406 |  | 17160 |
|  5.875% due 02/01/2029 |  | 1500 |  | 1562 |
|  5.900% due 06/01/2053 |  | 5200 |  | 5138 |
|  5.950% due 09/15/2054 |  | 8000 |  | 7988 |
|  Heathrow Finance PLC | Heathrow Finance PLC | Heathrow Finance PLC | Heathrow Finance PLC | Heathrow Finance PLC |
|  4.125% due 09/01/2029 þ |  | 3200 |  | 4012 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 |  | 2100 |  | 3012 |
|  HEICO Corp. | HEICO Corp. | HEICO Corp. | HEICO Corp. | HEICO Corp. |
|  5.250% due 08/01/2028 | $— | 2000 |  | 2054 |
|  5.350% due 08/01/2033 |  | 1900 |  | 1972 |
|  Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
|  7.875% due 10/01/2029 |  | 3600 |  | 4084 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  5.750% due 09/15/2033 |  | 2400 |  | 2434 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 |  | 400 |  | 408 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 |  | 3000 |  | 3050 |
|  5.375% due 12/15/2031 |  | 4700 |  | 4808 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 |  | 11500 |  | 11283 |
|  4.850% due 03/25/2027 |  | 4000 |  | 4032 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 |  | 1300 |  | 1306 |
|  5.750% due 12/13/2027 |  | 395 |  | 406 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 |  | 1000 |  | 1275 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | $— | 6000 |  | 6193 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 |  | 6500 |  | 4762 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 |  | 1988 |  | 2054 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 | 3000 | 3118 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  5.450% due 02/01/2029 | 2200 | 2271 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  4.500% due 01/23/2034 | 3700 | 4538 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 19000 | 19287 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 6073 | 5393 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
|  7.300% due 08/15/2033 | 5726 | 6554 |
|  7.400% due 03/15/2031 | 500 | 571 |
|  7.500% due 11/15/2040 | 5500 | 6475 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  3.600% due 02/15/2051 | 2000 | 1408 |
|  5.200% due 06/01/2033 | 6900 | 7068 |
|  5.300% due 12/01/2034 | 1000 | 1021 |
|  7.750% due 01/15/2032 | 16050 | 18673 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  7.250% due 02/15/2029 | 800 | 831 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.000% due 06/04/2042 | 2400 | 2217 |
|  6.500% due 02/09/2040 | 1258 | 1364 |
|  6.875% due 01/26/2039 | 13500 | 15071 |
|  7.125% due 08/01/2039 | 7120 | 8128 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 4050 | 3920 |
|  6.000% due 08/15/2029 | 57275 | 59678 |
|  6.200% due 08/15/2034 | 24685 | 25847 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 16750 | 14950 |
|  4.375% due 05/15/2030 | 4100 | 4089 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 | 2500 | 2232 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 13841 | 13539 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 14400 | 11663 |
|  4.800% due 08/15/2034 | 4516 | 4571 |
|  Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP | Macmillan Bloedel Pembroke LP |
|  7.700% due 02/15/2026 | 7658 | 7746 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.150% due 03/01/2030 | 3550 | 3650 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.500% due 10/15/2032 | 9700 | 8993 |
|  4.500% due 10/01/2034 | 6099 | 5966 |
|  4.625% due 06/15/2030 | 6100 | 6164 |
|  5.250% due 10/15/2035 | 1700 | 1716 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 | 4300 | 4397 |
|  5.650% due 05/01/2045 | 8300 | 8425 |
|  5.700% due 05/01/2055 | 1500 | 1521 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 7676 | 7565 |
|  4.875% due 06/22/2028 | 100 | 102 |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  4.678% due 07/01/2114 | 150 | 128 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  2.625% due 09/01/2029 | 4350 | 4123 |
|  3.800% due 04/01/2028 | 225 | 224 |
|  4.600% due 05/15/2030 | 1070 | 1087 |
|  MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. |
|  3.966% due 08/06/2061 | 200 | 134 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.750% due 08/15/2034 | 2100 | 2128 |
|  5.550% due 08/15/2064 | 8500 | 8444 |
|  5.600% due 05/15/2053 | 6500 | 6598 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  4.663% due 02/15/2030 | 950 | 959 |
|  5.300% due 01/15/2031 | 2100 | 2174 |
|  5.327% due 02/06/2029 | 6400 | 6596 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.555% (BP0003M + 0.450%) due 12/15/2030 ~ | 360 | 473 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  4.600% due 05/23/2029 | 1750 | 1769 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.900% due 04/15/2058 | 2600 | 2165 |
|  4.950% due 03/14/2052 | 4100 | 3501 |
|  5.400% due 04/01/2035 | 21500 | 21685 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 | 10400 | 9298 |
|  3.875% due 02/15/2031 | 1500 | 1438 |
|  National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(m) | 6800 | 6972 |
|  5.420% due 10/05/2037 «(m) | 2300 | 2368 |
|  National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
|  2.000% due 04/17/2040 | 1400 | 1164 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  3.875% due 11/15/2029 | 11800 | 14451 |
|  4.875% due 06/15/2030 | 900 | 925 |
|  Newcastle Coal Infrastructure Group Pty. Ltd. | Newcastle Coal Infrastructure Group Pty. Ltd. | Newcastle Coal Infrastructure Group Pty. Ltd. |
|  4.400% due 09/29/2027 | 2031 | 2020 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(m) | 12600 | 12742 |
|  5.420% due 10/05/2037 «(m) | 4600 | 4663 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 12410 | 12185 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 4200 | 2983 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  7.750% due 03/15/2026 | 102 | 104 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 15300 | 15674 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 35314 | 33391 |
|  NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC | NXP BV/NXP Funding LLC |
|  5.350% due 03/01/2026 | 4800 | 4809 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 6700 | 6684 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.200% due 03/15/2040 | 3260 | 3316 |
|  6.625% due 09/01/2030 | 10000 | 10722 |
|  8.875% due 07/15/2030 | 17067 | 19731 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 1700 | 1748 |
|  6.200% due 09/15/2043 | 3450 | 3548 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 3200 | 3060 |
|  2.875% due 03/25/2031 | 13900 | 12767 |
|  3.950% due 03/25/2051 | 5300 | 3943 |
|  4.000% due 07/15/2046 | 11000 | 8574 |
|  4.000% due 11/15/2047 | 3700 | 2869 |
|  4.100% due 03/25/2061 | 16600 | 11965 |
|  4.900% due 02/06/2033 | 4300 | 4340 |
|  5.200% due 09/26/2035 | 10000 | 10059 |
|  5.500% due 08/03/2035 | 24100 | 24810 |
|  5.500% due 09/27/2064 | 21900 | 20072 |
|  6.000% due 08/03/2055 | 7300 | 7334 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.700% due 06/01/2028 | 4100 | 4012 |
|  6.875% due 04/30/2036 | 9000 | 9551 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 5600 | 5708 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  5.350% due 02/12/2028 | 6200 | 6178 |
|  6.700% due 02/16/2032 | 12251 | 12148 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.375% due 08/15/2029 | 4500 | 4376 |
|  4.375% due 04/30/2030 | 860 | 864 |
|  5.250% due 02/13/2034 | 7900 | 8161 |
|  5.375% due 02/15/2033 | 6000 | 6268 |
|  5.625% due 11/17/2029 | 14714 | 15487 |
|  5.750% due 11/17/2032 | 11500 | 12261 |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  7.200% due 01/15/2028 | 4497 | 4788 |
|  Plains All American Pipeline LP | Plains All American Pipeline LP | Plains All American Pipeline LP |
|  5.950% due 06/15/2035 | 4100 | 4281 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 309 | 314 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.350% due 01/15/2032 | 4600 | 4040 |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  4.750% due 03/27/2030 | 100 | 102 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 3200 | 3119 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
|  3.300% due 09/15/2029 | 300 | 287 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  3.700% due 03/15/2028 | 6700 | 6594 |
|  5.375% due 01/15/2036 (b) | 7500 | 7547 |
|  5.500% due 04/01/2028 | 15200 | 15499 |
|  5.625% due 09/30/2031 | 3700 | 3775 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.750% due 09/02/2027 | 9450 | 9031 |
|  4.450% due 03/25/2031 | 4000 | 3968 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.125% due 11/16/2028 | 600 | 600 |
|  5.375% due 02/27/2053 | 13300 | 13021 |
|  6.100% due 03/15/2034 | 15900 | 17417 |
|  6.400% due 03/15/2054 | 4200 | 4702 |
|  7.200% due 08/15/2027 | 125 | 132 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  4.250% due 05/01/2029 | 5542 | 5569 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 6500 | 6526 |
|  5.875% due 06/30/2026 | 3003 | 3013 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 20600 | 19242 |
|  5.250% due 03/13/2029 | 5000 | 5073 |
|  6.875% due 09/19/2033 | 17900 | 19709 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 1000 | 905 |
|  5.250% due 07/17/2034 (n) | 2400 | 2472 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 06/01/2034 | 6900 | 6973 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 400 | 416 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.584% due 10/01/2034 | 6517 | 6555 |
|  South West Water Finance PLC | South West Water Finance PLC | South West Water Finance PLC |
|  5.750% due 12/11/2032 | 6650 | 9123 |
|  Southern Co. | Southern Co. | Southern Co. |
|  4.850% due 03/15/2035 | 13400 | 13272 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 3800 | 3778 |
|  4.600% due 06/15/2028 | 16831 | 16824 |
|  9.750% due 11/15/2030 | 2500 | 2753 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 240 | 224 |
|  3.650% due 08/15/2031 | 780 | 713 |
|  4.100% due 10/01/2029 | 2030 | 1929 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  4.800% due 05/15/2030 | 1700 | 1736 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 100 | 105 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 20594 | 18618 |
|  4.250% due 09/11/2029 | 630 | 632 |
|  4.625% due 09/11/2034 | 6300 | 6272 |
|  4.850% due 12/08/2028 | 8000 | 8198 |
|  4.850% due 02/10/2030 | 10000 | 10252 |
|  5.200% due 02/10/2035 | 1600 | 1651 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.550% due 04/01/2027 | 11500 | 11574 |
|  4.850% due 04/01/2030 | 1400 | 1426 |
|  5.150% due 04/01/2035 | 10000 | 10177 |
|  Synthos SA | Synthos SA | Synthos SA |
|  2.500% due 06/07/2028 | 5760 | 6442 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 10500 | 10012 |
|  2.550% due 02/15/2031 | 16800 | 15270 |
|  2.625% due 02/15/2029 | 600 | 570 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 02/15/2041 | $— | 32700 | 24586 |
|  3.300% due 02/15/2051 |  | 40000 | 27284 |
|  3.400% due 10/15/2052 |  | 4600 | 3154 |
|  3.600% due 11/15/2060 |  | 5700 | 3876 |
|  3.875% due 04/15/2030 |  | 28342 | 27800 |
|  5.050% due 07/15/2033 |  | 2000 | 2044 |
|  5.250% due 06/15/2055 |  | 20500 | 19099 |
|  5.650% due 01/15/2053 |  | 4800 | 4746 |
|  5.750% due 01/15/2054 |  | 5200 | 5203 |
|  5.800% due 09/15/2062 |  | 2400 | 2416 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  3.700% due 04/14/2027 |  | 3600 | 3573 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 |  | 6500 | 6651 |
|  5.500% due 03/11/2035 |  | 7100 | 7257 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.200% due 02/01/2033 |  | 4000 | 3802 |
|  4.950% due 04/15/2052 |  | 8000 | 6856 |
|  6.150% due 03/01/2029 |  | 8300 | 8749 |
|  TCI Communications, Inc. | TCI Communications, Inc. | TCI Communications, Inc. | TCI Communications, Inc. |
|  7.875% due 02/15/2026 |  | 600 | 608 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 |  | 14300 | 13577 |
|  2.650% due 08/09/2031 |  | 8700 | 7811 |
|  TDF Infrastructure SASU | TDF Infrastructure SASU | TDF Infrastructure SASU | TDF Infrastructure SASU |
|  1.750% due 12/01/2029 |  | 1600 | 1774 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  8.125% due 09/15/2031 | $— | 575 | 658 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 |  | 2005 | 3013 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2033 |  | 20117 | 16654 |
|  5.500% due 02/11/2043 |  | 1000 | 945 |
|  6.500% due 02/09/2034 |  | 200 | 191 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) |  | 136 | 158 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | $— | 4000 | 3216 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 |  | 85 | 85 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  3.250% due 05/15/2030 |  | 2900 | 2767 |
|  7.850% due 02/01/2026 |  | 12066 | 12091 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  2.450% due 03/16/2031 |  | 2850 | 2581 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 |  | 931 | 917 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 (c) |  | 3061 | 566 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 (c) |  | 1449 | 1115 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 |  | 757 | 696 |
|  2.875% due 04/07/2030 |  | 13620 | 12991 |
|  3.100% due 01/07/2030 |  | 841 | 813 |
|  3.100% due 04/07/2030 |  | 3180 | 3020 |
|  3.450% due 01/07/2030 |  | 2427 | 2332 |
|  3.500% due 09/01/2031 |  | 1100 | 1057 |
|  3.700% due 09/01/2031 |  | 2407 | 2265 |
|  4.150% due 02/25/2033 |  | 7614 | 7446 |
|  5.450% due 08/15/2038 |  | 9848 | 10165 |
|  5.875% due 04/15/2029 |  | 11838 | 12177 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  2.900% due 05/15/2050 |  | 5500 | 3548 |
|  4.950% due 01/15/2032 |  | 10093 | 10345 |
|  5.150% due 07/15/2034 |  | 15200 | 15606 |
|  5.200% due 04/15/2063 |  | 23860 | 21865 |
|  5.500% due 07/15/2044 |  | 11000 | 11027 |
|  5.625% due 07/15/2054 |  | 5000 | 4976 |
|  5.750% due 07/15/2064 |  | 5000 | 4982 |
|  5.875% due 02/15/2053 |  | 2500 | 2572 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 |  | 4100 | 4219 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.500% due 05/04/2029 |  | 500 | 631 |
|  8.000% due 11/15/2032 | $— | 6200 | 7204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | $| 17500 | 16786 |
|  3.875% due 11/01/2033 |  | 11000 | 9919 |
|  4.125% due 08/15/2031 |  | 13000 | 12279 |
|  6.250% due 01/15/2030 |  | 8950 | 9340 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 11825 | 12245 |
|  8.375% due 06/01/2031 |  | 2500 | 2627 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 (b) |  | 500 | 501 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 |  | 6300 | 6409 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | GBP | 9900 | 12414 |
|  5.250% due 05/15/2029 |  | 1000 | 1317 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.250% due 01/31/2031 | $| 6200 | 5753 |
|  5.625% due 04/15/2032 | EUR | 14000 | 16912 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 | $| 3300 | 2912 |
|  3.900% due 08/21/2027 |  | 13435 | 13389 |
|  4.650% due 05/15/2027 |  | 6438 | 6444 |
|  4.700% due 05/15/2030 |  | 24482 | 24793 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 6000 | 5988 |
|  Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. |
|  4.950% due 12/01/2029 |  | 105 | 108 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  7.700% due 10/30/2025 |  | 153 | 153 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  5.141% due 03/15/2052 |  | 392 | 293 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (b) |  | 2200 | 2203 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 |  | 5300 | 5454 |
|  Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC |
|  1.500% due 09/17/2029 | GBP | 4750 | 5570 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.450% due 11/15/2034 | $| 9900 | 9920 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 |  | 15933 | 16159 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 |  | 1400 | 1422 |
|  5.600% due 03/15/2035 |  | 19400 | 20144 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 |  | 11375 | 11310 |
|  3.700% due 03/15/2028 |  | 6100 | 6008 |
|  4.500% due 03/04/2029 |  | 2300 | 2299 |
|  5.100% due 09/12/2034 |  | 5400 | 5361 |
|  5.400% due 05/19/2030 |  | 9700 | 9963 |
|  5.700% due 09/12/2054 |  | 5000 | 4793 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 |  | 9400 | 9552 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 |  | 959 | 948 |
|  Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC |
|  1.750% due 10/27/2032 | GBP | 12200 | 12685 |
|  6.375% due 08/19/2039 |  | 5000 | 6628 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  2.000% due 05/15/2030 | $| 7000 | 6368 |
|  |  |  | 3765849 |
| UTILITIES 8.7% | UTILITIES 8.7% | UTILITIES 8.7% | UTILITIES 8.7% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  5.700% due 05/15/2034 |  | 1000 | 1041 |
|  6.650% due 02/15/2033 |  | 2425 | 2676 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 |  | 5200 | 5027 |
|  5.450% due 06/01/2028 |  | 2400 | 2459 |
|  5.800% due 03/15/2032 |  | 7700 | 7976 |
|  6.950% due 07/15/2055 •  |  | 2700 | 2656 |
|  7.600% due 01/15/2055 •  |  | 12550 | 13028 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  3.600% due 03/01/2032 |  | 1500 | 1389 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  3.875% due 02/15/2062 •  | 6200 | 6014 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  5.750% due 06/07/2043 | 9000 | 10938 |
|  6.000% due 06/20/2039 | 1400 | 1824 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  3.700% due 05/01/2050 | 3000 | 2187 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  2.650% due 09/15/2050 | 8900 | 5525 |
|  3.350% due 05/15/2050 | 3750 | 2643 |
|  5.500% due 09/01/2035 | 4300 | 4414 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  2.750% due 06/01/2031 | 16200 | 14853 |
|  3.500% due 06/01/2041 | 36300 | 29034 |
|  3.550% due 09/15/2055 | 23160 | 15973 |
|  3.650% due 06/01/2051 | 25700 | 18598 |
|  3.650% due 09/15/2059 | 30575 | 20921 |
|  3.850% due 06/01/2060 | 25750 | 18325 |
|  Atlantic City Electric Co. | Atlantic City Electric Co. | Atlantic City Electric Co. |
|  4.000% due 10/15/2028 | 4600 | 4596 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.450% due 01/15/2049 | 1850 | 1584 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  2.500% due 06/15/2030 | 10400 | 9585 |
|  3.875% due 10/15/2049 | 5500 | 4148 |
|  6.000% due 01/15/2035 | 11850 | 12626 |
|  6.150% due 05/15/2034 | 4200 | 4495 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  6.189% due 06/01/2035 | 200 | 210 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.050% due 03/01/2035 | 2600 | 2630 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 3500 | 3215 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  3.500% due 04/01/2028 | 4200 | 4127 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.042% due 08/15/2028 | 4000 | 4175 |
|  6.055% due 08/15/2026 | 2000 | 2027 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.750% due 10/01/2041 | 2579 | 2659 |
|  6.500% due 10/01/2053 | 10000 | 11156 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.250% due 08/15/2031 | 3500 | 3099 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  2.950% due 03/01/2030 | 2441 | 2296 |
|  3.400% due 06/15/2029 | 2387 | 2309 |
|  5.100% due 03/01/2029 | 3100 | 3178 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.450% due 08/15/2029 | 12300 | 11584 |
|  6.050% due 04/15/2038 | 1227 | 1336 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  5.050% due 03/15/2035 | 7600 | 7728 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  3.616% due 08/01/2027 | 15400 | 15094 |
|  DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC |
|  2.500% due 03/31/2036 | 7930 | 7886 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 1700 | 1714 |
|  5.750% due 06/15/2027 | 10020 | 10141 |
|  6.250% due 03/15/2030 | 3100 | 3225 |
|  8.125% due 06/15/2053 •(n) | 4400 | 4503 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  4.750% due 06/15/2046 | 6300 | 5444 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 | 714 | 707 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.125% due 07/12/2028 | 8000 | 7559 |
|  2.500% due 07/12/2031 | 5600 | 5003 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  1.900% due 06/15/2028 | 5900 | 5567 |
|  3.750% due 06/15/2050 | 1000 | 740 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.250% due 04/15/2035 | 4200 | 4309 |
|  5.550% due 09/15/2054 | 2775 | 2732 |
|  5.800% due 09/01/2053 | 800 | 814 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.816% due 03/02/2031 | EUR | 2200 | 2333 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  5.875% due 11/30/2029 |  | 4900 | 6203 |
|  6.651% due 11/13/2028 |  | 3900 | 4983 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  2.250% due 06/01/2030 | $| 400 | 367 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  5.500% due 01/01/2034 |  | 1100 | 1137 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 |  | 11500 | 11318 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  5.000% due 01/15/2035 |  | 5500 | 5510 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 |  | 1905 | 1866 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 |  | 18600 | 13676 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 03/15/2051 |  | 3200 | 2243 |
|  3.700% due 01/30/2050 |  | 4200 | 3216 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  4.950% due 09/30/2034 |  | 2500 | 2488 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 |  | 1379 | 1351 |
|  5.750% due 04/01/2034 |  | 5700 | 5846 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.300% due 01/15/2026 |  | 7491 | 7490 |
|  4.400% due 01/15/2031 |  | 4700 | 4686 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |
|  4.100% due 05/15/2028 |  | 2500 | 2498 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.150% due 04/15/2050 |  | 500 | 344 |
|  4.250% due 05/01/2046 |  | 1800 | 1534 |
|  5.300% due 02/01/2055 |  | 3800 | 3709 |
|  5.350% due 01/15/2034 |  | 2100 | 2197 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 |  | 3155 | 3170 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.950% due 03/30/2028 |  | 14645 | 14644 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
|  5.350% due 05/01/2034 |  | 300 | 309 |
|  National Grid PLC | National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 |  | 6000 | 6214 |
|  5.809% due 06/12/2033 |  | 5500 | 5867 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  5.450% due 05/15/2041 |  | 4059 | 4104 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.830% due 06/12/2030 | CAD | 10200 | 7449 |
|  4.670% due 06/12/2035 |  | 16700 | 12374 |
|  4.800% due 12/01/2077 •  | $| 4300 | 4170 |
|  6.750% due 06/15/2054 •  |  | 8000 | 8625 |
|  Northumbrian Water Finance PLC | Northumbrian Water Finance PLC | Northumbrian Water Finance PLC | Northumbrian Water Finance PLC |
|  5.625% due 04/29/2033 | GBP | 1800 | 2405 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  2.450% due 12/02/2027 | $| 1000 | 959 |
|  OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) | OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK) |
|  10.000% due 06/30/2027 (c) |  | 2338 | 1543 |
|  OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) | OI SA (8.500% PIK) |
|  8.500% due 12/31/2028 (c) |  | 5022 | 151 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.550% due 07/15/2028 |  | 5671 | 5720 |
|  4.950% due 07/13/2047 |  | 9972 | 8685 |
|  5.050% due 11/01/2034 |  | 61400 | 60579 |
|  5.200% due 07/15/2048 |  | 3885 | 3475 |
|  6.625% due 09/01/2053 |  | 7400 | 7877 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 7500 | 6685 |
|  3.000% due 06/15/2028 |  | 5400 | 5208 |
|  3.150% due 01/01/2026 |  | 10801 | 10767 |
|  3.250% due 06/01/2031 |  | 1600 | 1472 |
|  3.300% due 12/01/2027 |  | 22816 | 22335 |
|  3.300% due 08/01/2040 |  | 2700 | 2048 |
|  3.500% due 08/01/2050 |  | 13050 | 8917 |
|  3.750% due 07/01/2028 |  | 15079 | 14814 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 08/15/2042 | $— | 2600 | $— | 1986 |
|  4.250% due 03/15/2046 |  | 2100 |  | 1655 |
|  4.300% due 03/15/2045 |  | 1932 |  | 1552 |
|  4.500% due 07/01/2040 |  | 2800 |  | 2438 |
|  4.500% due 12/15/2041 |  | 4300 |  | 3554 |
|  4.600% due 06/15/2043 |  | 4900 |  | 4130 |
|  4.650% due 08/01/2028 |  | 17000 |  | 17052 |
|  4.750% due 02/15/2044 |  | 5700 |  | 4889 |
|  4.950% due 07/01/2050 |  | 7865 |  | 6756 |
|  5.250% due 03/01/2052 |  | 13600 |  | 12111 |
|  5.900% due 10/01/2054 |  | 1087 |  | 1061 |
|  6.000% due 08/15/2035 |  | 5000 |  | 5237 |
|  6.100% due 10/15/2055 (b) |  | 9200 |  | 9187 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 |  | 1500 |  | 1385 |
|  2.900% due 06/15/2052 |  | 6900 |  | 4215 |
|  5.300% due 02/15/2031 |  | 6200 |  | 6432 |
|  5.350% due 12/01/2053 |  | 5450 |  | 5032 |
|  5.750% due 04/01/2037 |  | 8278 |  | 8558 |
|  5.800% due 01/15/2055 |  | 5000 |  | 4905 |
|  7.375% due 09/15/2055 •  |  | 9000 |  | 9489 |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  5.125% due 09/10/2030 |  | 34400 |  | 34042 |
|  6.250% due 01/10/2036 |  | 3400 |  | 3360 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  3.350% due 06/01/2050 |  | 4300 |  | 2982 |
|  3.640% due 11/01/2046 |  | 1500 |  | 1127 |
|  5.100% due 02/15/2035 |  | 5000 |  | 5091 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 12700 |  | 12740 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  3.150% due 08/15/2051 |  | 1500 |  | 982 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 |  | 2894 |  | 3000 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 |  | 7800 |  | 6890 |
|  4.100% due 06/15/2049 |  | 9500 |  | 7659 |
|  5.400% due 04/15/2035 |  | 5000 |  | 5167 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  5.112% due 12/14/2049 |  | 3700 |  | 3582 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  3.400% due 02/01/2028 |  | 440 |  | 432 |
|  4.125% due 04/01/2052 •  |  | 4100 |  | 3999 |
|  6.375% due 04/01/2056 •  |  | 9800 |  | 10063 |
|  6.400% due 10/01/2054 •  |  | 1500 |  | 1535 |
|  6.875% due 10/01/2054 •  |  | 6100 |  | 6329 |
|  Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC |
|  4.000% due 03/05/2034 |  | 7050 |  | 8511 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | $— | 7200 |  | 7117 |
|  2.500% due 06/01/2031 |  | 2600 |  | 2308 |
|  2.750% due 02/01/2032 |  | 10500 |  | 9239 |
|  2.950% due 02/01/2051 |  | 7600 |  | 4656 |
|  3.450% due 02/01/2052 |  | 8200 |  | 5462 |
|  3.650% due 02/01/2050 |  | 2000 |  | 1400 |
|  3.900% due 12/01/2041 |  | 1100 |  | 859 |
|  3.900% due 03/15/2043 |  | 6100 |  | 4780 |
|  4.000% due 04/01/2047 |  | 14900 |  | 11289 |
|  4.400% due 09/06/2026 |  | 1500 |  | 1503 |
|  4.650% due 10/01/2043 |  | 600 |  | 512 |
|  4.875% due 02/01/2027 |  | 2200 |  | 2214 |
|  4.875% due 03/01/2049 |  | 8468 |  | 7170 |
|  5.250% due 03/15/2030 |  | 3900 |  | 3978 |
|  5.300% due 03/01/2028 |  | 8300 |  | 8451 |
|  5.450% due 03/01/2035 |  | 20900 |  | 21165 |
|  5.850% due 11/01/2027 |  | 5400 |  | 5542 |
|  6.650% due 04/01/2029 |  | 8039 |  | 8435 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 |  | 2200 |  | 2055 |
|  5.200% due 06/01/2033 |  | 8300 |  | 8588 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  1.750% due 01/15/2031 |  | 9700 |  | 8486 |
|  3.250% due 06/15/2026 |  | 4217 |  | 4192 |
|  3.875% due 11/15/2025 |  | 2300 |  | 2299 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 |  | 1000 |  | 965 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 | $| 1575 | 1515 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  3.250% due 11/01/2051 |  | 115 | 77 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 |  | 8200 | 5540 |
|  6.000% due 06/01/2054 |  | 4000 | 4171 |
|  SPP-Distribucia AS | SPP-Distribucia AS | SPP-Distribucia AS | SPP-Distribucia AS |
|  1.000% due 06/09/2031 | EUR | 3600 | 3687 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  7.000% due 04/16/2040 | GBP | 12600 | 16385 |
|  7.375% due 12/12/2041 |  | 4800 | 6430 |
|  7.750% due 10/31/2031 |  | 5600 | 7911 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | $| 10700 | 10777 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 |  | 11334 | 10763 |
|  United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC |
|  3.500% due 02/27/2033 | EUR | 2100 | 2453 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.780% due 02/15/2035 | $| 2812 | 2767 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.000% due 04/15/2034 |  | 5200 | 5486 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  |  | 11100 | 8766 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  3.400% due 06/01/2030 |  | 240 | 230 |
|  |  |  | 1126001 |
|  Total Corporate Bonds & Notes<br>(Cost $9,195,542) | Total Corporate Bonds & Notes<br>(Cost $9,195,542) | Total Corporate Bonds & Notes<br>(Cost $9,195,542) | 9006808 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2025 (g) |  | 605 | 18 |
|  0.000% due 12/31/2026 (g) |  | 807 | 22 |
|  0.000% due 12/31/2027 (g) |  | 1009 | 24 |
|  0.000% due 12/31/2028 (g) |  | 1614 | 39 |
|  0.000% due 12/31/2029 (g) |  | 1614 | 38 |
|  0.000% due 12/31/2030 (g) |  | 2017 | 48 |
|  0.000% due 12/31/2031 (g) |  | 2017 | 48 |
|  0.000% due 12/31/2032 (g) |  | 3803 | 90 |
|  Total Convertible Bonds & Notes<br>(Cost $480) | Total Convertible Bonds & Notes<br>(Cost $480) | Total Convertible Bonds & Notes<br>(Cost $480) | 327 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 |  | 8000 | 8396 |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 |
|  5.526% due 07/01/2034 |  | 5000 | 5215 |
| TEXAS 0.1% | TEXAS 0.1% | TEXAS 0.1% | TEXAS 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 |  | 9974 | 10283 |
|  5.169% due 04/01/2041 |  | 7600 | 7751 |
|  |  |  | 18034 |
|  Total Municipal Bonds & Notes<br>(Cost $30,617) | Total Municipal Bonds & Notes<br>(Cost $30,617) | Total Municipal Bonds & Notes<br>(Cost $30,617) | 31645 |
| U.S. GOVERNMENT AGENCIES 9.8% | U.S. GOVERNMENT AGENCIES 9.8% | U.S. GOVERNMENT AGENCIES 9.8% | U.S. GOVERNMENT AGENCIES 9.8% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.500% due 06/01/2053 - 12/01/2053 |  | 4057 | 3942 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 08/01/2054 - 01/01/2055 | 23296 | 23513 |
|  6.500% due 06/01/2054 | 1303 | 1350 |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  6.154% due 11/25/2055 «~ | 3151 | 2092 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2045 | 111 | 101 |
|  3.500% due 07/01/2046 | 1391 | 1301 |
|  4.000% due 08/01/2049 | 177 | 169 |
|  4.500% due 11/01/2048 - 07/01/2053 | 31450 | 30873 |
|  6.500% due 07/01/2054 - 10/01/2054 | 1379 | 1428 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.039% due 02/20/2074 •  | 2636 | 2635 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 93600 | 88004 |
|  4.500% due 11/01/2055 | 55900 | 54188 |
|  5.000% due 10/01/2055 - 11/01/2055 | 59300 | 58967 |
|  6.000% due 10/01/2055 - 11/01/2055 | 22700 | 23088 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 139090 | 131073 |
|  4.500% due 11/01/2055 | 420295 | 407511 |
|  5.000% due 11/01/2055 | 438700 | 434834 |
|  Total U.S. Government Agencies<br>(Cost $1,269,570) | Total U.S. Government Agencies<br>(Cost $1,269,570) | 1265069 |
| U.S. TREASURY OBLIGATIONS 11.6% | U.S. TREASURY OBLIGATIONS 11.6% | U.S. TREASURY OBLIGATIONS 11.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 11/15/2051 | 184438 | 104373 |
|  2.250% due 08/15/2049 (p)(r) | 74500 | 47569 |
|  2.250% due 02/15/2052 (p)(r) | 12600 | 7818 |
|  2.375% due 11/15/2049 | 150000 | 98186 |
|  2.500% due 02/15/2046 (p) | 76025 | 53690 |
|  2.500% due 05/15/2046 (p) | 91308 | 64233 |
|  2.750% due 08/15/2047 | 115600 | 83837 |
|  3.000% due 08/15/2048 (p)(r) | 4700 | 3535 |
|  3.125% due 05/15/2048 (p) | 106300 | 81996 |
|  3.375% due 11/15/2048 | 153500 | 123352 |
|  4.750% due 08/15/2055 | 151950 | 152496 |
|  4.875% due 08/15/2045 | 61300 | 62675 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.875% due 02/15/2032 (p)(r) | 52941 | 46978 |
|  2.750% due 08/15/2032 (p)(r) | 87293 | 81162 |
|  3.750% due 04/30/2027 (p) | 3500 | 3505 |
|  3.875% due 06/30/2030 | 165500 | 166528 |
|  4.250% due 05/15/2035 | 210000 | 211969 |
|  4.250% due 08/15/2035 | 95800 | 96586 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 05/15/2042 (a) | 19400 | 8714 |
|  Total U.S. Treasury Obligations<br>(Cost $1,570,915) | Total U.S. Treasury Obligations<br>(Cost $1,570,915) | 1499202 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% |
|  245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
|  3.508% due 06/05/2037 | 3622 | 3552 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  5.093% due 10/25/2046 •  | 1394 | 919 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.195% due 11/25/2045 •  | 452 | 169 |
|  AOA Mortgage Trust | AOA Mortgage Trust | AOA Mortgage Trust |
|  5.140% due 10/15/2038 •  | 10675 | 10675 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 | 7800 | 6908 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.750% due 11/25/2035 | 155 | 144 |
|  Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates | Banc of America Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 «~ | 28565 | 27697 |
|  3.110% due 08/25/2052 «~ | 10000 | 8851 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.402% due 01/25/2037 •  | 4371 | 3776 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.630% due 10/20/2036 •  | $— | 914 | $— | 711 |
|  4.810% due 06/20/2047 •  |  | 576 |  | 477 |
|  5.041% due 06/20/2037 ~ |  | 1855 |  | 1652 |
|  5.072% due 05/25/2037 •  |  | 243 |  | 208 |
|  5.750% due 01/25/2037 |  | 1962 |  | 1677 |
|  6.000% due 03/25/2037 |  | 899 |  | 699 |
|  17.585% due 07/25/2047 •  |  | 703 |  | 1020 |
|  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 |
|  3.907% due 10/25/2035 ~ |  | 338 |  | 272 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.834% due 07/26/2036 ~ |  | 93 |  | 83 |
|  4.877% due 05/25/2047 •  |  | 425 |  | 390 |
|  6.000% due 07/26/2037 ~ |  | 82 |  | 76 |
|  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 |
|  4.058% due 03/25/2036 ~ |  | 115 |  | 94 |
|  4.164% due 08/25/2036 ~ |  | 808 |  | 368 |
|  4.592% due 08/25/2036 •  |  | 343 |  | 305 |
|  5.123% due 04/25/2035 ~ |  | 5430 |  | 4944 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.247% due 06/25/2047 ~ |  | 1378 |  | 1214 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.640% due 09/15/2048 |  | 1737 |  | 1711 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  4.899% due 04/15/2039 •  |  | 10661 |  | 10648 |
|  5.164% due 10/15/2036 •  |  | 7000 |  | 6995 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 06/25/2037 |  | 2827 |  | 1085 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.952% due 08/25/2037 •  |  | 237 |  | 212 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.552% due 01/25/2035 •  |  | 118 |  | 116 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.765% due 03/25/2037 ~ |  | 195 |  | 170 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.440% due 09/20/2046 •  |  | 450 |  | 464 |
|  4.460% due 09/20/2046 •  |  | 1153 |  | 1109 |
|  4.482% due 04/25/2047 •  |  | 819 |  | 723 |
|  4.622% due 05/25/2037 •  |  | 620 |  | 189 |
|  4.652% due 09/25/2046 •  |  | 1002 |  | 981 |
|  5.500% due 07/25/2035 |  | 750 |  | 597 |
|  5.500% due 01/25/2036 |  | 705 |  | 460 |
|  5.503% due 08/25/2035 •  |  | 1164 |  | 1011 |
|  6.000% due 03/25/2036 |  | 763 |  | 342 |
|  6.000% due 05/25/2036 |  | 80 |  | 37 |
|  6.000% due 06/25/2037 |  | 1388 |  | 612 |
|  6.500% due 12/25/2036 |  | 353 |  | 150 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  6.000% due 08/25/2037 ~ |  | 746 |  | 379 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 |  | 4802 |  | 3718 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.718% due 08/15/2048 |  | 62 |  | 62 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.843% due 04/28/2037 ~ |  | 570 |  | 532 |
|  3.850% due 09/25/2057 ~ |  | 435 |  | 421 |
|  3.885% due 05/27/2037 ~ |  | 2599 |  | 1739 |
|  4.000% due 06/26/2037 ~ |  | 944 |  | 922 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  5.332% due 06/15/2034 •  |  | 463 |  | 449 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 1200 |  | 1244 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.414% due 10/15/2043 •  |  | 5000 |  | 4862 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  |  | 47645 |  | 47682 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.712% due 08/25/2046 •  |  | 19296 |  | 4004 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.304% due 06/19/2036 ~ |  | 553 |  | 222 |
|  4.658% due 12/19/2036 •  |  | 2125 |  | 1684 |
|  4.748% due 01/19/2036 •  |  | 1532 |  | 994 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  6.000% due 09/25/2037 |  | 83 |  | 60 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.752% due 07/25/2035 •  | 4828 | 4476 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.779% due 05/25/2037 ~ | 504 | 445 |
|  6.810% due 08/25/2036 þ | 464 | 456 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.997% due 04/15/2037 •  | 2929 | 2889 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 07/25/2037 | 21 | 19 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  7.000% due 05/25/2033 ~ | 2 | 2 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.215% due 12/15/2036 •  | 2341 | 1802 |
|  5.434% due 12/15/2038 •  | 6700 | 6448 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.962% due 06/25/2036 ~ | 344 | 87 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.500% due 01/26/2037 ~ | 2 | 2 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.672% due 04/25/2036 •  | 2863 | 2096 |
|  New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust |
|  6.667% due 07/25/2036 þ | 844 | 165 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 18206 | 17607 |
|  2.750% due 11/25/2059 ~ | 12442 | 11986 |
|  4.500% due 05/25/2058 ~ | 4841 | 4741 |
|  ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
|  4.964% due 03/15/2036 •  | 7700 | 7593 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 2400 | 2363 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.706% due 08/25/2056 •  | 991 | 994 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.632% due 05/25/2036 •  | 649 | 594 |
|  4.652% due 08/25/2036 •  | 402 | 407 |
|  4.692% due 04/25/2046 •  | 6124 | 1520 |
|  5.139% due 10/25/2037 ~ | 3210 | 2570 |
|  5.160% due 01/25/2036 ~ | 942 | 631 |
|  5.370% due 07/25/2035 ~ | 91 | 84 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.887% due 05/25/2036 ~ | 790 | 447 |
|  4.572% due 08/25/2036 •  | 494 | 391 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.280% due 01/25/2037 þ | 6609 | 1062 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.750% due 06/25/2057 ~ | 1796 | 1762 |
|  5.272% due 05/25/2058 •  | 495 | 506 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.988% due 05/20/2036 ~ | 16 | 16 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.662% due 07/25/2037 ~ | 240 | 219 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  4.993% due 11/25/2046 •  | 777 | 661 |
|  6.000% due 07/25/2036 | 165 | 119 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  5.750% due 07/25/2037 | 86 | 76 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $259,978) | Total Non-Agency Mortgage-Backed Securities (Cost $259,978) | 248703 |
| ASSET-BACKED SECURITIES 4.0% | ASSET-BACKED SECURITIES 4.0% | ASSET-BACKED SECURITIES 4.0% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  6.380% due 02/19/2038 •  | 3508 | 3519 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.398% due 08/19/2038 •  | 2747 | 2740 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  6.769% due 09/17/2037 •  | 4434 | 4440 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 9344 | 9356 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC | Ready Capital Mortgage Financing LLC |
|  6.532% due 10/25/2039 •  | 28 | 28 |
|  |  | 21088 |
| HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.532% due 01/25/2037 •  | 3285 | 2379 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  | 333 | 332 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.592% due 08/25/2036 •  | 1497 | 338 |
|  4.672% due 12/25/2036 •  | 4809 | 1208 |
|  5.217% due 05/25/2035 •  | 5500 | 5093 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.382% due 09/25/2036 •  | 1560 | 503 |
|  4.812% due 05/25/2036 •  | 1238 | 297 |
|  4.832% due 04/25/2036 •  | 6120 | 1918 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.032% due 02/25/2036 •  | 1911 | 1559 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.732% due 11/25/2036 •  | 6743 | 6582 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.572% due 11/25/2036 •  | 1030 | 469 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.522% due 10/25/2036 •  | 1866 | 1435 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 2383 | 2413 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.672% due 01/25/2037 •  | 8399 | 3506 |
|  4.792% due 03/25/2036 •  | 879 | 806 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.712% due 09/25/2047 •  | 189 | 191 |
|  4.732% due 05/25/2037 •  | 1934 | 1793 |
|  4.752% due 03/25/2036 •  | 851 | 780 |
|  5.012% due 08/25/2047 •  | 1623 | 1594 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  | 2236 | 2200 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.422% due 01/25/2037 •  | 1322 | 612 |
|  4.612% due 02/25/2037 •  | 1683 | 520 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.357% due 03/25/2036 ~ | 1049 | 421 |
|  4.572% due 07/25/2036 •  | 49449 | 9218 |
|  4.592% due 05/25/2036 •  | 32606 | 7044 |
|  4.782% due 01/25/2036 •  | 6068 | 5325 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.432% due 01/25/2037 •  | 2523 | 1549 |
|  4.552% due 09/25/2036 •  | 66335 | 22443 |
|  4.612% due 01/25/2037 •  | 3920 | 3852 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.612% due 04/25/2037 •  | 3100 | 2783 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  5.022% due 10/25/2035 •  | 1188 | 1180 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.908% due 07/25/2036 •  | 8826 | 8468 |
|  6.080% due 08/25/2036 þ | 1215 | 721 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.592% due 09/25/2036 •  | 12597 | 3246 |
|  4.632% due 03/25/2046 •  | 3751 | 3273 |
|  4.752% due 09/25/2036 •  | 3985 | 1030 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.752% due 03/25/2036 •  | 1986 | 1195 |
|  4.992% due 12/25/2034 •  | 6200 | 5772 |
|  5.022% due 10/25/2035 •  | 896 | 874 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.716% due 02/25/2037 þ | 10223 | 1120 |
|  4.792% due 03/25/2037 •  | 4754 | 4472 |
|  5.022% due 09/25/2035 •  | 671 | 670 |
|  5.172% due 02/25/2047 •  | 4280 | 2538 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.412% due 10/25/2036 •  | 903 | 397 |
|  4.422% due 11/25/2036 •  | 1269 | 748 |
|  4.422% due 12/25/2036 •  | 615 | 309 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.422% due 02/25/2037 •  | 3402 | 1503 |
|  4.452% due 02/25/2037 •  | 10690 | 3389 |
|  4.472% due 02/25/2037 •  | 446 | 197 |
|  4.492% due 10/25/2036 •  | 987 | 434 |
|  4.502% due 02/25/2037 •  | 4074 | 1291 |
|  4.772% due 08/25/2036 •  | 5393 | 2709 |
|  4.892% due 12/25/2035 •  | 157 | 155 |
|  5.522% due 07/25/2037 •  | 2100 | 1848 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.372% due 04/25/2037 •  | 194 | 101 |
|  4.622% due 04/25/2037 •  | 923 | 480 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.592% due 08/25/2036 •  | 3885 | 3863 |
|  4.977% due 02/25/2036 •  | 6100 | 5481 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.572% due 03/25/2037 •  | 1002 | 319 |
|  4.692% due 01/25/2037 •  | 4031 | 1330 |
|  4.772% due 10/25/2036 •  | 1023 | 472 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.552% due 01/25/2037 •  | 3418 | 2008 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.007% due 08/25/2035 •  | 2013 | 2016 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  7.238% due 09/25/2037 þ | 10214 | 4023 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.732% due 12/25/2035 •  | 6316 | 5318 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  | 13 | 13 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.772% due 11/25/2037 •  | 8000 | 7414 |
|  |  | 169540 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.614% due 11/26/2036 •  | 5 | 5 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.622% due 12/25/2035 •  | 215 | 102 |
|  5.272% due 08/25/2035 •  | 78 | 46 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.625% due 06/25/2036 •  | 46 | 49 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 03/25/2036 •  | 1136 | 713 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  3.687% due 02/25/2037 þ | 1333 | 432 |
|  4.542% due 04/25/2037 •  | 701 | 517 |
|  4.572% due 06/25/2037 •  | 472 | 281 |
|  |  | 2140 |
| OTHER ABS 2.5% | OTHER ABS 2.5% | OTHER ABS 2.5% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 5400 | 5406 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 4000 | 4006 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.627% due 10/20/2031 •  | 2181 | 2184 |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 1238 | 1188 |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  | 1216 | 1217 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 1000 | 1002 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 3400 | 3405 |
|  Apidos CLO XXXV Ltd. | Apidos CLO XXXV Ltd. | Apidos CLO XXXV Ltd. |
|  5.637% due 04/20/2034 •  | 3000 | 3005 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 4100 | 4107 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 5296 | 5303 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  | 3100 | 3112 |
|  Atlas Static Senior Loan Fund I Ltd. | Atlas Static Senior Loan Fund I Ltd. | Atlas Static Senior Loan Fund I Ltd. |
|  6.068% due 07/15/2030 •  | 240 | 240 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.525% due 10/20/2034 •  | 4000 | 4007 |
|  5.529% due 10/23/2034 •  | 2500 | 2506 |
|  5.548% due 07/16/2034 •  | 5000 | 5007 |
|  5.565% due 07/19/2034 •  | 5800 | 5808 |
|  Blackbird Capital Aircraft Lease Securitization Ltd. | Blackbird Capital Aircraft Lease Securitization Ltd. | Blackbird Capital Aircraft Lease Securitization Ltd. |
|  4.213% due 12/16/2041 þ | 1028 | 1028 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 1000 | 1001 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 12000 | 12054 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 4200 | 4202 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  | 1742 | 1744 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 1800 | 1807 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  5.395% due 04/20/2034 •  | 1000 | 1001 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | 4300 | 4304 |
|  ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. |
|  3.473% due 06/15/2040 | 102 | 88 |
|  4.947% due 06/15/2040 | 2223 | 2006 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 2900 | 2905 |
|  5.618% due 01/25/2035 •  | 3200 | 3211 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(b) | 1800 | 1800 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 1000 | 1002 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 3600 | 3612 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 5559 | 5574 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 1195 | 1195 |
|  5.475% due 10/20/2034 •  | 3000 | 3004 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 3300 | 3300 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 10500 | 10512 |
|  KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. | KDAC Aviation Finance Ltd. |
|  4.212% due 12/15/2042 | 1123 | 1116 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 5347 | 5213 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 6000 | 6008 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 3000 | 3005 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 2500 | 2503 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 4000 | 4008 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 6187 | 4176 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 1000 | 1001 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 2900 | 2903 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 1100 | 1100 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 3320 | 3323 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 11200 | 11217 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 3000 | 3005 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. |
|  5.475% due 07/20/2030 •  | 294 | 294 |
|  OZLM XX Ltd. | OZLM XX Ltd. | OZLM XX Ltd. |
|  5.637% due 04/20/2031 •  | 482 | 482 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 3215 | 3219 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 2000 | 2003 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 11236 | 11264 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 1800 | 1807 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 9000 | 9020 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 1300 | 1301 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2055 «(g) | 3 | 38 |
|  4.780% due 03/15/2055 | 2400 | 2367 |
|  4.960% due 03/15/2055 | 49432 | 49669 |
|  5.100% due 03/15/2055 | 2400 | 2410 |
|  5.260% due 03/15/2055 | 4700 | 4543 |
|  5.572% due 03/15/2055 •  | 5448 | 5459 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.749% due 07/15/2034 •  | 4000 | 4007 |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  | 4494 | 4502 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 1415 | 1407 |
|  Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC |
|  2.790% due 02/22/2049 | 3981 | 3378 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  | 3867 | 3873 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 9000 | 9014 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 1354 | 1355 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  5.648% due 01/25/2034 •  | 7000 | 7000 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  | 1000 | 1001 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 1115 | 1116 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.717% due 04/20/2032 •  | 2400 | 2406 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 7130 | 7135 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 1500 | 1500 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 5800 | 5807 |
|  5.579% due 10/15/2030 •  | 620 | 620 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 3500 | 3500 |
|  5.378% due 10/15/2034 •  | 1989 | 1992 |
|  |  | 318920 |
|  Total Asset-Backed Securities (Cost $577,888) | Total Asset-Backed Securities (Cost $577,888) | 511693 |
| SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% | SOVEREIGN ISSUES 5.1% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 04/16/2030 | 12600 | 12258 |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.000% due 11/21/2031 | 7850 | 4384 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.125% due 05/13/2054 | 3800 | 3864 |
|  7.250% due 01/12/2056 | 5492 | 5561 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (g) | 43800 | 7688 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2060 (i) | 61856 | 9991 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **93** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canada Housing Trust No. 1 | Canada Housing Trust No. 1 | Canada Housing Trust No. 1 | Canada Housing Trust No. 1 |
|  1.950% due 12/15/2025 | CAD | 59800 | 42927 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | $| 11700 | 12355 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 |  | 28000 | 28443 |
|  Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
|  3.250% due 01/15/2030 |  | 6000 | 5727 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 |  | 13000 | 13425 |
|  5.500% due 03/12/2034 |  | 21100 | 21703 |
|  5.750% due 03/12/2054 |  | 8000 | 7584 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | JPY | 2391000 | 12397 |
|  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 |  | 400000 | 2357 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 5480000 | 33967 |
|  2.400% due 03/20/2045 |  | 2867300 | 18888 |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  3.000% due 01/13/2026 | $| 12700 | 12660 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  3.500% due 03/20/2027 |  | 14500 | 14387 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.771% due 05/24/2061 |  | 3350 | 2120 |
|  4.500% due 03/19/2034 | EUR | 2000 | 2386 |
|  4.750% due 03/22/2031 | $| 10700 | 10638 |
|  5.625% due 09/22/2035 |  | 13300 | 13254 |
|  6.625% due 01/29/2038 |  | 4718 | 4970 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (i) | MXN | 8551 | 463 |
|  4.000% due 11/30/2028 (i) |  | 171013 | 9312 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 110200 | 30743 |
|  6.150% due 08/12/2032 |  | 82504 | 25191 |
|  6.900% due 08/12/2037 |  | 3700 | 1115 |
|  6.950% due 08/12/2031 |  | 83280 | 26567 |
|  7.300% due 08/12/2033 |  | 51600 | 16504 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | $| 5300 | 4748 |
|  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 | 1827410 | 103957 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  7.100% due 11/19/2036 | $| 2800 | 2924 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | EUR | 5700 | 5885 |
|  2.125% due 03/07/2028 |  | 5000 | 5697 |
|  2.875% due 04/13/2042 |  | 2300 | 1736 |
|  3.750% due 02/07/2034 |  | 500 | 512 |
|  5.250% due 03/10/2030 |  | 140 | 169 |
|  5.250% due 05/30/2032 |  | 9200 | 10793 |
|  5.375% due 03/22/2031 |  | 7450 | 8913 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  2.250% due 02/02/2033 | $| 14100 | 12097 |
|  4.750% due 01/16/2030 |  | 21700 | 22184 |
|  5.000% due 01/18/2053 |  | 14000 | 12674 |
|  5.125% due 01/13/2028 |  | 26600 | 27185 |
|  5.375% due 01/13/2031 |  | 6000 | 6310 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | GBP | 17778 | 20018 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(h) | $| 165 | 87 |
|  0.000% due 02/01/2034 þ(h) |  | 618 | 257 |
|  0.000% due 02/01/2035 þ(h) |  | 522 | 255 |
|  0.000% due 02/01/2036 þ(h) |  | 435 | 212 |
|  4.500% due 02/01/2029 þ |  | 2120 | 1452 |
|  4.500% due 02/01/2034 þ |  | 909 | 510 |
|  Total Sovereign Issues (Cost $651,807) | Total Sovereign Issues (Cost $651,807) | Total Sovereign Issues (Cost $651,807) | 662404 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  OI SA (e) |  | 835342 | 83 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(e) | 441790 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (e)(m) | 9896 | 594 |
|  Stichting Administratiekantoor «(e) | 11933 | 0 |
|  |  | 594 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(m) | 184946 | 4007 |
|  Foresea Holdings SA « | 97 | 2 |
|  Westmoreland Mining Holdings «(e)(m) | 47724 | 18 |
|  Westmoreland Mining LLC «(e)(m) | 48144 | 54 |
|  |  | 4081 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Petra Diamonds Ltd. (e) | 1042150 | 264 |
|  Total Common Stocks (Cost $9,499) | Total Common Stocks (Cost $9,499) | 5022 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(m) | 3 | 0 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) | 0 |
| CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% | 7750 | 9566 |
|  Total Convertible Preferred Securities<br>(Cost $5,523) | Total Convertible Preferred Securities<br>(Cost $5,523) | 9566 |
| PREFERRED SECURITIES 3.9% | PREFERRED SECURITIES 3.9% | PREFERRED SECURITIES 3.9% |
| BANKING & FINANCE 3.7% | BANKING & FINANCE 3.7% | BANKING & FINANCE 3.7% |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(j) | 14000000 | 13827 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(j)(k) | 7800000 | 8606 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(j) | 58483000 | 59147 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.625% due 09/20/2026 •(j) | 775000 | 770 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(j) | 8000000 | 7100 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.875% due 10/09/2027 •(j)(k) | 2000000 | 2435 |
|  8.250% due 03/13/2029 •(j)(k) | 3000000 | 3963 |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 •(j) | 35500000 | 35255 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(j) | 21000000 | 19752 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% (H15T5Y + 2.890%) due 12/31/2099 ~ | 13900000 | 14350 |
|  6.950% due 02/15/2030 •(j) | 23625000 | 24298 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(j) | 7900000 | 7689 |
|  6.250% due 10/01/2026 •(j) | 9300000 | 9346 |
|  6.450% due 10/01/2027 •(j) | 5000000 | 5045 |
|  7.125% due 01/01/2030 •(j) | 5000000 | 5194 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% due 12/29/2049 þ(j) | 12627500 | 17085 |
|  Encina Private Credit LLC « | 3793 | 0 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  6.200% due 06/15/2028 •(j) | 3000000 | 2991 |
|  7.000% due 09/15/2030 •(j) | 5000000 | 5253 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(j) | 9000000 | 8826 |
|  6.125% due 11/10/2034 •(j) | 12700000 | 12944 |
|  6.850% due 02/10/2030 •(j) | 19600000 | 20393 |
|  7.500% due 02/10/2029 •(j) | 9300000 | 9901 |
|  7.500% due 05/10/2029 •(j) | 9000000 | 9530 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(j) | 14000000 | 13844 |
|  4.625% due 06/01/2026 (j) | 327000 | 6628 |
|  6.500% due 04/01/2030 •(j) | 20000000 | 20728 |
|  6.730% (TSFR3M + 2.745%) due 01/01/2026 ~(j) | 32000000 | 32153 |
|  6.875% due 06/01/2029 •(j) | 14300000 | 15095 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 | 2000000 | 2240 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.875% due 09/15/2026 ~(j) | 3000000 | 3001 |
|  6.500% due 10/15/2027 (j) | 389400 | 9930 |
|  6.625% due 10/15/2029 (j) | 92000 | 2384 |
|  7.459% (TSFR3M + 3.422%) due 12/15/2025 ~(j) | 10280000 | 10349 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 8561 | 1494 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(j) | 5300000 | 5146 |
|  6.250% due 03/15/2030 •(j) | 2900000 | 2979 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(j) | 8500000 | 8858 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(j) | 5045000 | 5040 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 03/15/2026 •(j) | 4300000 | 4266 |
|  4.250% due 09/15/2026 (j) | 678800 | 12062 |
|  6.850% due 09/15/2029 •(j) | 12000000 | 12637 |
|  7.625% due 09/15/2028 •(j) | 5800000 | 6223 |
|  |  | 478757 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Land O' Lakes, Inc. | Land O' Lakes, Inc. | Land O' Lakes, Inc. |
|  7.000% due 09/18/2028 (j) | 4600000 | 3891 |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (g) | 400000 | 48 |
|  11.000% due 11/07/2032 | 11280 | 6148 |
|  |  | 10087 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Edison International | Edison International | Edison International |
|  5.000% due 12/15/2026 •(j) | 4500000 | 4283 |
|  Sempra | Sempra | Sempra |
|  4.875% due 10/15/2025 •(j) | 7300000 | 7304 |
|  |  | 11587 |
|  Total Preferred Securities (Cost $515,082) | Total Preferred Securities (Cost $515,082) | 500431 |
| REAL ESTATE INVESTMENT TRUSTS 0.1% | REAL ESTATE INVESTMENT TRUSTS 0.1% | REAL ESTATE INVESTMENT TRUSTS 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Welltower, Inc. | 74398 | 13253 |
|  Total Real Estate Investment Trusts<br>(Cost $4,200) | Total Real Estate Investment Trusts<br>(Cost $4,200) | 13253 |

---

94 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (l) |  | 2297939 | $— | 2298 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.152% due 11/12/2025 - 01/27/2026 (f)(g)(r) | $— | 819 |  | 814 |
| Total Short-Term Instruments<br>(Cost $3,112) | Total Short-Term Instruments<br>(Cost $3,112) | Total Short-Term Instruments<br>(Cost $3,112) |  | 3112 |
| Total Investments in Securities<br>(Cost $14,189,540) | Total Investments in Securities<br>(Cost $14,189,540) | Total Investments in Securities<br>(Cost $14,189,540) |  | 13853185 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 34971463 | $— | 340587 |
| Total Short-Term Instruments<br>(Cost $340,550) | Total Short-Term Instruments<br>(Cost $340,550) |  | 340587 |
| Total Investments in Affiliates<br>(Cost $340,550) | Total Investments in Affiliates<br>(Cost $340,550) |  | 340587 |
| Total Investments 109.7%<br>(Cost $14,530,090) | Total Investments 109.7%<br>(Cost $14,530,090) | $— | 14193772 |
|  Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $87,955) | Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $87,955) |  | (1579) |
| Other Assets and Liabilities, net (9.7)% | Other Assets and Liabilities, net (9.7)% |  | (1249287) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 12942906 |

---

#### 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 nvestments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) 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.

&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 |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | 5004 | 5164 | 0.04 |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | 3200 | 3241 | 0.03 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 3800 | 3879 | 0.03 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 3699 | 4007 | 0.03 |
|  Grifols SA 7.500% due 05/01/2030 | 06/25/2025 - 08/20/2025 | 9781 | 9923 | 0.08 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 3900 | 3951 | 0.03 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 3900 | 3984 | 0.03 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 3900 | 4016 | 0.03 |
|  MNSN Holdings, Inc. | 04/19/2022 - 04/26/2022 | 192 | 594 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11414 | 0.09 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  NFL Football Club Term Notes 5.250% due 10/05/2034 | 06/27/2025 | $12600 | $12742 | 0.10% |
|  NFL Football Club Term Notes 5.420% due 10/05/2037 | 06/27/2025 | 4600 | 4663 | 0.04 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 6800 | 6972 | 0.05 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 2300 | 2368 | 0.02 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 4200 | 4200 | 0.03 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 6000 | 6769 | 0.05 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 2647 | 2996 | 0.02 |
|  Westmoreland Mining Holdings | 12/08/2014 | 1393 | 18 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 319 | 54 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90955 | 0.70% |

---

#### 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 | 1.650% | 06/11/2025 | TBD<sup>(2)</sup> | (1713) | $(2021) |
|  | 1.650 | 06/24/2025 | TBD<sup>(2)</sup> | (1476) | (1741) |
|  | 1.650 | 09/17/2025 | TBD<sup>(2)</sup> | (1047) | (1229) |
|  | 4.050 | 09/19/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9809) | (9822) |
|  MEI | 2.500 | 09/19/2025 | 10/31/2025 | (4276) | (4280) |
|  NOM | 3.000 | 09/19/2025 | TBD<sup>(2)</sup> | (481) | (482) |
|  SOG | 4.000 | 09/26/2025 | TBD<sup>(2)</sup> | (510) | (510) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20085) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(14813) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14813) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  MEI | 0 | (4280) | 0 | (4280) | 4305 | 25 |
|  NOM | 0 | (482) | 0 | (482) | 491 | 9 |
|  SOG | 0 | (510) | 0 | (510) | 515 | 5 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20085) | $&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 | $(4280) | $(15805) | $(20085) |
|  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;(4280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15805) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20085) |
|  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  | $(20085) |

---

(n) Securities with an aggregate market value of $21,202 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(116787) at a weighted average interest rate of 4.173%. 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. 

---

| | | |
|:---|:---|:---|
| **96** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.500 | 06/12/2026 | 3167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.000 | 06/12/2026 | 3302 | 8255 | 1609 | 206 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $4088 | $642 |

---

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 676 | 676 | (154) | (145) |
|  Put - EUREX Euro-Bund October 2025 Futures | 127.500 | 10/24/2025 | 203 | 203 | (76) | (45) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 122 | 122 | (27) | (34) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 81 | 81 | (35) | (9) |
|  |  |  |  |  | $(460) | $(417) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 373 | $373 | $(70) | $(41) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 600 | 600 | (150) | (83) |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.500 | 06/12/2026 | 3167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | (866) | (79) |
|  |  |  |  |  | $(1086) | $(203) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 2619 | $634485 | $5786 | $164 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 2407 | 582614 | 5073 | 181 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 2647 | 641236 | 5531 | 199 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 4568 | 1106769 | 10234 | 285 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 1462 | 353987 | 3126 | 110 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 4284 | 1037424 | 8747 | 321 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 62 | 8576 | 3 | 12 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 108 | 16302 | 96 | 43 | (4) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 12091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519746 | 2244 | 1322 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1317 | 148163 | 899 | 0 | (20) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 6170 | 740786 | 20319 | 0 | (3471) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 1802 | 207371 | 2363 | 0 | (113) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608) |
| 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 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 109 | $(9591) | $(192) | $0 | $(43) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 10402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135850) | 1149 | 0 | (406) |
|  |  |  |  | $957 | $0 | $(449) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4057) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 97

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2030 | 1.537% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | $(2049) | $(614) | $(2663) | $12 | $0 |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.049 | 30600 | (4620) | (601) | (5221) | 15 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7884) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.170% | $6100 | $1207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1134) | $73 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2026 | 0.177 | 2100 | 430 | (355) | 75 | 0 | 0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.706 | 5000 | 621 | 38 | 659 | 0 | 0 |
|  Airbus Group | 1.000 | Quarterly | 06/20/2029 | 0.233 | 8000 | 171 | 92 | 263 | 1 | 0 |
|  Airbus SE | 1.000 | Quarterly | 12/20/2028 | 0.198 | 2800 | 21 | 63 | 84 | 1 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.181 | $3900 | 83 | (44) | 39 | 0 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.248 | 10500 | (63) | 235 | 172 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 | 550 | (366) | 184 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 15000 | (60) | 297 | 237 | 0 | (2) |
|  Atlantia SPA | 1.000 | Quarterly | 12/20/2025 | 0.299 | 5800 | (262) | 274 | 12 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.222 | $8800 | 65 | (47) | 18 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | 24400 | 316 | (112) | 204 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 6500 | 38 | (23) | 15 | 0 | 0 |
|  BP Capital Markets PLC | 1.000 | Quarterly | 12/20/2025 | 0.113 | 10800 | 256 | (228) | 28 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 0.759 | 1900 | (4) | 471 | 467 | 0 | (1) |
|  Citigroup, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.251 | $11200 | 72 | (50) | 22 | 0 | 0 |
|  Elis SA | 5.000 | Quarterly | 12/20/2029 | 0.695 | 1500 | 303 | 5 | 308 | 0 | 0 |
|  Expedia Group, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.119 | $2200 | 17 | 7 | 24 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 8500 | 58 | 1 | 59 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 0.962 | 14000 | 3192 | 347 | 3539 | 0 | (14) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | $2400 | 15 | (2) | 13 | 0 | 0 |
|  Hess Corp. | 1.000 | Quarterly | 06/20/2026 | 0.094 | 6900 | (53) | 100 | 47 | 0 | 0 |
|  Hess Corp. | 1.000 | Quarterly | 12/20/2026 | 0.106 | 4800 | (49) | 102 | 53 | 0 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2026 | 0.273 | 2900 | 598 | (429) | 169 | 0 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 1.563 | 12800 | 1764 | (64) | 1700 | 2 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 21300 | 59 | (17) | 42 | 0 | (1) |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 22400 | 142 | (14) | 128 | 0 | (1) |
|  National Rural Utilities Cooperative Finance Corp. | 1.000 | Quarterly | 12/20/2026 | 0.070 | 2200 | 60 | (35) | 25 | 0 | 0 |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.161 | 9800 | 223 | (162) | 61 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 17500 | 386 | (23) | 363 | 0 | (16) |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.262 | 3800 | 655 | (180) | 475 | 1 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 12/20/2027 | 0.190 | 5350 | 9 | 104 | 113 | 1 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.245 | 4100 | 5 | 93 | 98 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.217 | $2500 | 57 | (42) | 15 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 6200 | 149 | (94) | 55 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.335 | 400 | (7) | 13 | 6 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 8300 | (22) | 156 | 134 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 2000 | (5) | 40 | 35 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 8900 | 70 | 49 | 119 | 0 | (2) |
|  Électricité de France SA | 1.000 | Quarterly | 06/20/2030 | 0.665 | 15700 | 214 | 67 | 281 | 0 | (11) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11281 | $(867) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>(Pay) Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>(Pay) Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.HY-44 5-Year Index | (5.000)% | Quarterly | 06/20/2030 | $26400 | $(623) | $(1519) | $(2142) | $12 | $(9) |
|  CDX.HY-45 5-Year Index | (5.000) | Quarterly | 12/20/2030 | 46800 | (3563) | (110) | (3673) | 0 | (33) |
|  CDX.IT-RAXX MAIN43 | (1.000) | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119940 | 2698 | 491 | 3189 | 40 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1488) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2626) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

---

98 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.IG-43 5-Year Index | 1.000% | Quarterly | 12/20/2029 | $5360 | $104 | $20 | $124 | $1 | $0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 2741400 | 49777 | 13264 | 63041 | 210 | (23) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352100 | 30433 | 642 | 31075 | 232 | 0 |
|  CDX.iTraxx Europe 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 25820 | 657 | 2 | 659 | 7 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | Floating Rate Index | Fixed Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | Floating Rate Index | Fixed Rate | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 265500 | $(1635) | $101 | $(1534) | $365 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 11260 | 532 | (192) | 340 | 0 | (88) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | $505900 | 355 | (5421) | (5066) | 0 | (281) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 103011 | (41) | 161 | 120 | 0 | (52) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 336156 | (2042) | 2103 | 61 | 0 | (170) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 16800 | (33) | (240) | (273) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 46300 | 107 | (1471) | (1364) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 13800 | (48) | 72 | 24 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 15300 | (57) | 118 | 61 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 17500 | (66) | 190 | 124 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 10900 | (31) | (248) | (279) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 18400 | (54) | (347) | (401) | 0 | (2) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 448434 | (5124) | 2310 | (2814) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 8600 | (25) | 101 | 76 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 100 | 2 | 5 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 67400 | 2618 | 2678 | 5296 | 192 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 02/15/2055 | 4200 | 0 | 221 | 221 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 25600 | 0 | 649 | 649 | 76 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.848 | Annual | 02/15/2055 | 33200 | 0 | 594 | 594 | 98 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.915 | Annual | 02/15/2055 | 19400 | 0 | 113 | 113 | 58 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.943 | Annual | 02/15/2055 | 18000 | 0 | 18 | 18 | 54 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.945 | Annual | 02/15/2055 | 18800 | 0 | 11 | 11 | 56 | 0 |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | 741500 | 2 | (3674) | (3672) | 0 | (17) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 885800 | 0 | (787) | (787) | 0 | (161) |
| Pay | 1-Year BRL-CDI | 13.359 | Maturity | 01/02/2029 | 461900 | 0 | 166 | 166 | 51 | 0 |
| Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 649700 | 0 | 257 | 257 | 71 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444100 | 3590 | 1707 | 5297 | 416 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 114700 | (1324) | (395) | (1719) | 413 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 26700 | (201) | (717) | (918) | 4 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 69200 | (252) | (1565) | (1817) | 11 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 31400 | (118) | (715) | (833) | 5 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 168580 | 771 | (262) | 509 | 283 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 | 32440 | 3277 | 17953 | 21230 | 0 | (137) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 88340 | (922) | (702) | (1624) | 0 | (691) |
|  |  |  |  |  |  | $(719) | $12792 | $12073 | $2165 | $(1643) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1758) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1819) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6496) |

---

(p) Securities with an aggregate market value of $314,165 and cash of $18,590 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $29 and liability of $(10) is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond 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> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin liability of $(61) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 244999 | $285755 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1887) |
|  | 10/2025 | $94297 | 131186 | 0 | (29) |
|  | 11/2025 | 130979 | $94297 | 30 | 0 |
|  BOA | 10/2025 | 143 | 3 | 0 | 0 |
|  | 10/2025 | $198 | 29080 | 0 | (1) |
|  | 11/2025 | 3746 | $25 | 0 | 0 |
|  | 11/2025 | 30696 | 8492 | 0 | (337) |
|  | 11/2025 | 17108 | 979 | 0 | (8) |
|  | 12/2025 | $4088 | 76928 | 79 | 0 |
|  BPS | 10/2025 | 20000 | $3263 | 0 | (495) |
|  | 10/2025 | 41148 | 5777 | 2 | 0 |
|  | 10/2025 | 1309 | 228866 | 11 | 0 |
|  | 10/2025 | 38494 | $45540 | 346 | 0 |
|  | 10/2025 | 8478279 | 58105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | 0 |
|  | 10/2025 | 27715 | 656 | 0 | (4) |
|  | 10/2025 | $3730 | 20000 | 30 | (2) |
|  | 10/2025 | 29 | 4355 | 0 | 0 |
|  | 11/2025 | 366398 | 2103 | 0 | (12) |
|  | 11/2025 | 4340 | $29 | 0 | 0 |
|  | 11/2025 | $56 | 300 | 0 | 0 |
|  | 11/2025 | 8979 | 63799 | 0 | (3) |
|  | 12/2025 | 1132 | 20980 | 4 | 0 |
|  | 04/2026 | 6300 | $1103 | 0 | (30) |
|  | 05/2026 | $1831 | 558 | 3 | 0 |
|  | 06/2026 | 1295 | 395 | 5 | 0 |
|  | 07/2026 | 344 | 105 | 2 | 0 |
|  | 06/2027 | 800 | 243 | 0 | (1) |
|  | 05/2029 | 2919 | $10035 | 372 | 0 |
|  | 07/2029 | 610 | 2098 | 78 | 0 |
|  BRC | 10/2025 | 985 | 1229 | 0 | (9) |
|  | 10/2025 | 1246 | 30 | 0 | 0 |
|  | 10/2025 | $1047 | 836 | 3 | 0 |
|  | 10/2025 | 10304 | 7630 | 0 | (43) |
|  | 10/2025 | 1276 | 23865 | 25 | 0 |
|  | 10/2025 | 29353 | 1260698 | 603 | 0 |
|  | 11/2025 | 4660 | $3081 | 0 | (5) |
|  | 11/2025 | 832 | 1047 | 0 | (3) |
|  | 11/2025 | $14636 | 638552 | 236 | 0 |
|  | 11/2025 | 165685 | $9410 | 0 | (151) |
|  | 12/2025 | $57 | 2492 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BSH | 10/2025 | 11400 | $2143 | $2 | $0 |
|  | 10/2025 | 110 | 31 | 0 | (1) |
|  | 10/2025 | $2096 | 11400 | 46 | 0 |
|  | 11/2025 | 37888 | $10206 | 0 | (692) |
|  | 12/2025 | 40890 | 11483 | 0 | (271) |
|  | 12/2025 | $10586 | 58740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | 0 |
|  | 01/2026 | 58 | $16 | 0 | 0 |
|  | 04/2026 | 12200 | 2148 | 0 | (47) |
|  CBK | 10/2025 | 4660 | 3060 | 0 | (23) |
|  | 10/2025 | 151 | 108 | 0 | 0 |
|  | 10/2025 | 778 | 110 | 0 | 0 |
|  | 10/2025 | 71349 | 11143 | 0 | (79) |
|  | 10/2025 | 15711 | 21324 | 194 | 0 |
|  | 10/2025 | 41097 | 2373 | 0 | (7) |
|  | 11/2025 | 3201 | 597 | 0 | 0 |
|  | 11/2025 | 61379 | 16761 | 0 | (891) |
|  | 11/2025 | $108 | 151 | 0 | 0 |
|  | 12/2025 | 5523 | $1492 | 0 | (96) |
|  | 12/2025 | $16 | 58 | 0 | 0 |
|  | 02/2026 | 27779 | $7855 | 0 | (116) |
|  | 05/2026 | 38321 | 10806 | 0 | (159) |
|  | 08/2026 | 48358 | 13416 | 0 | (372) |
|  DUB | 10/2025 | 88172 | 12401 | 25 | 0 |
|  | 11/2025 | 400091 | 22857 | 0 | (231) |
|  FAR | 10/2025 | 8213 | 5327 | 0 | (107) |
|  | 10/2025 | 38443 | 5415 | 19 | 0 |
|  | 10/2025 | 43217 | 12191 | 0 | (253) |
|  | 10/2025 | $5362 | 8213 | 72 | 0 |
|  | 10/2025 | 188 | 150 | 0 | 0 |
|  | 10/2025 | 68428 | 10059664 | 0 | (404) |
|  | 11/2025 | 8213 | $5365 | 0 | (72) |
|  | 11/2025 | 149 | 188 | 0 | 0 |
|  | 12/2025 | 806590 | 42564 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125) |
|  | 12/2025 | $53 | 1008 | 1 | 0 |
|  GLM | 10/2025 | 73274 | $12929 | 0 | (839) |
|  | 10/2025 | 3030 | 426 | 1 | 0 |
|  | 10/2025 | 30647 | 36295 | 315 | 0 |
|  | 10/2025 | 314512 | 1837 | 30 | 0 |
|  | 10/2025 | 7832923 | $53638 | 672 | 0 |
|  | 10/2025 | $13685 | 73274 | 90 | (7) |
|  | 10/2025 | 1423 | 26642 | 29 | 0 |
|  | 04/2026 | 25300 | $4460 | 1 | (92) |
|  IND | 10/2025 | $12143 | 77652 | 70 | 0 |
|  | 11/2025 | 77473 | $12143 | 0 | (71) |
|  JPM | 10/2025 | 950 | 174 | 0 | (4) |
|  | 10/2025 | 130847 | 94684 | 660 | 0 |
|  | 10/2025 | $179 | 950 | 0 | 0 |
|  | 10/2025 | 8458 | 53848 | 12 | 0 |
|  | 10/2025 | 934 | 40243 | 17 | 0 |
|  | 11/2025 | 53724 | $8458 | 0 | (12) |
|  | 11/2025 | 354295 | 20213 | 0 | (232) |
|  | 12/2025 | $4934 | 92094 | 55 | 0 |
|  MBC | 10/2025 | 70 | $51 | 1 | 0 |
|  | 10/2025 | 273 | 292 | 0 | 0 |
|  | 10/2025 | 44869 | $6313 | 15 | 0 |
|  | 10/2025 | 139 | 130 | 0 | (1) |
|  | 10/2025 | 4233 | $5656 | 0 | (37) |
|  | 10/2025 | $4474 | 31867 | 0 | (1) |
|  | 10/2025 | 137 | 20161 | 0 | (1) |
|  | 11/2025 | 31792 | $4474 | 1 | 0 |
|  | 11/2025 | 292 | 272 | 0 | 0 |
|  | 11/2025 | 7787 | $9165 | 5 | 0 |
|  | 11/2025 | 3690 | 25 | 0 | 0 |
|  | 12/2025 | $14341 | 269090 | 234 | 0 |
|  MYI | 10/2025 | 45299 | $6366 | 8 | 0 |
|  | 10/2025 | $1310 | 194314 | 5 | (2) |
|  | 11/2025 | 82058 | $552 | 0 | (5) |
|  | 12/2025 | $568 | 10714 | 12 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  RBC | 12/2025 | $6196 | 115683 | $69 | $0 |
|  SCX | 10/2025 | 32944 | $4636 | 12 | 0 |
|  | 10/2025 | 60147 | 9363 | 0 | (97) |
|  | 10/2025 | $287319 | 214802 | 1568 | 0 |
|  | 10/2025 | 3899 | 573279 | 0 | (22) |
|  | 11/2025 | 214802 | $287370 | 0 | (1568) |
|  | 11/2025 | 18 | 0 | 0 | 0 |
|  SOG | 10/2025 | 54374 | 10223 | 7 | 0 |
|  | 10/2025 | 12968 | 76 | 1 | 0 |
|  | 10/2025 | $10188 | 54375 | 28 | 0 |
|  | 10/2025 | 369429 | 314141 | 0 | (612) |
|  | 10/2025 | 36901 | 5428784 | 8 | (199) |
|  | 11/2025 | 314140 | $370170 | 615 | 0 |
|  | 11/2025 | 178703 | 1205 | 0 | (8) |
|  | 12/2025 | 55148 | 10188 | 0 | (26) |
|  | 12/2025 | $57009 | 316652 | 1639 | 0 |
|  | 01/2026 | 1342 | 4805 | 38 | 0 |
|  SSB | 10/2025 | 206721 | $278643 | 624 | 0 |
|  | 12/2025 | 15370 | 4156 | 0 | (262) |
|  UAG | 10/2025 | 119 | 86 | 1 | 0 |
|  | 10/2025 | 706 | 756 | 0 | 0 |
|  | 10/2025 | 927 | 865 | 0 | (1) |
|  | 10/2025 | 39467 | 230 | 4 | 0 |
|  | 10/2025 | $2379 | 41095 | 1 | 0 |
|  | 10/2025 | 41115 | $2379 | 0 | (1) |
|  | 11/2025 | 756 | 705 | 0 | 0 |
|  | 11/2025 | 180224 | $10223 | 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;10103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12242) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 04/29/2026 | 499300 | $2352 | $601 |
| FAR Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.000 | 04/29/2026 | 583000 | 1603 | 267 |
|  Total Purchased Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 17200 | $(52) | $(6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 17200 | (47) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 23800 | (62) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 17200 | (47) | (105) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 23800 | (62) | (93) |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 1.500 | 04/29/2026 | 499300 | (749) | (88) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 18000 | (46) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 18000 | (46) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 13000 | (30) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 13000 | (30) | (29) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 24000 | (73) | (5) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 24000 | (70) | (80) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 24400 | (83) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 24400 | (83) | (7) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 16000 | (51) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 16000 | (51) | (29) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 17300 | (47) | (60) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 17300 | (47) | (29) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 10100 | (26) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 10100 | (26) | (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;(1728) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560) |

---

102 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> |  | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | NextEra Energy Capital Holdings, Inc. | 1.000% | Quarterly | 12/20/2025 | 0.124 | % | $6000 | $131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | $13 | $0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.632 |  | 3800 | 1 | 3 | 4 | 0 |
| CBK | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.389 |  | 800 | (32) | 36 | 4 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 4000 | 0 | 51 | 51 | 0 |
| GST | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.638 |  | 5800 | 811 | (380) | 431 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 |  | 2600 | (11) | 40 | 29 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 |  | 3500 | (30) | 34 | 4 | 0 |
| JPM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 3800 | (30) | 53 | 23 | 0 |
| MYC | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.541 |  | 12100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | 845 | 96 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 |  | 600 | (8) | 9 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 |  | 9700 | 27 | 58 | 85 | 0 |
|  | Post Holdings, Inc. « | 1.900 | Quarterly | 12/20/2025 |  | <sup>¨</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 0 | 39 | 39 | 0 |
|  |  |  |  |  |  |  |  | $110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1200 | $(36) | $40 | $4 | $0 |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 4200 | (124) | 138 | 14 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 2800 | (80) | 89 | 9 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 6600 | (8) | 41 | 33 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 1800 | (52) | 58 | 6 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  JPM | Pay | iBoxx USD Liquid Investment Grade Index | 542784 | 3.750% (SOFR less a specified spread) | Monthly | 09/23/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60390 | $0 | $(77) | $0 | $(77) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $30 | $0 | $0 | $30 | $(1916) | $0 | $0 | $(1916) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1886) | $1724 | $(162) |
|  BOA | 79 | 0 | 0 | 79 | (346) | (212) | 0 | (558) | (479) | 654 | 175 |
|  BPS | 1627 | 601 | 0 | 2228 | (547) | (88) | 0 | (635) | 1593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900) | (307) |
|  BRC | 867 | 0 | 17 | 884 | (211) | (38) | 0 | (249) | 635 | (680) | (45) |
|  BSH | 341 | 0 | 0 | 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1011) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1011) | (670) | 443 | (227) |
|  CBK | 194 | 0 | 4 | 198 | (1743) | (85) | 0 | (1828) | (1630) | 1364 | (266) |
|  DUB | 25 | 0 | 51 | 76 | (231) | (15) | 0 | (246) | (170) | 0 | (170) |
|  FAR | 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | 0 | 359 | (1961) | 0 | 0 | (1961) | (1602) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1602) |
|  GLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | (938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | 0 | (1057) | 81 | (510) | (429) |
|  GST | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | 468 | 0 | 0 | 0 | 0 | 468 | (650) | (182) |
|  IND | 70 | 0 | 0 | 70 | (71) | 0 | 0 | (71) | (1) | 0 | (1) |
|  JPM | 744 | 0 | 23 | 767 | (248) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | (325) | 442 | (377) | 65 |
|  MBC | 256 | 0 | 0 | 256 | (40) | 0 | 0 | (40) | 216 | 0 | 216 |
|  MYC | 0 | 0 | 235 | 235 | 0 | (3) | 0 | (3) | 232 | (60) | 172 |
|  MYI | 25 | 0 | 0 | 25 | (7) | 0 | 0 | (7) | 18 | 1 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  RBC | $69 | $0 | $0 | $69 | $0 | $0 | $0 | $0 | $69 | $0 | $69 |
|  SAL | 0 | 0 | 42 | 42 | 0 | 0 | 0 | 0 | 42 | 0 | 42 |
|  SCX | 1580 | 0 | 0 | 1580 | (1687) | 0 | 0 | (1687) | (107) | 0 | (107) |
|  SOG | 2336 | 0 | 0 | 2336 | (845) | 0 | 0 | (845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1370) | 121 |
|  SSB | 624 | 0 | 0 | 624 | (262) | 0 | 0 | (262) | 362 | (680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) |
|  UAG | 6 | 0 | 6 | 12 | (178) | 0 | 0 | (178) | (166) | 0 | (166) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(560) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12879) |  |  |  |

---

(r) Securities with an aggregate market value of $4,186 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $642 | $642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2637 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 535 | 0 | 0 | 2165 | 2700 |
|  | $0 | $535 | $0 | $0 | $5444 | $5979 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10103 | $0 | $10103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 868 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 846 | 0 | 0 | 0 | 846 |
|  | $0 | $846 | $0 | $10103 | $868 | $11817 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17796 |

---

104 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $620 | $620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4057 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 176 | 0 | 0 | 1643 | 1819 |
|  | $0 | $176 | $0 | $0 | $6320 | $6496 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $12242 | $0 | $12242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 77 | 0 | 0 | 77 |
|  | $0 | $0 | $77 | $12242 | $560 | $12879 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2949 | $2949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28983) | (28983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 20482 | 0 | 0 | 21020 | 41502 |
|  | $0 | $20482 | $0 | $0 | $(5014) | $15468 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(58676) | $0 | $(58676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (410) | (6164) | (6574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 411 | 0 | 127 | 7316 | 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1022 | (1759) | 0 | 905 | 168 |
|  | $0 | $1433 | $(1759) | $(58959) | $2057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57228) |
|  | $0 | $21915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58959) | $(2957) | $(41760) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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; Purchased Options  | $0 | $0 | $0 | $0 | $(3445) | $(3445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 935 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 27750 | 27750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14890 | 0 | 0 | (7355) | 7535 |
|  | $0 | $14890 | $0 | $0 | $17885 | $32775 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10442 | $0 | $10442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 396 | (3086) | (2690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (32) | 0 | (123) | 863 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (362) | (215) | 0 | (923) | (1500) |
|  | $0 | $(394) | $(215) | $10715 | $(3146) | $6960 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14496 | $(215) | $10715 | $14739 | $39735 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $3159 | $92791 | $95950 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 4088924 | 26034 | 4114958 |
| &nbsp;&nbsp; Industrials | 0 | 3606840 | 159009 | 3765849 |
| &nbsp;&nbsp; Utilities | 9187 | 1116814 | 0 | 1126001 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 327 | 0 | 327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | $0 | $8396 | $0 | $8396 |
| &nbsp;&nbsp; Florida | 0 | 5215 | 0 | 5215 |
| &nbsp;&nbsp; Texas | 0 | 18034 | 0 | 18034 |
|  U.S. Government Agencies | 0 | 1262977 | 2092 | 1265069 |
|  U.S. Treasury Obligations | 0 | 1499202 | 0 | 1499202 |
|  Non-Agency Mortgage-Backed Securities | 0 | 212155 | 36548 | 248703 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **105** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | $0 | $21088 | $0 | $21088 |
| &nbsp;&nbsp; Home Equity Other | 0 | 169540 | 0 | 169540 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2140 | 0 | 2140 |
| &nbsp;&nbsp; Other ABS | 0 | 318882 | 38 | 318920 |
|  Sovereign Issues | 0 | 662404 | 0 | 662404 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 83 | 0 | 0 | 83 |
| &nbsp;&nbsp; Financials | 594 | 0 | 0 | 594 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 4081 | 4081 |
| &nbsp;&nbsp; Materials | 264 | 0 | 0 | 264 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 9566 | 0 | 0 | 9566 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 31004 | 447753 | 0 | 478757 |
| &nbsp;&nbsp; Industrials | 0 | 10087 | 0 | 10087 |
| &nbsp;&nbsp; Utilities | 0 | 11587 | 0 | 11587 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 13253 | 0 | 0 | 13253 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 2298 | 0 | 2298 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 814 | 0 | 814 |
|  | $63951 | $13468641 | $320593 | $13853185 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $340587 | $0 | $0 | $340587 |
|  Total Investments | $404538 | $13468641 | $320593 | $14193772 |
|  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 | 55 | 5924 | 0 | 5979 |
|  Over the counter | 0 | 11727 | 90 | 11817 |
|  | $55 | $17651 | $90 | $17796 |
|  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 | (135) | (6300) | 0 | (6435) |
|  Over the counter | 0 | (12879) | 0 | (12879) |
|  | $(135) | $(19179) | $0 | $(19314) |
|  Total Financial Derivative Instruments | $(80) | $(1528) | $90 | $(1518) |
|  Totals | $404458 | $13467113 | $320683 | $14192254 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $66400 | $27000 | $(3070) | $15 | $2 | $2444 | $0 | $0 | $92791 | $2334 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 25667 | 18700 | (18700) | (1) | 0 | 368 | 0 | 0 | 26034 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6203 | 153400 | (244) | 0 | 0 | 598 | 0 | (948) | 159009 | 597 |
|  U.S. Government Agencies | 2099 | 0 | (30) | 5 | 10 | 8 | 0 | 0 | 2092 | 8 |
|  Non-Agency Mortgage-Backed Securities | 37238 | 0 | (1381) | 32 | 68 | 591 | 0 | 0 | 36548 | 596 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 0 | 37 | 0 | 0 | 0 | 1 | 0 | 0 | 38 | 1 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 57 | 0 | 0 | 0 | 0 | 537 | 0 | (594) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4869 | 0 | 0 | 0 | 0 | (788) | 0 | 0 | 4081 | (788) |
|  | $142533 | $199137 | $(23425) | $51 | $80 | $3759 | $0 | $(1542) | $320593 | $3274 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |  |  |  |  |
|  Over the counter | $161 | $4 | $(9) | $0 | $0 | $(66) | $0 | $0 | $90 | $(66) |
|  Totals | $142694 | $199141 | $(23434) | $51 | $80 | $3693 | $0 | $(1542) | $320683 | $3208 |

---

106 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $67245 | Discounted Cash Flow | Discount Rate | 3.832 - 7.561 | 5.207 |
|  | 24961 | Indicative Market Quotation | Broker Quote | 95.558 - 101.750 | 97.248 |
|  | 585 | Third Party Vendor | Broker Quote | 40.500 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 25840 | Discounted Cash Flow | Discount Rate | 4.320 - 6.777 | 5.525 |
|  | 186 | Third Party Vendor | Expected Recovery | 6.000 |  |
|  | 8 | Indicative Market Quotation | Broker Quote | 10.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 14504 | Discounted Cash Flow | Discount Rate | 4.900 - 5.350 | 5.091 |
|  | 17405 | Proxy Pricing | Base Price | 100.000 |  |
|  | 127100 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 2092 | Discounted Cash Flow | Discount Rate | 11.331 |  |
|  Non-Agency Mortgage-Backed Securities | 36548 | Discounted Cash Flow | Discount Rate | 5.307 - 7.109 | 5.743 |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 38 | Discounted Cash Flow | Discount Rate | 24.400 |  |
|  Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4081 | Indicative Market Quotation | Broker Quote | $0.375 - 21.667 | 21.301 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |
|  Over the counter | 90 | Indicative Market Quotation | Broker Quote | 0.346 - 0.939 | 0.681 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320683 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **107** |

---

------

---

| | |
|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund |

---

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 156.0% | INVESTMENTS IN SECURITIES 156.0% | INVESTMENTS IN SECURITIES 156.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  Citadel Securities LP | Citadel Securities LP | Citadel Securities LP |
|  6.163% (TSFR1M + 2.000%) due 10/31/2031 ~ | 1867 | 1872 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 430 | 430 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 1941 | 1975 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.199% (TSFR3M + 2.000%) due 12/15/2031 ~ | 2078 | 2066 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(i) | 700 | 700 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.413% (TSFR1M + 2.250%) due 03/19/2029 ~ | 1056 | 1058 |
|  6.413% (TSFR1M + 2.250%) due 02/10/2032 ~ | 1393 | 1394 |
|  Telecom Serbia | Telecom Serbia | Telecom Serbia |
|  3.399% (EUR003M + 1.350%) due 06/11/2029 «~ | 5000 | 5856 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 594 | 594 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.163% (TSFR1M + 2.000%) due 04/30/2031 ~ | 1692 | 1676 |
|  Total Loan Participations and Assignments (Cost $17,086) | Total Loan Participations and Assignments (Cost $17,086) | 17621 |
| CORPORATE BONDS & NOTES 47.2% | CORPORATE BONDS & NOTES 47.2% | CORPORATE BONDS & NOTES 47.2% |
| BANKING & FINANCE 18.7% | BANKING & FINANCE 18.7% | BANKING & FINANCE 18.7% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.375% due 05/08/2029 | 1700 | 1770 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 2000 | 2022 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.300% due 01/30/2032 | 1000 | 921 |
|  3.850% due 10/29/2041 | 367 | 302 |
|  3.875% due 01/23/2028 | 1000 | 992 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 2010 | 1939 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.737% due 05/15/2029 •  | 700 | 717 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.433% due 05/20/2032 •  | 1600 | 1894 |
|  5.016% due 04/25/2031 •  | 800 | 823 |
|  5.667% due 04/25/2036 •  | 500 | 529 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 7400 | 6203 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.625% due 04/15/2032 | 1800 | 1686 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 1740 | 1540 |
|  2.100% due 06/15/2030 | 1550 | 1398 |
|  2.900% due 01/15/2030 | 300 | 283 |
|  2.950% due 01/15/2051 | 2800 | 1816 |
|  5.550% due 07/15/2033 | 3500 | 3666 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 4900 | 3650 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  2.150% due 07/15/2026 | 1500 | 1474 |
|  ARES Finance Co. IV LLC | ARES Finance Co. IV LLC | ARES Finance Co. IV LLC |
|  3.650% due 02/01/2052 | 3100 | 2223 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 1100 | 1089 |
|  5.800% due 09/09/2030 | 1600 | 1627 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  5.550% due 02/15/2055 | 2100 | 2055 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.516% due 03/25/2027 | 1200 | 1222 |
|  5.583% due 01/09/2029 | 3500 | 3619 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.375% due 07/15/2030 | 3500 | 3746 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 10/15/2032 | 2000 | 1977 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 •(g) | 1000 | 1047 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.819% due 09/15/2029 •  | 3300 | 3452 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  | 2300 | 2073 |
|  6.224% due 05/09/2034 •  | 2900 | 3121 |
|  6.692% due 09/13/2034 •  | 600 | 664 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.000% due 01/30/2032 | 2300 | 1977 |
|  2.850% due 08/05/2051 | 2800 | 1775 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.850% due 09/30/2028 | 230 | 218 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  5.375% due 09/15/2032 | 2000 | 2017 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  2.875% due 06/11/2028 | 3800 | 3597 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 4408 | 4016 |
|  4.375% due 02/15/2032 | 200 | 191 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.283% due 11/19/2030 •  | 1000 | 1028 |
|  BPCE SA | BPCE SA | BPCE SA |
|  7.003% due 10/19/2034 •  | 13450 | 15010 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 300 | 298 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  5.795% due 04/24/2035 | 700 | 734 |
|  Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |
|  2.340% due 01/30/2032 | 5190 | 4536 |
|  Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. |
|  3.450% due 04/15/2050 | 50 | 35 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 6100 | 4316 |
|  3.625% due 02/15/2052 | 800 | 579 |
|  4.700% due 09/20/2047 | 5500 | 4825 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  5.550% due 06/23/2035 | 800 | 824 |
|  5.650% due 06/11/2034 | 1650 | 1713 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 900 | 957 |
|  6.840% due 09/13/2034 •  | 3900 | 4348 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  12.609% (T-BILL 1MO + 8.702%)<br>due 04/05/2027 ~ | 2700 | 2821 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  5.197% due 09/11/2036 •  | 2200 | 2177 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 | 6000 | 5964 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 2600 | 2775 |
|  CFE Fibra E | CFE Fibra E | CFE Fibra E |
|  5.875% due 09/23/2040 | 1100 | 1113 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.536% due 05/10/2031 •  | 250 | 265 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 150 | 160 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  5.718% due 07/23/2032 •  | 3000 | 3133 |
|  Community Preservation Corp. | Community Preservation Corp. | Community Preservation Corp. |
|  2.867% due 02/01/2030 | 1980 | 1842 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 (b) | 400 | 398 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 1500 | 1374 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 2000 | 611 |
|  CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
|  3.875% due 06/30/2028 | 100 | 97 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(f) | 1200 | 1248 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.375% due 06/12/2028 | 7100 | 7130 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 5000 | 4457 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 2100 | 2136 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 (b) | 1300 | 1297 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 900 | 867 |
|  4.500% due 06/01/2027 | 600 | 601 |
|  4.950% due 04/15/2028 | 600 | 605 |
|  EQT AB | EQT AB | EQT AB |
|  5.850% due 05/08/2035 | 2200 | 2275 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.400% due 02/15/2052 | 1900 | 1333 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.000% due 04/20/2048 | 3393 | 3126 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.375% due 04/01/2035 | 600 | 620 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 400 | 347 |
|  5.500% due 07/01/2030 | 2000 | 2086 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 1000 | 1040 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.100% due 03/15/2055 | 2300 | 2361 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 3300 | 2785 |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.924% (T-BILL 1MO + 4.020%) due 01/08/2027 ~ | 2700 | 2776 |
|  FMR LLC | FMR LLC | FMR LLC |
|  5.150% due 02/01/2043 | 11300 | 10865 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  6.800% due 05/12/2028 | 5900 | 6129 |
|  6.950% due 06/10/2026 | 1700 | 1722 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 2300 | 2438 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 1800 | 1669 |
|  3.250% due 07/15/2027 | 2200 | 2127 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 1400 | 1308 |
|  2.250% due 01/06/2027 | 1600 | 1561 |
|  2.900% due 01/06/2032 | 1600 | 1418 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 1500 | 1355 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.750% due 11/01/2037 | 2800 | 2783 |
|  6.250% due 09/15/2054 | 721 | 727 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 6000 | 5445 |
|  5.218% due 04/23/2031 •  | 2300 | 2379 |
|  5.330% due 07/23/2035 •  | 2700 | 2780 |
|  5.536% due 01/28/2036 •  | 2000 | 2089 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  7.050% due 12/05/2028 | 2800 | 2961 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 7400 | 6906 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  5.500% due 09/01/2035 | 1500 | 1519 |
|  Hardwood Flooring LLC | Hardwood Flooring LLC | Hardwood Flooring LLC |
|  5.330% due 06/07/2035 «(i) | 900 | 933 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.450% due 11/15/2030 | 900 | 900 |
|  5.850% due 06/05/2030 | 2100 | 2138 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  7.390% due 11/03/2028 •  | 1596 | 1695 |
|  Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
|  3.570% due 01/21/2032 | 2200 | 2090 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  6.114% due 09/11/2034 •  | 7619 | 8244 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.000% due 09/15/2060 | 4000 | 2480 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 1900 | 2166 |
|  8.248% due 11/21/2033 •  | 2289 | 2702 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  5.450% due 08/15/2030 | 3100 | 3227 |
|  Israel Discount Bank Ltd. | Israel Discount Bank Ltd. | Israel Discount Bank Ltd. |
|  5.375% due 01/26/2028 | 2900 | 2925 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  3.750% due 05/28/2051 | 2750 | 1910 |
|  4.500% due 04/08/2052 | 300 | 237 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.600% due 10/01/2029 | 1400 | 1413 |
|  5.550% due 07/02/2027 | 1300 | 1329 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 | 2150 | 2309 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.140% due 01/24/2031 •  | 2000 | 2066 |
|  5.572% due 04/22/2036 •  | 4300 | 4535 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.650% due 11/15/2033 | 200 | 164 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 490 | 502 |
|  KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC | KKR Group Finance Co. X LLC |
|  3.250% due 12/15/2051 | 2500 | 1686 |
|  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 | 300 | 306 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 | 1800 | 1796 |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  1.000% due 09/27/2027 ^(c) | 1200 | 1 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  4.625% due 08/18/2030 | 300 | 302 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.985% due 08/07/2027 •  | 1700 | 1725 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | 900 | 1005 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.150% due 06/15/2030 | 1000 | 1018 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 800 | 812 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.750% due 03/15/2039 | 712 | 687 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  | 1200 | 1250 |
|  Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
|  4.200% due 09/16/2030 | 2500 | 2485 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(i) | 3700 | 2673 |
|  4.654% due 10/18/2030 •  | 3000 | 3034 |
|  5.042% due 07/19/2030 •  | 2300 | 2358 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 800 | 799 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 460 | 416 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.900% due 06/26/2029 | 4000 | 4114 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.750% due 11/15/2031 | 5700 | 5779 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 6100 | 6240 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | 4000 | 3094 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 6300 | 6402 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 1467 | 1575 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 450 | 443 |
|  2.450% due 09/15/2028 | 170 | 156 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  4.904% due 07/01/2030 | 200 | 203 |
|  5.783% due 07/03/2034 | 1700 | 1802 |
|  7.000% due 07/15/2030 •(f)(g) | 2300 | 2384 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.359% due 09/09/2035 | 900 | 915 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 1990 | 1946 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 296 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  5.950% due 09/15/2055 | 4300 | 4448 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ | 1700 | 1770 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 2400 | 2509 |
|  Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  3.500% due 01/20/2034 «(b) | 1700 | 1989 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 298 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.000% due 09/15/2033 | 2100 | 2247 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  6.000% due 11/21/2028 | 3500 | 3682 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 200 | 183 |
|  6.534% due 01/10/2029 •  | 900 | 942 |
|  6.833% due 11/21/2026 •  | 6000 | 6018 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  4.831% due 10/15/2029 | 4300 | 4332 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  5.125% due 10/01/2035 | 1500 | 1518 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 1000 | 1017 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  4.500% due 09/03/2030 | 1500 | 1504 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 07/01/2030 | 1000 | 1035 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 | 800 | 802 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  2.875% due 10/28/2031 | 430 | 381 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 250 | 260 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 250 | 255 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 | 600 | 589 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.424% due 02/12/2036 •  | 600 | 621 |
|  UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 | 3200 | 3446 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.305% due 02/02/2027 •  | 2700 | 2673 |
|  1.494% due 08/10/2027 •  | 5600 | 5469 |
|  3.091% due 05/14/2032 •  | 7500 | 6942 |
|  4.703% due 08/05/2027 •  | 2200 | 2208 |
|  4.751% due 05/12/2028 •  | 800 | 807 |
|  4.988% due 08/05/2033 •  | 1700 | 1719 |
|  5.428% due 02/08/2030 •  | 1700 | 1757 |
|  6.327% due 12/22/2027 •  | 1200 | 1230 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  3.127% due 06/03/2032 •  | $| 5700 | 5259 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.480% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 2500 | 2578 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  6.125% due 04/01/2054 |  | 710 | 721 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 |  | 2900 | 2833 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ |  | 250 | 250 |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.068% due 04/30/2041 •  |  | 400 | 311 |
|  5.150% due 04/23/2031 •  |  | 4000 | 4126 |
|  5.244% due 01/24/2031 •  |  | 2000 | 2070 |
|  5.605% due 04/23/2036 •  |  | 5800 | 6089 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  5.125% due 03/15/2043 |  | 10600 | 10115 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | EUR | 250 | 297 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~ | $| 2800 | 3024 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.650% due 07/15/2030 |  | 700 | 704 |
|  |  |  | 435731 |
| INDUSTRIALS 17.7% | INDUSTRIALS 17.7% | INDUSTRIALS 17.7% | INDUSTRIALS 17.7% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  5.500% due 03/15/2064 |  | 692 | 692 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  3.650% due 04/01/2050 |  | 50 | 38 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 |  | 513 | 487 |
|  3.750% due 06/15/2029 |  | 226 | 222 |
|  5.250% due 10/01/2030 |  | 614 | 628 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  3.100% due 07/15/2031 |  | 1600 | 1464 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 |  | 1399 | 1402 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 |  | 84 | 76 |
|  3.000% due 04/15/2030 |  | 2991 | 2880 |
|  3.250% due 04/15/2030 |  | 2033 | 1929 |
|  3.650% due 08/15/2030 |  | 118 | 115 |
|  3.700% due 04/01/2028 |  | 1152 | 1145 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.400% due 02/22/2062 |  | 1994 | 1598 |
|  4.663% due 06/15/2051 |  | 3779 | 3303 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  5.625% due 09/09/2035 |  | 700 | 714 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.308% due 10/20/2031 |  | 1500 | 1494 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 |  | 1200 | 1191 |
|  5.950% due 10/15/2033 |  | 2400 | 2538 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 |  | 500 | 474 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 |  | 400 | 412 |
|  Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV |
|  5.900% due 06/15/2043 |  | 5073 | 5047 |
|  Baptist Health South Florida Obligated Group | Baptist Health South Florida Obligated Group | Baptist Health South Florida Obligated Group | Baptist Health South Florida Obligated Group |
|  3.115% due 11/15/2071 |  | 3300 | 1954 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 400 | 399 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 33880 | 33880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **109** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 715 | 709 |
|  5.500% due 04/15/2028 | 2200 | 2263 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  3.080% due 07/01/2051 | 1490 | 981 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  5.625% due 08/15/2030 | 600 | 608 |
|  6.000% due 08/15/2033 | 400 | 410 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 1000 | 993 |
|  3.250% due 02/01/2035 | 903 | 784 |
|  6.298% due 05/01/2029 | 1000 | 1062 |
|  6.528% due 05/01/2034 | 2400 | 2655 |
|  6.858% due 05/01/2054 | 1200 | 1370 |
|  7.008% due 05/01/2064 | 674 | 781 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 1080 | 1060 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  7.375% due 01/15/2040 | 12750 | 15574 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 147 | 139 |
|  3.350% due 12/15/2030 | 42 | 40 |
|  4.250% due 05/15/2034 | 261 | 255 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 1300 | 1142 |
|  3.187% due 11/15/2036 | 1899 | 1621 |
|  3.419% due 04/15/2033 | 2800 | 2592 |
|  3.469% due 04/15/2034 | 5150 | 4702 |
|  3.500% due 02/15/2041 | 300 | 247 |
|  4.150% due 04/15/2032 | 2000 | 1962 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 2000 | 1943 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.701% due 01/15/2039 | 1400 | 1202 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.400% due 12/15/2034 | 400 | 408 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 3200 | 3141 |
|  3.276% due 12/01/2028 | 500 | 483 |
|  3.569% due 12/01/2031 | 2900 | 2711 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  3.625% due 05/22/2032 | 700 | 832 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  2.300% due 09/14/2031 | 1600 | 1407 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  2.300% due 02/01/2032 | 860 | 736 |
|  3.500% due 06/01/2041 | 4000 | 2920 |
|  3.900% due 06/01/2052 | 1770 | 1200 |
|  5.375% due 04/01/2038 | 600 | 566 |
|  5.375% due 05/01/2047 | 2200 | 1903 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 1000 | 1014 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 | 2000 | 2026 |
|  City of Hope | City of Hope | City of Hope |
|  4.378% due 08/15/2048 | 1010 | 834 |
|  Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC |
|  6.850% due 06/15/2037 | 1300 | 1431 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 | 1100 | 1121 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 05/01/2030 | 1100 | 1116 |
|  Continental Wind LLC | Continental Wind LLC | Continental Wind LLC |
|  6.000% due 02/28/2033 | 973 | 998 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  6.330% due 01/13/2035 | 3000 | 3206 |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA |
|  4.625% due 06/10/2031 | 4800 | 3905 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 2700 | 2616 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  5.000% due 04/01/2030 | 800 | 820 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.750% due 09/15/2054 | 1143 | 1061 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 1500 | 1541 |
|  5.900% due 04/18/2064 | 723 | 697 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  5.850% due 11/01/2064 | 4500 | 4482 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 1500 | 1592 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.700% due 03/08/2033 | 2150 | 2263 |
|  5.950% due 04/05/2054 | 488 | 502 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.300% due 04/15/2047 | 7400 | 6689 |
|  6.050% due 06/01/2041 | 3200 | 3262 |
|  6.250% due 04/15/2049 | 100 | 101 |
|  6.625% due 10/15/2036 | 5200 | 5679 |
|  7.500% due 07/01/2038 | 4135 | 4816 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.750% due 05/19/2035 | 1000 | 1042 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  1.600% due 12/15/2030 | 600 | 527 |
|  2.900% due 03/15/2051 | 2100 | 1355 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.450% due 02/15/2043 | 1000 | 884 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 800 | 823 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 900 | 907 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.600% due 06/01/2029 | 3300 | 3220 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.550% due 02/15/2031 | 600 | 602 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 5000 | 4603 |
|  4.317% due 12/30/2039 | 1750 | 1457 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 1600 | 1704 |
|  6.510% due 02/23/2042 | 600 | 651 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.625% due 03/15/2032 | 4000 | 3754 |
|  4.625% due 03/15/2052 | 1000 | 826 |
|  5.125% due 06/15/2039 | 2900 | 2796 |
|  5.250% due 06/15/2049 | 600 | 550 |
|  5.500% due 06/15/2047 | 450 | 430 |
|  6.000% due 04/01/2054 | 698 | 700 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 | 300 | 430 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.400% due 06/24/2031 | 2800 | 2885 |
|  IGT Lottery Holdings BV | IGT Lottery Holdings BV | IGT Lottery Holdings BV |
|  4.250% due 03/15/2030 | 2800 | 3345 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 | 2300 | 2933 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 550 | 546 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.500% due 10/15/2031 •  | 2000 | 2355 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 | 300 | 260 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 141 | 133 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
|  6.500% due 09/01/2039 | 400 | 434 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.200% due 03/15/2032 | 2400 | 2460 |
|  6.500% due 02/09/2040 | 310 | 336 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 800 | 794 |
|  3.900% due 08/08/2029 | 1600 | 1549 |
|  6.200% due 08/15/2034 | 719 | 753 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.500% due 04/15/2037 | 1700 | 1738 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 1200 | 1223 |
|  5.200% due 03/01/2035 | 2000 | 2045 |
|  5.650% due 05/01/2045 | 500 | 508 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.450% due 04/15/2028 | 200 | 192 |
|  2.950% due 04/15/2031 | 30 | 28 |
|  4.750% due 07/15/2030 | 200 | 203 |
|  5.450% due 07/15/2035 | 500 | 516 |
|  Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
|  4.200% due 10/15/2045 | 800 | 936 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  5.400% due 08/15/2054 | 2400 | 2373 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  5.875% due 05/15/2026 | 1100 | 1102 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  5.050% due 02/15/2030 | 1100 | 1125 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  3.366% due 11/01/2041 | 300 | 232 |
|  Miller Homes Group Finco PLC | Miller Homes Group Finco PLC | Miller Homes Group Finco PLC |
|  6.286% due 10/15/2030 •  | 1000 | 1196 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 | 7600 | 5728 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.500% due 04/15/2038 | 805 | 729 |
|  4.700% due 04/15/2048 | 1500 | 1257 |
|  4.900% due 04/15/2058 | 75 | 62 |
|  4.950% due 03/14/2052 | 1400 | 1195 |
|  5.000% due 03/01/2033 | 988 | 989 |
|  5.400% due 04/01/2035 | 600 | 605 |
|  5.500% due 02/15/2049 | 1060 | 988 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  5.250% due 09/01/2035 | 1100 | 1110 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(i) | 2700 | 2721 |
|  5.250% due 10/05/2034 «(i) | 1000 | 1025 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 2700 | 2465 |
|  Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. |
|  4.200% due 05/13/2050 | 20 | 17 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(i) | 1300 | 1315 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  4.300% due 01/15/2049 | 6100 | 5016 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 3600 | 3812 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  4.260% due 11/01/2047 | 1800 | 1481 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.200% due 03/15/2040 | 1000 | 1017 |
|  6.625% due 09/01/2030 | 1000 | 1072 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.600% due 04/01/2040 | 100 | 80 |
|  3.600% due 04/01/2050 | 1120 | 789 |
|  3.650% due 03/25/2041 | 1900 | 1523 |
|  3.800% due 11/15/2037 | 2800 | 2422 |
|  3.850% due 04/01/2060 | 8005 | 5509 |
|  4.100% due 03/25/2061 | 3800 | 2739 |
|  4.500% due 07/08/2044 | 900 | 770 |
|  5.375% due 09/27/2054 | 700 | 643 |
|  5.500% due 09/27/2064 | 1300 | 1191 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  3.218% due 11/15/2050 | 1260 | 819 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  10.000% due 02/07/2033 | 4271 | 4959 |
|  Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV | Pfizer Netherlands International Finance BV |
|  2.875% due 05/19/2029 | 600 | 709 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.250% due 06/06/2032 | 600 | 701 |
|  3.875% due 08/21/2042 | 880 | 732 |
|  Piedmont Healthcare, Inc. | Piedmont Healthcare, Inc. | Piedmont Healthcare, Inc. |
|  2.719% due 01/01/2042 | 500 | 357 |
|  2.864% due 01/01/2052 | 500 | 319 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 4900 | 4777 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  5.950% due 09/25/2055 | 1900 | 1909 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.300% due 03/08/2027 | 2100 | 2041 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.250% due 08/08/2031 | $— | 1300 | $— | 1199 |
|  3.800% due 01/08/2026 |  | 600 |  | 599 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.875% due 07/17/2064 |  | 2800 |  | 2763 |
|  6.375% due 06/02/2055 |  | 1000 |  | 1067 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  1.573% due 10/15/2026 |  | 1921 |  | 1862 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  3.000% due 06/01/2031 |  | 600 |  | 543 |
|  Snam SpA | Snam SpA | Snam SpA | Snam SpA | Snam SpA |
|  5.750% due 05/28/2035 |  | 2000 |  | 2075 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 |  | 1300 |  | 1293 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 |  | 300 |  | 274 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.150% due 04/01/2035 |  | 1500 |  | 1526 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  5.400% due 03/23/2035 |  | 1100 |  | 1138 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 |  | 1500 |  | 1345 |
|  3.300% due 02/15/2051 |  | 1900 |  | 1296 |
|  3.400% due 10/15/2052 |  | 3500 |  | 2400 |
|  3.600% due 11/15/2060 |  | 5401 |  | 3673 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  6.125% due 03/15/2033 |  | 2100 |  | 2234 |
|  6.250% due 07/01/2052 |  | 702 |  | 717 |
|  6.500% due 02/15/2053 |  | 3400 |  | 3582 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  1.750% due 08/09/2026 |  | 4200 |  | 4107 |
|  2.375% due 08/09/2028 |  | 3400 |  | 3228 |
|  2.650% due 08/09/2031 |  | 2340 |  | 2101 |
|  Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. | Tencent Holdings Ltd. |
|  3.940% due 04/22/2061 |  | 1200 |  | 957 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 |  | 3660 |  | 3429 |
|  7.625% due 04/01/2037 |  | 4720 |  | 5567 |
|  8.375% due 06/15/2032 |  | 3600 |  | 4254 |
|  Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV |
|  4.125% due 06/01/2031 |  | 2000 |  | 2381 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  5.875% due 11/15/2040 | $— | 500 |  | 478 |
|  6.750% due 06/15/2039 |  | 1300 |  | 1361 |
|  7.300% due 07/01/2038 |  | 1225 |  | 1339 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 |  | 3211 |  | 2825 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  4.600% due 03/15/2048 |  | 1168 |  | 1014 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 (b) |  | 225 |  | 227 |
|  Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
|  5.400% due 03/15/2029 |  | 1700 |  | 1759 |
|  5.700% due 03/15/2034 |  | 1513 |  | 1595 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.800% due 09/15/2034 |  | 1400 |  | 1404 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 |  | 454 |  | 417 |
|  2.875% due 04/07/2030 |  | 437 |  | 416 |
|  3.100% due 04/07/2030 |  | 374 |  | 355 |
|  3.450% due 01/07/2030 |  | 231 |  | 222 |
|  4.550% due 02/25/2033 |  | 1653 |  | 1591 |
|  5.875% due 04/15/2029 |  | 1926 |  | 1982 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  5.050% due 04/15/2053 |  | 4600 |  | 4218 |
|  5.200% due 04/15/2063 |  | 5000 |  | 4582 |
|  5.750% due 07/15/2064 |  | 287 |  | 286 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 |  | 3900 |  | 4013 |
|  Valley Children's Hospital | Valley Children's Hospital | Valley Children's Hospital | Valley Children's Hospital | Valley Children's Hospital |
|  4.399% due 03/15/2048 |  | 2000 |  | 1685 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  6.500% due 05/22/2035 |  | 1800 |  | 1918 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 |  | 100 |  | 105 |
|  6.750% due 01/15/2036 |  | 500 |  | 531 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.800% due 08/15/2028 | 600 | 563 |
|  2.200% due 08/15/2031 | 350 | 309 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 2400 | 2421 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 1300 | 1338 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  4.800% due 11/15/2029 | 2200 | 2241 |
|  5.150% due 03/15/2034 | 2400 | 2438 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 3250 | 3227 |
|  5.400% due 05/19/2030 | 3200 | 3287 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.625% due 08/26/2028 | 3300 | 3299 |
|  |  | 411366 |
| UTILITIES 10.8% | UTILITIES 10.8% | UTILITIES 10.8% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  5.400% due 06/01/2033 | 3300 | 3396 |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 900 | 922 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  4.300% due 01/02/2046 | 700 | 601 |
|  4.300% due 07/15/2048 | 2000 | 1708 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  1.400% due 03/15/2026 | 1000 | 986 |
|  3.600% due 03/01/2032 | 1700 | 1574 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  5.000% due 09/01/2044 | 200 | 187 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  2.650% due 09/15/2050 | 20 | 12 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.500% due 09/15/2053 | 1883 | 1304 |
|  3.550% due 09/15/2055 | 493 | 340 |
|  3.650% due 09/15/2059 | 6731 | 4606 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  5.400% due 06/01/2053 | 3400 | 3343 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.250% due 10/15/2050 | 200 | 164 |
|  4.600% due 05/01/2053 | 400 | 345 |
|  6.125% due 04/01/2036 | 500 | 544 |
|  BG Energy Capital PLC | BG Energy Capital PLC | BG Energy Capital PLC |
|  5.125% due 10/15/2041 | 4300 | 4173 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 | 704 | 750 |
|  6.150% due 05/15/2034 | 4200 | 4495 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  6.119% due 07/20/2053 | 4560 | 4703 |
|  BP Capital Markets BV | BP Capital Markets BV | BP Capital Markets BV |
|  3.360% due 09/12/2031 | 2300 | 2736 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  4.800% due 03/15/2030 | 1000 | 1024 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 | 5083 | 5257 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 3500 | 3470 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.850% due 03/15/2052 | 100 | 76 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.000% due 12/01/2060 | 700 | 427 |
|  4.300% due 12/01/2056 | 100 | 81 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.800% due 03/01/2033 | 4900 | 5238 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.000% due 06/15/2030 | 2100 | 2154 |
|  5.450% due 03/15/2035 | 2500 | 2564 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  5.100% due 03/01/2029 | 1500 | 1538 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.750% due 06/01/2045 | 270 | 215 |
|  4.000% due 09/30/2042 | 400 | 341 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  5.800% due 06/15/2054 | 900 | 910 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  3.000% due 12/15/2051 | 1496 | 982 |
|  3.850% due 11/15/2042 | 4600 | 3807 |
|  6.350% due 09/15/2037 | 200 | 223 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.400% due 06/15/2033 | 110 | 114 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.500% due 08/15/2050 | 3990 | 2403 |
|  5.250% due 03/15/2033 | 4100 | 4269 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 330 | 334 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.900% due 05/23/2053 | 730 | 815 |
|  9.125% due 03/15/2033 •(f) | 2100 | 2436 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  7.500% due 10/14/2032 | 2768 | 3193 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  2.650% due 06/15/2051 | 60 | 36 |
|  3.350% due 06/15/2052 | 270 | 188 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  2.400% due 06/15/2031 | 2390 | 2138 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  1.750% due 03/15/2031 | 3200 | 2800 |
|  5.800% due 09/01/2053 | 600 | 610 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 3000 | 3833 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  5.250% due 03/15/2035 | 2100 | 2142 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.125% due 05/15/2033 | 1500 | 1522 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  3.500% due 07/14/2031 | 8000 | 5400 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 03/15/2051 | 5300 | 3715 |
|  3.700% due 01/30/2050 | 1000 | 766 |
|  4.300% due 03/15/2042 | 3752 | 3316 |
|  5.125% due 05/15/2052 | 2400 | 2292 |
|  Greenko Power II Ltd. | Greenko Power II Ltd. | Greenko Power II Ltd. |
|  4.300% due 12/13/2028 | 327 | 313 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  3.250% due 05/01/2051 | 1780 | 1208 |
|  6.050% due 03/15/2037 | 800 | 869 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 2800 | 2744 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  3.750% due 02/22/2032 | 2400 | 2227 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 | 70 | 49 |
|  5.450% due 04/15/2033 | 2000 | 2094 |
|  Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. |
|  5.450% due 04/15/2033 | 2000 | 2095 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  2.700% due 08/01/2052 | 5500 | 3473 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
|  5.350% due 05/01/2034 | 1400 | 1444 |
|  National Grid USA | National Grid USA | National Grid USA |
|  5.803% due 04/01/2035 | 120 | 124 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  1.950% due 10/01/2030 | 480 | 417 |
|  2.150% due 10/01/2031 | 2000 | 1741 |
|  5.850% due 08/15/2033 | 700 | 746 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.830% due 06/12/2030 | 3600 | 2629 |
|  4.670% due 06/12/2035 | 3600 | 2667 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.119% due 11/28/2042 | 3500 | 2976 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  5.250% due 03/30/2028 | 2720 | 2792 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  3.600% due 09/15/2047 | 6300 | 4802 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  2.450% due 12/02/2027 | 362 | 347 |
|  4.734% due 10/15/2030 (b) | 2400 | 2401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

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------

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| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  5.050% due 10/01/2048 | 1358 | 1239 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  2.900% due 10/01/2051 | 1100 | 686 |
|  5.850% due 10/01/2035 | 100 | 105 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.850% due 11/01/2064 | 2900 | 2771 |
|  7.150% due 01/15/2051 | 100 | 112 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2100 | 1872 |
|  3.000% due 06/15/2028 | 3200 | 3086 |
|  3.150% due 01/01/2026 | 1200 | 1196 |
|  3.250% due 06/01/2031 | 1700 | 1564 |
|  3.500% due 08/01/2050 | 7250 | 4954 |
|  3.750% due 08/15/2042 | 2790 | 2132 |
|  3.950% due 12/01/2047 | 1000 | 748 |
|  4.200% due 03/01/2029 | 2000 | 1984 |
|  4.250% due 03/15/2046 | 300 | 237 |
|  4.300% due 03/15/2045 | 500 | 402 |
|  4.400% due 03/01/2032 | 2000 | 1952 |
|  4.500% due 07/01/2040 | 6100 | 5311 |
|  4.550% due 07/01/2030 | 750 | 745 |
|  4.600% due 06/15/2043 | 900 | 759 |
|  4.750% due 02/15/2044 | 100 | 86 |
|  4.950% due 07/01/2050 | 370 | 318 |
|  5.250% due 03/01/2052 | 300 | 267 |
|  6.150% due 01/15/2033 | 1200 | 1271 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.125% due 01/15/2049 | 8300 | 6468 |
|  4.150% due 02/15/2050 | 300 | 234 |
|  5.750% due 04/01/2037 | 60 | 62 |
|  6.000% due 01/15/2039 | 2040 | 2134 |
|  6.100% due 08/01/2036 | 60 | 64 |
|  6.250% due 10/15/2037 | 3300 | 3541 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  2.850% due 09/15/2051 | 886 | 572 |
|  Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
|  7.750% due 03/01/2031 | 3500 | 4037 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.150% due 09/15/2035 | 900 | 912 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.000% due 06/01/2044 | 5700 | 4690 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 | 400 | 395 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.100% due 06/15/2049 | 2970 | 2394 |
|  4.150% due 05/15/2048 | 9400 | 7652 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.750% due 07/01/2037 | 3600 | 4029 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.250% due 06/01/2030 | 800 | 718 |
|  2.500% due 06/01/2031 | 4700 | 4171 |
|  2.750% due 02/01/2032 | 2400 | 2112 |
|  2.950% due 02/01/2051 | 3000 | 1838 |
|  3.450% due 02/01/2052 | 2300 | 1532 |
|  3.650% due 03/01/2028 | 200 | 197 |
|  3.650% due 02/01/2050 | 1100 | 770 |
|  3.650% due 06/01/2051 | 2020 | 1399 |
|  3.900% due 12/01/2041 | 500 | 390 |
|  3.900% due 03/15/2043 | 3600 | 2821 |
|  4.650% due 10/01/2043 | 1850 | 1578 |
|  6.000% due 01/15/2034 | 3600 | 3772 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.950% due 02/15/2050 | 1600 | 1254 |
|  4.125% due 06/01/2048 | 4417 | 3595 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  6.200% due 03/15/2040 | 2200 | 2332 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.900% due 09/15/2035 | 800 | 796 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.750% due 02/10/2063 | 800 | 780 |
|  5.875% due 06/28/2064 | 1729 | 1722 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.300% due 12/15/2045 | 3600 | 3058 |
|  |  | 251492 |
|  Total Corporate Bonds & Notes (Cost $1,160,799) | Total Corporate Bonds & Notes (Cost $1,160,799) | 1098589 |

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---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 1.7% | MUNICIPAL BONDS & NOTES 1.7% | MUNICIPAL BONDS & NOTES 1.7% |
| CALIFORNIA 0.5% | CALIFORNIA 0.5% | CALIFORNIA 0.5% |
|  Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/15/2030 (d) | 3800 | 3082 |
|  0.000% due 08/15/2032 (d) | 100 | 73 |
|  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 |
|  2.746% due 06/01/2034 | 300 | 266 |
|  3.000% due 06/01/2046 | 1540 | 1377 |
|  4.214% due 06/01/2050 | 2600 | 1930 |
|  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 |
|  3.037% due 06/01/2032 | 4200 | 3763 |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 | 900 | 974 |
|  |  | 11465 |
| GEORGIA 0.4% | GEORGIA 0.4% | GEORGIA 0.4% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.637% due 04/01/2057 | 7413 | 8133 |
| ILLINOIS 0.3% | ILLINOIS 0.3% | ILLINOIS 0.3% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.725% due 04/01/2035 | 77 | 82 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 |
|  3.007% due 01/01/2033 | 5030 | 4597 |
|  Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 |
|  6.090% due 10/01/2034 | 900 | 971 |
|  |  | 5650 |
| NEVADA 0.0% | NEVADA 0.0% | NEVADA 0.0% |
|  Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 |
|  0.000% due 06/01/2034 (d) | 700 | 466 |
| NEW MEXICO 0.0% | NEW MEXICO 0.0% | NEW MEXICO 0.0% |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.406% due 08/01/2046 | 1000 | 861 |
| NEW YORK 0.2% | NEW YORK 0.2% | NEW YORK 0.2% |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.375% due 05/01/2037 | 4095 | 3945 |
| OHIO 0.0% | OHIO 0.0% | OHIO 0.0% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 | 800 | 962 |
| PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% |
|  Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2021 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2021 | Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  2.991% due 06/01/2042 | 3770 | 2879 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 |
|  0.000% due 02/15/2033 (d) | 2900 | 2070 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.169% due 04/01/2041 | 2600 | 2652 |
|  |  | 4722 |
|  Total Municipal Bonds & Notes (Cost $43,836) | Total Municipal Bonds & Notes (Cost $43,836) | 39083 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 17.3% | U.S. GOVERNMENT AGENCIES 17.3% | U.S. GOVERNMENT AGENCIES 17.3% |
|  Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
|  5.125% due 07/09/2029 | 500 | 524 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 03/01/2038 - 12/01/2038 | 9 | 8 |
|  6.000% due 04/01/2036 - 10/01/2037 | 23 | 23 |
|  6.725% due 04/01/2035 •  | 7 | 7 |
|  7.125% due 10/01/2035 •  | 3 | 3 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 4650 | 4425 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.887% due 01/15/2033 •  | 1 | 1 |
|  5.000% due 04/15/2038 | 182 | 188 |
|  6.000% due 06/15/2035 | 535 | 558 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 - 02/25/2045 •  | 40 | 38 |
|  6.500% due 10/25/2043 | 30 | 31 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.420% due 06/01/2043 •  | 21 | 21 |
|  5.810% due 06/01/2031 | 2000 | 2082 |
|  5.876% due 06/01/2035 •  | 175 | 177 |
|  6.036% due 12/01/2034 •  | 93 | 94 |
|  6.078% due 10/01/2035 •  | 76 | 77 |
|  6.080% due 04/01/2035 •  | 196 | 198 |
|  6.109% due 06/01/2035 •  | 244 | 245 |
|  6.405% due 11/01/2035 •  | 2 | 2 |
|  6.435% due 12/01/2033 •  | 8 | 9 |
|  6.472% due 08/01/2035 •  | 11 | 11 |
|  6.526% due 11/01/2034 •  | 123 | 128 |
|  6.531% due 09/01/2035 •  | 3 | 3 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 12/25/2046 | 1504 | 1055 |
|  4.523% due 07/25/2037 •  | 3 | 3 |
|  4.593% due 03/25/2036 •  | 1 | 1 |
|  5.000% due 08/25/2033 | 15 | 15 |
|  5.121% due 08/25/2040 •  | 175 | 174 |
|  5.500% due 04/25/2033 - 08/25/2035 | 21 | 21 |
|  6.000% due 07/25/2031 - 03/25/2036 | 1086 | 1141 |
|  6.373% due 05/25/2035 ~ | 78 | 80 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.871% due 09/25/2032 •  | 2 | 2 |
|  5.900% due 07/25/2042 | 4 | 4 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 15915 | 927 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.000% due 08/20/2055 | 223 | 210 |
|  5.625% due 05/20/2030 •  | 13 | 13 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  3.250% due 02/20/2049 | 2724 | 2424 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 | 51377 | 48308 |
|  4.500% due 11/01/2055 | 20300 | 19678 |
|  Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS |
|  0.000% due 01/15/2029 (a) | 1000 | 887 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.875% due 05/15/2035 | 4800 | 4979 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.290% due 12/01/2027 | 35 | 35 |
|  5.510% due 11/01/2027 | 9 | 9 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 5588 | 5266 |
|  4.500% due 10/01/2055 | 22700 | 22021 |
|  5.000% due 11/01/2055 | 35100 | 34791 |
|  6.000% due 11/01/2055 | 237800 | 242906 |
|  6.500% due 11/01/2055 | 7800 | 8066 |
|  Total U.S. Government Agencies (Cost $403,170) | Total U.S. Government Agencies (Cost $403,170) | 401869 |

---

112 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY OBLIGATIONS 69.9% | U.S. TREASURY OBLIGATIONS 69.9% | U.S. TREASURY OBLIGATIONS 69.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.125% due 05/15/2040 | 47175 | 30062 |
|  1.125% due 08/15/2040 (j) | 95010 | 59953 |
|  1.375% due 11/15/2040 | 55540 | 36258 |
|  1.750% due 08/15/2041 (j) | 99000 | 67202 |
|  1.875% due 02/15/2041 (j) | 397700 | 279749 |
|  1.875% due 02/15/2051 | 52395 | 29940 |
|  2.000% due 11/15/2041 | 10500 | 7378 |
|  2.000% due 02/15/2050 | 22030 | 13179 |
|  2.250% due 08/15/2049 | 32576 | 20800 |
|  2.375% due 11/15/2049 (l) | 875 | 573 |
|  2.500% due 02/15/2045 | 15520 | 11122 |
|  2.750% due 11/15/2042 (l) | 1000 | 775 |
|  2.750% due 08/15/2047 | 12900 | 9356 |
|  2.875% due 05/15/2049 | 405 | 296 |
|  3.000% due 11/15/2044 | 14350 | 11232 |
|  3.000% due 05/15/2045 | 12360 | 9622 |
|  3.000% due 02/15/2048 | 12900 | 9744 |
|  3.000% due 08/15/2048 (j)(l) | 141390 | 106341 |
|  3.000% due 02/15/2049 (j) | 89030 | 66680 |
|  3.125% due 02/15/2043 | 24610 | 20095 |
|  3.125% due 08/15/2044 (l) | 14310 | 11462 |
|  3.375% due 08/15/2042 (j) | 61350 | 52295 |
|  3.375% due 11/15/2048 (j) | 163600 | 131468 |
|  3.625% due 08/15/2043 | 3200 | 2793 |
|  3.750% due 08/15/2041 | 1700 | 1545 |
|  3.875% due 02/15/2043 | 12700 | 11530 |
|  3.875% due 05/15/2043 | 9100 | 8245 |
|  4.125% due 08/15/2044 (j) | 109900 | 102042 |
|  4.500% due 11/15/2054 (j) | 2700 | 2600 |
|  4.625% due 05/15/2044 | 4900 | 4865 |
|  4.625% due 11/15/2044 (j) | 46700 | 46279 |
|  4.625% due 02/15/2055 (j) | 41200 | 40511 |
|  4.750% due 02/15/2045 (j) | 82400 | 82934 |
|  4.750% due 05/15/2055 (j) | 33100 | 33214 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.625% due 07/15/2032 | 33688 | 31896 |
|  1.125% due 01/15/2033 (j)(l) | 45623 | 44233 |
|  1.750% due 01/15/2034 | 40879 | 41087 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 04/30/2030 (l)(n) | 14300 | 14393 |
|  4.000% due 06/30/2032 | 43400 | 43631 |
|  4.125% due 10/31/2029 (n) | 1520 | 1545 |
|  U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon |
|  0.000% due 05/15/2034 (a)(l) | 71900 | 50205 |
|  0.000% due 08/15/2034 (a) | 32970 | 22725 |
|  0.000% due 05/15/2035 (a)(l) | 32500 | 21548 |
|  0.000% due 11/15/2036 (a) | 37600 | 23057 |
|  0.000% due 08/15/2037 (a)(l) | 8900 | 5246 |
|  0.000% due 05/15/2041 (a) | 450 | 215 |
|  0.000% due 08/15/2041 (a) | 350 | 164 |
|  0.000% due 11/15/2041 (a) | 170 | 79 |
|  0.000% due 02/15/2042 (a) | 1850 | 844 |
|  0.000% due 05/15/2042 (a) | 1240 | 557 |
|  0.000% due 08/15/2042 (a) | 1890 | 837 |
|  0.000% due 11/15/2042 (a) | 810 | 354 |
|  Total U.S. Treasury Obligations (Cost $1,861,100) | Total U.S. Treasury Obligations (Cost $1,861,100) | 1624756 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.3% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.711% due 10/25/2035 ~ | 438 | 387 |
|  AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  | 760 | 764 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.392% due 10/25/2046 •  | 49 | 45 |
|  5.073% due 11/25/2046 •  | 1470 | 359 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.063% due 02/20/2036 ~ | 78 | 74 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.242% due 08/25/2035 ~ | 261 | 250 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.534% due 09/15/2058 | 1000 | 1004 |
|  5.015% due 09/15/2058 | 5000 | 5116 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.467% due 11/25/2036 ~ | 98 | 56 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.592% due 08/25/2036 •  | $— | 2008 | $— | 1730 |
|  4.838% due 09/25/2035 ~ |  | 1869 |  | 1022 |
|  5.232% due 10/25/2035 ~ |  | 131 |  | 108 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.208% due 05/25/2047 ~ |  | 355 |  | 319 |
|  4.812% due 11/25/2030 ~ |  | 15 |  | 15 |
|  5.391% due 11/25/2034 ~ |  | 9 |  | 8 |
|  6.420% due 10/25/2035 •  |  | 16 |  | 15 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.632% due 10/25/2036 •  |  | 1406 |  | 1235 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.016% due 03/15/2052 |  | 4500 |  | 4417 |
|  5.439% due 08/15/2058 ~ |  | 3200 |  | 3330 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.187% due 07/15/2058 |  | 5000 |  | 5144 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.619% due 03/25/2037 ~ |  | 129 |  | 120 |
|  5.500% due 11/25/2035 |  | 1346 |  | 954 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.832% due 05/25/2037 •  |  | 2105 |  | 2032 |
|  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 |
|  4.462% due 11/25/2037 ~ |  | 288 |  | 274 |
|  4.732% due 05/25/2035 •  |  | 37 |  | 32 |
|  4.912% due 03/25/2035 •  |  | 92 |  | 80 |
|  5.097% due 11/25/2034 ~ |  | 28 |  | 27 |
|  5.250% due 05/25/2035 |  | 67 |  | 47 |
|  5.388% due 02/20/2035 ~ |  | 1 |  | 1 |
|  5.452% due 11/20/2034 ~ |  | 5 |  | 5 |
|  6.224% due 02/20/2036 •  |  | 15 |  | 13 |
|  6.248% due 02/20/2036 •  |  | 69 |  | 65 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.692% due 07/25/2036 •  |  | 967 |  | 920 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.342% due 01/25/2037 •  |  | 15 |  | 14 |
|  5.072% due 08/25/2035 •  |  | 22 |  | 21 |
|  6.480% due 10/25/2035 •  |  | 10 |  | 10 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 |  | 4300 |  | 4055 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.445% due 12/20/2046 •  |  | 392 |  | 345 |
|  4.652% due 09/25/2046 •  |  | 363 |  | 355 |
|  4.670% due 03/20/2046 •  |  | 91 |  | 85 |
|  4.692% due 05/25/2036 •  |  | 1870 |  | 1771 |
|  4.832% due 02/25/2037 •  |  | 38 |  | 32 |
|  4.890% due 11/20/2035 •  |  | 1543 |  | 1470 |
|  4.890% due 12/20/2035 •  |  | 389 |  | 370 |
|  5.500% due 09/25/2035 |  | 980 |  | 690 |
|  5.500% due 10/25/2035 |  | 2178 |  | 1131 |
|  5.500% due 11/25/2035 |  | 438 |  | 239 |
|  5.500% due 03/25/2036 |  | 60 |  | 25 |
|  6.000% due 03/25/2036 |  | 2730 |  | 1222 |
|  6.250% due 08/25/2037 |  | 99 |  | 45 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.988% due 08/19/2045 •  |  | 44 |  | 39 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.472% due 12/25/2034 ~ |  | 1 |  | 1 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.722% due 10/10/2049 ~ |  | 5225 |  | 4556 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.622% due 01/25/2036 •  |  | 304 |  | 246 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.290% due 11/25/2035 ~ |  | 2 |  | 2 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 01/19/2038 •  |  | 1024 |  | 905 |
|  4.658% due 12/19/2036 •  |  | 2385 |  | 1890 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.691% due 04/25/2037 ~ |  | 66 |  | 60 |
|  3.764% due 04/25/2037 ~ |  | 108 |  | 95 |
|  4.580% due 12/25/2034 ~ |  | 6 |  | 6 |
|  4.672% due 06/25/2046 •  |  | 280 |  | 251 |
|  4.792% due 07/25/2035 •  |  | 2049 |  | 1370 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  3.379% due 09/15/2050 |  | 258 |  | 254 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.471% due 01/25/2037 ~ |  | 11 |  | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.172% due 11/25/2049 •  | $— | 187 | $— | 179 |
|  5.172% due 12/25/2049 •  |  | 88 |  | 85 |
|  5.583% due 02/25/2035 ~ |  | 1 |  | 1 |
|  6.262% due 07/25/2035 ~ |  | 337 |  | 337 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 12/25/2036 •  |  | 607 |  | 600 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  |  | 221 |  | 205 |
|  5.578% due 11/21/2034 ~ |  | 24 |  | 23 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates |
|  4.965% due 11/15/2031 •  |  | 6 |  | 6 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.850% due 05/25/2033 ~ |  | 4 |  | 4 |
|  6.187% due 02/25/2034 ~ |  | 2 |  | 2 |
|  6.618% due 07/25/2034 ~ |  | 36 |  | 35 |
|  7.000% due 05/25/2033 ~ |  | 2 |  | 2 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.572% due 08/25/2036 •  |  | 2555 |  | 553 |
|  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 11/25/2059 ~ |  | 2426 |  | 2337 |
|  4.500% due 05/25/2058 ~ |  | 1276 |  | 1249 |
|  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 |
|  6.159% due 05/25/2036 ~ |  | 12654 |  | 2278 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.692% due 04/25/2046 •  |  | 175 |  | 43 |
|  6.000% due 06/25/2036 |  | 3411 |  | 2738 |
|  6.000% due 08/25/2036 |  | 485 |  | 410 |
|  6.500% due 08/25/2036 |  | 876 |  | 780 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  |  | 183 |  | 49 |
|  4.722% due 04/25/2035 •  |  | 39 |  | 20 |
|  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 |
|  4.592% due 10/25/2035 •  |  | 22 |  | 21 |
|  4.712% due 05/25/2037 •  |  | 80 |  | 74 |
|  5.553% due 01/25/2035 •  |  | 31 |  | 29 |
|  5.938% due 12/25/2034 ~ |  | 13 |  | 13 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.692% due 04/25/2036 •  |  | 183 |  | 167 |
|  4.712% due 05/25/2036 •  |  | 97 |  | 80 |
|  4.892% due 12/25/2035 •  |  | 3 |  | 2 |
|  4.908% due 10/19/2034 •  |  | 5 |  | 5 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.060% due 12/25/2033 ~ |  | 5 |  | 5 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.000% due 07/25/2036 |  | 4569 |  | 1702 |
|  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 |
|  3.727% due 05/25/2046 •  |  | 17 |  | 14 |
|  4.357% due 12/25/2036 ~ |  | 136 |  | 125 |
|  4.387% due 02/25/2037 ~ |  | 137 |  | 127 |
|  4.642% due 05/25/2034 •  |  | 244 |  | 228 |
|  4.662% due 07/25/2037 ~ |  | 14 |  | 13 |
|  4.812% due 12/25/2045 •  |  | 17 |  | 18 |
|  4.852% due 10/25/2045 •  |  | 221 |  | 219 |
|  4.853% due 02/25/2047 •  |  | 257 |  | 238 |
|  4.853% due 03/25/2047 •  |  | 127 |  | 112 |
|  4.883% due 01/25/2047 •  |  | 1 |  | 1 |
|  4.913% due 04/25/2047 •  |  | 470 |  | 432 |
|  5.153% due 08/25/2046 •  |  | 517 |  | 476 |
|  5.201% due 08/25/2046 •  |  | 5236 |  | 4561 |
|  5.653% due 10/25/2046 •  |  | 2 |  | 2 |
|  5.653% due 11/25/2046 •  |  | 37 |  | 33 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  5.123% due 05/25/2046 •  |  | 232 |  | 206 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.693% due 10/15/2042 «•(b) |  | 1600 |  | 1596 |
|  5.793% due 07/15/2037 •  |  | 1500 |  | 1506 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 |  | 3300 |  | 2231 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $89,750) | Total Non-Agency Mortgage-Backed Securities (Cost $89,750) | Total Non-Agency Mortgage-Backed Securities (Cost $89,750) |  | 77704 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 113

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A | Ford Credit Floorplan Master Owner Trust A |
|  5.142% due 09/15/2029 •  | 5000 | 5030 |
| AUTOMOBILE SEQUENTIAL 0.6% | AUTOMOBILE SEQUENTIAL 0.6% | AUTOMOBILE SEQUENTIAL 0.6% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 | 7300 | 7675 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.540% due 04/16/2029 | 1000 | 1013 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 | 4656 | 3394 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 656 | 657 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  5.750% due 08/16/2027 | 881 | 883 |
|  |  | 13622 |
| CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  5.000% due 03/12/2038 « | 3497 | 2353 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.636% due 01/20/2037 •  | 2042 | 2043 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  | 1458 | 1458 |
|  HGI CRE CLO Ltd. | HGI CRE CLO Ltd. | HGI CRE CLO Ltd. |
|  6.074% due 04/20/2037 •  | 1067 | 1070 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.584% due 02/17/2039 •  | 2176 | 2180 |
|  M360 Ltd. | M360 Ltd. | M360 Ltd. |
|  5.750% due 11/22/2038 •  | 147 | 145 |
|  |  | 6896 |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5500 | 5604 |
| HOME EQUITY OTHER 1.9% | HOME EQUITY OTHER 1.9% | HOME EQUITY OTHER 1.9% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.247% due 05/25/2034 •  | 587 | 607 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 06/25/2036 •  | 4920 | 3281 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.782% due 12/25/2036 •  | 71 | 71 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.009% due 01/25/2037 •  | 24 | 7 |
|  3.394% due 04/25/2037 þ | 66 | 65 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 340 | 345 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.332% due 07/25/2045 •  | 6 | 4 |
|  4.622% due 03/25/2037 •  | 492 | 432 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.752% due 04/25/2037 •  | 329 | 293 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.752% due 03/25/2036 •  | 805 | 738 |
|  4.912% due 09/25/2047 •  | 6623 | 5700 |
|  6.147% due 07/25/2035 •  | 87 | 86 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.404% due 12/25/2035 •  | 681 | 656 |
|  4.392% due 07/25/2037 •  | 13 | 9 |
|  4.408% due 07/25/2035 •  | 266 | 264 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.342% due 08/25/2037 •  | 13 | 7 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  5.337% due 06/25/2035 •  | 1831 | 1813 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 5 | 2 |
|  4.412% due 12/25/2036 •  | 1477 | 790 |
|  4.532% due 12/25/2046 •  | 1186 | 630 |
|  4.542% due 03/25/2047 •  | 643 | 487 |
|  4.592% due 04/25/2036 •  | 186 | 125 |
|  4.672% due 11/25/2036 •  | 172 | 80 |
|  4.672% due 01/25/2047 •  | 4824 | 2380 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.362% due 06/25/2037 •  | 10 | 7 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 06/25/2036 •  | 14777 | 6982 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.632% due 02/25/2036 •  | 1711 | 624 |
|  5.097% due 10/25/2034 •  | 2123 | 2074 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.792% due 02/25/2036 •  | 1066 | 1049 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.202% due 07/25/2035 •  | 544 | 544 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.472% due 02/25/2037 •  | 1929 | 852 |
|  4.492% due 10/25/2036 •  | 2468 | 1086 |
|  4.602% due 02/25/2037 •  | 3965 | 1752 |
|  4.732% due 09/25/2036 •  | 3140 | 1354 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.012% due 08/25/2034 •  | 7 | 7 |
|  5.352% due 01/25/2034 •  | 64 | 65 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.612% due 01/25/2037 •  | 5901 | 1947 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.512% due 04/25/2037 •  | 2951 | 1448 |
|  5.007% due 05/25/2035 •  | 546 | 530 |
|  SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust |
|  5.397% due 04/25/2035 •  | 470 | 489 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.352% due 06/25/2037 •  | 7 | 5 |
|  4.442% due 07/25/2037 •  | 247 | 220 |
|  4.492% due 01/25/2037 •  | 2990 | 2183 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.997% due 11/25/2034 •  | 2253 | 2443 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.732% due 04/25/2037 •  | 406 | 402 |
|  |  | 44935 |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  6.147% due 10/25/2036 ~ | 6 | 6 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.492% due 12/25/2037 •  | 862 | 834 |
|  5.322% due 09/25/2033 •  | 2167 | 2176 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.852% due 12/25/2035 •  | 519 | 511 |
|  |  | 3527 |
| OTHER ABS 3.9% | OTHER ABS 3.9% | OTHER ABS 3.9% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 1000 | 1001 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 1600 | 1601 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1000 | 1002 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 1000 | 1002 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 600 | 601 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.366% due 05/15/2038 •  | 2000 | 2360 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.539% due 10/23/2032 •  | 1135 | 1136 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.482% due 07/17/2035 •  | 900 | 903 |
|  5.548% due 07/16/2034 •  | 1000 | 1001 |
|  5.565% due 07/19/2034 •  | 1000 | 1001 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  | 1900 | 2238 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | 3300 | 3317 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 900 | 1058 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 1000 | 1001 |
|  5.724% due 10/16/2028 •  | 3000 | 3010 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.545% due 07/20/2032 •  | 663 | 664 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 1042 | 1043 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  | 2400 | 2412 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.236% due 11/15/2033 •  | 2370 | 2784 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  | 4337 | 5093 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 862 | 859 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 1000 | 1002 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 491 | 491 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 1000 | 1002 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.266% due 01/15/2039 •  | 1700 | 2001 |
|  Horizon Aircraft Finance I Ltd. | Horizon Aircraft Finance I Ltd. | Horizon Aircraft Finance I Ltd. |
|  4.458% due 12/15/2038 | 928 | 916 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 598 | 598 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.479% due 07/15/2038 •  | 1250 | 1471 |
|  Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC |
|  3.299% due 01/15/2034 •  | 1600 | 1878 |
|  Invitation Homes Trust | Invitation Homes Trust | Invitation Homes Trust |
|  4.000% due 09/17/2041 | 7387 | 7262 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 1200 | 1201 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 1000 | 1002 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 1000 | 1001 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  5.380% due 10/14/2036 •  | 1000 | 1001 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. |
|  5.620% due 04/14/2035 •  | 4300 | 4300 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 536 | 536 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 621 | 622 |
|  Ocean Trails CLO 8 | Ocean Trails CLO 8 | Ocean Trails CLO 8 |
|  5.608% due 07/15/2034 •  | 1300 | 1302 |
|  OZLM XVII Ltd. | OZLM XVII Ltd. | OZLM XVII Ltd. |
|  5.475% due 07/20/2030 •  | 147 | 147 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) | 1200 | 1409 |
|  3.736% due 08/15/2033 •  | 2000 | 2353 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 1000 | 1002 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.667% due 04/20/2034 •  | 1000 | 1002 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 1207 | 1210 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 1200 | 1205 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 2900 | 2908 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 750 | 752 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. | Sound Point CLO XXVIII Ltd. |
|  5.598% due 01/25/2032 •  | 2374 | 2379 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  5.509% due 07/15/2030 •  | 699 | 700 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.484% due 08/16/2034 •  | 1300 | 1302 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 435 | 438 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 1100 | 1102 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  | 554 | 554 |
|  TSTAT Ltd. | TSTAT Ltd. | TSTAT Ltd. |
|  5.475% due 07/20/2037 •  | 159 | 159 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 962 | 967 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 1000 | 1002 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.455% due 07/20/2032 •  | 634 | 634 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 2000 | 2000 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.525% due 07/20/2032 •  | 1698 | 1699 |
|  5.682% due 07/14/2031 •  | 387 | 387 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | 800 | 802 |
|  5.505% due 04/20/2034 •  | 600 | 601 |
|  |  | 89387 |
|  Total Asset-Backed Securities (Cost $180,147) | Total Asset-Backed Securities (Cost $180,147) | 171354 |
| SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% | SOVEREIGN ISSUES 8.1% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 (b) | 2500 | 2515 |
|  5.750% due 05/05/2026 | 3000 | 3025 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  7.375% due 09/18/2037 | 720 | 743 |
|  8.750% due 11/14/2053 | 800 | 879 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 5700 | 4324 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 7500 | 7619 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 800 | 826 |
|  5.500% due 03/12/2034 | 6200 | 6377 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | EUR | 6400 | 7182 |
|  5.250% due 03/22/2030 |  | 3400 | 3985 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | JPY | 1760000 | 10153 |
|  2.400% due 03/20/2055 |  | 265000 | 1562 |
|  2.800% due 06/20/2055 |  | 710000 | 4550 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 2280000 | 14132 |
|  2.400% due 03/20/2045 |  | 424000 | 2793 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.625% due 02/24/2033 | $| 1500 | 1518 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.652% due 10/09/2035 (b) |  | 6100 | 6100 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.375% due 03/22/2033 |  | 4000 | 4002 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (e) | MXN | 4361 | 216 |
|  3.000% due 12/03/2026 (e) |  | 855 | 46 |
|  4.000% due 11/30/2028 (e) |  | 14109 | 768 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 2200 | 614 |
|  6.150% due 08/12/2032 |  | 84200 | 25709 |
|  6.950% due 08/12/2031 |  | 10800 | 3445 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.250% due 03/31/2032 | ZAR | 17600 | 1006 |
|  8.500% due 01/31/2037 |  | 70800 | 3777 |
|  8.875% due 02/28/2035 |  | 633200 | 36021 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | EUR | 7800 | 8053 |
|  2.875% due 04/13/2042 |  | 1690 | 1276 |
|  5.500% due 09/18/2028 |  | 2850 | 3518 |
|  6.750% due 07/11/2039 |  | 700 | 839 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.000% due 01/18/2053 | $| 800 | 724 |
|  5.375% due 01/13/2031 |  | 4500 | 4732 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  5.150% due 10/31/2044 | EUR | 8800 | 12192 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | GBP | 3300 | 3716 |
|  Total Sovereign Issues (Cost $186,239) | Total Sovereign Issues (Cost $186,239) | Total Sovereign Issues (Cost $186,239) | 188937 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(f) |  | 1100000 | 976 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 •(f) | 2700000 | $— | 2682 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(f) | 2400000 |  | 2336 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 •(f) | 500000 |  | 525 |
|  Total Preferred Securities (Cost $6,700) | Total Preferred Securities (Cost $6,700) |  | 6519 |
| 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 |
|  4.200% (h) | 590686 |  | 591 |
| Total Short-Term Instruments<br>(Cost $591) | Total Short-Term Instruments<br>(Cost $591) |  | 591 |
| Total Investments in Securities (Cost $3,949,418) | Total Investments in Securities (Cost $3,949,418) |  | 3627023 |
| INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% | INVESTMENTS IN AFFILIATES 0.1% |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 334087 |  | 3254 |
| Total Short-Term Instruments<br>(Cost $3,253) | Total Short-Term Instruments<br>(Cost $3,253) |  | 3254 |
| Total Investments in Affiliates<br>(Cost $3,253) | Total Investments in Affiliates<br>(Cost $3,253) |  | 3254 |
| Total Investments 156.1% (Cost $3,952,671) | Total Investments 156.1% (Cost $3,952,671) | $— | 3630277 |
|  Financial Derivative<br>Instruments (k)(m) (0.0)%<br> (Cost or Premiums, net $5,574) | Financial Derivative<br>Instruments (k)(m) (0.0)%<br> (Cost or Premiums, net $5,574) |  | (1142) |
| Other Assets and Liabilities, net (56.1)% | Other Assets and Liabilities, net (56.1)% |  | (1302922) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2326213 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Security is not accruing income as of the date of this report.

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Contingent convertible security.

(h) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **115** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Hardwood Funding LLC | 5.330% | 06/07/2035 | 03/11/2025 | $900 | $933 | 0.04% |
|  Morgan Stanley | 0.000 | 04/02/2032 | 05/06/2020 | 3303 | 2673 | 0.11 |
|  NFL Football Club Term Notes | 5.250 | 10/05/2034 | 06/27/2025 | 1300 | 1315 | 0.06 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | 2700 | 2721 | 0.12 |
|  National Football League | 5.250 | 10/05/2034 | 06/27/2025 | 1000 | 1025 | 0.04 |
|  Pantheon Senior Debt Secondaries III | 6.043 | 03/26/2026 | 03/18/2025 | 700 | 700 | 0.03 |
|  |  |  |  | $9903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | 0.40% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(24516) | $(24540) |
|  | 4.550 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278390) | (278425) |
|  BRC | 4.340 | 09/30/2025 | 10/02/2025 | (40891) | (40896) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (46992) | (47026) |
|  DEU | 4.180 | 10/01/2025 | 10/03/2025 | (33886) | (33886) |
|  | 4.250 | 09/24/2025 | 10/01/2025 | (33721) | (33749) |
|  | 4.310 | 09/23/2025 | 10/07/2025 | (13981) | (13994) |
|  | 4.310 | 09/26/2025 | 10/03/2025 | (83121) | (83171) |
|  NXN | 4.255 | 09/18/2025 | 10/23/2025 | (231991) | (232347) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (369021) | (369021) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (91630) | (91641) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248696) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Borrowing**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  UBS | 4.250% | 09/30/2025 | 10/22/2025 | $(2870) | $(2870) |
|  | 4.260 | 09/30/2025 | 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33989) | (33993) |
|  | 4.320 | 09/30/2025 | 10/15/2025 | (5287) | (5288) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42151) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | 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 |
|  BOM | $0 | $(302965) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302965) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304275 | $1310 |
|  BRC | 0 | (40896) | 0 | (40896) | 40511 | (385) |
|  BSN | 0 | (47026) | 0 | (47026) | 46360 | (666) |
|  DEU | 0 | (164800) | 0 | (164800) | 129529 | (35271) |
|  NXN | 0 | (232347) | 0 | (232347) | 229292 | (3055) |
|  STR | 0 | (460662) | 0 | (460662) | 92850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367812) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  UBS | 0 | 0 | (42151) | (42151) | 41792 | (359) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248696) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42151) |  |  |  |

---

116 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(403815) | $(441974) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(845789) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403815) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441974) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845789) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (42151) | 0 | 0 | (42151) |
|  Total | $0 | $(42151) | $0 | $0 | $(42151) |
|  Total Borrowings | $(403815) | $(484125) | $0 | $0 | $(887940) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | $(887940) |

---

(j) Securities with an aggregate market value of $885,207 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(841517) at a weighted average interest rate of 4.409%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(76) of deferred price drop. 

<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 $(402907) 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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 72 | $72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $(15) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | (23) | (20) |
|  |  |  |  |  | $(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $(4) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 406 | $30452 | $(163) | $209 | $0 |
|  Long Guilt December Futures  | 12/2025 | 52 | 6353 | 30 | 27 | (3) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 205 | 42722 | 27 | 23 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1596 | 179550 | 1088 | 0 | (25) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 3345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401609 | 10936 | 0 | (1882) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 117

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 168 | $(25359) | $(118) | $6 | $(67) |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 78 | (71621) | 673 | 58 | (58) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 855 | (93362) | (96) | 0 | (34) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 3936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452948) | (4763) | 246 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4304) | $310 | $(159) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $7614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2069) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.402% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $499 | $371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  BNP Paribas SNR | 1.000 | Quarterly | 12/20/2025 | 0.170 | 1100 | 7 | (4) | 3 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 12/20/2029 | 0.652 | 1600 | 338 | (6) | 332 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | $1700 | 4 | (1) | 3 | 0 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.262 | 2400 | 413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | 300 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 3000 | (9) | 57 | 48 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 800 | (2) | 16 | 14 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 200 | 2 | 1 | 3 | 0 | 0 |
|  |  |  |  |  |  | $625 | $449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | $0 | $(3) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.IG-39 5-Year Index | 1.000% | Quarterly | 12/20/2027 | $300 | $1 | $4 | $5 | $0 | $0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 3000 | 43 | 16 | 59 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 300 | 7 | 0 | 7 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124600 | 2700 | 165 | 2865 | 10 | (2) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 61900 | 1394 | 29 | 1423 | 10 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 75400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) | $(160) | $(436) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | $7400 | 0 | (35) | (35) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 14900 | 0 | (78) | (78) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 72000 | 0 | (389) | (389) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 05/31/2028 | 134400 | 0 | (791) | (791) | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 72000 | 0 | (449) | (449) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 71700 | 0 | (453) | (453) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 5100 | 0 | (49) | (49) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 68400 | 109 | (944) | (835) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1700 | (3) | (25) | (28) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 30590 | 180 | (663) | (483) | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 16300 | 0 | 149 | 149 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 25900 | 0 | 86 | 86 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 48400 | 5 | 454 | 459 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.441 | Semi-Annual | 07/21/2031 | 55500 | (189) | 7128 | 6939 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 105223 | (105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704) | 0 | (36) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 18300 | (65) | 577 | 512 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 13200 | (56) | 74 | 18 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 10200 | (33) | (174) | (207) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 1500 | (5) | (25) | (30) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 100 | 0 | 10 | 10 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 300 | 0 | 27 | 27 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 100 | 0 | 8 | 8 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 12/15/2051 | $— | 23200 | $(989) | $9916 | $8927 | $60 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.330 | Semi-Annual | 10/25/2053 |  | 41590 | 2597 | 10795 | 13392 | 118 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 |  | 200 | (2) | 26 | 24 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 |  | 498 | (4) | 6 | 2 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.992 | Annual | 11/15/2053 |  | 1400 | 0 | 9 | 9 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.809 | Annual | 02/15/2055 |  | 7400 | 0 | 196 | 196 | 23 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76600 | (159) | 819 | 660 | 159 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | EUR | 1200 | (2) | 29 | 27 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 4400 | (12) | 89 | 77 | 13 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 3200 | (8) | (19) | (27) | 10 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 12100 | (40) | 57 | 17 | 41 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 13590 | (183) | (67) | (250) | 0 | (106) |
| Pay | 28-Day MXN-TIIE | 7.720 | Lunar | 04/01/2030 | MXN | 19000 | 0 | 19 | 19 | 1 | 0 |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 |  | 42900 | 2 | 43 | 45 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 |  | 37900 | 0 | 43 | 43 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 |  | 18100 | 0 | 12 | 12 | 1 | 0 |
| Pay | 28-Day MXN-TIIE | 7.748 | Lunar | 04/02/2030 |  | 24800 | 0 | 26 | 26 | 1 | 0 |
| Pay | 28-Day MXN-TIIE | 7.910 | Lunar | 03/29/2032 |  | 5900 | 0 | 7 | 7 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 8.100 | Lunar | 03/26/2035 |  | 4500 | 0 | 6 | 6 | 0 | 0 |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | CAD | 5500 | 12 | (79) | (67) | 0 | (12) |
|  |  |  |  |  |  |  | $774 | $24612 | $25386 | $546 | $(465) |
|  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;5544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(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;569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2577) |

---

(l) Securities with an aggregate market value of $57,535 and cash of $3,236 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 41539 | $48448 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
|  | 10/2025 | $38982 | 54232 | 0 | (12) |
|  | 11/2025 | 54146 | $38982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **119** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 10/2025 | 16807 | $115 | $1 | $0 |
|  | 10/2025 | 11850 | 3336 | 0 | (77) |
|  | 10/2025 | $1884 | 1488 | 0 | (14) |
|  | 10/2025 | 611 | 2055 | 9 | 0 |
|  | 10/2025 | 1427 | 126218 | 0 | (7) |
|  | 10/2025 | 2602 | 389711 | 33 | 0 |
|  | 10/2025 | 793 | 1097540 | 0 | (10) |
|  | 10/2025 | 468 | 813 | 3 | 0 |
|  | 10/2025 | 316 | 1139 | 0 | (3) |
|  | 11/2025 | 2000 | $2353 | 1 | 0 |
|  | 11/2025 | 388362 | 2602 | 0 | (33) |
|  | 11/2025 | 813 | 469 | 0 | (3) |
|  | 11/2025 | 18048 | 4993 | 0 | (198) |
|  | 11/2025 | $3710 | 19885 | 0 | (4) |
|  | 11/2025 | 358 | 1198 | 3 | 0 |
|  | 11/2025 | 5823 | $333 | 0 | (3) |
|  | 12/2025 | $795 | 14917 | 13 | 0 |
|  BPS | 10/2025 | 9083 | $1708 | 1 | 0 |
|  | 10/2025 | 19916 | 2796 | 1 | 0 |
|  | 10/2025 | 609 | 717 | 2 | 0 |
|  | 10/2025 | 65574594 | 3966 | 40 | (5) |
|  | 10/2025 | 110851 | 1259 | 12 | 0 |
|  | 10/2025 | 39876 | 925 | 0 | (14) |
|  | 10/2025 | 403442 | 13416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | (7) |
|  | 10/2025 | $1660 | 9083 | 47 | 0 |
|  | 10/2025 | 5786 | 95636523 | 0 | (54) |
|  | 10/2025 | 3039 | 451499 | 14 | 0 |
|  | 10/2025 | 8097 | 11200280 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
|  | 10/2025 | 5438 | 19793 | 8 | (2) |
|  | 10/2025 | 1201 | 36168 | 0 | (13) |
|  | 11/2025 | 14706004 | $880 | 0 | (1) |
|  | 11/2025 | 89009 | 1000 | 0 | 0 |
|  | 11/2025 | 449931 | 3039 | 0 | (14) |
|  | 11/2025 | 770999 | 550 | 0 | 0 |
|  | 11/2025 | $771 | 2590 | 11 | 0 |
|  | 12/2025 | 19503 | $650 | 6 | 0 |
|  | 12/2025 | $932 | 15673808 | 6 | 0 |
|  | 12/2025 | 722 | 13459 | 7 | 0 |
|  BRC | 10/2025 | 3320 | $4160 | 0 | (11) |
|  | 10/2025 | 1392 | 1880 | 8 | 0 |
|  | 10/2025 | 427205 | 26 | 0 | 0 |
|  | 10/2025 | 5938 | 1624 | 0 | (9) |
|  | 10/2025 | $2423 | 1943 | 18 | 0 |
|  | 10/2025 | 938 | 800 | 1 | 0 |
|  | 10/2025 | 6970 | 615458 | 0 | (48) |
|  | 10/2025 | 310 | 5809 | 6 | 0 |
|  | 10/2025 | 5 | 53 | 0 | 0 |
|  | 10/2025 | 2062 | 89105 | 35 | 0 |
|  | 11/2025 | 800 | $940 | 0 | (1) |
|  | 11/2025 | 53 | 5 | 0 | 0 |
|  | 11/2025 | $4160 | 3307 | 11 | 0 |
|  | 11/2025 | 1880 | 1392 | 0 | (8) |
|  | 11/2025 | 11996 | 522391 | 175 | 0 |
|  | 11/2025 | 56385 | $3202 | 0 | (51) |
|  | 12/2025 | $1089 | 20140 | 2 | 0 |
|  BSH | 10/2025 | 6160 | $7157 | 0 | (75) |
|  | 10/2025 | $138 | 238 | 0 | 0 |
|  | 11/2025 | 238 | $138 | 0 | 0 |
|  | 12/2025 | 18238 | 5134 | 0 | (110) |
|  | 12/2025 | $140 | 499 | 3 | 0 |
|  | 02/2026 | 2011 | $575 | 0 | (2) |
|  | 05/2026 | 24079 | 6775 | 0 | (115) |
|  CBK | 10/2025 | 958 | 625 | 0 | (9) |
|  | 10/2025 | 62 | 45 | 0 | 0 |
|  | 10/2025 | 50860 | 7167 | 28 | 0 |
|  | 10/2025 | 3808 | 4455 | 0 | (16) |
|  | 10/2025 | 38105318 | 2304 | 24 | (4) |
|  | 10/2025 | 167619 | 1887 | 2 | 0 |
|  | 10/2025 | 336 | 33 | 0 | 0 |
|  | 10/2025 | 28247 | 7918 | 0 | (215) |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 7163 | $5581 | $28 | $0 |
|  | 10/2025 | 8758 | 271 | 1 | 0 |
|  | 10/2025 | 289879 | 9782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | 0 |
|  | 10/2025 | $1006 | 1391 | 0 | (6) |
|  | 10/2025 | 4813 | 4088 | 0 | (14) |
|  | 10/2025 | 3048 | 2235 | 0 | (42) |
|  | 10/2025 | 1364 | 22436832 | 0 | (19) |
|  | 10/2025 | 6076 | 533764 | 0 | (73) |
|  | 10/2025 | 427 | 4259 | 0 | 0 |
|  | 10/2025 | 3389 | 11853 | 25 | 0 |
|  | 10/2025 | 1636 | 15525 | 13 | 0 |
|  | 10/2025 | 12 | 15 | 0 | 0 |
|  | 10/2025 | 3264 | 99341 | 3 | (4) |
|  | 10/2025 | 13986 | $808 | 0 | (2) |
|  | 11/2025 | 4258 | 427 | 0 | 0 |
|  | 11/2025 | 15 | 12 | 0 | 0 |
|  | 11/2025 | $45 | 62 | 0 | 0 |
|  | 11/2025 | 566 | 1896 | 7 | 0 |
|  | 11/2025 | 1887 | 167947 | 0 | (2) |
|  | 12/2025 | 11880 | $3389 | 0 | (26) |
|  | 12/2025 | 67124 | 2220 | 5 | (1) |
|  | 12/2025 | $963 | 16187119 | 5 | 0 |
|  | 01/2026 | 31501 | $1044 | 1 | 0 |
|  DUB | 10/2025 | 42676 | 6002 | 12 | 0 |
|  | 10/2025 | 22338347 | 1363 | 24 | 0 |
|  | 10/2025 | 271902 | 3061 | 3 | 0 |
|  | 10/2025 | 1884077 | 1359 | 16 | 0 |
|  | 10/2025 | 1052 | 617 | 8 | 0 |
|  | 10/2025 | $2090 | 34294810 | 0 | (35) |
|  | 10/2025 | 2215 | 7568 | 70 | 0 |
|  | 10/2025 | 2930 | 259050 | 0 | (16) |
|  | 11/2025 | 7564 | $2215 | 0 | (69) |
|  | 11/2025 | 15922 | 179 | 0 | 0 |
|  | 11/2025 | $3061 | 272443 | 0 | (3) |
|  | 11/2025 | 136156 | $7778 | 0 | (79) |
|  FAR | 10/2025 | 20895 | 13554 | 0 | (273) |
|  | 10/2025 | 595 | 747 | 0 | (1) |
|  | 10/2025 | 18607 | 2621 | 9 | 0 |
|  | 10/2025 | 813809 | 5536 | 33 | 0 |
|  | 10/2025 | 6608 | 1808 | 0 | (10) |
|  | 10/2025 | $19802 | 30329 | 267 | 0 |
|  | 10/2025 | 51995 | 44505 | 256 | 0 |
|  | 10/2025 | 5769 | 508870 | 0 | (46) |
|  | 10/2025 | 3141 | 11454 | 10 | 0 |
|  | 10/2025 | 51059 | 65759 | 0 | (81) |
|  | 11/2025 | 30329 | $19812 | 0 | (267) |
|  | 11/2025 | 44505 | 52099 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256) |
|  | 11/2025 | 65593 | 51059 | 77 | 0 |
|  | 11/2025 | $15226 | 85071 | 630 | 0 |
|  | 11/2025 | 747 | 593 | 1 | 0 |
|  | 12/2025 | 12804 | $674 | 0 | (20) |
|  | 12/2025 | $146 | 2746 | 3 | 0 |
|  GLM | 10/2025 | 46737 | $8752 | 0 | (29) |
|  | 10/2025 | 149 | 187 | 0 | (1) |
|  | 10/2025 | 1467 | 206 | 1 | 0 |
|  | 10/2025 | 15899945 | 954 | 1 | 0 |
|  | 10/2025 | 1901551 | 1347 | 0 | (8) |
|  | 10/2025 | 282 | 220 | 1 | 0 |
|  | 10/2025 | $8788 | 46737 | 0 | (6) |
|  | 10/2025 | 1388 | 22951713 | 0 | (13) |
|  | 10/2025 | 1653 | 145011 | 0 | (22) |
|  | 10/2025 | 1347 | 1901981 | 8 | 0 |
|  | 10/2025 | 346 | 6484 | 7 | 0 |
|  | 11/2025 | 150 | 501 | 1 | 0 |
|  | 12/2025 | 310492 | $18 | 0 | 0 |
|  | 12/2025 | 3344 | 176 | 0 | (5) |
|  | 12/2025 | $8752 | 47402 | 27 | 0 |
|  | 12/2025 | 930 | 15543180 | 0 | 0 |
|  IND | 10/2025 | 1049 | $685 | 0 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **121** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  JPM | 10/2025 | 415 | $76 | $0 | $(2) |
|  | 10/2025 | 49259 | 35645 | 248 | 0 |
|  | 10/2025 | 44542141 | 2668 | 0 | (2) |
|  | 10/2025 | 3260940 | 2352 | 28 | 0 |
|  | 10/2025 | 3933 | 1070 | 0 | (12) |
|  | 10/2025 | 1300 | 1011 | 4 | 0 |
|  | 10/2025 | $78 | 415 | 0 | 0 |
|  | 10/2025 | 3608 | 25622 | 0 | (12) |
|  | 10/2025 | 4139 | 68771145 | 2 | (18) |
|  | 10/2025 | 648 | 2174 | 9 | 0 |
|  | 10/2025 | 3611 | 13008 | 0 | (33) |
|  | 10/2025 | 321 | 9753 | 0 | (1) |
|  | 11/2025 | 120571 | $6879 | 0 | (79) |
|  | 12/2025 | $139 | 2581 | 1 | 0 |
|  MBC | 10/2025 | 7427 | $4954 | 40 | 0 |
|  | 10/2025 | 26 | 19 | 0 | 0 |
|  | 10/2025 | 153 | 192 | 0 | 0 |
|  | 10/2025 | 21717 | 3055 | 7 | 0 |
|  | 10/2025 | 1572 | 1849 | 8 | (5) |
|  | 10/2025 | 2016 | 2718 | 8 | (1) |
|  | 10/2025 | 2211225 | 134 | 2 | 0 |
|  | 10/2025 | 656050 | 4472 | 36 | 0 |
|  | 10/2025 | 7679739 | 5508 | 36 | 0 |
|  | 10/2025 | 17259 | 1800 | 0 | (33) |
|  | 10/2025 | 56656 | 44215 | 294 | 0 |
|  | 10/2025 | 20671 | 642 | 3 | 0 |
|  | 10/2025 | $998 | 786 | 0 | (11) |
|  | 10/2025 | 2543 | 18113 | 0 | 0 |
|  | 10/2025 | 2713 | 2295 | 0 | (18) |
|  | 10/2025 | 1004 | 745 | 0 | (2) |
|  | 10/2025 | 2763 | 409568 | 9 | (2) |
|  | 10/2025 | 3644 | 5088364 | 0 | (17) |
|  | 10/2025 | 4 | 44 | 0 | 0 |
|  | 10/2025 | 570 | 18454 | 0 | 0 |
|  | 11/2025 | 18070 | $2543 | 0 | 0 |
|  | 11/2025 | 382561 | 2587 | 0 | (9) |
|  | 11/2025 | 44 | 4 | 0 | 0 |
|  | 11/2025 | $2718 | 2016 | 1 | (8) |
|  | 11/2025 | 215 | 714 | 1 | 0 |
|  | 12/2025 | 908 | 16879 | 6 | 0 |
|  MYI | 10/2025 | 21925 | $3081 | 4 | 0 |
|  | 10/2025 | 8945319 | 543 | 7 | 0 |
|  | 10/2025 | 74323 | 504 | 1 | 0 |
|  | 10/2025 | $3541 | 528591 | 34 | 0 |
|  | 10/2025 | 14 | 135 | 0 | 0 |
|  | 10/2025 | 2965 | 10733 | 0 | (13) |
|  | 10/2025 | 1797 | 54140 | 0 | (18) |
|  | 11/2025 | 526772 | $3541 | 0 | (34) |
|  | 11/2025 | 135 | 14 | 0 | 0 |
|  | 12/2025 | 53788 | 1797 | 22 | 0 |
|  | 12/2025 | $234 | 4410 | 5 | 0 |
|  NGF | 10/2025 | 4319224 | $3106 | 27 | 0 |
|  | 10/2025 | $1229 | 20335375 | 0 | (10) |
|  | 11/2025 | 10538 | 458992 | 130 | 0 |
|  RBC | 12/2025 | 569 | 10617 | 6 | 0 |
|  SCX | 10/2025 | 6231 | $4529 | 52 | 0 |
|  | 10/2025 | 15945 | 2244 | 6 | 0 |
|  | 10/2025 | 19511446 | 1169 | 0 | (1) |
|  | 10/2025 | 188611 | 2122 | 0 | 0 |
|  | 10/2025 | 380525 | 2588 | 15 | 0 |
|  | 10/2025 | 321 | 92 | 0 | (1) |
|  | 10/2025 | 373 | 292 | 3 | 0 |
|  | 10/2025 | 172427 | 5819 | 153 | 0 |
|  | 10/2025 | $1372 | 22561210 | 0 | (20) |
|  | 10/2025 | 2853 | 251863 | 0 | (20) |
|  | 11/2025 | 1843 | $13 | 0 | 0 |
|  | 11/2025 | $1943 | 173042 | 0 | 0 |
|  | 12/2025 | 1169 | 19560760 | 1 | 0 |
|  SSB | 10/2025 | 1884022 | $1360 | 18 | 0 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $7090 | 37914 | $34 | $0 |
|  | 10/2025 | 1520 | 1128 | 0 | (3) |
|  UAG | 10/2025 | 46 | 33 | 0 | 0 |
|  | 10/2025 | 12557 | 3764 | 0 | (27) |
|  | 10/2025 | 4155 | 408 | 0 | (8) |
|  | 10/2025 | $222 | 760 | 7 | 0 |
|  | 10/2025 | 66 | 5861 | 0 | 0 |
|  | 10/2025 | 3139 | 11387 | 0 | (7) |
|  | 10/2025 | 570 | 18446 | 0 | 0 |
|  | 10/2025 | 810 | 13985 | 0 | 0 |
|  | 10/2025 | 13992 | $810 | 0 | 0 |
|  | 11/2025 | 1261 | 372 | 0 | (9) |
|  | 11/2025 | 61332 | 3479 | 0 | (60) |
|  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;3790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3517) |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375% | 10/14/2025 | 8300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $(2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 8300 | (22) | (33) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 1600 | (5) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 1600 | (4) | (5) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| GST | Equinix, Inc. | 5.000% | Quarterly | 06/20/2027 | 0.638% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $126 | $(60) | $66 | $0 |
|  | Soft Bank Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 500 | (4) | 5 | 1 | 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;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $12 | $0 | $0 | $12 | $(332) | $0 | $0 | $(332) | $(320) | $471 | $151 |
|  BOA | 63 | 0 | 0 | 63 | (352) | 0 | 0 | (352) | (289) | 271 | (18) |
|  BPS | 324 | 0 | 0 | 324 | (225) | (35) | 0 | (260) | 64 | 0 | 64 |
|  BRC | 256 | 0 | 0 | 256 | (128) | 0 | 0 | (128) | 128 | 0 | 128 |
|  BSH | 3 | 0 | 0 | 3 | (302) | 0 | 0 | (302) | (299) | 318 | 19 |
|  CBK | 399 | 0 | 0 | 399 | (433) | (5) | 0 | (438) | (39) | 0 | (39) |
|  DUB | 133 | 0 | 0 | 133 | (202) | 0 | 0 | (202) | (69) | 0 | (69) |
|  FAR | 1286 | 0 | 0 | 1286 | (954) | 0 | 0 | (954) | 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | (58) |
|  GLM | 46 | 0 | 0 | 46 | (84) | 0 | 0 | (84) | (38) | 0 | (38) |
|  GST | 0 | 0 | 67 | 67 | 0 | 0 | 0 | 0 | 67 | 0 | 67 |
|  IND | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  JPM | 292 | 0 | 0 | 292 | (159) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | 133 | 0 | 133 |
|  MBC | 451 | 0 | 0 | 451 | (106) | 0 | 0 | (106) | 345 | (300) | 45 |
|  MYI | 73 | 0 | 0 | 73 | (65) | 0 | 0 | (65) | 8 | (39) | (31) |
|  NGF | 157 | 0 | 0 | 157 | (10) | 0 | 0 | (10) | 147 | (16) | 131 |
|  RBC | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  SCX | 230 | 0 | 0 | 230 | (42) | 0 | 0 | (42) | 188 | 0 | 188 |
|  SSB | 52 | 0 | 0 | 52 | (3) | 0 | 0 | (3) | 49 | 0 | 49 |
|  UAG | 7 | 0 | 0 | 7 | (111) | 0 | 0 | (111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3517) | $&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;(3557) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 123

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) |

---

(n) Securities with an aggregate market value of $1,060 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $569 | $569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 20 | 0 | 0 | 546 | 566 |
|  | $0 | $20 | $0 | $0 | $1115 | $1135 |
|  Over the counter | Over the 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 | $3790 | $0 | $3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 67 | 0 | 0 | 0 | 67 |
|  | $0 | $67 | $0 | $3790 | $0 | $3857 |
|  | $0 | $87 | $0 | $3790 | $1115 | $4992 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2069 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 465 | 471 |
|  | $0 | $6 | $0 | $0 | $2571 | $2577 |
|  Over the counter | Over the 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 | $3517 | $0 | $3517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 40 | 40 |
|  | $0 | $0 | $0 | $3517 | $40 | $3557 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(17562) | $(17562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 855 | 0 | 0 | 3846 | 4701 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | $&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;(13716) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12861) |

---

124 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(13492) | $0 | $(13492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (63) | 0 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 97 | 0 | 0 | 211 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 0 | 0 | 0 | 26 |
|  | $0 | $123 | $0 | $(13555) | $211 | $(13221) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13555) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13505) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26082) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4461 | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 511 | 0 | 0 | (2959) | (2448) |
|  | $0 | $511 | $0 | $0 | $1504 | $2015 |
|  Over the counter | Over the 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 | $2403 | $0 | $2403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 58 | 0 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (16) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (14) | 0 | 0 | 0 | (14) |
|  | $0 | $(14) | $0 | $2461 | $(16) | $2431 |
|  | $0 | $497 | $0 | $2461 | $1488 | $4446 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $8660 | $8961 | $17621 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 432809 | 2922 | 435731 |
| &nbsp;&nbsp; Industrials | 227 | 372198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38941 | 411366 |
| &nbsp;&nbsp; Utilities | 0 | 251492 | 0 | 251492 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 11465 | 0 | 11465 |
| &nbsp;&nbsp; Georgia | 0 | 8133 | 0 | 8133 |
| &nbsp;&nbsp; Illinois | 0 | 5650 | 0 | 5650 |
| &nbsp;&nbsp; Nevada | 0 | 466 | 0 | 466 |
| &nbsp;&nbsp; New Mexico | 0 | 861 | 0 | 861 |
| &nbsp;&nbsp; New York | 0 | 3945 | 0 | 3945 |
| &nbsp;&nbsp; Ohio | 0 | 962 | 0 | 962 |
| &nbsp;&nbsp; Pennsylvania | 0 | 2879 | 0 | 2879 |
| &nbsp;&nbsp; Texas | 0 | 4722 | 0 | 4722 |
|  U.S. Government Agencies | 0 | 401869 | 0 | 401869 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624756 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624756 |
|  Non-Agency Mortgage-Backed Securities | 0 | 76108 | 1596 | 77704 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 5030 | 0 | 5030 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 13622 | 0 | 13622 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 2353 | 2353 |
| &nbsp;&nbsp; CMBS Other | 0 | 6896 | 0 | 6896 |
| &nbsp;&nbsp; Credit Card Other | 0 | 5604 | 0 | 5604 |
| &nbsp;&nbsp; Home Equity Other | 0 | 44935 | 0 | 44935 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 3527 | 0 | 3527 |
| &nbsp;&nbsp; Other ABS | 0 | 87978 | 1409 | 89387 |
|  Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | 182837 | 0 | 188937 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 6519 | 0 | 6519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | $0 | $591 | $0 | $591 |
|  | $6327 | $3564514 | $56182 | $3627023 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $3254 | $0 | $0 | $3254 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581 | $3564514 | $56182 | $3630277 |
|  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 | 300 | 835 | 0 | 1135 |
|  Over the counter | 0 | 3857 | 0 | 3857 |
|  | $300 | $4692 | $0 | $4992 |
|  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 | (128) | (2448) | 0 | (2576) |
|  Over the counter | 0 | (3557) | 0 | (3557) |
|  | $(128) | $(6005) | $0 | $(6133) |
|  Total Financial Derivative Instruments | $172 | $(1313) | $0 | $(1141) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629136 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 125

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of Investments | PIMCO Long Duration Total Return Fund | (Cont.) | September 30, 2025 | (Unaudited) |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation) <sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025 <sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |  |  |  |  |  |  |
|  Loan Participations and Assignments | $8547 | $0 | $0 | $2 | $0 | $412 | $0 | $0 | $8961 | $412 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 905 | 2879 | (900) | 0 | 0 | 38 | 0 | 0 | 2922 | 43 |
| &nbsp;&nbsp; Industrials | 0 | 38880 | 0 | 0 | 0 | 61 | 0 | 0 | 38941 | 61 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1596 | 0 | 0 | 0 | 0 | 0 | 0 | 1596 | 0 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Casino Services | 2277 | 0 | (67) | 0 | (5) | 148 | 0 | 0 | 2353 | 135 |
| &nbsp;&nbsp; Other ABS | 8975 | 1404 | (421) | 0 | 27 | 749 | 0 | (9325) | 1409 | 5 |
|  Totals | $20704 | $44759 | $(1388) | $2 | $22 | $1408 | $0 | $(9325) | $56182 | $656 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6556 | Discounted Cash Flow | Discount Rate | 3.786-5.990 | 4.022 |
|  | 2405 | Indicative Market Quotation | Broker Quote | 101.750 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 933 | Banking & Finance | Discounted Cash Flow | 4.850 |  |
|  | 1989 | Proxy Pricing | Base Price | 99.447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2041 | Discounted Cash Flow | Discount Rate | 4.437-4.900 | 4.669 |
|  | 3020 | Proxy Pricing | Base Price | 100.000 |  |
|  | 33880 | Recent Transaction | Purchase Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 1596 | Recent Transaction | Purchase Price | 99.750 |  |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 2353 | Discounted Cash Flow | Discount Rate | 6.124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 1409 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56182 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **126** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Long-Term U.S. Government Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 189.7% | INVESTMENTS IN SECURITIES 189.7% | INVESTMENTS IN SECURITIES 189.7% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Vessel Management Services, Inc. | Vessel Management Services, Inc. | Vessel Management Services, Inc. |
|  3.432% due 08/15/2036 | 3023 | 2703 |
|  Total Corporate Bonds & Notes (Cost $3,023) | Total Corporate Bonds & Notes (Cost $3,023) | 2703 |
| U.S. GOVERNMENT AGENCIES 22.6% | U.S. GOVERNMENT AGENCIES 22.6% | U.S. GOVERNMENT AGENCIES 22.6% |
|  Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
|  5.125% due 07/09/2029 | 675 | 707 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.262% due 01/01/2028 •  | 2 | 2 |
|  6.271% due 01/01/2028 •  | 3 | 3 |
|  6.500% due 01/01/2035 | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  4.305% due 10/25/2052 ~ | 6317 | 5412 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 2177 | 2071 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.080% due 12/15/2042 •  | 1671 | 1467 |
|  3.500% due 05/15/2042 -<br>01/15/2048 | 16269 | 14756 |
|  4.000% due 07/15/2042 | 5002 | 4841 |
|  4.500% due 02/15/2035 -<br>07/15/2035 | 389 | 390 |
|  4.677% due 10/15/2043 •  | 1100 | 1078 |
|  4.887% due 01/15/2033 •  | 9 | 9 |
|  4.987% due 04/15/2029 -<br>12/15/2032 •  | 8 | 8 |
|  5.037% due 06/15/2031 •  | 3 | 3 |
|  5.500% due 06/15/2035 | 7320 | 7593 |
|  6.000% due 05/15/2028 | 4 | 4 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 •  | 630 | 578 |
|  5.553% due 07/25/2044 •  | 153 | 148 |
|  6.500% due 10/25/2043 | 26 | 27 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 11/01/2046 | 102 | 88 |
|  5.420% due 06/01/2043 •  | 35 | 36 |
|  5.421% due 03/01/2044 •  | 40 | 41 |
|  6.305% due 07/01/2035 •  | 6 | 6 |
|  6.395% due 04/01/2028 •  | 1 | 1 |
|  6.500% due 01/01/2032 -<br>08/01/2037 | 19 | 20 |
|  6.848% due 12/01/2027 •  | 5 | 5 |
|  6.952% due 11/01/2034 •  | 15 | 15 |
|  7.000% due 02/01/2038 | 5 | 5 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.500% due 06/25/2044 | 3535 | 3268 |
|  4.000% due 09/25/2044 -<br>10/25/2044 | 5815 | 5619 |
|  4.250% due 04/25/2037 | 105 | 105 |
|  4.523% due 07/25/2037 •  | 30 | 29 |
|  4.921% due 10/25/2030 •  | 1 | 1 |
|  5.371% due 04/25/2032 •  | 1 | 1 |
|  6.000% due 05/17/2027 | 1 | 1 |
|  6.500% due 07/25/2031 | 92 | 95 |
|  7.000% due 05/18/2027 | 1 | 1 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.750% due 06/25/2032 | 272 | 285 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% (H15T1Y + 1.500%) due 09/20/2026 ~ | 2 | 2 |
|  4.750% due 10/20/2027 -<br>11/20/2027 •  | 5 | 4 |
|  5.625% (H15T1Y + 1.500%) due 01/20/2026 - 06/20/2026 ~ | 1 | 0 |
|  5.625% due 01/20/2027 -<br>05/20/2030 •  | 27 | 28 |
|  6.500% due 08/20/2034 -<br>09/20/2034 | 3 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.000% due 08/20/2044 -<br>09/20/2044 | 5988 | 5689 |
|  6.000% due 08/20/2033 | 419 | 419 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 8000 | 7522 |
|  4.500% due 11/01/2055 | 2500 | 2423 |
|  Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS | Resolution Funding Corp. Interest STRIPS |
|  0.000% due 10/15/2028 (a) | 6371 | 5705 |
|  Tennessee Valley Authority Principal STRIPS | Tennessee Valley Authority Principal STRIPS | Tennessee Valley Authority Principal STRIPS |
|  0.000% due 05/01/2030 (b) | 7400 | 6192 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 | 14200 | 13775 |
|  5.000% due 11/01/2055 | 19200 | 19031 |
|  5.500% due 11/01/2055 | 700 | 705 |
|  6.000% due 11/01/2055 | 60800 | 62105 |
|  6.500% due 11/01/2055 | 6300 | 6515 |
|  Total U.S. Government Agencies<br>(Cost $181,596) | Total U.S. Government Agencies<br>(Cost $181,596) | 178838 |
| U.S. TREASURY OBLIGATIONS 162.6% | U.S. TREASURY OBLIGATIONS 162.6% | U.S. TREASURY OBLIGATIONS 162.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.125% due 05/15/2040 | 10470 | 6672 |
|  1.125% due 08/15/2040 (d) | 99760 | 62950 |
|  1.375% due 11/15/2040 (f) | 9060 | 5915 |
|  1.750% due 08/15/2041 | 60400 | 41000 |
|  1.875% due 02/15/2051 | 19100 | 10914 |
|  2.000% due 11/15/2041 | 45200 | 31759 |
|  2.000% due 02/15/2050 | 310 | 186 |
|  2.250% due 08/15/2049 | 55590 | 35495 |
|  2.250% due 02/15/2052 | 4500 | 2792 |
|  2.375% due 02/15/2042 | 28000 | 20758 |
|  2.375% due 05/15/2051 | 2400 | 1545 |
|  2.500% due 05/15/2046 (d)(f) | 2028 | 1427 |
|  2.750% due 08/15/2047 | 150 | 109 |
|  2.875% due 05/15/2052 | 20400 | 14561 |
|  3.000% due 11/15/2045 (f) | 680 | 527 |
|  3.000% due 02/15/2048 | 150 | 113 |
|  3.000% due 08/15/2048 | 47000 | 35349 |
|  3.000% due 02/15/2049 (d) | 64144 | 48042 |
|  3.000% due 08/15/2052 (d) | 66300 | 48507 |
|  3.125% due 02/15/2043 (d) | 59600 | 48665 |
|  3.250% due 05/15/2042 | 22800 | 19163 |
|  3.375% due 11/15/2048 (d) | 79700 | 64046 |
|  3.625% due 08/15/2043 | 15300 | 13354 |
|  3.625% due 02/15/2053 (d) | 51800 | 42836 |
|  3.625% due 05/15/2053 | 19400 | 16028 |
|  3.875% due 02/15/2043 | 33100 | 30051 |
|  3.875% due 05/15/2043 (d) | 60400 | 54728 |
|  4.000% due 11/15/2042 (d) | 72000 | 66592 |
|  4.000% due 11/15/2052 (d) | 51650 | 45718 |
|  4.125% due 08/15/2053 | 13000 | 11754 |
|  4.250% due 02/15/2054 | 18300 | 16897 |
|  4.375% due 05/15/2041 | 29580 | 29075 |
|  4.375% due 08/15/2043 (d) | 68400 | 66034 |
|  4.500% due 02/15/2044 (d) | 48100 | 47057 |
|  4.500% due 11/15/2054 | 5800 | 5586 |
|  4.625% due 05/15/2044 | 2800 | 2780 |
|  4.625% due 11/15/2044 (d) | 10500 | 10405 |
|  4.625% due 05/15/2054 | 4600 | 4521 |
|  4.625% due 02/15/2055 (d) | 16100 | 15831 |
|  4.750% due 02/15/2041 | 10750 | 11031 |
|  4.750% due 02/15/2045 (d) | 23500 | 23652 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 | 1557 | 1474 |
|  1.125% due 01/15/2033 | 23055 | 22353 |
|  1.750% due 01/15/2034 | 18180 | 18273 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.500% due 11/30/2028 | 20700 | 19386 |
|  2.375% due 03/31/2029 | 24500 | 23479 |
|  2.625% due 05/31/2027 (f) | 2200 | 2164 |
|  3.250% due 06/30/2029 | 20800 | 20492 |
|  3.625% due 03/31/2030 | 3900 | 3885 |
|  3.750% due 05/31/2030 (f) | 3900 | 3903 |
|  3.750% due 06/30/2030 | 6600 | 6604 |
|  3.875% due 09/30/2029 (d) | 53200 | 53573 |
|  4.000% due 05/31/2030 | 3700 | 3744 |
|  4.000% due 06/30/2032 | 26200 | 26340 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 02/15/2034 (d) | 52000 | 51875 |
|  4.125% due 11/15/2027 | 200 | 202 |
|  4.125% due 10/31/2029 | 500 | 508 |
|  4.125% due 08/31/2030 (f) | 2700 | 2746 |
|  4.375% due 11/30/2030 | 5300 | 5450 |
|  4.625% due 09/30/2030 (f) | 2700 | 2807 |
|  4.875% due 10/31/2030 | 2700 | 2839 |
|  Total U.S. Treasury Obligations<br>(Cost $1,421,908) | Total U.S. Treasury Obligations<br>(Cost $1,421,908) | 1286522 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.8% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.223% due 04/15/2035 •  | 84 | 84 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.378% due 12/15/2036 •  | 617 | 608 |
|  Bank | Bank | Bank |
|  4.046% due 03/15/2061 ~ | 800 | 796 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  5.015% due 09/15/2058 | 1800 | 1842 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ | 160 | 88 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.625% due 04/25/2033 ~ | 2 | 2 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.016% due 03/15/2052 | 3700 | 3632 |
|  5.926% due 03/15/2057 | 2000 | 2093 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  7.296% due 11/15/2056 ~ | 1800 | 1932 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.852% due 04/25/2035 •  | 5 | 4 |
|  4.912% due 03/25/2035 •  | 233 | 220 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 2800 | 2640 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.692% due 05/25/2035 •  | 131 | 125 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 1434 | 1435 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.688% due 05/19/2035 •  | 117 | 113 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2130 | 2109 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.772% due 10/25/2035 •  | 599 | 549 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  6.262% due 07/25/2035 ~ | 20 | 20 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 87 | 84 |
|  2.750% due 11/25/2059 ~ | 591 | 569 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.350% due 10/25/2035 ~ | 439 | 395 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.572% due 08/25/2035 •  | 129 | 90 |
|  6.000% due 06/25/2036 | 258 | 207 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.950% due 07/20/2033 •  | 43 | 43 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.948% due 10/19/2026 •  | 2 | 2 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.712% due 05/25/2037 •  | 357 | 330 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.712% due 05/25/2036 •  | 54 | 44 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 1 | 1 |
|  5.088% due 10/19/2033 •  | 32 | 29 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.100% due 01/25/2060 ~ | 900 | 833 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.792% due 11/25/2045 •  | 9 | 9 |
|  5.153% due 02/25/2046 •  | 280 | 258 |
|  5.201% due 08/25/2046 •  | 157 | 137 |
|  5.553% due 06/25/2042 •  | 3 | 3 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 1600 | 1082 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $23,715) | Total Non-Agency Mortgage-Backed Securities (Cost $23,715) | 22408 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 127

------

Schedule of Investments PIMCO Long-Term U.S. Government Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 1.3% | ASSET-BACKED SECURITIES 1.3% | ASSET-BACKED SECURITIES 1.3% |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 | 1700 | 1787 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  2.330% due 06/26/2028 | 1200 | 1166 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.410% due 07/15/2027 | 89 | 89 |
|  |  | 3042 |
| HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% | HOME EQUITY OTHER 0.3% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.272% due 11/25/2042 •  | 75 | 75 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 9 | 4 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.097% due 10/25/2034 •  | 597 | 583 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.202% due 07/25/2035 •  | 401 | 401 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.392% due 11/25/2036 •  | 127 | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.348% due 07/25/2065 þ | 1343 | 1353 |
|  Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust | Washington Mutual Asset-Backed Certificates WMABS Trust |
|  3.845% due 10/25/2036 •  | 70 | 25 |
|  |  | 2475 |
| OTHER ABS 0.6% | OTHER ABS 0.6% | OTHER ABS 0.6% |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.221% due 02/27/2068 •  | 412 | 411 |
|  Invitation Homes Trust | Invitation Homes Trust | Invitation Homes Trust |
|  4.000% due 09/17/2041 | 3195 | 3140 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.552% due 04/25/2038 •  | 31 | 31 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 436 | 439 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.807% due 05/15/2050 | 980 | 1007 |
|  |  | 5028 |
| Total Asset-Backed Securities<br>(Cost $10,558) | Total Asset-Backed Securities<br>(Cost $10,558) | 10545 |
| Total Investments in Securities (Cost $1,640,800) | Total Investments in Securities (Cost $1,640,800) | 1501016 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 11763 | $— | 115 |
| Total Short-Term Instruments<br>(Cost $115) | Total Short-Term Instruments<br>(Cost $115) |  | 115 |
| Total Investments in Affiliates<br>(Cost $115) | Total Investments in Affiliates<br>(Cost $115) |  | 115 |
| Total Investments 189.7%<br>(Cost $1,640,915) | Total Investments 189.7%<br>(Cost $1,640,915) | $— | 1501131 |
|  Financial Derivative<br>Instruments (e)(g) 0.1%<br> (Cost or Premiums, net $(680)) |  |  | 432 |
| Other Assets and Liabilities, net (89.8)% | Other Assets and Liabilities, net (89.8)% |  | (710394) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 791169 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(44600) | $(44644) |
|  BRC | 4.340 | 09/30/2025 | 10/02/2025 | (11414) | (11415) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (181536) | (181668) |
|  DEU | 4.310 | 09/26/2025 | 10/03/2025 | (23705) | (23720) |
|  NXN | 4.255 | 09/18/2025 | 10/23/2025 | (64304) | (64403) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (284933) | (284933) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283825) | (283859) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894642) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  GSC | 4.280% | 09/26/2025 | 10/08/2025 | $(4518) | $(4521) |
|  UBS | 4.340 | 09/08/2025 | 10/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1135) | (1138) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5659) |

---

128 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% | U.S. Government Agencies 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $(83) | $(84) |
|  Total Short Sales 0.0% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | 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 |
|  BOM | $0 | $(44644) | $0 | $(44644) | $44203 | $(441) |
|  BRC | 0 | (11415) | 0 | (11415) | 11308 | (107) |
|  BSN | 0 | (181668) | 0 | (181668) | 179212 | (2456) |
|  DEU | 0 | (23720) | 0 | (23720) | 23652 | (68) |
|  NXN | 0 | (64403) | 0 | (64403) | 63482 | (921) |
|  STR | 0 | (568792) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280996) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  GSC | 0 | 0 | (4521) | (4521) | 4523 | 2 |
|  UBS | 0 | 0 | (1138) | (1138) | 1125 | (13) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5659) |  |  |  |

---

#### 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 | $(283859) | $(325850) | $0 | $0 | $(609709) |
|  Total | $(283859) | $(325850) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(609709) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (5659) | 0 | 0 | (5659) |
|  Total | $0 | $(5659) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(5659) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283859) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331509) | $0 | $0 | $(615368) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615368) |

---

(d) Securities with an aggregate market value of $616,319 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(603390) at a weighted average interest rate of 4.417%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(4) of deferred price drop. 

<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 $(284933) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.500 | 10/24/2025 | 133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $(25) | $(27) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 65 | 65 | (14) | (14) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 129

------

Schedule of Investments PIMCO Long-Term U.S. Government Fund (Cont.)

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 48 | $48 | $(9) | $(5) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | (28) | (16) |
|  |  |  |  |  | $(37) | $(21) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 11 | $(2292) | $(4) | $0 | $(1) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 211 | (23040) | 24 | 0 | (9) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104934) | (2258) | 225 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 519 | (62312) | (1773) | 292 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 1406 | (161800) | (1704) | 88 | 0 |
|  |  |  |  | $(5715) | $605 | $(10) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.400% | Semi-Annual | 03/30/2026 | $17040 | $30 | $450 | $480 | $1 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 2900 | 0 | (14) | (14) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 5900 | 0 | (31) | (31) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 28800 | 0 | (156) | (156) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 05/31/2028 | 54100 | 0 | (318) | (318) | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 28800 | 0 | (180) | (180) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 05/31/2028 | 28800 | 0 | (182) | (182) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 2300 | 0 | (22) | (22) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.395 | Semi-Annual | 10/25/2028 | 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | (330) | (520) | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 13600 | (267) | 131 | (136) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1900 | (4) | (27) | (31) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 22340 | 131 | (483) | (352) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 03/30/2031 | 9590 | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 1600 | 0 | 5 | 5 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.441 | Semi-Annual | 07/21/2031 | 6800 | (23) | 873 | 850 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 8295 | (8) | (126) | (134) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 2500 | (12) | 12 | 0 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 400 | (2) | (4) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 1200 | (5) | (15) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 500 | (2) | 4 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 790 | (4) | (2) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1100 | (4) | 10 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 1200 | (4) | 5 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 400 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 1400 | (7) | 47 | 40 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 500 | (2) | 16 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 1100 | (5) | 33 | 28 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 1200 | (5) | 35 | 30 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1200 | (5) | (17) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 500 | (2) | (8) | (10) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874% | Annual | 03/05/2035 | 800 | $(3) | $(10) | $(13) | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1100 | (3) | (18) | (21) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 700 | (2) | 8 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 1800 | 0 | 188 | 188 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 4100 | 0 | 364 | 364 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 900 | 0 | 70 | 70 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 10/23/2053 | 5700 | (99) | 2385 | 2286 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 4300 | (20) | 539 | 519 | 12 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 | 9983 | (79) | 121 | 42 | 30 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.992 | Annual | 11/15/2053 | 6200 | 0 | 41 | 41 | 0 | (18) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | 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;605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) |

---

(f) Securities with an aggregate market value of $11,474 and cash of $6,615 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 2500 | $(8) | $(1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 5200 | (15) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 500 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 5200 | (14) | (32) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 500 | (1) | (2) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 5500 | (17) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 5500 | (16) | (18) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 300 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 1300 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 1300 | (4) | (2) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $(36) | $0 | $(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
|  CBK | 0 | 0 | 0 | 0 | 0 | (19) | 0 | (19) | (19) | 0 | (19) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **131** |

---

------

Schedule of Investments PIMCO Long-Term U.S. Government Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $605 | $605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 83 | 83 |
|  | $0 | $0 | $0 | $0 | $688 | $688 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $62 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 127 | 127 |
|  | $0 | $0 | $0 | $0 | $199 | $199 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $57 | $57 |
|  | $&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;256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $251 | $251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 943 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (871) | (871) |
|  | $0 | $0 | $0 | $0 | $323 | $323 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&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;692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 |
|  | $0 | $0 | $0 | $0 | $1015 | $1015 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (1916) | (1916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 894 | 894 |
|  | $0 | $0 | $0 | $0 | $(1008) | $(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; Written Options  | $0 | $0 | $0 | $0 | $20 | $20 |
|  | $&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;(988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(988) |

---

132 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $2703 | $0 | $2703 |
|  U.S. Government Agencies | 0 | 178838 | 0 | 178838 |
|  U.S. Treasury Obligations | 0 | 1286522 | 0 | 1286522 |
|  Non-Agency Mortgage-Backed Securities | 0 | 22408 | 0 | 22408 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 3042 | 0 | 3042 |
| &nbsp;&nbsp; Home Equity Other | 0 | 2475 | 0 | 2475 |
| &nbsp;&nbsp; Other ABS | 0 | 5028 | 0 | 5028 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501016 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501016 |
|  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;115 | $&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;115 |
|  Total Investments | $115 | $1501016 | $0 | $1501131 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(84) | $0 | $(84) |
|  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 | $688 | $0 | $688 |
|  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 | (199) | 0 | (199) |
|  Over the counter | 0 | (57) | 0 | (57) |
|  | $0 | $(256) | $0 | $(256) |
|  Total Financial Derivative Instruments | $0 | $432 | $0 | $432 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501479 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Schedule of Investments PIMCO Low Duration Opportunities 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 145.4% | INVESTMENTS IN SECURITIES 145.4% | INVESTMENTS IN SECURITIES 145.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.663% (TSFR1M + 2.500%) due 12/15/2027 ~ | 192 | 192 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 99 | 99 |
|  Total Loan Participations and Assignments<br>(Cost $291) | Total Loan Participations and Assignments<br>(Cost $291) | 291 |
| CORPORATE BONDS & NOTES 22.6% | CORPORATE BONDS & NOTES 22.6% | CORPORATE BONDS & NOTES 22.6% |
| BANKING & FINANCE 12.5% | BANKING & FINANCE 12.5% | BANKING & FINANCE 12.5% |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 200 | 197 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.737% due 05/15/2029 •  | 100 | 102 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 200 | 182 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.433% due 05/20/2032 •  | 100 | 118 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.985% due 08/13/2027 •  | 200 | 200 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.300% due 09/15/2031 | 200 | 177 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 100 | 118 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 3 | 3 |
|  4.950% due 01/15/2028 | 100 | 101 |
|  5.375% due 05/30/2030 | 100 | 103 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.623% due 05/09/2029 •  | 200 | 202 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 700 | 710 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 100 | 103 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 300 | 286 |
|  7.000% due 08/16/2028 •(d)(e) | 300 | 309 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •  | 550 | 563 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  2.250% due 04/01/2028 | 200 | 191 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 127 | 119 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.900% due 04/05/2032 | 200 | 191 |
|  Credit Suisse AG AT1 Claim | 500 | 65 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 200 | 190 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.750% due 11/19/2030 •  | 300 | 333 |
|  3.729% due 01/14/2032 •  | 200 | 188 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.900% due 04/15/2032 | 200 | 192 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 300 | 299 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.615% due 03/15/2028 •  | 300 | 298 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.210% due 08/11/2028 •  | 100 | 102 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.017% due 03/28/2028 •  | 200 | 199 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.750% due 01/11/2027 •(d)(e) | 200 | 247 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 100 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.947% due 02/24/2028 •  | 200 | 197 |
|  2.963% due 01/25/2033 •  | 200 | 183 |
|  6.070% due 10/22/2027 •  | 200 | 204 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 63 | 74 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 | 800 | 804 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 03/18/2028 •  | 200 | 199 |
|  5.462% due 01/05/2028 •  | 300 | 304 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.200% due 03/15/2030 | 100 | 102 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  3.261% due 05/22/2030 •  | 200 | 193 |
|  5.098% due 05/13/2031 •  | 200 | 206 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 200 | 181 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.800% due 04/05/2026 | 500 | 502 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 | 100 | 98 |
|  Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC |
|  3.250% due 09/22/2032 | 100 | 117 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 650 | 644 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.500% due 10/15/2030 | 50 | 52 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.222% due 09/17/2031 | 200 | 177 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.550% due 04/17/2026 | 500 | 501 |
|  6.537% due 08/12/2033 •  | 250 | 276 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 100 | 101 |
|  5.125% due 11/15/2031 | 100 | 101 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 400 | 396 |
|  |  | 11804 |
| INDUSTRIALS 8.1% | INDUSTRIALS 8.1% | INDUSTRIALS 8.1% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.800% due 03/15/2029 | 200 | 205 |
|  Air Canada | Air Canada | Air Canada |
|  4.625% due 08/15/2029 | 200 | 144 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.250% due 04/15/2030 | 60 | 57 |
|  3.375% due 11/01/2028 | 150 | 147 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 50 | 50 |
|  5.750% due 04/20/2029 | 100 | 100 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.450% due 02/21/2030 | 200 | 185 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.950% due 10/15/2033 | 200 | 211 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 900 | 900 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 100 | 101 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  3.000% due 10/15/2030 | 200 | 179 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 | 100 | 73 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.750% due 05/09/2032 | 300 | 302 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  3.875% due 04/15/2026 | 100 | 118 |
|  5.000% due 04/15/2026 | 56 | 56 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |
|  4.750% due 01/15/2029 | 200 | 196 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 100 | 106 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 | 200 | 185 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 200 | 235 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  4.000% due 06/04/2031 | 100 | 118 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  8.750% due 05/15/2030 | 200 | 209 |
|  Grifols SA | Grifols SA | Grifols SA |
|  3.875% due 10/15/2028 | 200 | 231 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 250 | 247 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 100 | 103 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 100 | 92 |
|  3.750% due 05/01/2029 | 200 | 193 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 150 | 152 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.900% due 06/23/2028 | 200 | 203 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 100 | 102 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.850% due 04/15/2031 | 200 | 184 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.013% due 12/15/2030 | 93 | 126 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 03/15/2030 | 100 | 103 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 200 | 189 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 199 | 197 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.850% due 03/08/2029 | 200 | 188 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  3.875% due 04/15/2030 | 200 | 196 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 200 | 197 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.875% due 04/15/2029 | 74 | 76 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 100 | 100 |
|  4.625% due 04/15/2029 | 300 | 296 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 100 | 101 |
|  5.700% due 08/01/2035 | 100 | 102 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 | 200 | 210 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.650% due 03/25/2032 | 200 | 207 |
|  |  | 7672 |
| UTILITIES 2.0% | UTILITIES 2.0% | UTILITIES 2.0% |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  3.757% due 03/16/2032 | 100 | 94 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.375% due 04/01/2030 | 200 | 192 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 100 | 104 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  5.125% due 06/26/2029 | 300 | 308 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 100 | 128 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.700% due 05/15/2032 | 300 | 304 |
|  Northumbrian Water Finance PLC | Northumbrian Water Finance PLC | Northumbrian Water Finance PLC |
|  1.625% due 10/11/2026 | 100 | 131 |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.250% due 06/01/2031 | $| 200 | 184 |
|  4.400% due 03/01/2032 |  | 200 | 195 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  4.900% due 03/15/2030 |  | 100 | 102 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 |  | 200 | 197 |
|  |  |  | 1939 |
|  Total Corporate Bonds & Notes (Cost $21,455) | Total Corporate Bonds & Notes (Cost $21,455) | Total Corporate Bonds & Notes (Cost $21,455) | 21415 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.587% due 06/01/2029 |  | 200 | 187 |
|  Total Municipal Bonds & Notes (Cost $200) | Total Municipal Bonds & Notes (Cost $200) | Total Municipal Bonds & Notes (Cost $200) | 187 |
| U.S. GOVERNMENT AGENCIES 61.1% | U.S. GOVERNMENT AGENCIES 61.1% | U.S. GOVERNMENT AGENCIES 61.1% | U.S. GOVERNMENT AGENCIES 61.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.000% due 04/01/2055 |  | 625 | 650 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 04/01/2048 |  | 344 | 330 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.583% due 03/25/2034 •  |  | 1 | 1 |
|  5.371% due 04/25/2032 •  |  | 1 | 1 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 11/01/2055 |  | 3800 | 3775 |
|  6.000% due 10/01/2055 -<br>11/01/2055 |  | 4000 | 4068 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 11/01/2055 |  | 100 | 84 |
|  3.000% due 11/01/2055 |  | 4300 | 3778 |
|  3.500% due 11/01/2055 |  | 5900 | 5390 |
|  4.000% due 11/01/2055 |  | 600 | 566 |
|  4.500% due 10/01/2055 |  | 2900 | 2813 |
|  5.000% due 11/01/2055 |  | 21000 | 20815 |
|  5.500% due 11/01/2055 |  | 3900 | 3930 |
|  6.000% due 11/01/2055 |  | 11400 | 11645 |
|  Total U.S. Government Agencies (Cost $57,912) | Total U.S. Government Agencies (Cost $57,912) | Total U.S. Government Agencies (Cost $57,912) | 57846 |
| U.S. TREASURY OBLIGATIONS 11.6% | U.S. TREASURY OBLIGATIONS 11.6% | U.S. TREASURY OBLIGATIONS 11.6% | U.S. TREASURY OBLIGATIONS 11.6% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 |  | 2668 | 2526 |
|  1.125% due 01/15/2033 (j) |  | 1844 | 1787 |
|  1.750% due 01/15/2034 (j) |  | 105 | 106 |
|  1.875% due 07/15/2034 |  | 1699 | 1724 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 11/15/2034 |  | 4200 | 4248 |
|  4.875% due 04/30/2026 (j) |  | 600 | 604 |
|  Total U.S. Treasury Obligations (Cost $10,734) | Total U.S. Treasury Obligations (Cost $10,734) | Total U.S. Treasury Obligations (Cost $10,734) | 10995 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  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 |  | 87 | 56 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.895% due 06/20/2032 ~ |  | 9 | 9 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.714% due 05/25/2036 ~ |  | 495 | 236 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.777% due 02/25/2034 ~ |  | 12 | 11 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 01/25/2036 |  | 255 | 174 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  4.412% due 11/25/2036 •  |  | 836 | 112 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ |  | 193 | 112 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.842% due 04/17/2041 •  | EUR | 4 | 5 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.844% due 06/25/2034 ~ | $| 8 | 8 |
|  5.750% due 01/25/2037 |  | 9 | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.304% due 06/19/2036 ~ |  | 98 | 39 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.266% due 05/25/2034 ~ |  | 22 | 21 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  |  | 24 | 24 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  6.196% due 09/25/2037 ~ |  | 324 | 215 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 07/25/2037 |  | 194 | 71 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.748% due 07/19/2035 •  |  | 12 | 12 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.988% due 03/25/2037 ~ |  | 273 | 236 |
|  5.553% due 08/25/2042 •  |  | 5 | 5 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,174) | Total Non-Agency Mortgage-Backed Securities (Cost $2,174) | Total Non-Agency Mortgage-Backed Securities (Cost $2,174) | 1351 |
| ASSET-BACKED SECURITIES 11.3% | ASSET-BACKED SECURITIES 11.3% | ASSET-BACKED SECURITIES 11.3% | ASSET-BACKED SECURITIES 11.3% |
| CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% | CMBS OTHER 1.0% |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  6.385% due 06/17/2039 •  |  | 375 | 376 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  |  | 168 | 168 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.793% due 02/15/2039 •  |  | 407 | 408 |
|  |  |  | 952 |
| HOME EQUITY OTHER 4.7% | HOME EQUITY OTHER 4.7% | HOME EQUITY OTHER 4.7% | HOME EQUITY OTHER 4.7% |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.977% due 11/25/2035 •  |  | 83 | 82 |
|  5.292% due 09/25/2034 •  |  | 33 | 33 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.732% due 02/25/2037 •  |  | 510 | 494 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  |  | 272 | 276 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.472% due 06/25/2047 •  |  | 328 | 291 |
|  5.012% due 08/25/2047 •  |  | 86 | 85 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  |  | 453 | 234 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.052% due 01/25/2036 •  |  | 400 | 351 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.732% due 01/25/2037 •  |  | 108 | 36 |
|  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 |
|  4.572% due 09/25/2036 •  |  | 620 | 214 |
|  4.812% due 12/25/2034 •  |  | 231 | 222 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.792% due 07/25/2036 •  |  | 937 | 844 |
|  4.872% due 02/25/2036 •  |  | 68 | 68 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.582% due 09/25/2037 •  |  | 159 | 154 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.692% due 10/25/2036 •  |  | 700 | 547 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.472% due 06/25/2037 •  |  | 450 | 309 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.497% due 05/25/2037 •  |  | 251 | 237 |
|  |  |  | 4477 |
| OTHER ABS 5.6% | OTHER ABS 5.6% | OTHER ABS 5.6% | OTHER ABS 5.6% |
|  Aurium CLO IV DAC | Aurium CLO IV DAC | Aurium CLO IV DAC | Aurium CLO IV DAC |
|  2.982% due 01/16/2031 •  | EUR | 240 | 282 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  5.475% due 04/20/2035 •  | 500 | 502 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 265 | 311 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  3.221% due 08/15/2038 •  | 500 | 589 |
|  Harvest CLO XXII DAC | Harvest CLO XXII DAC | Harvest CLO XXII DAC |
|  2.876% due 01/15/2032 •  | 443 | 520 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.676% due 04/15/2031 •  | 473 | 556 |
|  KKR CLO 12 Ltd. | KKR CLO 12 Ltd. | KKR CLO 12 Ltd. |
|  5.714% due 10/15/2030 •  | 53 | 54 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.862% due 07/20/2034 •  | 500 | 500 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.475% due 07/20/2035 •  | 500 | 502 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(a) | 500 | 500 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.525% due 07/20/2034 •  | 500 | 501 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.738% due 09/07/2039 •  | 602 | 338 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 107 | 107 |
|  |  | 5262 |
|  Total Asset-Backed Securities (Cost $10,737) | Total Asset-Backed Securities (Cost $10,737) | 10691 |
| SOVEREIGN ISSUES 15.4% | SOVEREIGN ISSUES 15.4% | SOVEREIGN ISSUES 15.4% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (b) | 18300 | 3212 |
|  Colombia TES | Colombia TES | Colombia TES |
|  6.500% due 01/22/2031 (c) | 2486152 | 638 |
|  11.750% due 01/24/2035 | 1821400 | 463 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 200 | 206 |
|  5.625% due 02/19/2035 | 200 | 207 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 49000 | 254 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 80000 | 461 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 110000 | 682 |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  4.587% (SONIO/N + 0.600%) due 10/14/2028 ~(a) | 100 | 135 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.400% due 02/09/2028 | 200 | 206 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.940% due 02/12/2029 | 300 | 91 |
|  6.850% due 08/12/2035 | 400 | 122 |
|  7.300% due 08/12/2033 | 2600 | 835 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 1100 | 307 |
|  6.150% due 08/12/2032 | 2600 | 794 |
|  6.900% due 08/12/2037 | 500 | 151 |
|  6.950% due 08/12/2031 | 2481 | 791 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 09/18/2030 ~ | 2292600 | 517 |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  1.000% due 04/28/2028 ~ | 3301300 | 774 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.625% due 03/18/2029 | 200 | 204 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 29400 | 1615 |
|  8.000% due 01/31/2030 | 10100 | 587 |
|  8.250% due 03/31/2032 | 2200 | 126 |
|  8.500% due 01/31/2037 | 7900 | 421 |
|  9.000% due 01/31/2040 | 2600 | 138 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 400 | 396 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **135** |

---

------

Schedule of Investments PIMCO Low Duration Opportunities Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 200 | 206 |
|  Total Sovereign Issues (Cost $13,875) | Total Sovereign Issues (Cost $13,875) | 14539 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  6.329% (US0003M + 1.750%) due 01/15/2067 ~ | 100000 | 67 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% due 12/31/2049 ~(d) | 250 | 44 |
|  Total Preferred Securities (Cost $107) | Total Preferred Securities (Cost $107) | 111 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 21.4% | SHORT-TERM INSTRUMENTS 21.4% | SHORT-TERM INSTRUMENTS 21.4% |
| COMMERCIAL PAPER 1.9% | COMMERCIAL PAPER 1.9% | COMMERCIAL PAPER 1.9% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.570% due 10/14/2025 | 250 | 250 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.500% due 11/19/2025 | 250 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.800% due 10/07/2025 | 250 | 250 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/23/2025 | 250 | 249 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.410% due 10/01/2025 | 250 | 250 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 250 | 247 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 250 | 249 |
|  |  | 1743 |
|  | **SHARES** |  |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.200% (f) | 328475 | 328 |
| REPURCHASE AGREEMENTS (g) 19.1% | REPURCHASE AGREEMENTS (g) 19.1% | REPURCHASE AGREEMENTS (g) 19.1% |
|  |  | 18100 |
| Total Short-Term Instruments<br>(Cost $20,171) | Total Short-Term Instruments<br>(Cost $20,171) | 20171 |
| Total Investments in Securities<br>(Cost $137,656) | Total Investments in Securities<br>(Cost $137,656) | 137597 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 16.5% | INVESTMENTS IN AFFILIATES 16.5% | INVESTMENTS IN AFFILIATES 16.5% | INVESTMENTS IN AFFILIATES 16.5% |
| SHORT-TERM INSTRUMENTS 16.5% | SHORT-TERM INSTRUMENTS 16.5% | SHORT-TERM INSTRUMENTS 16.5% | SHORT-TERM INSTRUMENTS 16.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.5% |
|  PIMCO Short Asset Portfolio | 458200 | $— | 4496 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1142854 |  | 11130 |
| Total Short-Term Instruments<br>(Cost $15,607) | Total Short-Term Instruments<br>(Cost $15,607) |  | 15626 |
| Total Investments in Affiliates<br>(Cost $15,607) | Total Investments in Affiliates<br>(Cost $15,607) |  | 15626 |
| Total Investments 161.9%<br>(Cost $153,263) | Total Investments 161.9%<br>(Cost $153,263) | $— | 153223 |
|  Financial Derivative<br>Instruments (h)(i) (0.4)%<br> (Cost or Premiums, net $67) | Financial Derivative<br>Instruments (h)(i) (0.4)%<br> (Cost or Premiums, net $67) |  | (399) |
| Other Assets and Liabilities, net (61.5)% | Other Assets and Liabilities, net (61.5)% |  | (58200) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 94624 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e) Contingent convertible security.

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(g) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | U.S. Treasury Notes 4.000% due 06/30/2028 | $(18463) | $18100 | $18102 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18463) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18102 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (16.1)% | U.S. Government Agencies (16.1)% | U.S. Government Agencies (16.1)% | U.S. Government Agencies (16.1)% | U.S. Government Agencies (16.1)% | U.S. Government Agencies (16.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $4400 | $(3546) | $(3548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | (11747) | (11696) |
|  Total Short Sales (16.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15293) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15244) |

---

136 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/<br>(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $18102 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18463) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $(1) | $(1) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 5 | 5 | (1) | (1) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 2 | 2 | (1) | (1) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 1 | 1 | 0 | 0 |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 1 | 1 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 5 | 5 | (1) | (1) |
|  |  |  |  |  | $(2) | $(1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 11 | $2649 | $(9) | $1 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 11 | 2660 | (1) | 1 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 11 | 2654 | (6) | 1 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 11 | 2639 | (15) | 0 | 0 |
|  Long Guilt December Futures  | 12/2025 | 7 | 855 | 4 | 3 | 0 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24174 | (3) | 13 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 28 | 3150 | (13) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 8 | 961 | 25 | 0 | (5) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 3 | $(415) | $0 | $0 | $(1) |
|  Euro-Bund December Futures  | 12/2025 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
|  Euro-Schatz December Futures  | 12/2025 | 7 | (879) | 1 | 0 | 0 |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 5 | (4591) | 44 | 4 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **137** |

---

------

Schedule of Investments PIMCO Low Duration Opportunities 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** |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 50 | $(5460) | $(22) | $0 | $(2) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 9 | (1049) | (24) | 2 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13694) | (116) | 7 | 0 |
|  |  |  |  | $(138) | $14 | $(16) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.170% | $300 | $60 | $(56) | $4 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.272 | 300 | (1) | 4 | 3 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 100 | 1 | (1) | 0 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 100 | 2 | 0 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.HY-41 5-Year Index | (5.000)% | Quarterly | 12/20/2028 | $792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-40 5-Year Index | 1.000% | Quarterly | 12/20/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(5) | $5 | $0 | $0 | $0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 200 | (5) | 0 | (5) | 0 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 300 | 7 | 0 | 7 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 1800 | $(8) | $(2) | $(10) | $3 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/10/2026 | $2940 | 3 | 1 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 3200 | 7 | (39) | (32) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 1200 | 0 | (1) | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 800 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 700 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 500 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 500 | 0 | (4) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 300 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 200 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 03/30/2031 | 1260 | 9 | 186 | 195 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 1600 | (2) | (16) | (18) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 4200 | (1) | (67) | (68) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2030 | 35 | (55) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 3900 | (58) | 39 | (19) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 100 | 0 | (2) | (2) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884% | Annual | 03/25/2035 | $100 | $0 | $(2) | $(2) | $0 | $0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 07/14/2044 | 110 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 2900 | 605 | 529 | 1134 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.999 | Annual | 07/03/2053 | 580 | 31 | 164 | 195 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.842 | Annual | 09/19/2053 | 500 | 165 | 14 | 179 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.874 | Annual | 09/19/2053 | 300 | 97 | 9 | 106 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.060 | Semi-Annual | 10/27/2053 | 300 | 17 | 93 | 110 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 600 | 85 | (10) | 75 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.496 | Maturity | 01/04/2027 | 4400 | 0 | (30) | (30) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.566 | Maturity | 01/04/2027 | 23300 | 0 | (154) | (154) | 0 | (1) |
| Receive | 1-Year BRL-CDI | 11.691 | Maturity | 01/04/2027 | 13200 | 0 | 82 | 82 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 3900 | 0 | (3) | (3) | 0 | (1) |
| Receive | 1-Year BRL-CDI | 14.020 | Maturity | 01/04/2027 | 9700 | 0 | 5 | 5 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.175 | Maturity | 01/02/2029 | 9600 | 0 | (4) | (4) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 400 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 18100 | 4 | (3) | 1 | 2 | 0 |
| Receive | 1-Year BRL-CDI | 13.545 | Maturity | 01/02/2029 | 6800 | 0 | (6) | (6) | 0 | (1) |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.500 | Quarterly | 04/28/2028 | 2833600 | 0 | 0 | 0 | 0 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 8.750 | Quarterly | 09/18/2030 | 1788200 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 4400 | 1 | 70 | 71 | 13 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 3900 | 67 | (7) | 60 | 14 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 | 160 | 0 | 5 | 5 | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 400 | 2 | (1) | 1 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.415 | Annual | 07/09/2035 | 1800 | 0 | (11) | (11) | 7 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 700 | 0 | 1 | 1 | 2 | 0 |
|  |  |  |  |  |  | $1059 | $763 | $1822 | $58 | $(9) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

Cash of $1,790 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **139** |

---

------

Schedule of Investments PIMCO Low Duration Opportunities Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 3385 | $3948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(26) |
|  | 10/2025 | $14 | 21 | 0 | 0 |
|  | 10/2025 | 1116 | 1553 | 0 | 0 |
|  | 11/2025 | 21 | $14 | 0 | 0 |
|  | 11/2025 | 1551 | 1116 | 0 | 0 |
|  BOA | 10/2025 | 115 | 1 | 0 | 0 |
|  | 10/2025 | $7 | 1003 | 0 | 0 |
|  | 10/2025 | 34 | 60 | 0 | 0 |
|  | 10/2025 | 541 | 1960 | 0 | (2) |
|  | 11/2025 | 822 | $147 | 0 | (6) |
|  | 11/2025 | 1000 | 7 | 0 | 0 |
|  | 11/2025 | 60 | 35 | 0 | 0 |
|  | 11/2025 | $20 | 67 | 0 | 0 |
|  | 11/2025 | 597 | $34 | 0 | 0 |
|  | 08/2026 | $41 | 744 | 1 | 0 |
|  BPS | 10/2025 | 6400 | $1072 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
|  | 10/2025 | 16 | 2 | 0 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104445 | 67 | 1 | 0 |
|  | 10/2025 | 4004 | 45 | 1 | 0 |
|  | 10/2025 | 229 | 63 | 0 | 0 |
|  | 10/2025 | 32834 | 1085 | 7 | 0 |
|  | 10/2025 | $1190 | 6400 | 13 | (1) |
|  | 10/2025 | 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310929 | 0 | (3) |
|  | 10/2025 | 459 | 40610 | 0 | (3) |
|  | 10/2025 | 8 | 1162 | 0 | 0 |
|  | 10/2025 | 107 | 147294 | 0 | (2) |
|  | 10/2025 | 31 | 112 | 0 | 0 |
|  | 11/2025 | 668455 | $40 | 0 | 0 |
|  | 11/2025 | 4450 | 50 | 0 | 0 |
|  | 11/2025 | 1158 | 8 | 0 | 0 |
|  | 11/2025 | 42054 | 30 | 0 | 0 |
|  | 11/2025 | $19 | 100 | 0 | 0 |
|  | 12/2025 | 17 | 282984 | 0 | 0 |
|  | 04/2026 | 2700 | $473 | 0 | (13) |
|  BRC | 10/2025 | 264 | 331 | 0 | (1) |
|  | 10/2025 | 35 | 47 | 0 | 0 |
|  | 10/2025 | $91 | 332 | 1 | 0 |
|  | 10/2025 | 252 | 10876 | 5 | 0 |
|  | 11/2025 | 58 | $38 | 0 | 0 |
|  | 11/2025 | $308 | 245 | 1 | 0 |
|  | 11/2025 | 47 | 35 | 0 | 0 |
|  | 11/2025 | 463 | 20248 | 4 | 0 |
|  | 11/2025 | 5778 | $328 | 0 | (5) |
|  BSH | 10/2025 | 4700 | 884 | 1 | 0 |
|  | 10/2025 | $864 | 4700 | 19 | 0 |
|  | 10/2025 | 10 | 18 | 0 | 0 |
|  | 11/2025 | 18 | $10 | 0 | 0 |
|  | 11/2025 | 154 | 43 | 0 | (2) |
|  | 12/2025 | 965 | 271 | 0 | (6) |
|  | 01/2026 | 1200 | 335 | 0 | (9) |
|  | 03/2026 | 2788 | 798 | 0 | (1) |
|  | 04/2026 | 5100 | 898 | 0 | (19) |
|  CBK | 10/2025 | 1423 | 947 | 6 | (1) |
|  | 10/2025 | 9134 | 1717 | 1 | 0 |
|  | 10/2025 | 956 | 692 | 5 | 0 |
|  | 10/2025 | 2548 | 359 | 1 | 0 |
|  | 10/2025 | 89 | 105 | 0 | 0 |
|  | 10/2025 | 210 | 283 | 1 | 0 |
|  | 10/2025 | 291421 | 17 | 0 | 0 |
|  | 10/2025 | 30340 | 341 | 0 | 0 |
|  | 10/2025 | 147 | 42 | 0 | 0 |
|  | 10/2025 | 25 | 20 | 0 | 0 |
|  | 10/2025 | 547 | 18 | 1 | 0 |
|  | 10/2025 | $1674 | 9134 | 42 | 0 |
|  | 10/2025 | 368 | 313 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $412 | 303 | $0 | $(5) |
|  | 10/2025 | 4 | 137 | 0 | 0 |
|  | 10/2025 | 1433 | $83 | 0 | 0 |
|  | 11/2025 | $339 | 30220 | 0 | 0 |
|  | 12/2025 | 136 | $5 | 0 | 0 |
|  | 12/2025 | $17 | 292247 | 0 | 0 |
|  | 01/2026 | 1752 | $490 | 0 | (13) |
|  | 02/2026 | 786 | 214 | 0 | (12) |
|  | 03/2026 | 2174 | 616 | 0 | (8) |
|  | 03/2026 | $63 | 221 | 1 | 0 |
|  | 05/2026 | 637 | $180 | 0 | (3) |
|  DUB | 10/2025 | 17 | 2 | 0 | 0 |
|  | 10/2025 | 238 | 70 | 0 | (2) |
|  | 10/2025 | 433 | 338 | 2 | 0 |
|  | 10/2025 | $28 | 38713 | 0 | 0 |
|  | 11/2025 | 70 | 238 | 2 | 0 |
|  | 11/2025 | 13954 | $797 | 0 | (8) |
|  FAR | 10/2025 | 44 | 55 | 0 | 0 |
|  | 10/2025 | 131 | 1 | 0 | 0 |
|  | 10/2025 | 45841 | 312 | 2 | 0 |
|  | 10/2025 | 133 | 36 | 0 | 0 |
|  | 10/2025 | $875 | 1344 | 15 | 0 |
|  | 10/2025 | 101 | 370 | 1 | 0 |
|  | 10/2025 | 1379 | 1776 | 0 | (2) |
|  | 11/2025 | 639 | $418 | 0 | (6) |
|  | 11/2025 | 547 | 149 | 0 | (8) |
|  | 11/2025 | 1771 | 1379 | 2 | 0 |
|  | 11/2025 | $55 | 44 | 0 | 0 |
|  | 12/2025 | 646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296 | 20 | 0 |
|  GLM | 10/2025 | 11538 | $1918 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |
|  | 10/2025 | 7342 | 1033 | 3 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279957 | 17 | 0 | 0 |
|  | 10/2025 | 92 | 1 | 0 | 0 |
|  | 10/2025 | 735968 | 525 | 2 | (2) |
|  | 10/2025 | 1297 | 1013 | 7 | 0 |
|  | 10/2025 | 9343 | 309 | 2 | 0 |
|  | 10/2025 | $2126 | 11538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 0 |
|  | 10/2025 | 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438129 | 0 | (3) |
|  | 10/2025 | 901 | 79691 | 0 | (5) |
|  | 10/2025 | 261 | 368150 | 2 | 0 |
|  | 10/2025 | 144 | 525 | 0 | 0 |
|  | 10/2025 | 7 | 213 | 0 | 0 |
|  | 11/2025 | 58 | 2507 | 0 | 0 |
|  | 12/2025 | 17 | 280628 | 0 | 0 |
|  | 04/2026 | 10500 | $1851 | 0 | (38) |
|  JPM | 10/2025 | 279 | 202 | 1 | 0 |
|  | 10/2025 | 90271 | 1017 | 1 | 0 |
|  | 10/2025 | $48 | 67004 | 0 | (1) |
|  | 10/2025 | 60 | 220 | 1 | 0 |
|  | 10/2025 | 79 | 3389 | 2 | 0 |
|  | 11/2025 | 96 | $29 | 0 | 0 |
|  | 11/2025 | $1017 | 90453 | 0 | (1) |
|  | 11/2025 | 12357 | $705 | 0 | (8) |
|  | 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517392 | 1142 | 2 | 0 |
|  | 12/2025 | $150 | 2797 | 1 | 0 |
|  MBC | 10/2025 | 51 | $60 | 1 | 0 |
|  | 10/2025 | 48 | 64 | 0 | 0 |
|  | 10/2025 | 146514 | 105 | 0 | 0 |
|  | 10/2025 | $388 | 308 | 0 | (1) |
|  | 10/2025 | 151 | 1075 | 0 | 0 |
|  | 10/2025 | 116 | 99 | 0 | 0 |
|  | 10/2025 | 191 | 141 | 0 | (2) |
|  | 10/2025 | 4 | 576 | 0 | 0 |
|  | 10/2025 | 143 | 199711 | 0 | (1) |
|  | 10/2025 | 45 | 429 | 1 | 0 |
|  | 10/2025 | 16 | 500 | 0 | 0 |
|  | 11/2025 | 1073 | $151 | 0 | 0 |
|  | 11/2025 | 574 | 4 | 0 | 0 |
|  MYI | 10/2025 | 18 | 3 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

---

------

Schedule of Investments PIMCO Low Duration Opportunities Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | 510 | $3 | $0 | $0 |
|  | 10/2025 | 124 | 34 | 0 | 0 |
|  | 10/2025 | $147 | 21978 | 1 | 0 |
|  | 10/2025 | 4 | 110 | 0 | 0 |
|  | 11/2025 | 21902 | $147 | 0 | (1) |
|  | 12/2025 | 109 | 4 | 0 | 0 |
|  NGF | 10/2025 | $64 | 88747 | 0 | (1) |
|  | 11/2025 | 81 | 3552 | 1 | 0 |
|  | 12/2025 | 464 | 20342 | 2 | 0 |
|  SCX | 10/2025 | 344 | $65 | 0 | 0 |
|  | 10/2025 | 225409 | 13 | 0 | 0 |
|  | 10/2025 | 2612 | 18 | 0 | 0 |
|  | 10/2025 | 21 | 16 | 0 | 0 |
|  | 10/2025 | 414 | 14 | 0 | 0 |
|  | 10/2025 | $65 | 344 | 0 | 0 |
|  | 10/2025 | 190 | 142 | 1 | 0 |
|  | 11/2025 | 142 | $190 | 0 | (1) |
|  | 12/2025 | $65 | 349 | 0 | 0 |
|  | 12/2025 | 13 | 225979 | 0 | 0 |
|  SOG | 10/2025 | 10555 | $1978 | 0 | (6) |
|  | 10/2025 | 23921 | 163 | 1 | 0 |
|  | 10/2025 | 77 | 45 | 0 | 0 |
|  | 10/2025 | $1984 | 10555 | 0 | (1) |
|  | 10/2025 | 3661 | 3113 | 0 | (6) |
|  | 10/2025 | 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47863 | 2 | 0 |
|  | 11/2025 | 3113 | $3668 | 6 | 0 |
|  | 11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47697 | 322 | 0 | (2) |
|  | 12/2025 | $1978 | 10705 | 5 | 0 |
|  SSB | 10/2025 | 293 | $395 | 1 | 0 |
|  | 11/2025 | 206 | 56 | 0 | (4) |
|  UAG | 10/2025 | 316 | 229 | 2 | 0 |
|  | 10/2025 | 124 | 34 | 0 | 0 |
|  | 10/2025 | $79 | 262 | 1 | 0 |
|  | 10/2025 | 83 | 1433 | 0 | 0 |
|  | 10/2025 | 1434 | $83 | 0 | 0 |
|  | 11/2025 | 6286 | 357 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640) |

---

#### 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 BRL | BRL | 5.500 | 11/24/2025 | 273 | $4 | $8 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 410 | 20 | 22 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |

---

#### 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 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470% | 06/04/2035 | 300 | $27 | $25 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 300 | 27 | 25 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 12000 | 9 | 11 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.808 | 07/31/2034 | 500 | 44 | 31 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.808 | 07/31/2034 | 500 | 44 | 49 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 10300 | 8 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.800 | 07/12/2034 | 1100 | 95 | 68 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.800 | 07/12/2034 | 1100 | 95 | 107 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.757 | 09/18/2026 | 100 | 0 | 0 |
|  |  |  |  |  |  | $349 | $325 |
|  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;373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |

---

142 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  BOA | Put - OTC USD versus BRL | BRL | 5.250 | 11/24/2025 | 273 | $(1) | $(2) |
|  | Call - OTC USD versus BRL |  | 5.800 | 11/24/2025 | 273 | (4) | (1) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 820 | (19) | (21) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 100 | $0 | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 200 | (1) | (1) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 100 | 0 | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 100 | 0 | 0 |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 100 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 500 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 500 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 100 | 0 | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 100 | 0 | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 100 | 0 | 0 |
|  |  |  |  |  |  | $(9) | $(3) |
|  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;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **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) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **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) | Asset | Liability |
| BRC | ABX.HE.AAA.7-1 Index « | (0.090)% | Monthly | 08/25/2037 | $45 | $33 | $(27) | $6 | $0 |
| GST | ABX.HE.AAA.7-1 Index « | (0.090) | Monthly | 08/25/2037 | 135 | 98 | (79) | 19 | 0 |
| MYC | ABX.HE.AAA.7-1 Index « | (0.090) | Monthly | 08/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | 162 | (131) | 31 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | $(1585) | $1134 | $0 | $(451) |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 600 | (21) | 23 | 2 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 400 | (11) | 13 | 2 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 400 | (14) | 15 | 1 | 0 |
|  |  |  |  |  |  | $(1631) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |
|  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) | $948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $(451) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 143

------

Schedule of Investments PIMCO Low Duration Opportunities Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(26) | $0 | $0 | $(26) | $(26) | $0 | $(26) |
|  BOA | 1 | 80 | 0 | 81 | (8) | (26) | 0 | (34) | 47 | 0 | 47 |
|  BPS | 22 | 0 | 0 | 22 | (153) | 0 | 0 | (153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
|  BRC | 11 | 0 | 6 | 17 | (6) | 0 | 0 | (6) | 11 | 0 | 11 |
|  BSH | 20 | 0 | 0 | 20 | (37) | 0 | 0 | (37) | (17) | 0 | (17) |
|  CBK | 58 | 0 | 0 | 58 | (43) | 0 | 0 | (43) | 15 | 0 | 15 |
|  DUB | 4 | 11 | 0 | 15 | (10) | 0 | 0 | (10) | 5 | 0 | 5 |
|  FAR | 40 | 0 | 0 | 40 | (16) | 0 | 0 | (16) | 24 | 0 | 24 |
|  GLM | 58 | 0 | 0 | 58 | (299) | (1) | 0 | (300) | (242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | 15 |
|  GST | 0 | 0 | 19 | 19 | 0 | 0 | 0 | 0 | 19 | 0 | 19 |
|  JPM | 8 | 80 | 0 | 88 | (10) | 0 | (451) | (461) | (373) | 566 | 193 |
|  MBC | 2 | 0 | 0 | 2 | (4) | 0 | 0 | (4) | (2) | 0 | (2) |
|  MYC | 0 | 184 | 33 | 217 | 0 | 0 | 0 | 0 | 217 | 0 | 217 |
|  MYI | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  NGF | 3 | 0 | 0 | 3 | (1) | 0 | 0 | (1) | 2 | 0 | 2 |
|  SAL | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  SOG | 14 | 0 | 0 | 14 | (15) | 0 | 0 | (15) | (1) | 0 | (1) |
|  SSB | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  UAG | 3 | 0 | 1 | 4 | (6) | 0 | 0 | (6) | (2) | 0 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1118) |  |  |  |

---

(j) Securities with an aggregate market value of $823 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $33 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 58 | 58 |
|  | $&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;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |

---

144 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $247 | $0 | $247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 30 | 325 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 61 | 0 | 0 | 0 | 61 |
|  | $0 | $61 | $0 | $277 | $325 | $663 |
|  | $0 | $61 | $0 | $277 | $416 | $754 |
|  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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 9 | 10 |
|  | $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 | $640 | $0 | $640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 24 | 3 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 451 | 0 | 0 | 0 | 451 |
|  | $0 | $451 | $0 | $664 | $3 | $1118 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $20 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (237) | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 27 | 0 | 0 | (58) | (31) |
|  | $0 | $27 | $0 | $0 | $(275) | $(248) |
|  Over the counter | Over the 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 | $(836) | $0 | $(836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (144) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 221 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 93 | 0 | 0 | 0 | 93 |
|  | $0 | $94 | $0 | $(836) | $77 | $(665) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 106 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (15) | 0 | 0 | 66 | 51 |
|  | $0 | $(15) | $0 | $0 | $173 | $158 |
|  Over the counter | Over the 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 | $(384) | $0 | $(384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 6 | 63 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 1 | (108) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (52) | 0 | 0 | 0 | (52) |
|  | $0 | $(52) | $0 | $(377) | $(45) | $(474) |
|  | $0 | $(67) | $0 | $(377) | $128 | $(316) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 145

------

Schedule of Investments PIMCO Low Duration Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $291 | $0 | $291 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 11804 | 0 | 11804 |
| &nbsp;&nbsp; Industrials | 0 | 6772 | 900 | 7672 |
| &nbsp;&nbsp; Utilities | 0 | 1939 | 0 | 1939 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 187 | 0 | 187 |
|  U.S. Government Agencies | 0 | 57846 | 0 | 57846 |
|  U.S. Treasury Obligations | 0 | 10995 | 0 | 10995 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1351 | 0 | 1351 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 952 | 0 | 952 |
| &nbsp;&nbsp; Home Equity Other | 0 | 4477 | 0 | 4477 |
| &nbsp;&nbsp; Other ABS | 0 | 5262 | 0 | 5262 |
|  Sovereign Issues | 0 | 14539 | 0 | 14539 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 111 | 0 | 111 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1743 | 0 | 1743 |
| &nbsp;&nbsp; Mutual Funds | 0 | 328 | 0 | 328 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 18100 | 0 | 18100 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137597 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $15626 | $0 | $0 | $15626 |
|  Total Investments | $15626 | $136697 | $900 | $153223 |
|  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 | $(15244) | $0 | $(15244) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 8 | 83 | 0 | 91 |
|  Over the counter | 0 | 607 | 56 | 663 |
|  | $8 | $690 | $56 | $754 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (15) | (20) | 0 | (35) |
|  Over the counter | 0 | (667) | (451) | (1118) |
|  | $(15) | $(687) | $(451) | $(1153) |
|  Total Financial Derivative Instruments | $(7) | $3 | $(395) | $(399) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137580 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Moderate Duration Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 119.8% | INVESTMENTS IN SECURITIES 119.8% | INVESTMENTS IN SECURITIES 119.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.413% (TSFR1M + 2.250%) due 02/06/2031 ~ | 1281 | 1279 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 295 | 295 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 1334 | 1357 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  6.199% (TSFR3M + 2.000%) due 12/15/2031 ~ | 1091 | 1085 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(h) | 500 | 500 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(h) | 284 | 333 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 700 | 709 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.413% (TSFR1M + 2.250%) due 02/10/2032 ~ | 995 | 996 |
|  Total Loan Participations and Assignments<br>(Cost $6,474) | Total Loan Participations and Assignments<br>(Cost $6,474) | 6554 |
| CORPORATE BONDS & NOTES 15.4% | CORPORATE BONDS & NOTES 15.4% | CORPORATE BONDS & NOTES 15.4% |
| BANKING & FINANCE 7.6% | BANKING & FINANCE 7.6% | BANKING & FINANCE 7.6% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  4.375% due 11/15/2030 (b) | 3000 | 2987 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 800 | 806 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.433% due 05/20/2032 •  | 1200 | 1421 |
|  5.667% due 04/25/2036 •  | 2000 | 2114 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  4.950% due 06/15/2030 | 600 | 611 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.800% due 11/15/2028 | 4300 | 4492 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 900 | 891 |
|  5.450% due 09/09/2028 | 1600 | 1613 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  5.150% due 02/15/2035 | 900 | 911 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  3.026% (EUR003M + 1.000%) due 02/23/2027 ~ | 2600 | 3071 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 10/15/2032 | 1500 | 1482 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 700 | 710 |
|  5.162% due 01/24/2031 •  | 1900 | 1962 |
|  5.819% due 09/15/2029 •  | 2400 | 2510 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 300 | 298 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.900% due 06/23/2030 | 700 | 710 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 850 | 894 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.493% due 09/11/2031 •  | 4600 | 4564 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.800% due 06/15/2030 | 750 | 762 |
|  CFE Fibra E | CFE Fibra E | CFE Fibra E |
|  5.875% due 09/23/2040 | 900 | 910 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 (b) | 400 | 398 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1100 | 336 |
|  10.100% due 12/15/2043 | 4900 | 1521 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(f) | 1800 | 1872 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 1000 | 1017 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.700% due 09/15/2032 | 1800 | 1792 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 1000 | 1040 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 400 | 380 |
|  3.815% due 11/02/2027 | 900 | 878 |
|  4.125% due 08/17/2027 | 1800 | 1771 |
|  4.271% due 01/09/2027 | 600 | 595 |
|  4.950% due 05/28/2027 | 400 | 400 |
|  5.800% due 03/08/2029 | 1000 | 1015 |
|  5.918% due 03/20/2028 | 900 | 916 |
|  6.800% due 05/12/2028 | 2600 | 2701 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 1400 | 1484 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 1220 | 1140 |
|  4.500% due 09/18/2030 | 150 | 149 |
|  5.500% due 04/01/2032 | 550 | 565 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.218% due 04/23/2031 •  | 2700 | 2793 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  5.330% due 06/07/2035 «(h) | 600 | 622 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 200 | 199 |
|  5.300% due 06/05/2027 | 2100 | 2112 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  13.654% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 250 | 263 |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | 250 | 266 |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ | 250 | 281 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 400 | 456 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 500 | 502 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.960% due 01/29/2027 •  | 458 | 458 |
|  5.103% due 04/22/2031 •  | 6550 | 6768 |
|  5.140% due 01/24/2031 •  | 2000 | 2066 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | 250 | 256 |
|  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 | 200 | 204 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 800 | 846 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ | 800 | 805 |
|  Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
|  4.200% due 09/16/2030 | 1200 | 1193 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.574% due 01/16/2036 •  | 1700 | 1786 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.210% due 04/20/2028 •  | 941 | 942 |
|  5.123% due 02/01/2029 •  | 2648 | 2705 |
|  5.664% due 04/17/2036 •  | 6280 | 6629 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.734% due 07/18/2031 •  | 2000 | 2031 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 | 300 | 298 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | $| 200 | 197 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 |  | 1800 | 1833 |
|  5.343% (SOFRRATE + 1.190%) due 03/21/2030 ~ |  | 500 | 505 |
|  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 |  | 3800 | 3666 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  4.904% due 07/01/2030 |  | 400 | 406 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.674% due 09/09/2030 |  | 500 | 503 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ | EUR | 250 | 296 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ | $| 400 | 415 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ |  | 900 | 937 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | EUR | 250 | 298 |
|  Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
|  16.224% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | $| 2600 | 1625 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.353% due 09/06/2030 •  |  | 300 | 306 |
|  5.473% due 03/20/2029 •  |  | 3400 | 3466 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.320% due 09/22/2029 •  |  | 2000 | 1995 |
|  6.534% due 01/10/2029 •  |  | 400 | 419 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.500% due 03/11/2029 |  | 600 | 624 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ |  | 300 | 313 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.046% due 02/12/2031 •  |  | 3000 | 3078 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.126% due 08/13/2030 •  |  | 400 | 382 |
|  3.869% due 01/12/2029 •  |  | 1600 | 1587 |
|  4.194% due 04/01/2031 •  |  | 1100 | 1088 |
|  5.428% due 02/08/2030 •  |  | 700 | 723 |
|  5.617% due 09/13/2030 •  |  | 1100 | 1149 |
|  6.442% due 08/11/2028 •  |  | 2764 | 2872 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.480% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 1100 | 1134 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.125% due 11/15/2031 |  | 900 | 914 |
|  5.625% due 04/01/2035 |  | 1100 | 1127 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ |  | 250 | 250 |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 250 | 251 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  |  | 3500 | 3469 |
|  5.605% due 04/23/2036 •  |  | 3000 | 3150 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | EUR | 250 | 297 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~ | $| 700 | 756 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.650% due 07/15/2030 |  | 700 | 704 |
|  |  |  | 129155 |
| INDUSTRIALS 5.2% | INDUSTRIALS 5.2% | INDUSTRIALS 5.2% | INDUSTRIALS 5.2% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 |  | 192 | 183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **147** |

---

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
|  4.800% due 03/17/2028 | 1600 | 1618 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 200 | 197 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 | 4100 | 4097 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 18500 | 18500 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 3600 | 3569 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.650% due 03/19/2027 | 2000 | 2017 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 1368 | 1245 |
|  3.137% due 11/15/2035 | 831 | 719 |
|  3.419% due 04/15/2033 | 3759 | 3480 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 800 | 818 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 (b) | 800 | 800 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  3.625% due 05/22/2032 | 700 | 832 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.625% due 08/01/2031 | 100 | 86 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 3800 | 3709 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 550 | 565 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 | 1200 | 1212 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 05/01/2030 | 1000 | 1015 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  6.330% due 01/13/2035 | 500 | 534 |
|  Embraer Netherlands Finance BV | Embraer Netherlands Finance BV | Embraer Netherlands Finance BV |
|  5.980% due 02/11/2035 | 1000 | 1062 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.750% due 05/19/2035 | 800 | 834 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.550% due 02/15/2031 | 700 | 703 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.450% due 04/01/2031 | 2400 | 2495 |
|  5.450% due 09/15/2034 | 800 | 821 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 | 100 | 143 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 | 2400 | 3060 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.500% due 10/15/2031 •  | 1300 | 1531 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.850% due 06/01/2035 | 2800 | 2951 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 5900 | 6033 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  4.750% due 07/15/2030 | 300 | 304 |
|  5.450% due 07/15/2035 | 700 | 722 |
|  Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
|  2.950% due 10/15/2030 | 200 | 235 |
|  4.200% due 10/15/2045 | 300 | 351 |
|  Miller Homes Group Finco PLC | Miller Homes Group Finco PLC | Miller Homes Group Finco PLC |
|  6.286% due 10/15/2030 •  | 1000 | 1196 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(h) | 2000 | 2018 |
|  5.250% due 10/05/2034 «(h) | 1000 | 1025 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(h) | 700 | 708 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.200% due 03/15/2040 | 1700 | 1729 |
|  6.625% due 09/01/2030 | 200 | 214 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.250% due 06/06/2032 | 1700 | 1986 |
|  4.875% due 04/30/2035 | 1700 | 1702 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  4.450% due 03/25/2031 | 1000 | 992 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | 1000 | 1022 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 | 640 | 660 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 303 | 278 |
|  3.500% due 09/01/2031 | 130 | 125 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.875% due 05/22/2030 | 1900 | 1978 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.750% due 01/15/2036 | 500 | 531 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 1000 | 1017 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.450% due 09/11/2027 | 700 | 702 |
|  5.050% due 03/27/2028 | 300 | 304 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  4.900% due 05/19/2028 | 2700 | 2735 |
|  5.100% due 09/12/2034 | 1000 | 993 |
|  5.700% due 05/19/2032 | 900 | 935 |
|  |  | 89291 |
| UTILITIES 2.6% | UTILITIES 2.6% | UTILITIES 2.6% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.950% due 06/01/2028 | 1800 | 1786 |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 1250 | 1281 |
|  BP Capital Markets BV | BP Capital Markets BV | BP Capital Markets BV |
|  3.360% due 09/12/2031 | 2000 | 2379 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.672% due 10/20/2035 | 1100 | 1136 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  4.950% due 09/15/2035 | 800 | 795 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  2.400% due 12/15/2031 | 530 | 477 |
|  Edison International | Edison International | Edison International |
|  5.250% due 03/15/2032 | 300 | 297 |
|  6.250% due 03/15/2030 | 4600 | 4786 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 1506 | 1476 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  4.150% due 09/16/2030 | 600 | 597 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.830% due 06/12/2030 | 2000 | 1460 |
|  4.670% due 06/12/2035 | 2000 | 1482 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  4.734% due 10/15/2030 (b) | 1900 | 1901 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  5.350% due 04/01/2035 | 1700 | 1759 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.150% due 01/01/2026 | 1400 | 1396 |
|  6.000% due 08/15/2035 | 500 | 524 |
|  6.400% due 06/15/2033 | 5900 | 6345 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.375% due 09/15/2055 •  | 900 | 949 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.900% due 05/15/2028 | 1000 | 1016 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.150% due 09/15/2035 | 3700 | 3749 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 800 | 827 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 | 300 | 296 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.900% due 06/01/2026 | 1200 | 1204 |
|  5.250% due 03/15/2030 | 1200 | 1224 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 1100 | 1108 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 2500 | 2566 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  5.600% due 04/15/2035 | 2100 | 2179 |
|  |  | 44995 |
|  Total Corporate Bonds & Notes<br>(Cost $258,541) | Total Corporate Bonds & Notes<br>(Cost $258,541) | 263441 |
| U.S. GOVERNMENT AGENCIES 21.7% | U.S. GOVERNMENT AGENCIES 21.7% | U.S. GOVERNMENT AGENCIES 21.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.500% due 08/01/2049 | 282 | 260 |
|  4.000% due 10/01/2047 - 04/01/2053 | 4559 | 4312 |
|  4.500% due 11/01/2029 - 07/01/2033 | 380 | 383 |
|  5.000% due 10/01/2033 - 06/01/2053 | 11634 | 11595 |
|  5.500% due 12/01/2033 - 12/01/2053 | 17444 | 17643 |
|  6.000% due 02/01/2033 - 11/01/2037 | 33 | 35 |
|  6.500% due 10/01/2036 - 02/01/2054 | 1617 | 1672 |
|  6.762% due 05/01/2035 •  | 3 | 3 |
|  6.835% due 05/01/2037 •  | 3 | 4 |
|  7.000% due 01/01/2033 | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates |
|  4.768% due 09/25/2033 ~ | 2600 | 2627 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 3166 | 3013 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.987% due 10/15/2040 •  | 690 | 683 |
|  5.087% due 12/15/2037 •  | 28 | 28 |
|  5.306% due 04/25/2055 •  | 2208 | 2212 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  6.500% due 07/25/2043 | 1 | 1 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 04/01/2052 | 58 | 51 |
|  3.500% due 05/01/2049 - 07/01/2053 | 717 | 660 |
|  4.000% due 03/01/2029 - 04/01/2053 | 9695 | 9192 |
|  4.500% due 11/01/2025 - 01/01/2053 | 1799 | 1756 |
|  5.000% due 07/01/2029 - 05/01/2053 | 18079 | 18033 |
|  5.421% due 10/01/2044 •  | 6 | 6 |
|  5.500% due 12/01/2032 - 10/01/2053 | 3232 | 3326 |
|  6.000% due 12/01/2028 - 10/01/2040 | 117 | 122 |
|  6.008% due 03/01/2034 •  | 3 | 3 |
|  6.190% due 10/01/2037 •  | 1 | 1 |
|  6.265% due 05/01/2037 •  | 4 | 4 |
|  6.406% due 06/01/2035 •  | 141 | 145 |
|  6.500% due 03/01/2029 - 02/01/2054 | 2005 | 2076 |
|  6.503% due 02/01/2035 •  | 2 | 2 |
|  6.575% due 02/01/2037 •  | 2 | 2 |
|  6.618% due 06/01/2036 - 05/01/2038 •  | 342 | 355 |
|  7.000% due 09/01/2031 | 1 | 1 |
|  7.500% due 01/01/2031 - 08/01/2032 | 1 | 0 |
|  8.000% due 08/01/2031 | 1 | 1 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  7.500% due 07/25/2041 | 2 | 2 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 07/25/2037 •  | 51 | 50 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ | 45 | 45 |
|  6.500% due 07/25/2034 | 6829 | 7202 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  6.500% due 06/25/2044 | 12 | 12 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 20278 | 1181 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO BOND FUNDS** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 10/15/2047 | 401 | 369 |
|  4.000% due 06/20/2048 | 1298 | 1227 |
|  4.500% due 08/20/2048 - 12/20/2053 | 10643 | 10379 |
|  4.625% due 07/20/2034 •  | 6 | 6 |
|  5.000% due 11/20/2049 | 233 | 237 |
|  5.250% due 11/20/2034 •  | 1 | 1 |
|  5.625% due 03/20/2028 - 06/20/2032 •  | 8 | 7 |
|  6.500% due 01/20/2034 - 08/20/2034 | 4 | 4 |
|  7.000% due 07/15/2031 - 12/15/2032 | 3 | 3 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.892% due 04/20/2065 •  | 280 | 280 |
|  5.066% due 08/20/2065 •  | 821 | 821 |
|  5.227% due 06/20/2067 •  | 508 | 514 |
|  5.750% due 08/20/2037 | 11 | 11 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.000% due 11/01/2055 | 30500 | 27232 |
|  4.000% due 11/01/2055 | 39000 | 36668 |
|  5.000% due 11/01/2055 | 4300 | 4272 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.375% due 08/01/2034 | 5400 | 5463 |
|  4.875% due 05/15/2035 | 9900 | 10269 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 | 21500 | 20857 |
|  5.000% due 11/01/2055 | 26500 | 26267 |
|  6.000% due 11/01/2055 | 77000 | 78653 |
|  6.500% due 11/01/2055 | 56800 | 58738 |
|  Total U.S. Government Agencies<br>(Cost $368,328) | Total U.S. Government Agencies<br>(Cost $368,328) | 370978 |
| U.S. TREASURY OBLIGATIONS 59.4% | U.S. TREASURY OBLIGATIONS 59.4% | U.S. TREASURY OBLIGATIONS 59.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 32000 | 20890 |
|  1.875% due 02/15/2041 | 4000 | 2814 |
|  2.250% due 08/15/2049 | 56700 | 36204 |
|  3.000% due 08/15/2048 | 14600 | 10981 |
|  3.250% due 05/15/2042 | 24800 | 20843 |
|  3.375% due 08/15/2042 (i) | 78200 | 66658 |
|  3.375% due 11/15/2048 | 73700 | 59225 |
|  4.000% due 11/15/2042 | 4900 | 4532 |
|  4.125% due 08/15/2044 | 32300 | 29990 |
|  4.375% due 08/15/2043 | 22700 | 21915 |
|  4.500% due 02/15/2044 | 5100 | 4989 |
|  4.500% due 11/15/2054 | 11100 | 10691 |
|  4.625% due 05/15/2044 | 31700 | 31476 |
|  4.625% due 11/15/2044 (i) | 23200 | 22991 |
|  4.625% due 02/15/2055 (i) | 31700 | 31170 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 01/15/2032 (k) | 15848 | 14598 |
|  0.625% due 07/15/2032 | 19234 | 18211 |
|  1.125% due 01/15/2033 | 21266 | 20618 |
|  1.750% due 01/15/2034 | 30476 | 30631 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.250% due 04/30/2028 | 19200 | 18091 |
|  1.250% due 09/30/2028 | 19200 | 17912 |
|  1.500% due 11/30/2028 | 31400 | 29406 |
|  2.375% due 03/31/2029 | 37200 | 35650 |
|  2.875% due 08/15/2028 | 19700 | 19301 |
|  3.250% due 06/30/2029 | 31400 | 30936 |
|  3.500% due 04/30/2028 | 32700 | 32610 |
|  3.625% due 03/31/2030 (k)(m) | 10400 | 10359 |
|  3.750% due 05/31/2030 | 10400 | 10409 |
|  3.750% due 06/30/2030 | 23100 | 23114 |
|  3.875% due 09/30/2029 (i) | 81000 | 81568 |
|  4.000% due 06/30/2028 | 14000 | 14139 |
|  4.000% due 05/31/2030 | 9900 | 10018 |
|  4.000% due 02/15/2034 (i) | 77700 | 77513 |
|  4.125% due 07/31/2028 (k)(m) | 13900 | 14086 |
|  4.125% due 08/31/2030 | 14900 | 15152 |
|  4.375% due 11/30/2030 | 29600 | 30441 |
|  4.625% due 09/30/2028 | 32600 | 33520 |
|  4.625% due 09/30/2030 | 14700 | 15282 |
|  4.875% due 10/31/2028 | 18600 | 19266 |
|  4.875% due 10/31/2030 (m) | 14700 | 15455 |
|  Total U.S. Treasury Obligations<br>(Cost $1,024,228) | Total U.S. Treasury Obligations<br>(Cost $1,024,228) | 1013655 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 4.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 4.5% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.755% due 10/25/2035 ~ | 2 | 2 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.820% due 11/25/2066 ~ | 2130 | 1912 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.627% due 01/15/2032 | 4000 | 3543 |
|  2.848% due 08/14/2034 | 2000 | 1674 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ | 573 | 537 |
|  6.063% due 02/20/2036 ~ | 33 | 31 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.864% due 02/25/2034 ~ | 10 | 9 |
|  Bank | Bank | Bank |
|  3.071% due 08/15/2061 | 2352 | 2309 |
|  5.635% due 03/15/2058 | 763 | 807 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.534% due 09/15/2058 | 5000 | 5018 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.838% due 09/25/2035 ~ | 150 | 82 |
|  5.232% due 10/25/2035 ~ | 567 | 469 |
|  5.425% due 05/25/2035 ~ | 208 | 200 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.839% due 07/25/2034 ~ | 9 | 9 |
|  5.302% due 01/25/2035 ~ | 8 | 8 |
|  5.777% due 02/25/2034 ~ | 8 | 7 |
|  6.167% due 10/25/2036 ~ | 37 | 36 |
|  6.575% due 04/25/2033 ~ | 2 | 2 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.187% due 07/15/2058 | 3600 | 3703 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.619% due 03/25/2037 ~ | 179 | 167 |
|  6.019% due 02/25/2037 ~ | 41 | 40 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.852% due 04/25/2035 •  | 3 | 3 |
|  5.097% due 11/25/2034 ~ | 117 | 113 |
|  5.388% due 02/20/2035 ~ | 16 | 17 |
|  6.866% due 03/25/2034 ~ | 236 | 236 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.000% due 09/25/2035 •  | 222 | 225 |
|  6.751% due 03/25/2034 ~ | 8 | 7 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.922% due 12/25/2036 •  | 773 | 634 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.812% due 08/25/2035 •  | 1761 | 899 |
|  5.153% due 12/25/2035 •  | 17 | 15 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 5 | 5 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.672% due 06/25/2037 •  | 2532 | 2241 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  | 119 | 160 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 3373 | 3376 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.150% due 11/15/2036 •  | 3000 | 2999 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 09/25/2052 ~ | 2892 | 2401 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.000% due 09/25/2052 ~ | 3282 | 2827 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.191% due 09/25/2035 ~ | 123 | 119 |
|  6.363% due 09/25/2035 ~ | 1 | 1 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  6.380% due 01/25/2032 ~ | 9 | 9 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.772% due 02/25/2037 •  | 4246 | 2856 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.046% due 06/10/2042 ~ | 3500 | 3273 |
|  5.248% due 02/15/2035 •  | 2493 | 2475 |
|  5.530% due 11/15/2038 •  | 4000 | 3998 |
|  5.648% due 12/15/2031 •  | 1268 | 1264 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.378% due 02/25/2034 ~ | 7 | 6 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  8.000% due 07/25/2035 | 70 | 49 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  5.125% due 08/15/2032 •  | 13 | 13 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.035% due 06/25/2036 ~ | 27 | 27 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.832% due 10/25/2035 •  | 59 | 59 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 3075 | 2661 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 3000 | 2953 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 8 | 8 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.265% due 12/15/2043 •  | 528 | 698 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  4.742% due 09/25/2035 ~ | 206 | 165 |
|  5.534% due 09/25/2035 ~ | 128 | 80 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  | 4200 | 4173 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  0.000% due 07/25/2034 ~ | 34 | 33 |
|  4.153% due 02/25/2037 ~ | 811 | 531 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.748% due 07/19/2035 •  | 62 | 62 |
|  5.122% due 05/25/2047 •  | 3832 | 3145 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.088% due 10/19/2033 •  | 8 | 8 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 ~ | 3075 | 2551 |
|  3.000% due 01/25/2052 ~ | 3143 | 2717 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.811% due 05/25/2068 þ | 393 | 395 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.181% due 02/25/2037 ~ | 544 | 508 |
|  4.470% due 12/25/2036 ~ | 520 | 464 |
|  4.852% due 10/25/2045 •  | 61 | 60 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.000% due 06/25/2037 | 1345 | 1231 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.874% due 06/15/2036 ~ | 3500 | 3229 |
|  5.693% due 10/15/2042 «•(b) | 1100 | 1097 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $80,052) | Total Non-Agency Mortgage-Backed Securities (Cost $80,052) | 77641 |
| ASSET-BACKED SECURITIES 8.1% | ASSET-BACKED SECURITIES 8.1% | ASSET-BACKED SECURITIES 8.1% |
| AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% | AUTOMOBILE SEQUENTIAL 2.7% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.440% due 02/22/2028 | 2700 | 2741 |
|  5.780% due 04/20/2028 | 2600 | 2656 |
|  6.020% due 02/20/2030 | 5300 | 5572 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 666 | 483 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.750% due 10/15/2027 | 361 | 362 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.830% due 02/15/2028 | 2635 | 2657 |
|  5.840% due 01/18/2028 | 2816 | 2836 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 | 1976 | 1991 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.380% due 07/20/2029 | 357 | 357 |
|  Ford Auto Securitization Trust II Asset-Backed Notes | Ford Auto Securitization Trust II Asset-Backed Notes | Ford Auto Securitization Trust II Asset-Backed Notes |
|  6.027% due 07/15/2028 | 2247 | 1646 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.120% due 04/11/2035 | 2600 | 2666 |
|  GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust | GMF Floorplan Owner Revolving Trust |
|  5.340% due 06/15/2030 | 5100 | 5272 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **149** |

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------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.930% due 11/15/2027 | 2080 | 2090 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 | 1070 | 1073 |
|  5.840% due 09/15/2027 | 1000 | 1007 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  6.120% due 09/15/2027 | 395 | 395 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  5.610% due 11/15/2027 | 2529 | 2531 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.880% due 06/20/2031 | 222 | 222 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.390% due 11/20/2026 | 703 | 705 |
|  Tesla Auto Lease Trust | Tesla Auto Lease Trust | Tesla Auto Lease Trust |
|  6.220% due 03/22/2027 | 5000 | 5019 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.800% due 04/20/2028 | 3400 | 3417 |
|  |  | 45698 |
| CMBS OTHER 0.9% | CMBS OTHER 0.9% | CMBS OTHER 0.9% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.615% due 11/15/2036 •  | 2302 | 2308 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  | 2203 | 2205 |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 2046 | 2050 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.600% due 12/15/2036 •  | 2278 | 2231 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 3004 | 3005 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.330% due 10/16/2036 •  | 1273 | 1274 |
|  5.350% due 07/16/2036 •  | 185 | 185 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 610 | 611 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.722% due 11/15/2038 •  | 2020 | 2015 |
|  |  | 15884 |
| HOME EQUITY OTHER 0.8% | HOME EQUITY OTHER 0.8% | HOME EQUITY OTHER 0.8% |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.217% due 10/25/2034 •  | 695 | 678 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 12/25/2036 •  | 277 | 156 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.552% due 06/25/2035 •  | 219 | 201 |
|  4.552% due 03/25/2037 •  | 56 | 55 |
|  4.792% due 12/25/2036 •  | 559 | 534 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.812% due 02/25/2036 •  | 1000 | 923 |
|  5.062% due 12/25/2029 •  | 18 | 18 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.922% due 10/25/2034 •  | 15 | 15 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.792% due 02/25/2036 •  | 112 | 110 |
|  4.792% due 06/25/2046 •  | 180 | 177 |
|  5.012% due 01/25/2037 •  | 213 | 83 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.202% due 11/25/2034 •  | 22 | 22 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.632% due 03/25/2036 •  | 27 | 23 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.172% due 10/25/2036 •  | 2455 | 2431 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.072% due 12/25/2034 •  | 906 | 907 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.612% due 04/25/2037 þ | 927 | 238 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.712% due 12/25/2035 •  | 279 | 256 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.812% due 02/25/2036 •  | $— | 758 | 739 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.512% due 10/25/2036 •  |  | 896 | 887 |
|  4.887% due 03/25/2036 •  |  | 3900 | 3839 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.947% due 06/25/2035 •  |  | 33 | 33 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.172% due 05/25/2035 •  |  | 783 | 772 |
|  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 |
|  4.692% due 02/25/2037 •  |  | 605 | 597 |
|  5.277% due 11/25/2035 •  |  | 239 | 238 |
|  |  |  | 13932 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.582% due 10/25/2036 •  |  | 5800 | 4809 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.022% due 01/25/2034 •  |  | 1214 | 1240 |
|  |  |  | 6049 |
| OTHER ABS 3.3% | OTHER ABS 3.3% | OTHER ABS 3.3% | OTHER ABS 3.3% |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  |  | 1216 | 1217 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  5.439% due 01/18/2035 •  |  | 1000 | 1004 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.267% due 01/22/2038 •  |  | 1700 | 2002 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  |  | 400 | 470 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | $— | 1000 | 1001 |
|  5.724% due 10/16/2028 •  |  | 1600 | 1605 |
|  Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. | Catamaran CLO Ltd. |
|  5.694% due 04/22/2030 •  |  | 334 | 335 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.948% due 07/15/2037 •  |  | 4000 | 4020 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.006% due 06/25/2054 •  |  | 3364 | 3382 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  2.876% due 08/15/2033 •  |  | 3599 | 4226 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  5.244% due 08/20/2034 •  | $— | 1100 | 1101 |
|  Invitation Homes Trust | Invitation Homes Trust | Invitation Homes Trust | Invitation Homes Trust |
|  4.000% due 09/17/2041 |  | 3993 | 3925 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  5.398% due 10/15/2034 •  |  | 1000 | 1001 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 |  | 3800 | 3681 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.704% due 12/15/2031 •  |  | 893 | 1050 |
|  Mariner Finance Issuance Trust | Mariner Finance Issuance Trust | Mariner Finance Issuance Trust | Mariner Finance Issuance Trust |
|  1.860% due 03/20/2036 | $— | 4000 | 3918 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. | Neuberger Berman Loan Advisers CLO 47 Ltd. |
|  5.620% due 04/14/2035 •  |  | 4800 | 4800 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 07/15/2035 «•(b) |  | 1000 | 1174 |
|  3.006% due 08/15/2033 •  |  | 1315 | 1542 |
|  PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP | PK ALIFT Loan Funding 6 LP |
|  5.365% due 11/15/2042 | $— | 1740 | 1753 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 |  | 59 | 59 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.292% due 08/29/2036 •  |  | 1000 | 1178 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | $— | 1300 | 1304 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 1196 | 1157 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 |  | 3138 | 2827 |
|  Tiaa CLO III Ltd. | Tiaa CLO III Ltd. | Tiaa CLO III Ltd. | Tiaa CLO III Ltd. |
|  5.729% due 01/16/2031 •  |  | 536 | 536 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  5.405% due 10/20/2034 •  | 1000 | 1001 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  | 1472 | 1474 |
|  Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. | Venture XXVII CLO Ltd. |
|  5.637% due 07/20/2030 •  | 537 | 537 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  5.301% due 04/20/2034 •  | 1400 | 1400 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  | 2100 | 2103 |
|  |  | 56783 |
|  Total Asset-Backed Securities<br>(Cost $136,782) | Total Asset-Backed Securities<br>(Cost $136,782) | 138346 |
| SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% | SOVEREIGN ISSUES 10.2% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 249800 | 43845 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  4.375% due 10/01/2030 (b) | 1900 | 1911 |
|  5.750% due 05/05/2026 | 1600 | 1613 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 2900 | 2200 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5700 | 5790 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  4.500% due 06/16/2034 | 2200 | 2647 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  2.750% due 07/03/2030 | 4100 | 3786 |
|  5.375% due 02/19/2030 | 1400 | 1446 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 | 4800 | 5387 |
|  5.250% due 03/22/2030 | 2600 | 3048 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 1040000 | 6000 |
|  2.400% due 03/20/2055 | 204000 | 1202 |
|  2.800% due 06/20/2055 | 520000 | 3332 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 1340000 | 8306 |
|  2.400% due 03/20/2045 | 326000 | 2147 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.136% due 10/09/2030 (b) | 3700 | 3700 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (e) | 3677 | 182 |
|  3.000% due 12/03/2026 (e) | 428 | 23 |
|  4.000% due 11/30/2028 (e) | 6071 | 331 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 4500 | 1255 |
|  6.150% due 08/12/2032 | 52100 | 15908 |
|  6.950% due 08/12/2031 | 6801 | 2170 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 2500 | 1876 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 | 7000 | 5098 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 11900 | 9113 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 25900 | 1382 |
|  8.750% due 02/28/2048 | 3000 | 150 |
|  8.875% due 02/28/2035 | 450300 | 25616 |
|  9.000% due 01/31/2040 | 2600 | 138 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 | 4000 | 3897 |
|  5.250% due 03/10/2030 | 1300 | 1574 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 4800 | 4906 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | 4000 | 4504 |
|  Total Sovereign Issues (Cost $168,685) | Total Sovereign Issues (Cost $168,685) | 174483 |

---

150 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **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% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  4.480% due 10/03/2025 | 600 | $— | 600 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.780% due 10/02/2025 | 900 |  | 899 |
|  |  |  | 1499 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.993% due 12/04/2025 - 12/11/2025 (c)(d) | 453 |  | 450 |
| Total Short-Term Instruments<br>(Cost $1,950) | Total Short-Term Instruments<br>(Cost $1,950) |  | 1949 |
| Total Investments in Securities<br>(Cost $2,045,040) | Total Investments in Securities<br>(Cost $2,045,040) |  | 2047047 |
|  | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% | INVESTMENTS IN AFFILIATES 4.0% |
| MUTUAL FUNDS 4.0% | MUTUAL FUNDS 4.0% | MUTUAL FUNDS 4.0% | MUTUAL FUNDS 4.0% |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 1362700 |  | 67668 |
| Total Mutual Funds (Cost $66,969) | Total Mutual Funds (Cost $66,969) |  | 67668 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 199 | $— | 2 |
| Total Short-Term Instruments<br>(Cost $2) | Total Short-Term Instruments<br>(Cost $2) |  | 2 |
| Total Investments in Affiliates<br>(Cost $66,971) | Total Investments in Affiliates<br>(Cost $66,971) |  | 67670 |
| Total Investments 123.8%<br>(Cost $2,112,011) | Total Investments 123.8%<br>(Cost $2,112,011) | $— | 2114717 |
|  Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $5,780) | Financial Derivative<br>Instruments (j)(l) (0.2)%<br> (Cost or Premiums, net $5,780) |  | (3463) |
| Other Assets and Liabilities, net (23.6)% | Other Assets and Liabilities, net (23.6)% |  | (403225) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1708029 |

---

#### 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) Principal amount of security is adjusted for inflation.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Institutional Class Shares of each Fund.

&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 |
|  Hardwood Funding LLC | 5.330% | 06/07/2035 | 03/11/2025 | $600 | $622 | 0.03% |
|  NFL Football Club Term Notes | 5.250 | 10/05/2034 | 06/27/2025 | 700 | 708 | 0.04 |
|  National Football League | 4.780 | 10/05/2030 | 06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2018 | 0.12 |
|  National Football League | 5.250 | 10/05/2034 | 06/27/2025 | 1000 | 1025 | 0.06 |
|  Pantheon Senior Debt Secondaries III | 6.043 | 03/26/2026 | 03/18/2025 | 500 | 500 | 0.03 |
|  Project Alfa Investindustrial VIII SCSp | 4.117 | 02/27/2026 | 02/28/2025 | 294 | 333 | 0.02 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 | 0.30% |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 151

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23287) | $(23309) |
|  BOO | 4.310 | 09/30/2025 | 10/01/2025 | (600) | (600) |
|  BRC | 4.340 | 09/30/2025 | 10/02/2025 | (31462) | (31466) |
|  DEU | 4.260 | 09/18/2025 | 10/09/2025 | (22971) | (23006) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | (83752) | (83752) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (79876) | (79886) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242019) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Borrowing**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  GSC | 4.270% | 09/30/2025 | 10/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) | $(1289) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $5100 | $(4110) | $(4112) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 8000 | (6613) | (6741) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | (29803) | (29751) |
|  Total Short Sales (2.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40604) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | 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 |
|  BOM | $0 | $(23309) | $0 | $(23309) | $22990 | $(319) |
|  BOO | 0 | (600) | 0 | (600) | 597 | (3) |
|  BRC | 0 | (31466) | 0 | (31466) | 31170 | (296) |
|  DEU | 0 | (23006) | 0 | (23006) | 22745 | (261) |
|  STR | 0 | (163638) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82070) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  GSC | 0 | 0 | (1289) | (1289) | 1279 | (10) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) |  |  |  |

---

152 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $(80486) | $(77781) | $0 | $0 | $(158267) |
|  Total | $(80486) | $(77781) | $0 | $0 | $(158267) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (1289) | 0 | 0 | (1289) |
|  Total | $0 | $(1289) | $0 | $0 | $(1289) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80486) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79070) | $&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;(159556) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | $(159556) |

---

(i) Securities with an aggregate market value of $160,349 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(108753) at a weighted average interest rate of 4.386%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(2) of deferred price drop. 

<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 $(83752) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 129 | $129 | $(24) | $(26) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | (21) | (22) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 100 | $100 | $(19) | $(11) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.000 | 10/24/2025 | 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | (30) | (18) |
|  |  |  |  |  | $(49) | $(29) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 298 | $22351 | $(120) | $153 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 69 | 6072 | 126 | 27 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 86 | 12982 | 77 | 34 | (3) |
|  Long Guilt December Futures  | 12/2025 | 39 | 4765 | 22 | 21 | (2) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139002 | 69 | 73 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1427 | 155822 | 228 | 56 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1401 | 157613 | 954 | 0 | (22) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 206 | 23706 | 201 | 0 | (13) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 153

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Japan Government 10-Year Bond December Futures  | 12/2025 | 43 | $(39483) | $375 | $32 | $(32) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 899 | (104818) | (2256) | 225 | 0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206748) | (5872) | 969 | 0 |
|  |  |  |  | $(7753) | $1226 | $(32) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6196) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Barclays Bank PLC | 1.000% | Quarterly | 12/20/2025 | 0.246% | 4400 | $26 | $(16) | $10 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.323 | $3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | 40 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 2700 | 23 | (4) | 19 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 3200 | 43 | (7) | 36 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 550 | 105 | (73) | 32 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 2400 | 6 | (1) | 5 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 3500 | 77 | (4) | 73 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.335 | 200 | (4) | 7 | 3 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 2200 | 1 | 34 | 35 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 500 | (1) | 10 | 9 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 49100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | $(100) | $(284) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.380 | Semi-Annual | 06/18/2028 | 2460000 | 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) | (326) | 0 | (7) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Semi-Annual | 03/20/2038 | 85900 | 9 | 56 | 65 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Semi-Annual | 10/22/2038 | 150000 | 0 | 115 | 115 | 2 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.785 | Semi-Annual | 11/12/2038 | 230000 | 1 | 180 | 181 | 3 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Semi-Annual | 12/20/2038 | 80500 | 4 | 63 | 67 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 312000 | 97 | 342 | 439 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | $12100 | (42) | (399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 25300 | (96) | (610) | (706) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 06/24/2027 | 73900 | 50 | 423 | 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/29/2027 | 7300 | (38) | (47) | (85) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 2700 | (5) | (39) | (44) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/24/2030 | 38300 | 20 | 442 | 462 | 19 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 20260 | 119 | (439) | (320) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 27700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) | 513 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.608 | Annual | 08/15/2033 | 3340 | 0 | (12) | (12) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.609 | Annual | 08/15/2033 | 8200 | 0 | (31) | (31) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.619 | Annual | 08/15/2033 | 3800 | 0 | (17) | (17) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 1100 | (5) | (12) | (17) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 3400 | (14) | (43) | (57) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 3400 | (16) | 9 | (7) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 600 | (3) | 5 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 2400 | (10) | (76) | (86) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 6800 | (22) | (213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 3100 | (9) | (55) | (64) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 3100 | (11) | (54) | (65) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 1200 | (5) | (17) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 800 | (3) | (8) | (11) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 2300 | (8) | 2 | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 2990 | (13) | (11) | (24) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 7300 | (24) | 46 | 22 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 4600 | (16) | 24 | 8 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 2000 | (7) | 19 | 12 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 2000 | (7) | 16 | 9 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 3400 | (12) | 11 | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 1000 | (4) | 8 | 4 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565% | Annual | 08/28/2034 | $1000 | $(4) | $7 | $3 | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 2700 | (10) | 12 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 1000 | (4) | 5 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 500 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 2500 | (10) | 9 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 2400 | (9) | 2 | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 2600 | (10) | 37 | 27 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 3900 | (15) | 39 | 24 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 2400 | (9) | 46 | 37 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 1000 | (5) | 34 | 29 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 1400 | (6) | 45 | 39 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 3200 | (14) | 94 | 80 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 200 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 100 | (1) | 2 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 1150 | (4) | (17) | (21) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 2400 | (9) | (38) | (47) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 7300 | (25) | (98) | (123) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 500 | (1) | (9) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 6700 | (19) | (153) | (172) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 3200 | (9) | (61) | (70) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 3400 | (10) | (51) | (61) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/24/2035 | 16800 | 1 | (41) | (40) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 4000 | (12) | 47 | 35 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.617 | Annual | 02/15/2048 | 13530 | 0 | 2892 | 2892 | 23 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 27500 | 5367 | 5383 | 10750 | 75 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.956 | Annual | 11/15/2054 | 10100 | 0 | (4) | (4) | 30 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.803 | Annual | 02/15/2055 | 10900 | 0 | 288 | 288 | 32 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.814 | Annual | 02/15/2055 | 2900 | 0 | 71 | 71 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.846 | Annual | 02/15/2055 | 2000 | 0 | 37 | 37 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.872 | Annual | 02/15/2055 | 7400 | 0 | 102 | 102 | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/24/2055 | 9300 | 18 | 720 | 738 | 28 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 54000 | 239 | 226 | 465 | 112 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 | 2200 | (3) | (37) | (40) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 2100 | (3) | (30) | (33) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 1800 | (3) | 4 | 1 | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 4400 | 0 | 24 | 24 | 0 | (5) |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 | 2800 | (5) | (40) | (45) | 0 | (3) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 9700 | (37) | 51 | 14 | 33 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 10690 | (138) | (59) | (197) | 0 | (84) |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | 29900 | 1 | 30 | 31 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.775 | Lunar | 04/01/2030 | 2700 | 0 | 3 | 3 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.790 | Lunar | 04/01/2030 | 38600 | 0 | 43 | 43 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.582 | Lunar | 04/02/2030 | 31500 | 0 | 22 | 22 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.910 | Lunar | 03/29/2032 | 4400 | 0 | 6 | 6 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 8.100 | Lunar | 03/26/2035 | 3500 | 0 | 5 | 5 | 0 | 0 |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 | 300 | 0 | (3) | (3) | 0 | (1) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 2000 | 7 | (36) | (29) | 0 | (4) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 12400 | 9 | (160) | (151) | 0 | (28) |
|  |  |  |  |  |  | $6366 | $7872 | $14238 | $516 | $(172) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) |

---

(k) Securities with an aggregate market value of $12,843 and cash of $26,613 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **155** |

---

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 9917 | $11566 | $0 | $(76) |
|  | 10/2025 | $36100 | 50223 | 0 | (11) |
|  | 11/2025 | 50143 | $36100 | 11 | 0 |
|  BOA | 10/2025 | 510 | 3 | 0 | 0 |
|  | 10/2025 | $1380 | 1090 | 0 | (10) |
|  | 10/2025 | 481 | 1616 | 7 | 0 |
|  | 10/2025 | 929 | 82159 | 0 | (5) |
|  | 10/2025 | 1134 | 167355 | 1 | (3) |
|  | 10/2025 | 602 | 833575 | 0 | (8) |
|  | 10/2025 | 731 | 1269 | 5 | 0 |
|  | 10/2025 | 227 | 818 | 0 | (2) |
|  | 11/2025 | 1300 | $1530 | 0 | 0 |
|  | 11/2025 | 8924 | 60 | 0 | (1) |
|  | 11/2025 | 1269 | 732 | 0 | (5) |
|  | 11/2025 | $2802 | 15019 | 0 | (3) |
|  | 11/2025 | 259 | 865 | 2 | 0 |
|  | 11/2025 | 44643 | $2563 | 0 | (13) |
|  | 12/2025 | $314 | 5910 | 6 | 0 |
|  BPS | 10/2025 | 99900 | $16525 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2245) |
|  | 10/2025 | 13842 | 1943 | 1 | 0 |
|  | 10/2025 | 394 | 464 | 1 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46367159 | 2807 | 30 | (3) |
|  | 10/2025 | 83289 | 946 | 9 | 0 |
|  | 10/2025 | 283836 | 9434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | (5) |
|  | 10/2025 | $18568 | 99900 | 209 | (8) |
|  | 10/2025 | 3912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64667904 | 0 | (36) |
|  | 10/2025 | 70 | 10375 | 0 | 0 |
|  | 10/2025 | 5961 | 8245842 | 0 | (85) |
|  | 10/2025 | 3224 | 11736 | 5 | (1) |
|  | 10/2025 | 868 | 26150 | 0 | (9) |
|  | 11/2025 | 10695275 | $640 | 0 | (1) |
|  | 11/2025 | 64977 | 730 | 0 | 0 |
|  | 11/2025 | 10339 | 70 | 0 | 0 |
|  | 11/2025 | 560726 | 400 | 0 | 0 |
|  | 11/2025 | $291 | 1559 | 0 | 0 |
|  | 11/2025 | 591 | 1985 | 9 | 0 |
|  | 12/2025 | 14627 | $487 | 5 | 0 |
|  | 12/2025 | $527 | 8869526 | 3 | 0 |
|  | 12/2025 | 324 | 6000 | 1 | 0 |
|  | 04/2026 | 36700 | $6425 | 0 | (177) |
|  BRC | 10/2025 | 3690 | 4623 | 0 | (13) |
|  | 10/2025 | 511 | 690 | 3 | 0 |
|  | 10/2025 | 321184 | 20 | 0 | 0 |
|  | 10/2025 | 1101 | 301 | 0 | (2) |
|  | 10/2025 | $4334 | 3476 | 32 | 0 |
|  | 10/2025 | 586 | 500 | 1 | 0 |
|  | 10/2025 | 5130 | 452984 | 0 | (35) |

---

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $5 | 51 | $0 | $0 |
|  | 10/2025 | 806 | 34612 | 18 | 0 |
|  | 11/2025 | 500 | $587 | 0 | (1) |
|  | 11/2025 | 51 | 5 | 0 | 0 |
|  | 11/2025 | $4623 | 3675 | 13 | 0 |
|  | 11/2025 | 690 | 511 | 0 | (3) |
|  | 11/2025 | 9305 | 405201 | 131 | 0 |
|  | 11/2025 | 37903 | $2153 | 0 | (35) |
|  | 12/2025 | 15101 | 4221 | 0 | (121) |
|  | 12/2025 | $809 | 14956 | 1 | 0 |
|  BSH | 10/2025 | 65200 | $12259 | 8 | 0 |
|  | 10/2025 | 4919 | 5715 | 0 | (60) |
|  | 10/2025 | $11990 | 65200 | 261 | 0 |
|  | 10/2025 | 215 | 372 | 0 | 0 |
|  | 11/2025 | 372 | $216 | 0 | 0 |
|  | 12/2025 | 18468 | 5199 | 0 | (112) |
|  | 12/2025 | $100 | 355 | 2 | 0 |
|  | 02/2026 | 16113 | $4608 | 0 | (15) |
|  | 04/2026 | 69800 | 12290 | 0 | (266) |
|  CBK | 10/2025 | 726 | 474 | 0 | (7) |
|  | 10/2025 | 58 | 41 | 0 | 0 |
|  | 10/2025 | 37430 | 5274 | 21 | 0 |
|  | 10/2025 | 3551 | 4151 | 0 | (18) |
|  | 10/2025 | 25647151 | 1553 | 18 | (2) |
|  | 10/2025 | 112621 | 1268 | 2 | 0 |
|  | 10/2025 | 396 | 39 | 0 | 0 |
|  | 10/2025 | 6021 | 1723 | 0 | (10) |
|  | 10/2025 | 5416 | 4219 | 21 | 0 |
|  | 10/2025 | 3783 | 117 | 0 | 0 |
|  | 10/2025 | 169887 | 5732 | 151 | 0 |
|  | 10/2025 | $1055 | 1447 | 0 | (15) |
|  | 10/2025 | 3608 | 3064 | 0 | (10) |
|  | 10/2025 | 2183 | 1601 | 0 | (30) |
|  | 10/2025 | 906 | 14894552 | 0 | (13) |
|  | 10/2025 | 3955 | 347442 | 0 | (47) |
|  | 10/2025 | 504 | 5025 | 0 | 0 |
|  | 10/2025 | 1233 | 11695 | 10 | 0 |
|  | 10/2025 | 2076 | 63201 | 2 | (2) |
|  | 10/2025 | 9402 | $543 | 0 | (2) |
|  | 11/2025 | 5024 | 504 | 0 | 0 |
|  | 11/2025 | $41 | 58 | 0 | 0 |
|  | 11/2025 | 419 | 1405 | 5 | 0 |
|  | 11/2025 | 1268 | 112842 | 0 | (1) |
|  | 12/2025 | 5189 | $1449 | 0 | (42) |
|  | 12/2025 | 38953 | 1288 | 3 | 0 |
|  | 12/2025 | $545 | 9159999 | 3 | 0 |
|  | 01/2026 | 23777 | $788 | 0 | 0 |
|  | 02/2026 | 5484 | 1492 | 0 | (82) |
|  DUB | 10/2025 | 29660 | 4171 | 9 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16918013 | 1032 | 18 | 0 |
|  | 10/2025 | 182762 | 2057 | 2 | 0 |
|  | 10/2025 | 864460 | 623 | 7 | 0 |
|  | 10/2025 | $1540 | 25269860 | 0 | (26) |
|  | 10/2025 | 954 | 3258 | 30 | 0 |
|  | 10/2025 | 1930 | 170638 | 0 | (11) |
|  | 11/2025 | 3257 | $954 | 0 | (30) |
|  | 11/2025 | 12384 | 139 | 0 | 0 |
|  | 11/2025 | $2057 | 183126 | 0 | (2) |
|  | 11/2025 | 91527 | $5229 | 0 | (53) |
|  FAR | 10/2025 | 13843 | 8979 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) |
|  | 10/2025 | 661 | 830 | 0 | (1) |
|  | 10/2025 | 12932 | 1821 | 6 | 0 |
|  | 10/2025 | 202720 | 1379 | 8 | 0 |
|  | 10/2025 | 1225 | 335 | 0 | (2) |
|  | 10/2025 | $13485 | 20654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | 0 |
|  | 10/2025 | 3755 | 331237 | 0 | (30) |
|  | 10/2025 | 1862 | 6791 | 6 | 0 |
|  | 10/2025 | 37797 | 48678 | 0 | (60) |
|  | 11/2025 | 20654 | $13491 | 0 | (182) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **157** |

---

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 48555 | $37797 | $57 | $0 |
|  | 11/2025 | $830 | 659 | 1 | 0 |
|  | 12/2025 | 4706 | $247 | 0 | (8) |
|  | 12/2025 | $718 | 13601 | 19 | 0 |
|  GLM | 10/2025 | 216493 | $37588 | 0 | (3089) |
|  | 10/2025 | 102 | 128 | 0 | (1) |
|  | 10/2025 | 1019 | 143 | 0 | 0 |
|  | 10/2025 | 9073849 | 544 | 0 | 0 |
|  | 10/2025 | 1386081 | 982 | 0 | (6) |
|  | 10/2025 | 205 | 160 | 1 | 0 |
|  | 10/2025 | $40182 | 216493 | 510 | (15) |
|  | 10/2025 | 923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15266147 | 0 | (9) |
|  | 10/2025 | 1076 | 94392 | 0 | (14) |
|  | 10/2025 | 982 | 1386397 | 6 | 0 |
|  | 11/2025 | 110 | 367 | 1 | 0 |
|  | 11/2025 | 136 | 5957 | 1 | 0 |
|  | 11/2025 | 3252 | $188 | 0 | 0 |
|  | 12/2025 | 235923 | 14 | 0 | 0 |
|  | 12/2025 | 2602 | 137 | 0 | (4) |
|  | 12/2025 | $16852 | 91212 | 41 | 0 |
|  | 12/2025 | 526 | 8795589 | 0 | 0 |
|  | 04/2026 | 143300 | $25264 | 3 | (516) |
|  IND | 10/2025 | 517 | 338 | 0 | (4) |
|  JPM | 10/2025 | 61373 | 11538 | 8 | (1) |
|  | 10/2025 | 46769 | 33844 | 236 | 0 |
|  | 10/2025 | 33815730 | 2025 | 0 | (1) |
|  | 10/2025 | 1496199 | 1079 | 13 | 0 |
|  | 10/2025 | 729 | 198 | 0 | (2) |
|  | 10/2025 | 983 | 765 | 3 | 0 |
|  | 10/2025 | $11084 | 61373 | 447 | 0 |
|  | 10/2025 | 2609 | 18525 | 0 | (9) |
|  | 10/2025 | 1187 | 883 | 1 | 0 |
|  | 10/2025 | 3002 | 49897919 | 1 | (12) |
|  | 10/2025 | 509 | 1708 | 7 | 0 |
|  | 10/2025 | 2658 | 9575 | 0 | (24) |
|  | 10/2025 | 253 | 7684 | 0 | (1) |
|  | 11/2025 | 81050 | $4624 | 0 | (53) |
|  | 12/2025 | $132 | 2477 | 2 | 0 |
|  MBC | 10/2025 | 5568 | $3714 | 30 | 0 |
|  | 10/2025 | 25 | 18 | 0 | 0 |
|  | 10/2025 | 113 | 142 | 0 | 0 |
|  | 10/2025 | 15093 | 2124 | 5 | 0 |
|  | 10/2025 | 1203 | 1417 | 7 | (3) |
|  | 10/2025 | 740 | 997 | 3 | 0 |
|  | 10/2025 | 1676589 | 102 | 1 | 0 |
|  | 10/2025 | 487100 | 3320 | 27 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4976121 | 3567 | 21 | 0 |
|  | 10/2025 | 12260 | 1279 | 0 | (23) |
|  | 10/2025 | 41816 | 32634 | 217 | 0 |
|  | 10/2025 | 8933 | 277 | 1 | 0 |
|  | 10/2025 | $1788 | 12736 | 0 | 0 |
|  | 10/2025 | 2681 | 2268 | 0 | (18) |
|  | 10/2025 | 35 | 5142 | 0 | 0 |
|  | 10/2025 | 2712 | 3786693 | 0 | (13) |
|  | 10/2025 | 5 | 52 | 0 | 0 |
|  | 10/2025 | 430 | 13921 | 0 | 0 |
|  | 11/2025 | 12706 | $1788 | 0 | 0 |
|  | 11/2025 | 8791 | 59 | 0 | 0 |
|  | 11/2025 | 52 | 5 | 0 | 0 |
|  | 11/2025 | $997 | 740 | 0 | (3) |
|  | 11/2025 | 158 | 526 | 1 | 0 |
|  | 12/2025 | 1316 | 24696 | 22 | 0 |
|  MYI | 10/2025 | 8800 | $1447 | 0 | (206) |
|  | 10/2025 | 153 | 111 | 1 | 0 |
|  | 10/2025 | 15238 | 2141 | 3 | 0 |
|  | 10/2025 | 6796699 | 413 | 5 | 0 |
|  | 10/2025 | 2256 | 15 | 0 | 0 |
|  | 10/2025 | $1655 | 8800 | 0 | (1) |
|  | 10/2025 | 1314 | 196154 | 13 | 0 |

---

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $0 | 2 | $0 | $0 |
|  | 10/2025 | 1758 | 6364 | 0 | (8) |
|  | 10/2025 | 1043 | 31418 | 0 | (11) |
|  | 11/2025 | 195475 | $1314 | 0 | (12) |
|  | 11/2025 | 1 | 0 | 0 | 0 |
|  | 12/2025 | 31213 | 1043 | 13 | 0 |
|  NGF | 10/2025 | 1981765 | 1425 | 13 | 0 |
|  | 10/2025 | $816 | 13499507 | 0 | (6) |
|  | 11/2025 | 7104 | 309436 | 88 | 0 |
|  RBC | 12/2025 | 245 | 4569 | 3 | 0 |
|  SCX | 10/2025 | 4463 | $839 | 0 | 0 |
|  | 10/2025 | 4622 | 3360 | 38 | 0 |
|  | 10/2025 | 11082 | 1560 | 4 | 0 |
|  | 10/2025 | 12399493 | 743 | 0 | (1) |
|  | 10/2025 | 128410 | 1444 | 0 | 0 |
|  | 10/2025 | 11553 | 79 | 0 | 0 |
|  | 10/2025 | 748 | 214 | 0 | (2) |
|  | 10/2025 | 270 | 212 | 2 | 0 |
|  | 10/2025 | 100299 | 3385 | 89 | 0 |
|  | 10/2025 | $839 | 4463 | 0 | (1) |
|  | 10/2025 | 911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14977123 | 0 | (13) |
|  | 10/2025 | 1880 | 165961 | 0 | (13) |
|  | 11/2025 | 42 | $0 | 0 | 0 |
|  | 11/2025 | $1305 | 116265 | 0 | 0 |
|  | 12/2025 | 839 | 4527 | 0 | (1) |
|  | 12/2025 | 743 | 12430831 | 1 | 0 |
|  SOG | 10/2025 | 105786 | $719 | 4 | 0 |
|  | 10/2025 | 1641 | 956 | 5 | 0 |
|  | 10/2025 | $15114 | 12852 | 0 | (25) |
|  | 10/2025 | 2871 | 427174 | 18 | 0 |
|  | 10/2025 | 17 | 170 | 0 | 0 |
|  | 11/2025 | 12852 | $15144 | 25 | 0 |
|  | 11/2025 | 425697 | 2871 | 0 | (18) |
|  | 11/2025 | 170 | 17 | 0 | 0 |
|  SSB | 10/2025 | 977 | 1317 | 3 | 0 |
|  | 10/2025 | 1385310 | 1000 | 13 | 0 |
|  | 10/2025 | $5220 | 27914 | 25 | 0 |
|  | 11/2025 | 5404 | 1465 | 0 | (90) |
|  UAG | 10/2025 | 42 | 31 | 0 | 0 |
|  | 10/2025 | 6910 | 2071 | 0 | (15) |
|  | 10/2025 | 4903 | 482 | 0 | (10) |
|  | 10/2025 | $96 | 327 | 3 | 0 |
|  | 10/2025 | 43 | 3815 | 0 | 0 |
|  | 10/2025 | 1884 | 6834 | 0 | (4) |
|  | 10/2025 | 430 | 13916 | 0 | 0 |
|  | 10/2025 | 544 | 9401 | 0 | 0 |
|  | 10/2025 | 9406 | $544 | 0 | 0 |
|  | 11/2025 | 695 | 206 | 0 | (4) |
|  | 11/2025 | 41229 | 2339 | 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;3456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8539) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 1251 | 4 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 8674 | 31 | 0 |
|  | Call - OTC USD versus SEK | 10.200 | 11/26/2025 | 3431 | 21 | 2 |
| GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 4262 | 17 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 8254 | 32 | 0 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 423 | 48 | 9 |
| MBC | Put - OTC AUD versus USD | 0.618 | 10/10/2025 | 4569 | 12 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 423 | 49 | 9 |
| MYI | Put - OTC EUR versus USD | 1.145 | 10/08/2025 | 8415 | 53 | 1 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 10803 | 51 | 3 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 807 | 4 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 159

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 5200 | $(16) | $(2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 9600 | (26) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 9600 | (26) | (58) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 4000 | (11) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 4000 | (10) | (16) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 2600 | (9) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 2600 | (9) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 5000 | (16) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 5000 | (16) | (9) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | Turkiye Government International Bonds | 1.000% | Quarterly | 06/20/2030 | 2.389% | $2400 | $(169) | $31 | $0 | $(138) |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 800 | (7) | 8 | 1 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 2700 | (153) | 157 | 4 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 3000 | (267) | 266 | 0 | (1) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 5100 | (229) | 267 | 38 | 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;(825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $11 | $0 | $0 | $11 | $(87) | $0 | $0 | $(87) | $(76) | $0 | $(76) |
|  BOA | 21 | 0 | 0 | 21 | (50) | (61) | 0 | (111) | (90) | 0 | (90) |
|  BPS | 388 | 0 | 0 | 388 | (2570) | (17) | 0 | (2587) | (2199) | 2254 | 55 |
|  BRC | 199 | 2 | 0 | 201 | (210) | 0 | (138) | (348) | (147) | 0 | (147) |
|  BSH | 271 | 0 | 0 | 271 | (453) | 0 | 0 | (453) | (182) | 0 | (182) |
|  CBK | 236 | 0 | 0 | 236 | (281) | 0 | 0 | (281) | (45) | 226 | 181 |
|  DUB | 66 | 0 | 0 | 66 | (122) | (2) | 0 | (124) | (58) | 0 | (58) |
|  FAR | 279 | 0 | 0 | 279 | (464) | 0 | 0 | (464) | (185) | 270 | 85 |
|  GLM | 563 | 9 | 0 | 572 | (3654) | (9) | 0 | (3663) | (3091) | 2922 | (169) |
|  GST | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  IND | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  JPM | 718 | 0 | 0 | 718 | (103) | 0 | 0 | (103) | 615 | (550) | 65 |
|  MBC | 335 | 9 | 0 | 344 | (60) | 0 | 0 | (60) | 284 | (260) | 24 |
|  MYC | 0 | 0 | 42 | 42 | 0 | 0 | (1) | (1) | 41 | 0 | 41 |
|  MYI | 35 | 4 | 0 | 39 | (238) | 0 | 0 | (238) | (199) | 271 | 72 |
|  NGF | 101 | 0 | 0 | 101 | (6) | 0 | 0 | (6) | 95 | 0 | 95 |
|  RBC | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SCX | 134 | 0 | 0 | 134 | (31) | 0 | 0 | (31) | 103 | 0 | 103 |
|  SOG | 52 | 0 | 0 | 52 | (43) | 0 | 0 | (43) | 9 | 0 | 9 |
|  SSB | 41 | 0 | 0 | 41 | (90) | 0 | 0 | (90) | (49) | 0 | (49) |
|  UAG | 3 | 0 | 0 | 3 | (73) | 0 | 0 | (73) | (70) | 0 | (70) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8539) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8767) |  |  |  |

---

(m) Securities with an aggregate market value of $5,943 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> 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 September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1590 | $1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 516 | 516 |
|  | $0 | $0 | $0 | $0 | $2106 | $2106 |
|  Over the counter | Over the 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 | $3456 | $0 | $3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 43 | 0 | 0 | 0 | 43 |
|  | $0 | $43 | $0 | $3480 | $0 | $3523 |
|  | $0 | $43 | $0 | $3480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $77 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 172 | 176 |
|  | $0 | $4 | $0 | $0 | $321 | $325 |
|  Over the counter | Over the 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 | $8539 | $0 | $8539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 139 | 0 | 0 | 0 | 139 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8539 | $89 | $8767 |
|  | $0 | $143 | $0 | $8539 | $410 | $9092 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 161

------

Schedule of Investments PIMCO Moderate Duration Fund (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $418 | $418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 13103 | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 117 | 0 | 0 | (2618) | (2501) |
|  | $0 | $117 | $0 | $0 | $10903 | $11020 |
|  Over the counter | Over the 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 | $(6270) | $0 | $(6270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (41) | 0 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 21 | 0 | 0 | 1094 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 62 | 0 | 0 | 0 | 62 |
|  | $0 | $83 | $0 | $(6311) | $1094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5134) |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11997 | $5886 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $18 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (8967) | (8967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (53) | 0 | 0 | 5336 | 5283 |
|  | $0 | $(53) | $0 | $0 | $(3613) | $(3666) |
|  Over the counter | Over the 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 | $(4358) | $0 | $(4358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (283) | 0 | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 114 | 0 | 0 | 0 | 114 |
|  | $0 | $114 | $0 | $(4641) | $24 | $(4503) |
|  | $0 | $61 | $0 | $(4641) | $(3589) | $(8169) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br>**09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $3360 | $3194 | $6554 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 128533 | 622 | 129155 |
| &nbsp;&nbsp; Industrials | 800 | 66240 | 22251 | 89291 |
| &nbsp;&nbsp; Utilities | 0 | 44995 | 0 | 44995 |
|  U.S. Government Agencies | 0 | 370978 | 0 | 370978 |
|  U.S. Treasury Obligations | 0 | 1013655 | 0 | 1013655 |
|  Non-Agency Mortgage-Backed Securities | 0 | 76544 | 1097 | 77641 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 45698 | 0 | 45698 |
| &nbsp;&nbsp; CMBS Other | 0 | 15884 | 0 | 15884 |
| &nbsp;&nbsp; Home Equity Other | 0 | 13932 | 0 | 13932 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 6049 | 0 | 6049 |
| &nbsp;&nbsp; Other ABS | 0 | 55609 | 1174 | 56783 |
|  Sovereign Issues | 3700 | 170783 | 0 | 174483 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1499 | 0 | 1499 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 450 | 0 | 450 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047047 |
|  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 | 67668 | 0 | 0 | 67668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **09/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2 | $0 | $0 | $2 |
|  | $67670 | $0 | $0 | $67670 |
|  Total Investments | $72170 | $2014209 | $28338 | $2114717 |
|  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 | $(40604) | $0 | $(40604) |
|  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 | 267 | 1839 | 0 | 2106 |
|  Over the counter | 0 | 3523 | 0 | 3523 |
|  | $267 | $5362 | $0 | $5629 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (37) | (288) | 0 | (325) |
|  Over the counter | 0 | (8767) | 0 | (8767) |
|  | $(37) | $(9055) | $0 | $(9092) |
|  Total Financial Derivative Instruments | $230 | $(3693) | $0 | $(3463) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070650 |

---

162 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $3158 | $0 | $0 | $0 | $0 | $36 | $0 | $0 | $3194 | $36 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 603 | 600 | (600) | 0 | 0 | 19 | 0 | 0 | 622 | 22 |
| &nbsp;&nbsp; Industrials | 0 | 22200 | 0 | 0 | 0 | 51 | 0 | 0 | 22251 | 51 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1097 | 0 | 0 | 0 | 0 | 0 | 0 | 1097 | 0 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 6163 | 1170 | (910) | 0 | 62 | 458 | 0 | (5769) | 1174 | 4 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5769) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1542 | Discounted Cash Flow | Discount Rate | 4.070-6.010 | 5.585 |
|  | 1652 | Indicative Market Quotation | Broker Quote | 101.750 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 622 | Discounted Cash Flow | Discount Rate | 4.850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2040 | Discounted Cash Flow | Discount Rate | 4.437-4.900 | 4.669 |
|  | 1711 | Proxy Pricing | Base Price | 100.000 |  |
|  | 18500 | Recent Transaction | Purchase Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 1097 | Recent Transaction | Purchase Price | 99.750 |  |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 1174 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities 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 208.2% | INVESTMENTS IN SECURITIES 208.2% | INVESTMENTS IN SECURITIES 208.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.500%) due 01/09/2030 «~µ | 6870 | 6810 |
|  Project Nova | Project Nova | Project Nova |
|  7.250% (PRIME) due 08/31/2026 «~ | 2800 | 2800 |
|  Total Loan Participations and Assignments (Cost $9,640) | Total Loan Participations and Assignments (Cost $9,640) | 9610 |
| CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% | CORPORATE BONDS & NOTES 1.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. |
|  4.879% (US0003M + 0.580%) due 03/23/2035 ~ | 2717 | 2513 |
|  Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. | Preferred Term Securities XXI Ltd./Preferred Term Securities XXI, Inc. |
|  4.388% (US0003M + 0.350%) due 03/22/2038 ~ | 1183 | 1127 |
|  Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. |
|  4.599% (US0003M + 0.300%) due 03/22/2037 ~ | 197 | 185 |
|  Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. |
|  4.599% (US0003M + 0.300%) due 09/22/2037 ~ | 1701 | 1574 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 17600 | 16818 |
|  |  | 22217 |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(c) | 125580 | 125580 |
|  Crown Castle Towers LLC | Crown Castle Towers LLC | Crown Castle Towers LLC |
|  4.241% due 07/15/2048 | 500 | 494 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 471 | 473 |
|  |  | 126547 |
|  Total Corporate Bonds & Notes (Cost $147,903) | Total Corporate Bonds & Notes (Cost $147,903) | 148764 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| MICHIGAN 0.0% | MICHIGAN 0.0% | MICHIGAN 0.0% |
|  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 | 4574 | 3604 |
|  Total Municipal Bonds & Notes<br>(Cost $3,499) | Total Municipal Bonds & Notes<br>(Cost $3,499) | 3604 |
| U.S. GOVERNMENT AGENCIES 144.9% | U.S. GOVERNMENT AGENCIES 144.9% | U.S. GOVERNMENT AGENCIES 144.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 02/01/2040 - 06/01/2050 (g) | 63665 | 58030 |
|  3.000% due 11/01/2049 - 10/01/2051 | 9055 | 8082 |
|  3.500% due 01/01/2038 - 10/01/2049 | 1714 | 1606 |
|  3.500% due 02/01/2047 - 02/01/2051 (g) | 52101 | 48217 |
|  4.000% due 06/01/2039 - 07/01/2049 | 12641 | 12271 |
|  4.000% due 05/01/2045 - 05/01/2048 (g) | 56200 | 54186 |
|  4.190% due 05/01/2030 (g) | 20500 | 20323 |
|  4.500% due 08/01/2030 - 11/01/2054 | 3012 | 2970 |
|  4.500% due 12/01/2041 - 12/01/2054 (g) | 10849 | 10645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.950% due 01/01/2030 (g) | $— | 10710 | $— | 10880 |
|  5.000% due 03/01/2049 - 03/01/2054 (g) |  | 37538 |  | 37798 |
|  5.000% due 10/01/2052 - 09/01/2053 |  | 7192 |  | 7211 |
|  5.500% due 03/01/2037 - 09/01/2055 |  | 56976 |  | 58151 |
|  5.500% due 04/01/2054 - 09/01/2055 (g) |  | 187931 |  | 190976 |
|  6.000% due 03/01/2045 - 05/01/2055 |  | 38832 |  | 40182 |
|  6.000% due 05/01/2045 - 05/01/2055 (g) |  | 637894 |  | 662169 |
|  6.500% due 05/01/2045 - 08/01/2055 (g) |  | 218313 |  | 229145 |
|  6.500% due 09/01/2053 - 09/01/2055 |  | 124827 |  | 131127 |
|  7.000% due 03/01/2039 - 08/01/2054 |  | 749 |  | 787 |
|  7.000% due 06/01/2054 (g) |  | 2215 |  | 2336 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  1.046% due 04/25/2034 ~(a) |  | 132155 |  | 6883 |
|  2.872% due 07/25/2054 ~ |  | 33641 |  | 32012 |
|  4.224% due 10/25/2046 ~ |  | 1026 |  | 1018 |
|  4.228% due 10/25/2034 ~ |  | 69498 |  | 68746 |
|  4.660% due 01/25/2031 |  | 27615 |  | 28020 |
|  5.007% due 09/25/2030 ~ |  | 12865 |  | 13217 |
|  5.430% due 06/25/2031 ~ |  | 9387 |  | 9803 |
|  7.043% due 12/25/2047 ~ |  | 93 |  | 93 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  0.000% due 10/15/2026 - 08/15/2057 (b)(e) |  | 11818 |  | 9242 |
|  0.000% due 01/15/2033 - 08/15/2045 •  |  | 21826 |  | 18318 |
|  0.000% due 07/15/2047 - 03/25/2052 •(a) |  | 136778 |  | 4616 |
|  0.013% due 08/15/2040 •(a) |  | 838 |  | 37 |
|  0.016% due 01/15/2043 •  |  | 1889 |  | 1051 |
|  0.024% due 12/15/2042 •  |  | 1145 |  | 920 |
|  0.036% due 11/15/2042 •  |  | 297 |  | 163 |
|  0.196% due 03/15/2045 •  |  | 202 |  | 135 |
|  0.347% due 05/15/2035 •  |  | 202 |  | 205 |
|  0.513% due 04/15/2042 •(a) |  | 1238 |  | 98 |
|  0.760% due 09/15/2041 •  |  | 478 |  | 339 |
|  0.927% due 01/15/2041 •  |  | 525 |  | 491 |
|  0.944% due 09/25/2054 •(a) |  | 47764 |  | 3634 |
|  1.000% due 02/15/2041 •  |  | 77 |  | 67 |
|  1.044% due 11/25/2054 •(a) |  | 75356 |  | 5168 |
|  1.250% due 01/15/2028 |  | 2692 |  | 2624 |
|  1.319% due 08/15/2048 ~(a) |  | 41264 |  | 1599 |
|  1.367% due 03/15/2050 ~(a) |  | 25167 |  | 1112 |
|  1.375% due 12/15/2027 |  | 1696 |  | 1655 |
|  1.376% due 12/15/2050 ~(a) |  | 41386 |  | 1810 |
|  1.500% due 02/15/2028 |  | 4535 |  | 4427 |
|  1.513% due 10/15/2036 - 08/15/2042 •(a) |  | 16230 |  | 1799 |
|  1.529% due 04/25/2048 - 11/25/2049 •(a) |  | 20583 |  | 2797 |
|  1.563% due 08/15/2041 - 11/15/2043 •(a) |  | 3587 |  | 457 |
|  1.579% due 04/25/2049 - 06/25/2050 •(a) |  | 60004 |  | 8420 |
|  1.613% due 12/15/2042 - 02/15/2044 •(a) |  | 7087 |  | 1035 |
|  1.629% due 06/25/2050 - 08/25/2050 •(a) |  | 33772 |  | 4509 |
|  1.640% due 10/15/2037 ~(a) |  | 183 |  | 9 |
|  1.644% due 10/25/2054 •(a) |  | 90117 |  | 8920 |
|  1.646% due 10/15/2037 ~(a) |  | 147 |  | 7 |
|  1.663% due 11/15/2042 - 10/15/2048 •(a) |  | 21804 |  | 2799 |
|  1.679% due 05/25/2050 - 06/25/2050 •(a) |  | 21039 |  | 2752 |
|  1.713% due 01/15/2033 - 06/15/2048 •(a) |  | 13905 |  | 1610 |
|  1.729% due 07/25/2050 •(a) |  | 22599 |  | 3347 |
|  1.750% due 10/15/2032 |  | 1548 |  | 1455 |
|  1.755% due 03/15/2037 ~(a) |  | 174 |  | 10 |
|  1.774% due 05/15/2037 ~(a) |  | 121 |  | 7 |
|  1.790% due 10/15/2038 ~(a) |  | 2114 |  | 119 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.815% due 01/15/2038 ~(a) | $— | 1510 | $— | 78 |
|  1.887% due 11/15/2036 ~(a) |  | 472 |  | 28 |
|  1.931% due 08/15/2041 ~(a) |  | 151 |  | 8 |
|  1.936% due 02/15/2038 ~(a) |  | 303 |  | 16 |
|  1.941% due 11/15/2038 ~(a) |  | 500 |  | 28 |
|  1.943% due 02/15/2037 •(a) |  | 273 |  | 25 |
|  1.944% due 12/25/2050 •(a) |  | 6668 |  | 1067 |
|  1.963% due 04/15/2032 •(a) |  | 618 |  | 33 |
|  2.000% due 04/25/2031 - 04/25/2051 (a) |  | 345157 |  | 41889 |
|  2.000% due 07/15/2041 |  | 588 |  | 558 |
|  2.012% due 10/15/2041 ~(a) |  | 317 |  | 18 |
|  2.019% due 06/15/2038 ~(a) |  | 389 |  | 24 |
|  2.056% due 04/15/2047 •(a) |  | 6007 |  | 501 |
|  2.079% due 08/15/2047 ~(a) |  | 8090 |  | 832 |
|  2.111% due 12/15/2046 ~(a) |  | 35988 |  | 3004 |
|  2.113% due 01/15/2041 •(a) |  | 216 |  | 22 |
|  2.163% due 02/15/2032 - 03/15/2035 •(a) |  | 128 |  | 8 |
|  2.190% due 08/15/2036 ~(a) |  | 193 |  | 13 |
|  2.213% due 09/15/2035 - 07/15/2042 •(a) |  | 1082 |  | 164 |
|  2.250% due 05/15/2040 |  | 4655 |  | 4517 |
|  2.263% due 03/15/2037 •(a) |  | 324 |  | 31 |
|  2.500% due 09/15/2027 - 12/25/2051 (a) |  | 349794 |  | 50676 |
|  3.000% due 05/15/2027 - 02/25/2052 (a) |  | 601562 |  | 100618 |
|  3.298% due 09/17/2032 •  |  | 1 |  | 1 |
|  3.500% due 02/15/2041 - 04/15/2054 |  | 10866 |  | 8797 |
|  3.500% due 02/25/2041 - 03/25/2052 (a) |  | 321593 |  | 56613 |
|  3.513% due 06/15/2031 •(a) |  | 46 |  | 4 |
|  3.851% due 06/15/2042 •  |  | 564 |  | 550 |
|  4.000% due 02/15/2031 - 08/15/2042 |  | 2232 |  | 2080 |
|  4.000% due 03/15/2042 - 06/25/2051 (a) |  | 104862 |  | 23019 |
|  4.000% due 03/25/2052 •  |  | 6557 |  | 5985 |
|  4.027% due 05/15/2033 •  |  | 3 |  | 3 |
|  4.500% due 12/15/2033 - 11/15/2040 |  | 486 |  | 488 |
|  4.500% due 07/15/2042 - 10/25/2051 (a) |  | 152447 |  | 35873 |
|  4.717% due 05/15/2033 •  |  | 5 |  | 6 |
|  4.787% due 08/15/2047 •  |  | 1554 |  | 1505 |
|  4.810% due 10/15/2038 •  |  | 1583 |  | 1563 |
|  4.887% due 09/15/2042 - 08/15/2057 •  |  | 24262 |  | 23332 |
|  4.937% due 10/15/2033 •  |  | 97 |  | 102 |
|  4.987% due 03/15/2044 •  |  | 1356 |  | 1343 |
|  5.000% due 05/25/2048 - 10/25/2054 (a) |  | 77381 |  | 16370 |
|  5.037% due 11/15/2040 •  |  | 1403 |  | 1393 |
|  5.156% due 10/25/2052 •  |  | 59798 |  | 59487 |
|  5.245% due 04/15/2049 - 12/15/2050 •  |  | 6114 |  | 6105 |
|  5.326% due 08/25/2054 •  |  | 22929 |  | 23037 |
|  5.336% due 02/25/2055 •  |  | 17784 |  | 17873 |
|  5.345% due 08/15/2048 •  |  | 12337 |  | 12423 |
|  5.356% due 09/25/2054 - 02/25/2055 •  |  | 79332 |  | 79643 |
|  5.456% due 10/25/2054 - 11/25/2054 •  |  | 115815 |  | 115673 |
|  5.500% due 02/15/2033 - 05/15/2036 |  | 195 |  | 202 |
|  5.500% due 05/15/2041 •  |  | 19 |  | 20 |
|  5.506% due 12/25/2054 •  |  | 7816 |  | 7841 |
|  5.556% due 12/25/2054 - 08/25/2055 •  |  | 12190 |  | 12255 |
|  5.606% due 11/25/2052 •  |  | 49591 |  | 49594 |
|  5.656% due 11/25/2054 •  |  | 143784 |  | 143993 |
|  5.806% due 02/25/2055 •  |  | 26859 |  | 27115 |
|  6.000% due 07/15/2035 |  | 669 |  | 723 |
|  6.000% due 03/15/2044 (a) |  | 356 |  | 63 |
|  6.063% due 11/15/2034 •  |  | 4 |  | 5 |
|  Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust |
|  4.250% due 08/25/2059 - 11/25/2059 ~ |  | 11418 |  | 11006 |

---

---

| | | |
|:---|:---|:---|
| **164** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 02/25/2059 ~ | $— | 28500 | $— | 27150 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust | Federal Home Loan Mortgage Corp. STACR REMICS Trust |
|  6.006% due 01/25/2034 •  |  | 634 |  | 636 |
|  7.256% due 04/25/2042 •  |  | 10900 |  | 11220 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  0.000% due 06/01/2026 - 12/15/2036 (b)(e) |  | 745 |  | 672 |
|  1.403% due 09/15/2043 •(a) |  | 7090 |  | 759 |
|  1.563% due 09/15/2044 •(a) |  | 2156 |  | 233 |
|  1.962% due 02/15/2038 ~(a) |  | 7644 |  | 403 |
|  2.000% due 06/25/2051 - 06/25/2052 (a) |  | 580434 |  | 74726 |
|  2.500% due 01/25/2051 - 10/15/2052 (a) |  | 242883 |  | 37135 |
|  3.000% due 12/15/2032 - 10/15/2052 (a) |  | 158939 |  | 26506 |
|  3.000% due 05/15/2034 ~(a) |  | 245 |  | 12 |
|  3.082% due 12/15/2027 ~(a) |  | 103 |  | 2 |
|  3.500% due 01/15/2043 - 10/15/2052 (a) |  | 102871 |  | 18439 |
|  3.500% due 10/15/2047 ~(a) |  | 620 |  | 109 |
|  4.000% due 12/15/2043 - 06/15/2050 (a) |  | 25115 |  | 4528 |
|  4.000% due 05/15/2049 ~(a) |  | 368 |  | 52 |
|  5.000% due 09/15/2046 ~(a) |  | 504 |  | 78 |
|  5.000% due 11/15/2052 - 05/25/2054 (a) |  | 274936 |  | 59369 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  2.844% due 12/25/2036 •  |  | 17856 |  | 14904 |
|  Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust | Federal Home Loan Mortgage Corp. Whole Loan Securities Trust |
|  3.000% due 09/25/2045 - 12/25/2046 |  | 2323 |  | 2026 |
|  3.500% due 12/25/2046 |  | 1667 |  | 1481 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.100% due 01/01/2047 •  |  | 100 |  | 98 |
|  2.500% due 01/01/2033 |  | 819 |  | 781 |
|  2.500% due 01/01/2033 (g) |  | 3980 |  | 3797 |
|  3.000% due 01/01/2038 - 07/01/2060 (g) |  | 344467 |  | 306852 |
|  3.000% due 04/01/2038 - 06/01/2051 |  | 7495 |  | 6781 |
|  3.020% due 03/01/2028 (g) |  | 6617 |  | 6474 |
|  3.279% due 05/01/2047 •  |  | 506 |  | 507 |
|  3.290% due 04/01/2027 - 03/01/2028 (g) |  | 70774 |  | 69951 |
|  3.430% due 05/01/2028 (g) |  | 9728 |  | 9609 |
|  3.430% due 03/01/2033 |  | 958 |  | 896 |
|  3.500% due 10/01/2034 - 06/01/2051 (g) |  | 97015 |  | 90939 |
|  3.500% due 03/01/2038 - 04/01/2050 |  | 4424 |  | 4161 |
|  3.575% due 02/01/2026 (g) |  | 12198 |  | 12148 |
|  3.725% due 06/01/2048 •  |  | 129 |  | 127 |
|  3.975% due 06/01/2048 •  |  | 108 |  | 107 |
|  4.000% due 06/01/2033 - 07/01/2053 |  | 72451 |  | 70187 |
|  4.000% due 04/01/2037 - 05/01/2049 (g) |  | 143070 |  | 138890 |
|  4.140% due 04/01/2028 (g) |  | 10531 |  | 10570 |
|  4.300% due 12/01/2029 (g) |  | 10022 |  | 10114 |
|  4.320% due 06/01/2028 |  | 5482 |  | 5529 |
|  4.374% due 02/01/2028 ~(g) |  | 24968 |  | 25042 |
|  4.385% due 04/01/2033 (g) |  | 11208 |  | 11201 |
|  4.400% due 12/01/2029 (g) |  | 24839 |  | 25130 |
|  4.440% due 06/01/2033 (g) |  | 12320 |  | 12345 |
|  4.490% due 10/01/2030 |  | 1747 |  | 1770 |
|  4.490% due 04/01/2033 - 05/01/2033 (g) |  | 11905 |  | 11988 |
|  4.500% due 06/01/2030 - 01/01/2055 |  | 8878 |  | 8810 |
|  4.500% due 11/01/2032 - 04/01/2059 (g) |  | 90810 |  | 90219 |
|  4.530% due 06/01/2033 |  | 3168 |  | 3204 |
|  4.550% due 05/01/2028 |  | 1272 |  | 1291 |
|  4.560% due 12/01/2029 (g) |  | 4997 |  | 5080 |
|  4.580% due 08/01/2033 (g) |  | 7368 |  | 7471 |
|  4.590% due 06/01/2033 (g) |  | 24223 |  | 24509 |
|  4.640% due 09/01/2028 (g) |  | 4884 |  | 4966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.700% due 04/01/2033 (g) | $— | 18493 | $— | 18649 |
|  4.740% due 05/01/2033 |  | 2134 |  | 2183 |
|  4.815% due 09/01/2028 (g) |  | 14232 |  | 14545 |
|  4.840% due 07/01/2033 |  | 1500 |  | 1545 |
|  4.880% due 09/01/2028 (g) |  | 23455 |  | 24019 |
|  4.900% due 10/01/2028 (g) |  | 3053 |  | 3125 |
|  4.990% due 03/01/2031 (g) |  | 7862 |  | 8075 |
|  5.000% due 11/01/2033 - 08/01/2054 |  | 9221 |  | 9289 |
|  5.000% due 04/01/2043 - 02/01/2049 (g) |  | 12022 |  | 12191 |
|  5.110% due 08/01/2033 |  | 1073 |  | 1117 |
|  5.170% due 05/01/2031 |  | 2820 |  | 2939 |
|  5.200% due 10/01/2030 (g) |  | 3970 |  | 4135 |
|  5.230% due 10/01/2028 (g) |  | 8806 |  | 9093 |
|  5.500% due 11/01/2036 - 08/01/2055 |  | 15742 |  | 16073 |
|  5.500% due 05/01/2053 - 01/01/2055 (g) |  | 81641 |  | 83399 |
|  5.570% due 10/01/2028 (g) |  | 3704 |  | 3802 |
|  5.590% due 10/01/2031 |  | 2215 |  | 2353 |
|  5.610% due 10/01/2028 |  | 4067 |  | 4179 |
|  5.810% due 06/01/2031 (g) |  | 65600 |  | 68296 |
|  5.910% due 10/01/2028 |  | 909 |  | 952 |
|  6.000% due 04/01/2044 - 05/01/2055 |  | 36141 |  | 37313 |
|  6.000% due 12/01/2052 - 06/01/2055 (g) |  | 622178 |  | 644027 |
|  6.143% due 12/01/2034 •(g) |  | 92 |  | 93 |
|  6.175% due 06/01/2035 •  |  | 7 |  | 8 |
|  6.358% due 12/01/2048 •(g) |  | 379 |  | 392 |
|  6.415% due 08/01/2049 •(g) |  | 1362 |  | 1416 |
|  6.437% due 01/01/2035 •(g) |  | 165 |  | 171 |
|  6.447% due 09/01/2043 •(g) |  | 517 |  | 535 |
|  6.500% due 05/01/2045 - 09/01/2055 (g) |  | 248804 |  | 260322 |
|  6.500% due 04/01/2053 - 09/01/2055 |  | 118105 |  | 124072 |
|  6.562% due 01/01/2035 •  |  | 79 |  | 81 |
|  7.000% due 06/01/2054 - 07/01/2054 |  | 1648 |  | 1735 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust | Federal National Mortgage Association Connecticut Avenue Securities Trust |
|  7.106% due 05/25/2042 •  |  | 863 |  | 884 |
|  7.456% due 03/25/2042 •  |  | 3750 |  | 3855 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  5.349% due 08/25/2043 ~ |  | 13 |  | 13 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  0.000% due 01/25/2033 - 10/25/2040 (b)(e) |  | 634 |  | 536 |
|  1.500% due 04/25/2037 - 01/25/2052 (a) |  | 52430 |  | 3191 |
|  2.000% due 07/25/2037 - 08/25/2052 (a) |  | 398244 |  | 47293 |
|  2.500% due 06/25/2052 - 08/25/2052 (a) |  | 81827 |  | 13089 |
|  3.000% due 02/25/2028 - 08/25/2052 (a) |  | 110660 |  | 18222 |
|  3.500% due 08/25/2043 - 11/25/2048 (a) |  | 41249 |  | 7396 |
|  4.000% due 10/25/2053 (a) |  | 44186 |  | 9480 |
|  5.000% due 08/25/2053 - 05/25/2055 (a) |  | 339623 |  | 73384 |
|  5.500% due 02/25/2029 - 05/25/2055 (a) |  | 100132 |  | 22594 |
|  5.500% due 01/25/2032 ~(a) |  | 54 |  | 4 |
|  6.000% due 04/25/2032 - 05/25/2055 (a) |  | 97190 |  | 21429 |
|  6.500% due 04/25/2038 (a) |  | 165 |  | 37 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 01/25/2033 - 05/25/2051 •  |  | 14991 |  | 9990 |
|  0.000% due 10/25/2033 - 05/25/2048 (b)(e) |  | 11401 |  | 8610 |
|  0.000% due 06/25/2043 - 02/25/2052 •(a) |  | 563244 |  | 3200 |
|  0.035% due 03/25/2043 •  |  | 8723 |  | 7406 |
|  0.053% due 12/25/2042 - 10/25/2043 •  |  | 2644 |  | 2147 |
|  0.200% due 02/25/2043 •(a) |  | 2942 |  | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.281% due 01/25/2044 ~(a) | $— | 980 | $— | 7 |
|  0.335% due 03/25/2033 •  |  | 10069 |  | 9309 |
|  0.529% due 06/25/2050 •(a) |  | 7913 |  | 683 |
|  0.530% due 03/25/2047 •  |  | 256 |  | 177 |
|  0.860% due 11/25/2041 •  |  | 751 |  | 548 |
|  0.894% due 09/25/2054 •(a) |  | 88602 |  | 6508 |
|  1.129% due 06/25/2044 •(a) |  | 2301 |  | 241 |
|  1.159% due 06/25/2043 •  |  | 1953 |  | 1636 |
|  1.268% due 12/25/2050 ~(a) |  | 49903 |  | 2579 |
|  1.400% due 06/25/2028 |  | 3696 |  | 3589 |
|  1.415% due 01/25/2051 ~(a) |  | 90612 |  | 4131 |
|  1.446% due 07/25/2044 ~(a) |  | 518 |  | 21 |
|  1.465% due 10/25/2046 ~(a) |  | 194 |  | 9 |
|  1.479% due 10/25/2043 - 01/25/2050 •(a) |  | 11008 |  | 1720 |
|  1.489% due 12/25/2036 •(a) |  | 265 |  | 20 |
|  1.500% due 02/25/2028 - 04/25/2028 |  | 7336 |  | 7160 |
|  1.500% due 11/25/2035 - 08/25/2037 (a) |  | 340495 |  | 17329 |
|  1.507% due 08/25/2033 •  |  | 285 |  | 270 |
|  1.529% due 05/25/2046 - 11/25/2049 •(a) |  | 66217 |  | 8637 |
|  1.549% due 09/25/2049 •(a) |  | 3710 |  | 471 |
|  1.575% due 04/25/2046 ~(a) |  | 508 |  | 25 |
|  1.579% due 10/25/2042 - 07/25/2059 •(a) |  | 56235 |  | 6786 |
|  1.595% due 07/25/2052 ~(a) |  | 534 |  | 27 |
|  1.625% due 07/25/2045 ~(a) |  | 11792 |  | 690 |
|  1.629% due 06/25/2037 - 07/25/2050 •(a) |  | 49988 |  | 6782 |
|  1.656% due 03/25/2060 ~(a) |  | 10196 |  | 702 |
|  1.666% due 07/25/2044 ~(a) |  | 730 |  | 45 |
|  1.673% due 09/25/2045 ~(a) |  | 393 |  | 16 |
|  1.679% due 09/25/2041 - 01/25/2049 •(a) |  | 18335 |  | 2161 |
|  1.698% due 04/25/2055 ~(a) |  | 857 |  | 43 |
|  1.729% due 11/25/2044 - 05/25/2048 •(a) |  | 22941 |  | 3207 |
|  1.729% due 05/25/2048 •  |  | 4676 |  | 3827 |
|  1.734% due 03/25/2045 ~(a) |  | 1138 |  | 64 |
|  1.737% due 06/25/2048 ~ |  | 1761 |  | 218 |
|  1.744% due 08/25/2054 ~(a) |  | 368 |  | 20 |
|  1.744% due 10/25/2054 •(a) |  | 38343 |  | 4194 |
|  1.745% due 01/25/2045 ~(a) |  | 445 |  | 25 |
|  1.779% due 08/25/2041 - 02/25/2043 •(a) |  | 10331 |  | 890 |
|  1.873% due 06/25/2052 ~(a) |  | 11229 |  | 813 |
|  1.897% due 08/25/2044 ~(a) |  | 444 |  | 31 |
|  1.952% due 02/25/2062 ~(a) |  | 15938 |  | 1280 |
|  1.959% due 03/25/2042 •(a) |  | 715 |  | 117 |
|  1.980% due 08/25/2055 ~(a) |  | 529 |  | 30 |
|  2.000% due 07/25/2041 - 12/25/2042 |  | 252 |  | 208 |
|  2.000% due 10/25/2050 - 07/25/2052 (a) |  | 315983 |  | 40756 |
|  2.027% due 09/25/2061 ~(a) |  | 6049 |  | 499 |
|  2.129% due 09/25/2040 - 09/25/2042 •(a) |  | 3439 |  | 545 |
|  2.179% due 05/25/2036 •(a) |  | 610 |  | 76 |
|  2.229% due 10/25/2026 - 08/25/2040 •(a) |  | 43 |  | 0 |
|  2.279% due 09/25/2039 •(a) |  | 47 |  | 5 |
|  2.316% due 01/25/2041 •  |  | 1777 |  | 1825 |
|  2.329% due 12/25/2032 - 11/25/2036 •(a) |  | 1144 |  | 137 |
|  2.429% due 04/25/2038 •(a) |  | 245 |  | 23 |
|  2.500% due 12/25/2027 - 10/25/2052 (a) |  | 923803 |  | 137036 |
|  2.500% due 01/25/2034 |  | 2820 |  | 2777 |
|  2.629% due 10/25/2034 •(a) |  | 334 |  | 14 |
|  2.744% due 09/25/2054 •(a) |  | 59143 |  | 5023 |
|  3.000% due 11/25/2027 - 10/25/2052 (a) |  | 554199 |  | 88842 |
|  3.000% due 06/25/2033 - 05/25/2048 |  | 4095 |  | 3731 |
|  3.229% due 08/25/2034 •(a) |  | 118 |  | 7 |
|  3.500% due 10/25/2027 - 04/25/2053 (a) |  | 266093 |  | 47843 |
|  3.500% due 05/25/2039 - 10/25/2042 |  | 1372 |  | 1297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.625% due 05/25/2039 | $— | 2701 | $— | 2690 |
|  3.719% due 03/25/2040 •  |  | 57 |  | 57 |
|  3.750% due 05/25/2033 - 01/25/2044 |  | 19 |  | 18 |
|  4.000% due 01/25/2033 - 03/25/2053 (a) |  | 179959 |  | 36457 |
|  4.000% due 11/25/2040 - 05/25/2050 |  | 9017 |  | 7664 |
|  4.500% due 03/25/2040 |  | 14 |  | 14 |
|  4.500% due 11/25/2044 - 09/25/2053 (a) |  | 134150 |  | 30428 |
|  4.500% due 09/25/2050 •  |  | 7210 |  | 6779 |
|  4.656% due 11/25/2050 •  |  | 2546 |  | 2423 |
|  4.771% due 12/25/2047 •  |  | 31983 |  | 31118 |
|  4.810% due 08/25/2044 •  |  | 1292 |  | 1279 |
|  4.821% due 09/25/2044 •  |  | 3208 |  | 3145 |
|  4.860% due 03/25/2049 •  |  | 421 |  | 418 |
|  4.871% due 03/25/2042 - 05/25/2045 •  |  | 2766 |  | 2702 |
|  4.900% due 12/25/2046 •  |  | 818 |  | 812 |
|  4.910% due 09/25/2046 - 11/25/2059 •  |  | 2598 |  | 2571 |
|  4.916% due 02/25/2037 •  |  | 135 |  | 134 |
|  4.921% due 09/25/2049 - 07/25/2059 •  |  | 5333 |  | 5205 |
|  4.941% due 07/25/2049 •  |  | 3371 |  | 3291 |
|  5.000% due 04/25/2035 - 07/25/2040 |  | 130 |  | 128 |
|  5.000% due 10/25/2054 (a) |  | 40908 |  | 8778 |
|  5.021% due 12/25/2040 •  |  | 536 |  | 533 |
|  5.110% due 05/25/2050 •  |  | 1807 |  | 1803 |
|  5.125% due 12/25/2047 •  |  | 2155 |  | 2156 |
|  5.145% due 01/25/2051 •  |  | 8285 |  | 8304 |
|  5.156% due 06/25/2055 •  |  | 39143 |  | 38909 |
|  5.245% due 12/25/2050 •  |  | 1857 |  | 1853 |
|  5.311% due 04/25/2048 •  |  | 987 |  | 994 |
|  5.321% due 07/25/2038 •  |  | 74 |  | 74 |
|  5.326% due 08/25/2054 •  |  | 4838 |  | 4861 |
|  5.356% due 01/25/2054 •  |  | 71232 |  | 71621 |
|  5.456% due 11/25/2054 •  |  | 142424 |  | 142423 |
|  5.500% due 12/25/2034 - 06/25/2036 |  | 866 |  | 894 |
|  5.556% due 12/25/2054 •  |  | 5031 |  | 5056 |
|  5.606% due 11/25/2052 •  |  | 79295 |  | 79032 |
|  5.756% due 02/25/2055 •  |  | 2563 |  | 2578 |
|  5.906% due 06/25/2055 •  |  | 18974 |  | 19212 |
|  6.000% due 02/25/2034 |  | 49 |  | 51 |
|  7.000% due 11/25/2039 - 03/25/2049 |  | 70 |  | 73 |
|  7.638% due 12/25/2036 •  |  | 23 |  | 25 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  0.000% due 07/25/2044 ~(a) |  | 14900 |  | 189 |
|  1.527% due 10/25/2046 ~(a) |  | 3612 |  | 134 |
|  1.979% due 09/25/2037 •(a) |  | 1354 |  | 86 |
|  5.183% due 05/25/2042 ~ |  | 13 |  | 13 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) |  | 9734 |  | 567 |
|  6.300% due 06/25/2031 ~ |  | 11 |  | 11 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 04/16/2053 ~(a) |  | 204 |  | 0 |
|  0.023% due 08/16/2048 ~(a) |  | 1730 |  | 0 |
|  0.300% due 05/16/2050 ~(a) |  | 613 |  | 1 |
|  1.814% due 05/16/2053 ~(a) |  | 44 |  | 1 |
|  3.000% due 09/20/2046 - 10/20/2051 |  | 2527 |  | 2277 |
|  3.000% due 11/20/2046 - 02/20/2053 (g) |  | 50066 |  | 45060 |
|  3.500% due 03/20/2042 - 02/20/2053 |  | 17663 |  | 16281 |
|  3.500% due 10/20/2047 - 12/20/2052 (g) |  | 219556 |  | 201341 |
|  4.000% due 07/20/2039 - 04/20/2055 |  | 3833 |  | 3671 |
|  4.000% due 01/20/2045 - 07/15/2048 (g) |  | 4562 |  | 4419 |
|  4.500% due 09/15/2038 - 08/20/2048 (g) |  | 57876 |  | 57852 |
|  4.500% due 07/20/2039 - 09/20/2048 |  | 3802 |  | 3751 |
|  4.625% due 08/20/2045 •(g) |  | 379 |  | 387 |
|  4.750% due 10/20/2044 •(g) |  | 490 |  | 504 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 08/20/2034 - 01/20/2049 | $— | 680 | $— | 680 |
|  5.000% due 06/20/2049 (g) |  | 6631 |  | 6756 |
|  5.389% due 08/20/2054 •  |  | 324 |  | 325 |
|  5.500% due 02/20/2034 - 04/20/2040 |  | 33 |  | 33 |
|  5.500% due 12/20/2038 - 01/20/2039 (g) |  | 52 |  | 52 |
|  6.000% due 07/20/2038 - 06/20/2041 |  | 180 |  | 192 |
|  6.500% due 03/15/2035 (g) |  | 225 |  | 233 |
|  6.500% due 01/20/2055 |  | 500 |  | 514 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 03/20/2035 - 06/16/2043 (b)(e) |  | 3330 |  | 2905 |
|  0.000% due 06/20/2045 - 09/20/2045 •  |  | 2078 |  | 1584 |
|  0.000% due 10/20/2047 - 02/20/2049 •(a) |  | 34231 |  | 778 |
|  0.113% due 11/20/2046 ~(a) |  | 3261 |  | 191 |
|  0.137% due 12/20/2042 ~ |  | 284 |  | 235 |
|  0.183% due 06/20/2046 ~(a) |  | 1797 |  | 74 |
|  0.221% due 09/20/2045 ~(a) |  | 1078 |  | 48 |
|  0.256% due 08/20/2045 ~(a) |  | 479 |  | 20 |
|  0.259% due 06/20/2043 ~(a) |  | 2045 |  | 107 |
|  0.301% due 10/20/2046 ~(a) |  | 2913 |  | 149 |
|  0.315% due 12/20/2045 ~(a) |  | 666 |  | 32 |
|  0.320% due 01/20/2047 ~(a) |  | 3336 |  | 186 |
|  0.322% due 07/20/2046 ~(a) |  | 3263 |  | 190 |
|  0.325% due 08/20/2047 ~(a) |  | 2768 |  | 130 |
|  0.341% due 11/20/2045 ~(a) |  | 740 |  | 36 |
|  0.356% due 05/20/2047 ~(a) |  | 4944 |  | 262 |
|  0.432% due 11/20/2046 ~(a) |  | 254 |  | 20 |
|  0.455% due 05/20/2040 ~(a) |  | 3001 |  | 133 |
|  0.492% due 07/20/2041 ~(a) |  | 945 |  | 52 |
|  0.573% due 04/20/2043 ~(a) |  | 4784 |  | 293 |
|  0.807% due 06/20/2042 ~(a) |  | 746 |  | 42 |
|  0.857% due 06/20/2042 ~(a) |  | 704 |  | 32 |
|  1.100% due 12/20/2040 •  |  | 794 |  | 760 |
|  1.211% due 11/20/2046 •  |  | 25 |  | 23 |
|  1.290% due 05/20/2049 •(a) |  | 3916 |  | 339 |
|  1.300% due 09/20/2043 •(a) |  | 735 |  | 16 |
|  1.300% due 01/20/2044 •  |  | 967 |  | 522 |
|  1.789% due 06/16/2039 •(a) |  | 597 |  | 36 |
|  1.800% due 04/20/2046 - 09/20/2049 •(a) |  | 34353 |  | 4211 |
|  1.839% due 11/16/2034 •(a) |  | 202 |  | 1 |
|  1.850% due 01/20/2035 - 12/20/2048 •(a) |  | 5506 |  | 472 |
|  1.870% due 12/20/2035 •(a) |  | 7867 |  | 230 |
|  1.939% due 03/16/2035 •(a) |  | 761 |  | 2 |
|  1.950% due 09/20/2048 •(a) |  | 1274 |  | 186 |
|  2.000% due 04/20/2048 •  |  | 4502 |  | 4400 |
|  2.000% due 01/20/2051 (a) |  | 19035 |  | 2153 |
|  2.189% due 02/16/2040 •(a) |  | 1208 |  | 94 |
|  2.450% due 05/20/2041 •(a) |  | 646 |  | 54 |
|  2.500% due 09/20/2050 (a) |  | 3234 |  | 93 |
|  3.000% due 02/20/2043 - 06/20/2046 (a) |  | 2169 |  | 121 |
|  3.000% due 08/20/2051 - 11/20/2067 |  | 11622 |  | 9183 |
|  3.500% due 11/20/2042 - 09/20/2046 (a) |  | 5839 |  | 926 |
|  3.500% due 02/20/2043 - 12/20/2068 |  | 34524 |  | 25441 |
|  3.500% due 01/20/2069 ~ |  | 1107 |  | 1073 |
|  4.000% due 10/16/2044 (a) |  | 704 |  | 82 |
|  4.380% due 10/20/2045 •  |  | 346 |  | 366 |
|  4.500% due 03/20/2041 •  |  | 318 |  | 313 |
|  4.500% due 12/16/2041 - 05/20/2043 (a) |  | 804 |  | 114 |
|  4.689% due 09/20/2073 •  |  | 3262 |  | 3246 |
|  4.700% due 02/20/2049 •  |  | 1055 |  | 1031 |
|  4.766% due 05/20/2068 •  |  | 257 |  | 256 |
|  4.827% due 08/20/2067 •  |  | 146 |  | 146 |
|  4.866% due 11/20/2070 •  |  | 4611 |  | 4533 |
|  4.889% due 03/20/2073 •  |  | 33454 |  | 32986 |
|  4.914% due 03/20/2068 •  |  | 255 |  | 255 |
|  4.916% due 11/20/2060 - 11/20/2070 •  |  | 8802 |  | 8719 |
|  4.927% due 08/20/2068 •  |  | 3218 |  | 3231 |
|  4.944% due 02/20/2068 •  |  | 644 |  | 647 |
|  4.966% due 03/20/2061 - 07/20/2067 •  |  | 109 |  | 109 |
|  4.981% due 10/20/2062 •  |  | 29 |  | 29 |
|  4.986% due 08/20/2062 •  |  | 86 |  | 86 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 05/16/2043 (a) | $— | 442 | $— | 60 |
|  5.006% due 07/20/2063 •  |  | 73 |  | 73 |
|  5.039% due 02/20/2074 - 05/20/2074 •  |  | 3616 |  | 3615 |
|  5.066% due 08/20/2065 - 10/20/2069 •  |  | 1323 |  | 1321 |
|  5.079% due 02/20/2053 •  |  | 59327 |  | 58992 |
|  5.089% due 02/20/2053 - 02/20/2074 •  |  | 17376 |  | 17307 |
|  5.126% due 12/20/2065 •  |  | 178 |  | 179 |
|  5.139% due 02/20/2053 - 03/20/2071 •  |  | 33804 |  | 33682 |
|  5.149% due 11/20/2074 •  |  | 969 |  | 967 |
|  5.161% due 07/20/2066 •  |  | 106 |  | 107 |
|  5.163% due 10/20/2067 •  |  | 524 |  | 527 |
|  5.164% due 03/20/2069 •  |  | 261 |  | 263 |
|  5.166% due 04/20/2062 •  |  | 502 |  | 505 |
|  5.179% due 02/20/2073 - 04/20/2074 •  |  | 23680 |  | 23638 |
|  5.189% due 03/20/2071 - 04/20/2073 •  |  | 58529 |  | 58566 |
|  5.209% due 12/20/2071 •  |  | 2294 |  | 2294 |
|  5.216% due 11/20/2065 - 02/20/2067 •  |  | 3330 |  | 3337 |
|  5.239% due 05/20/2074 - 07/20/2074 •  |  | 23133 |  | 23158 |
|  5.249% due 03/20/2073 •  |  | 33103 |  | 33237 |
|  5.259% due 01/20/2073 •  |  | 1543 |  | 1550 |
|  5.266% due 07/20/2066 •  |  | 54 |  | 54 |
|  5.269% due 02/20/2073 - 03/20/2073 •  |  | 20467 |  | 20565 |
|  5.289% due 01/20/2073 - 07/20/2074 •  |  | 291284 |  | 292727 |
|  5.298% due 02/20/2069 •  |  | 975 |  | 985 |
|  5.319% due 01/20/2074 - 08/20/2074 •  |  | 35187 |  | 35364 |
|  5.339% due 09/20/2073 - 10/20/2073 •  |  | 49175 |  | 49551 |
|  5.349% due 08/20/2073 •  |  | 13946 |  | 14069 |
|  5.359% due 08/20/2073 •  |  | 23063 |  | 23288 |
|  5.366% due 09/20/2069 •  |  | 493 |  | 495 |
|  5.369% due 09/20/2073 •  |  | 10205 |  | 10309 |
|  5.389% due 06/20/2055 - 12/20/2073 •  |  | 146298 |  | 147063 |
|  5.489% due 03/20/2073 - 06/20/2073 •  |  | 177321 |  | 179502 |
|  5.509% due 08/20/2073 •  |  | 7266 |  | 7343 |
|  5.539% due 05/20/2073 •  |  | 4241 |  | 4291 |
|  5.616% due 05/20/2070 •  |  | 451 |  | 458 |
|  5.889% due 03/20/2071 - 08/20/2071 •  |  | 13165 |  | 13461 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 |  | 68100 |  | 56314 |
|  2.500% due 11/01/2055 |  | 67200 |  | 57868 |
|  3.000% due 10/01/2055 - 11/01/2055 |  | 1151165 |  | 1027818 |
|  3.500% due 10/01/2055 - 11/01/2055 |  | 108346 |  | 98790 |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 616200 |  | 579420 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 765816 |  | 742435 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 445500 |  | 442972 |
|  5.500% due 10/01/2055 - 11/01/2055 |  | 58000 |  | 58415 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 39500 |  | 40178 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 380100 |  | 390418 |
|  Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust | Seasoned Loans Structured Transaction Trust |
|  5.326% due 05/25/2034 •  |  | 40048 |  | 40595 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 10/01/2040 |  | 16100 |  | 15600 |
|  4.000% due 10/01/2040 |  | 74600 |  | 73379 |
|  4.500% due 10/01/2040 - 11/01/2055 |  | 1190350 |  | 1155354 |
|  5.000% due 10/01/2040 - 12/01/2055 |  | 2482780 |  | 2462174 |
|  5.500% due 10/01/2040 |  | 38000 |  | 38840 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 10/01/2055 - 12/01/2055 | $— | 763336 | 779667 |
|  6.500% due 11/01/2055 |  | 1466638 | 1516688 |
|  7.000% due 11/01/2055 |  | 411600 | 430996 |
|  Total U.S. Government Agencies (Cost $18,386,464) | Total U.S. Government Agencies (Cost $18,386,464) | Total U.S. Government Agencies (Cost $18,386,464) | 18154160 |
| U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% | U.S. TREASURY OBLIGATIONS 0.2% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.250% due 08/15/2027 (g)(i)(k) |  | 21700 | 21165 |
|  Total U.S. Treasury Obligations (Cost $22,131) | Total U.S. Treasury Obligations (Cost $22,131) | Total U.S. Treasury Obligations (Cost $22,131) | 21165 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 30.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 30.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 30.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 30.4% |
|  ACRA Trust | ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ |  | 3783 | 3808 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  5.222% due 09/25/2035 •  |  | 1808 | 1708 |
|  5.422% due 02/25/2035 •  |  | 6201 | 5938 |
|  AG Trust | AG Trust | AG Trust | AG Trust |
|  6.166% due 07/15/2041 •  |  | 1521 | 1528 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.368% due 01/25/2036 ~ |  | 855 | 542 |
|  4.732% due 06/25/2037 •  |  | 4265 | 4131 |
|  4.852% due 08/25/2037 •  |  | 5196 | 4725 |
|  5.123% due 10/25/2046 •  |  | 6883 | 5771 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.672% due 03/25/2046 •  |  | 3454 | 3096 |
|  5.292% due 06/25/2045 •  |  | 5304 | 4986 |
|  6.470% due 06/25/2045 •  |  | 1 | 1 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  3.290% due 11/25/2066 ~ |  | 15681 | 11720 |
|  4.800% due 11/25/2067 þ |  | 7083 | 7052 |
|  5.338% due 05/27/2069 þ |  | 2906 | 2920 |
|  5.985% due 01/25/2069 þ |  | 746 | 755 |
|  6.197% due 01/25/2069 þ |  | 6977 | 7067 |
|  6.500% due 12/25/2067 þ |  | 2819 | 2850 |
|  Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. | Anthracite Investments Cayman Ltd. |
|  5.678% due 06/20/2041 |  | 5912 | 0 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.573% due 04/15/2035 •  |  | 8335 | 8336 |
|  5.723% due 04/15/2035 •  |  | 15035 | 15018 |
|  6.423% due 04/15/2035 •  |  | 13939 | 13889 |
|  ATLX Trust | ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ |  | 4055 | 3914 |
|  3.850% due 04/25/2064 þ |  | 181 | 176 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.098% due 12/15/2036 •  |  | 8800 | 8597 |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  4.886% due 12/28/2049 •  |  | 14014 | 18890 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  6.265% due 09/15/2038 •  | $— | 4000 | 3787 |
|  7.015% due 09/15/2038 •  |  | 5000 | 4627 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  2.368% due 06/25/2037 •(a) |  | 246 | 32 |
|  4.632% due 06/25/2037 •  |  | 229 | 166 |
|  6.000% due 06/25/2046 |  | 1079 | 847 |
|  Banc of America Commercial Mortgage<br>Pass-Through Certificates | Banc of America Commercial Mortgage<br>Pass-Through Certificates | Banc of America Commercial Mortgage<br>Pass-Through Certificates | Banc of America Commercial Mortgage<br>Pass-Through Certificates |
|  3.110% due 04/25/2050 «~ |  | 28565 | 27697 |
|  3.110% due 08/25/2052 «~ |  | 10000 | 8851 |
|  Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust | Banc of America Commercial Mortgage Trust |
|  5.754% due 07/10/2046 ~ |  | 333 | 329 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.057% due 01/27/2035 •  |  | 3179 | 3068 |
|  4.483% due 05/26/2037 •  |  | 23168 | 20690 |
|  4.780% due 02/20/2036 ~ |  | 496 | 448 |
|  4.971% due 01/20/2047 ~ |  | 102 | 89 |
|  6.000% due 09/25/2036 |  | 11 | 12 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.214% due 11/20/2046 ~ |  | 42 | 37 |
|  5.891% due 04/25/2035 ~ |  | 875 | 866 |
|  6.088% due 06/25/2034 ~ |  | 24 | 23 |
|  6.457% due 05/25/2034 ~ |  | 12 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 12/25/2051 ~ | 3709 | 3214 |
|  Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust |
|  5.000% due 10/25/2051 •  | 1074 | 1000 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  5.639% due 07/15/2037 •  | 3300 | 3154 |
|  6.339% due 07/15/2037 •  | 7000 | 6539 |
|  6.839% due 07/15/2037 •  | 9060 | 7837 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.458% due 01/26/2037 ~ | 1928 | 1748 |
|  4.780% due 02/26/2036 ~ | 2535 | 2343 |
|  5.500% due 04/25/2037 | 966 | 388 |
|  BCP Trust | BCP Trust | BCP Trust |
|  5.861% due 06/15/2038 •  | 5000 | 3194 |
|  6.757% due 06/15/2038 •  | 12750 | 4001 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.126% due 08/25/2036 ~ | 4707 | 3133 |
|  4.592% due 02/25/2034 •  | 13 | 12 |
|  4.592% due 08/25/2036 •  | 3818 | 3289 |
|  4.772% due 01/25/2036 •  | 472 | 447 |
|  4.838% due 09/25/2035 ~ | 1046 | 572 |
|  4.850% due 11/25/2035 ~ | 469 | 358 |
|  5.458% due 04/25/2035 ~ | 9 | 9 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.250% due 10/25/2036 ~ | 117 | 103 |
|  4.807% due 03/25/2035 ~ | 111 | 102 |
|  4.839% due 07/25/2034 ~ | 28 | 26 |
|  5.702% due 05/25/2037 ~ | 1745 | 1526 |
|  6.373% due 12/25/2046 •  | 249 | 210 |
|  6.398% due 12/25/2046 •  | 1435 | 1271 |
|  Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust | Bear Stearns Commercial Mortgage Securities Trust |
|  5.657% due 10/12/2041 ~ | 67 | 66 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.732% due 09/25/2046 •  | 75 | 70 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 1179 | 836 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  5.715% due 03/15/2036 •  | 3000 | 1881 |
|  6.215% due 03/15/2036 •  | 5590 | 2184 |
|  6.765% due 03/15/2036 •  | 32020 | 9604 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 20986 | 20464 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  6.465% due 09/15/2036 •  | 6000 | 5302 |
|  7.115% due 09/15/2036 •  | 7000 | 6034 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.185% due 12/15/2038 •  | 12948 | 12944 |
|  5.464% due 04/15/2034 •  | 2900 | 2815 |
|  5.914% due 04/15/2034 •  | 11733 | 11305 |
|  BX Trust | BX Trust | BX Trust |
|  4.770% due 10/15/2036 •  | 5000 | 4987 |
|  4.899% due 04/15/2039 •  | 6268 | 6260 |
|  5.456% due 10/15/2026 •  | 1212 | 1211 |
|  6.095% due 10/15/2026 •  | 3232 | 3232 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 ~ | 9767 | 9569 |
|  4.000% due 10/25/2054 ~ | 13668 | 13436 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2064 ~ | 12486 | 11233 |
|  3.250% due 08/25/2064 ~ | 9225 | 8278 |
|  3.250% due 09/25/2064 ~ | 11719 | 10532 |
|  3.375% due 12/25/2064 ~ | 7628 | 6918 |
|  3.375% due 04/25/2065 ~ | 8640 | 7846 |
|  5.606% due 05/25/2055 •  | 7164 | 7155 |
|  5.606% due 09/25/2055 •  | 12050 | 12039 |
|  5.656% due 06/25/2055 •  | 20686 | 20702 |
|  5.856% due 04/25/2056 •  | 35539 | 35799 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.868% due 02/25/2037 ~ | 3 | 3 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.622% due 02/25/2037 •  | 4680 | 1119 |
|  4.872% due 05/25/2037 •  | 8700 | 7900 |
|  4.952% due 05/25/2037 •  | 727 | 699 |
|  ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage<br>Pass-Through Certificates |
|  4.572% due 08/25/2037 •  | 1832 | 1618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  4.228% due 03/25/2037 ~ | $— | 237 | $— | 204 |
|  4.327% due 02/25/2047 ~ |  | 363 |  | 332 |
|  4.462% due 11/25/2037 ~ |  | 822 |  | 780 |
|  4.484% due 01/25/2036 ~ |  | 34 |  | 31 |
|  4.500% due 05/01/2034 |  | 159 |  | 154 |
|  4.882% due 01/25/2036 ~ |  | 823 |  | 782 |
|  4.932% due 02/25/2035 •  |  | 272 |  | 258 |
|  5.500% due 01/25/2035 |  | 139 |  | 141 |
|  5.750% due 05/25/2037 |  | 23 |  | 9 |
|  5.750% due 06/25/2037 |  | 4100 |  | 1873 |
|  5.750% due 07/25/2037 |  | 1269 |  | 593 |
|  6.000% due 02/25/2037 |  | 5482 |  | 2443 |
|  6.000% due 01/25/2038 |  | 256 |  | 106 |
|  6.250% due 09/25/2037 |  | 57 |  | 34 |
|  6.500% due 10/25/2037 |  | 9603 |  | 2692 |
|  6.500% due 11/25/2037 |  | 4064 |  | 1330 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 01/25/2036 •  |  | 82 |  | 78 |
|  4.757% due 01/25/2034 ~ |  | 2314 |  | 2094 |
|  7.500% due 06/25/2035 |  | 114 |  | 117 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  0.500% due 07/01/2051 ~(a) |  | 79294 |  | 2400 |
|  3.250% due 10/25/2058 ~ |  | 2760 |  | 2533 |
|  4.500% due 01/25/2063 ~ |  | 12056 |  | 11794 |
|  4.750% due 06/25/2064 ~ |  | 6607 |  | 6566 |
|  5.000% due 05/25/2062 ~ |  | 2195 |  | 2195 |
|  5.000% due 02/25/2099 þ |  | 2374 |  | 2363 |
|  6.639% due 12/25/2067 þ |  | 2882 |  | 2904 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  4.242% due 11/10/2051 |  | 14775 |  | 14746 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 10/25/2054 ~ |  | 83959 |  | 88226 |
|  0.000% due 09/25/2064 ~ |  | 84528 |  | 72132 |
|  0.000% due 02/25/2065 ~ |  | 122001 |  | 108003 |
|  0.250% due 09/25/2051 ~(a) |  | 48221 |  | 703 |
|  4.316% due 06/27/2037 ~ |  | 5912 |  | 5376 |
|  4.732% due 02/20/2036 ~ |  | 2282 |  | 2106 |
|  4.857% due 08/25/2035 ~ |  | 253 |  | 233 |
|  5.706% due 07/25/2054 •  |  | 8963 |  | 9010 |
|  5.856% due 06/25/2055 •  |  | 20245 |  | 20438 |
|  6.000% due 08/25/2037 ~ |  | 1704 |  | 587 |
|  6.300% due 03/25/2036 •  |  | 9 |  | 10 |
|  6.490% due 05/25/2035 •  |  | 2 |  | 2 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  6.066% due 11/15/2038 •  |  | 5000 |  | 4882 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.550% due 04/25/2067 ~ |  | 24475 |  | 24405 |
|  4.736% due 03/25/2067 ~ |  | 4800 |  | 4700 |
|  6.393% due 06/25/2069 þ |  | 5967 |  | 6058 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  1.328% due 06/25/2036 •(a) |  | 1339 |  | 162 |
|  2.678% due 10/25/2037 •(a) |  | 5731 |  | 793 |
|  4.512% due 06/25/2036 •  |  | 1457 |  | 1378 |
|  4.552% due 04/25/2047 •  |  | 229 |  | 212 |
|  4.632% due 11/25/2036 •  |  | 828 |  | 1120 |
|  4.652% due 09/25/2046 •  |  | 1407 |  | 1377 |
|  4.661% due 03/25/2047 •  |  | 46 |  | 36 |
|  4.672% due 06/25/2036 •  |  | 1353 |  | 549 |
|  4.832% due 08/25/2047 •  |  | 2580 |  | 2188 |
|  4.890% due 11/20/2035 •  |  | 123 |  | 118 |
|  4.890% due 12/20/2035 •  |  | 1700 |  | 1620 |
|  4.972% due 05/25/2036 •  |  | 165 |  | 67 |
|  5.341% due 05/25/2036 ~ |  | 894 |  | 852 |
|  5.500% due 07/25/2035 |  | 3957 |  | 2849 |
|  5.553% due 08/25/2035 •  |  | 2507 |  | 2408 |
|  5.653% due 09/25/2035 •  |  | 461 |  | 418 |
|  5.750% due 03/25/2034 |  | 2511 |  | 2577 |
|  6.000% due 10/25/2034 |  | 7278 |  | 7405 |
|  6.000% due 12/25/2034 |  | 2543 |  | 2286 |
|  6.000% due 07/25/2036 |  | 15695 |  | 6146 |
|  6.000% due 08/25/2036 |  | 1049 |  | 1001 |
|  6.000% due 08/25/2036 •  |  | 846 |  | 808 |
|  6.000% due 02/25/2037 |  | 3866 |  | 1467 |
|  6.000% due 04/25/2037 |  | 12195 |  | 5456 |
|  6.000% due 07/25/2037 |  | 12165 |  | 6231 |
|  6.203% due 10/20/2035 •  |  | 900 |  | 649 |
|  6.500% due 12/25/2036 |  | 8003 |  | 3366 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **167** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  6.000% due 05/25/2036 | 36 | 19 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.129% due 09/25/2069 ~ | 3611 | 3615 |
|  5.549% due 12/25/2069 ~ | 4896 | 4936 |
|  6.093% due 04/25/2069 þ | 5504 | 5567 |
|  6.147% due 07/25/2069 þ | 5008 | 5076 |
|  6.272% due 06/25/2069 þ | 7800 | 7909 |
|  6.615% due 03/25/2068 þ | 3927 | 3961 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.474% due 04/15/2036 •  | 24753 | 24455 |
|  5.824% due 04/15/2036 •  | 10913 | 10755 |
|  6.274% due 04/15/2036 •  | 17000 | 16735 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.500% due 11/25/2036 þ | 57 | 8 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  0.938% due 05/25/2066 ~ | 972 | 813 |
|  2.000% due 01/25/2060 | 15261 | 13538 |
|  2.000% due 01/25/2060 ~ | 1205 | 1073 |
|  2.000% due 10/25/2060 ~ | 492 | 448 |
|  2.500% due 07/25/2056 ~ | 1797 | 1497 |
|  2.972% due 07/25/2057 ~ | 6580 | 6193 |
|  3.000% due 11/25/2056 ~ | 5598 | 4862 |
|  3.375% due 01/25/2060 | 1000 | 829 |
|  3.869% due 02/25/2061 ~ | 663 | 660 |
|  3.904% due 04/25/2062 ~ | 2771 | 2674 |
|  4.136% due 12/27/2060 ~ | 19041 | 18978 |
|  4.209% due 07/27/2061 ~ | 20355 | 20276 |
|  4.699% due 05/27/2053 ~ | 1970 | 1775 |
|  4.811% due 01/26/2047 ~ | 2508 | 1260 |
|  4.886% due 10/26/2036 ~ | 430 | 390 |
|  5.735% due 01/15/2049 ~ | 2500 | 526 |
|  6.065% due 07/15/2038 •  | 4000 | 3099 |
|  6.250% due 05/26/2048 | 5702 | 4765 |
|  6.565% due 07/15/2038 •  | 5000 | 2422 |
|  6.914% due 06/01/2050 ~ | 1953 | 1947 |
|  7.165% due 07/15/2038 •  | 10000 | 3345 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 4300 | 4457 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.572% due 03/25/2037 •  | 795 | 746 |
|  4.572% due 09/25/2047 •  | 13090 | 11324 |
|  4.752% due 01/25/2047 •  | 5495 | 4849 |
|  DOLP Trust | DOLP Trust | DOLP Trust |
|  3.704% due 05/10/2041 ~ | 46540 | 38982 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  5.964% due 10/15/2043 •  | 5500 | 5241 |
|  6.514% due 10/15/2043 •  | 7200 | 6580 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  2.296% due 06/25/2066 ~ | 2200 | 1536 |
|  5.522% due 01/26/2060 þ | 1392 | 1404 |
|  5.655% due 02/25/2060 þ | 4809 | 4862 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.875% due 09/13/2045 •  | 642 | 842 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.644% due 07/15/2038 •  | 29515 | 29543 |
|  5.964% due 07/15/2038 •  | 29683 | 29718 |
|  6.514% due 07/15/2038 •  | 33562 | 33612 |
|  7.114% due 07/15/2038 •  | 5144 | 5153 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.104% due 07/25/2036 ~ | 73 | 64 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.002% due 08/25/2035 ~ | 60 | 40 |
|  6.359% due 11/25/2035 ~ | 8 | 6 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  2.565% due 05/25/2066 | 9952 | 7490 |
|  4.250% due 05/25/2067 ~ | 3611 | 3462 |
|  5.500% due 08/25/2055 «~ | 49930 | 50350 |
|  6.007% due 01/25/2059 þ | 2819 | 2846 |
|  6.085% due 06/25/2059 þ | 3878 | 3927 |
|  6.500% due 01/25/2054 ~ | 6156 | 6289 |
|  Global Mortgage Securitization Ltd. | Global Mortgage Securitization Ltd. | Global Mortgage Securitization Ltd. |
|  4.542% due 04/25/2032 •  | 363 | 354 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  7.500% due 05/25/2035 ~ | 7 | 7 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.732% due 02/25/2037 •  | 6974 | 6672 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  | 4483 | 5115 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.648% due 07/15/2031 •  | 11605 | 3656 |
|  5.898% due 07/15/2031 •  | 3293 | 692 |
|  6.070% due 12/15/2036 •  | 3795 | 3759 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  0.250% due 05/25/2051 ~(a) | 15427 | 207 |
|  2.000% due 12/25/2060 ~ | 2770 | 2393 |
|  2.300% due 07/25/2061 ~ | 17128 | 13878 |
|  3.207% due 07/25/2061 ~ | 5664 | 4516 |
|  4.211% due 07/25/2061 ~ | 2039 | 1661 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2064 (b)(e) | 53 | 52 |
|  0.000% due 07/25/2064 (b)(e) | 168 | 165 |
|  0.000% due 08/25/2065 (b)(e) | 698 | 666 |
|  0.000% due 08/25/2071 ~ | 879 | 730 |
|  0.500% due 01/25/2053 ~(a) | 33623 | 1076 |
|  2.441% due 08/25/2071 ~ | 91318 | 86607 |
|  3.185% due 01/25/2064 ~ | 99308 | 83600 |
|  3.625% due 01/25/2059 ~ | 18306 | 17946 |
|  3.645% due 07/25/2064 ~ | 104160 | 89918 |
|  3.750% due 10/25/2057 | 1019 | 1001 |
|  3.900% due 09/25/2061 þ | 6791 | 6650 |
|  3.992% due 07/25/2064 ~ | 103801 | 93652 |
|  4.100% due 07/25/2065 þ | 10694 | 10423 |
|  4.440% due 08/25/2065 ~ | 131637 | 121161 |
|  5.698% due 11/25/2054 •  | 4455 | 4467 |
|  5.875% due 04/25/2065 ~ | 95012 | 99000 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 03/25/2035 ~ | 2180 | 2120 |
|  4.273% due 01/25/2036 ~ | 1889 | 1703 |
|  4.622% due 01/25/2036 •  | 419 | 339 |
|  4.672% due 04/25/2036 •  | 4036 | 3487 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  4.009% due 06/26/2037 ~ | 3205 | 2909 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.250% due 08/25/2036 | 669 | 185 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.628% due 01/19/2038 •  | 10581 | 9357 |
|  4.658% due 12/19/2036 •  | 3743 | 2967 |
|  4.668% due 11/19/2036 •  | 1694 | 1579 |
|  4.868% due 08/19/2045 •  | 17 | 16 |
|  5.932% due 04/19/2034 ~ | 56 | 52 |
|  6.053% due 09/19/2035 •  | 2140 | 1544 |
|  6.153% due 10/19/2035 •  | 16824 | 7883 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 | 1000 | 838 |
|  Homestar Mortgage Acceptance Corp. | Homestar Mortgage Acceptance Corp. | Homestar Mortgage Acceptance Corp. |
|  5.067% due 03/25/2034 •  | 895 | 913 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  2.358% due 12/25/2036 •(a) | 726 | 73 |
|  4.642% due 12/25/2036 •  | 742 | 141 |
|  Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust |
|  5.000% due 12/25/2051 •  | 6499 | 6071 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.832% due 08/25/2036 •  | 1160 | 1030 |
|  4.972% due 05/25/2036 •  | 7 | 7 |
|  IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust | IMS Ecuadorian Mortgage Trust |
|  3.400% due 08/18/2043 | 1095 | 1072 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  3.839% due 06/25/2037 ~ | 9894 | 5980 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.615% due 09/25/2036 ~ | 113 | 88 |
|  4.038% due 09/25/2036 ~ | 1837 | 1580 |
|  4.335% due 08/25/2035 ~ | 27 | 25 |
|  4.632% due 02/25/2037 •  | 1729 | 1605 |
|  4.672% due 10/25/2036 •  | 5 | 5 |
|  5.052% due 12/25/2034 •  | 182 | 140 |
|  Jefferies Resecuritization Trust | Jefferies Resecuritization Trust | Jefferies Resecuritization Trust |
|  8.486% due 06/25/2047 ~ | 433 | 363 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.592% due 11/25/2036 •  | 2359 | 2018 |
|  4.832% due 04/25/2047 •  | 673 | 649 |
|  6.000% due 12/27/2036 | 2507 | 1214 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.949% due 09/06/2038 ~ | 10000 | 9837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.275% due 06/15/2038 •  | $— | 1520 | $— | 1476 |
|  5.748% due 02/15/2035 •  |  | 1021 |  | 999 |
|  6.015% due 03/15/2036 •  |  | 1900 |  | 1383 |
|  6.565% due 03/15/2036 •  |  | 29900 |  | 18609 |
|  7.365% due 03/15/2036 •  |  | 4000 |  | 1802 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 ~ |  | 87099 |  | 94874 |
|  0.150% due 03/25/2052 ~(a) |  | 27869 |  | 251 |
|  0.188% due 11/25/2051 ~(a) |  | 41001 |  | 439 |
|  0.450% due 07/25/2052 ~(a) |  | 61457 |  | 1547 |
|  0.483% due 02/25/2052 ~(a) |  | 44471 |  | 1246 |
|  0.500% due 12/25/2051 ~(a) |  | 62341 |  | 1834 |
|  0.500% due 04/25/2052 ~(a) |  | 8715 |  | 160 |
|  0.500% due 05/25/2052 ~(a) |  | 72094 |  | 2166 |
|  0.500% due 06/25/2052 ~(a) |  | 36445 |  | 1084 |
|  2.500% due 12/25/2051 ~(a) |  | 9273 |  | 1226 |
|  2.500% due 04/25/2052 ~(a) |  | 7148 |  | 953 |
|  3.500% due 09/25/2052 ~ |  | 10179 |  | 9135 |
|  4.471% due 01/25/2037 ~ |  | 1479 |  | 1190 |
|  4.476% due 06/25/2036 ~ |  | 2622 |  | 1772 |
|  4.625% due 07/25/2063 ~ |  | 3855 |  | 3789 |
|  5.000% due 12/25/2051 ~ |  | 2515 |  | 2478 |
|  5.000% due 05/25/2052 •  |  | 19931 |  | 18627 |
|  5.250% due 11/25/2063 ~ |  | 1149 |  | 1155 |
|  5.425% due 11/25/2035 ~ |  | 1973 |  | 1609 |
|  5.561% due 09/25/2055 þ |  | 10914 |  | 10975 |
|  5.606% due 11/25/2054 •  |  | 43949 |  | 43895 |
|  5.606% due 12/25/2054 •  |  | 59702 |  | 59626 |
|  5.606% due 03/25/2055 •  |  | 13451 |  | 13434 |
|  5.664% due 04/25/2035 ~ |  | 8 |  | 8 |
|  5.706% due 02/25/2055 •  |  | 9696 |  | 9723 |
|  5.913% due 07/25/2035 ~ |  | 5 |  | 5 |
|  6.193% due 07/25/2035 ~ |  | 1 |  | 1 |
|  7.000% due 08/25/2037 |  | 962 |  | 469 |
|  7.390% due 12/25/2055 ~ |  | 107655 |  | 111893 |
|  JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust | JP Morgan Resecuritization Trust |
|  6.000% due 08/26/2036 ~ |  | 1788 |  | 1694 |
|  6.000% due 09/26/2036 ~ |  | 2934 |  | 2267 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.692% due 01/25/2063 ~ |  | 11650 |  | 10974 |
|  4.415% due 01/25/2063 ~ |  | 2776 |  | 2674 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  3.024% due 11/05/2044 ~ |  | 17515 |  | 11644 |
|  La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust | La Hipotecaria El Salvadorian Mortgage Trust |
|  3.358% due 01/15/2046 « |  | 4001 |  | 3695 |
|  4.250% due 09/29/2046 « |  | 21943 |  | 20103 |
|  La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust | La Hipotecaria Panamanian Mortgage Trust |
|  3.508% due 11/24/2042 «•  |  | 7273 |  | 6980 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.250% due 07/25/2067 þ |  | 9352 |  | 9358 |
|  5.650% due 11/25/2060 þ |  | 4576 |  | 4583 |
|  5.750% due 07/25/2061 þ |  | 6381 |  | 6385 |
|  5.892% due 10/25/2066 þ |  | 4415 |  | 4419 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  2.278% due 11/25/2036 •(a) |  | 16530 |  | 1910 |
|  4.592% due 08/25/2036 •  |  | 72 |  | 46 |
|  4.722% due 11/25/2036 •  |  | 25611 |  | 5681 |
|  5.750% due 02/25/2037 |  | 3632 |  | 2384 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.512% due 08/25/2036 •  |  | 67 |  | 76 |
|  4.632% due 12/25/2036 •  |  | 5263 |  | 5199 |
|  5.172% due 08/25/2047 •  |  | 1599 |  | 1445 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.732% due 05/25/2037 •  |  | 21 |  | 19 |
|  LUX | LUX | LUX | LUX | LUX |
|  6.841% due 08/15/2040 •  |  | 8300 |  | 8409 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.250% due 01/25/2038 |  | 417 |  | 213 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  6.000% due 08/25/2034 |  | 734 |  | 448 |
|  7.000% due 07/25/2035 |  | 1931 |  | 1228 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  3.456% due 10/25/2047 ~ |  | 4442 |  | 1109 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.853% due 02/25/2036 ~ |  | 263 |  | 172 |
|  MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust |
|  5.220% due 12/15/2034 •  |  | 5270 |  | 5270 |

---

---

| | | |
|:---|:---|:---|
| **168** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MFA Trust | MFA Trust | MFA Trust |
|  2.306% due 04/25/2065 ~ | 8966 | 7629 |
|  2.500% due 10/25/2051 ~(a) | 27515 | 4160 |
|  2.855% due 07/25/2060 ~ | 1372 | 1152 |
|  4.250% due 02/25/2066 ~ | 873 | 840 |
|  6.105% due 12/25/2068 þ | 3487 | 3520 |
|  6.775% due 10/25/2058 þ | 4157 | 4206 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1232 | 1208 |
|  2.750% due 08/25/2059 ~ | 3164 | 3081 |
|  3.000% due 08/25/2059 ~ | 5000 | 4667 |
|  3.500% due 04/25/2066 ~ | 7105 | 6992 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.509% due 04/05/2042 ~ | 10000 | 8840 |
|  5.265% due 05/15/2036 •  | 2671 | 394 |
|  5.444% due 11/14/2042 ~ | 12 | 12 |
|  5.698% due 11/15/2034 •  | 2500 | 2454 |
|  5.848% due 11/15/2034 •  | 4000 | 3889 |
|  6.063% due 12/15/2038 •  | 8896 | 8080 |
|  6.642% due 12/15/2038 •  | 24544 | 21820 |
|  7.341% due 12/15/2038 •  | 8200 | 7132 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.302% due 09/25/2035 ~ | 38 | 25 |
|  5.074% due 12/25/2035 ~ | 1552 | 1450 |
|  5.172% due 02/25/2036 •  | 98 | 93 |
|  5.500% due 10/25/2037 | 271 | 266 |
|  6.201% due 02/25/2047 þ | 1977 | 676 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  3.589% due 02/26/2037 •  | 8323 | 7825 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 3727 | 3643 |
|  5.044% due 07/25/2069 ~ | 10680 | 10681 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.110% due 05/25/2042 •  | 2848 | 2549 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.732% due 06/25/2047 •  | 1800 | 1583 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  5.052% due 11/25/2034 •  | 79 | 77 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.000% due 09/25/2051 ~(a) | 9963 | 1049 |
|  2.201% due 10/25/2058 ~ | 10000 | 9220 |
|  2.750% due 07/25/2059 ~ | 18780 | 18161 |
|  2.750% due 11/25/2059 ~ | 124 | 120 |
|  3.000% due 07/25/2059 ~ | 1837 | 1701 |
|  3.008% due 10/25/2058 ~ | 5500 | 5137 |
|  3.500% due 12/25/2058 ~ | 566 | 532 |
|  3.500% due 10/25/2059 ~ | 1664 | 1571 |
|  3.963% due 10/25/2058 ~ | 2500 | 2296 |
|  5.000% due 09/25/2051 •  | 13086 | 12268 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.932% due 08/25/2035 •  | 1017 | 939 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 3014 | 2752 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.215% due 07/25/2061 | 800 | 704 |
|  3.750% due 02/25/2068 ~ | 1691 | 1572 |
|  3.750% due 11/25/2069 ~ | 8128 | 7807 |
|  5.379% due 06/25/2069 ~ | 4570 | 4592 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 4497 | 3892 |
|  3.631% due 03/25/2053 ~ | 9319 | 9178 |
|  3.688% due 04/25/2053 ~ | 14054 | 13849 |
|  5.110% due 08/25/2062 þ | 5246 | 5244 |
|  6.030% due 01/25/2064 þ | 6780 | 6867 |
|  6.233% due 05/25/2064 þ | 4930 | 5003 |
|  6.465% due 10/25/2063 þ | 6387 | 6466 |
|  6.520% due 07/25/2063 þ | 9765 | 9855 |
|  6.567% due 06/25/2063 þ | 5191 | 5233 |
|  6.844% due 04/25/2063 þ | 3084 | 3126 |
|  7.045% due 09/25/2063 þ | 5393 | 5476 |
|  7.159% due 10/25/2063 þ | 8650 | 8803 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.298% due 05/25/2055 •  | 17790 | 17838 |
|  One Bryant Park Trust | One Bryant Park Trust | One Bryant Park Trust |
|  2.516% due 09/15/2054 | 40000 | 36875 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  | 1495 | 1498 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Preferred Residential Securities PLC | Preferred Residential Securities PLC | Preferred Residential Securities PLC |
|  5.105% due 12/15/2043 •  | 4656 | 6138 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.249% due 10/25/2055 « | 3800 | 3798 |
|  5.963% due 11/25/2054 þ | 5890 | 5901 |
|  PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ | 3593 | 3481 |
|  4.000% due 08/25/2064 þ | 4270 | 4140 |
|  4.000% due 03/25/2065 «þ | 27600 | 26860 |
|  4.000% due 07/25/2069 þ | 1877 | 1825 |
|  4.075% due 06/25/2064 ~ | 3488 | 3350 |
|  4.150% due 04/25/2065 þ | 5723 | 5557 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.333% due 03/25/2059 þ | 3976 | 4026 |
|  6.431% due 05/25/2059 þ | 703 | 714 |
|  6.584% due 09/25/2058 þ | 5998 | 6061 |
|  7.225% due 11/25/2058 þ | 3663 | 3726 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 1658 | 1625 |
|  3.750% due 04/25/2055 þ | 1910 | 1862 |
|  4.000% due 11/25/2053 þ | 851 | 842 |
|  4.000% due 01/25/2054 þ | 760 | 750 |
|  4.000% due 05/25/2054 þ | 705 | 697 |
|  4.000% due 07/25/2054 þ | 723 | 713 |
|  4.000% due 08/25/2054 þ | 718 | 708 |
|  4.000% due 11/25/2054 þ | 5155 | 5045 |
|  4.000% due 10/25/2064 þ | 2076 | 2037 |
|  4.200% due 12/25/2064 þ | 2085 | 2059 |
|  4.500% due 02/25/2055 þ | 1789 | 1778 |
|  4.500% due 08/25/2055 þ | 4093 | 4055 |
|  5.228% due 08/25/2069 þ | 3843 | 3853 |
|  5.250% due 07/25/2055 þ | 2980 | 3003 |
|  5.774% due 08/25/2028 þ | 8191 | 8206 |
|  5.870% due 11/25/2029 þ | 4262 | 4267 |
|  5.897% due 12/25/2029 þ | 6646 | 6646 |
|  6.179% due 06/25/2030 þ | 5144 | 5160 |
|  6.255% due 05/25/2030 þ | 1957 | 1962 |
|  6.469% due 05/25/2030 þ | 2982 | 2995 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 4963 | 5006 |
|  5.802% due 11/25/2069 þ | 10303 | 10420 |
|  6.221% due 11/25/2068 þ | 7672 | 7754 |
|  6.250% due 08/25/2068 þ | 5811 | 5854 |
|  6.265% due 12/25/2068 þ | 1778 | 1799 |
|  6.327% due 06/25/2069 þ | 4120 | 4216 |
|  RALI Trust | RALI Trust | RALI Trust |
|  2.328% due 06/25/2037 •(a) | 2152 | 260 |
|  4.572% due 08/25/2035 •  | 100 | 70 |
|  4.622% due 08/25/2035 •  | 468 | 377 |
|  4.652% due 05/25/2037 •  | 2753 | 2595 |
|  4.672% due 06/25/2037 •  | 2152 | 1572 |
|  4.672% due 10/25/2046 •  | 501 | 482 |
|  4.822% due 01/25/2037 •  | 2880 | 2140 |
|  5.072% due 10/25/2045 •  | 85 | 61 |
|  5.139% due 10/25/2037 ~ | 4691 | 3755 |
|  5.513% due 09/25/2045 •  | 1291 | 1103 |
|  5.746% due 12/25/2035 ~ | 3736 | 1404 |
|  6.500% due 02/25/2037 | 2499 | 2115 |
|  6.836% due 05/25/2035 ~ | 51 | 27 |
|  8.000% due 04/25/2036 •  | 113 | 96 |
|  RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust |
|  4.572% due 01/25/2037 •  | 20232 | 3490 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.361% due 12/25/2035 ~ | 1876 | 1783 |
|  6.000% due 06/26/2037 ~ | 89 | 79 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 8198 | 8224 |
|  5.472% due 06/25/2055 þ | 19351 | 19560 |
|  5.553% due 03/25/2055 þ | 8931 | 9043 |
|  5.582% due 12/25/2044 þ | 10585 | 10705 |
|  5.653% due 01/25/2045 þ | 8308 | 8412 |
|  5.846% due 08/25/2044 þ | 10766 | 10888 |
|  Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust | Real Estate Asset Liquidity Trust |
|  3.650% due 08/12/2053 | 4549 | 3268 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.250% due 08/25/2036 | 451 | 309 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.278% due 04/25/2037 ~ | 113 | 98 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Riverview HECM Pass-Through Certificates Trust | Riverview HECM Pass-Through Certificates Trust | Riverview HECM Pass-Through Certificates Trust |
|  4.542% due 05/25/2047 •  | 886 | 772 |
|  Saluda Grade Alternative Mortgage Trust | Saluda Grade Alternative Mortgage Trust | Saluda Grade Alternative Mortgage Trust |
|  5.582% due 08/25/2059 þ | 8375 | 8469 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 2704 | 2723 |
|  Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
|  5.000% due 11/25/2064 ~ | 385 | 326 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.249% due 07/20/2037 ~ | 48 | 39 |
|  4.442% due 11/25/2063 ~ | 7372 | 7427 |
|  4.630% due 06/20/2036 •  | 34 | 32 |
|  5.069% due 10/25/2055 ~ | 5600 | 5630 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.764% due 05/15/2038 •  | 8750 | 8680 |
|  6.064% due 05/15/2038 •  | 15140 | 15002 |
|  6.664% due 05/15/2038 •  | 5500 | 5442 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.151% due 01/15/2039 •  | 30128 | 30101 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  2.175% due 05/25/2065 ~ | 6564 | 5909 |
|  3.386% due 11/25/2066 ~ | 9324 | 6999 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  6.115% due 04/15/2034 •  | 5000 | 4983 |
|  6.665% due 04/15/2034 •  | 9200 | 9166 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.529% due 08/25/2035 ~ | 193 | 167 |
|  4.572% due 02/25/2037 •  | 1816 | 1814 |
|  4.632% due 10/25/2035 •  | 3170 | 3034 |
|  4.781% due 05/25/2035 ~ | 775 | 650 |
|  5.247% due 08/25/2035 •  | 4633 | 4156 |
|  6.572% due 12/25/2037 •  | 1855 | 1584 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.632% due 07/25/2046 •  | 37 | 32 |
|  4.652% due 07/25/2046 •  | 2409 | 1935 |
|  4.712% due 05/25/2036 •  | 291 | 240 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  0.000% due 11/25/2035 ~(a) | 4311 | 111 |
|  4.522% due 07/25/2035 •  | 477 | 449 |
|  4.532% due 11/25/2035 •  | 4311 | 3875 |
|  4.816% due 01/25/2036 ~ | 1154 | 1037 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.562% due 10/25/2036 •  | 754 | 633 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  5.550% due 09/25/2033 ~ | 23 | 22 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.633% due 03/25/2037 •  | 2729 | 1927 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.000% due 06/25/2058 ~ | 1983 | 1887 |
|  3.250% due 07/25/2056 ~ | 475 | 472 |
|  3.750% due 10/25/2056 ~ | 6020 | 5831 |
|  3.750% due 05/25/2058 ~ | 11710 | 11535 |
|  4.541% due 10/27/2064 ~ | 21543 | 21598 |
|  4.562% due 10/25/2064 ~ | 42433 | 42756 |
|  5.043% due 07/25/2065 ~ | 13481 | 13642 |
|  5.272% due 05/25/2058 •  | 1754 | 1794 |
|  5.272% due 10/25/2059 •  | 2546 | 2550 |
|  5.725% due 11/25/2064 þ | 8210 | 8289 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  0.500% due 12/25/2051 ~(a) | 20266 | 608 |
|  2.500% due 11/25/2051 ~(a) | 5983 | 797 |
|  5.000% due 09/25/2051 •  | 7212 | 6712 |
|  5.000% due 12/25/2051 •  | 13276 | 12406 |
|  Valley Funding PLC | Valley Funding PLC | Valley Funding PLC |
|  0.000% due 05/16/2066 (e) | 8308 | 9655 |
|  4.986% due 05/16/2066 •  | 47508 | 63973 |
|  5.486% due 05/16/2066 •  | 4995 | 6734 |
|  5.986% due 05/16/2066 •  | 5212 | 7014 |
|  6.986% due 05/16/2066 •  | 2693 | 3626 |
|  7.986% due 05/16/2066 •  | 1737 | 2340 |
|  9.486% due 05/16/2066 •  | 956 | 1293 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.515% due 07/15/2039 •  | 14850 | 14323 |
|  6.015% due 07/15/2039 •  | 16314 | 15018 |
|  6.365% due 07/15/2039 •  | 11635 | 10537 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **169** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $| 4557 | 4390 |
|  5.218% due 09/25/2069 ~ |  | 7878 | 7886 |
|  5.402% due 05/25/2065 þ |  | 7898 | 7970 |
|  5.799% due 07/25/2069 þ |  | 8969 | 9064 |
|  5.999% due 02/25/2068 þ |  | 2772 | 2774 |
|  6.192% due 06/25/2069 þ |  | 7108 | 7212 |
|  6.193% due 03/25/2068 þ |  | 4417 | 4430 |
|  6.218% due 06/25/2069 þ |  | 6201 | 6289 |
|  6.259% due 12/25/2068 þ |  | 3147 | 3184 |
|  6.338% due 04/25/2069 þ |  | 5319 | 5397 |
|  6.443% due 08/25/2068 þ |  | 3624 | 3655 |
|  6.665% due 09/25/2068 þ |  | 11450 | 11590 |
|  6.876% due 11/25/2068 ~ |  | 2813 | 2860 |
|  7.070% due 10/25/2068 þ |  | 9182 | 9335 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 3362 | 3392 |
|  WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust |
|  6.108% due 11/23/2043 ~ |  | 15 | 15 |
|  6.670% due 12/27/2049 ~ |  | 6368 | 6372 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.714% due 01/25/2037 ~ |  | 3030 | 2633 |
|  3.903% due 07/25/2037 ~ |  | 49 | 44 |
|  4.046% due 03/25/2037 ~ |  | 3092 | 2763 |
|  4.206% due 12/25/2036 ~ |  | 563 | 505 |
|  4.644% due 12/25/2035 ~ |  | 131 | 120 |
|  4.662% due 07/25/2037 ~ |  | 27 | 25 |
|  4.923% due 04/25/2047 •  |  | 484 | 426 |
|  4.963% due 07/25/2047 •  |  | 395 | 335 |
|  5.012% due 11/25/2034 •  |  | 344 | 335 |
|  5.052% due 10/25/2044 •  |  | 1350 | 1325 |
|  5.232% due 01/25/2035 ~ |  | 2182 | 2098 |
|  5.403% due 01/25/2047 •  |  | 3755 | 3488 |
|  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) | GBP | 0 | 2023 |
|  4.937% due 12/21/2049 •  |  | 5337 | 7203 |
|  5.636% due 12/21/2049 •  |  | 2387 | 3234 |
|  6.136% due 12/21/2049 •  |  | 1193 | 1607 |
|  6.636% due 12/21/2049 •  |  | 682 | 914 |
|  7.136% due 12/21/2049 •  |  | 682 | 907 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.918% due 09/25/2036 þ | $| 4949 | 1306 |
|  4.772% due 02/25/2036 •  |  | 172 | 145 |
|  4.853% due 01/25/2047 •  |  | 1175 | 1013 |
|  5.750% due 11/25/2035 |  | 539 | 520 |
|  6.500% due 03/25/2036 |  | 5911 | 4515 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  4.812% due 03/25/2037 •  |  | 259 | 210 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.693% due 10/15/2042 «•(c) |  | 10300 | 10274 |
|  5.793% due 07/15/2037 •  |  | 9100 | 9135 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  4.772% due 06/25/2037 •  |  | 27 | 24 |
|  6.156% due 11/25/2037 ~ |  | 2093 | 1927 |
|  WSTN Trust | WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ |  | 16100 | 16427 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $3,985,321) | Total Non-Agency Mortgage-Backed Securities (Cost $3,985,321) | Total Non-Agency Mortgage-Backed Securities (Cost $3,985,321) | 3810664 |
| ASSET-BACKED SECURITIES 30.9% | ASSET-BACKED SECURITIES 30.9% | ASSET-BACKED SECURITIES 30.9% | ASSET-BACKED SECURITIES 30.9% |
| AUTOMOBILE ABS OTHER 1.6% | AUTOMOBILE ABS OTHER 1.6% | AUTOMOBILE ABS OTHER 1.6% | AUTOMOBILE ABS OTHER 1.6% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.648% due 06/15/2033 |  | 12453 | 12496 |
|  5.117% due 09/15/2032 |  | 1250 | 1262 |
|  5.215% due 09/15/2032 |  | 724 | 728 |
|  5.410% due 09/15/2032 |  | 3455 | 3472 |
|  6.315% due 05/17/2032 |  | 271 | 275 |
|  6.678% due 09/15/2032 |  | 1843 | 1863 |
|  8.036% due 09/15/2032 |  | 790 | 803 |
|  11.395% due 09/15/2032 |  | 3422 | 3494 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.052% due 05/15/2028 •  |  | 8061 | 8069 |
|  5.102% due 09/15/2027 •  |  | 536 | 537 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.670% due 12/10/2030 | 19760 | $| 19809 |
|  4.900% due 12/10/2030 | 8558 |  | 8592 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.650% due 03/15/2029 | 6500 |  | 6516 |
|  4.760% due 01/15/2031 | 8700 |  | 8718 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.520% due 07/16/2029 | 20000 |  | 20073 |
|  4.670% due 05/17/2032 | 20000 |  | 20093 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.480% due 04/16/2029 | 10000 |  | 10016 |
|  4.640% due 01/15/2030 | 10000 |  | 10028 |
|  FHF Trust | FHF Trust | FHF Trust | FHF Trust |
|  5.390% due 05/15/2028 | 8000 |  | 8001 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.890% due 04/16/2029 | 6100 |  | 6149 |
|  5.080% due 01/16/2029 | 3200 |  | 3228 |
|  5.210% due 02/18/2031 | 8200 |  | 8304 |
|  6.440% due 05/15/2029 | 3690 |  | 3776 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.640% due 08/15/2030 | 500 |  | 512 |
|  5.920% due 08/15/2030 | 500 |  | 517 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 | 9500 |  | 9581 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.120% due 03/17/2031 | 2141 |  | 2144 |
|  5.140% due 04/15/2031 | 7900 |  | 7935 |
|  5.340% due 09/15/2031 | 7250 |  | 7307 |
|  |  |  | 194298 |
| AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% | AUTOMOBILE SEQUENTIAL 2.5% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.452% due 06/15/2033 | 13940 |  | 13978 |
|  4.970% due 09/15/2032 | 2369 |  | 2392 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 1200 |  | 1201 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 | 6400 |  | 6411 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.760% due 05/15/2028 | 9893 |  | 9915 |
|  5.400% due 11/15/2028 | 1700 |  | 1721 |
|  5.780% due 09/15/2027 | 972 |  | 975 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.310% due 09/10/2030 | 2875 |  | 2891 |
|  4.500% due 06/12/2028 | 5377 |  | 5383 |
|  4.530% due 01/10/2029 | 13060 |  | 13085 |
|  4.620% due 02/10/2028 | 2634 |  | 2637 |
|  4.640% due 01/10/2030 | 7400 |  | 7452 |
|  4.740% due 12/10/2030 | 3700 |  | 3759 |
|  4.840% due 12/10/2027 | 1357 | 1358 | 1358 |
|  4.850% due 06/12/2028 | 2000 | 2015 | 2015 |
|  5.710% due 07/10/2028 | 4400 | 4426 | 4426 |
|  5.710% due 07/10/2029 | 4270 | 4382 | 4382 |
|  5.820% due 08/10/2028 | 3825 | 3853 | 3853 |
|  5.900% due 08/10/2027 | 895 | 896 | 896 |
|  5.980% due 12/10/2027 | 1304 | 1308 | 1308 |
|  6.160% due 10/10/2028 | 1048 | 1059 | 1059 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.220% due 07/25/2029 | 13600 | 13790 | 13790 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.910% due 06/15/2028 | 3087 | 3092 | 3092 |
|  5.880% due 02/15/2028 | 2801 | 2808 | 2808 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.980% due 08/21/2028 | 3500 | 3555 | 3555 |
|  5.310% due 04/20/2027 | 2548 | 2562 | 2562 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.780% due 06/15/2027 | 4574 | 4576 | 4576 |
|  5.280% due 08/15/2030 | 3141 | 3147 | 3147 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 1200 | 1228 | 1228 |
|  5.540% due 04/16/2029 | 3900 | 3952 | 3952 |
|  5.760% due 11/15/2027 | 1861 | 1866 | 1866 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 | 10711 | 10696 | 10696 |
|  4.940% due 11/15/2030 | 5440 | 5435 | 5435 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.690% due 02/15/2030 | $| 3963 | 3998 |
|  5.890% due 06/15/2030 |  | 2992 | 3021 |
|  6.790% due 10/15/2029 |  | 2749 | 2784 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |  |
|  4.750% due 07/17/2028 |  | 3600 | 3613 |
|  4.760% due 10/15/2027 |  | 4066 | 4069 |
|  5.020% due 04/17/2028 |  | 2000 | 2007 |
|  5.350% due 08/16/2027 |  | 1215 | 1217 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |  |
|  4.430% due 12/17/2029 |  | 6381 | 6399 |
|  5.240% due 03/15/2030 |  | 2414 | 2432 |
|  5.590% due 10/15/2029 |  | 1248 | 1264 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |  |
|  4.827% due 08/20/2029  | CAD | 5000 | 3634 |
|  4.883% due 12/21/2026 |  | 1788 | 1290 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |  |
|  5.460% due 07/16/2029  | $| 1200 | 1221 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |  |
|  4.970% due 10/15/2029 |  | 3956 | 3960 |
|  5.100% due 10/15/2030 |  | 2817 | 2821 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |  |
|  4.940% due 05/20/2030 |  | 4019 | 4042 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |  |
|  4.470% due 03/12/2029 |  | 2200 | 2204 |
|  4.630% due 12/10/2027 |  | 4686 | 4692 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 |  | 7200 | 7248 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  5.124% due 04/25/2034 |  | 7800 | 7840 |
|  7.130% due 01/26/2032 |  | 4437 | 4444 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 |  | 6562 | 6499 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 3039 | 3059 |
|  Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust | Research-Driven Pagaya Motor Trust |
|  7.090% due 06/25/2032 |  | 1210 | 1221 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.620% due 11/15/2028 |  | 4900 | 4911 |
|  4.710% due 06/15/2028 |  | 28330 | 28386 |
|  4.850% due 01/16/2029 |  | 10000 | 10036 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.520% due 04/20/2028 |  | 3400 | 3445 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 |  | 10900 | 10992 |
|  5.160% due 05/15/2030 |  | 9100 | 9264 |
|  5.450% due 12/15/2027 |  | 4698 | 4706 |
|  5.700% due 10/16/2028 |  | 4704 | 4744 |
|  5.700% due 08/15/2029 |  | 2800 | 2873 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 |  | 358 | 344 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 |  | 634 | 637 |
|  |  |  | 313121 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  ACRES LLC | ACRES LLC | ACRES LLC | ACRES LLC |
|  5.755% due 08/18/2040 •  |  | 26900 | 26990 |
|  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. |
|  5.335% due 08/15/2034 •  |  | 790 | 791 |
|  5.615% due 11/15/2036 •  |  | 1893 | 1898 |
|  AREIT Trust | AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  |  | 8017 | 8026 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  6.100% due 07/16/2035 •  |  | 15000 | 14991 |
|  6.700% due 07/16/2035 •  |  | 5000 | 5004 |
|  7.150% due 07/16/2035 •  |  | 10000 | 9233 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.931% due 01/17/2037 •  |  | 4305 | 4317 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  5.586% due 02/18/2043 •  |  | 5900 | 5912 |
|  5.871% due 03/19/2039 •  |  | 9500 | 9546 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  6.000% due 10/16/2036 •  |  | 10000 | 9957 |

---

---

| | | |
|:---|:---|:---|
| **170** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
|  5.457% due 07/15/2036 •  | 10455 | 10453 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.050% due 09/17/2039 •  | 8474 | 8493 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.050% due 04/18/2038 •  | 5000 | 5000 |
|  6.350% due 04/18/2038 •  | 7825 | 7815 |
|  VMC Finance LLC | VMC Finance LLC | VMC Finance LLC |
|  6.050% due 06/16/2036 •  | 6621 | 6558 |
|  6.500% due 06/16/2036 •  | 3000 | 2896 |
|  |  | 137880 |
| HOME EQUITY OTHER 7.6% | HOME EQUITY OTHER 7.6% | HOME EQUITY OTHER 7.6% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.522% due 06/25/2034 •  | 5260 | 5313 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  | 1137 | 1134 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.512% due 02/25/2037 •  | 3050 | 1262 |
|  4.532% due 10/25/2036 •  | 5001 | 1661 |
|  4.712% due 01/25/2037 •  | 4694 | 1018 |
|  4.872% due 02/25/2036 •  | 114 | 114 |
|  4.872% due 12/25/2036 •  | 3363 | 1780 |
|  4.887% due 12/25/2035 •  | 4494 | 4331 |
|  4.952% due 07/25/2033 •  | 4249 | 4114 |
|  5.247% due 11/25/2033 •  | 1713 | 1744 |
|  5.442% due 02/25/2035 •  | 7375 | 7174 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.972% due 03/25/2035 •  | 516 | 511 |
|  5.217% due 06/25/2035 •  | 15500 | 12182 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  6.102% due 12/25/2034 •  | 4574 | 4163 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  4.842% due 04/25/2036 •  | 12700 | 11790 |
|  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 |
|  4.145% due 06/25/2034 •  | 350 | 337 |
|  5.187% due 01/25/2035 •  | 946 | 969 |
|  5.292% due 01/25/2036 •  | 5000 | 4423 |
|  5.397% due 11/25/2034 •  | 933 | 907 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 10887 | 9858 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.461% due 02/25/2034 •  | 244 | 260 |
|  5.032% due 02/25/2036 •  | 5233 | 4268 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.239% due 03/25/2036 •  | 1502 | 1400 |
|  3.648% due 12/25/2036 •  | 9200 | 8547 |
|  4.352% due 05/25/2037 •  | 294 | 210 |
|  5.232% due 11/25/2033 •  | 2389 | 2475 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.722% due 03/25/2037 •  | 3037 | 3064 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.572% due 11/25/2036 •  | 983 | 977 |
|  4.722% due 06/25/2036 •  | 10217 | 9900 |
|  5.201% due 12/25/2035 •  | 5095 | 5002 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.127% due 07/25/2034 •  | 5349 | 5340 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.492% due 03/25/2037 •  | 29581 | 25236 |
|  4.562% due 05/25/2037 •  | 10000 | 8582 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  4.392% due 11/25/2036 •  | 1822 | 830 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.492% due 10/25/2036 •  | 11809 | 10737 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.232% due 03/25/2035 •  | 1653 | 1651 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 3936 | 3985 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.484% due 06/25/2037 þ | 8907 | 7898 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  5.217% due 10/25/2034 •  | 857 | 836 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.532% due 07/25/2045 •  | 4765 | 3347 |
|  4.572% due 12/25/2036 •  | 2734 | 1028 |
|  4.592% due 09/25/2036 •  | 2017 | 1560 |
|  4.632% due 01/25/2037 •  | 2209 | 1628 |
|  4.872% due 10/25/2036 •  | 5234 | 3082 |
|  4.947% due 10/25/2035 •  | 876 | 865 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.712% due 07/25/2034 •  | 2228 | 2200 |
|  4.972% due 07/25/2034 •  | 5573 | 5537 |
|  5.217% due 02/25/2036 •  | 294 | 293 |
|  5.292% due 10/25/2032 •  | 1519 | 1493 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.113% due 01/25/2037 •  | 16600 | 15690 |
|  4.132% due 02/25/2035 ~ | 5174 | 4461 |
|  4.522% due 02/25/2036 •  | 760 | 737 |
|  4.532% due 12/25/2036 •  | 9058 | 8388 |
|  4.552% due 06/25/2037 •  | 5417 | 5114 |
|  4.552% due 06/25/2047 •  | 17130 | 15602 |
|  4.672% due 09/25/2047 •  | 578 | 542 |
|  4.712% due 09/25/2037 •  | 211 | 224 |
|  4.712% due 09/25/2047 •  | 768 | 778 |
|  4.752% due 03/25/2037 •  | 9493 | 9113 |
|  4.752% due 10/25/2046 •  | 6098 | 6056 |
|  4.772% due 04/25/2046 •  | 1541 | 1526 |
|  4.792% due 09/25/2046 •  | 3810 | 3662 |
|  4.797% due 07/25/2036 •  | 4038 | 4015 |
|  4.827% due 07/25/2036 •  | 14425 | 13898 |
|  5.012% due 08/25/2047 •  | 801 | 786 |
|  5.172% due 10/25/2034 •  | 424 | 422 |
|  5.172% due 05/25/2036 •  | 492 | 486 |
|  5.217% due 11/25/2034 •  | 851 | 842 |
|  5.352% due 01/25/2036 •  | 969 | 969 |
|  5.772% due 02/25/2035 •  | 763 | 763 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  2.875% due 05/25/2036 •  | 7678 | 5266 |
|  3.404% due 12/25/2035 •  | 297 | 296 |
|  4.392% due 07/25/2037 •  | 87 | 58 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.322% due 05/25/2037 •  | 1636 | 1614 |
|  5.372% due 05/25/2037 •  | 2697 | 2654 |
|  5.772% due 05/25/2037 •  | 5736 | 5665 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.372% due 08/25/2040 •  | 487 | 493 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  5.307% due 10/25/2035 •  | 3552 | 3326 |
|  EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust |
|  4.652% due 04/25/2037 •  | 18825 | 17550 |
|  Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout |
|  4.000% due 10/01/2034 ~ | 11574 | 11543 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.412% due 01/25/2037 •  | 15260 | 7887 |
|  4.592% due 05/25/2036 •  | 14571 | 9473 |
|  4.592% due 08/25/2036 •  | 24161 | 7544 |
|  5.202% due 04/25/2035 •  | 4175 | 4052 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  4.572% due 08/25/2036 •  | 12181 | 5172 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.732% due 04/25/2047 •  | 5226 | 2268 |
|  4.752% due 12/25/2036 •  | 5957 | 2025 |
|  4.872% due 05/25/2047 •  | 259 | 160 |
|  4.992% due 06/25/2035 •  | 3720 | 3697 |
|  5.825% due 06/25/2036 ~ | 13911 | 3109 |
|  5.985% due 06/25/2036 ~ | 607 | 136 |
|  6.000% due 10/25/2037 | 21 | 19 |
|  6.032% due 05/25/2037 þ | 7441 | 3218 |
|  6.147% due 02/25/2035 •  | 687 | 693 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.392% due 12/25/2036 •  | 710 | 351 |
|  4.412% due 12/25/2036 •  | 5017 | 2685 |
|  4.572% due 08/25/2036 •  | 9324 | 8015 |
|  5.157% due 07/25/2045 •  | 4400 | 4124 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.977% due 01/25/2036 •  | 10352 | 9959 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.612% due 04/25/2037 •  | 600 | 539 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.512% due 04/25/2037 •  | 5217 | 3548 |
|  4.752% due 08/25/2036 •  | 8672 | 8139 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.422% due 12/25/2036 •  | 3261 | 2905 |
|  4.462% due 01/25/2037 •  | 2106 | 1511 |
|  4.472% due 07/25/2036 •  | 6438 | 2785 |
|  5.052% due 11/25/2035 •  | 548 | 513 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.782% due 02/25/2036 •  | 2157 | 2140 |
|  5.202% due 12/25/2035 •  | 486 | 481 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.207% due 11/25/2036 •  | 3801 | 4074 |
|  4.482% due 10/25/2036 •  | 259 | 259 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 10/25/2055 ~ | 116277 | 126478 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.562% due 07/25/2036 •  | 8150 | 5658 |
|  4.572% due 05/25/2036 •  | 1479 | 780 |
|  4.592% due 09/25/2036 •  | 22745 | 5861 |
|  4.592% due 10/25/2036 •  | 18205 | 5695 |
|  4.712% due 06/25/2034 •  | 830 | 821 |
|  4.977% due 11/25/2035 •  | 7142 | 6916 |
|  5.067% due 06/25/2034 •  | 23 | 24 |
|  5.187% due 08/25/2035 •  | 3000 | 2747 |
|  5.547% due 02/25/2035 •  | 1854 | 1826 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.572% due 06/25/2036 •  | 8990 | 3038 |
|  4.592% due 10/25/2036 •  | 1939 | 929 |
|  4.632% due 02/25/2036 •  | 4626 | 1687 |
|  4.732% due 01/25/2037 •  | 9941 | 2800 |
|  4.752% due 10/25/2036 •  | 6831 | 6139 |
|  5.022% due 10/25/2035 •  | 3937 | 3840 |
|  5.052% due 02/25/2034 •  | 732 | 762 |
|  5.322% due 05/25/2035 •  | 3080 | 3074 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.492% due 08/25/2037 •  | 2440 | 1201 |
|  4.552% due 04/25/2047 •  | 10084 | 3950 |
|  4.562% due 08/25/2037 •  | 7832 | 7202 |
|  4.572% due 08/25/2037 •  | 22487 | 11069 |
|  4.652% due 04/25/2047 •  | 4295 | 1682 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.550% due 01/25/2035 •  | 6841 | 6299 |
|  4.332% due 05/25/2037 •  | 3375 | 2613 |
|  4.372% due 10/25/2036 •  | 6202 | 2727 |
|  4.482% due 01/25/2037 •  | 3610 | 1665 |
|  4.732% due 09/25/2036 •  | 4790 | 2065 |
|  5.157% due 11/25/2034 •  | 1611 | 1554 |
|  5.202% due 07/25/2034 •  | 76 | 80 |
|  5.247% due 02/25/2035 •  | 6058 | 5054 |
|  5.322% due 04/25/2035 •  | 130 | 123 |
|  8.072% due 02/25/2047 •  | 3649 | 3038 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.342% due 11/25/2036 •  | 9055 | 2913 |
|  4.422% due 11/25/2036 •  | 13912 | 4474 |
|  4.572% due 07/25/2036 •  | 15666 | 6128 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.226% due 10/25/2036 þ | 2201 | 586 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.217% due 06/25/2035 •  | 2643 | 2804 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  6.372% due 12/25/2034 •  | 120 | 109 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.402% due 07/25/2037 •  | 1996 | 1305 |
|  4.452% due 04/25/2037 •  | 150 | 85 |
|  5.007% due 05/25/2035 •  | 1637 | 1591 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.962% due 11/25/2035 •  | 5233 | 5068 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.397% due 10/25/2034 •  | 9671 | 9689 |
|  6.147% due 09/25/2034 •  | 142 | 139 |
|  6.372% due 09/25/2034 •  | 9202 | 8044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **171** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.157% due 06/25/2034 •  | 2144 | 2047 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |  |
|  4.767% due 07/25/2036 •  | 3709 | 3574 |
|  RAAC Trust | RAAC Trust |  |
|  4.972% due 03/25/2034 •  | 31 | 31 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust |  |
|  4.795% due 09/25/2055 «þ | 22500 | 22461 |
|  5.344% due 09/25/2044 þ | 5168 | 5190 |
|  6.025% due 02/25/2044 ~ | 2283 | 2308 |
|  6.141% due 04/25/2044 ~ | 12059 | 12213 |
|  6.147% due 06/25/2044 þ | 12724 | 12904 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |  |
|  5.473% due 01/25/2037 þ | 9077 | 2816 |
|  5.608% due 05/25/2036 þ | 6712 | 2978 |
|  5.746% due 05/25/2036 þ | 2134 | 970 |
|  5.951% due 05/25/2035 þ | 5464 | 5489 |
|  6.011% due 05/25/2036 þ | 3091 | 1468 |
|  6.166% due 05/25/2036 þ | 3374 | 1642 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |  |
|  4.952% due 12/25/2035 •  | 6060 | 5440 |
|  4.962% due 10/25/2035 •  | 3 | 3 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |  |
|  4.732% due 06/25/2036 •  | 6325 | 6246 |
|  5.217% due 04/25/2035 •  | 317 | 317 |
|  5.277% due 05/25/2035 •  | 2765 | 2766 |
|  5.307% due 08/25/2035 •  | 11600 | 11391 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust |  |
|  1.209% due 11/25/2035 •  | 233 | 232 |
|  4.582% due 09/25/2037 •  | 849 | 821 |
|  4.707% due 09/25/2036 •  | 2175 | 2079 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |  |
|  4.452% due 07/25/2036 •  | 2996 | 990 |
|  4.652% due 05/25/2037 •  | 6337 | 5575 |
|  4.887% due 01/25/2035 •  | 7476 | 7234 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.442% due 07/25/2037 •  | 216 | 193 |
|  4.492% due 01/25/2037 •  | 2198 | 1605 |
|  4.772% due 06/25/2036 •  | 2463 | 2444 |
|  4.832% due 05/25/2036 •  | 7134 | 7004 |
|  5.262% due 06/25/2035 •  | 3082 | 3251 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.617% due 07/25/2036 •  | 5732 | 3325 |
|  4.872% due 04/25/2036 •  | 32361 | 15417 |
|  5.037% due 08/25/2035 •  | 2190 | 2153 |
|  5.072% due 04/25/2034 •  | 2432 | 2412 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.542% due 02/25/2037 •  | 9153 | 8851 |
|  4.592% due 12/25/2036 •  | 16075 | 15471 |
|  4.692% due 02/25/2037 •  | 3495 | 3452 |
|  5.277% due 11/25/2035 •  | 239 | 238 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.772% due 05/25/2038 •  | 4296 | 2216 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 18012 | 18127 |
|  5.348% due 07/25/2065 þ | 7291 | 7343 |
|  6.290% due 05/25/2064 ~ | 10801 | 10946 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.372% due 11/25/2035 •  | 12824 | 12715 |
|  |  | 949716 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.752% due 04/25/2037 •  | 1397 | 369 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 1372 | 1413 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.310% due 05/01/2032 ~ | 19650 | 2648 |
|  |  | 4061 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  6.000% due 03/25/2036 | 3470 | 1336 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.472% due 06/25/2036 •  | 1296 | 1368 |
|  6.500% due 09/25/2046 | 16156 | 3237 |
|  6.572% due 09/25/2033 •  | 87 | 53 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.752% due 04/25/2036 •  | 161 | 147 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.432% due 11/25/2036 •  | 247 | 256 |
|  4.492% due 12/25/2037 •  | 852 | 824 |
|  4.592% due 04/25/2036 •  | 1907 | 1875 |
|  4.842% due 02/25/2036 •  | 5382 | 5085 |
|  5.022% due 12/25/2035 •  | 7037 | 6888 |
|  5.082% due 10/25/2035 •  | 5254 | 6206 |
|  5.217% due 06/25/2034 •  | 2347 | 2309 |
|  5.922% due 01/25/2035 •  | 5671 | 5590 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.412% due 07/25/2036 •  | 10392 | 3276 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.512% due 02/25/2037 •  | 3406 | 3303 |
|  4.592% due 02/25/2037 •  | 1265 | 1225 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 ~ | 2491 | 2493 |
|  5.657% due 08/25/2055 þ | 3521 | 3534 |
|  5.732% due 08/25/2055 þ | 969 | 972 |
|  5.744% due 07/25/2051 þ | 5815 | 5814 |
|  5.851% due 12/25/2054 þ | 10223 | 10247 |
|  5.925% due 10/25/2054 þ | 14697 | 14723 |
|  5.926% due 10/25/2054 þ | 6628 | 6647 |
|  5.963% due 09/25/2054 þ | 6411 | 6420 |
|  6.244% due 05/25/2055 þ | 11569 | 11666 |
|  6.368% due 04/25/2055 þ | 13401 | 13505 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.872% due 06/25/2044 •  | 17 | 15 |
|  5.772% due 09/25/2047 •  | 3871 | 3864 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.322% due 07/25/2035 •  | 2500 | 2271 |
|  5.522% due 10/25/2034 •  | 8709 | 8302 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 09/25/2036 •  | 2268 | 1611 |
|  4.592% due 09/25/2036 •  | 19811 | 14077 |
|  4.752% due 09/25/2036 •  | 3624 | 2575 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.572% due 09/25/2037 •  | 831 | 577 |
|  4.972% due 03/25/2037 •  | 257 | 133 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.877% due 01/25/2055 þ | 3619 | 3629 |
|  5.977% due 01/25/2055 þ | 5240 | 5253 |
|  |  | 161306 |
| OTHER ABS 16.8% | OTHER ABS 16.8% | OTHER ABS 16.8% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.598% due 10/15/2034 •  | 9400 | 9411 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 2100 | 2101 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.519% due 10/23/2034 •  | 4600 | 4608 |
|  Accunia European CLO I DAC | Accunia European CLO I DAC | Accunia European CLO I DAC |
|  2.976% due 07/15/2030 •  | 228 | 268 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 1271 | 1276 |
|  5.010% due 12/26/2031 | 496 | 501 |
|  5.040% due 04/26/2032 | 884 | 888 |
|  5.070% due 10/27/2031 | 1473 | 1482 |
|  Affirm Asset Securitization Trust | Affirm Asset Securitization Trust | Affirm Asset Securitization Trust |
|  5.220% due 12/17/2029 | 2499 | 2502 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 | 2600 | 2599 |
|  4.990% due 02/15/2033 | 25800 | 26021 |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  | 811 | 812 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  5.525% due 01/20/2035 •  | 5500 | 5511 |
|  AMSR Trust | AMSR Trust | AMSR Trust |
|  1.953% due 06/17/2038 | 4000 | 3760 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 19500 | 19519 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  6.025% due 04/20/2037 •  | 34000 | 34131 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 16446 | 16277 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 7100 | 6980 |
|  4.169% due 04/25/2038 | 1000 | 970 |
|  Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. |
|  3.400% due 04/25/2038 | 24984 | 24353 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 1000 | 972 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 1000 | 961 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 1000 | 957 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 25000 | 25082 |
|  5.702% due 10/22/2040 | 5000 | 5026 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 16700 | 16459 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 5300 | 5132 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 1771 | 1767 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 5238 | 5216 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 7282 | 7213 |
|  Apidos CLO XI Ltd. | Apidos CLO XI Ltd. | Apidos CLO XI Ltd. |
|  5.520% due 04/17/2034 •  | 2400 | 2404 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 2000 | 2353 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.424% due 04/15/2034 •  | 3800 | 3805 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.464% due 10/28/2034 •  | 19100 | 19132 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 2506 | 2571 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.585% due 01/20/2035 •  | 21900 | 21927 |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.760% due 10/24/2031 •  | 3282 | 3285 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  5.385% due 10/20/2034 •  | 1000 | 1001 |
|  Ayresome CDO I Ltd. | Ayresome CDO I Ltd. | Ayresome CDO I Ltd. |
|  7.830% due 12/08/2045 •  | 2266 | 533 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.309% due 04/23/2035 •  | 31000 | 31110 |
|  5.379% due 07/24/2034 •  | 11600 | 11616 |
|  5.469% due 10/23/2034 •  | 1800 | 1802 |
|  5.525% due 10/20/2034 •  | 12000 | 12020 |
|  5.548% due 07/16/2034 •  | 13200 | 13217 |
|  5.565% due 07/19/2034 •  | 13300 | 13319 |
|  5.798% due 07/16/2034 •  | 1800 | 1800 |
|  5.968% due 07/16/2034 •  | 5100 | 5110 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 | 4237 | 4282 |
|  4.840% due 09/17/2036 | 12213 | 12319 |
|  5.260% due 04/17/2036 | 6711 | 6790 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.884% due 01/20/2032 •  | 20 | 24 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.646% due 10/15/2031 •  | 3653 | 4292 |
|  BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC | BlueMountain Fuji EUR CLO III DAC |
|  1.050% due 01/15/2031 | 199 | 232 |
|  2.746% due 01/15/2031 •  | 2270 | 2664 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.676% due 10/15/2031 •  | 243 | 285 |

---

---

| | | |
|:---|:---|:---|
| **172** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. |
|  7.840% due 12/15/2034 •  | 15662 | 1113 |
|  C-BASS CBO XV Ltd. | C-BASS CBO XV Ltd. | C-BASS CBO XV Ltd. |
|  7.770% due 02/16/2041 •  | 248640 | 4010 |
|  Cairn CLO X DAC | Cairn CLO X DAC | Cairn CLO X DAC |
|  3.059% due 10/15/2031 •  | 2913 | 3422 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  5.398% due 07/15/2034 •  | 800 | 801 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2500 | 2940 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  0.000% due 08/16/2029 •  | 13000 | 13013 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.726% due 01/15/2031 •  | 3248 | 3808 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.415% due 07/20/2034 •  | 28500 | 28516 |
|  5.523% due 05/15/2031 •  | 570 | 571 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  5.315% due 07/20/2032 •  | 17798 | 17815 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 3800 | 3670 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 8972 | 8246 |
|  1.760% due 06/25/2052 | 7205 | 6534 |
|  2.320% due 07/26/2055 | 4083 | 3806 |
|  4.130% due 12/26/2047 | 1133 | 1118 |
|  5.472% due 12/26/2047 •  | 825 | 826 |
|  5.922% due 11/26/2046 •  | 1518 | 1531 |
|  Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
|  4.940% due 01/25/2052 | 30000 | 21274 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 3738 | 3366 |
|  Consumer Loan Finance | Consumer Loan Finance | Consumer Loan Finance |
|  0.000% due 11/25/2054 «(e) | 1636 | 806 |
|  5.150% due 11/25/2054 | 3112 | 3134 |
|  5.350% due 11/25/2054 | 6327 | 6473 |
|  5.450% due 11/25/2054 | 1554 | 1583 |
|  5.750% due 11/25/2054 | 777 | 790 |
|  6.600% due 11/25/2054 | 1017 | 1033 |
|  8.750% due 11/25/2054 | 584 | 596 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(e) | 1183 | 590 |
|  5.150% due 11/25/2054 | 1223 | 1225 |
|  5.350% due 11/25/2054 | 3937 | 4030 |
|  5.450% due 11/25/2054 | 1088 | 1106 |
|  5.750% due 11/25/2054 | 544 | 553 |
|  6.600% due 11/25/2054 | 685 | 696 |
|  8.750% due 11/25/2054 | 410 | 418 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  5.525% due 01/20/2035 •  | 9000 | 9035 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 2100 | 2114 |
|  CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC | CVC Cordatus Loan Fund XI DAC |
|  2.676% due 10/15/2031 •  | 3607 | 4235 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.576% due 08/15/2033 •  | 2800 | 3292 |
|  Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. | Diameter Capital CLO 4 Ltd. |
|  6.148% due 01/15/2037 •  | 22600 | 22675 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  1.650% due 04/15/2033 | 5600 | 6241 |
|  2.686% due 04/15/2033 •  | 4656 | 5455 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  5.395% due 04/20/2034 •  | 1000 | 1001 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  5.448% due 07/25/2034 •  | 18700 | 18731 |
|  5.618% due 01/25/2035 •  | 19700 | 19769 |
|  5.918% due 01/25/2035 •  | 2200 | 2214 |
|  6.168% due 01/25/2035 •  | 3500 | 3507 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  1.600% due 04/24/2034 | 2800 | 3106 |
|  2.564% due 04/24/2034 •  | 4281 | 5027 |
|  3.344% due 04/24/2034 •  | 2200 | 2583 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  5.409% due 07/23/2032 •  | 5057 | 5061 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(c) | 7100 | 7100 |
|  Generate CLO 3 Ltd. | Generate CLO 3 Ltd. | Generate CLO 3 Ltd. |
|  6.155% due 10/20/2036 •  | 31600 | 31842 |
|  Goodgreen Trust | Goodgreen Trust | Goodgreen Trust |
|  3.930% due 10/15/2053 ~ | 4220 | 3907 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 9846 | 9966 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 6491 | 6536 |
|  4.930% due 06/25/2060 | 6086 | 6111 |
|  5.020% due 06/25/2060 | 3300 | 3349 |
|  5.120% due 03/25/2060 | 7181 | 7207 |
|  5.150% due 10/27/2059 | 2283 | 2313 |
|  5.220% due 03/25/2060 | 4197 | 4256 |
|  5.250% due 10/27/2059 | 749 | 752 |
|  5.260% due 10/27/2059 | 3900 | 3941 |
|  5.320% due 03/25/2060 | 7100 | 7267 |
|  5.550% due 10/27/2059 | 1450 | 1466 |
|  6.430% due 10/27/2059 | 650 | 664 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 1800 | 1847 |
|  5.870% due 06/25/2059 | 4630 | 4727 |
|  5.880% due 06/25/2059 | 1730 | 1739 |
|  6.360% due 06/25/2059 | 1389 | 1424 |
|  7.330% due 06/25/2059 | 4630 | 4806 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  5.562% due 04/22/2033 •  | 18432 | 18481 |
|  6.182% due 04/22/2033 •  | 7700 | 7710 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 14000 | 14008 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.371% due 07/18/2038 •  | 2500 | 2935 |
|  Hildene TruPS Financials Note Securitization Ltd. | Hildene TruPS Financials Note Securitization Ltd. | Hildene TruPS Financials Note Securitization Ltd. |
|  5.950% due 10/10/2038 •  | 13553 | 13553 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.901% due 12/17/2026 | 7773 | 7552 |
|  2.200% due 01/17/2041 | 2313 | 2150 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  5.308% due 01/16/2033 •  | 9243 | 9243 |
|  5.475% due 10/20/2034 •  | 17300 | 17320 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 28800 | 28797 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  4.379% due 07/15/2038 •  | 2000 | 2356 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 21200 | 21198 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  5.588% due 07/25/2035 •  | 20100 | 20123 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  1.650% due 04/15/2031 | 1700 | 1893 |
|  2.676% due 04/15/2031 •  | 4355 | 5116 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.979% due 04/15/2031 •  | 11700 | 11718 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 6750 | 6759 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  5.388% due 01/15/2034 •  | 1000 | 1003 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 530 | 526 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 700 | 701 |
|  5.530% due 06/21/2032 | 5400 | 5484 |
|  Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP |
|  5.760% due 12/22/2064 | 27960 | 28392 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 20000 | 20033 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 31900 | 31933 |
|  Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. | Madison Park Funding XXIII Ltd. |
|  5.545% due 07/27/2031 •  | 2828 | 2830 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  5.582% due 10/22/2034 •  | 2600 | 2605 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  5.378% due 04/15/2035 •  | 1000 | 1004 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 3298 | 3337 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 17100 | 17125 |
|  Nassau Ltd. | Nassau Ltd. | Nassau Ltd. |
|  5.729% due 07/15/2031 •  | 2188 | 2189 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.588% due 04/15/2036 •  | 2000 | 2002 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.690% due 05/15/2069 | 3655 | 3477 |
|  4.000% due 12/15/2059 | 1648 | 1638 |
|  5.315% due 12/15/2059 •  | 974 | 971 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 4930 | 4995 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 25000 | 25185 |
|  4.840% due 05/17/2055 | 25000 | 25213 |
|  6.589% due 02/20/2041 •  | 8939 | 9136 |
|  6.640% due 02/20/2041 | 8349 | 8658 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  5.228% due 06/15/2031 •  | 6801 | 6808 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  6.018% due 10/15/2034 •  | 1400 | 1403 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  5.365% due 01/20/2035 •  | 26200 | 26246 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.595% due 04/20/2034 •  | 13000 | 13014 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  5.872% due 09/15/2036 •  | 2600 | 2628 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 3632 | 3637 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 5100 | 5108 |
|  5.300% due 02/08/2033 | 1000 | 1001 |
|  5.860% due 02/09/2032 | 1156 | 1158 |
|  5.890% due 02/08/2033 | 500 | 501 |
|  Oxford Finance Funding LLC | Oxford Finance Funding LLC | Oxford Finance Funding LLC |
|  3.602% due 02/15/2030 | 8215 | 8164 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  6.287% due 07/20/2032 •  | 9750 | 9767 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ | 2230 | 1221 |
|  5.065% due 03/15/2032 | 2375 | 2382 |
|  5.092% due 07/15/2032 | 2825 | 2840 |
|  5.108% due 03/15/2033 | 2600 | 2620 |
|  5.156% due 07/15/2032 | 2288 | 2309 |
|  5.162% due 04/15/2032 | 690 | 690 |
|  5.183% due 06/15/2032 | 3745 | 3766 |
|  5.329% due 10/15/2032 | 18898 | 19001 |
|  5.331% due 01/15/2032 | 2020 | 2029 |
|  5.617% due 04/15/2032 « | 2478 | 2483 |
|  5.628% due 07/15/2032 | 17299 | 17499 |
|  5.637% due 07/15/2032 | 1185 | 1194 |
|  5.639% due 10/15/2032 | 6999 | 7046 |
|  5.750% due 06/15/2032 | 2663 | 2682 |
|  5.823% due 04/15/2032 « | 1429 | 1433 |
|  5.871% due 07/15/2032 | 1343 | 1352 |
|  6.261% due 04/15/2032 « | 1499 | 1504 |
|  6.278% due 10/15/2031 | 1336 | 1348 |
|  10.273% due 04/15/2032 « | 1849 | 1808 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 1251 | 1260 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 1614 | 1628 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 6200 | 6251 |
|  6.258% due 10/15/2031 | 3197 | 3217 |
|  6.319% due 08/15/2031 | 1410 | 1419 |
|  6.660% due 07/15/2031 | 246 | 248 |
|  8.798% due 07/15/2031 | 11760 | 11841 |
|  9.099% due 04/15/2031 | 259 | 260 |
|  9.538% due 06/16/2031 | 3246 | 3341 |
|  Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust |
|  5.715% due 01/20/2034 | 5500 | 5567 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.006% due 01/15/2033 •  | 613 | 720 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **173** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  | 19600 | 19616 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.549% due 10/11/2034 •  | 7900 | 7909 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  5.528% due 07/15/2034 •  | 8300 | 8313 |
|  PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP | PK ALIFT Loan Funding 4 LP |
|  5.052% due 10/15/2039 | 6283 | 6298 |
|  Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC |
|  3.186% due 10/15/2038 •  | 1750 | 2061 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.900% due 07/25/2034 | 1942 | 1947 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 13974 | 14033 |
|  4.960% due 08/16/2032 | 4011 | 4023 |
|  5.340% due 08/16/2032 | 3400 | 3453 |
|  5.880% due 07/15/2031 | 1300 | 1307 |
|  5.990% due 08/16/2032 | 800 | 815 |
|  6.300% due 02/18/2031 | 213 | 213 |
|  Recette CLO Ltd. | Recette CLO Ltd. | Recette CLO Ltd. |
|  5.987% due 04/20/2034 •  | 2000 | 2004 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 10307 | 10333 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 | 5400 | 5449 |
|  5.830% due 07/15/2036 | 2500 | 2558 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.293% due 07/20/2034 •  | 800 | 800 |
|  Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. | Romark Credit Funding I Ltd. |
|  3.572% due 04/28/2038 | 11000 | 10755 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 1500 | 1418 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 7400 | 7426 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.598% due 10/15/2034 •  | 18500 | 18542 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  5.385% due 07/20/2034 •  | 15700 | 15707 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  | 15300 | 15360 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.489% due 07/25/2039 •  | 599 | 665 |
|  2.564% due 12/15/2033 •  | 503 | 558 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2055 «(e) | 3 | 38 |
|  1.290% due 07/15/2053 | 2325 | 2219 |
|  2.310% due 01/15/2053 | 3289 | 3220 |
|  4.000% due 09/15/2042 | 10401 | 10337 |
|  4.500% due 10/15/2048 | 3000 | 2983 |
|  4.550% due 02/16/2055 | 21460 | 21124 |
|  4.780% due 03/15/2055 | 2300 | 2269 |
|  4.950% due 02/16/2055 | 10709 | 10621 |
|  4.960% due 03/15/2055 | 48442 | 48674 |
|  4.995% due 01/15/2053 •  | 542 | 537 |
|  5.020% due 03/17/2053 | 19683 | 19926 |
|  5.060% due 03/16/2054 | 9497 | 9638 |
|  5.090% due 10/16/2056 | 2143 | 2173 |
|  5.100% due 03/15/2055 | 2300 | 2310 |
|  5.260% due 03/15/2055 | 4600 | 4447 |
|  5.380% due 07/15/2053 | 25206 | 25895 |
|  5.474% due 06/17/2052 •  | 2503 | 2504 |
|  5.474% due 07/15/2053 •  | 17147 | 17116 |
|  5.500% due 06/17/2052 | 12433 | 12813 |
|  5.572% due 03/15/2055 •  | 5349 | 5359 |
|  5.722% due 10/16/2056 •  | 2914 | 2940 |
|  5.822% due 03/15/2056 •  | 7379 | 7471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.172% due 10/16/2056 •  | $— | 1448 | $— | 1479 |
|  6.222% due 05/16/2050 •  |  | 1812 |  | 1841 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(e) |  | 4019 |  | 5438 |
|  0.000% due 10/25/2034 « |  | 4045 |  | 5188 |
|  4.190% due 10/25/2034 «(c) |  | 37055 |  | 37045 |
|  4.530% due 10/25/2034 «(c) |  | 3787 |  | 3774 |
|  4.800% due 02/27/2034 |  | 5328 |  | 5357 |
|  4.900% due 10/25/2034 «(c) |  | 2942 |  | 2930 |
|  4.910% due 03/27/2034 « |  | 27129 |  | 27292 |
|  5.200% due 10/25/2034 «(c) |  | 2170 |  | 2159 |
|  5.250% due 03/27/2034 « |  | 3796 |  | 3850 |
|  5.770% due 03/27/2034 « |  | 2944 |  | 3022 |
|  6.260% due 03/27/2034 « |  | 2177 |  | 2253 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  1.030% due 08/17/2043 |  | 7273 |  | 6433 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.760% due 10/25/2034 •  |  | 10400 |  | 10423 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 |  | 2369 |  | 2355 |
|  Store Master Funding I-VII | Store Master Funding I-VII | Store Master Funding I-VII | Store Master Funding I-VII | Store Master Funding I-VII |
|  4.290% due 10/20/2048 |  | 4002 |  | 3978 |
|  Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust | Stream Innovations Issuer Trust |
|  6.270% due 07/15/2044 |  | 2472 |  | 2575 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 |  | 8400 |  | 8441 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  6.005% due 01/20/2037 •  |  | 19900 |  | 19992 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  5.509% due 04/18/2033 •  |  | 8017 |  | 8029 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 |  | 7700 |  | 7735 |
|  Taberna Preferred Funding II Ltd. | Taberna Preferred Funding II Ltd. | Taberna Preferred Funding II Ltd. | Taberna Preferred Funding II Ltd. | Taberna Preferred Funding II Ltd. |
|  5.013% due 11/05/2035 •  |  | 1202 |  | 1124 |
|  Taberna Preferred Funding VI Ltd. | Taberna Preferred Funding VI Ltd. | Taberna Preferred Funding VI Ltd. | Taberna Preferred Funding VI Ltd. | Taberna Preferred Funding VI Ltd. |
|  4.943% due 12/05/2036 •  |  | 26729 |  | 24056 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  6.132% due 10/13/2032 •  |  | 18530 |  | 18571 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 |  | 2696 |  | 2718 |
|  5.290% due 06/20/2050 |  | 2100 |  | 2136 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  |  | 4100 |  | 4106 |
|  Thunderbolt II Aircraft Lease Ltd. | Thunderbolt II Aircraft Lease Ltd. | Thunderbolt II Aircraft Lease Ltd. | Thunderbolt II Aircraft Lease Ltd. | Thunderbolt II Aircraft Lease Ltd. |
|  5.960% due 09/15/2038 þ |  | 6202 |  | 6199 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  5.378% due 01/25/2035 •  |  | 16000 |  | 16053 |
|  Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. |
|  4.899% due 07/15/2036 •  |  | 8939 |  | 8603 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  5.564% due 10/20/2033 •  |  | 5500 |  | 5508 |
|  U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. |
|  4.870% due 10/10/2040 •  |  | 507 |  | 474 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 |  | 486 |  | 485 |
|  7.900% due 10/20/2028 |  | 1213 |  | 1231 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 |  | 6600 |  | 6607 |
|  5.020% due 09/20/2035 |  | 1200 |  | 1200 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 |  | 580 |  | 578 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 |  | 2308 |  | 2320 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  5.639% due 07/15/2031 •  |  | 1908 |  | 1910 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  5.465% due 10/20/2034 •  | 5575 | 5585 |
|  Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. | Venture XXIX CLO Ltd. |
|  5.463% due 09/07/2030 •  | 2755 | 2759 |
|  Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. | Vibrant CLO XI Ltd. |
|  6.287% due 07/20/2032 •  | 12125 | 12146 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  6.029% due 10/15/2030 •  | 4000 | 4006 |
|  WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust |
|  0.000% due 06/17/2050 « | 3614 | 6163 |
|  5.250% due 06/17/2050 « | 24890 | 24952 |
|  5.560% due 06/17/2050 « | 5300 | 5316 |
|  5.810% due 06/17/2050 « | 3300 | 3310 |
|  6.770% due 06/17/2050 « | 5800 | 5817 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  5.436% due 07/15/2034 •  | 5000 | 5012 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.378% due 10/15/2034 •  | 17008 | 17033 |
|  |  | 2108814 |
|  Total Asset-Backed Securities<br>(Cost $3,963,694) | Total Asset-Backed Securities<br>(Cost $3,963,694) | 3869565 |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| REPURCHASE AGREEMENTS (f) 0.0% | REPURCHASE AGREEMENTS (f) 0.0% | REPURCHASE AGREEMENTS (f) 0.0% |
|  |  | 20 |
| SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% | SHORT-TERM NOTES 0.0% |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  4.858% due 06/15/2026 | 6029 | 6033 |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  4.049% due 10/16/2025 - 01/27/2026 (d)(e)(i)(k) | 61984 | 61511 |
| Total Short-Term Instruments<br>(Cost $67,553) | Total Short-Term Instruments<br>(Cost $67,553) | 67564 |
| Total Investments in Securities<br>(Cost $26,586,205) | Total Investments in Securities<br>(Cost $26,586,205) | 26085096 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.9% | INVESTMENTS IN AFFILIATES 0.9% | INVESTMENTS IN AFFILIATES 0.9% |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 12164035 | 118466 |
| Total Short-Term Instruments<br>(Cost $118,454) | Total Short-Term Instruments<br>(Cost $118,454) | 118466 |
| Total Investments in Affiliates<br>(Cost $118,454) | Total Investments in Affiliates<br>(Cost $118,454) | 118466 |
| Total Investments 209.1%<br> (Cost $26,704,659) | Total Investments 209.1%<br> (Cost $26,704,659) | 26203562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Derivative<br> Instruments (h)(j) 2.2%<br> (Cost or Premiums, net $595,300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Derivative<br> Instruments (h)(j) 2.2%<br> (Cost or Premiums, net $595,300) | 269699 |
| Other Assets and Liabilities, net (111.3)% | Other Assets and Liabilities, net (111.3)% | (13942968) |
| Net Assets 100.0% | Net Assets 100.0% | 12530293 |

---

#### 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.  |

---

---

| | | |
|:---|:---|:---|
| **174** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) Principal only security.

(c) When-issued security.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(f) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| DEU | 4.000% | 09/30/2025 | 10/01/2025 | $20 | U.S. Treasury Bills 0.000% due 12/09/2025 | $(20) | $20 | $20 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/22/2025 | 10/14/2025 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241763) | $(242024) |
|  CIB | 4.320 | 09/22/2025 | 10/14/2025 |  | (84672) | (84764) |
|  GSC | 4.320 | 09/22/2025 | 10/14/2025 |  | (522056) | (522620) |
|  IND | 4.320 | 09/22/2025 | 10/14/2025 |  | (18383) | (18403) |
|  SBI | 4.300 | 09/22/2025 | 10/14/2025 |  | (1842078) | (1844058) |
|  | 4.300 | 09/26/2025 | 10/14/2025 |  | (359613) | (359828) |
|  WFS | 4.310 | 09/22/2025 | 10/14/2025 |  | (471764) | (472272) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3543969) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  UBS | 4.250% | 09/22/2025 | 10/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306) | $(306) |
|  | 4.320 | 09/15/2025 | 10/15/2025 | (4261) | (4269) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4575) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (24.0)% | U.S. Government Agencies (24.0)% | U.S. Government Agencies (24.0)% | U.S. Government Agencies (24.0)% | U.S. Government Agencies (24.0)% | U.S. Government Agencies (24.0)% |
| &nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 10/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | $(8298) | $(8207) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500 | 10/01/2040 | 9500 | (8566) | (8502) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 109900 | (101622) | (101033) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 73050 | (58874) | (58898) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 31118 | (25937) | (26222) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | 449117 | (378650) | (378519) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 10/01/2040 | 26025 | (25106) | (24933) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 1176405 | (1045132) | (1033534) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 10/01/2040 | 1000 | (974) | (969) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 11/01/2055 | 234510 | (215044) | (214221) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 10/01/2040 | 3000 | (2965) | (2951) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 11/01/2055 | 777400 | (734127) | (732592) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2040 | 1000 | (1003) | (999) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 10/01/2055 | 152300 | (147933) | (147745) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **175** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000% | 10/01/2040 | $2000 | $(2026) | $(2021) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 10/01/2040 | 1000 | (1023) | (1022) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 268900 | (271533) | (270958) |
|  Total Short Sales (24.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3028813) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3013326) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<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 |
|  BOM | $0 | $(242024) | $0 | $(242024) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248496 | $6472 |
|  CIB | 0 | (84764) | 0 | (84764) | 87064 | 2300 |
|  DEU | 20 | 0 | 0 | 20 | (20) | 0 |
|  GSC | 0 | (522620) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522620) | 542239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19619 |
|  IND | 0 | (18403) | 0 | (18403) | 18892 | 489 |
|  SBI | 0 | (2203886) | 0 | (2203886) | 2286915 | 83029 |
|  WFS | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472272) | 0 | (472272) | 489558 | 17286 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (4575) | (4575) | 4551 | (24) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3543969) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4575) |  |  |  |

---

#### 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. Government Agencies | $0 | $(3543969) | $0 | $0 | $(3543969) |
|  Total | $0 | $(3543969) | $0 | $0 | $(3543969) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (4575) | 0 | 0 | (4575) |
|  Total | $0 | $(4575) | $0 | $0 | $(4575) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548544) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3548544) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3548544) |

---

(g) Securities with an aggregate market value of $3,681,320 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(3985861) at a weighted average interest rate of 4.461%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(8) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 2450 | $589929 | $(2759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 13878 | 3362119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4602 | 867 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 2312 | 559013 | 219 | 174 | 0 |

---

---

| | | |
|:---|:---|:---|
| **176** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1823 | $199063 | $323 | $71 | $0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 4597 | 517163 | 1375 | 0 | (72) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 11696 | $— | (2821806) | $7008 | $0 | $(877) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 101 |  | (12126) | (299) | 57 | 0 |
|  |  |  |  |  | $6709 | $57 | $(877) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/17/2035 | $104260 | $(870) | $1642 | $772 | $2 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2026 | 633000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | 988 | 5845 | 0 | (39) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 126500 | (93) | 650 | 557 | 0 | (18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2026 | 567300 | (115) | 508 | 393 | 117 | 0 |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 511100 | 3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1496) | 1998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.500 | Semi-Annual | 12/20/2027 | 7400 | 22 | (160) | (138) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 2800 | 0 | (13) | (13) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 5500 | 0 | (29) | (29) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 1900 | 0 | (18) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 700 | (2) | (4) | (6) | 0 | 0 |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2028 | 23700 | 253 | (110) | 143 | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.858 | Annual | 03/08/2029 | 41300 | 155 | (713) | (558) | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 187800 | (6091) | 702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5389) | 0 | (131) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 04/23/2029 | 183400 | 3998 | (1300) | 2698 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.790 | Annual | 05/07/2029 | 164400 | 3576 | 577 | 4153 | 0 | (96) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 1500 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 3700 | 0 | 5 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 3200 | 0 | 4 | 4 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 3200 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 5600 | 0 | (4) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 3900 | 0 | (5) | (5) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 7100 | 0 | (12) | (12) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 7100 | 0 | (13) | (13) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 3200 | 0 | (6) | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 3200 | 0 | (9) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 2100 | 0 | (11) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1600 | 0 | (9) | (9) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2600 | 0 | (17) | (17) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 4500 | 0 | (30) | (30) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 3400 | 0 | (23) | (23) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 2100 | 0 | (18) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 2100 | 0 | (18) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 2100 | 0 | (18) | (18) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 1400 | 0 | (13) | (13) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 2100 | 0 | (19) | (19) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 2200 | 0 | (21) | (21) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 2100 | 0 | (21) | (21) | 0 | (1) |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532300 | 89735 | (28410) | 61325 | 1470 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/12/2031 | 71700 | 1506 | (2299) | (793) | 0 | (28) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.013 | Annual | 04/09/2031 | 142000 | 3053 | 749 | 3802 | 0 | (49) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.170 | Annual | 04/15/2031 | 143500 | 3003 | (425) | 2578 | 0 | (51) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 04/26/2031 | 112100 | 2479 | (879) | 1600 | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.170 | Annual | 05/01/2031 | 27100 | 573 | (96) | 477 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 679300 | (2657) | (7473) | (10130) | 0 | (254) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.480 | Annual | 02/07/2032 | 179200 | 2079 | (1234) | 845 | 0 | (62) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 1496600 | 140696 | 25845 | 166541 | 0 | (253) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1342000 | 4715 | 16181 | 20896 | 386 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 258700 | 22630 | 7187 | 29817 | 0 | (34) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **177** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities 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** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 02/07/2034 |  | $267500 | $1792 | $1103 | $2895 | $0 | $(38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 02/09/2034 |  | 264500 | 1891 | 956 | 2847 | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 02/13/2034 |  | 91900 | 666 | 320 | 986 | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 02/14/2034 |  | 46100 | 410 | 84 | 494 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 02/22/2034 |  | 211000 | 1834 | 393 | 2227 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/01/2034 |  | 122500 | 992 | 289 | 1281 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/06/2034 |  | 122500 | 894 | 385 | 1279 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.330 | Annual | 09/30/2034 |  | 99250 | (55) | 3325 | 3270 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909400 | (10779) | 6358 | (4421) | 0 | (50) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 121100 | 7947 | (3457) | 4490 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 281300 | 9682 | 414 | 10096 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 |  | 341400 | (5850) | 3134 | (2716) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.660 | Annual | 09/30/2035 |  | 190000 | 3624 | (3711) | (87) | 0 | (28) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 |  | 213400 | (4397) | 2835 | (1562) | 4 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 |  | 4900 | 90 | 526 | 616 | 0 | (5) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 18660 | (34) | 8 | (26) | 0 | (63) |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 2000 | 111 | 998 | 1109 | 0 | (9) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $285814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1570) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **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;1353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(949) | $(1570) | $(2519) |

---

(i) Securities with an aggregate market value of $17,970 and cash of $139,491 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 60365 | $70407 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) |
|  | 10/2025 | $22924 | 31891 | 0 | (7) |
|  | 11/2025 | 31841 | $22924 | 7 | 0 |
|  BOA | 10/2025 | $5391 | 4605 | 16 | 0 |
|  BPS | 10/2025 | 2489 | $2931 | 9 | 0 |
|  BRC | 10/2025 | $1515 | 1295 | 6 | 0 |
|  | 11/2025 | 2802 | $3298 | 2 | 0 |
|  CBK | 10/2025 | 37 | 26 | 0 | 0 |
|  | 11/2025 | $26 | 37 | 0 | 0 |
|  JPM | 10/2025 | 33197 | $24022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 0 |
|  | 10/2025 | $1007 | 1390 | 0 | (9) |
|  MBC | 10/2025 | 18 | $13 | 0 | 0 |
|  | 10/2025 | $1294 | 963 | 1 | 0 |
|  | 11/2025 | 1272 | 946 | 1 | 0 |
|  SCX | 10/2025 | 131827 | 98555 | 719 | 0 |
|  | 11/2025 | 98555 | $131850 | 0 | (719) |
|  SOG | 10/2025 | $66978 | 56954 | 0 | (111) |
|  | 11/2025 | 56954 | $67113 | 112 | 0 |
|  SSB | 10/2025 | 99518 | 134142 | 300 | 0 |
|  UAG | 10/2025 | 30 | 22 | 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;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311) |

---

178 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.233% | 10/06/2025 | 88400 | $331 | $19 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/08/2025 | 1042200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.290 | 12/11/2025 | 35900 | 517 | 153 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/20/2026 | 112100 | 410 | 23 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.700 | 03/23/2026 | 114300 | 274 | 214 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/30/2026 | 79800 | 22 | 20 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 06/16/2026 | 305000 | 907 | 635 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.600 | 06/17/2026 | 266900 | 881 | 700 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 01/30/2026 | 166800 | 701 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.098 | 02/06/2035 | 35100 | 3117 | 2531 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.098 | 02/06/2035 | 35100 | 3117 | 3189 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.260 | 02/13/2035 | 57700 | 5040 | 4425 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.260 | 02/13/2035 | 57700 | 5040 | 4969 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.245 | 02/20/2035 | 57700 | 4974 | 4381 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.245 | 02/20/2035 | 57700 | 4974 | 4975 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 32400 | 2869 | 2520 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 32400 | 2869 | 2817 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 32600 | 2923 | 2770 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 32600 | 2923 | 2690 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 129000 | 11520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10670 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 64500 | 5828 | 5452 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.640 | 07/23/2035 | 128800 | 11581 | 11746 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.640 | 07/23/2035 | 64400 | 5791 | 5099 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 62200 | 5474 | 5196 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 62200 | 5474 | 5195 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 68700 | 5946 | 6248 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 68700 | 5946 | 5363 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 43200 | 3722 | 3982 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 43200 | 3722 | 3336 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/17/2025 | 186000 | 372 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.073 | 10/16/2025 | 118500 | 0 | 1 |
| BRC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 10/24/2025 | 426200 | 339 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 10/09/2025 | 1483000 | 539 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.976 | 10/17/2025 | 115600 | 6 | 3 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 04/06/2026 | 162400 | 491 | 46 |
| CBK Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 10/31/2025 | 181400 | 244 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.400 | 05/19/2027 | 236100 | 1334 | 1023 |
| DUB Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 11/03/2025 | 183500 | 310 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/30/2026 | 2653500 | 775 | 659 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.135 | 09/14/2026 | 97400 | 1252 | 986 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.635 | 09/14/2026 | 97400 | 1252 | 1609 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.308 | 05/02/2035 | 24900 | 2215 | 1973 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.308 | 05/02/2035 | 24900 | 2215 | 2141 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.630 | 05/22/2035 | 35800 | 3274 | 3254 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.630 | 05/22/2035 | 35800 | 3274 | 2840 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 05/29/2035 | 35700 | 3211 | 3095 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 05/29/2035 | 35700 | 3211 | 2906 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.440 | 06/18/2035 | 50900 | 4553 | 4277 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.440 | 06/18/2035 | 50900 | 4553 | 4238 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.559 | 07/09/2035 | 119800 | 10638 | 10537 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.559 | 07/09/2035 | 59900 | 5319 | 4822 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.460 | 08/06/2035 | 90600 | 7964 | 7663 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.460 | 08/06/2035 | 90600 | 7964 | 7494 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 12/16/2025 | 354400 | 354 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.250 | 03/03/2026 | 485000 | 199 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 10/14/2025 | 1928700 | 587 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/09/2026 | 132400 | 487 | 188 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/30/2026 | 84200 | 328 | 21 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 03/31/2026 | 93000 | 346 | 24 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 04/03/2026 | 150100 | 492 | 41 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 05/29/2026 | 192500 | 760 | 362 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.740 | 10/30/2025 | 95200 | 714 | 1 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.740 | 10/30/2025 | 70100 | 713 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.073 | 03/07/2035 | 51300 | 4463 | 3647 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.073 | 03/07/2035 | 51300 | 4463 | 4681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **179** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities 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>** | **Cost** | **Market<br>Value** |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 10/03/2025 | 83300 | $500 | $0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.103 | 10/09/2025 | 164900 | 231 | 6 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 11/10/2025 | 96600 | 758 | 12 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/17/2025 | 391000 | 2541 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 04/24/2035 | 34800 | 3080 | 2754 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 34800 | 3080 | 2983 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 34900 | 3127 | 2914 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 34900 | 3127 | 2907 |
| JPM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750 | 02/05/2026 | 136400 | 559 | 186 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 02/20/2026 | 201000 | 397 | 154 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500 | 06/17/2026 | 563000 | 1686 | 1180 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 35400 | 3183 | 2791 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 35400 | 3183 | 3075 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.458 | 08/01/2035 | 121400 | 10586 | 10231 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.458 | 08/01/2035 | 121400 | 10586 | 10018 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 53400 | 4600 | 4922 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 53400 | 4600 | 4124 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/17/2025 | 391000 | 766 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 12/29/2025 | 332400 | 415 | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.985 | 10/29/2025 | 88600 | 1692 | 10 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.077 | 11/10/2025 | 294800 | 943 | 229 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.081 | 12/08/2025 | 173000 | 2093 | 295 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.313 | 06/08/2026 | 173000 | 3553 | 1997 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.313 | 06/08/2026 | 173000 | 3553 | 531 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/17/2025 | 186000 | 1274 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 11/28/2025 | 238500 | 3667 | 126 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 57000 | 5022 | 4873 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 57000 | 5022 | 4686 |
| NGF Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.500 | 10/22/2025 | 202000 | 374 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 10/22/2025 | 202000 | 1242 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 6.000 | 11/03/2025 | 202100 | 1338 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 148400 | 13252 | 12275 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 74200 | 6704 | 6272 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 119400 | 10507 | 10348 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 119400 | 10507 | 9722 |
|  |  |  |  |  |  | $315396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267476 |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Put - OTC 2-Year Interest Rate Floor  | 0.033% | 1-Day USD-SOFR Compounded-OIS | 01/26/2027 | 2092000 | $25104 | $4875 |
| NGF Put - OTC 2-Year Interest Rate Floor <sup>(2)</sup> | 0.033 | 1-Day USD-SOFR Compounded-OIS | 10/01/2027 | 880000 | 21120 | 4946 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Call - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | $96.672 | 11/06/2025 | 255000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 99.094 | 12/04/2025 | 63000 | 59 | 67 |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 96.980 | 10/07/2025 | 149000 | 355 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 97.094 | 10/07/2025 | 146000 | 319 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.875 | 10/07/2025 | 209500 | 262 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.891 | 10/07/2025 | 147000 | 184 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 98.961 | 10/07/2025 | 313000 | 281 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.164 | 10/07/2025 | 419000 | 426 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.813 | 11/06/2025 | 402200 | 204 | 15 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.945 | 12/04/2025 | 148000 | 162 | 139 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.969 | 12/04/2025 | 213000 | 283 | 203 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA due 12/01/2055 | 98.957 | 12/04/2025 | 212000 | 232 | 200 |
| MSC | Put - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 99.641 | 10/07/2025 | 65000 | 46 | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 98.180 | 11/06/2025 | 202300 | 237 | 27 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA due 11/01/2055 | 99.797 | 11/06/2025 | 202300 | 95 | 7 |
|  |  |  |  |  | $3623 | $838 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278135 |

---

180 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.330% | 10/08/2025 | 115800 | $(1544) | $(54) |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200 | 03/30/2026 | 3450 | (22) | (25) |
| BPS Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.373 | 10/16/2025 | 118500 | (3) | (185) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.248 | 10/07/2025 | 95400 | (320) | 0 |
| BRC Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.450 | 10/09/2025 | 96300 | (539) | (210) |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.476 | 10/17/2025 | 115600 | 0 | (442) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.908 | 11/06/2025 | 160800 | (237) | (66) |
| DUB Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.115 | 10/07/2025 | 277100 | (423) | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.200 | 03/30/2026 | 114650 | (775) | (819) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.274 | 10/07/2025 | 93300 | (354) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.028 | 12/04/2025 | 152700 | (282) | (316) |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 5.500 | 12/16/2025 | 354400 | (174) | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.410 | 10/14/2025 | 110000 | (587) | (194) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 204400 | (281) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.221 | 10/07/2025 | 156200 | (262) | 0 |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.993 | 10/07/2025 | 40100 | (48) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.032 | 12/04/2025 | 152500 | (233) | (309) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.036 | 12/04/2025 | 152500 | (229) | (303) |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 5.500 | 12/29/2025 | 332400 | (196) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.200 | 10/07/2025 | 96100 | (183) | 0 |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.081 | 11/06/2025 | 201600 | (131) | (23) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 11/06/2025 | 230400 | (150) | (26) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.577 | 11/10/2025 | 147400 | (398) | (587) |
|  |  |  |  |  |  | $(7371) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3559) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| DUB Put - OTC 2-Year Interest Rate Floor  | 0.021% | 1-Day USD-SOFR Compounded-OIS | 01/26/2027 | 2092000 | $(9497) | $(727) |
| Put - OTC 2-Year Interest Rate Floor  | 0.027 | 1-Day USD-SOFR Compounded-OIS | 01/26/2027 | 2092000 | (15481) | (1925) |
| NGF Put - OTC 2-Year Interest Rate Floor <sup>(2)</sup> | 0.019 | 1-Day USD-SOFR Compounded-OIS | 10/01/2027 | 880000 | (7040) | (714) |
| Put - OTC 2-Year Interest Rate Floor <sup>(2)</sup> | 0.026 | 1-Day USD-SOFR Compounded-OIS | 10/01/2027 | 880000 | (14080) | (1957) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46098) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5323) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| JPM | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | $93.484 | 10/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | $(4) | $(8) |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 102.375 | 10/07/2025 | 236500 | (351) | (64) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA due 10/01/2055 | 93.938 | 10/07/2025 | 11000 | (38) | (54) |
|  |  |  |  |  | $(393) | $(126) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53862) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9008) |

---

#### SWAP AGREEMENTS:

#### 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>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AA.6-1 Index « | 0.320% | Monthly | 07/25/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | $(461) | $348 | $0 | $(113) |
|  | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 3230 | (877) | 623 | 0 | (254) |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 204 | (60) | 44 | 0 | (16) |
| SAL | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 2045 | (497) | 336 | 0 | (161) |
|  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;(1895) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 181

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $7 | $0 | $0 | $7 | $(472) | $0 | $0 | $(472) | $(465) | $567 | $102 |
|  BOA | 16 | 99570 | 0 | 99586 | 0 | (79) | (367) | (446) | 99140 | 3309 | 102449 |
|  BPS | 9 | 1 | 0 | 10 | 0 | (185) | 0 | (185) | (175) | 382 | 207 |
|  BRC | 8 | 49 | 0 | 57 | 0 | (718) | (16) | (734) | (677) | 730 | 53 |
|  CBK | 0 | 1023 | 0 | 1023 | 0 | 0 | 0 | 0 | 1023 | (916) | 107 |
|  DUB | 0 | 63369 | 0 | 63369 | 0 | (3787) | 0 | (3787) | 59582 | (1150) | 58432 |
|  FAR | 0 | 8965 | 0 | 8965 | 0 | (194) | 0 | (194) | 8771 | 83 | 8854 |
|  GLM | 0 | 11576 | 0 | 11576 | 0 | 0 | 0 | 0 | 11576 | 837 | 12413 |
|  GSC | 0 | 357 | 0 | 357 | 0 | 0 | 0 | 0 | 357 | 0 | 357 |
|  JPM | 167 | 36881 | 0 | 37048 | (9) | (620) | 0 | (629) | 36419 | 392 | 36811 |
|  MBC | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  MSC | 0 | 34 | 0 | 34 | 0 | (64) | 0 | (64) | (30) | 0 | (30) |
|  MYC | 0 | 12747 | 0 | 12747 | 0 | (636) | 0 | (636) | 12111 | (1950) | 10161 |
|  NGF | 0 | 43563 | 0 | 43563 | 0 | (2671) | 0 | (2671) | 40892 | 440 | 41332 |
|  SAL | 0 | 0 | 0 | 0 | 0 | (54) | (161) | (215) | (215) | 145 | (70) |
|  SCX | 719 | 0 | 0 | 719 | (719) | 0 | 0 | (719) | 0 | 0 | 0 |
|  SOG | 112 | 0 | 0 | 112 | (111) | 0 | 0 | (111) | 1 | 0 | 1 |
|  SSB | 300 | 0 | 0 | 300 | 0 | 0 | 0 | 0 | 300 | (450) | (150) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9008) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10863) |  |  |  |

---

(k) Securities with an aggregate market value of $6,886 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> The underlying 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 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> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1353 | $1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2253 | 2253 |
|  | $0 | $0 | $0 | $0 | $3606 | $3606 |
|  Over the counter | Over the 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 | $1340 | $0 | $1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 278135 | 278135 |
|  | $0 | $0 | $0 | $1340 | $278135 | $279475 |
|  | $&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;1340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283081 |

---

182 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  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 | $949 | $949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1570 | 1570 |
|  | $0 | $0 | $0 | $0 | $2519 | $2519 |
|  Over the counter | Over the 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 | $1311 | $0 | $1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 9008 | 9008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 544 | 0 | 0 | 0 | 544 |
|  | $0 | $544 | $0 | $1311 | $9008 | $10863 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13382 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $46968 | $46968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 165278 | 165278 |
|  | $0 | $0 | $0 | $0 | $212246 | $212246 |
|  Over the counter | Over the 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 | $(16903) | $0 | $(16903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (46355) | (46355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 23849 | 23849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 94 | 0 | 0 | 0 | 94 |
|  | $0 | $94 | $0 | $(16903) | $(22506) | $(39315) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16903) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172931 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(10620) | $(10620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (163476) | (163476) |
|  | $0 | $0 | $0 | $0 | $(174096) | $(174096) |
|  Over the counter | Over the 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 | $4832 | $0 | $4832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (17387) | (17387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 6316 | 6316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (71) | 0 | 0 | 0 | (71) |
|  | $0 | $(71) | $0 | $4832 | $(11071) | $(6310) |
|  | $0 | $(71) | $0 | $4832 | $(185167) | $(180406) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value |  |  |  |  |
|  Loan Participations and Assignments | $0 | $0 | $9610 | $9610 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 22217 | 0 | 22217 |
| &nbsp;&nbsp; Industrials | 0 | 967 | 125580 | 126547 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Michigan | 0 | 3604 | 0 | 3604 |
|  U.S. Government Agencies | 0 | 18154160 | 0 | 18154160 |
|  U.S. Treasury Obligations | 0 | 21165 | 0 | 21165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Non-Agency Mortgage-Backed Securities | $0 | $3652056 | $158608 | $3810664 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 194298 | 0 | 194298 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 313121 | 0 | 313121 |
| &nbsp;&nbsp; CMBS Other | 0 | 137880 | 0 | 137880 |
| &nbsp;&nbsp; Home Equity Other | 0 | 927255 | 22461 | 949716 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 369 | 0 | 369 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 4061 | 0 | 4061 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 161306 | 0 | 161306 |
| &nbsp;&nbsp; Other ABS | 0 | 1960422 | 148392 | 2108814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **183** |

---

------

Schedule of Investments PIMCO Mortgage Opportunities and Bond Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $20 | $0 | $20 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 6033 | 0 | 6033 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 61511 | 0 | 61511 |
|  | $0 | $25620445 | $464651 | $26085096 |
|  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 | $118466 | $0 | $0 | $118466 |
|  Total Investments | $118466 | $25620445 | $464651 | $26203562 |
|  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 | $(3013326) | $0 | $(3013326) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets  | Financial Derivative Instruments - Assets  | Financial Derivative Instruments - Assets  | Financial Derivative Instruments - Assets  | Financial Derivative Instruments - Assets  |
|  Exchange-traded or centrally cleared | $0 | $3606 | $0 | $3606 |
|  Over the counter | 0 | 279475 | 0 | 279475 |
|  | $0 | $283081 | $0 | $283081 |
|  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 | (2519) | 0 | (2519) |
|  Over the counter | 0 | (10319) | (544) | (10863) |
|  | $0 | $(12838) | $(544) | $(13382) |
|  Total Financial Derivative Instruments | $0 | $270243 | $(544) | $269699 |
|  Totals | $118466 | $22877362 | $464107 | $23459935 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6784 | $2821 | $(21) | $4 | $0 | $22 | $0 | $0 | $9610 | $22 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 125580 | 0 | 0 | 0 | 0 | 0 | 0 | 125580 | 0 |
|  Non-Agency Mortgage-Backed Securities | 304478 | 91463 | (124586) | 263 | 550 | (2421) | 0 | (111139) | 158608 | (851) |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Home Equity Other | 0 | 22500 | 0 | 0 | 0 | (39) | 0 | 0 | 22461 | (39) |
| &nbsp;&nbsp; Other ABS | 67653 | 149974 | (64536) | 28 | (171) | (573) | 0 | (3983) | 148392 | (789) |
|  | $378915 | $392338 | $(189143) | $295 | $379 | $(3011) | $0 | $(115122) | $464651 | $(1657) |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(557) | $10 | $(12) | $0 | $88 | $(73) | $0 | $0 | $(544) | $(15) |
|  Totals | $378358 | $392348 | $(189155) | $295 | $467 | $(3084) | $0 | $(115122) | $464107 | $(1672) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | Input Value(s) | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $2800 | Cost | Purchase Price | 100.000 |  |
|  | 6810 | Discounted Cash Flow | Discount Rate | 6.436 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125580 | Recent Transaction | Purchase Price | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 67326 | Discounted Cash Flow | Discount Rate | 5.307-7.109 | 5.851 |
|  | 30658 | Proxy Pricing | Base Price | 97.967-100.000 | 98.219 |
|  | 60624 | Recent Transaction | Purchase Price | 99.750-100.842 | 100.657 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Other | 22461 | Proxy Pricing | Base Price | 99.999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 97297 | Discounted Cash Flow | Discount Rate | 4.616-24.400 | 5.966 |
|  | 51095 | Proxy Pricing | Base Price | 100.00 |  |

---

---

| | | |
|:---|:---|:---|
| **184** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | **Input Value(s)** | **Weighted**<br> **Average** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544) | Indicative Market Quotation | Broker Quote | 91.500-92.000 | 91.896 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464107 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **185** |

---

------

---

| | |
|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund |

---

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 125.6% | INVESTMENTS IN SECURITIES 125.6% | INVESTMENTS IN SECURITIES 125.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(f) | 378 | 444 |
|  Project Fenno |  |  |
|  TBD% - 0.500% due 07/10/2028 «µ(f) | 547 | 643 |
|  4.366% (EUR003M + 2.350%) due 07/10/2028 «~(f) | 550 | 645 |
|  Project Nova |  |  |
|  7.250% (PRIME) due 08/31/2026 «~ | $400 | 400 |
|  Total Loan Participations and Assignments (Cost $2,065) | Total Loan Participations and Assignments (Cost $2,065) | 2132 |
| CORPORATE BONDS & NOTES 29.3% | CORPORATE BONDS & NOTES 29.3% | CORPORATE BONDS & NOTES 29.3% |
| BANKING & FINANCE 13.6% | BANKING & FINANCE 13.6% | BANKING & FINANCE 13.6% |
|  Bank of America Corp. |  |  |
|  4.948% due 07/22/2028 •  | 3300 | 3348 |
|  BlueHub Loan Fund, Inc. |  |  |
|  2.890% due 01/01/2027 | 1300 | 1255 |
|  3.099% due 01/01/2030 | 3400 | 3095 |
|  Boston Properties LP |  |  |
|  2.550% due 04/01/2032 | 1100 | 952 |
|  BPCE SA |  |  |
|  6.714% due 10/19/2029 •  | 3800 | 4036 |
|  Brookfield Finance, Inc. |  |  |
|  2.724% due 04/15/2031 | 17900 | 16357 |
|  Citibank NA |  |  |
|  4.876% due 11/19/2027 •  | 7200 | 7258 |
|  Community Preservation Corp. | Community Preservation Corp. | Community Preservation Corp. |
|  2.867% due 02/01/2030 | 15000 | 13957 |
|  Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV |
|  3.625% due 05/13/2031 | 10000 | 9300 |
|  CPI Property Group SA |  |  |
|  4.000% due 01/22/2028 þ | 3100 | 3976 |
|  CTP NV |  |  |
|  0.625% due 09/27/2026 | 6500 | 7491 |
|  Digital Dutch Finco BV |  |  |
|  1.500% due 03/15/2030 | 4300 | 4694 |
|  European Investment Bank |  |  |
|  1.625% due 10/09/2029 | $5650 | 5219 |
|  2.375% due 05/24/2027 | 10000 | 9794 |
|  3.300% due 02/03/2028 | 3400 | 2226 |
|  3.750% due 02/14/2033 | $4000 | 3941 |
|  Ford Motor Credit Co. LLC |  |  |
|  4.125% due 08/17/2027 | 6600 | 6493 |
|  Goldman Sachs Group, Inc. |  |  |
|  3.691% due 06/05/2028 •  | 3300 | 3277 |
|  Golub Capital BDC, Inc. |  |  |
|  7.050% due 12/05/2028 | 3900 | 4124 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 3200 | 3289 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 | 675 | 623 |
|  8.000% due 06/15/2027 | 2187 | 2278 |
|  Host Hotels & Resorts LP |  |  |
|  2.900% due 12/15/2031 | 6800 | 6055 |
|  3.500% due 09/15/2030 | 3100 | 2912 |
|  HSBC Holdings PLC |  |  |
|  5.130% due 03/03/2031 •  | 3300 | 3380 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  5.310% due 02/05/2026 | 126000 | 7265 |
|  JPMorgan Chase & Co. |  |  |
|  6.070% due 10/22/2027 •  | $2400 | 2448 |
|  KEB Hana Bank |  |  |
|  5.375% due 04/23/2027 | 2700 | 2755 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.650% due 11/15/2033 | 7900 | 6471 |
|  Local Initiatives Support Corp. | Local Initiatives Support Corp. | Local Initiatives Support Corp. |
|  3.782% due 03/01/2027 | 5000 | 4979 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Low Income Investment Fund | Low Income Investment Fund | Low Income Investment Fund |
|  3.386% due 07/01/2026 | $1700 | 1674 |
|  3.711% due 07/01/2029 | 4300 | 4140 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
|  3.703% due 03/16/2032 | 7000 | 6703 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  2.080% due 09/22/2031 | 2900 | 2516 |
|  5.094% due 10/16/2029 | 3200 | 3276 |
|  5.430% due 03/09/2028 | 4400 | 4506 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  3.150% due 08/15/2030 | 2700 | 2455 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 4600 | 3382 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 •  | $3200 | 3305 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.472% due 01/14/2029 | 5000 | 4743 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  2.800% due 03/10/2027 | 13000 | 12782 |
|  5.500% due 03/09/2028 | 3600 | 3716 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  5.264% due 12/11/2026 | 3800 | 3854 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.126% due 08/13/2030 •  | 3900 | 3726 |
|  5.428% due 02/08/2030 •  | 5400 | 5580 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  2.450% due 02/01/2032 | 7600 | 6673 |
|  |  | 226279 |
| INDUSTRIALS 8.6% | INDUSTRIALS 8.6% | INDUSTRIALS 8.6% |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.750% due 03/09/2037 | 3700 | 3677 |
|  AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS |
|  5.875% due 09/14/2033 | 2914 | 3094 |
|  Autodesk, Inc. |  |  |
|  2.400% due 12/15/2031 | 5000 | 4432 |
|  Beignet |  |  |
|  6.850% due 06/01/2049 «(b) | 16100 | 16100 |
|  BMW U.S. Capital LLC |  |  |
|  5.050% due 03/21/2030 | 3200 | 3286 |
|  California Endowment |  |  |
|  2.498% due 04/01/2051 | 6900 | 4031 |
|  Cigna Group |  |  |
|  4.500% due 09/15/2030 | 2500 | 2508 |
|  Conagra Brands, Inc. |  |  |
|  4.850% due 11/01/2028 | 2100 | 2123 |
|  Continental Wind LLC |  |  |
|  6.000% due 02/28/2033 | 3808 | 3906 |
|  Coty, Inc. |  |  |
|  4.500% due 05/15/2027 | 2700 | 3235 |
|  Denso Corp. |  |  |
|  4.420% due 09/11/2029 | $6300 | 6338 |
|  Doris Duke Charitable Foundation | Doris Duke Charitable Foundation | Doris Duke Charitable Foundation |
|  2.345% due 07/01/2050 | 12500 | 7259 |
|  John D & Catherine T MacArthur Foundation | John D & Catherine T MacArthur Foundation | John D & Catherine T MacArthur Foundation |
|  1.299% due 12/01/2030 | 13400 | 11522 |
|  JSW Hydro Energy Ltd. |  |  |
|  4.125% due 05/18/2031 | 4757 | 4510 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 | 13600 | 12143 |
|  Marriott International, Inc. |  |  |
|  4.500% due 10/15/2031 | 3200 | 3187 |
|  Massachusetts Higher Education Assistance Corp. | Massachusetts Higher Education Assistance Corp. | Massachusetts Higher Education Assistance Corp. |
|  2.673% due 07/01/2031 | 4400 | 3866 |
|  Mather Foundation |  |  |
|  2.675% due 10/01/2031 | 9600 | 8594 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 | 5000 | 3769 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  5.000% due 01/15/2033 | $5000 | 5067 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. |  |  |
|  4.450% due 09/26/2030 | $4200 | 4199 |
|  Quanta Services, Inc. |  |  |
|  4.300% due 08/09/2028 | 3200 | 3216 |
|  ReNew Pvt Ltd. |  |  |
|  5.875% due 03/05/2027 | 3754 | 3755 |
|  S&P Global, Inc. |  |  |
|  2.700% due 03/01/2029 | 2200 | 2102 |
|  Smurfit Kappa Treasury ULC |  |  |
|  5.200% due 01/15/2030 | 4100 | 4225 |
|  Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC |  |
|  5.418% due 01/15/2035 | 2100 | 2166 |
|  Snam SpA |  |  |
|  5.000% due 05/28/2030 | 3500 | 3552 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |
|  4.550% due 09/11/2028 | 4100 | 4114 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |  |
|  1.250% due 12/03/2027 | 1900 | 2165 |
|  |  | 142141 |
| UTILITIES 7.1% |  |  |
|  AES Corp. |  |  |
|  2.450% due 01/15/2031 | $1600 | 1434 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 4900 | 4927 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.300% due 04/01/2053 | 2000 | 1966 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 | 2000 | 1978 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.950% due 11/15/2028 | 4000 | 4001 |
|  Duke Energy Florida LLC |  |  |
|  2.500% due 12/01/2029 | 4900 | 4606 |
|  EDP Finance BV |  |  |
|  1.710% due 01/24/2028 | 9000 | 8493 |
|  Electricite de France SA |  |  |
|  3.625% due 10/13/2025 | 3600 | 3599 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 | 500 | 447 |
|  4.625% due 06/15/2027 | 700 | 705 |
|  5.000% due 06/15/2032 | 1600 | 1628 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  4.100% due 09/26/2028 | 4300 | 4288 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 | 8100 | 7659 |
|  2.200% due 12/02/2026 | 10300 | 6677 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  1.960% due 06/27/2030 | $4900 | 4415 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  3.500% due 05/15/2031 | 2200 | 2637 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |  |
|  5.050% due 10/15/2032 (b) | $3300 | 3294 |
|  6.700% due 04/01/2053 | 8600 | 9207 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 3000 | 2926 |
|  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 | 5000 | 4831 |
|  RWE Finance U.S. LLC |  |  |
|  5.125% due 09/18/2035 | 4200 | 4145 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.950% due 08/15/2028 | 4300 | 4406 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  4.697% due 06/15/2042 | 1983 | 1958 |
|  Solar Star Funding LLC |  |  |
|  5.375% due 06/30/2035 | 4594 | 4733 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 | 5200 | 4575 |
|  3.650% due 06/01/2051 | 1900 | 1316 |
|  4.125% due 03/01/2048 | 250 | 191 |
|  4.650% due 10/01/2043 | 100 | 85 |

---

---

| | | |
|:---|:---|:---|
| **186** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.875% due 03/01/2049 | 450 | 381 |
|  5.250% due 03/15/2030 | 3000 | 3060 |
|  Southern Power Co. |  |  |
|  0.900% due 01/15/2026 | 10000 | 9905 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 | 5800 | 4227 |
|  |  | 118700 |
|  Total Corporate Bonds & Notes<br>(Cost $513,447) | Total Corporate Bonds & Notes<br>(Cost $513,447) | 487120 |
| MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% | MUNICIPAL BONDS & NOTES 0.5% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  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 |
|  4.190% due 06/01/2037 | 2000 | 1891 |
|  California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 | California Municipal Finance Authority Revenue Bonds, Series 2020 |
|  2.877% due 11/01/2035 | 2100 | 1728 |
|  |  | 3619 |
| MICHIGAN 0.2% | MICHIGAN 0.2% | MICHIGAN 0.2% |
|  University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 |
|  3.504% due 04/01/2052 | 3100 | 2340 |
| NEW YORK 0.1% | NEW YORK 0.1% | NEW YORK 0.1% |
|  New York City, New York Housing Development Corp. Revenue Notes, Series 2021 | New York City, New York Housing Development Corp. Revenue Notes, Series 2021 | New York City, New York Housing Development Corp. Revenue Notes, Series 2021 |
|  1.377% due 05/01/2027 | 200 | 192 |
|  1.477% due 11/01/2027 | 300 | 286 |
|  1.577% due 05/01/2028 | 500 | 471 |
|  1.677% due 11/01/2028 | 875 | 818 |
|  |  | 1767 |
|  Total Municipal Bonds & Notes<br>(Cost $9,075) | Total Municipal Bonds & Notes<br>(Cost $9,075) | 7726 |
| U.S. GOVERNMENT AGENCIES 42.4% | U.S. GOVERNMENT AGENCIES 42.4% | U.S. GOVERNMENT AGENCIES 42.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 07/01/2050 | 7126 | 6071 |
|  3.500% due 10/01/2025 - 05/01/2048 | 15351 | 14314 |
|  4.000% due 08/01/2030 - 11/01/2053 | 32743 | 30917 |
|  4.500% due 02/01/2029 - 10/01/2053 | 58591 | 57022 |
|  5.000% due 10/01/2039 - 03/01/2054 | 43921 | 43703 |
|  5.500% due 01/01/2034 - 12/01/2054 | 46969 | 47473 |
|  6.000% due 09/01/2027 - 05/01/2040 | 623 | 656 |
|  6.500% due 02/01/2054 | 249 | 258 |
|  6.535% due 07/01/2030 •  | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates | Federal Home Loan Mortgage Corp. Multiclass Certificates |
|  0.826% due 02/25/2031 | 850 | 766 |
|  1.783% due 06/25/2034 | 15000 | 12380 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  1.140% due 08/25/2029 ~(a) | 24169 | 723 |
|  1.242% due 09/25/2030 ~(a) | 59830 | 2655 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.860% due 12/15/2042 •  | 1820 | 1804 |
|  5.197% due 10/15/2037 •  | 4 | 4 |
|  6.500% due 05/15/2032 | 317 | 325 |
|  7.000% due 02/15/2027 | 11 | 11 |
|  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 |
|  4.552% due 08/15/2032 ~ | 2 | 2 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2035 | 2266 | 2194 |
|  3.000% due 05/01/2028 - 07/01/2052 | 27293 | 24343 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 10/01/2025 - 03/01/2047 | $758 | $— | 709 |
|  4.000% due 08/01/2029 - 09/01/2053 | 66675 |  | 63013 |
|  4.010% due 12/01/2028 | 7625 |  | 7632 |
|  4.500% due 04/01/2031 - 09/01/2053 | 64404 |  | 62717 |
|  5.000% due 02/01/2038 - 04/01/2054 | 65321 |  | 65048 |
|  5.421% due 07/01/2044 •  | 14 |  | 14 |
|  5.500% due 07/01/2029 - 11/01/2053 | 35058 |  | 35541 |
|  5.942% due 07/01/2035 •  | 25 |  | 25 |
|  6.000% due 09/01/2028 - 12/01/2054 | 26509 |  | 27150 |
|  6.085% due 08/01/2035 •  | 108 |  | 109 |
|  6.186% due 01/01/2035 •  | 26 |  | 27 |
|  6.227% due 08/01/2035 •  | 45 |  | 46 |
|  6.290% due 09/01/2035 •  | 3 |  | 3 |
|  6.374% due 03/01/2033 •  | 1 |  | 1 |
|  6.442% due 09/01/2034 •  | 11 |  | 11 |
|  6.594% due 09/01/2037 •  | 4 |  | 5 |
|  6.641% due 04/01/2038 •  | 14 |  | 14 |
|  6.777% due 04/01/2038 •  | 4 |  | 4 |
|  6.857% due 04/01/2038 •  | 6 |  | 7 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 07/25/2037 •  | 65 |  | 63 |
|  4.721% due 05/25/2037 •  | 2 |  | 2 |
|  4.770% due 06/25/2055 •  | 412 |  | 408 |
|  4.831% due 03/25/2037 •  | 5 |  | 5 |
|  6.373% due 05/25/2035 ~ | 11 |  | 11 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  6.500% due 06/25/2044 | 11 |  | 11 |
|  Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
|  2.349% due 01/25/2031 ~(a) | 44727 |  | 2606 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 08/15/2045 - 08/20/2049 | 13041 |  | 12087 |
|  4.000% due 09/20/2040 - 09/20/2055 | 16115 |  | 15266 |
|  4.625% due 07/20/2027 - 08/20/2027 •  | 2 |  | 1 |
|  5.000% due 03/15/2033 - 05/15/2042 | 194 |  | 198 |
|  5.625% due 02/20/2032 •  | 52 |  | 52 |
|  6.000% due 04/15/2037 | 27 |  | 29 |
|  7.000% due 02/20/2032 | 2 |  | 2 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.695% due 10/20/2043 •  | 808 |  | 783 |
|  4.745% due 05/20/2047 •  | 263 |  | 254 |
|  5.046% due 05/20/2066 •  | 6 |  | 6 |
|  5.066% due 05/20/2065 •  | 202 |  | 203 |
|  5.186% due 02/20/2066 •  | 39 |  | 40 |
|  5.227% due 06/20/2067 •  | 2540 |  | 2572 |
|  5.266% due 09/20/2066 •  | 1074 |  | 1077 |
|  5.592% due 04/20/2067 •  | 621 |  | 630 |
|  5.656% due 11/20/2067 •  | 977 |  | 990 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 11/01/2055 | 4400 |  | 3639 |
|  4.000% due 10/01/2055 - 11/01/2055 | 18000 |  | 16927 |
|  5.000% due 10/01/2055 - 11/01/2055 | 9040 |  | 8988 |
|  6.000% due 11/01/2055 | 18900 |  | 19223 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  1.500% due 09/15/2031 | 7800 |  | 6791 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 10/01/2055 - 11/01/2055 | 6500 |  | 6125 |
|  5.000% due 11/01/2055 | 5100 |  | 5055 |
|  5.500% due 11/01/2055 | 4035 |  | 4066 |
|  6.000% due 11/01/2055 | 77200 |  | 78858 |
|  6.500% due 11/01/2055 | 9000 |  | 9307 |
|  Total U.S. Government Agencies<br>(Cost $706,906) | Total U.S. Government Agencies<br>(Cost $706,906) |  | 703973 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 24.2% | U.S. TREASURY OBLIGATIONS 24.2% | U.S. TREASURY OBLIGATIONS 24.2% | U.S. TREASURY OBLIGATIONS 24.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (g) | $44300 | $— | 28920 |
|  1.375% due 08/15/2050 (i) | 4000 |  | 2012 |
|  1.625% due 11/15/2050 (g) | 26500 |  | 14226 |
|  1.750% due 08/15/2041 (g) | 24400 |  | 16563 |
|  1.875% due 02/15/2051 (g) | 16325 |  | 9328 |
|  1.875% due 11/15/2051 | 4300 |  | 2433 |
|  2.000% due 11/15/2041 (i) | 4000 |  | 2811 |
|  2.000% due 02/15/2050 (g) | 16400 |  | 9811 |
|  2.000% due 08/15/2051 (g) | 15425 |  | 9041 |
|  2.250% due 08/15/2049 (g)(i) | 32572 |  | 20798 |
|  2.250% due 02/15/2052 | 8000 |  | 4964 |
|  2.375% due 02/15/2042 (g) | 18800 |  | 13937 |
|  2.375% due 11/15/2049 | 7756 |  | 5077 |
|  2.375% due 05/15/2051 | 4100 |  | 2639 |
|  2.500% due 02/15/2045 (g)(i)(k) | 1900 |  | 1362 |
|  2.750% due 08/15/2047 | 300 |  | 218 |
|  2.875% due 05/15/2043 (i) | 3900 |  | 3057 |
|  2.875% due 05/15/2049 (g)(k) | 18300 |  | 13355 |
|  3.000% due 05/15/2042 (k) | 400 |  | 325 |
|  3.000% due 11/15/2044 | 2100 |  | 1644 |
|  3.000% due 05/15/2045 (g) | 2500 |  | 1946 |
|  3.000% due 02/15/2048 (g)(i) | 12500 |  | 9442 |
|  3.000% due 08/15/2048 | 2100 |  | 1579 |
|  3.000% due 02/15/2049 (g) | 9200 |  | 6890 |
|  3.125% due 02/15/2043 (g) | 12100 |  | 9880 |
|  3.125% due 08/15/2044 (g) | 1300 |  | 1041 |
|  3.125% due 05/15/2048 | 3400 |  | 2623 |
|  3.250% due 05/15/2042 (g) | 69900 |  | 58749 |
|  3.375% due 08/15/2042 (g) | 14500 |  | 12360 |
|  3.375% due 05/15/2044 (i) | 1000 |  | 835 |
|  3.375% due 11/15/2048 (g) | 9300 |  | 7473 |
|  3.625% due 02/15/2044 | 2200 |  | 1910 |
|  3.750% due 11/15/2043 (g)(i) | 7600 |  | 6732 |
|  3.875% due 05/15/2043 (g) | 8200 |  | 7430 |
|  4.000% due 11/15/2042 (g) | 8800 |  | 8139 |
|  4.375% due 08/15/2043 | 5600 |  | 5406 |
|  4.500% due 11/15/2054 (i) | 2200 |  | 2119 |
|  4.625% due 05/15/2044 | 2700 |  | 2681 |
|  4.625% due 05/15/2054 (g) | 7700 |  | 7567 |
|  4.750% due 08/15/2055 (g) | 19541 |  | 19611 |
|  4.875% due 08/15/2045 (g) | 7500 |  | 7668 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.125% due 02/15/2051 | 23450 |  | 13023 |
|  0.125% due 02/15/2052 | 1509 |  | 818 |
|  0.250% due 02/15/2050 | 5780 |  | 3423 |
|  0.625% due 02/15/2043 | 984 |  | 748 |
|  0.750% due 02/15/2045 | 12346 |  | 9216 |
|  0.875% due 02/15/2047 | 3747 |  | 2770 |
|  1.000% due 02/15/2046 | 136 |  | 105 |
|  1.000% due 02/15/2049 | 1412 |  | 1043 |
|  1.375% due 02/15/2044 | 2911 |  | 2491 |
|  1.500% due 02/15/2053 | 1739 |  | 1393 |
|  2.125% due 02/15/2054 | 5052 |  | 4669 |
|  2.375% due 02/15/2055 (g) | 1126 |  | 1100 |
|  1.250% due 04/15/2028 (i) | 7000 |  | 7028 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2040 (a) | 1400 |  | 716 |
|  0.000% due 08/15/2040 (a) | 300 |  | 149 |
|  0.000% due 02/15/2041 (a) | 400 |  | 193 |
|  0.000% due 05/15/2041 (a) | 3600 |  | 1718 |
|  0.000% due 08/15/2041 (a) | 5500 |  | 2583 |
|  0.000% due 11/15/2041 (a) | 1700 |  | 787 |
|  0.000% due 02/15/2042 (a) | 2300 |  | 1050 |
|  0.000% due 08/15/2042 (a) | 2900 |  | 1284 |
|  Total U.S. Treasury Obligations<br>(Cost $457,168) | Total U.S. Treasury Obligations<br>(Cost $457,168) |  | 400909 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9% |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 571 |  | 514 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  | 6000 |  | 5767 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  6.000% due 05/25/2037 | 1011 |  | 804 |
|  BCAP LLC Trust |  |  |  |
|  4.480% due 03/26/2037 þ | 37 |  | 37 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **187** |

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------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.965% due 12/26/2046 ~ | $| 234 | 187 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  5.215% due 08/15/2038 •  |  | 8858 | 8427 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  4.872% due 04/25/2037 •  |  | 2283 | 572 |
|  DC Office Trust |  |  |  |
|  2.965% due 09/15/2045 |  | 11900 | 10858 |
|  DOLP Trust |  |  |  |
|  2.956% due 05/10/2041 |  | 8600 | 7693 |
|  DROP Mortgage Trust |  |  |  |
|  5.414% due 10/15/2043 •  |  | 6850 | 6661 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  |  | 16950 | 16963 |
|  Gemgarto PLC |  |  |  |
|  4.871% due 12/16/2067 •  | GBP | 430 | 579 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  2.856% due 05/10/2034 | $| 4497 | 3967 |
|  GSMPS Mortgage Loan Trust |  |  |  |
|  4.672% due 04/25/2036 •  |  | 855 | 739 |
|  GSR Mortgage Loan Trust |  |  |  |
|  4.245% due 03/25/2047 ~ |  | 889 | 493 |
|  IndyMac ARM Trust |  |  |  |
|  5.774% due 01/25/2032 ~ |  | 1 | 1 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.558% due 01/25/2036 ~ |  | 381 | 343 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.275% due 06/15/2038 •  |  | 8105 | 7872 |
|  5.315% due 04/15/2038 •  |  | 9872 | 9873 |
|  JP Morgan Mortgage Trust |  |  |  |
|  6.500% due 07/25/2036 |  | 1983 | 607 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.558% due 11/05/2044 |  | 5800 | 4570 |
|  Lehman Mortgage Trust |  |  |  |
|  6.000% due 09/25/2037 |  | 335 | 330 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.732% due 04/25/2036 •  |  | 442 | 423 |
|  One New York Plaza Trust |  |  |  |
|  5.215% due 01/15/2036 •  |  | 5000 | 4922 |
|  PRPM Trust |  |  |  |
|  6.250% due 08/25/2068 þ |  | 2006 | 2021 |
|  RALI Trust |  |  |  |
|  4.652% due 07/25/2036 •  |  | 668 | 612 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  |  | 11000 | 10930 |
|  SLG Office Trust |  |  |  |
|  0.258% due 07/15/2041 ~(a) |  | 156137 | 1850 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 478 | 182 |
|  SUMIT Mortgage Trust |  |  |  |
|  2.789% due 02/12/2041 |  | 10200 | 9193 |
|  2.850% due 02/12/2041 |  | 1700 | 1459 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.712% due 10/25/2046 •  |  | 249 | 237 |
|  VASA Trust |  |  |  |
|  5.165% due 07/15/2039 •  |  | 10730 | 10512 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.206% due 12/25/2036 ~ |  | 381 | 342 |
|  4.993% due 03/25/2037 ~ |  | 381 | 352 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $140,079) | Total Non-Agency Mortgage-Backed Securities (Cost $140,079) | Total Non-Agency Mortgage-Backed Securities (Cost $140,079) | 130892 |
| ASSET-BACKED SECURITIES 10.8% | ASSET-BACKED SECURITIES 10.8% | ASSET-BACKED SECURITIES 10.8% | ASSET-BACKED SECURITIES 10.8% |
| AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% |
|  BMW Vehicle Lease Trust |  |  |  |
|  4.430% due 06/26/2028 |  | 3200 | 3226 |
|  4.980% due 03/25/2027 |  | 3387 | 3400 |
|  FHF Issuer Trust |  |  |  |
|  5.690% due 02/15/2030 |  | 2063 | 2081 |
|  5.890% due 06/15/2030 |  | 2394 | 2416 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FHF Trust |  |  |
|  4.430% due 01/18/2028 | $859 | 859 |
|  6.570% due 06/15/2028 | 713 | 719 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.490% due 06/25/2027 | 5000 | 5031 |
|  5.570% due 09/25/2029 | 3000 | 3094 |
|  Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
|  4.930% due 06/25/2036 | 2000 | 2048 |
|  |  | 22874 |
| CMBS OTHER 0.5% | CMBS OTHER 0.5% | CMBS OTHER 0.5% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.456% due 02/18/2040 •  | 3200 | 3204 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.484% due 02/19/2037 •  | 5557 | 5564 |
|  |  | 8768 |
| HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.592% due 08/25/2036 •  | 162 | 157 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.732% due 05/25/2037 •  | 1534 | 1422 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.342% due 12/25/2036 •  | 228 | 113 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  | 190 | 54 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.706% due 10/25/2035 •  | 426 | 421 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 2409 | 1111 |
|  4.572% due 06/25/2036 •  | 467 | 410 |
|  5.522% due 07/25/2037 •  | 400 | 352 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.422% due 11/25/2036 •  | 7548 | 2428 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  7.272% due 01/25/2033 •  | 466 | 406 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.712% due 02/25/2037 •  | 3160 | 1554 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.285% due 01/25/2037 þ | 3359 | 1006 |
|  |  | 9434 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 252 | 66 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Lehman XS Trust |  |  |
|  4.987% due 01/25/2036 þ | 2304 | 2065 |
| OTHER ABS 8.2% |  |  |
|  37 Capital CLO 4 Ltd. |  |  |
|  5.408% due 04/15/2035 •  | 3600 | 3603 |
|  37 Capital CLO II Ltd. |  |  |
|  5.608% due 07/15/2034 •  | 3500 | 3505 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 2300 | 2303 |
|  ARES European CLO XIV DAC |  |  |
|  3.054% due 10/21/2034 •  | 2911 | 3422 |
|  ARES XXVII CLO Ltd. |  |  |
|  5.464% due 10/28/2034 •  | $4900 | 4908 |
|  Avoca Static CLO I DAC |  |  |
|  2.996% due 01/15/2035 •  | 2411 | 2828 |
|  Bain Capital Credit CLO Ltd. |  |  |
|  5.379% due 07/24/2034 •  | $2550 | 2553 |
|  Canyon CLO Ltd. |  |  |
|  5.398% due 07/15/2034 •  | 1900 | 1902 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.472% due 12/26/2047 •  | $567 | $— | 567 |
|  CQS U.S. CLO Ltd. |  |  |  |
|  5.525% due 01/20/2035 •  | 4800 |  | 4819 |
|  Crown Point CLO 7 Ltd. |  |  |  |
|  5.555% due 10/20/2031 •  | 1643 |  | 1645 |
|  Elevation CLO Ltd. |  |  |  |
|  5.448% due 07/25/2034 •  | 4700 |  | 4708 |
|  5.618% due 01/25/2035 •  | 4900 |  | 4917 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  5.475% due 10/20/2034 •  | 3420 |  | 3427 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 7275 |  | 5821 |
|  Greywolf CLO III Ltd. |  |  |  |
|  5.562% due 04/22/2033 •  | 4779 |  | 4791 |
|  Jamestown CLO XVI Ltd. |  |  |  |
|  5.438% due 07/25/2034 •  | 2900 |  | 2900 |
|  Loanpal Solar Loan Ltd. |  |  |  |
|  2.220% due 03/20/2048 | 9259 |  | 7557 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  5.375% due 10/19/2034 •  | 4500 |  | 4507 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 4300 |  | 4304 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  5.378% due 04/15/2035 •  | 3300 |  | 3313 |
|  Mosaic Solar Loan Trust |  |  |  |
|  2.640% due 01/20/2053 | 8185 |  | 7062 |
|  5.910% due 11/20/2053 | 1364 |  | 1355 |
|  Ocean Trails CLO XI |  |  |  |
|  5.355% due 07/20/2034 •  | 4700 |  | 4704 |
|  Pikes Peak CLO 4 |  |  |  |
|  5.528% due 07/15/2034 •  | 4900 |  | 4908 |
|  Regatta XVI Funding Ltd. |  |  |  |
|  5.518% due 01/15/2033 •  | 5386 |  | 5399 |
|  Sandstone Peak Ltd. |  |  |  |
|  5.598% due 10/15/2034 •  | 5500 |  | 5512 |
|  Service Experts Issuer LLC |  |  |  |
|  2.670% due 02/02/2032 | 2083 |  | 2047 |
|  Sunnova Hestia I Issuer LLC |  |  |  |
|  5.750% due 12/20/2050 | 308 |  | 311 |
|  Sunnova Sol IV Issuer LLC |  |  |  |
|  2.790% due 02/22/2049 | 11097 |  | 9416 |
|  Sunnova Sol V Issuer LLC |  |  |  |
|  5.400% due 04/30/2058 | 1886 |  | 1831 |
|  Sunrun Demeter Issuer LLC |  |  |  |
|  2.270% due 01/30/2057 | 5472 |  | 4929 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 3044 |  | 3069 |
|  Tikehau CLO IX DAC |  |  |  |
|  3.244% due 01/20/2037 •  | 1500 |  | 1766 |
|  Trinitas CLO XIX Ltd. |  |  |  |
|  5.435% due 10/20/2033 •  | $4743 |  | 4753 |
|  |  |  | 135362 |
|  Total Asset-Backed Securities<br>(Cost $187,229) | Total Asset-Backed Securities<br>(Cost $187,229) |  | 178569 |
| SOVEREIGN ISSUES 10.4% |  |  |  |
|  Australia Government Bonds |  |  |  |
|  2.750% due 06/21/2035 | 6400 |  | 3719 |
|  BNG Bank NV |  |  |  |
|  3.500% due 05/19/2028 | $4000 |  | 3980 |
|  4.750% due 02/01/2030 | 3800 |  | 3940 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 6600 |  | 6761 |
|  CPPIB Capital, Inc. |  |  |  |
|  4.300% due 06/02/2034 | 2300 |  | 1745 |
|  European Union |  |  |  |
|  0.400% due 02/04/2037 | 10500 |  | 9053 |
|  2.875% due 10/05/2029 | 6500 |  | 7761 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  1.300% due 05/15/2028 (e) | 5763 |  | 6856 |

---

---

| | | |
|:---|:---|:---|
| **188** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 |  | 318000 | $— | 1649 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 |  | 560000 |  | 3231 |
|  2.400% due 03/20/2055 |  | 655900 |  | 3865 |
|  2.800% due 06/20/2055 |  | 440000 |  | 2820 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 740000 |  | 4587 |
|  2.400% due 03/20/2045 |  | 417400 |  | 2749 |
|  Japan International Cooperation Agency  | Japan International Cooperation Agency  | Japan International Cooperation Agency  | Japan International Cooperation Agency  | Japan International Cooperation Agency  |
|  2.750% due 04/27/2027 | $— | 4500 |  | 4419 |
|  Korea Housing Finance Corp. |  |  |  |  |
|  4.625% due 02/24/2028 |  | 5000 |  | 5068 |
|  Kuwait International Bonds |  |  |  |  |
|  4.016% due 10/09/2028 (b) |  | 900 |  | 900 |
|  4.136% due 10/09/2030 (b) |  | 900 |  | 900 |
|  4.652% due 10/09/2035 (b) |  | 700 |  | 700 |
|  Mexico Government International Bonds  | Mexico Government International Bonds  | Mexico Government International Bonds  | Mexico Government International Bonds  | Mexico Government International Bonds  |
|  4.490% due 05/25/2032 |  | 3500 |  | 4235 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nederlandse Waterschapsbank NV  | Nederlandse Waterschapsbank NV  | Nederlandse Waterschapsbank NV  | Nederlandse Waterschapsbank NV  | Nederlandse Waterschapsbank NV  |
|  2.375% due 03/24/2026 | $— | 11000 | $— | 10917 |
|  4.000% due 06/01/2028 |  | 3400 |  | 3422 |
|  Peru Government International Bonds  | Peru Government International Bonds  | Peru Government International Bonds  | Peru Government International Bonds  | Peru Government International Bonds  |
|  5.400% due 08/12/2034 |  | 6500 |  | 1813 |
|  6.150% due 08/12/2032 |  | 22910 |  | 6995 |
|  6.950% due 08/12/2031 |  | 7601 |  | 2424 |
|  Province of British Columbia |  |  |  |  |
|  4.150% due 06/18/2034 |  | 1100 |  | 825 |
|  Province of Ontario |  |  |  |  |
|  3.800% due 12/02/2034 |  | 2700 |  | 1967 |
|  4.100% due 03/04/2033 |  | 22700 |  | 17147 |
|  Province of Quebec |  |  |  |  |
|  4.450% due 09/01/2034 |  | 100 |  | 77 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.625% due 02/22/2036 |  | 4000 |  | 4574 |
|  Sweden Government International Bonds | Sweden Government International Bonds | Sweden Government International Bonds | Sweden Government International Bonds | Sweden Government International Bonds |
|  0.125% due 09/09/2030 |  | 155000 |  | 14937 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.500% due 10/22/2061 |  | 700 |  | 230 |
|  3.750% due 03/07/2027 |  | 15600 |  | 20911 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.375% due 07/31/2054 |  | 6134 | $— | 6907 |
| Total Sovereign Issues<br>(Cost $175,863) | Total Sovereign Issues<br>(Cost $175,863) | Total Sovereign Issues<br>(Cost $175,863) |  | 172084 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.015% due 10/02/2025 - 01/13/2026 (c)(d)(k) | $— | 372 |  | 369 |
| Total Short-Term Instruments<br>(Cost $369) | Total Short-Term Instruments<br>(Cost $369) | Total Short-Term Instruments<br>(Cost $369) |  | 369 |
| Total Investments in Securities<br>(Cost $2,192,201) | Total Investments in Securities<br>(Cost $2,192,201) | Total Investments in Securities<br>(Cost $2,192,201) |  | 2083774 |
| Total Investments 125.6%<br>(Cost $2,192,201) | Total Investments 125.6%<br>(Cost $2,192,201) | Total Investments 125.6%<br>(Cost $2,192,201) | $— | 2083774 |
|  Financial Derivative<br>Instruments (h)(j) 0.1%<br> (Cost or Premiums, net $14,593) | Financial Derivative<br>Instruments (h)(j) 0.1%<br> (Cost or Premiums, net $14,593) | Financial Derivative<br>Instruments (h)(j) 0.1%<br> (Cost or Premiums, net $14,593) |  | 1877 |
| Other Assets and Liabilities, net (25.7)% | Other Assets and Liabilities, net (25.7)% | Other Assets and Liabilities, net (25.7)% |  | (426101) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 1659550 |

---

#### 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) Principal amount of security is adjusted for inflation.

&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 |
|  Project Alfa Investindustrial VIII SCSp | 4.117% | 02/27/2026 | 02/28/2025 | $392 | $444 | 0.02% |
|  Project Fenno | TBD% - 0.500% | 07/10/2028 | 07/16/2025 | 637 | 643 | 0.04 |
|  Project Fenno | 4.366% | 07/10/2028 | 07/16/2025 | 640 | 645 | 0.04 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | 0.10% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.150% | 10/01/2025 | 10/06/2025 | $(7706) | $(7706) |
|  | 4.250 | 09/30/2025 | 10/01/2025 | (7725) | (7726) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (30067) | (30089) |
|  CIB | 4.270 | 09/18/2025 | 10/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161879) |
|  | 4.270 | 09/30/2025 | 10/09/2025 | (1988) | (1988) |
|  DEU | 4.250 | 09/19/2025 | 10/17/2025 | (8910) | (8923) |
|  | 4.360 | 09/24/2025 | 10/01/2025 | (3146) | (3148) |
|  NOM | 4.280 | 09/18/2025 | 10/16/2025 | (1121) | (1122) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **189** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  STR | 4.270% | 10/01/2025 | 10/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49331) | $(49332) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (47368) | (47374) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319287) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  BCY | 4.250% | 09/25/2025 | 10/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14938) | $(14949) |
|  | 4.280 | 09/25/2025 | 10/07/2025 | (705) | (705) |
|  GSC | 4.280 | 09/25/2025 | 10/08/2025 | (4026) | (4029) |
|  UBS | 4.340 | 09/08/2025 | 10/06/2025 | (1022) | (1025) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20708) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% | U.S. Government Agencies (0.1)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $(1834) | $(1827) |
|  Total Short Sales (0.1)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1827) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | 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 | $(15432) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7764) |
|  BSN | 0 | (30089) | 0 | (30089) | 29838 | (251) |
|  CIB | 0 | (163867) | 0 | (163867) | 162363 | (1504) |
|  DEU | 0 | (12071) | 0 | (12071) | 11958 | (113) |
|  NOM | 0 | (1122) | 0 | (1122) | 1101 | (21) |
|  STR | 0 | (96706) | 0 | (96706) | 47620 | (49086) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (15654) | (15654) | 15597 | (57) |
|  GSC | 0 | 0 | (4029) | (4029) | 4014 | (15) |
|  UBS | 0 | 0 | (1025) | (1025) | 1029 | 4 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319287) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20708) |  |  |  |

---

#### 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 | $(58248) | $(204001) | $0 | $0 | $(262249) |
|  Total | $(58248) | $(204001) | $0 | $0 | $(262249) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (20708) | 0 | 0 | (20708) |
|  Total | $0 | $(20708) | $0 | $0 | $(20708) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58248) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224709) | $&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;(282957) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(4)</sup> | $(282957) |

---

190 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(g) Securities with an aggregate market value of $281,188 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(294059) at a weighted average interest rate of 4.431%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(27) of deferred price drop. 

<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 $(57038) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 88 | 88 | (20) | (19) |
|  Put - EUREX Euro-Bund October 2025 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.500 | 10/24/2025 | 57 | 57 | (21) | (13) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 16 | 16 | (3) | (5) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 41 | 41 | (19) | (4) |
|  |  |  |  |  | $(85) | $(65) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $(9) | $(5) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 79 | 79 | (20) | (11) |
|  |  |  |  |  | $(29) | $(16) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 72 | $5400 | $(16) | $37 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 82 | 7215 | 150 | 32 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 8 | 1107 | 0 | 1 | 0 |
|  Long Guilt December Futures  | 12/2025 | 131 | 16004 | 66 | 69 | (9) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 198 | 41263 | 26 | 22 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206925 | 335 | 74 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 232 | 26100 | 116 | 0 | (3) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 16 | 1921 | 51 | 0 | (9) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 351 | $(52983) | $(175) | $12 | $(140) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 54 | (6296) | (139) | 14 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80555) | (850) | 44 | 0 |
|  |  |  |  | $(1164) | $70 | $(140) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 191

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.402% | $8600 | $138 | $(2) | $136 | $0 | $(1) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 3500 | 22 | (3) | 19 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 25 | (2) | 23 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2029 | 0.513 | 600 | 12 | (1) | 11 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity**<br> **Date** | **Notional<br>Amount<sup>(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.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 6000 | $(29) | $(6) | $(35) | $8 | $0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/15/2052 |  | 1800 | 178 | 1253 | 1431 | 0 | (8) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 90 | 4 | (1) | 3 | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 |  | 3440000 | (635) | 655 | 20 | 29 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | $— | 45640 | 0 | (238) | (238) | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 30700 | (572) | 265 | (307) | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 2200 | (4) | (32) | (36) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 1800 | 0 | (15) | (15) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 |  | 3700 | 0 | (32) | (32) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 4000 | 0 | (38) | (38) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 800 | (3) | (10) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 |  | 29270 | 3017 | 357 | 3374 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 500 | (2) | (11) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 2500 | (7) | (47) | (54) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 |  | 5800 | (42) | (39) | (81) | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 5762 | (66) | 30 | (36) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 1100 | (3) | 13 | 10 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 42800 | 8301 | 8430 | 16731 | 117 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 52175 | 1594 | 2506 | 4100 | 148 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 2000 | 0 | 70 | 70 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 17100 | 246 | 1178 | 1424 | 49 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 |  | 700 | 0 | 18 | 18 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 11300 | 1054 | 336 | 1390 | 32 | 0 |
| Pay | 1-Year BRL-CDI | 11.407 | Maturity | 01/04/2027 |  | 108900 | 0 | (798) | (798) | 0 | (3) |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 11700 | (142) | 353 | 211 | 31 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 2800 | (5) | 29 | 24 | 6 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 8400 | 41 | 95 | 136 | 26 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 |  | 6200 | (7) | (62) | (69) | 20 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 16800 | (63) | (383) | (446) | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 |  | 1400 | (3) | (48) | (51) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 1900 | (3) | 4 | 1 | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 |  | 1300 | 0 | 7 | 7 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 |  | 2000 | 0 | 10 | 10 | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 3200 | 0 | 16 | 16 | 0 | (3) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 1300 | (3) | (1) | (4) | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 1000 | (2) | 1 | (1) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 |  | 1000 | (3) | (3) | (6) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 410 | (1) | 5 | 4 | 1 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 59300 | (4) | 87 | 83 | 199 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 09/15/2036 |  | 10920 | 498 | 2549 | 3047 | 0 | (32) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 13690 | (184) | (68) | (252) | 0 | (107) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 23200 | (190) | (722) | (912) | 0 | (44) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 1700 | 6 | (31) | (25) | 0 | (4) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 1100 | 0 | (60) | (60) | 0 | (2) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 1200 | 0 | 4 | 4 | 0 | (3) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 2200 | (1) | (26) | (27) | 0 | (5) |
|  |  |  |  |  |  |  | $12965 | $15600 | $28565 | $680 | $(273) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $13327 | $15597 | $28924 | $681 | $(275) |

---

192 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** |  | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** |  | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | $(81) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) |

---

(i) Securities with an aggregate market value of $11,756 and cash of $18,999 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $8 and liability of $(2) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 51454 | $60013 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) |
|  | 10/2025 | $54 | 82 | 0 | 0 |
|  | 10/2025 | 40354 | 56140 | 0 | (13) |
|  | 11/2025 | 82 | $54 | 0 | 0 |
|  | 11/2025 | 56052 | 40354 | 13 | 0 |
|  BOA | 10/2025 | 6318830 | 380 | 1 | 0 |
|  | 10/2025 | 4026 | 27 | 0 | 0 |
|  | 10/2025 | 514840 | 370 | 3 | 0 |
|  | 10/2025 | $468 | 41407 | 0 | (3) |
|  | 10/2025 | 234 | 35053 | 3 | 0 |
|  | 10/2025 | 313 | 544 | 2 | 0 |
|  | 10/2025 | 12 | 43 | 0 | 0 |
|  | 11/2025 | 761 | $895 | 0 | 0 |
|  | 11/2025 | 34931 | 234 | 0 | (3) |
|  | 11/2025 | 544 | 314 | 0 | (2) |
|  | 11/2025 | 4730 | 271 | 0 | (2) |
|  BPS | 10/2025 | 28131 | 5289 | 4 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22744328 | 1360 | 3 | (6) |
|  | 10/2025 | 4134882 | 2980 | 34 | 0 |
|  | 10/2025 | 70865 | 2365 | 38 | (1) |
|  | 10/2025 | $5200 | 28131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | 0 |
|  | 10/2025 | 2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43077004 | 0 | (31) |
|  | 10/2025 | 233 | 20625 | 0 | (1) |
|  | 10/2025 | 273 | 40610 | 1 | 0 |
|  | 10/2025 | 120 | 165688 | 0 | (2) |
|  | 10/2025 | 1796 | 6531 | 2 | (2) |
|  | 11/2025 | 14241 | $160 | 0 | 0 |
|  | 11/2025 | 40469 | 273 | 0 | (1) |
|  | 11/2025 | 546708 | 390 | 0 | 0 |
|  | 12/2025 | $1130 | 19003966 | 7 | 0 |
|  | 12/2025 | 166 | 3073 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **193** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 10/2025 | 1584 | $1984 | $0 | $(5) |
|  | 10/2025 | $417 | 334 | 3 | 0 |
|  | 10/2025 | 229 | 839 | 1 | 0 |
|  | 11/2025 | 222 | $147 | 0 | 0 |
|  | 11/2025 | $1984 | 1577 | 5 | 0 |
|  | 11/2025 | 5475 | $311 | 0 | (5) |
|  BSH | 10/2025 | $92 | 160 | 0 | 0 |
|  | 11/2025 | 160 | $93 | 0 | 0 |
|  | 12/2025 | $99 | 353 | 2 | 0 |
|  | 01/2026 | 7059 | $1982 | 0 | (45) |
|  CBK | 10/2025 | 5403 | 3586 | 16 | (6) |
|  | 10/2025 | 65 | 46 | 0 | 0 |
|  | 10/2025 | 837 | 118 | 0 | 0 |
|  | 10/2025 | 3289 | 3871 | 10 | 0 |
|  | 10/2025 | 2066 | 2788 | 10 | 0 |
|  | 10/2025 | 20051809 | 1197 | 1 | (5) |
|  | 10/2025 | 482243 | 5427 | 3 | 0 |
|  | 10/2025 | 7529 | 2154 | 0 | (13) |
|  | 10/2025 | 43675 | 1376 | 26 | 0 |
|  | 10/2025 | 200426 | 6703 | 119 | 0 |
|  | 10/2025 | $1763 | 28982111 | 0 | (26) |
|  | 10/2025 | 1993 | 175105 | 0 | (24) |
|  | 10/2025 | 1059 | 32216 | 1 | (2) |
|  | 10/2025 | 1358 | $78 | 0 | 0 |
|  | 11/2025 | $46 | 65 | 0 | 0 |
|  | 11/2025 | 5427 | 483232 | 0 | (3) |
|  | 11/2025 | 680 | 22046 | 2 | 0 |
|  | 11/2025 | 329 | 5749 | 3 | 0 |
|  | 11/2025 | 7282 | $417 | 0 | (3) |
|  | 12/2025 | 26399 | 873 | 2 | 0 |
|  | 12/2025 | $1168 | 19626328 | 6 | 0 |
|  | 12/2025 | 170 | 5390 | 0 | (3) |
|  | 01/2026 | 5603 | $186 | 0 | 0 |
|  DUB | 10/2025 | 492758 | 30 | 1 | 0 |
|  | 10/2025 | 66749 | 751 | 1 | 0 |
|  | 10/2025 | 864445 | 624 | 7 | 0 |
|  | 10/2025 | 6384 | 4981 | 32 | 0 |
|  | 10/2025 | 7233 | 240 | 2 | 0 |
|  | 10/2025 | $902 | 79773 | 0 | (5) |
|  | 11/2025 | 751 | 66881 | 0 | (1) |
|  | 11/2025 | 13222 | $755 | 0 | (8) |
|  | 02/2026 | 2779 | 781 | 0 | (16) |
|  FAR | 10/2025 | 25468 | 16520 | 0 | (332) |
|  | 10/2025 | 284 | 356 | 0 | 0 |
|  | 10/2025 | 1599667 | 10881 | 64 | 0 |
|  | 10/2025 | 5 | 4 | 0 | 0 |
|  | 10/2025 | $19957 | 30567 | 269 | 0 |
|  | 10/2025 | 1893 | 166938 | 0 | (15) |
|  | 10/2025 | 1046 | 3815 | 4 | 0 |
|  | 10/2025 | 19791 | 25489 | 0 | (32) |
|  | 11/2025 | 30567 | $19967 | 0 | (269) |
|  | 11/2025 | 14029 | 3832 | 0 | (204) |
|  | 11/2025 | 25424 | 19791 | 30 | 0 |
|  | 11/2025 | $356 | 283 | 0 | 0 |
|  | 12/2025 | 5972 | 113254 | 162 | 0 |
|  GLM | 10/2025 | 91761 | $17195 | 0 | (46) |
|  | 10/2025 | 18829491 | 1129 | 0 | 0 |
|  | 10/2025 | 4137640 | 2931 | 0 | (18) |
|  | 10/2025 | $17247 | 91761 | 6 | (12) |
|  | 10/2025 | 497 | 8214564 | 0 | (5) |
|  | 10/2025 | 542 | 47572 | 0 | (7) |
|  | 10/2025 | 2931 | 4138959 | 18 | 0 |
|  | 10/2025 | 2535 | 9222 | 1 | 0 |
|  | 10/2025 | 400 | 12968 | 1 | 0 |
|  | 12/2025 | 1495 | $79 | 0 | (2) |
|  | 12/2025 | $17195 | 93066 | 42 | 0 |
|  | 12/2025 | 1127 | 18845580 | 0 | 0 |
|  | 12/2025 | 775 | 15002 | 38 | 0 |

---

---

| | | |
|:---|:---|:---|
| **194** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  JPM | 10/2025 | 62570 | $11763 | $8 | $(1) |
|  | 10/2025 | 52183 | 37761 | 263 | 0 |
|  | 10/2025 | 761 | 892 | 0 | (1) |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275132 | 196 | 0 | 0 |
|  | 10/2025 | 1579243 | 1139 | 14 | 0 |
|  | 10/2025 | 4766 | 157 | 1 | 0 |
|  | 10/2025 | $11302 | 62570 | 454 | 0 |
|  | 10/2025 | 1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24758615 | 0 | (18) |
|  | 10/2025 | 151 | 555 | 2 | 0 |
|  | 11/2025 | 16770 | 730507 | 115 | 0 |
|  | 11/2025 | 11708 | $668 | 0 | (8) |
|  MBC | 10/2025 | 28 | 20 | 0 | 0 |
|  | 10/2025 | 1630418 | 99 | 1 | 0 |
|  | 10/2025 | 2863 | 20 | 0 | 0 |
|  | 10/2025 | 1353086 | 973 | 9 | 0 |
|  | 10/2025 | 141056 | 14713 | 0 | (270) |
|  | 10/2025 | 19105 | 14908 | 97 | 0 |
|  | 10/2025 | 14880 | 462 | 2 | 0 |
|  | 10/2025 | $1928 | 1533 | 0 | (2) |
|  | 10/2025 | 2206 | 1878 | 0 | (1) |
|  | 10/2025 | 2395 | 1767 | 0 | (19) |
|  | 10/2025 | 135 | 20127 | 1 | 0 |
|  | 10/2025 | 118 | 164791 | 0 | 0 |
|  | 10/2025 | 750 | 23772 | 0 | (15) |
|  | 11/2025 | 34410 | $233 | 0 | (1) |
|  | 12/2025 | $454 | 8439 | 3 | 0 |
|  MYI | 10/2025 | 657723 | $40 | 1 | 0 |
|  | 10/2025 | 17805 | 121 | 0 | 0 |
|  | 10/2025 | $5143 | 767810 | 49 | 0 |
|  | 10/2025 | 746 | 2701 | 0 | (3) |
|  | 10/2025 | 707 | 21293 | 0 | (7) |
|  | 11/2025 | 765154 | $5143 | 0 | (49) |
|  | 12/2025 | 21154 | 707 | 8 | 0 |
|  NGF | 10/2025 | 1981729 | 1425 | 12 | 0 |
|  | 10/2025 | $446 | 7377979 | 0 | (4) |
|  SCX | 10/2025 | 15653805 | $938 | 0 | (1) |
|  | 10/2025 | 42507 | 478 | 0 | 0 |
|  | 10/2025 | 91162 | 620 | 3 | 0 |
|  | 10/2025 | 331 | 95 | 0 | (1) |
|  | 10/2025 | 113606 | 3803 | 70 | 0 |
|  | 10/2025 | $36748 | 27473 | 201 | 0 |
|  | 10/2025 | 498 | 8185539 | 0 | (7) |
|  | 10/2025 | 5624 | 497260 | 0 | (31) |
|  | 10/2025 | 890 | 28276 | 0 | (16) |
|  | 11/2025 | 27473 | $36754 | 0 | (201) |
|  | 11/2025 | 166 | 1 | 0 | 0 |
|  | 11/2025 | $478 | 42589 | 0 | 0 |
|  | 12/2025 | 938 | 15693368 | 1 | 0 |
|  SOG | 10/2025 | 834759 | $5676 | 32 | 0 |
|  | 10/2025 | 328 | 191 | 1 | 0 |
|  | 10/2025 | $62169 | 52865 | 0 | (103) |
|  | 10/2025 | 11237 | 1672098 | 70 | 0 |
|  | 10/2025 | 15027 | 141899 | 45 | 0 |
|  | 11/2025 | 52865 | $62294 | 104 | 0 |
|  | 11/2025 | 1666315 | 11237 | 0 | (70) |
|  | 11/2025 | 141600 | 15027 | 0 | (46) |
|  SSB | 10/2025 | 27174 | 36628 | 82 | 0 |
|  | 11/2025 | 3546 | 961 | 0 | (59) |
|  UAG | 10/2025 | 3865 | 2797 | 20 | 0 |
|  | 10/2025 | 376 | 220 | 2 | 0 |
|  | 10/2025 | $22 | 1923 | 0 | 0 |
|  | 10/2025 | 744 | 2699 | 0 | (1) |
|  | 10/2025 | 100 | 3228 | 0 | 0 |
|  | 10/2025 | 79 | 1358 | 0 | 0 |
|  | 10/2025 | 1359 | $79 | 0 | 0 |
|  | 11/2025 | 5956 | 338 | 0 | (6) |
|  | 12/2025 | $390 | 7296 | 5 | 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;2762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2516) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 195

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS | Put - OTC EUR versus USD | $— | 1.122 | 10/14/2025 | 171 | $21 | $0 |
|  | Put - OTC EUR versus USD |  | 1.110 | 11/26/2025 | 1553 | 6 | 1 |
| BRC | Put - OTC AUD versus USD |  | 0.623 | 10/14/2025 | 1195 | 3 | 0 |
|  | Put - OTC EUR versus USD |  | 1.132 | 10/10/2025 | 8304 | 30 | 0 |
|  | Call - OTC USD versus SEK |  | 10.200 | 11/26/2025 | 3323 | 21 | 2 |
| GLM | Put - OTC AUD versus USD | $— | 0.625 | 10/08/2025 | 4077 | 16 | 0 |
|  | Put - OTC EUR versus USD |  | 1.129 | 10/14/2025 | 8057 | 31 | 0 |
|  | Put - OTC EUR versus USD |  | 1.100 | 12/17/2025 | 392 | 45 | 8 |
| MBC | Put - OTC AUD versus USD |  | 0.618 | 10/10/2025 | 4374 | 11 | 0 |
|  | Put - OTC EUR versus USD |  | 1.098 | 12/23/2025 | 428 | 50 | 8 |
| MYI | Put - OTC EUR versus USD |  | 1.145 | 10/08/2025 | 8049 | 50 | 1 |
|  | Put - OTC EUR versus USD |  | 1.110 | 11/24/2025 | 8858 | 42 | 3 |
|  | Call - OTC USD versus SEK |  | 10.125 | 10/14/2025 | 721 | 4 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate <br>Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 2300 | $(7) | $(1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 2300 | (6) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 2300 | (6) | (14) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 3100 | (8) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 3100 | (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 2400 | (6) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 2400 | (6) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 1600 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 1600 | (4) | (3) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 3200 | (11) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 3200 | (11) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 2100 | (7) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 2100 | (7) | (4) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 2300 | (6) | (8) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 2300 | (6) | (4) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 1300 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 1300 | (3) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 3200 | (10) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 3200 | (9) | (11) |
|  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;(129) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 2512 | $481 | $39 | $520 | $0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 3286 | 698 | (17) | 681 | 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;1179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

196 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $13 | $0 | $0 | $13 | $(409) | $0 | $0 | $(409) | $(396) | $369 | $(27) |
|  BOA | 9 | 0 | 0 | 9 | (10) | (15) | 0 | (25) | (16) | 0 | (16) |
|  BPS | 176 | 1 | 520 | 697 | (44) | (13) | 0 | (57) | 640 | (550) | 90 |
|  BRC | 9 | 2 | 0 | 11 | (10) | (4) | 0 | (14) | (3) | 0 | (3) |
|  BSH | 2 | 0 | 0 | 2 | (45) | 0 | 0 | (45) | (43) | 0 | (43) |
|  CBK | 199 | 0 | 0 | 199 | (85) | 0 | 0 | (85) | 114 | 0 | 114 |
|  DUB | 43 | 0 | 0 | 43 | (30) | (2) | 0 | (32) | 11 | 0 | 11 |
|  FAR | 529 | 0 | 0 | 529 | (852) | 0 | 0 | (852) | (323) | 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) |
|  GLM | 106 | 8 | 0 | 114 | (90) | (16) | 0 | (106) | 8 | 0 | 8 |
|  JPM | 857 | 0 | 681 | 1538 | (28) | 0 | 0 | (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308) | 202 |
|  MBC | 113 | 8 | 0 | 121 | (308) | 0 | 0 | (308) | (187) | 110 | (77) |
|  MYI | 58 | 4 | 0 | 62 | (59) | 0 | 0 | (59) | 3 | 0 | 3 |
|  NGF | 12 | 0 | 0 | 12 | (4) | 0 | 0 | (4) | 8 | 0 | 8 |
|  SCX | 275 | 0 | 0 | 275 | (257) | 0 | 0 | (257) | 18 | 0 | 18 |
|  SOG | 252 | 0 | 0 | 252 | (219) | 0 | 0 | (219) | 33 | 0 | 33 |
|  SSB | 82 | 0 | 0 | 82 | (59) | 0 | 0 | (59) | 23 | (70) | (47) |
|  UAG | 27 | 0 | 0 | 27 | (7) | (12) | 0 | (19) | 8 | 0 | 8 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2516) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2578) |  |  |  |

---

(k) Securities with an aggregate market value of $501 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $305 | $305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 680 | 681 |
|  | $0 | $1 | $0 | $0 | $985 | $986 |
|  Over the counter | Over the 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 | $2762 | $0 | $2762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 23 | 0 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1201 | 0 | 0 | 0 | 1201 |
|  | $0 | $1201 | $0 | $2785 | $0 | $3986 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 197

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return ESG Fund | (Cont.) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $81 | $81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 161 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 273 | 275 |
|  | $0 | $2 | $0 | $0 | $515 | $517 |
|  Over the counter | Over the 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 | $2516 | $0 | $2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 62 | 62 |
|  | $0 | $0 | $0 | $2516 | $62 | $2578 |
|  | $0 | $2 | $0 | $2516 | $577 | $3095 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $403 | $403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4399 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 138 | 0 | 0 | 1380 | 1518 |
|  | $0 | $138 | $0 | $0 | $6182 | $6320 |
|  Over the counter | Over the 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 | $(11722) | $0 | $(11722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (677) | (677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 54 | 0 | 0 | 1598 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 145 | 0 | 0 | 0 | 145 |
|  | $0 | $199 | $0 | $(11722) | $921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10602) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11722) | $7103 | $(4282) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $35 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3815) | (3815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (96) | 0 | 0 | 3408 | 3312 |
|  | $0 | $(96) | $0 | $0 | $(372) | $(468) |
|  Over the counter | Over the 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 | $1869 | $0 | $1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (307) | (185) | (492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (4) | 0 | 0 | 316 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 71 | 0 | 0 | 0 | 71 |
|  | $0 | $67 | $0 | $1562 | $131 | $1760 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(29) | $0 | $1562 | $(241) | $1292 |

---

198 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $2132 | $2132 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 226279 | 0 | 226279 |
| &nbsp;&nbsp; Industrials | 0 | 126041 | 16100 | 142141 |
| &nbsp;&nbsp; Utilities | 3294 | 115406 | 0 | 118700 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 3619 | 0 | 3619 |
| &nbsp;&nbsp; Michigan | 0 | 2340 | 0 | 2340 |
| &nbsp;&nbsp; New York | 0 | 1767 | 0 | 1767 |
|  U.S. Government Agencies | 0 | 703973 | 0 | 703973 |
|  U.S. Treasury Obligations | 0 | 400909 | 0 | 400909 |
|  Non-Agency Mortgage-Backed Securities | 0 | 130892 | 0 | 130892 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 22874 | 0 | 22874 |
| &nbsp;&nbsp; CMBS Other | 0 | 8768 | 0 | 8768 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9434 | 0 | 9434 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 66 | 0 | 66 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2065 | 0 | 2065 |
| &nbsp;&nbsp; Other ABS | 0 | 135362 | 0 | 135362 |
|  Sovereign Issues | 2500 | 169584 | 0 | 172084 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 369 | 0 | 369 |
|  Total Investments | $5794 | $2059748 | $18232 | $2083774 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(1827) | $0 | $(1827) |
|  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 | 151 | 835 | 0 | 986 |
|  Over the counter | 0 | 3986 | 0 | 3986 |
|  | $151 | $4821 | $0 | $4972 |
|  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 | (171) | (346) | 0 | (517) |
|  Over the counter | 0 | (2578) | 0 | (2578) |
|  | $(171) | $(2924) | $0 | $(3095) |
|  Total Financial Derivative Instruments | $(20) | $1897 | $0 | $1877 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083824 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $408 | $1677 | $0 | $0 | $0 | $47 | $0 | $0 | $2132 | $47 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 16100 | 0 | 0 | 0 | 0 | 0 | 0 | 16100 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17777 | $&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;47 | $&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;18232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1688 | Cost | Purchase Price | 100.000 |  |
|  | 444 | Discounted Cash Flow | Discount Rate | 4.070 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 16100 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18232 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **199** |

---

------

---

| | |
|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund II |

---

#### (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 134.4% | INVESTMENTS IN SECURITIES 134.4% | INVESTMENTS IN SECURITIES 134.4% |
| CORPORATE BONDS & NOTES 24.0% | CORPORATE BONDS & NOTES 24.0% | CORPORATE BONDS & NOTES 24.0% |
| BANKING & FINANCE 9.6% | BANKING & FINANCE 9.6% | BANKING & FINANCE 9.6% |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.950% due 01/15/2027 | 1500 | 1495 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 600 | 635 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.918% due 07/20/2033 •  | 200 | 204 |
|  5.016% due 04/25/2031 •  | 100 | 103 |
|  5.085% due 01/30/2031 •  | 800 | 825 |
|  5.667% due 04/25/2036 •  | 100 | 106 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  4.950% due 06/15/2030 | 200 | 204 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.375% due 10/15/2026 | 800 | 794 |
|  3.950% due 03/15/2029 | 200 | 198 |
|  5.800% due 11/15/2028 | 800 | 836 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 400 | 396 |
|  5.450% due 09/09/2028 | 400 | 403 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  4.850% due 12/15/2029 | 300 | 306 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.516% due 03/25/2027 | 800 | 815 |
|  5.620% due 05/08/2026 | 300 | 303 |
|  5.684% due 02/23/2026 | 700 | 703 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.125% due 04/10/2030 | 500 | 508 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 • | 800 | 812 |
|  5.933% due 09/15/2027 • | 300 | 305 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 400 | 410 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  5.875% due 11/15/2027 | 1100 | 1127 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  5.375% due 09/15/2032 | 900 | 908 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 900 | 945 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  5.500% due 02/15/2034 | 400 | 413 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 100 | 99 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  5.650% due 06/11/2034 | 600 | 623 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 500 | 534 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.493% due 09/11/2031 • | 1100 | 1091 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.800% due 06/15/2030 | 500 | 508 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.412% due 03/31/2031 • | 300 | 300 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  6.645% due 04/25/2035 • | 1300 | 1431 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  5.875% due 06/04/2027 | 1200 | 1232 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 (b) | 100 | 99 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  2.500% due 05/15/2031 | 500 | 451 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.700% due 09/15/2032 | 200 | 199 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 | 133 | 134 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  5.400% due 12/01/2035 | 200 | 201 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.375% due 04/01/2035 | 200 | 207 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.950% due 01/15/2033 | 400 | 403 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  F&G Global Funding |  |  |
|  5.875% due 06/10/2027 | 600 | 616 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 200 | 190 |
|  3.815% due 11/02/2027 | 200 | 195 |
|  5.800% due 03/05/2027 | 1500 | 1516 |
|  5.800% due 03/08/2029 | 700 | 711 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.500% due 09/18/2030 | 150 | 149 |
|  5.200% due 12/09/2031 | 500 | 509 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.750% due 11/01/2037 | 900 | 894 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.727% due 04/25/2030 •  | 4100 | 4291 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 1600 | 1445 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  3.500% due 07/15/2029 | 1300 | 1261 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 300 | 302 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 200 | 199 |
|  5.300% due 06/05/2027 | 500 | 503 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.950% due 01/15/2033 | 500 | 503 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.298% (SOFRRATE + 0.970%) due 01/14/2028 ~ | 100 | 100 |
|  5.350% due 01/13/2030 | 300 | 311 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.103% due 04/22/2031 •  | 1800 | 1860 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  6.250% due 01/15/2036 | 200 | 207 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  4.625% due 08/18/2030 | 700 | 705 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  4.900% due 04/03/2028 | 200 | 202 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  6.750% due 11/15/2028 | 600 | 638 |
|  Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
|  4.200% due 09/16/2030 | 500 | 497 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.123% due 02/01/2029 •  | 1000 | 1022 |
|  5.192% due 04/17/2031 •  | 1100 | 1136 |
|  5.656% due 04/18/2030 •  | 500 | 522 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 1700 | 1698 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.734% due 07/18/2031 •  | 300 | 305 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 | 1700 | 1561 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 500 | 518 |
|  Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
|  6.340% due 02/27/2030 | 200 | 201 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 | 600 | 605 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.050% due 12/06/2031 | 400 | 408 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 600 | 661 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.884% due 07/15/2050 | 1400 | 1389 |
|  2.328% due 07/15/2052 | 1700 | 1616 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.900% due 04/15/2035 | 200 | 208 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  5.125% due 10/01/2035 | 400 | 405 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.500% due 03/11/2029 | 300 | 312 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  4.834% due 04/24/2030 | 100 | 103 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.750% due 03/18/2030 | 400 | 407 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.450% due 03/06/2031 •  | 700 | 714 |
|  TPG Operating Group II LP | TPG Operating Group II LP | TPG Operating Group II LP |
|  5.875% due 03/05/2034 | 600 | 633 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.046% due 02/12/2031 •  | 600 | 616 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 400 | 404 |
|  5.125% due 11/15/2031 | 200 | 203 |
|  Wells Fargo & Co. |  |  |
|  2.393% due 06/02/2028 •  | 1600 | 1556 |
|  6.303% due 10/23/2029 •  | 1000 | 1059 |
|  WP Carey, Inc. |  |  |
|  4.650% due 07/15/2030 | 200 | 201 |
|  |  | 57533 |
| INDUSTRIALS 8.0% | INDUSTRIALS 8.0% | INDUSTRIALS 8.0% |
|  Amcor Flexibles North America, Inc. |  |  |
|  4.800% due 03/17/2028 | 500 | 506 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |  |
|  3.000% due 04/15/2030 | 718 | 691 |
|  3.150% due 08/15/2033 | 1473 | 1383 |
|  3.500% due 08/15/2033 | 351 | 321 |
|  Amgen, Inc. |  |  |
|  5.250% due 03/02/2033 | 1000 | 1036 |
|  Bayer U.S. Finance LLC |  |  |
|  6.125% due 11/21/2026 | 200 | 204 |
|  Beignet |  |  |
|  6.850% due 06/01/2049 «(b) | 6300 | 6300 |
|  Boeing Co. |  |  |
|  6.259% due 05/01/2027 | 300 | 309 |
|  6.298% due 05/01/2029 | 400 | 425 |
|  6.388% due 05/01/2031 | 400 | 436 |
|  6.528% due 05/01/2034 | 200 | 221 |
|  6.858% due 05/01/2054 | 300 | 342 |
|  7.008% due 05/01/2064 | 200 | 232 |
|  Booz Allen Hamilton, Inc. |  |  |
|  3.875% due 09/01/2028 | 200 | 196 |
|  British Airways Pass-Through Trust |  |  |
|  2.900% due 09/15/2036 | 652 | 593 |
|  3.350% due 12/15/2030 | 546 | 526 |
|  Broadcom, Inc. |  |  |
|  3.137% due 11/15/2035 | 707 | 612 |
|  3.187% due 11/15/2036 | 500 | 427 |
|  Conagra Brands, Inc. |  |  |
|  5.000% due 08/01/2030 | 500 | 505 |
|  Constellation Brands, Inc. |  |  |
|  4.800% due 01/15/2029 | 300 | 305 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |  |
|  2.000% due 12/14/2026 | 1700 | 1658 |
|  Dell International LLC/EMC Corp. |  |  |
|  4.750% due 04/01/2028 | 300 | 305 |
|  Energy Transfer LP |  |  |
|  4.950% due 05/15/2028 | 1600 | 1627 |
|  6.050% due 12/01/2026 | 900 | 917 |
|  FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  |  |
|  4.300% due 01/15/2029 | 1400 | 1403 |
|  Fiserv, Inc. |  |  |
|  4.550% due 02/15/2031 | 300 | 301 |
|  GXO Logistics, Inc. |  |  |
|  6.250% due 05/06/2029 | 1400 | 1471 |
|  HCA, Inc. |  |  |
|  5.750% due 03/01/2035 | 1900 | 1987 |
|  HF Sinclair Corp. |  |  |
|  5.750% due 01/15/2031 | 400 | 414 |
|  Integris Baptist Medical Center, Inc. |  |  |
|  3.875% due 08/15/2050 | 2100 | 1539 |
|  JetBlue Pass-Through Trust |  |  |
|  2.750% due 11/15/2033 | 1190 | 1057 |
|  Kraft Heinz Foods Co. |  |  |
|  5.200% due 03/15/2032 | 200 | 205 |

---

---

| | | |
|:---|:---|:---|
| **200** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Las Vegas Sands Corp. |  |  |
|  5.625% due 06/15/2028 | 400 | 409 |
|  5.900% due 06/01/2027 | 1500 | 1531 |
|  Marriott International, Inc. |  |  |
|  5.100% due 04/15/2032 | 400 | 411 |
|  Mars, Inc. |  |  |
|  5.000% due 03/01/2032 | 600 | 614 |
|  Marvell Technology, Inc. |  |  |
|  5.750% due 02/15/2029 | 925 | 965 |
|  Meta Platforms, Inc. |  |  |
|  5.400% due 08/15/2054 | 200 | 198 |
|  Microchip Technology, Inc. |  |  |
|  4.900% due 03/15/2028 | 200 | 203 |
|  MPLX LP |  |  |
|  5.400% due 04/01/2035 | 500 | 504 |
|  MSCI, Inc. |  |  |
|  5.250% due 09/01/2035 | 400 | 403 |
|  Occidental Petroleum Corp. |  |  |
|  6.200% due 03/15/2040 | 400 | 407 |
|  6.625% due 09/01/2030 | 200 | 214 |
|  Oracle Corp. |  |  |
|  3.850% due 04/01/2060 | 1300 | 895 |
|  4.800% due 08/03/2028 | 300 | 305 |
|  PayPal Holdings, Inc. |  |  |
|  5.100% due 04/01/2035 | 300 | 307 |
|  Philip Morris International, Inc. |  |  |
|  5.125% due 02/13/2031 | 1000 | 1035 |
|  Regeneron Pharmaceuticals, Inc. |  |  |
|  1.750% due 09/15/2030 | 1600 | 1412 |
|  Southern Co. |  |  |
|  3.700% due 04/30/2030 | 1400 | 1365 |
|  Spirit Airlines Pass-Through Trust |  |  |
|  3.375% due 08/15/2031 | 120 | 112 |
|  Sutter Health |  |  |
|  5.213% due 08/15/2032 | 800 | 829 |
|  Synopsys, Inc. |  |  |
|  4.850% due 04/01/2030 | 300 | 306 |
|  Sysco Corp. |  |  |
|  5.100% due 09/23/2030 | 200 | 206 |
|  TD SYNNEX Corp. |  |  |
|  6.100% due 04/12/2034 | 500 | 532 |
|  Tyson Foods, Inc. |  |  |
|  5.400% due 03/15/2029 | 300 | 310 |
|  5.700% due 03/15/2034 | 300 | 316 |
|  United Airlines Pass-Through Trust |  |  |
|  2.700% due 11/01/2033 | 1438 | 1322 |
|  3.100% due 01/07/2030 | 809 | 783 |
|  4.150% due 02/25/2033 | 825 | 807 |
|  Viper Energy Partners LLC |  |  |
|  4.900% due 08/01/2030 | 200 | 202 |
|  VMware LLC |  |  |
|  1.800% due 08/15/2028 | 1800 | 1689 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |  |
|  5.050% due 03/27/2028 | 600 | 608 |
|  Williams Cos., Inc. |  |  |
|  4.800% due 11/15/2029 | 600 | 611 |
|  Zimmer Biomet Holdings, Inc. |  |  |
|  5.200% due 09/15/2034 | 200 | 205 |
|  |  | 48470 |
| UTILITIES 6.4% | UTILITIES 6.4% | UTILITIES 6.4% |
|  AES Corp. |  |  |
|  5.450% due 06/01/2028 | 500 | 512 |
|  Alabama Power Co. |  |  |
|  1.450% due 09/15/2030 | 1100 | 965 |
|  Ameren Illinois Co. |  |  |
|  1.550% due 11/15/2030 | 1500 | 1316 |
|  Appalachian Power Co. |  |  |
|  2.700% due 04/01/2031 | 1600 | 1459 |
|  Avangrid, Inc. |  |  |
|  3.800% due 06/01/2029 | 1100 | 1080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Black Hills Corp. |  |  |  |  |
|  4.550% due 01/31/2031 (b) | $— | 900 | $— | 901 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |  |  |
|  4.800% due 03/15/2030 |  | 200 |  | 205 |
|  DTE Energy Co. |  |  |  |  |
|  5.200% due 04/01/2030 |  | 500 |  | 515 |
|  Duke Energy Carolinas LLC |  |  |  |  |
|  2.550% due 04/15/2031 |  | 1600 |  | 1466 |
|  Entergy Mississippi LLC |  |  |  |  |
|  5.000% due 09/01/2033 |  | 800 |  | 817 |
|  Evergy Kansas Central, Inc. |  |  |  |  |
|  4.700% due 03/13/2028 |  | 100 |  | 101 |
|  5.250% due 03/15/2035 |  | 300 |  | 306 |
|  Eversource Energy |  |  |  |  |
|  5.450% due 03/01/2028 |  | 300 |  | 308 |
|  Florida Power & Light Co. |  |  |  |  |
|  3.700% due 12/01/2047 |  | 1300 |  | 1012 |
|  Georgia Power Co. |  |  |  |  |
|  3.250% due 03/15/2051 |  | 1500 |  | 1051 |
|  Liberty Utilities Co. |  |  |  |  |
|  5.577% due 01/31/2029 |  | 2000 |  | 2064 |
|  Louisville Gas & Electric Co. |  |  |  |  |
|  5.450% due 04/15/2033 |  | 200 |  | 209 |
|  Massachusetts Electric Co. |  |  |  |  |
|  1.729% due 11/24/2030 |  | 1500 |  | 1306 |
|  Narragansett Electric Co. |  |  |  |  |
|  5.350% due 05/01/2034 |  | 600 |  | 619 |
|  New York State Electric & Gas Corp. |  |  |  |  |
|  2.150% due 10/01/2031 |  | 1700 |  | 1480 |
|  NextEra Energy Capital Holdings, Inc. |  |  |  |  |
|  3.550% due 05/01/2027 |  | 1500 |  | 1488 |
|  Northern States Power Co. |  |  |  |  |
|  2.250% due 04/01/2031 |  | 1600 |  | 1453 |
|  Pacific Gas & Electric Co. |  |  |  |  |
|  4.400% due 03/01/2032 |  | 1700 |  | 1659 |
|  4.550% due 07/01/2030 |  | 1500 |  | 1490 |
|  5.050% due 10/15/2032 (b) |  | 300 |  | 299 |
|  5.550% due 05/15/2029 |  | 500 |  | 515 |
|  6.100% due 01/15/2029 |  | 1200 |  | 1256 |
|  6.950% due 03/15/2034 |  | 600 |  | 666 |
|  PacifiCorp |  |  |  |  |
|  5.450% due 02/15/2034 |  | 600 |  | 615 |
|  7.375% due 09/15/2055 •  |  | 400 |  | 422 |
|  Pinnacle West Capital Corp. |  |  |  |  |
|  5.005% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 700 |  | 702 |
|  Public Service Co. of Colorado |  |  |  |  |
|  5.150% due 09/15/2035 |  | 200 |  | 203 |
|  Public Service Enterprise Group, Inc. |  |  |  |  |
|  5.450% due 04/01/2034 |  | 300 |  | 311 |
|  Puget Energy, Inc. |  |  |  |  |
|  5.725% due 03/15/2035 |  | 600 |  | 620 |
|  San Diego Gas & Electric Co. |  |  |  |  |
|  2.950% due 08/15/2051 |  | 1700 |  | 1114 |
|  Sempra |  |  |  |  |
|  6.375% due 04/01/2056 •  |  | 300 |  | 308 |
|  Southern California Edison Co. |  |  |  |  |
|  2.250% due 06/01/2030 |  | 1500 |  | 1345 |
|  4.700% due 06/01/2027 |  | 1500 |  | 1506 |
|  Southwest Gas Corp. |  |  |  |  |
|  4.050% due 03/15/2032 |  | 1800 |  | 1732 |
|  Southwestern Electric Power Co. |  |  |  |  |
|  4.100% due 09/15/2028 |  | 1400 |  | 1396 |
|  System Energy Resources, Inc. |  |  |  |  |
|  5.300% due 12/15/2034 |  | 400 |  | 403 |
|  Virginia Electric & Power Co. |  |  |  |  |
|  3.750% due 05/15/2027 |  | 1500 |  | 1494 |
|  |  |  |  | 38689 |
|  Total Corporate Bonds & Notes<br>(Cost $148,039) | Total Corporate Bonds & Notes<br>(Cost $148,039) | Total Corporate Bonds & Notes<br>(Cost $148,039) |  | 144692 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.4% | MUNICIPAL BONDS & NOTES 0.4% | MUNICIPAL BONDS & NOTES 0.4% |
| ILLINOIS 0.2% | ILLINOIS 0.2% | ILLINOIS 0.2% |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2020 |
|  3.057% due 01/01/2034 | 1400 | 1261 |
| WEST VIRGINIA 0.2% | WEST VIRGINIA 0.2% | WEST VIRGINIA 0.2% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 | 1000 | 911 |
|  Total Municipal Bonds & Notes<br>(Cost $2,400) | Total Municipal Bonds & Notes<br>(Cost $2,400) | 2172 |
| U.S. GOVERNMENT AGENCIES 40.0% | U.S. GOVERNMENT AGENCIES 40.0% | U.S. GOVERNMENT AGENCIES 40.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 12/01/2032 | 603 | 584 |
|  3.000% due 03/01/2052 -<br>07/01/2052 | 45023 | 39627 |
|  3.500% due 08/01/2027 -<br>07/01/2034 | 376 | 370 |
|  4.000% due 06/01/2030 -<br>04/01/2048 | 414 | 405 |
|  4.500% due 02/01/2029 | 19 | 19 |
|  5.000% due 12/01/2039 -<br>06/01/2053 | 18115 | 18055 |
|  5.500% due 12/01/2036 -<br>07/01/2039 | 232 | 242 |
|  6.000% due 11/01/2029 -<br>08/01/2038 | 739 | 778 |
|  6.535% due 07/01/2030 •  | 3 | 3 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.872% due 07/25/2054 ~ | 1781 | 1695 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.237% due 08/15/2036 •  | 240 | 241 |
|  5.306% due 04/25/2055 •  | 644 | 645 |
|  6.000% due 09/15/2032 | 31 | 32 |
|  8.000% due 06/15/2030 | 49 | 52 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 02/25/2045 •  | 37 | 36 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 02/01/2052 -<br>03/01/2052 | 8795 | 7750 |
|  3.500% due 01/01/2026 -<br>05/01/2035 | 3828 | 3768 |
|  4.000% due 03/01/2026 -<br>06/01/2049 | 642 | 622 |
|  4.500% due 09/01/2030 -<br>12/01/2040 | 189 | 191 |
|  5.000% due 04/01/2053 | 736 | 733 |
|  5.421% due 07/01/2044 •  | 17 | 17 |
|  5.500% due 11/01/2032 -<br>02/01/2040 | 585 | 606 |
|  6.000% due 10/01/2032 -<br>01/01/2039 | 614 | 645 |
|  6.276% due 01/01/2035 •  | 27 | 28 |
|  6.290% due 09/01/2035 •  | 3 | 3 |
|  6.500% due 07/01/2031 -<br>10/01/2037 | 4 | 4 |
|  6.618% due 05/01/2038 •  | 179 | 186 |
|  6.798% due 04/01/2041 •  | 4 | 4 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.523% due 12/25/2036 •  | 32 | 32 |
|  5.125% due 12/25/2047 •  | 1077 | 1078 |
|  5.326% due 08/25/2054 •  | 1164 | 1169 |
|  6.373% due 05/25/2035 ~ | 14 | 14 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  4.721% due 12/25/2042 ~ | 107 | 108 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  6.500% due 06/25/2044 | 17 | 18 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 03/20/2052 | 9396 | 8397 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **201** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund II | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 09/15/2049 -<br>09/20/2055 | 635 | 598 |
|  4.500% due 04/20/2048 -<br>12/20/2053 | 2378 | 2324 |
|  4.625% due 07/20/2027 -<br>07/20/2030 •  | 16 | 16 |
|  4.750% due 12/20/2029 •  | 24 | 24 |
|  5.000% due 07/20/2027 •  | 11 | 11 |
|  5.000% due 07/15/2034 -<br>07/20/2049 | 1585 | 1609 |
|  5.625% due 02/20/2027 -<br>06/20/2027 •  | 11 | 10 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.796% due 07/20/2062 ~ | 68 | 68 |
|  4.902% due 06/20/2065 •  | 237 | 236 |
|  4.926% due 02/20/2067 •  | 120 | 120 |
|  4.981% due 10/20/2062 •  | 585 | 585 |
|  5.066% due 07/20/2065 -<br>10/20/2065 •  | 843 | 844 |
|  5.116% due 11/20/2065 •  | 35 | 35 |
|  5.216% due 08/20/2066 •  | 315 | 316 |
|  5.266% due 05/20/2066 -<br>07/20/2066 •  | 969 | 971 |
|  5.366% due 04/20/2066 •  | 126 | 126 |
|  5.386% due 07/20/2065 •  | 471 | 473 |
|  5.656% due 11/20/2067 •  | 703 | 713 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 10/01/2055 -<br>11/01/2055 | 18000 | 16924 |
|  Tennessee Valley Authority |  |  |
|  1.500% due 09/15/2031 | 1700 | 1480 |
|  4.875% due 05/15/2035 | 3500 | 3630 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 10/01/2055 -<br>11/01/2055 | 51350 | 49807 |
|  5.000% due 11/01/2055 | 24700 | 24482 |
|  5.500% due 11/01/2055 | 5700 | 5744 |
|  6.000% due 11/01/2055 | 19700 | 20123 |
|  6.500% due 10/01/2055 | 20400 | 21084 |
|  Total U.S. Government Agencies<br>(Cost $245,350) | Total U.S. Government Agencies<br>(Cost $245,350) | 240510 |
| U.S. TREASURY OBLIGATIONS 55.0% | U.S. TREASURY OBLIGATIONS 55.0% | U.S. TREASURY OBLIGATIONS 55.0% |
|  U.S. Treasury Bonds |  |  |
|  1.375% due 11/15/2040 | 18900 | 12339 |
|  1.875% due 02/15/2041 | 1100 | 774 |
|  2.000% due 11/15/2041 | 700 | 492 |
|  2.250% due 05/15/2041 | 6300 | 4671 |
|  2.250% due 08/15/2049 | 6500 | 4150 |
|  2.375% due 02/15/2042 | 1700 | 1260 |
|  2.500% due 02/15/2045 | 880 | 631 |
|  2.750% due 11/15/2042 | 700 | 542 |
|  2.750% due 08/15/2047 | 2600 | 1886 |
|  2.875% due 05/15/2043 (i) | 1800 | 1411 |
|  3.000% due 05/15/2042 | 400 | 325 |
|  3.000% due 05/15/2045 | 12810 | 9973 |
|  3.000% due 02/15/2048 | 2600 | 1964 |
|  3.000% due 08/15/2048 | 6400 | 4813 |
|  3.125% due 02/15/2043 (i) | 2400 | 1960 |
|  3.125% due 08/15/2044 | 1200 | 961 |
|  3.250% due 05/15/2042 | 7600 | 6388 |
|  3.375% due 08/15/2042 (g) | 26700 | 22759 |
|  3.375% due 05/15/2044 | 500 | 417 |
|  3.375% due 11/15/2048 | 6100 | 4902 |
|  3.625% due 08/15/2043 | 2300 | 2007 |
|  3.625% due 02/15/2044 | 1500 | 1302 |
|  3.750% due 11/15/2043 | 1300 | 1151 |
|  3.875% due 05/15/2043 | 9200 | 8336 |
|  4.000% due 11/15/2042 | 5300 | 4902 |
|  4.125% due 08/15/2044 | 5300 | 4921 |
|  4.375% due 08/15/2043 (g) | 14700 | 14192 |
|  4.500% due 02/15/2044 | 3700 | 3620 |
|  4.500% due 11/15/2054 | 3600 | 3467 |
|  4.625% due 11/15/2044 (g) | 17900 | 17738 |
|  4.625% due 05/15/2054 | 1900 | 1867 |
|  4.625% due 02/15/2055 (g) | 8400 | 8260 |
|  4.750% due 02/15/2041 | 160 | 164 |
|  4.750% due 02/15/2045 (g) | 5300 | 5334 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.625% due 07/15/2032 | 6448 | 6105 |
|  1.125% due 01/15/2033 | 10920 | 10588 |
|  1.750% due 01/15/2034 | 15658 | 15738 |
|  U.S. Treasury Notes |  |  |
|  1.250% due 04/30/2028 (i) | 2700 | 2544 |
|  1.250% due 09/30/2028 | 2600 | 2426 |
|  1.500% due 11/30/2028 | 4800 | 4495 |
|  2.375% due 03/31/2029 | 5800 | 5558 |
|  2.875% due 08/15/2028 | 2600 | 2547 |
|  3.250% due 06/30/2029 | 4900 | 4828 |
|  3.500% due 04/30/2028 | 4500 | 4488 |
|  3.625% due 03/31/2030 | 2600 | 2590 |
|  3.750% due 05/31/2030 | 2600 | 2602 |
|  3.750% due 06/30/2030 | 3100 | 3102 |
|  3.875% due 07/15/2028 | 9000 | 9059 |
|  3.875% due 09/30/2029 (g) | 12600 | 12688 |
|  4.000% due 06/30/2028 (i) | 1900 | 1919 |
|  4.000% due 05/31/2030 | 2500 | 2530 |
|  4.000% due 06/30/2032 | 7300 | 7339 |
|  4.000% due 02/15/2034 (g) | 40600 | 40502 |
|  4.125% due 07/31/2028 | 1900 | 1925 |
|  4.125% due 08/31/2030 | 3700 | 3763 |
|  4.375% due 11/30/2030 | 7200 | 7404 |
|  4.625% due 09/30/2028 | 4600 | 4730 |
|  4.625% due 09/30/2030 | 3600 | 3743 |
|  4.875% due 10/31/2028 | 2600 | 2693 |
|  4.875% due 10/31/2030 | 3600 | 3785 |
|  U.S. Treasury STRIPS |  |  |
|  0.000% due 05/15/2041 (a) | 30 | 14 |
|  0.000% due 08/15/2041 (a) | 370 | 174 |
|  0.000% due 11/15/2041 (a) | 180 | 83 |
|  0.000% due 02/15/2042 (a) | 380 | 174 |
|  0.000% due 05/15/2042 (a) | 270 | 121 |
|  0.000% due 08/15/2042 (a) | 1970 | 872 |
|  0.000% due 11/15/2042 (a) | 450 | 197 |
|  Total U.S. Treasury Obligations<br>(Cost $349,880) | Total U.S. Treasury Obligations<br>(Cost $349,880) | 331205 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.7% |
|  Angel Oak Mortgage Trust |  |  |
|  6.197% due 01/25/2069 þ | 553 | 560 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  5.315% due 09/15/2038 •  | 1800 | 1730 |
|  Banc of America Funding Trust |  |  |
|  5.334% due 05/25/2035 ~ | 70 | 65 |
|  Bank |  |  |
|  3.432% due 05/15/2062 | 521 | 513 |
|  3.504% due 03/15/2064 ~ | 1500 | 1399 |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ | 1309 | 1135 |
|  BBCCRE Trust |  |  |
|  3.966% due 08/10/2033 | 2300 | 2126 |
|  BBCMS Mortgage Trust |  |  |
|  5.015% due 09/15/2058 | 1400 | 1432 |
|  Bear Stearns ALT-A Trust |  |  |
|  4.838% due 09/25/2035 ~ | 80 | 44 |
|  5.425% due 05/25/2035 ~ | 267 | 256 |
|  Bear Stearns ARM Trust |  |  |
|  4.604% due 02/25/2036 ~ | 16 | 14 |
|  6.575% due 04/25/2033 ~ | 17 | 17 |
|  6.841% due 01/25/2035 ~ | 163 | 166 |
|  BMO Mortgage Trust |  |  |
|  6.526% due 05/15/2057 ~ | 1200 | 1279 |
|  BWAY Mortgage Trust |  |  |
|  5.515% due 09/15/2036 •  | 1800 | 1745 |
|  BX Commercial Mortgage Trust |  |  |
|  4.994% due 10/15/2036 •  | 506 | 505 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2064 ~ | 1363 | 1225 |
|  5.656% due 06/25/2055 •  | 1323 | 1324 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.502% due 10/25/2035 •  | 127 | 123 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  6.224% due 02/20/2036 •  | 34 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | **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. |
|  6.190% due 09/25/2035 •  | 72 | 72 |
|  6.480% due 10/25/2035 •  | 23 | 24 |
|  CLNY Trust |  |  |
|  5.717% due 11/15/2038 •  | 1187 | 1173 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  3.917% due 09/25/2033 ~ | 326 | 328 |
|  Cross Mortgage Trust |  |  |
|  6.272% due 06/25/2069 þ | 1337 | 1356 |
|  CSMC Trust |  |  |
|  3.000% due 11/25/2056 ~ | 1120 | 972 |
|  3.850% due 09/25/2057 ~ | 1363 | 1319 |
|  5.665% due 07/15/2038 •  | 1900 | 1731 |
|  CSWF Corp. |  |  |
|  5.332% due 06/15/2034 •  | 130 | 127 |
|  DOLP Trust |  |  |
|  2.956% due 05/10/2041 | 1900 | 1700 |
|  Extended Stay America Trust |  |  |
|  5.344% due 07/15/2038 •  | 3879 | 3882 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ | 1293 | 1116 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.500% due 09/25/2052 ~ | 1205 | 1000 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  2.500% due 04/25/2052 ~ | 1180 | 980 |
|  3.000% due 08/26/2052 ~ | 1593 | 1379 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.772% due 03/25/2035 •  | 674 | 554 |
|  Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust |
|  5.000% due 10/25/2051 •  | 1129 | 1050 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.774% due 01/25/2032 ~ | 2 | 2 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.953% due 11/25/2035 ~ | 459 | 435 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.407% due 06/15/2035 •  | 1454 | 1249 |
|  5.648% due 12/15/2031 •  | 469 | 467 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  2.500% due 12/25/2051 ~ | 1359 | 1128 |
|  3.000% due 01/25/2052 ~ | 1233 | 1067 |
|  3.000% due 03/25/2052 ~ | 1347 | 1170 |
|  3.500% due 09/25/2052 ~ | 1337 | 1200 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.558% due 11/05/2044 | 1700 | 1340 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 1500 | 1430 |
|  MFA Trust | MFA Trust | MFA Trust |
|  2.479% due 03/25/2065 ~ | 192 | 186 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  3.436% due 12/15/2049 | 515 | 511 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.035% due 06/25/2036 ~ | 784 | 771 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.365% due 08/15/2038 •  | 1578 | 1519 |
|  OBX Trust | OBX Trust | OBX Trust |
|  2.500% due 10/25/2051 ~ | 1314 | 1091 |
|  3.000% due 02/25/2052 ~ | 1241 | 1074 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 1500 | 1477 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.672% due 02/25/2034 •  | 14 | 13 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 789 | 774 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.096% due 02/25/2036 ~ | 64 | 60 |
|  Sequoia Mortgage Trust 6 | Sequoia Mortgage Trust 6 | Sequoia Mortgage Trust 6 |
|  4.888% due 04/19/2027 •  | 34 | 34 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.414% due 05/15/2038 •  | 1000 | 994 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 116 | 113 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 10 | 10 |

---

---

| | | |
|:---|:---|:---|
| **202** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 1084 | 1043 |
|  4.562% due 10/25/2064 ~ | 1294 | 1304 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 ~ | 1768 | 1467 |
|  2.500% due 12/25/2051 ~ | 1235 | 1022 |
|  3.000% due 01/25/2052 ~ | 1415 | 1223 |
|  5.000% due 09/25/2051 •  | 1291 | 1201 |
|  5.000% due 11/25/2051 •  | 1307 | 1223 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 1900 | 1861 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.852% due 10/25/2045 •  | 57 | 56 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.874% due 06/15/2036 ~ | 1500 | 1384 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $68,674) | Total Non-Agency Mortgage-Backed Securities (Cost $68,674) | 64350 |
| ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% | ASSET-BACKED SECURITIES 3.8% |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 | 2000 | 2103 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 | 1090 | 1096 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 | 500 | 512 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 696 | 698 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.580% due 06/17/2030 | 453 | 459 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 | 535 | 536 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  5.880% due 06/20/2031 | 90 | 90 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.510% due 04/20/2027 | 684 | 688 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  5.810% due 10/20/2026 | 721 | 722 |
|  |  | 6904 |
| CMBS OTHER 1.1% | CMBS OTHER 1.1% | CMBS OTHER 1.1% |
|  BDS LLC | BDS LLC | BDS LLC |
|  5.934% due 03/19/2039 •  | 1812 | 1815 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  6.287% due 01/19/2039 •  | 637 | 637 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.871% due 03/19/2039 •  | 1200 | 1206 |
|  6.284% due 06/19/2037 •  | 2489 | 2490 |
|  6.769% due 09/17/2037 •  | 591 | 592 |
|  |  | 6740 |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 1400 | 1426 |
| HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.012% due 05/25/2040 •  | 183 | 180 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.332% due 01/25/2037 •  | 37 | 17 |
|  Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust | Morgan Stanley IXIS Real Estate Capital Trust |
|  4.322% due 11/25/2036 •  | 11 | 3 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  | 546 | 117 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.172% due 09/25/2034 •  | 118 | 113 |
|  5.397% due 07/25/2033 •  | 559 | 556 |
|  |  | 986 |
| OTHER ABS 1.1% | OTHER ABS 1.1% | OTHER ABS 1.1% |
|  Lendmark Funding Trust |  |  |
|  1.900% due 11/20/2031 | 1700 | 1647 |
|  Mariner Finance Issuance Trust |  |  |
|  1.860% due 03/20/2036 | 1700 | 1665 |
|  Mosaic Solar Loan Trust |  |  |
|  2.640% due 01/20/2053 | 1048 | 904 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.715% due 07/16/2040 •  | 472 | 475 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.474% due 06/17/2052 •  | 834 | 834 |
|  Sunrun Demeter Issuer LLC |  |  |
|  2.270% due 01/30/2057 | 1368 | 1232 |
|  |  | 6757 |
|  Total Asset-Backed Securities<br>(Cost $23,265) | Total Asset-Backed Securities<br>(Cost $23,265) | 22813 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% | PREFERRED SECURITIES 0.4% |
| BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% | BANKING & FINANCE 0.4% |
|  CoBank ACB |  |  |  |
|  7.250% due 07/01/2029 •(d) | 2200000 | $— | 2270 |
|  Total Preferred Securities<br>(Cost $2,200) | Total Preferred Securities<br>(Cost $2,200) |  | 2270 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.200% (f) | 539877 |  | 540 |
|  Total Short-Term Instruments<br> (Cost $540) | Total Short-Term Instruments<br> (Cost $540) |  | 540 |
|  Total Investments in Securities<br> (Cost $840,348) | Total Investments in Securities<br> (Cost $840,348) |  | 808552 |
| INVESTMENTS IN AFFILIATES 3.8% | INVESTMENTS IN AFFILIATES 3.8% | INVESTMENTS IN AFFILIATES 3.8% | INVESTMENTS IN AFFILIATES 3.8% |
| MUTUAL FUNDS 3.8% | MUTUAL FUNDS 3.8% | MUTUAL FUNDS 3.8% | MUTUAL FUNDS 3.8% |
|  PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 457100 |  | 22698 |
| Total Mutual Funds (Cost $22,467) | Total Mutual Funds (Cost $22,467) |  | 22698 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 15943 |  | 156 |
| Total Short-Term Instruments<br>(Cost $155) | Total Short-Term Instruments<br>(Cost $155) |  | 156 |
| Total Investments in Affiliates<br>(Cost $22,622) | Total Investments in Affiliates<br>(Cost $22,622) |  | 22854 |
| Total Investments 138.2%<br>(Cost $862,970) | Total Investments 138.2%<br>(Cost $862,970) | $— | 831406 |
|  Financial Derivative<br>Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $2,765) | Financial Derivative<br>Instruments (h)(j) 0.0%<br> (Cost or Premiums, net $2,765) |  | 264 |
| Other Assets and Liabilities, net (38.2)% | Other Assets and Liabilities, net (38.2)% |  | (230049) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 601621 |

---

#### 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) Principal amount of security is adjusted for inflation.

(d) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(e) Institutional Class Shares of each Fund.

(f) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **203** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund II | (Cont.) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 4.320% | 09/23/2025 | 10/07/2025 | $(47718) | $(47763) |
|  BOO | 4.310 | 09/30/2025 | 10/01/2025 | (680) | (680) |
|  BSN | 4.380 | 09/25/2025 | 10/02/2025 | (1437) | (1438) |
|  STR | 4.270 | 10/01/2025 | 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36547) | (36547) |
|  | 4.370 | 09/30/2025 | 10/01/2025 | (37431) | (37436) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123864) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  UBS | 4.340% | 09/08/2025 | 10/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8234) | $(8257) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8257) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOM | $0 | $(47763) | $0 | $(47763) | $47473 | $(290) |
|  BOO | 0 | (680) | 0 | (680) | 676 | (4) |
|  BSN | 0 | (1438) | 0 | (1438) | 1410 | (28) |
|  STR | 0 | (73983) | 0 | (73983) | 38008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35975) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  UBS | 0 | 0 | (8257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123864) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8257) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |  |  |  |
|  U.S. Treasury Obligations | $(38116) | $(49201) | $0 | $0 | $(87317) |
|  Total | $(38116) | $(49201) | $0 | $0 | $(87317) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (8257) | 0 | 0 | (8257) |
|  Total | $0 | $(8257) | $0 | $0 | $(8257) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57458) | $&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;(95574) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions<sup>(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95574) |

---

(g) Securities with an aggregate market value of $95,827 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(96439) at a weighted average interest rate of 4.422%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(5) of deferred price drop. 

<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 $(36547) is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **204** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 36 | $36 | $(7) | $(7) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.500 | 10/24/2025 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | (6) | (6) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&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 - CBOT U.S. Treasury 10-Year Note November Futures | $111.000 | 10/24/2025 | 20 | $20 | $(4) | $(2) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.000 | 10/24/2025 | 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | (7) | (4) |
|  |  |  |  |  | $(11) | $(6) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 28 | $5835 | $6 | $3 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 63 | 6879 | 27 | 2 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 789 | 88763 | 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (12) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| 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 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 223 | $(26000) | $(547) | $56 | $0 |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 300 | (36019) | (937) | 169 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 530 | (60991) | (631) | 33 | 0 |
|  |  |  |  | $(2115) | $258 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
| AES Corp. | 5.000% | Quarterly | 12/20/2028 | 0.706% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $62 | $4 | $66 | $0 | $0 |
| Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | (9) | 20 | 11 | 0 | 0 |
| Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.272 | 1800 | (12) | 28 | 16 | 0 | 0 |
| General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 1800 | 12 | 0 | 12 | 0 | 0 |
| General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 1700 | 23 | (4) | 19 | 0 | 0 |
| General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.322 | 630 | 125 | (89) | 36 | 0 | 0 |
| Hess Corp. | 1.000 | Quarterly | 12/20/2026 | 0.106 | 1600 | (17) | 35 | 18 | 0 | 0 |
| Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 500 | 1 | 0 | 1 | 0 | 0 |
| Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 200 | 4 | 0 | 4 | 0 | 0 |
| Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 1700 | 39 | (24) | 15 | 0 | 0 |
| Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 300 | 0 | 5 | 5 | 0 | 0 |
| Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 100 | 0 | 2 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 205

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund II | (Cont.) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | **Unrealized**<br> **Appreciation/**<br> (Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.788% | Annual | 05/03/2027 | $5200 | $(18) | $(172) | $(190) | $1 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 10900 | (41) | (263) | (304) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/29/2027 | 2600 | (13) | (17) | (30) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 7600 | (149) | 73 | (76) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 1200 | (2) | (17) | (19) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 02/28/2031 | 6760 | 40 | (147) | (107) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 3000 | 310 | 36 | 346 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.604 | Annual | 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | 0 | (44) | (44) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.608 | Annual | 08/15/2033 | 7100 | 0 | (26) | (26) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.609 | Annual | 08/15/2033 | 3500 | 0 | (13) | (13) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.619 | Annual | 08/15/2033 | 4500 | 0 | (20) | (20) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 500 | (2) | (6) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 600 | (3) | (7) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 1000 | (5) | 5 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 1200 | (6) | 3 | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 900 | (4) | 7 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 1300 | (5) | (42) | (47) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 10200 | 51 | (157) | (106) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 1200 | (4) | (31) | (35) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 2300 | (7) | (41) | (48) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 1200 | (5) | (17) | (22) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 1180 | (23) | 13 | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 800 | (3) | 5 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 1700 | (6) | 8 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 1700 | (6) | 16 | 10 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 1000 | (4) | 8 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 1800 | (7) | 14 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 1800 | (6) | 12 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 300 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 700 | (3) | 10 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 500 | (2) | 16 | 14 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 1100 | (5) | 32 | 27 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 650 | (2) | (10) | (12) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 800 | (3) | (13) | (16) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 800 | (3) | (10) | (13) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 600 | (2) | (10) | (12) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 1500 | (4) | (34) | (38) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 1300 | (4) | (24) | (28) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 500 | (1) | (8) | (9) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 12700 | 2532 | 2432 | 4964 | 35 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.956 | Annual | 11/15/2054 | 3300 | 0 | (1) | (1) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.814 | Annual | 02/15/2055 | 1000 | 0 | 25 | 25 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.846 | Annual | 02/15/2055 | 800 | 0 | 15 | 15 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.872 | Annual | 02/15/2055 | 2300 | 0 | 32 | 32 | 7 | 0 |
|  |  |  |  |  |  | $2583 | $1639 | $4222 | $62 | $(19) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability |  | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  |  |  | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | $(19) | $(12) | $(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

(i) Securities with an aggregate market value of $6,032 and cash of $5,773 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **206** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating<br>Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 1100 | $(3) | $(1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 500 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 500 | (1) | (3) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 600 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 600 | (2) | (2) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 1200 | (4) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 1200 | (4) | (4) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 400 | (1) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 400 | (1) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $(4) | $0 | $(4) | $&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;(4) |
|  BPS | 0 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | (2) | 0 | (2) |
|  CBK | 0 | 0 | 0 | 0 | 0 | (4) | 0 | (4) | (4) | 0 | (4) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 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 | $263 | $263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 62 | 62 |
|  | $&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;325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 207

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund II | (Cont.) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 19 | 19 |
|  | $0 | $0 | $0 | $0 | $50 | $50 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $11 | $11 |
|  | $&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;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $96 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2094 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 96 | 0 | 0 | 735 | 831 |
|  | $0 | $96 | $0 | $0 | $2925 | $3021 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $5 | $0 | $0 | $240 | $245 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | (1771) | (1771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (52) | 0 | 0 | (664) | (716) |
|  | $0 | $(52) | $0 | $0 | $(2430) | $(2482) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5 | $5 |
|  | $0 | $(52) | $0 | $0 | $(2425) | $(2477) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $57533 | $0 | $57533 |
| &nbsp;&nbsp; Industrials | 0 | 42170 | 6300 | 48470 |
| &nbsp;&nbsp; Utilities | 299 | 38390 | 0 | 38689 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 1261 | 0 | 1261 |
| &nbsp;&nbsp; West Virginia | 0 | 911 | 0 | 911 |
|  U.S. Government Agencies | 0 | 240510 | 0 | 240510 |
|  U.S. Treasury Obligations | 0 | 331205 | 0 | 331205 |
|  Non-Agency Mortgage-Backed Securities | 0 | 64350 | 0 | 64350 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 6904 | 0 | 6904 |
| &nbsp;&nbsp; CMBS Other | 0 | 6740 | 0 | 6740 |
| &nbsp;&nbsp; Credit Card Other | 0 | 1426 | 0 | 1426 |
| &nbsp;&nbsp; Home Equity Other | 0 | 986 | 0 | 986 |
| &nbsp;&nbsp; Other ABS | 0 | 6757 | 0 | 6757 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 2270 | 0 | 2270 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 540 | 0 | 540 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808552 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | $22698 | $0 | $0 | $22698 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 156 | 0 | 0 | 156 |
|  | $22854 | $0 | $0 | $22854 |
|  Total Investments | $23153 | $801953 | $6300 | $831406 |
|  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 | $325 | $0 | $325 |
|  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 | (50) | 0 | (50) |
|  Over the counter | 0 | (11) | 0 | (11) |
|  | $0 | $(61) | $0 | $(61) |
|  Total Financial Derivative Instruments | $0 | $264 | $0 | $264 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23153 | $802217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $831670 |

---

208 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category<br>and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $6300 | $0 | $0 | $0 | $0 | $0 | $0 | $6300 | $0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Ending<br>Balance<br>at 09/30/2025 |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $6300 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **209** |

---

------

---

| | |
|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV |

---

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 124.2% | INVESTMENTS IN SECURITIES 124.2% | INVESTMENTS IN SECURITIES 124.2% |
| CORPORATE BONDS & NOTES 45.3% | CORPORATE BONDS & NOTES 45.3% | CORPORATE BONDS & NOTES 45.3% |
| BANKING & FINANCE 23.2% | BANKING & FINANCE 23.2% | BANKING & FINANCE 23.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.718% due 01/22/2027 | 600 | 605 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  4.375% due 10/02/2031 | 600 | 601 |
|  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 | 500 | 491 |
|  3.650% due 07/21/2027 | 200 | 198 |
|  6.100% due 01/15/2027 | 300 | 307 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  5.300% due 06/25/2026 | 600 | 604 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 300 | 289 |
|  6.500% due 07/18/2028 | 200 | 210 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 400 | 423 |
|  American Express Co. | American Express Co. | American Express Co. |
|  6.338% due 10/30/2026 •  | 500 | 501 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  3.900% due 05/16/2030 | 600 | 730 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.339% due 01/15/2027 | 500 | 507 |
|  5.583% due 01/09/2029 | 700 | 724 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.125% due 04/10/2030 | 600 | 610 |
|  5.375% due 07/15/2029 | 100 | 102 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |  |
|  5.750% due 03/01/2029 | 500 | 518 |
|  6.375% due 05/04/2028 | 500 | 522 |
|  Banco Santander SA | Banco Santander SA |  |
|  5.552% due 03/14/2028 • | 400 | 407 |
|  Bank of America Corp. | Bank of America Corp. |  |
|  3.559% due 04/23/2027 • | 100 | 100 |
|  3.974% due 02/07/2030 • | 500 | 496 |
|  4.376% due 04/27/2028 • | 500 | 502 |
|  5.202% due 04/25/2029 • | 800 | 820 |
|  5.933% due 09/15/2027 • | 600 | 610 |
|  6.204% due 11/10/2028 • | 800 | 834 |
|  Barclays PLC | Barclays PLC |  |
|  5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 500 | 505 |
|  6.056% (SOFRRATE + 1.880%) due 09/13/2027 ~ | 400 | 404 |
|  7.437% due 11/02/2033 • | 600 | 689 |
|  BGC Group, Inc. | BGC Group, Inc. |  |
|  6.150% due 04/02/2030 | 600 | 616 |
|  6.600% due 06/10/2029 | 600 | 624 |
|  BNP Paribas SA | BNP Paribas SA |  |
|  5.283% due 11/19/2030 • | 600 | 617 |
|  5.497% due 05/20/2030 • | 500 | 517 |
|  BPCE SA | BPCE SA |  |
|  5.716% due 01/18/2030 • | 500 | 517 |
|  5.876% due 01/14/2031 • | 600 | 627 |
|  6.714% due 10/19/2029 • | 500 | 531 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. |  |
|  4.700% due 06/23/2028 | 600 | 606 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP |  |
|  7.200% due 12/12/2028 | 500 | 534 |
|  Capital One Financial Corp. | Capital One Financial Corp. |  |
|  5.700% due 02/01/2030 • | 300 | 312 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |  |
|  3.500% due 09/19/2029 | 1200 | 1163 |
|  Charles Schwab Corp. | Charles Schwab Corp. |  |
|  6.196% due 11/17/2029 • | 175 | 186 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |  |
|  5.500% due 06/18/2030 | 600 | 616 |
|  Citibank NA | Citibank NA |  |
|  5.488% due 12/04/2026 | 400 | 406 |
|  Citigroup, Inc. | Citigroup, Inc. |  |
|  5.174% due 02/13/2030 • | 100 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.210% due 09/01/2031 | 500 | 516 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.447% due 03/05/2030 •  | 500 | 518 |
|  5.564% due 02/28/2029 •  | 300 | 309 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.750% due 07/02/2026 | 100 | 101 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.052% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 500 | 502 |
|  6.316% due 10/03/2029 •  | 300 | 316 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.800% due 02/15/2028 | 500 | 494 |
|  5.600% due 06/01/2029 | 100 | 104 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  6.819% due 11/20/2029 •  | 500 | 535 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  5.000% due 03/27/2030 | 600 | 615 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 200 | 202 |
|  5.875% due 11/07/2029 | 600 | 611 |
|  7.350% due 11/04/2027 | 300 | 313 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.875% due 08/15/2029 | 700 | 717 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.617% (SOFRINDX + 1.350%) due 05/08/2027 ~ | 500 | 503 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.986% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 600 | 602 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 100 | 99 |
|  4.692% due 10/23/2030 •  | 600 | 608 |
|  5.049% due 07/23/2030 •  | 400 | 410 |
|  6.325% (US0003M + 1.750%) due 10/28/2027 ~ | 900 | 914 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  7.050% due 12/05/2028 | 500 | 529 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.013% due 09/22/2028 •  | 400 | 383 |
|  5.130% due 03/03/2031 •  | 600 | 615 |
|  7.390% due 11/03/2028 •  | 1000 | 1062 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  4.650% due 04/01/2029 | 500 | 466 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.017% due 03/28/2028 •  | 800 | 798 |
|  5.066% due 03/25/2031 •  | 800 | 820 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 1200 | 1183 |
|  4.005% due 04/23/2029 •  | 100 | 100 |
|  4.603% due 10/22/2030 •  | 600 | 607 |
|  5.236% (SOFRRATE + 0.930%) due 07/22/2028 ~ | 200 | 201 |
|  5.299% due 07/24/2029 •  | 500 | 515 |
|  5.503% (SOFRRATE + 1.200%) due 01/23/2028 ~ | 100 | 101 |
|  6.070% due 10/22/2027 •  | 500 | 510 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.197% (SOFRRATE + 1.000%) due 12/08/2026 ~ | 500 | 504 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  6.250% due 01/15/2036 | 300 | 311 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.087% due 11/26/2028 •  | 200 | 204 |
|  5.298% (SOFRINDX + 1.060%) due 11/26/2028 ~ | 200 | 201 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.200% due 03/15/2030 | 600 | 613 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 300 | 261 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.967% (SOFRINDX + 0.700%) due 11/08/2027 ~ | 300 | 301 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.300% due 10/22/2027 | 600 | 604 |
|  5.050% due 12/07/2027 | 600 | 613 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 500 | 498 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.197% due 01/16/2031 •  | 600 | 619 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.654% due 10/18/2030 •  | 600 | 607 |
|  5.123% due 02/01/2029 •  | 500 | 511 |
|  5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ | 900 | 905 |
|  5.449% due 07/20/2029 •  | 500 | 517 |
|  5.652% due 04/13/2028 •  | 300 | 307 |
|  5.656% due 04/18/2030 •  | 200 | 209 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.398% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 500 | 503 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 900 | 899 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  5.099% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 1300 | 1305 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.000% due 04/01/2030 | 400 | 409 |
|  5.350% due 04/09/2027 | 300 | 305 |
|  5.450% due 12/12/2028 | 500 | 517 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 500 | 511 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.583% due 03/01/2028 •  | 500 | 509 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  5.022% due 03/21/2030 | 900 | 925 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.898% due 01/16/2026 •  | 500 | 501 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 500 | 537 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 200 | 193 |
|  6.226% (SOFRINDX + 2.050%) due 09/13/2027 ~ | 500 | 499 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 100 | 95 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.900% due 06/12/2028 | 500 | 512 |
|  Nuveen LLC | Nuveen LLC | Nuveen LLC |
|  5.550% due 01/15/2030 | 500 | 521 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  5.250% due 01/15/2026 | 1400 | 1400 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.500% due 08/28/2029 | 600 | 606 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  3.150% due 08/15/2030 | 1200 | 1091 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.650% due 08/27/2031 | 600 | 607 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  4.950% due 11/27/2029 | 400 | 409 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 900 | 662 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.467% due 12/08/2028 | 500 | 519 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  3.375% due 06/20/2031 | 300 | 353 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.448% due 05/24/2029 | 100 | 104 |
|  5.500% due 01/11/2031 | 500 | 522 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.875% due 01/19/2027 | 500 | 506 |
|  4.900% due 01/12/2028 | 300 | 306 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  6.875% due 04/15/2034 | 600 | 661 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 •  | 600 | 620 |
|  6.499% due 03/09/2029 •  | 300 | 313 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.858% due 09/11/2030 •  | 475 | 481 |

---

---

| | | |
|:---|:---|:---|
| **210** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 | $| 900 | 856 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 |  | 600 | 621 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  |  | 1200 | 1178 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.750% due 02/08/2028 •  |  | 100 | 103 |
|  State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. |
|  4.782% due 11/23/2029 |  | 250 | 256 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 |  | 1300 | 1275 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 |  | 900 | 845 |
|  5.240% due 04/15/2030 |  | 500 | 518 |
|  5.316% due 07/09/2029 |  | 600 | 622 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 |  | 300 | 323 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 09/10/2029 | EUR | 1200 | 1296 |
|  4.194% due 04/01/2031 •  | $| 300 | 297 |
|  5.428% due 02/08/2030 •  |  | 700 | 723 |
|  6.246% due 09/22/2029 •  |  | 500 | 528 |
|  6.442% due 08/11/2028 •  |  | 300 | 312 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.625% due 04/01/2035 |  | 600 | 615 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  |  | 500 | 486 |
|  3.526% due 03/24/2028 •  |  | 800 | 793 |
|  5.244% due 01/24/2031 •  |  | 600 | 621 |
|  6.303% due 10/23/2029 •  |  | 500 | 530 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.252% (SOFRRATE + 1.070%) due 12/11/2026 ~ |  | 500 | 504 |
|  |  |  | 77151 |
| INDUSTRIALS 15.3% | INDUSTRIALS 15.3% | INDUSTRIALS 15.3% | INDUSTRIALS 15.3% |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.375% due 10/09/2031 |  | 600 | 601 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 |  | 300 | 302 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 700 | 705 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.875% due 02/04/2028 |  | 600 | 610 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 |  | 728 | 706 |
|  3.500% due 08/15/2033 |  | 912 | 836 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.950% due 04/07/2030 |  | 400 | 409 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 |  | 700 | 716 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  5.150% due 08/21/2029 |  | 600 | 614 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  6.343% due 08/02/2030 |  | 500 | 540 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 1600 | 1595 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 |  | 200 | 214 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 3800 | 3800 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  3.080% due 07/01/2051 |  | 900 | 593 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.050% due 03/21/2030 |  | 600 | 616 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 |  | 500 | 496 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.050% due 07/12/2029 |  | 600 | 618 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 |  | 300 | 307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  5.100% due 03/01/2030 | 600 | 611 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 550 | 474 |
|  2.625% due 08/01/2031 | 150 | 129 |
|  3.000% due 10/15/2030 | 400 | 358 |
|  4.625% due 12/15/2029 | 500 | 485 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 500 | 456 |
|  4.500% due 10/01/2029 | 200 | 199 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 500 | 516 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.000% due 05/15/2029 | 500 | 513 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.800% due 01/15/2029 | 375 | 381 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.250% due 01/30/2031 | 400 | 412 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  5.000% due 01/15/2027 | 500 | 505 |
|  5.113% (SOFRRATE + 0.960%) due 09/25/2027 ~ | 600 | 602 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 841 | 806 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 | 750 | 774 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.100% due 12/01/2028 | 200 | 211 |
|  Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
|  4.800% due 09/15/2029 | 600 | 610 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 300 | 309 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 | 800 | 765 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  4.350% due 03/15/2031 | 600 | 596 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 1200 | 1163 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 | 200 | 211 |
|  6.129% due 02/23/2038 | 200 | 213 |
|  6.510% due 02/23/2042 | 300 | 326 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 600 | 616 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 | 600 | 616 |
|  5.750% due 03/30/2032 | 600 | 626 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.800% due 01/10/2028 | 100 | 95 |
|  5.150% due 03/27/2030 | 600 | 613 |
|  5.250% due 01/08/2027 | 400 | 404 |
|  5.950% due 09/21/2026 | 500 | 508 |
|  6.500% due 01/16/2029 | 600 | 636 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  4.650% due 09/09/2026 | 500 | 502 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 1600 | 1172 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1116 | 991 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.550% due 10/15/2028 | 500 | 519 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.200% due 03/01/2035 | 600 | 614 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 | 600 | 609 |
|  4.800% due 01/11/2027 | 500 | 505 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 03/15/2030 | 600 | 621 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 1100 | 1080 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.620% due 07/16/2028 | 261 | 264 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 600 | 609 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.800% due 08/03/2028 | 600 | 610 |
|  6.150% due 11/09/2029 | 300 | 320 |
|  Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 | 100 | 98 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.750% due 01/15/2031 | 500 | 604 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  4.300% due 08/09/2028 | 600 | 603 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
|  4.625% due 12/15/2029 | 600 | 609 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
|  4.790% due 03/08/2029 | 500 | 511 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.750% due 05/28/2035 | 400 | 415 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.026% due 10/01/2029 | 600 | 607 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.700% due 04/30/2030 | 1000 | 975 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 1301 | 1236 |
|  Stryker Corp. |  |  |
|  3.375% due 09/11/2032 | 200 | 237 |
|  Syensqo Finance America LLC |  |  |
|  5.650% due 06/04/2029 | 600 | 622 |
|  T-Mobile USA, Inc. |  |  |
|  2.050% due 02/15/2028 | 100 | 95 |
|  4.800% due 07/15/2028 | 300 | 306 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 9 | 14 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  6.500% due 02/09/2034 | 100 | 95 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 908 | 835 |
|  3.450% due 06/01/2029 | 169 | 166 |
|  UnitedHealth Group, Inc. |  |  |
|  4.250% due 01/15/2029 | 800 | 803 |
|  VMware LLC |  |  |
|  1.800% due 08/15/2028 | 1000 | 938 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 1200 | 1216 |
|  5.350% due 03/27/2030 | 600 | 616 |
|  Warnermedia Holdings, Inc. |  |  |
|  3.755% due 03/15/2027 | 285 | 281 |
|  Zimmer Biomet Holdings, Inc. |  |  |
|  5.350% due 12/01/2028 | 500 | 518 |
|  |  | 50833 |
| UTILITIES 6.8% |  |  |
|  AES Corp. |  |  |
|  2.450% due 01/15/2031 | 200 | 179 |
|  5.450% due 06/01/2028 | 400 | 410 |
|  Alliant Energy Finance LLC |  |  |
|  5.400% due 06/06/2027 | 600 | 608 |
|  Ameren Corp. |  |  |
|  5.000% due 01/15/2029 | 500 | 511 |
|  Boston Gas Co. |  |  |
|  3.001% due 08/01/2029 | 1200 | 1146 |
|  DTE Energy Co. |  |  |
|  5.100% due 03/01/2029 | 500 | 513 |
|  Edison International |  |  |
|  4.125% due 03/15/2028 | 200 | 196 |
|  Electricite de France SA |  |  |
|  6.375% due 01/13/2055 | 500 | 524 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  1.625% due 07/12/2026 | 1000 | 980 |
|  2.500% due 07/12/2031 | 1000 | 893 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  2.950% due 09/01/2026 | 2700 | 2672 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 400 | 511 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **211** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  5.150% due 03/15/2028 | 500 | 512 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.050% due 04/01/2028 | 600 | 616 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 236 | 231 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  3.550% due 05/15/2027 | 1400 | 1388 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  1.950% due 10/01/2030 | 1200 | 1042 |
|  2.150% due 10/01/2031 | 900 | 783 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 800 | 821 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.250% due 06/01/2030 | 600 | 568 |
|  4.400% due 10/15/2029 | 300 | 300 |
|  6.500% due 09/01/2030 | 600 | 645 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.300% due 02/15/2031 | 900 | 934 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  5.231% due 06/01/2042 | 600 | 615 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 615 | 638 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 500 | 442 |
|  SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. | SGSP Australia Assets Pty. Ltd. |
|  3.250% due 07/29/2026 | 1500 | 1488 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.250% due 06/01/2030 | 1400 | 1256 |
|  4.125% due 03/01/2048 | 100 | 76 |
|  4.875% due 02/01/2027 | 300 | 302 |
|  5.150% due 06/01/2029 | 100 | 102 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 500 | 506 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  5.088% due 05/01/2029 | 334 | 336 |
|  |  | 22744 |
|  Total Corporate Bonds & Notes (Cost $149,878) | Total Corporate Bonds & Notes (Cost $149,878) | 150728 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 350 | 367 |
| LOUISIANA 0.2% | LOUISIANA 0.2% | LOUISIANA 0.2% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.145% due 02/01/2033 | 800 | 799 |
| TEXAS 0.1% | TEXAS 0.1% | TEXAS 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 |
|  5.169% due 04/01/2041 | 400 | 408 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 | 1000 | 910 |
|  Total Municipal Bonds & Notes (Cost $2,550) | Total Municipal Bonds & Notes (Cost $2,550) | 2484 |
| U.S. GOVERNMENT AGENCIES 47.2% | U.S. GOVERNMENT AGENCIES 47.2% | U.S. GOVERNMENT AGENCIES 47.2% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 05/01/2052 - 09/01/2052 | 31100 | 27372 |
|  4.000% due 10/01/2052 | 177 | 168 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 06/01/2028 - 09/01/2053 | 1008 | 1013 |
|  5.500% due 04/01/2038 - 01/01/2055 | 1710 | 1729 |
|  6.000% due 10/01/2053 - 06/01/2054 | 801 | 821 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.677% due 10/15/2043 •  | 220 | 216 |
|  5.556% due 02/25/2055 •  | 666 | 669 |
|  5.656% due 05/25/2054 •  | 766 | 766 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 06/01/2029 - 07/01/2052 | 5630 | 4962 |
|  3.500% due 03/01/2048 | 59 | 55 |
|  4.000% due 11/01/2047 - 06/01/2052 | 2238 | 2150 |
|  4.500% due 01/01/2041 - 05/01/2053 | 599 | 587 |
|  5.000% due 07/01/2053 | 2155 | 2148 |
|  5.500% due 02/01/2036 - 05/01/2036 | 26 | 27 |
|  6.404% due 01/01/2036 •  | 552 | 572 |
|  6.618% due 05/01/2038 •  | 306 | 317 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 02/25/2033 •  | 2151 | 1952 |
|  3.000% due 10/25/2040 | 407 | 391 |
|  5.450% due 10/25/2055 •  | 700 | 701 |
|  5.556% due 12/25/2053 •  | 500 | 503 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 11/15/2049 | 448 | 402 |
|  4.000% due 09/15/2049 | 216 | 205 |
|  5.000% due 05/15/2047 - 09/15/2047 | 71 | 71 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 11/20/2039 (a)(c) | 1607 | 1348 |
|  4.745% due 05/20/2047 •  | 389 | 375 |
|  4.892% due 04/20/2065 •  | 76 | 76 |
|  4.926% due 02/20/2067 •  | 296 | 296 |
|  4.936% due 06/20/2067 •  | 70 | 70 |
|  5.086% due 09/20/2065 •  | 722 | 722 |
|  5.189% due 01/20/2073 •  | 490 | 491 |
|  5.216% due 08/20/2066 - 08/20/2067 •  | 1092 | 1095 |
|  5.227% due 06/20/2067 •  | 1315 | 1330 |
|  5.266% due 05/20/2066 - 06/20/2066 •  | 1103 | 1107 |
|  5.269% due 03/20/2073 •  | 571 | 574 |
|  5.289% due 11/20/2073 •  | 991 | 996 |
|  5.409% due 12/20/2072 •  | 402 | 407 |
|  5.439% due 12/20/2073 •  | 491 | 495 |
|  5.529% due 11/20/2072 •  | 691 | 703 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 2900 | 2727 |
|  4.500% due 11/01/2055 | 3100 | 3005 |
|  5.000% due 11/01/2055 | 3560 | 3537 |
|  6.000% due 10/01/2055 - 11/01/2055 | 1800 | 1830 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 11/01/2055 | 4200 | 3958 |
|  4.500% due 10/01/2055 | 5500 | 5335 |
|  5.000% due 11/01/2055 | 5660 | 5610 |
|  5.500% due 11/01/2055 | 50225 | 50609 |
|  6.000% due 11/01/2055 | 22100 | 22574 |
|  Total U.S. Government Agencies (Cost $157,960) | Total U.S. Government Agencies (Cost $157,960) | 157067 |
| U.S. TREASURY OBLIGATIONS 15.3% | U.S. TREASURY OBLIGATIONS 15.3% | U.S. TREASURY OBLIGATIONS 15.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 | 7300 | 4766 |
|  1.375% due 08/15/2050 | 500 | 252 |
|  1.625% due 11/15/2050 | 500 | 268 |
|  1.875% due 02/15/2051 | 2650 | 1514 |
|  1.875% due 11/15/2051 | 925 | 523 |
|  2.000% due 02/15/2050 | 1200 | 718 |
|  2.000% due 08/15/2051 | 2725 | 1597 |
|  2.250% due 08/15/2049 | 5568 | 3555 |
|  2.375% due 11/15/2049 | 500 | 327 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.375% due 05/15/2051 | $— | 80 | 52 |
|  2.500% due 02/15/2045 |  | 5800 | 4156 |
|  2.750% due 08/15/2042 |  | 400 | 311 |
|  2.875% due 05/15/2049 |  | 400 | 292 |
|  3.000% due 02/15/2048 |  | 300 | 227 |
|  3.000% due 08/15/2048 |  | 300 | 226 |
|  3.000% due 02/15/2049 |  | 200 | 150 |
|  3.125% due 02/15/2043 (h) |  | 1930 | 1576 |
|  3.125% due 08/15/2044 |  | 4300 | 3444 |
|  3.250% due 05/15/2042 |  | 1300 | 1093 |
|  3.375% due 11/15/2048 |  | 1300 | 1045 |
|  3.750% due 11/15/2043 (h) |  | 2500 | 2214 |
|  3.875% due 02/15/2043 |  | 1000 | 908 |
|  3.875% due 05/15/2043 |  | 400 | 362 |
|  4.250% due 08/15/2054 |  | 1800 | 1662 |
|  4.500% due 11/15/2054 |  | 400 | 385 |
|  4.625% due 05/15/2044 |  | 900 | 894 |
|  4.625% due 05/15/2054 |  | 1300 | 1278 |
|  4.750% due 08/15/2055 |  | 5050 | 5068 |
|  4.875% due 08/15/2045 |  | 2300 | 2352 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.125% due 02/15/2051 |  | 2357 | 1309 |
|  0.125% due 02/15/2052 |  | 928 | 504 |
|  0.250% due 02/15/2050 |  | 503 | 298 |
|  0.750% due 02/15/2045 |  | 686 | 512 |
|  0.875% due 02/15/2047 |  | 268 | 198 |
|  1.000% due 02/15/2046 |  | 409 | 316 |
|  1.000% due 02/15/2049 |  | 257 | 189 |
|  1.500% due 02/15/2053 |  | 435 | 348 |
|  2.125% due 02/15/2054 |  | 1263 | 1167 |
|  2.375% due 02/15/2055 |  | 205 | 200 |
|  2.125% due 04/15/2029 (h) |  | 2611 | 2696 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 |  | 2000 | 2016 |
|  Total U.S. Treasury Obligations (Cost $57,882) | Total U.S. Treasury Obligations (Cost $57,882) | Total U.S. Treasury Obligations (Cost $57,882) | 50968 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.334% due 05/25/2035 ~ |  | 357 | 334 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  6.250% due 02/25/2033 ~ |  | 1 | 1 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ |  | 430 | 390 |
|  5.656% due 06/25/2055 •  |  | 557 | 558 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.914% due 02/25/2037 ~ |  | 3 | 3 |
|  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. |
|  3.917% due 09/25/2033 ~ |  | 1 | 1 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.093% due 04/25/2069 þ |  | 336 | 339 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  5.332% due 06/15/2034 •  |  | 46 | 44 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.255% due 06/15/2044 •  |  | 225 | 302 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.055% due 06/13/2045 •  |  | 678 | 912 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | $— | 422 | 422 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.397% due 07/15/2035 •  |  | 499 | 339 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  6.625% due 01/25/2035 ~ |  | 118 | 113 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.772% due 03/25/2035 •  |  | 172 | 141 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.052% due 10/25/2034 •  |  | 207 | 207 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 |  | 500 | 466 |
|  4.128% due 07/05/2031 |  | 500 | 459 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.500% due 09/25/2052 ~ |  | 708 | 635 |
|  5.990% due 07/25/2064 ~ |  | 399 | 403 |
|  Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC |
|  4.463% due 04/17/2044 •  |  | 155 | 203 |

---

---

| | | |
|:---|:---|:---|
| **212** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  4.295% due 12/01/2060 •  | GBP | 1067 | 1414 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.368% due 04/15/2047 •  |  | 282 | 375 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.578% due 11/21/2034 ~ | $| 247 | 238 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.772% due 11/25/2035 •  |  | 59 | 57 |
|  5.381% due 01/25/2029 •  |  | 23 | 23 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  3.436% due 12/15/2049 |  | 515 | 511 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  6.864% due 10/25/2063 þ |  | 318 | 322 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.750% due 02/25/2068 ~ |  | 423 | 393 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  3.688% due 04/25/2053 ~ |  | 370 | 364 |
|  ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust | ONE Mortgage Trust |
|  4.964% due 03/15/2036 •  |  | 700 | 690 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  3.900% due 10/25/2063 ~ |  | 798 | 774 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ |  | 474 | 464 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  6.265% due 12/25/2068 þ |  | 356 | 360 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  2.174% due 12/15/2043 •  | EUR | 2243 | 2574 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.137% due 09/25/2034 ~ | $| 341 | 336 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  | GBP | 360 | 486 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | $| 889 | 856 |
|  4.415% due 02/25/2055 ~ |  | 500 | 487 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 ~ |  | 923 | 765 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.193% due 03/25/2068 þ |  | 276 | 277 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.812% due 07/25/2045 •  |  | 55 | 53 |
|  4.852% due 10/25/2045 •  |  | 996 | 986 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $19,177) | Total Non-Agency Mortgage-Backed Securities (Cost $19,177) | Total Non-Agency Mortgage-Backed Securities (Cost $19,177) | 19077 |
| ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% | ASSET-BACKED SECURITIES 2.4% |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 331 | 334 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.050% due 06/15/2027 |  | 500 | 503 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.500% due 03/15/2027 |  | 16 | 16 |
|  |  |  | 853 |
| HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% | HOME EQUITY OTHER 0.6% |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.812% due 12/25/2034 •  |  | 1178 | 1149 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.067% due 09/25/2035 •  |  | 10 | 10 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 «þ |  | 400 | 399 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  5.272% due 10/25/2034 •  |  | 457 | 470 |
|  |  |  | 2028 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 1.5% | OTHER ABS 1.5% | OTHER ABS 1.5% |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.320% due 03/25/2060 | 600 | 614 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 06/22/2065 •  | 300 | 300 |
|  4.670% due 06/22/2065 | 400 | 399 |
|  6.589% due 02/20/2041 •  | 251 | 257 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  6.258% due 10/15/2031 | 174 | 175 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | 500 | 504 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.240% due 03/15/2056 | 246 | 252 |
|  5.822% due 03/15/2056 •  | 656 | 664 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  5.050% due 09/20/2029 | 500 | 505 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  5.000% due 12/20/2028 | 1400 | 1403 |
|  |  | 5073 |
|  Total Asset-Backed Securities (Cost $7,894) | Total Asset-Backed Securities (Cost $7,894) | 7954 |
| SOVEREIGN ISSUES 5.2% | SOVEREIGN ISSUES 5.2% | SOVEREIGN ISSUES 5.2% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 1300 | 755 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 500 | 379 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 1200 | 1433 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 66000 | 342 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 110000 | 635 |
|  2.400% due 03/20/2055 | 120700 | 711 |
|  2.800% due 06/20/2055 | 80000 | 513 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 140000 | 868 |
|  2.400% due 03/20/2045 | 82100 | 541 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | 200 | 200 |
|  4.136% due 10/09/2030 (b) | 200 | 200 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/07/2036 | 200 | 205 |
|  6.875% due 05/13/2037 | 600 | 649 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 650 | 198 |
|  7.300% due 08/12/2033 | 4290 | 1378 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 500 | 510 |
|  6.150% due 08/12/2032 | 3460 | 1056 |
|  6.950% due 08/12/2031 | 722 | 230 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 200 | 150 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 | 500 | 364 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 | 1900 | 1455 |
|  6.350% due 01/30/2026 | 600 | 604 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  3.000% due 02/27/2027 | 900 | 879 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.750% due 01/16/2030 | 500 | 511 |
|  5.125% due 01/13/2028 | 400 | 409 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  3.750% due 10/22/2053 | 600 | 605 |
|  4.375% due 07/31/2054 | 1314 | 1480 |
|  Total Sovereign Issues (Cost $17,127) | Total Sovereign Issues (Cost $17,127) | 17260 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Drillco Holdings Luxembourg SA «(f) | 22807 | 495 |
|  Foresea Holdings SA « | 17243 | 373 |
|  Total Common Stocks (Cost $801) | Total Common Stocks (Cost $801) | 868 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% |
| COMMERCIAL PAPER 1.3% | COMMERCIAL PAPER 1.3% | COMMERCIAL PAPER 1.3% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | 800 | 799 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/23/2025 | 700 | 698 |
|  4.620% due 10/21/2025 | 911 | 909 |
|  4.620% due 10/23/2025 | 341 | 340 |
|  4.800% due 10/07/2025 | 800 | 799 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 800 | 795 |
|  |  | 4340 |
|  | SHARES |  |
| MUTUAL FUNDS 0.8% | MUTUAL FUNDS 0.8% | MUTUAL FUNDS 0.8% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.200% (e) | 2550631 | 2550 |
| Total Short-Term Instruments (Cost $6,891) | Total Short-Term Instruments (Cost $6,891) | 6890 |
| Total Investments in Securities (Cost $420,160) | Total Investments in Securities (Cost $420,160) | 413296 |
| INVESTMENTS IN AFFILIATES 5.0% | INVESTMENTS IN AFFILIATES 5.0% | INVESTMENTS IN AFFILIATES 5.0% |
| SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% | SHORT-TERM INSTRUMENTS 5.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1703947 | 16595 |
| Total Short-Term Instruments<br>(Cost $16,589) | Total Short-Term Instruments<br>(Cost $16,589) | 16595 |
| Total Investments in Affiliates (Cost $16,589) | Total Investments in Affiliates (Cost $16,589) | 16595 |
| Total Investments 129.2% (Cost $436,749) |  | 429891 |
|  Financial Derivative<br>Instruments (g)(i) 0.0%<br> (Cost or Premiums, net $(368)) | Financial Derivative<br>Instruments (g)(i) 0.0%<br> (Cost or Premiums, net $(368)) | 80 |
| Other Assets and Liabilities, net (29.2)% | Other Assets and Liabilities, net (29.2)% | (97263) |
| Net Assets 100.0% |  | 332708 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 213

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV | (Cont.) |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Principal only security.

(b) When-issued security.

(c) Zero coupon security.

(d) Principal amount of security is adjusted for inflation.

(e) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(f) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | 0.15% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% | U.S. Government Agencies (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $(1510) | $(1494) |
|  Total Short Sales (0.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1494) |

---

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(27) at a weighted average interest rate of 4.448%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | 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 |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 14 | $1050 | $(3) | $7 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 33 | 2904 | 60 | 13 | 0 |
|  Long Guilt December Futures  | 12/2025 | 15 | 1833 | 9 | 8 | (1) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 57 | 11879 | 21 | 6 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 141 | 15397 | (2) | 6 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29138 | 129 | 0 | (4) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 7 | 840 | 22 | 0 | (4) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 123 | 14155 | 136 | 0 | (8) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 56 | $(8453) | $(50) | $2 | $(22) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |

---

214 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.402% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | $(11) | $39 | $28 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | 600 | 2 | 2 | 4 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 0.352 | 600 | (4) | 13 | 9 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2029 | 0.496 | 300 | (2) | 7 | 5 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | 500 | 8 | 1 | 9 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.195 | 600 | 66 | 3 | 69 | 0 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.262 | 400 | 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | 50 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.IG-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $9200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 1000 | $(5) | $(1) | $(6) | $1 | $0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Semi-Annual | 03/20/2029 | 10000 | 4 | (6) | (2) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | 670000 | (124) | 128 | 4 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2025 | $2400 | 2 | 19 | 21 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 600 | (5) | (2) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 5200 | (97) | 45 | (52) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 2500 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.585 | Annual | 10/31/2030 | 4600 | 0 | (4) | (4) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 6800 | 0 | (46) | (46) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 300 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 500 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 300 | 0 | (3) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 500 | 0 | (5) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2031 | 2025 | 0 | (22) | (22) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 4449 | (4) | (68) | (72) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 08/15/2033 | 5100 | 0 | (47) | (47) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.709 | Annual | 08/15/2033 | 1800 | 0 | (19) | (19) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.717 | Annual | 08/15/2033 | 760 | 0 | (9) | (9) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.718 | Annual | 08/15/2033 | 3200 | 0 | (36) | (36) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.763 | Annual | 08/15/2033 | 3000 | 0 | (43) | (43) | 0 | (1) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 824 | (9) | 4 | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 7800 | 237 | 376 | 613 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 | 400 | 0 | 14 | 14 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 1000 | 19 | 64 | 83 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.642 | Annual | 02/15/2055 | 300 | 0 | 16 | 16 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 02/15/2055 | 100 | 0 | 5 | 5 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 | 200 | 0 | 5 | 5 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 300 | 29 | 8 | 37 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 1000 | (17) | 35 | 18 | 3 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 800 | (23) | 37 | 14 | 2 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 3200 | (13) | 65 | 52 | 10 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 | 1000 | (1) | (10) | (11) | 3 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 200 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 | 400 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 | 600 | 0 | 3 | 3 | 0 | (1) |
|  Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 12200 | (40) | 57 | 17 | 41 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2410 | (36) | (8) | (44) | 0 | (19) |
|  Pay | 28-Day MXN-TIIE | 9.430 | Lunar | 12/19/2025 | 4700 | 0 | 1 | 1 | 0 | 0 |
|  Pay<sup>(5)</sup> | 28-Day MXN-TIIE | 9.430 | Lunar | 04/06/2029 | 4700 | 0 | 15 | 15 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | 4100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 2600 | (26) | (76) | (102) | 0 | (5) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 300 | 1 | (5) | (4) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **215** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV | (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 | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 CAD | 200 | $0 | $1 | $1 | $0 | $0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 1800 | 2 | (24) | (22) | 0 | (4) |
|  |  |  |  |  |  | $(701) | $727 | $26 | $98 | $(45) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |

---

(h) Securities with an aggregate market value of $3,340 and cash of $3,368 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 6802 | $7934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |
|  | 10/2025 | $5159 | 7177 | 0 | (2) |
|  | 11/2025 | 7166 | $5159 | 2 | 0 |
|  BOA | 10/2025 | 3502735 | 210 | 0 | 0 |
|  | 10/2025 | 750 | 5 | 0 | 0 |
|  | 10/2025 | 295 | 30 | 1 | 0 |
|  | 10/2025 | $53 | 4704 | 0 | 0 |
|  | 10/2025 | 44 | 6523 | 1 | 0 |
|  | 10/2025 | 101 | 175 | 1 | 0 |
|  | 11/2025 | 308 | $362 | 0 | 0 |
|  | 11/2025 | 6500 | 44 | 0 | (1) |
|  | 11/2025 | 175 | 101 | 0 | (1) |
|  BPS | 10/2025 | 653 | 92 | 0 | 0 |
|  | 10/2025 | 4326765 | 258 | 0 | (1) |
|  | 10/2025 | 2442 | 28 | 0 | 0 |
|  | 10/2025 | 13875 | 10 | 0 | 0 |
|  | 10/2025 | 1975 | 199 | 1 | 0 |
|  | 10/2025 | 3606 | 121 | 3 | 0 |
|  | 10/2025 | $441 | 327 | 0 | (1) |
|  | 10/2025 | 537 | 8843158 | 0 | (7) |
|  | 10/2025 | 74 | 6551 | 0 | 0 |
|  | 10/2025 | 51 | 7557 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **216** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $130 | 180049 | $0 | $(2) |
|  | 10/2025 | 306 | 1114 | 0 | 0 |
|  | 11/2025 | 1002682 | $60 | 0 | 0 |
|  | 11/2025 | 8011 | 90 | 0 | 0 |
|  | 11/2025 | 7531 | 51 | 0 | 0 |
|  | 11/2025 | 70091 | 50 | 0 | 0 |
|  | 12/2025 | $258 | 4339210 | 2 | 0 |
|  BRC | 10/2025 | 230 | $287 | 0 | (2) |
|  | 10/2025 | $245 | 195 | 1 | 0 |
|  | 10/2025 | 11 | 39 | 0 | 0 |
|  | 11/2025 | 195 | $245 | 0 | (1) |
|  BSH | 10/2025 | $30 | 51 | 0 | 0 |
|  | 11/2025 | 51 | $30 | 0 | 0 |
|  | 12/2025 | $20 | 73 | 1 | 0 |
|  | 01/2026 | 1196 | $334 | 0 | (9) |
|  | 02/2026 | 1311 | 375 | 0 | (1) |
|  | 03/2026 | 1206 | 345 | 0 | (1) |
|  CBK | 10/2025 | 1543 | 1026 | 5 | 0 |
|  | 10/2025 | 11327 | 1595 | 5 | 0 |
|  | 10/2025 | 308 | 361 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | 10/2025 | 4468656 | 267 | 0 | (1) |
|  | 10/2025 | 143698 | 1617 | 1 | 0 |
|  | 10/2025 | 1337 | 383 | 0 | (2) |
|  | 10/2025 | 95 | 10 | 0 | 0 |
|  | 10/2025 | 317 | 10 | 0 | 0 |
|  | 10/2025 | 43133 | 1435 | 18 | 0 |
|  | 10/2025 | $336 | 461 | 0 | (5) |
|  | 10/2025 | 499 | 8206495 | 0 | (7) |
|  | 10/2025 | 226 | 19894 | 0 | (3) |
|  | 10/2025 | 232 | 2295 | 0 | (2) |
|  | 10/2025 | 12 | 383 | 0 | 0 |
|  | 10/2025 | 107 | 3236 | 0 | 0 |
|  | 11/2025 | 1617 | 143994 | 0 | (1) |
|  | 12/2025 | 2920 | $97 | 0 | 0 |
|  | 12/2025 | $267 | 4481323 | 1 | 0 |
|  | 02/2026 | 1210 | $329 | 0 | (18) |
|  DUB | 10/2025 | 1400 | 197 | 0 | 0 |
|  | 10/2025 | 164253 | 10 | 0 | 0 |
|  | 10/2025 | 7559 | 85 | 0 | 0 |
|  | 10/2025 | 73965 | 53 | 1 | 0 |
|  | 10/2025 | 1850 | 1443 | 9 | 0 |
|  | 10/2025 | 301 | 10 | 0 | 0 |
|  | 10/2025 | $213 | 727 | 7 | 0 |
|  | 10/2025 | 103 | 9063 | 0 | (1) |
|  | 11/2025 | 727 | $213 | 0 | (7) |
|  | 11/2025 | $85 | 7574 | 0 | 0 |
|  | 02/2026 | 1441 | $405 | 0 | (8) |
|  FAR | 10/2025 | 1456 | 945 | 0 | (19) |
|  | 10/2025 | 611 | 86 | 0 | 0 |
|  | 10/2025 | 298002 | 2027 | 12 | 0 |
|  | 10/2025 | $1998 | 3060 | 27 | 0 |
|  | 10/2025 | 44 | 35 | 0 | 0 |
|  | 10/2025 | 215 | 18966 | 0 | (2) |
|  | 10/2025 | 136 | 497 | 0 | 0 |
|  | 10/2025 | 3259 | 4197 | 0 | (5) |
|  | 11/2025 | 3060 | $1999 | 0 | (27) |
|  | 11/2025 | 35 | 44 | 0 | 0 |
|  | 11/2025 | 4187 | 3259 | 5 | 0 |
|  | 12/2025 | $1309 | 24823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 0 |
|  GLM | 10/2025 | 48 | $7 | 0 | 0 |
|  | 10/2025 | 4292765 | 257 | 0 | 0 |
|  | 10/2025 | 883 | 10 | 0 | 0 |
|  | 10/2025 | $63 | 1036258 | 0 | (1) |
|  | 10/2025 | 62 | 5405 | 0 | (1) |
|  | 10/2025 | 988 | 3594 | 1 | 0 |
|  | 12/2025 | 257 | 4303059 | 0 | 0 |
|  | 12/2025 | 152 | 2941 | 7 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **217** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV | (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 | 10/2025 | 61 | $40 | $0 | $(1) |
|  JPM | 10/2025 | 6164 | 4461 | 31 | 0 |
|  | 10/2025 | 128020 | 92 | 1 | 0 |
|  | 10/2025 | 95 | 27 | 0 | 0 |
|  | 10/2025 | $329 | 281 | 1 | 0 |
|  | 10/2025 | 333 | 5480197 | 0 | (5) |
|  MBC | 10/2025 | 713 | $100 | 0 | 0 |
|  | 10/2025 | 101673 | 73 | 1 | 0 |
|  | 10/2025 | 560 | 60 | 1 | 0 |
|  | 10/2025 | 2348 | 1832 | 12 | 0 |
|  | 10/2025 | 583 | 20 | 0 | 0 |
|  | 10/2025 | $243 | 1730 | 0 | 0 |
|  | 10/2025 | 621 | 529 | 0 | 0 |
|  | 10/2025 | 905 | 668 | 0 | (7) |
|  | 10/2025 | 25 | 3745 | 0 | 0 |
|  | 10/2025 | 28 | 905 | 0 | 0 |
|  | 11/2025 | 1726 | $243 | 0 | 0 |
|  | 11/2025 | 6403 | 43 | 0 | 0 |
|  | 12/2025 | $249 | 4621 | 2 | 0 |
|  MYI | 10/2025 | 719 | $101 | 0 | 0 |
|  | 10/2025 | 3317 | 22 | 0 | 0 |
|  | 10/2025 | $957 | 142875 | 9 | 0 |
|  | 10/2025 | 117 | 425 | 0 | (1) |
|  | 10/2025 | 78 | 2355 | 0 | (1) |
|  | 11/2025 | 142380 | $957 | 0 | (9) |
|  | 12/2025 | 2340 | 78 | 1 | 0 |
|  | 12/2025 | $109 | 2065 | 2 | 0 |
|  NGF | 10/2025 | 169564 | $122 | 1 | 0 |
|  | 10/2025 | $56 | 930731 | 0 | 0 |
|  RYL | 10/2025 | 10669 | $120 | 0 | 0 |
|  SCX | 10/2025 | 523 | 74 | 0 | 0 |
|  | 10/2025 | 3456296 | 207 | 0 | 0 |
|  | 10/2025 | 4813 | 54 | 0 | 0 |
|  | 10/2025 | 16983 | 116 | 1 | 0 |
|  | 10/2025 | 433 | 124 | 0 | (1) |
|  | 10/2025 | 2 | 1 | 0 | 0 |
|  | 10/2025 | 24160 | 804 | 11 | 0 |
|  | 10/2025 | $5087 | 3803 | 28 | 0 |
|  | 10/2025 | 63 | 1032604 | 0 | (1) |
|  | 10/2025 | 1596 | 141109 | 0 | (8) |
|  | 11/2025 | 3803 | $5088 | 0 | (28) |
|  | 11/2025 | 31 | 0 | 0 | 0 |
|  | 11/2025 | $54 | 4823 | 0 | 0 |
|  | 12/2025 | 207 | 3465031 | 0 | 0 |
|  SOG | 10/2025 | 354 | 1801 | 0 | 0 |
|  | 10/2025 | 155507 | $1057 | 6 | 0 |
|  | 10/2025 | $7047 | 5992 | 0 | (12) |
|  | 10/2025 | 2091 | 311145 | 13 | 0 |
|  | 11/2025 | 5992 | $7061 | 12 | 0 |
|  | 11/2025 | 310069 | 2091 | 0 | (13) |
|  | 12/2025 | 354 | 1809 | 0 | 0 |
|  SSB | 10/2025 | 4798 | $6467 | 14 | 0 |
|  | 11/2025 | 857 | 232 | 0 | (14) |
|  UAG | 10/2025 | 1466 | 1061 | 8 | 0 |
|  | 10/2025 | 967 | 290 | 0 | (2) |
|  | 10/2025 | 226 | 132 | 1 | 0 |
|  | 10/2025 | $72 | 240 | 1 | 0 |
|  | 10/2025 | 117 | 424 | 0 | 0 |
|  | 11/2025 | 73 | $21 | 0 | (1) |
|  | 12/2025 | $1229 | 22976 | 15 | 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;319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) |

---

218 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $2 | $0 | $0 | $2 | $(54) | $0 | $0 | $(54) | $(52) | $0 | $(52) |
|  BOA | 3 | 0 | 0 | 3 | (2) | 0 | 0 | (2) | 1 | 0 | 1 |
|  BPS | 6 | 0 | 0 | 6 | (11) | 0 | 0 | (11) | (5) | 0 | (5) |
|  BRC | 1 | 0 | 0 | 1 | (3) | 0 | 0 | (3) | (2) | 0 | (2) |
|  BSH | 1 | 0 | 0 | 1 | (11) | 0 | 0 | (11) | (10) | 0 | (10) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &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;30 | &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;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  DUB | 17 | 0 | 0 | 17 | (16) | 0 | 0 | (16) | 1 | 0 | 1 |
|  FAR | 79 | 0 | 0 | 79 | (53) | 0 | 0 | (53) | 26 | 0 | 26 |
|  GLM | 8 | 0 | 0 | 8 | (2) | 0 | 0 | (2) | 6 | 0 | 6 |
|  IND | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  JPM | 33 | 0 | 0 | 33 | (5) | 0 | 0 | (5) | 28 | 0 | 28 |
|  MBC | 16 | 0 | 0 | 16 | (7) | 0 | 0 | (7) | 9 | 0 | 9 |
|  MYI | 12 | 0 | 0 | 12 | (11) | 0 | 0 | (11) | 1 | 0 | 1 |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 40 | 0 | 0 | 40 | (38) | 0 | 0 | (38) | 2 | 0 | 2 |
|  SOG | 31 | 0 | 0 | 31 | (25) | 0 | 0 | (25) | 6 | 0 | 6 |
|  SSB | 14 | 0 | 0 | 14 | (14) | 0 | 0 | (14) | 0 | 0 | 0 |
|  UAG | 25 | 0 | 0 | 25 | (3) | 0 | 0 | (3) | 22 | 0 | 22 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | $&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;319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | $&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;(296) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $42 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 98 | 99 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $140 | $141 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | $0 | $319 |
|  | $0 | $1 | $0 | $319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
|  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 | $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 45 | 45 |
|  | $0 | $0 | $0 | $0 | $84 | $84 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $296 | $0 | $296 |
|  | $0 | $0 | $0 | $296 | $84 | $380 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 219

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund IV | (Cont.) |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1177 | $1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 109 | 0 | 0 | 21 | 130 |
|  | $0 | $109 | $0 | $0 | $1198 | $1307 |
|  Over the counter | Over the 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 | $(1430) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | $(123) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(691) | $(691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 30 | 0 | 0 | 256 | 286 |
|  | $0 | $30 | $0 | $0 | $(435) | $(405) |
|  Over the counter | Over the 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 | $263 | $0 | $263 |
|  | $0 | $30 | $0 | $263 | $(435) | $(142) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $77151 | $0 | $77151 |
| &nbsp;&nbsp; Industrials | 0 | 47033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | 50833 |
| &nbsp;&nbsp; Utilities | 0 | 22744 | 0 | 22744 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 367 | 0 | 367 |
| &nbsp;&nbsp; Louisiana | 0 | 799 | 0 | 799 |
| &nbsp;&nbsp; Texas | 0 | 408 | 0 | 408 |
| &nbsp;&nbsp; West Virginia | 0 | 910 | 0 | 910 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157067 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157067 |
|  U.S. Treasury Obligations | 0 | 50968 | 0 | 50968 |
|  Non-Agency Mortgage-Backed Securities | 0 | 19077 | 0 | 19077 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 853 | 0 | 853 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1629 | 399 | 2028 |
| &nbsp;&nbsp; Other ABS | 0 | 5073 | 0 | 5073 |
|  Sovereign Issues | 400 | 16860 | 0 | 17260 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 868 | 868 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 4340 | 0 | 4340 |
| &nbsp;&nbsp; Mutual Funds | 0 | 2550 | 0 | 2550 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $407829 | $5067 | $413296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $16595 | $0 | $0 | $16595 |
|  Total Investments | $16995 | $407829 | $5067 | $429891 |
|  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 | $(1494) | $0 | $(1494) |
|  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 | 30 | 111 | 0 | 141 |
|  Over the counter | 0 | 319 | 0 | 319 |
|  | $30 | $430 | $0 | $460 |
|  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 | (23) | (61) | 0 | (84) |
|  Over the counter | 0 | (296) | 0 | (296) |
|  | $(23) | $(357) | $0 | $(380) |
|  Total Financial Derivative Instruments | $7 | $73 | $0 | $80 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428477 |

---

220 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(</sup><sup>1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $3800 | $0 | $0 | $0 | $0 | $0 | $0 | $3800 | $0 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Home Equity Other | 0 | 399 | 0 | 0 | 0 | 0 | 0 | 0 | 399 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 1009 | 0 | 0 | 0 | 0 | (141) | 0 | 0 | 868 | (141) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199 | $&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;(141) | $&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;5067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s)<br>(% Unless<br>Noted<br>Otherwise) | 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;&nbsp;&nbsp; Industrials | $3800 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Other | 399 | Proxy Pricing | Base Price | 99.999 |  |
|  Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 868 | Indicative Market Quotation | Broker Quote | $21.667 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **221** |

---

------

---

| | |
|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V |

---

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 116.8% | INVESTMENTS IN SECURITIES 116.8% | INVESTMENTS IN SECURITIES 116.8% |
| CORPORATE BONDS & NOTES 28.4% | CORPORATE BONDS & NOTES 28.4% | CORPORATE BONDS & NOTES 28.4% |
| BANKING & FINANCE 14.8% | BANKING & FINANCE 14.8% | BANKING & FINANCE 14.8% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 800 | 757 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 15 | 13 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  7.100% due 11/15/2027 | 300 | 316 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.085% due 01/30/2031 •  | 500 | 516 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 800 | 826 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.252% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 500 | 503 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.294% due 08/18/2027 | 400 | 408 |
|  6.527% due 11/07/2027 •  | 400 | 410 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 500 | 507 |
|  5.202% due 04/25/2029 •  | 1800 | 1845 |
|  6.204% due 11/10/2028 •  | 780 | 813 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.490% due 09/13/2029 •  | 1400 | 1483 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.675% due 06/30/2027 •  | 1000 | 980 |
|  BPCE SA | BPCE SA | BPCE SA |
|  2.045% due 10/19/2027 •  | 300 | 293 |
|  7.003% due 10/19/2034 •  | 400 | 446 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 100 | 98 |
|  8.300% due 03/15/2028 | 100 | 106 |
|  Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc. |
|  2.340% due 01/30/2032 | 1900 | 1661 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  2.724% due 04/15/2031 | 15 | 14 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.876% due 11/19/2027 •  | 800 | 806 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.075% due 04/23/2029 •  | 600 | 599 |
|  4.658% due 05/24/2028 •  | 1100 | 1108 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.106% due 02/24/2027 •  | 1200 | 1185 |
|  CTP NV | CTP NV | CTP NV |
|  3.625% due 03/10/2031 | 1300 | 1535 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  1.500% due 03/15/2030 | 600 | 655 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 15 | 15 |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  3.750% due 02/14/2033 | 15 | 15 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.125% due 08/17/2027 | 1300 | 1279 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 600 | 596 |
|  5.727% due 04/25/2030 •  | 800 | 837 |
|  6.484% due 10/24/2029 •  | 200 | 213 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  7.050% due 12/05/2028 | 300 | 317 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 615 | 612 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 500 | 514 |
|  6.375% due 07/01/2034 | 200 | 204 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  8.000% due 06/15/2027 | 243 | 253 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 58 | 52 |
|  3.375% due 12/15/2029 | 750 | 713 |
|  3.500% due 09/15/2030 | 1300 | 1221 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.887% due 08/14/2027 •  | $| 1900 | 1926 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  6.083% due 09/11/2027 •  |  | 1500 | 1526 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 |  | 200 | 215 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.509% due 01/23/2029 •  |  | 1100 | 1086 |
|  5.226% (SOFRRATE + 0.920%) due 04/22/2028 ~ |  | 300 | 302 |
|  5.299% due 07/24/2029 •  |  | 1300 | 1340 |
|  5.571% due 04/22/2028 •  |  | 200 | 204 |
|  5.581% due 04/22/2030 •  |  | 200 | 209 |
|  KEB Hana Bank | KEB Hana Bank | KEB Hana Bank | KEB Hana Bank |
|  5.375% due 04/23/2027 |  | 300 | 306 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 900 | 749 |
|  2.650% due 11/15/2033 |  | 400 | 328 |
|  4.750% due 12/15/2028 |  | 100 | 101 |
|  KODIT Global Co. Ltd. | KODIT Global Co. Ltd. | KODIT Global Co. Ltd. | KODIT Global Co. Ltd. |
|  5.357% due 05/29/2027 |  | 300 | 305 |
|  Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. | Manulife Financial Corp. |
|  3.703% due 03/16/2032 |  | 15 | 14 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  5.382% due 07/10/2030 •  |  | 400 | 414 |
|  5.778% due 07/06/2029 •  |  | 200 | 208 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.230% due 01/15/2031 •  |  | 400 | 413 |
|  5.338% (SOFRRATE + 1.020%) due 04/13/2028 ~ |  | 500 | 503 |
|  5.652% due 04/13/2028 •  |  | 200 | 204 |
|  5.656% due 04/18/2030 •  |  | 200 | 209 |
|  6.407% due 11/01/2029 •  |  | 300 | 319 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.011% (SOFRRATE + 0.685%) due 10/15/2027 ~ |  | 400 | 401 |
|  5.504% due 05/26/2028 •  |  | 250 | 256 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  4.750% due 10/15/2029 |  | 400 | 406 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  |  | 300 | 307 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  6.070% due 07/12/2028 |  | 1600 | 1674 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  2.080% due 09/22/2031 |  | 1100 | 954 |
|  5.094% due 10/16/2029 |  | 400 | 409 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.850% due 02/10/2030 |  | 800 | 816 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 700 | 515 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.700% due 01/18/2029 | $| 900 | 853 |
|  6.000% due 11/21/2028 |  | 300 | 316 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.320% due 09/22/2029 •  |  | 1000 | 998 |
|  6.534% due 01/10/2029 •  |  | 500 | 523 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  5.005% due 10/15/2030 •  |  | 400 | 407 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.472% due 01/14/2029 |  | 430 | 408 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  5.264% due 12/11/2026 |  | 300 | 304 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  4.194% due 04/01/2031 •  |  | 700 | 692 |
|  5.617% due 09/13/2030 •  |  | 600 | 627 |
|  6.246% due 09/22/2029 •  |  | 1000 | 1055 |
|  |  |  | 47526 |
| INDUSTRIALS 5.9% | INDUSTRIALS 5.9% | INDUSTRIALS 5.9% | INDUSTRIALS 5.9% |
|  Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC | Abu Dhabi National Energy Co. PJSC |
|  4.750% due 03/09/2037 |  | 400 | 397 |
|  AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS | AP Moller - Maersk AS |
|  5.875% due 09/14/2033 |  | 500 | 531 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | $| 2900 | 2900 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  5.050% due 03/21/2030 |  | 500 | 513 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 |  | 1500 | 1528 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  4.500% due 05/15/2027 | EUR | 300 | 359 |
|  Denso Corp. | Denso Corp. | Denso Corp. | Denso Corp. |
|  4.420% due 09/11/2029 | $| 700 | 704 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 |  | 800 | 760 |
|  Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. | Hanwha Q Cells Americas Holdings Corp. |
|  5.000% due 07/27/2028 |  | 300 | 307 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  0.500% due 01/16/2029 | EUR | 200 | 217 |
|  1.125% due 06/16/2033 |  | 200 | 196 |
|  2.250% due 09/24/2031 | $| 500 | 434 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.500% due 10/15/2031 |  | 600 | 598 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.900% due 11/15/2027 |  | 500 | 508 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 | CAD | 500 | 377 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 | $| 1600 | 1528 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 |  | 1500 | 1537 |
|  5.502% due 07/16/2035 |  | 800 | 828 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.500% due 05/11/2031 |  | 600 | 539 |
|  3.400% due 05/01/2030 |  | 15 | 14 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.200% due 09/27/2029 |  | 400 | 399 |
|  Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC | Smurfit Kappa Treasury ULC |
|  5.200% due 01/15/2030 |  | 300 | 309 |
|  Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC |
|  5.418% due 01/15/2035 |  | 500 | 516 |
|  Snam SpA | Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 |  | 600 | 609 |
|  VF Corp. | VF Corp. | VF Corp. | VF Corp. |
|  2.950% due 04/23/2030 |  | 500 | 441 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 |  | 200 | 210 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.850% due 09/11/2030 |  | 200 | 201 |
|  5.650% due 03/25/2032 |  | 1400 | 1446 |
|  |  |  | 18906 |
| UTILITIES 7.7% | UTILITIES 7.7% | UTILITIES 7.7% | UTILITIES 7.7% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 |  | 300 | 269 |
|  5.450% due 06/01/2028 |  | 700 | 717 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 |  | 600 | 603 |
|  Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. | Avangrid, Inc. |
|  3.800% due 06/01/2029 |  | 400 | 393 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.950% due 11/15/2028 |  | 500 | 500 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  2.500% due 12/01/2029 |  | 625 | 587 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 |  | 2200 | 2076 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 |  | 1250 | 1117 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 04/01/2026 |  | 775 | 771 |
|  Hanwha Energy USA Holdings Corp. | Hanwha Energy USA Holdings Corp. | Hanwha Energy USA Holdings Corp. | Hanwha Energy USA Holdings Corp. |
|  4.375% due 07/02/2028 |  | 400 | 403 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  4.100% due 09/26/2028 |  | 200 | 199 |

---

---

| | | |
|:---|:---|:---|
| **222** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.150% due 04/15/2050 | $| 700 | 482 |
|  3.650% due 04/15/2029 |  | 450 | 444 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  1.350% due 03/15/2031 |  | 400 | 342 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.300% due 08/15/2034 |  | 600 | 614 |
|  5.650% due 08/15/2028 |  | 500 | 520 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.900% due 06/15/2028 |  | 1850 | 1749 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  1.960% due 06/27/2030 |  | 800 | 721 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  3.950% due 04/01/2030 |  | 870 | 863 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  3.500% due 05/15/2031 | EUR | 300 | 360 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  5.050% due 10/15/2032 (a) | $| 600 | 599 |
|  6.700% due 04/01/2053 |  | 1265 | 1354 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  2.200% due 08/15/2031 |  | 875 | 772 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  5.875% due 10/15/2028 |  | 1500 | 1573 |
|  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 |  | 600 | 580 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 |  | 1600 | 1579 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  4.950% due 08/15/2028 |  | 1400 | 1434 |
|  Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC |
|  5.375% due 06/30/2035 |  | 274 | 283 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.500% due 06/01/2031 |  | 1275 | 1132 |
|  2.750% due 02/01/2032 |  | 300 | 264 |
|  3.450% due 02/01/2052 |  | 200 | 133 |
|  4.125% due 03/01/2048 |  | 100 | 76 |
|  5.250% due 03/15/2030 |  | 300 | 306 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.750% due 06/15/2049 |  | 200 | 150 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  4.750% due 09/30/2032 |  | 300 | 308 |
|  Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. | Wisconsin Power & Light Co. |
|  4.950% due 04/01/2033 |  | 300 | 304 |
|  5.375% due 03/30/2034 |  | 300 | 312 |
|  |  |  | 24889 |
|  Total Corporate Bonds & Notes<br>(Cost $89,246) | Total Corporate Bonds & Notes<br>(Cost $89,246) | Total Corporate Bonds & Notes<br>(Cost $89,246) | 91321 |
| U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% | U.S. GOVERNMENT AGENCIES 43.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 09/01/2052 - 12/01/2052 |  | 5245 | 4955 |
|  4.500% due 08/01/2053 |  | 4109 | 3997 |
|  5.000% due 06/01/2053 - 07/01/2053 |  | 8395 | 8356 |
|  5.500% due 10/01/2053 - 12/01/2054 |  | 30741 | 31052 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.250% due 10/25/2055 •  |  | 400 | 401 |
|  5.356% due 06/25/2055 •  |  | 481 | 484 |
|  5.656% due 01/25/2055 •  |  | 513 | 514 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 12/01/2052 |  | 8385 | 7928 |
|  4.500% due 07/01/2052 - 07/01/2053 |  | 10481 | 10217 |
|  5.000% due 05/01/2053 - 04/01/2054 |  | 16257 | 16198 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  5.536% due 08/25/2055 •  |  | 586 | 589 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.816% due 10/20/2060 •  |  | 23 | 23 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.986% due 09/20/2065 •  |  | 643 | 643 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 2300 | 2163 |
|  4.500% due 11/01/2055 | 2300 | 2230 |
|  5.000% due 11/01/2055 | 2600 | 2583 |
|  6.000% due 10/01/2055 - 11/01/2055 | 940 | 956 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  1.500% due 09/15/2031 | 60 | 52 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 11/01/2055 | 19000 | 18422 |
|  5.500% due 10/01/2055 - 11/01/2055 | 16096 | 16230 |
|  6.000% due 11/01/2055 | 10540 | 10766 |
|  Total U.S. Government Agencies<br>(Cost $137,448) | Total U.S. Government Agencies<br>(Cost $137,448) | 138759 |
| U.S. TREASURY OBLIGATIONS 23.6% | U.S. TREASURY OBLIGATIONS 23.6% | U.S. TREASURY OBLIGATIONS 23.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 08/15/2050 | 500 | 252 |
|  1.625% due 11/15/2050 | 3100 | 1664 |
|  1.875% due 02/15/2051 | 9860 | 5634 |
|  1.875% due 11/15/2051 | 775 | 439 |
|  2.000% due 02/15/2050 | 1600 | 957 |
|  2.000% due 08/15/2051 | 2525 | 1480 |
|  2.250% due 08/15/2049 | 4243 | 2709 |
|  2.375% due 11/15/2049 | 790 | 517 |
|  2.375% due 05/15/2051 | 735 | 473 |
|  2.875% due 05/15/2049 | 2900 | 2116 |
|  3.000% due 02/15/2048 | 700 | 529 |
|  3.000% due 08/15/2048 | 400 | 301 |
|  3.000% due 02/15/2049 | 1600 | 1198 |
|  3.125% due 05/15/2048 | 600 | 463 |
|  3.375% due 11/15/2048 | 900 | 723 |
|  3.625% due 05/15/2053 | 2500 | 2065 |
|  3.875% due 05/15/2043 | 2500 | 2265 |
|  4.250% due 08/15/2054 | 600 | 554 |
|  4.375% due 08/15/2043 | 1200 | 1159 |
|  4.500% due 11/15/2054 | 1300 | 1252 |
|  4.625% due 05/15/2044 | 300 | 298 |
|  4.750% due 08/15/2055 | 575 | 577 |
|  4.875% due 08/15/2045 | 400 | 409 |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.057% due 07/31/2027 •  | 10200 | 10193 |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 02/15/2051 | 3722 | 2067 |
|  0.125% due 02/15/2052 | 1044 | 567 |
|  0.250% due 02/15/2050 | 126 | 74 |
|  0.750% due 02/15/2045 | 412 | 307 |
|  0.875% due 02/15/2047 | 134 | 99 |
|  1.000% due 02/15/2048 | 183 | 138 |
|  1.500% due 02/15/2053 | 511 | 409 |
|  2.125% due 02/15/2054 | 559 | 517 |
|  2.375% due 02/15/2055 | 2150 | 2101 |
|  0.125% due 01/15/2030 (e) | 5524 | 5276 |
|  1.250% due 04/15/2028 | 215 | 216 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 11/15/2034 | 12700 | 12846 |
|  4.250% due 08/15/2035 | 3200 | 3226 |
|  4.625% due 02/15/2035 | 9500 | 9875 |
|  Total U.S. Treasury Obligations<br>(Cost $76,560) | Total U.S. Treasury Obligations<br>(Cost $76,560) | 75945 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.6% |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.077% due 07/15/2051 | 979 | 970 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.344% due 07/15/2038 •  | 489 | 489 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 500 | 490 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,908) | Total Non-Agency Mortgage-Backed Securities (Cost $1,908) | 1949 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 5.6% | ASSET-BACKED SECURITIES 5.6% | ASSET-BACKED SECURITIES 5.6% |
| AUTOMOBILE SEQUENTIAL 1.0% | AUTOMOBILE SEQUENTIAL 1.0% | AUTOMOBILE SEQUENTIAL 1.0% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.430% due 06/26/2028 | 1000 | 1008 |
|  4.980% due 03/25/2027 | 423 | 425 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.650% due 10/20/2027 | 1200 | 1206 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 | 271 | 274 |
|  5.890% due 06/15/2030 | 180 | 181 |
|  6.790% due 10/15/2029 | 176 | 178 |
|  |  | 3272 |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.456% due 02/18/2040 •  | 1200 | 1202 |
| OTHER ABS 4.2% | OTHER ABS 4.2% | OTHER ABS 4.2% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  5.408% due 04/15/2035 •  | 700 | 700 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 500 | 501 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.054% due 10/21/2034 •  | 323 | 380 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 447 | 524 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  0.000% due 04/20/2033 •(a) | 700 | 700 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  5.435% due 04/20/2035 •  | 800 | 803 |
|  Goodleap Sustainable Home Solutions Trust | Goodleap Sustainable Home Solutions Trust | Goodleap Sustainable Home Solutions Trust |
|  6.500% due 07/20/2055 | 406 | 396 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  4.520% due 10/15/2027 | 1200 | 1206 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.320% due 03/25/2060 | 1400 | 1433 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  5.438% due 07/25/2034 •  | 700 | 700 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.470% due 12/20/2047 | 27 | 23 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  5.910% due 11/20/2053 | 100 | 99 |
|  PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC | PEAC Solutions Receivables LLC |
|  4.940% due 10/20/2028 | 1200 | 1210 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 1200 | 1210 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  0.000% due 07/10/2034 •(a) | 900 | 900 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.476% due 01/15/2035 •  | 800 | 803 |
|  Sunnova Hestia I Issuer LLC | Sunnova Hestia I Issuer LLC | Sunnova Hestia I Issuer LLC |
|  5.750% due 12/20/2050 | 352 | 356 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 435 | 438 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  5.488% due 04/15/2035 •  | 800 | 801 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  5.122% due 07/20/2034 •  | 300 | 300 |
|  |  | 13483 |
|  Total Asset-Backed Securities (Cost $17,787) | Total Asset-Backed Securities (Cost $17,787) | 17957 |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 1100 | 639 |
|  BNG Bank NV | BNG Bank NV | BNG Bank NV |
|  4.750% due 02/01/2030 | 600 | 622 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.850% due 01/22/2029 | 500 | 512 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **223** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. | Development Bank of Japan, Inc. |
|  5.125% due 09/01/2026 | $— | 500 | $— | 505 |
|  European Union | European Union | European Union | European Union | European Union |
|  1.250% due 02/04/2043 |  | 100 |  | 81 |
|  2.500% due 12/04/2031 |  | 100 |  | 116 |
|  2.875% due 10/05/2029 |  | 900 |  | 1075 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (a) | $— | 200 |  | 200 |
|  4.136% due 10/09/2030 (a) |  | 200 |  | 200 |
|  4.652% due 10/09/2035 (a) |  | 200 |  | 200 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.490% due 05/25/2032 |  | 300 |  | 363 |
|  Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV |
|  4.000% due 06/01/2028 | $— | 200 |  | 201 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 1400 |  | 391 |
|  6.150% due 08/12/2032 |  | 3960 |  | 1209 |
|  6.950% due 08/12/2031 |  | 801 |  | 256 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 |  | 200 |  | 150 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.800% due 12/02/2034 |  | 500 | 364 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  4.450% due 09/01/2034 |  | 1400 | 1072 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.625% due 02/22/2036 |  | 400 | 458 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  3.750% due 03/07/2027 |  | 2800 | 3753 |
|  4.375% due 07/31/2054 |  | 848 | 955 |
|  Total Sovereign Issues (Cost $12,909) | Total Sovereign Issues (Cost $12,909) | Total Sovereign Issues (Cost $12,909) | 13322 |
| SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% | SHORT-TERM INSTRUMENTS 11.4% |
| COMMERCIAL PAPER 1.1% | COMMERCIAL PAPER 1.1% | COMMERCIAL PAPER 1.1% | COMMERCIAL PAPER 1.1% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/23/2025 | $— | 800 | 798 |
|  4.620% due 10/21/2025 |  | 911 | 909 |
|  4.620% due 10/23/2025 |  | 341 | 340 |
|  4.800% due 10/07/2025 |  | 800 | 799 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.330% due 11/19/2025 | 800 | $— | 795 |
|  |  |  | 3641 |
| REPURCHASE AGREEMENTS (c) 10.3% | REPURCHASE AGREEMENTS (c) 10.3% | REPURCHASE AGREEMENTS (c) 10.3% | REPURCHASE AGREEMENTS (c) 10.3% |
|  |  |  | 33300 |
| Total Short-Term Instruments<br> (Cost $36,941) | Total Short-Term Instruments<br> (Cost $36,941) |  | 36941 |
| Total Investments in Securities<br> (Cost $372,799) | Total Investments in Securities<br> (Cost $372,799) |  | 376194 |
| Total Investments 116.8%<br> (Cost $372,799) |  | $— | 376194 |
|  Financial Derivative Instruments (d)(f) 1.0%<br> (Cost or Premiums, net $3,776) | Financial Derivative Instruments (d)(f) 1.0%<br> (Cost or Premiums, net $3,776) |  | 3211 |
| Other Assets and Liabilities, net (17.8)% | Other Assets and Liabilities, net (17.8)% |  | (57425) |
| Net Assets 100.0% |  | $— | 321980 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Principal amount of security is adjusted for inflation.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(c) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | **Principal<br>Amount** | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $33300 | U.S. Treasury Notes 1.250% due 12/31/2026 | $(33992) | $33300 | $33304 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $33304 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended September 30, 2025 was $(122) at a weighted average interest rate of 4.395%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

| | | |
|:---|:---|:---|
| **224** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(d) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 3 | 3 | (1) | (1) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 8 | 8 | (3) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(8) | $(4) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 14 | $1050 | $(3) | $7 | $0 |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 17 | 1496 | 31 | 7 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 1 | 138 | 0 | 0 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 1 | 151 | 1 | 0 | 0 |
|  Long Guilt December Futures  | 12/2025 | 17 | 2077 | 10 | 9 | (1) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 70 | 14588 | 26 | 8 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 116 | 12667 | 5 | 5 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 374 | 42075 | 273 | 0 | (6) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 115 | 13234 | 127 | 0 | (7) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  Goldman Sachs Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.271% | $500 | $3 | $0 | $3 | $0 | $0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.240 | 300 | 2 | (1) | 1 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2029 | 0.513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 4 | 0 | 4 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(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.IT-RAXX MAIN43 | (1.000)% | Quarterly | 06/20/2030 | EUR 1,400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $1800 | $131 | $7 | $138 | $0 | $(3) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 2900 | 139 | 96 | 235 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | 502 | 25 | 527 | 2 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 600 | $(3) | $0 | $(3) | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | (30) | 31 | 1 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **225** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V | (Cont.) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000% | Annual | 06/18/2045 |  | 30000 | $5 | $(9) | $(4) | $0 | $(1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 |  | 20000 | (1) | (12) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 |  | $900 | 0 | (9) | (9) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 |  | 300 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 3200 | 46 | (18) | 28 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 |  | 4900 | 0 | (33) | (33) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 |  | 200 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 |  | 200 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 |  | 300 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2031 |  | 1350 | 0 | (15) | (15) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 3236 | (3) | (49) | (52) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.717 | Annual | 08/15/2033 |  | 800 | 0 | (9) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.718 | Annual | 08/15/2033 |  | 1980 | 0 | (22) | (22) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.753 | Annual | 08/15/2033 |  | 500 | 0 | (7) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.754 | Annual | 08/15/2033 |  | 300 | 0 | (4) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.763 | Annual | 08/15/2033 |  | 1400 | 0 | (20) | (20) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 |  | 80 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 7900 | (59) | (74) | (133) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 |  | 200 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 400 | (1) | (8) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 |  | 900 | (6) | (7) | (13) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 |  | 1133 | (13) | 6 | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 1200 | 13 | 81 | 94 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 11/15/2054 |  | 1070 | 0 | 12 | 12 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 300 | 0 | 11 | 11 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 700 | 13 | 45 | 58 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.642 | Annual | 02/15/2055 |  | 200 | 0 | 11 | 11 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 02/15/2055 |  | 100 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 02/15/2055 |  | 3800 | 63 | 33 | 96 | 11 | 0 |
| Pay | 1-Year BRL-CDI | 11.407 | Maturity | 01/04/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | (11) | (73) | (84) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 700 | (10) | 23 | 13 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 500 | (14) | 23 | 9 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 900 | 4 | 11 | 15 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 |  | 700 | (1) | (7) | (8) | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 |  | 2300 | 19 | 16 | 35 | 8 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.255 | Annual | 11/22/2028 |  | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.179 | Annual | 11/29/2028 |  | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 |  | 200 | 0 | 1 | 1 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 |  | 300 | 0 | 2 | 2 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 400 | 0 | 2 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 200 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 200 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 1800 | (7) | 10 | 3 | 6 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 1120 | (18) | (3) | (21) | 0 | (9) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 1400 | (12) | (43) | (55) | 0 | (3) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 300 | 1 | (5) | (4) | 0 | (1) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 200 | 0 | (2) | (2) | 0 | (1) |
|  |  |  |  |  |  |  | $(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | (174) | $46 | $(24) |
|  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;779 | $(8) | 771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |

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226 PIMCO BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(e) Securities with an aggregate market value of $667 and cash of $4,348 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $1 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a 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 issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 |
|  BOA | 10/2025 | 55 | $10 | $0 | $0 |
|  | 10/2025 | 329100 | 20 | 0 | 0 |
|  | 10/2025 | 1606 | 11 | 0 | 0 |
|  | 10/2025 | 97410 | 70 | 1 | 0 |
|  | 10/2025 | 21504 | 710 | 4 | 0 |
|  | 10/2025 | $10 | 55 | 0 | 0 |
|  | 10/2025 | 60 | 5309 | 0 | 0 |
|  | 10/2025 | 1 | 185 | 0 | 0 |
|  | 10/2025 | 46 | 80 | 0 | 0 |
|  | 10/2025 | 371 | 1345 | 0 | (2) |
|  | 11/2025 | 2671 | $30 | 0 | 0 |
|  | 11/2025 | 80 | 46 | 0 | 0 |
|  | 11/2025 | $11 | 1601 | 0 | 0 |
|  BPS | 10/2025 | 3953 | $743 | 1 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261128 | 136 | 1 | 0 |
|  | 10/2025 | 1861 | 12 | 0 | 0 |
|  | 10/2025 | 12801 | 427 | 7 | 0 |
|  | 10/2025 | $730 | 3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  | 10/2025 | 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733257 | 0 | (4) |
|  | 10/2025 | 20 | 27512 | 0 | 0 |
|  | 10/2025 | 251 | 913 | 0 | 0 |
|  | 11/2025 | 13 | 1855 | 0 | 0 |
|  | 12/2025 | 76 | 1275985 | 1 | 0 |
|  BRC | 10/2025 | 452 | $566 | 0 | (2) |
|  | 10/2025 | $294 | 236 | 2 | 0 |
|  | 10/2025 | 38 | 138 | 0 | 0 |
|  | 10/2025 | 70 | 2271 | 0 | 0 |
|  | 10/2025 | 258 | 4559 | 5 | 0 |
|  | 11/2025 | 566 | 450 | 2 | 0 |
|  | 11/2025 | 152 | $9 | 0 | 0 |
|  CBK | 10/2025 | 926 | 617 | 4 | 0 |
|  | 10/2025 | 8631 | 1623 | 1 | 0 |
|  | 10/2025 | 665 | 481 | 3 | 0 |
|  | 10/2025 | 1744 | 2040 | 2 | (9) |
|  | 10/2025 | 603 | 814 | 3 | 0 |
|  | 10/2025 | 1314034 | 78 | 0 | 0 |
|  | 10/2025 | 26998 | 304 | 0 | 0 |
|  | 10/2025 | 1581 | 453 | 0 | (3) |
|  | 10/2025 | 312 | 243 | 2 | 0 |
|  | 10/2025 | 18084 | 610 | 16 | 0 |
|  | 10/2025 | $1562 | 8631 | 60 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **227** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $3777 | 5265 | $6 | $0 |
|  | 10/2025 | 383 | 326 | 0 | (1) |
|  | 10/2025 | 441 | 324 | 0 | (5) |
|  | 10/2025 | 51 | 830279 | 0 | (1) |
|  | 10/2025 | 300 | 26362 | 0 | (3) |
|  | 10/2025 | 14 | 458 | 0 | 0 |
|  | 10/2025 | 170 | 5181 | 0 | 0 |
|  | 10/2025 | 393 | $23 | 0 | 0 |
|  | 11/2025 | 5256 | 3777 | 0 | (6) |
|  | 11/2025 | $304 | 27053 | 0 | 0 |
|  | 11/2025 | 525 | $30 | 0 | (1) |
|  | 12/2025 | 4239 | 140 | 0 | 0 |
|  | 12/2025 | $78 | 1317758 | 0 | 0 |
|  | 12/2025 | 30 | 951 | 0 | (1) |
|  | 01/2026 | 908 | $30 | 0 | 0 |
|  | 05/2026 | 929 | 261 | 0 | (5) |
|  DUB | 11/2025 | 173 | 10 | 0 | 0 |
|  | 12/2025 | 7292 | 232 | 5 | 0 |
|  FAR | 10/2025 | 1924 | 1248 | 0 | (25) |
|  | 10/2025 | 81 | 102 | 0 | 0 |
|  | 10/2025 | $1861 | 2850 | 25 | 0 |
|  | 10/2025 | 253 | 22353 | 0 | (2) |
|  | 10/2025 | 499 | 73389 | 0 | (3) |
|  | 10/2025 | 140 | 512 | 1 | 0 |
|  | 10/2025 | 2220 | 2859 | 0 | (4) |
|  | 10/2025 | 170 | 5404 | 0 | (3) |
|  | 11/2025 | 2850 | $1862 | 0 | (25) |
|  | 11/2025 | 2157 | 588 | 0 | (33) |
|  | 11/2025 | 2852 | 2220 | 3 | 0 |
|  | 11/2025 | $102 | 81 | 0 | 0 |
|  | 11/2025 | 130 | 4210 | 0 | 0 |
|  | 12/2025 | 718 | 13621 | 20 | 0 |
|  GLM | 10/2025 | 1913 | $360 | 0 | 0 |
|  | 10/2025 | 2097076 | 126 | 0 | 0 |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624633 | 1159 | 5 | (3) |
|  | 10/2025 | 938 | 732 | 5 | 0 |
|  | 10/2025 | 6684 | 221 | 2 | 0 |
|  | 10/2025 | $353 | 1913 | 7 | 0 |
|  | 10/2025 | 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474878 | 0 | (8) |
|  | 10/2025 | 1042 | 92125 | 0 | (6) |
|  | 10/2025 | 576 | 812685 | 3 | 0 |
|  | 11/2025 | 112133 | $80 | 0 | 0 |
|  | 12/2025 | 187 | 10 | 0 | 0 |
|  | 12/2025 | $76 | 1265353 | 0 | 0 |
|  | 12/2025 | 132 | 2563 | 6 | 0 |
|  JPM | 10/2025 | 4470 | $3235 | 23 | 0 |
|  | 10/2025 | 6661 | 7790 | 0 | (30) |
|  | 10/2025 | 653437 | 39 | 0 | 0 |
|  | 10/2025 | 64607 | 728 | 1 | 0 |
|  | 10/2025 | 603481 | 435 | 5 | 0 |
|  | 10/2025 | 599 | 20 | 0 | 0 |
|  | 10/2025 | $94 | 1550585 | 0 | (1) |
|  | 10/2025 | 147 | 536 | 0 | 0 |
|  | 10/2025 | 58 | 1028 | 1 | 0 |
|  | 11/2025 | 728 | 64737 | 0 | (1) |
|  | 11/2025 | 3268 | 142355 | 23 | 0 |
|  | 11/2025 | 163 | $9 | 0 | 0 |
|  | 12/2025 | $59 | 1107 | 1 | 0 |
|  MBC | 10/2025 | 326153 | $20 | 0 | 0 |
|  | 10/2025 | 922 | 6 | 0 | 0 |
|  | 10/2025 | 188677 | 136 | 1 | 0 |
|  | 10/2025 | 479 | 50 | 0 | (1) |
|  | 10/2025 | 1610 | 1256 | 8 | 0 |
|  | 10/2025 | $374 | 297 | 0 | (1) |
|  | 10/2025 | 20 | 27362 | 0 | 0 |
|  | 10/2025 | 34 | 1079 | 0 | 0 |
|  | 11/2025 | 6 | 919 | 0 | 0 |
|  | 12/2025 | 158 | 2932 | 1 | 0 |
|  MYI | 10/2025 | 35186 | $236 | 0 | (2) |
|  | 10/2025 | $6 | 817 | 0 | 0 |
|  | 10/2025 | 93 | 336 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **228** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $130 | 4118 | $0 | $(3) |
|  | 10/2025 | 113 | 3419 | 0 | (1) |
|  | 11/2025 | 236 | 35064 | 2 | 0 |
|  | 12/2025 | 3396 | $113 | 1 | 0 |
|  SCX | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119434 | 67 | 0 | 0 |
|  | 10/2025 | 6146 | 69 | 0 | 0 |
|  | 10/2025 | 64 | 18 | 0 | 0 |
|  | 10/2025 | 10624 | 358 | 10 | 0 |
|  | 10/2025 | $4940 | 3693 | 27 | 0 |
|  | 10/2025 | 51 | 834877 | 0 | (1) |
|  | 10/2025 | 171 | 15080 | 0 | (1) |
|  | 10/2025 | 28 | 4182 | 0 | 0 |
|  | 10/2025 | 40 | 1288 | 0 | 0 |
|  | 11/2025 | 3693 | $4941 | 0 | (27) |
|  | 11/2025 | 23 | 14 | 0 | 0 |
|  | 11/2025 | $69 | 6158 | 0 | 0 |
|  | 12/2025 | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122263 | 0 | 0 |
|  SOG | 10/2025 | 14593 | $2734 | 0 | (8) |
|  | 10/2025 | 76626 | 515 | 0 | (3) |
|  | 10/2025 | $2744 | 14593 | 0 | (2) |
|  | 10/2025 | 9501 | 8079 | 0 | (16) |
|  | 10/2025 | 260 | 38297 | 0 | (2) |
|  | 11/2025 | 8079 | $9520 | 16 | 0 |
|  | 11/2025 | $515 | 76361 | 3 | 0 |
|  | 12/2025 | 2734 | 14800 | 7 | 0 |
|  SSB | 10/2025 | 3414 | $4602 | 10 | 0 |
|  | 11/2025 | 538 | 146 | 0 | (9) |
|  UAG | 10/2025 | 129 | 93 | 1 | 0 |
|  | 10/2025 | 103 | 60 | 1 | 0 |
|  | 10/2025 | $92 | 335 | 0 | 0 |
|  | 10/2025 | 23 | 393 | 0 | 0 |
|  | 10/2025 | 393 | $23 | 0 | 0 |
|  | 11/2025 | 165 | 9 | 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;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **Strike<br>Price** | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BPS | Put - OTC EUR versus USD | $1.122 | 10/14/2025 | 33 | $4 | $0 |
|  | Put - OTC EUR versus USD | 1.110 | 11/26/2025 | 265 | 1 | 0 |
|  BRC | Put - OTC AUD versus USD | 0.623 | 10/14/2025 | 209 | 1 | 0 |
|  | Put - OTC EUR versus USD | 1.132 | 10/10/2025 | 1439 | 5 | 0 |
|  | Call - OTC USD versus SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.200 | 11/26/2025 | 564 | 3 | 0 |
|  GLM | Put - OTC AUD versus USD | $0.625 | 10/08/2025 | 706 | 3 | 0 |
|  | Put - OTC EUR versus USD | 1.129 | 10/14/2025 | 1455 | 5 | 0 |
|  | Put - OTC EUR versus USD | 1.100 | 12/17/2025 | 67 | 8 | 1 |
|  MBC | Put - OTC AUD versus USD | 0.618 | 10/10/2025 | 758 | 2 | 0 |
|  | Put - OTC EUR versus USD | 1.098 | 12/23/2025 | 72 | 8 | 2 |
|  MYI | Put - OTC EUR versus USD | 1.145 | 10/08/2025 | 1393 | 9 | 0 |
|  | Put - OTC EUR versus USD | 1.110 | 11/24/2025 | 1509 | 7 | 1 |
|  | Call - OTC USD versus SEK | 10.125 | 10/14/2025 | 140 | 1 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 400 | (1) | (3) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 600 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 600 | (2) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **229** |

---

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V | (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** |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550% | 10/17/2025 | 300 | $(1) | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 300 | (1) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 400 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 400 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 400 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 400 | (1) | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 300 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 300 | (1) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 600 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 600 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 600 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 600 | (2) | (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;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 1353 | $263 | $17 | $280 | $0 |
| BPS | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 6378 | 1281 | 41 | 1322 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 |  | 7152 | 1426 | 56 | 1482 | 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;2970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  BOA | $5 | $0 | $280 | $285 | $(2) | $(3) | $0 | $(5) | $280 | $(290) | $(10) |
|  BPS | 23 | 0 | 1322 | 1345 | (4) | (2) | 0 | (6) | 1339 | (1340) | (1) |
|  BRC | 9 | 0 | 0 | 9 | (2) | (1) | 0 | (3) | 6 | 0 | 6 |
|  CBK | 97 | 0 | 0 | 97 | (35) | 0 | 0 | (35) | 62 | 0 | 62 |
|  DUB | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  FAR | 49 | 0 | 0 | 49 | (95) | 0 | 0 | (95) | (46) | 0 | (46) |
|  GLM | 28 | 1 | 0 | 29 | (17) | (3) | 0 | (20) | 9 | 0 | 9 |
|  JPM | 54 | 0 | 1482 | 1536 | (32) | 0 | 0 | (32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
|  MBC | 10 | 2 | 0 | 12 | (2) | 0 | 0 | (2) | 10 | 0 | 10 |
|  MYI | 3 | 1 | 0 | 4 | (6) | 0 | 0 | (6) | (2) | 0 | (2) |
|  SCX | 37 | 0 | 0 | 37 | (29) | 0 | 0 | (29) | 8 | 0 | 8 |
|  SOG | 26 | 0 | 0 | 26 | (31) | 0 | 0 | (31) | (5) | 0 | (5) |
|  SSB | 10 | 0 | 0 | 10 | (9) | 0 | 0 | (9) | 1 | 0 | 1 |
|  UAG | 2 | 0 | 0 | 2 | 0 | (2) | 0 | (2) | 0 | 0 | 0 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | $(264) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **230** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $36 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 46 | 49 |
|  | $0 | $3 | $0 | $0 | $82 | $85 |
|  Over the counter | Over the 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 | $358 | $0 | $358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3084 | 0 | 0 | 0 | 3084 |
|  | $0 | $3084 | $0 | $362 | $0 | $3446 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531 |
|  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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 24 | 27 |
|  | $0 | $3 | $0 | $0 | $42 | $45 |
|  Over the counter | Over the 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 | $264 | $0 | $264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 11 | 11 |
|  | $0 | $0 | $0 | $264 | $11 | $275 |
|  | $0 | $3 | $0 | $264 | $53 | $320 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 979 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 95 | 0 | 0 | 103 | 198 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&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;1089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
|  Over the counter | Over the 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 | $(1330) | $0 | $(1330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (104) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 8 | 0 | 0 | 229 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 388 | 0 | 0 | 0 | 388 |
|  | $0 | $396 | $0 | $(1330) | $125 | $(809) |
|  | $0 | $491 | $0 | $(1330) | $1214 | $375 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (306) | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 204 | 0 | 0 | (79) | 125 |
|  | $0 | $204 | $0 | $0 | $(381) | $(177) |
|  Over the counter | Over the 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 | $239 | $0 | $239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (53) | (34) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (1) | 0 | 0 | 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 140 | 0 | 0 | 0 | 140 |
|  | $0 | $139 | $0 | $186 | $24 | $349 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 231

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Schedule of Investments | PIMCO Total Return Fund V | (Cont.) | September 30, 2025 | (Unaudited) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $47526 | $0 | $47526 |
| &nbsp;&nbsp; Industrials | 0 | 16006 | 2900 | 18906 |
| &nbsp;&nbsp; Utilities | 599 | 24290 | 0 | 24889 |
|  U.S. Government Agencies | 0 | 138759 | 0 | 138759 |
|  U.S. Treasury Obligations | 0 | 75945 | 0 | 75945 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1949 | 0 | 1949 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 3272 | 0 | 3272 |
| &nbsp;&nbsp; CMBS Other | 0 | 1202 | 0 | 1202 |
| &nbsp;&nbsp; Other ABS | 0 | 13483 | 0 | 13483 |
|  Sovereign Issues | 600 | 12722 | 0 | 13322 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 3641 | 0 | 3641 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 33300 | 0 | 33300 |
|  Total Investments | $1199 | $372095 | $2900 | $376194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 23 | 62 | 0 | 85 |
|  Over the counter | 0 | 3446 | 0 | 3446 |
|  | $23 | $3508 | $0 | $3531 |
|  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 | (5) | (40) | 0 | (45) |
|  Over the counter | 0 | (275) | 0 | (275) |
|  | $(5) | $(315) | $0 | $(320) |
|  Total Financial Derivative Instruments | $18 | $3193 | $0 | $3211 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379405 |

---

There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **232** | **PIMCO BOND FUNDS** | See Accompanying Notes |

---

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Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, 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.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in

conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **233** |

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Notes to Financial Statements (Cont.)

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(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 Climate Bond Fund | Daily | Monthly |
|  PIMCO Dynamic Bond Fund | Daily | Monthly |
|  PIMCO Extended Duration Fund | Daily | Monthly |
|  PIMCO GNMA and Government Securities Fund | Daily | Monthly |
|  PIMCO Investment Grade Credit Bond Fund | Daily | Monthly |
|  PIMCO Long Duration Total Return Fund | Daily | Monthly |
|  PIMCO Long-Term U.S. Government Fund | Daily | Monthly |
|  PIMCO Low Duration Opportunities Fund | Daily | Monthly |
|  PIMCO Moderate Duration Fund | Daily | Monthly |
|  PIMCO Mortgage Opportunities and Bond Fund | Daily | Monthly |
|  PIMCO Total Return ESG Fund | Daily | Monthly |
|  PIMCO Total Return Fund II | Daily | Monthly |
|  PIMCO Total Return Fund IV | Daily | Monthly |
|  PIMCO Total Return Fund V | 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

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|:---|:---|
| **234** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for

derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **235** |

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Notes to Financial Statements (Cont.)

that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are

valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments 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.

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|:---|:---|
| **236** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable

inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **237** |

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Notes to Financial Statements (Cont.)

provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager 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 Manager

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| **238** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

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 table below shows the Funds' transactions in and earnings from investments in the affiliated fund for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund

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| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Moderate Duration Fund | $49713 | $17361 | $0 | $0 | $594 | $67668 | $1225 | $0 |
|  PIMCO Total Return Fund II | 16476 | 6025 | 0 | 0 | 197 | 22698 | 406 | 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. 

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 Dynamic Bond Fund, PIMCO Extended Duration Fund, PIMCO GNMA and Government Securities Fund, PIMCO Investment Grade Credit Bond Fund, PIMCO Long Duration Total Return Fund, PIMCO Moderate Duration Fund, PIMCO Total Return ESG Fund, PIMCO Total Return Fund II and PIMCO Total Return Fund IV 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **239** |

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Notes to Financial Statements (Cont.)

website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio | Investments in PIMCO Short Asset Portfolio |
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Dynamic Bond Fund | $123488 | $3086 | $0 | $0 | $269 | $126843 | $3086 | $0 |
|  PIMCO Low Duration Opportunities Fund | 4377 | 110 | 0 | 0 | 9 | 4496 | 110 | 0 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III | Investments in PIMCO Short-Term Floating NAV Portfolio III |
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Dynamic Bond Fund | $528560 | $1233071 | $(1377700) | $(36) | $141 | $384036 | $8902 | $0 |
|  PIMCO Extended Duration Fund | 12032 | 606111 | (613400) | 1 | 0 | 4744 | 111 | 0 |
|  PIMCO GNMA and Government Securities Fund | 24616 | 491993 | (503200) | 24 | 5 | 13438 | 594 | 0 |
|  PIMCO Investment Grade Credit Bond Fund | 147966 | 3284132 | (3091836) | 288 | 37 | 340587 | 9345 | 0 |
|  PIMCO Long Duration Total Return Fund | 2303 | 775259 | (774300) | (8) | 0 | 3254 | 257 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 26256 | 328251 | (354400) | 6 | 2 | 115 | 154 | 0 |
|  PIMCO Low Duration Opportunities Fund | 12812 | 38116 | (39800) | 2 | 0 | 11130 | 316 | 0 |
|  PIMCO Moderate Duration Fund | 99 | 11803 | (11900) | 0 | 0 | 2 | 3 | 0 |
|  PIMCO Mortgage Opportunities and Bond Fund | 114275 | 2966844 | (2962700) | 28 | 19 | 118466 | 4245 | 0 |
|  PIMCO Total Return Fund II | 124 | 80730 | (80700) | 2 | 0 | 156 | 29 | 0 |
|  PIMCO Total Return Fund IV | 4454 | 33234 | (21100) | 1 | 6 | 16595 | 232 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate

lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan,

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|:---|:---|
| **240** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and

volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **241** |

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Notes to Financial Statements (Cont.)

the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers.

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| **242** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value

does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **243** |

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Notes to Financial Statements (Cont.)

be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of

Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding

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| **244** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **245** |

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Notes to Financial Statements (Cont.)

Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect a Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

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| **246** | **PIMCO BOND FUNDS** |

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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.

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **247** |

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Notes to Financial Statements (Cont.)

entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments.

These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap 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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| **248** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO<br>Climate<br>Bond<br>Fund | PIMCO<br>Dynamic<br>Bond<br>Fund | PIMCO<br>Extended<br>Duration<br>Fund | PIMCO<br>GNMA and<br>Government<br>Securities<br>Fund | PIMCO<br>Investment<br>Grade<br>Credit<br>Bond Fund | PIMCO<br>Long<br>Duration<br>Total<br>Return<br>Fund | PIMCO<br>Long-Term<br>U.S.<br>Government<br>Fund | PIMCO<br>Low Duration<br>Opportunities<br>Fund |
|  New Fund |  |  |  |  |  |  |  |  |
|  Small Fund | X |  |  |  |  |  |  | X |
|  Climate-Related Investing | 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 |
|  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 |
|  Derivatives | X | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X | X | X |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  | X |
|  Extension |  |  |  |  |  |  |  |  |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X |  | X |
|  Emerging Markets | X | X | X | X | X | X |  | X |
|  Sovereign Debt | X | X | X |  | X | X |  | X |
|  Currency | X | X | X |  | X | X |  | X |
|  Prepayment |  |  |  |  |  |  |  |  |
|  Privately Issued Mortgage-Related Securities |  |  |  |  |  |  |  |  |
|  Real Estate | 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 |
|  Environmental, Social and Governance |  |  |  |  |  |  |  |  |
|  Environmental, Social and Governance and Faith-Based Values Investing |  |  |  |  |  |  |  |  |
|  Convertible Securities |  |  |  |  |  |  |  |  |
|  Distribution Rate |  |  |  |  |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  |  | X |
|  Turnover |  | X | X | X | X | X | X | X |

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|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO<br>Moderation<br>Duration<br>Fund | **PIMCO**<br> **Mortgage<br>Opportunities<br>and Bond<br>Fund** | **PIMCO**<br> **Total<br>Return<br>ESG<br>Fund** | PIMCO<br>Total<br>Return<br>Fund II | PIMCO<br>Total<br>Return<br>Fund IV | PIMCO<br>Total<br>Return<br>Fund V |
|  New Fund |  |  |  |  |  | X |
|  Small Fund |  |  |  |  |  | X |
|  Climate-Related Investing |  |  |  |  |  |  |
|  Interest Rate | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X |
|  High Yield | X | X | X |  |  | X |
|  Market | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X |

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **249** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Moderation<br>Duration<br>Fund** | **PIMCO**<br> **Mortgage<br>Opportunities<br>and Bond<br>Fund** | **PIMCO**<br> **Total<br>Return<br>ESG<br>Fund** | **PIMCO<br>Total<br>Return<br>Fund II** | **PIMCO<br>Total<br>Return<br>Fund IV** | **PIMCO<br>Total<br>Return<br>Fund V** |
|  Derivatives | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X | X | X |
|  Collateralized Loan Obligations |  | X | X | X | X | X |
|  Extension |  | X |  |  |  |  |
|  Foreign (Non-U.S.) Investment | X |  | X |  | X | X |
|  Emerging Markets | X |  | X |  | X | X |
|  Sovereign Debt | X |  | X |  | X | X |
|  Currency | X |  | X |  |  | X |
|  Prepayment |  | X |  |  |  |  |
|  Privately Issued Mortgage-Related Securities |  | X |  |  |  |  |
|  Real Estate |  | X |  |  |  |  |
|  Leveraging | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X |
|  Environmental, Social and Governance |  |  | X |  |  |  |
|  Environmental, Social and Governance and Faith-Based Values Investing |  |  |  |  |  | X |
|  Convertible Securities |  | X |  |  | X |  |
|  Distribution Rate |  | X |  |  |  |  |
|  Tax-Efficient Investing |  |  |  |  |  |  |
|  Turnover | X | X | X | X | X | X |

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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.

Climate-Related Investing Risk is the risk that, because the Fund's climate-related investment strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize a climate-related investment strategy. Climate-related investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates

than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make

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| **250** | **PIMCO BOND FUNDS** |

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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 a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability

to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

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.

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **251** |

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Notes to Financial Statements (Cont.)

in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. 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.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because the Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

Environmental, Social and Governance and Faith-Based Values Investing Risk is the risk that, because the Fund's ESG and faith-based values investing strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may differ from funds that do not utilize an ESG and faith- based values investing strategy. ESG and faith-based values investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

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|:---|:---|
| **252** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Distribution Rate Risk is the risk that a Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Tax-Efficient Investing Risk is the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **253** |

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Notes to Financial Statements (Cont.)

information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and 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

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| | |
|:---|:---|
| **254** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA

Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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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 | Class R |
|  PIMCO Climate Bond Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A |
|  PIMCO Dynamic Bond Fund | 0.55%<sup>(1)</sup> | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | 0.40% |
|  PIMCO Extended Duration Fund | 0.25% | 0.25% | 0.35% | N/A | N/A | 0.40% \* | N/A | N/A |
|  PIMCO GNMA and Government Securities Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A |
|  PIMCO Investment Grade Credit Bond Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | 0.25% | 0.40% | 0.40% | N/A |
|  PIMCO Long Duration Total Return Fund | 0.25% | 0.25% | 0.35% | N/A | N/A | 0.40% | 0.40% | N/A |
|  PIMCO Long-Term U.S. Government Fund | 0.225% | 0.250% | 0.350% | 0.450% <sup>(2)</sup>\* | N/A | 0.350% | 0.350% | N/A |
|  PIMCO Low Duration Opportunities Fund | 0.25% | 0.30% | 0.40% | N/A | N/A | 0.45% | 0.45% | N/A |
|  PIMCO Moderate Duration Fund | 0.25% | 0.21% | 0.31% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Mortgage Opportunities and Bond Fund | 0.35% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A |
|  PIMCO Total Return ESG Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | 0.25% | 0.40% | 0.40% | N/A |
|  PIMCO Total Return Fund II | 0.25% | 0.25% | 0.35% | N/A | N/A | N/A | N/A | N/A |
|  PIMCO Total Return Fund IV | 0.25% | 0.25% | N/A | N/A | N/A | 0.35% | N/A | N/A |
|  PIMCO Total Return Fund V | 0.25% | 0.25% | 0.35% \* | 0.45% <sup>(2)</sup>\* | 0.25% \* | 0.40% \* | 0.40% \* | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its advisory fee by 0.05% of the average daily net assets attributable to the PIMCO Dynamic Bond Fund. 

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **255** |

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Notes to Financial Statements (Cont.)

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the period ended September 30, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares 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% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended September 30, 2025, the

Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a

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|:---|:---|
| **256** | **PIMCO BOND FUNDS** |

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September 30, 2025 (Unaudited)

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.

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its advisory fee by 0.05% of the average daily net assets attributable to the PIMCO Dynamic Bond Fund.

This Fee Waiver Agreement may be terminated by the Trust upon 90 days' prior written notice to PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO.

The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring Within | Expiring Within | Expiring Within | Expiring Within |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Low Duration Opportunities Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $43 |
|  PIMCO Total Return Fund V | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Pursuant to a Supervisory and Administrative 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 Climate Bond Fund, PIMCO Dynamic Bond Fund, PIMCO GNMA and Government Securities Fund, PIMCO Investment Grade Credit Bond Fund, PIMCO Long-Term U.S. Government Fund, PIMCO Mortgage Opportunities and Bond Fund, PIMCO Total Return Fund V and PIMCO Total Return ESG Fund. This Supervisory and Administrative Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Supervisory and Administrative Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Climate Bond Fund | $0 |
|  PIMCO Dynamic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 |
|  PIMCO GNMA and Government Securities Fund | 21 |
|  PIMCO Investment Grade Credit Bond Fund | 31 |
|  PIMCO Low Duration Opportunities Fund | 0 |
|  PIMCO Mortgage Opportunities and Bond Fund | 22 |
|  PIMCO Total Return ESG Fund | 2 |
|  PIMCO Total Return Fund V | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Dynamic Bond Fund, PIMCO Extended Duration Fund, PIMCO GNMA and Government Securities Fund, PIMCO Investment Grade Credit Bond Fund, PIMCO Long Duration Total Return Fund, PIMCO Moderate Duration Fund, PIMCO Total Return Fund II, PIMCO Total Return Fund IV and PIMCO Total Return ESG Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. For the period ended

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **257** |

---

------

Notes to Financial Statements (Cont.)

September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Moderate Duration Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  PIMCO Total Return Fund II | 36 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

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 September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Climate Bond Fund | $829 | $517 | $8074 | $1526 |
|  PIMCO Dynamic Bond Fund | 14084522 | 14487073 | 346267 | 245468 |
|  PIMCO Extended Duration Fund | 621242 | 603441 | 13562 | 2639 |
|  PIMCO GNMA and Government Securities Fund | 22193875 | 22464730 | 37109 | 17548 |
|  PIMCO Investment Grade Credit Bond Fund | 11937375 | 12878508 | 1404070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710729 |
|  PIMCO Long Duration Total Return Fund | 3260076 | 2957464 | 228780 | 268264 |
|  PIMCO Long-Term U.S. Government Fund | 893715 | 877321 | 4254 | 139 |
|  PIMCO Low Duration Opportunities Fund | 410618 | 414879 | 12689 | 6993 |
|  PIMCO Moderate Duration Fund | 2344127 | 2185956 | 230295 | 123057 |
|  PIMCO Mortgage Opportunities and Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138269178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137249437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706830 | 243943 |
|  PIMCO Total Return ESG Fund | 2241453 | 2313249 | 127105 | 127053 |
|  PIMCO Total Return Fund II | 1013185 | 979746 | 32772 | 18389 |
|  PIMCO Total Return Fund IV | 754377 | 747831 | 18445 | 19704 |
|  PIMCO Total Return Fund V | 449737 | 404279 | 39692 | 8080 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **258** | **PIMCO BOND FUNDS** |

---

------

September 30, 2025 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Dynamic Bond Fund | PIMCO Dynamic Bond Fund | PIMCO Dynamic Bond Fund | PIMCO Dynamic Bond Fund |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 631 | $5657 | 1407 | $12479 | 16422 | $165925 | 77902 | $776895 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 58 | 526 | 10 | 77 | 3334 | 33632 | 4181 | 41475 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 35 | 313 | 110 | 972 | 561 | 5662 | 2700 | 27027 |
| &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 | 800 | 7172 | 164 | 1458 | 687 | 6971 | 1530 | 15214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1 | 2 | 0 | 6 | 35 | 357 | 66 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 65 | 654 | 84 | 824 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 48 | 432 | 83 | 735 | 5920 | 60029 | 10381 | 103137 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1 | 5 | 0 | 4 | 297 | 3014 | 532 | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 2 | 18 | 4 | 32 | 90 | 918 | 73 | 731 |
| &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 | 14 | 125 | 6 | 56 | 293 | 2969 | 582 | 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 1 | 0 | 2 | 12 | 117 | 28 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | 12 | 123 | 21 | 213 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (544) | (4852) | (470) | (4157) | (58216) | (589218) | (56098) | (557614) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (5) | (44) | (25) | (216) | (3027) | (30465) | (4958) | (49152) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (55) | (497) | (52) | (460) | (441) | (4449) | (1016) | (10035) |
| &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 | (131) | (1171) | (43) | (385) | (1335) | (13470) | (3655) | (36299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | 0 | (114) | (1144) | (463) | (4594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | (49) | (493) | (85) | (844) |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 855 | $7687 | 1194 | $10603 | (35454) | $(358868) | 31805 | $318974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **259** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Extended Duration Fund** | **PIMCO Extended Duration Fund** | **PIMCO Extended Duration Fund** | **PIMCO Extended Duration Fund** | **PIMCO GNMA and Government Securities Fund** | **PIMCO GNMA and Government Securities Fund** | **PIMCO GNMA and Government Securities Fund** | **PIMCO GNMA and Government Securities Fund** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 9682 | $120603 | 11548 | $159606 | 23500 | $218099 | 20178 | $187843 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 66 | 847 | 1035 | 14762 | 11216 | 104448 | 26159 | 242649 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 422 | 3942 | 2144 | 19944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 1921 | 18000 | 3343 | 31151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 27 | 255 | 78 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 522 | 6581 | 762 | 10267 | 1204 | 11290 | 2983 | 27793 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 19 | 245 | 35 | 470 | 963 | 9026 | 2223 | 20707 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 181 | 1693 | 417 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 280 | 2625 | 761 | 7084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 11 | 99 | 36 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7116) | (91005) | (19632) | (269675) | (23273) | (216193) | (24734) | (229486) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (270) | (3318) | (1698) | (23664) | (8435) | (79021) | (38856) | (359211) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (843) | (7931) | (2215) | (20570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (3856) | (36056) | (7507) | (70183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (185) | (1727) | (508) | (4728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 2903 | $33953 | (7950) | $(108234) | 3133 | $28549 | (15498) | $(142061) |

---

---

| | |
|:---|:---|
| **260** | **PIMCO BOND FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Investment Grade Credit Bond Fund** | **PIMCO Investment Grade Credit Bond Fund** | **PIMCO Investment Grade Credit Bond Fund** | **PIMCO Investment Grade Credit Bond Fund** | **PIMCO Long Duration Total Return Fund** | **PIMCO Long Duration Total Return Fund** | **PIMCO Long Duration Total Return Fund** | **PIMCO Long Duration Total Return Fund** | **PIMCO Long-Term U.S. Government Fund** | **PIMCO Long-Term U.S. Government Fund** | **PIMCO Long-Term U.S. Government Fund** | **PIMCO Long-Term U.S. Government Fund** |
| **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 85205 | $766921 | 183214 | $1649629 | 38668 | $274106 | 115459 | $853501 | 10967 | $150996 | 16622 | $239014 |
| 94490 | 858773 | 236796 | 2130334 | 1722 | 12107 | 9943 | 71864 | 1550 | 21433 | 6068 | 86313 |
| 2686 | 24129 | 5906 | 52772 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 233 | 2096 | 713 | 6418 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 7195 | 65013 | 15776 | 141682 | 1063 | 7538 | 4496 | 32425 | 353 | 4866 | 1281 | 18241 |
| 235 | 2123 | 776 | 6967 | 110 | 783 | 438 | 3253 | 147 | 2021 | 928 | 13353 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 12805 | 116157 | 25040 | 224781 | 6379 | 45291 | 12068 | 86795 | 849 | 11774 | 1725 | 24508 |
| 4287 | 38888 | 9668 | 86769 | 310 | 2204 | 639 | 4599 | 114 | 1586 | 296 | 4207 |
| 312 | 2832 | 551 | 4942 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 42 | 383 | 96 | 861 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 1290 | 11703 | 2622 | 23526 | 121 | 858 | 139 | 1003 | 48 | 664 | 87 | 1240 |
| 109 | 992 | 254 | 2280 | 22 | 156 | 37 | 265 | 28 | 392 | 40 | 569 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (94714) | (851172) | (223390) | (2004298) | (37944) | (269483) | (179500) | (1296911) | (14264) | (197297) | (28455) | (407030) |
| (71121) | (641172) | (193162) | (1734176) | (3585) | (25259) | (13731) | (98529) | (1322) | (18149) | (12162) | (172937) |
| (3492) | (31516) | (5237) | (46937) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (461) | (4151) | (1364) | (12230) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (11714) | (105813) | (27598) | (247241) | (968) | (6838) | (3298) | (23577) | (560) | (7723) | (1631) | (23298) |
| (1468) | (13248) | (3762) | (33697) | (191) | (1346) | (481) | (3455) | (109) | (1505) | (382) | (5383) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>25919 | $242938 | 26899 | $252382 | 5707 | $40117 | (53791) | $(368767) | (2199) | $(30942) | (15583) | $(221203) |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **261** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Low Duration Opportunities Fund** | **PIMCO Low Duration Opportunities Fund** | **PIMCO Low Duration Opportunities Fund** | **PIMCO Low Duration Opportunities Fund** | **PIMCO Moderate Duration Fund** | **PIMCO Moderate Duration Fund** | **PIMCO Moderate Duration Fund** | **PIMCO Moderate Duration Fund** |
|  | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 198 | $2120 | 434 | $4582 | 12565 | $117710 | 39060 | $360360 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 592 | 6352 | 3873 | 40577 | 482 | 4525 | 1228 | 11297 |
| &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 | 140 | 1501 | 145 | 1529 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 85 | 20 | 217 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 56 | 603 | 110 | 1160 | 3373 | 31672 | 6318 | 58245 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 116 | 1241 | 206 | 2175 | 37 | 343 | 37 | 338 |
| &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 | 21 | 228 | 42 | 445 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2 | 19 | 4 | 37 | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (257) | (2752) | (1460) | (15293) | (13847) | (129988) | (21147) | (195128) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (965) | (10228) | (1691) | (17813) | (373) | (3509) | (203) | (1867) |
| &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 | (151) | (1615) | (392) | (4124) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (39) | (423) | (32) | (340) | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | (280) | $(2869) | 1259 | $13152 | 2237 | $20753 | 25293 | $233245 |

---

---

| | |
|:---|:---|
| **262** | **PIMCO BOND FUNDS** |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO Mortgage Opportunities and Bond Fund** | **PIMCO Mortgage Opportunities and Bond Fund** | **PIMCO Mortgage Opportunities and Bond Fund** | **PIMCO Mortgage Opportunities and Bond Fund** | **PIMCO Total Return ESG Fund** | **PIMCO Total Return ESG Fund** | **PIMCO Total Return ESG Fund** | **PIMCO Total Return ESG Fund** | **PIMCO Total Return Fund II** | **PIMCO Total Return Fund II** | **PIMCO Total Return Fund II** | **PIMCO Total Return Fund II** |
| **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 157609 | $1469678 | 331373 | $3093912 | 16659 | $128380 | 42183 | $322572 | 4097 | $33916 | 12456 | $102952 |
| 81936 | 764341 | 160054 | 1492964 | 4426 | 34008 | 9031 | 68953 | 3095 | 26157 | 1021 | 8373 |
| 1975 | 18385 | 3749 | 34881 | 67 | 515 | 512 | 3931 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 142 | 1085 | 722 | 5540 | N/A | N/A | N/A | N/A |
| 4929 | 45892 | 15751 | 147256 | 533 | 4115 | 805 | 6159 | N/A | N/A | N/A | N/A |
| 562 | 5229 | 3033 | 28314 | 23 | 177 | 23 | 171 | 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 |
| 25688 | 239999 | 54604 | 508847 | 3182 | 24580 | 6887 | 52618 | 1287 | 10747 | 2316 | 19058 |
| 7953 | 74299 | 17517 | 163240 | 611 | 4718 | 1185 | 9061 | 24 | 199 | 87 | 708 |
| 263 | 2455 | 611 | 5690 | 20 | 156 | 35 | 264 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 41 | 317 | 79 | 605 | N/A | N/A | N/A | N/A |
| 709 | 6622 | 1488 | 13869 | 24 | 187 | 41 | 316 | N/A | N/A | N/A | N/A |
| 118 | 1105 | 240 | 2237 | 1 | 9 | 2 | 18 | 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 |
| (135646) | (1268544) | (171980) | (1602383) | (18657) | (143166) | (88710) | (680815) | (6028) | (50385) | (19784) | (162621) |
| (51660) | (481419) | (139547) | (1297696) | (3786) | (29148) | (9529) | (72797) | (939) | (7748) | (4558) | (38064) |
| (1717) | (16043) | (4073) | (37915) | (300) | (2298) | (231) | (1757) | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (238) | (1837) | (747) | (5699) | N/A | N/A | N/A | N/A |
| (4822) | (45045) | (8290) | (77029) | (137) | (1055) | (1269) | (9640) | N/A | N/A | N/A | N/A |
| (653) | (6089) | (1093) | (10171) | (29) | (220) | (28) | (209) | 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 |
| <br>87244 | $810865 | 263437 | $2466016 | 2582 | $20523 | (39009) | $(300709) | 1536 | $12886 | (8462) | $(69594) |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **263** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO Total Return Fund IV** | **PIMCO Total Return Fund IV** | **PIMCO Total Return Fund IV** | **PIMCO Total Return Fund IV** | **PIMCO Total Return Fund V** | **PIMCO Total Return Fund V** | **PIMCO Total Return Fund V** | **PIMCO Total Return Fund V** |
|  | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Six Months Ended<br>09/30/2025<br>(Unaudited)** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4195 | $39753 | 9298 | $87549 | 7882 | $76616 | 10384 | $101039 |
| &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; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 250 | 2375 | 597 | 5632 | 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 R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 668 | 6349 | 1261 | 11879 | 701 | 6825 | 1032 | 10025 |
| &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; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 31 | 292 | 49 | 466 | 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 R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3947) | (37284) | (6399) | (60298) | (2148) | (20931) | (949) | (9223) |
| &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; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (98) | (934) | (319) | (3005) | 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 R | 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** | 1099 | $10551 | 4487 | $42223 | 6435 | $62510 | 10467 | $101841 |

---

† A zero balance may reflect actual amounts rounding to less than one thousand.

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shareholders that own 10% or more<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Climate Bond Fund | 6 | 0 | 89% | 0% |
|  PIMCO Dynamic Bond Fund | 3 | 0 | 54% | 0% |
|  PIMCO Extended Duration Fund | 1 | 1 | 36% | 30% |
|  PIMCO GNMA and Government Securities Fund | 3 | 0 | 51% | 0% |
|  PIMCO Investment Grade Credit Bond Fund | 2 | 0 | 53% | 0% |
|  PIMCO Long Duration Total Return Fund | 1 | 0 | 32% | 0% |
|  PIMCO Long-Term U.S. Government Fund | 0 | 1 | 0% | 27% |
|  PIMCO Low Duration Opportunities Fund | 2 | 0 | 53% | 0% |
|  PIMCO Moderate Duration Fund | 2 | 0 | 48% | 0% |
|  PIMCO Mortgage Opportunities and Bond Fund | 2 | 0 | 52% | 0% |
|  PIMCO Total Return ESG Fund | 3 | 0 | 46% | 0% |
|  PIMCO Total Return Fund II | 2 | 0 | 47% | 0% |
|  PIMCO Total Return Fund IV | 1 | 0 | 81% | 0% |
|  PIMCO Total Return Fund V | 4 | 0 | 77% | 0% |

---

---

| | |
|:---|:---|
| **264** | **PIMCO BOND FUNDS** |

---

------

September 30, 2025 (Unaudited)

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for

open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Climate Bond Fund | $366 | $659 |
|  PIMCO Dynamic Bond Fund | 403822 | 132241 |
|  PIMCO Extended Duration Fund | 13082 | 46848 |
|  PIMCO GNMA and Government Securities Fund | 103356 | 60319 |
|  PIMCO Investment Grade Credit Bond Fund | 792800 | 726687 |
|  PIMCO Long Duration Total Return Fund | 569479 | 205491 |
|  PIMCO Long-Term U.S. Government Fund\* | 143283 | 247055 |
|  PIMCO Low Duration Opportunities Fund | 4882 | 1887 |
|  PIMCO Moderate Duration Fund | 39587 | 77369 |
|  PIMCO Mortgage Opportunities and Bond Fund | 109717 | 435270 |
|  PIMCO Total Return ESG Fund | 178586 | 105566 |
|  PIMCO Total Return Fund II | 29808 | 20387 |
|  PIMCO Total Return Fund IV | 10670 | 23084 |
|  PIMCO Total Return Fund V | 199 | 929 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO Climate Bond Fund | $35825 | $1789 | $(814) | $975 |
|  PIMCO Dynamic Bond Fund | 4402510 | 119431 | (301276) | (181845) |
|  PIMCO Extended Duration Fund | 1385066 | 18171 | (364151) | (345980) |
|  PIMCO GNMA and Government Securities Fund | 2399489 | 32363 | (109953) | (77590) |
|  PIMCO Investment Grade Credit Bond Fund | 14618045 | 372564 | (625623) | (253059) |
|  PIMCO Long Duration Total Return Fund | 3958245 | 92928 | (382200) | (289272) |
|  PIMCO Long-Term U.S. Government Fund | 1640151 | 17774 | (158426) | (140652) |
|  PIMCO Low Duration Opportunities Fund | 138037 | 4853 | (3756) | 1097 |
|  PIMCO Moderate Duration Fund | 2077265 | 53174 | (53343) | (169) |
|  PIMCO Mortgage Opportunities and Bond Fund | 24271146 | 413219 | (905160) | (491941) |
|  PIMCO Total Return ESG Fund | 2204960 | 44102 | (137300) | (93198) |
|  PIMCO Total Return Fund II | 865735 | 11560 | (43033) | (31473) |
|  PIMCO Total Return Fund IV | 434871 | 7648 | (13366) | (5718) |
|  PIMCO Total Return Fund V | 376575 | 6500 | (2473) | 4027 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **265** |

---

------

Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

16. SUBSEQUENT EVENTS

Class A shares of the Total Return Fund V became operational effective October 31, 2025.

---

| | |
|:---|:---|
| **266** | **PIMCO BOND 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 | NOM | Nomura Securities International, Inc. |
| BCY | Barclays Capital, Inc. | GLM | Goldman Sachs Bank USA | NXN | Natixis New York |
| BMO | BMO Capital Markets Corporation | GSC | Goldman Sachs & Co. LLC | PER | Pershing LLC |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BOM | Bank of Montreal | IND | Crédit Agricole Corporate and Investment Bank S.A. | RDR | RBC Capital Markets LLC |
| BOO | BoA Securities, Inc (Repo Only) | JEF | Jefferies & Co., Inc. | RYL | NatWest Markets Plc |
| BOS | BofA Securities, Inc. | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | JPS | J.P. Morgan Securities LLC | SBI | Citigroup Global Markets Ltd. |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | SNI | Stifel Nicolaus Europe Ltd. |
| BSN | The Bank of Nova Scotia - Toronto | MJR | Merrill Lynch, Pierce, Fenner & Smith, Inc. | SOG | Societe Generale Paris |
| BUS | The Bank of Nova Scotia - Toronto | MSC | Morgan Stanley & Co. LLC. | SSB | State Street Bank and Trust Co. |
| BYR | The Bank of Nova Scotia - Toronto | MYC | Morgan Stanley Capital Services LLC | STR | State Street FICC Repo |
| CBK | Citibank N.A. | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| CIB | Canadian Imperial Bank of Commerce | NGF | Nomura Global Financial Products, Inc. | UBS | UBS Securities LLC |
| DEU | Deutsche Bank Securities, Inc. | NKF | National Bank Financial | WFS | Wells Fargo Securities, LLC |
| DUB | Deutsche Bank AG |  |  |  |  |
|  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 | IDR | Indonesian Rupiah | PLN | Polish Zloty |
| CHF | Swiss Franc | ILS | Israeli Shekel | RON | Romanian New Leu |
| CNH | Chinese Renminbi (Offshore) | INR | Indian Rupee | SEK | Swedish Krona |
| CNY | Chinese Renminbi (Mainland) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | THB | Thai Baht |
| DKK | Danish Krone | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| DOP | Dominican Peso | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| EUR | Euro | NOK | Norwegian Krone | ZAR | South African Rand |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | CME | Chicago Mercantile Exchange | OTC | Over the Counter |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CMBX | Commercial Mortgage-Backed Index | MUTKCALM | Tokyo Overnight Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | MSMMUSTF | MSILF Money Market US Treasury Fund Index |
| BP0003M | 3 Month GBP-LIBOR | EUR006M | 6 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | SOFR | Secured Overnight Financing Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | H15T5Y | 5 Year US Treasury Yield Curve Constant Maturity Rate | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | IBR | Indicador Bancario de Referencia | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | US0003M | ICE 3-Month USD LIBOR |
| CDX.IG | Credit Derivatives Index - Investment Grade |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| ACA | American Capital Access Holding Ltd. | NPFGC | National Public Finance Guarantee Corp. |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REMIC | Real Estate Mortgage Investment Conduit |
| BABs | Build America Bonds | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | MSCI | Morgan Stanley Capital International | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation | OIS | Overnight Index Swap |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **267** |

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------

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Climate Bond Fund | PIMCO Climate 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) |
|  April 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  May 2025 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
|  June 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  July 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  August 2025 | $0.0273 | $0.0000 | $0.0000 | $0.0273 |
|  September 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  May 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  June 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  July 2025 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  August 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  September 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  May 2025 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  June 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
|  July 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
|  August 2025 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  September 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
|  May 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  June 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  July 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  August 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  September 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0180 | $0.0000 | $0.0000 | $0.0180 |
|  May 2025 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |
|  June 2025 | $0.0171 | $0.0000 | $0.0000 | $0.0171 |
|  July 2025 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
|  August 2025 | $0.0182 | $0.0000 | $0.0000 | $0.0182 |
|  September 2025 | $0.0171 | $0.0000 | $0.0000 | $0.0171 |

---

---

| | |
|:---|:---|
| **268** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Dynamic Bond Fund | PIMCO Dynamic Bond Fund | PIMCO Dynamic Bond Fund | PIMCO Dynamic 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)** |
|  April 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  May 2025 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |
|  June 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  July 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  August 2025 | $0.0484 | $0.0000 | $0.0000 | $0.0484 |
|  September 2025 | $0.0454 | $0.0000 | $0.0000 | $0.0454 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  May 2025 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  June 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  July 2025 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  August 2025 | $0.0475 | $0.0000 | $0.0000 | $0.0475 |
|  September 2025 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  May 2025 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
|  June 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  July 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  August 2025 | $0.0470 | $0.0000 | $0.0000 | $0.0470 |
|  September 2025 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  May 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  June 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  July 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  August 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  September 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  May 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  June 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  July 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  August 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  September 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  May 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  June 2025 | $0.0366 | $0.0000 | $0.0000 | $0.0366 |
|  July 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  August 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  September 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **269** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Extended Duration Fund | PIMCO Extended Duration Fund | PIMCO Extended Duration Fund | PIMCO Extended Duration Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
|  May 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  June 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  July 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  August 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  September 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  May 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  June 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  July 2025 | $0.0346 | $0.0000 | $0.0000 | $0.0346 |
|  August 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  September 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
| <br> PIMCO GNMA and Government Securities Fund | <br> PIMCO GNMA and Government Securities Fund | <br> PIMCO GNMA and Government Securities Fund | <br> PIMCO GNMA and Government Securities Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  May 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  June 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  July 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  August 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  September 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  May 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  June 2025 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  July 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  August 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  September 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
|  May 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  June 2025 | $0.0325 | $0.0000 | $0.0000 | $0.0325 |
|  July 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  August 2025 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
|  September 2025 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |

---

---

| | |
|:---|:---|
| **270** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
|  May 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  June 2025 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  July 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  August 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  September 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  May 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  June 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  July 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  August 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  September 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
| <br> PIMCO Investment Grade Credit Bond Fund | <br> PIMCO Investment Grade Credit Bond Fund | <br> PIMCO Investment Grade Credit Bond Fund | <br> PIMCO Investment Grade Credit Bond Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0360 | $0.0000 | $0.0002 | $0.0362 |
|  May 2025 | $0.0369 | $0.0000 | $0.0002 | $0.0371 |
|  June 2025 | $0.0342 | $0.0000 | $0.0002 | $0.0344 |
|  July 2025 | $0.0370 | $0.0000 | $0.0002 | $0.0372 |
|  August 2025 | $0.0371 | $0.0000 | $0.0002 | $0.0373 |
|  September 2025 | $0.0346 | $0.0000 | $0.0002 | $0.0348 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0352 | $0.0000 | $0.0002 | $0.0354 |
|  May 2025 | $0.0361 | $0.0000 | $0.0002 | $0.0363 |
|  June 2025 | $0.0335 | $0.0000 | $0.0002 | $0.0337 |
|  July 2025 | $0.0362 | $0.0000 | $0.0002 | $0.0364 |
|  August 2025 | $0.0363 | $0.0000 | $0.0002 | $0.0365 |
|  September 2025 | $0.0339 | $0.0000 | $0.0002 | $0.0341 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0349 | $0.0000 | $0.0002 | $0.0351 |
|  May 2025 | $0.0357 | $0.0000 | $0.0002 | $0.0359 |
|  June 2025 | $0.0332 | $0.0000 | $0.0002 | $0.0334 |
|  July 2025 | $0.0358 | $0.0000 | $0.0002 | $0.0360 |
|  August 2025 | $0.0359 | $0.0000 | $0.0002 | $0.0361 |
|  September 2025 | $0.0336 | $0.0000 | $0.0001 | $0.0337 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0341 | $0.0000 | $0.0002 | $0.0343 |
|  May 2025 | $0.0349 | $0.0000 | $0.0002 | $0.0351 |
|  June 2025 | $0.0324 | $0.0000 | $0.0002 | $0.0326 |
|  July 2025 | $0.0351 | $0.0000 | $0.0002 | $0.0353 |
|  August 2025 | $0.0351 | $0.0000 | $0.0002 | $0.0353 |
|  September 2025 | $0.0329 | $0.0000 | $0.0001 | $0.0330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **271** |

---

------

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)** |
|  April 2025 | $0.0331 | $0.0000 | $0.0001 | $0.0332 |
|  May 2025 | $0.0337 | $0.0000 | $0.0002 | $0.0339 |
|  June 2025 | $0.0315 | $0.0000 | $0.0001 | $0.0316 |
|  July 2025 | $0.0340 | $0.0000 | $0.0001 | $0.0341 |
|  August 2025 | $0.0339 | $0.0000 | $0.0002 | $0.0341 |
|  September 2025 | $0.0318 | $0.0000 | $0.0001 | $0.0319 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0276 | $0.0000 | $0.0001 | $0.0277 |
|  May 2025 | $0.0280 | $0.0000 | $0.0001 | $0.0281 |
|  June 2025 | $0.0261 | $0.0000 | $0.0001 | $0.0262 |
|  July 2025 | $0.0282 | $0.0000 | $0.0001 | $0.0283 |
|  August 2025 | $0.0280 | $0.0000 | $0.0001 | $0.0281 |
|  September 2025 | $0.0263 | $0.0000 | $0.0001 | $0.0264 |
|  <br> **PIMCO Long Duration Total Return Fund** | <br> **PIMCO Long Duration Total Return Fund** | <br> **PIMCO Long Duration Total Return Fund** | <br> **PIMCO Long Duration Total Return Fund** |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0286 | $0.0000 | $0.0000 | $0.0286 |
|  May 2025 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  June 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  July 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  August 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  September 2025 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  May 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  June 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  July 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  August 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  September 2025 | $0.0253 | $0.0000 | $0.0000 | $0.0253 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
|  May 2025 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  June 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  July 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  August 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  September 2025 | $0.0236 | $0.0000 | $0.0000 | $0.0236 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  May 2025 | $0.0219 | $0.0000 | $0.0000 | $0.0219 |
|  June 2025 | $0.0196 | $0.0000 | $0.0000 | $0.0196 |
|  July 2025 | $0.0202 | $0.0000 | $0.0000 | $0.0202 |
|  August 2025 | $0.0211 | $0.0000 | $0.0000 | $0.0211 |
|  September 2025 | $0.0192 | $0.0000 | $0.0000 | $0.0192 |

---

---

| | |
|:---|:---|
| **272** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Long-Term U.S. Government Fund | PIMCO Long-Term U.S. Government Fund | PIMCO Long-Term U.S. Government Fund | PIMCO Long-Term U.S. Government Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  May 2025 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  June 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  July 2025 | $0.0456 | $0.0000 | $0.0000 | $0.0456 |
|  August 2025 | $0.0474 | $0.0000 | $0.0000 | $0.0474 |
|  September 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
|  May 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  June 2025 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  July 2025 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  August 2025 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  September 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  May 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  June 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |
|  July 2025 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
|  August 2025 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
|  September 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  May 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  June 2025 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  July 2025 | $0.0328 | $0.0000 | $0.0000 | $0.0328 |
|  August 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  September 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
| <br> PIMCO Low Duration Opportunities Fund | <br> PIMCO Low Duration Opportunities Fund | <br> PIMCO Low Duration Opportunities Fund | <br> PIMCO Low Duration Opportunities Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  May 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  June 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  July 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  August 2025 | $0.0468 | $0.0000 | $0.0000 | $0.0468 |
|  September 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **273** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  May 2025 | $0.0419 | $0.0000 | $0.0000 | $0.0419 |
|  June 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
|  July 2025 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
|  August 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  September 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  May 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  June 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  July 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  August 2025 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  September 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  May 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  June 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  July 2025 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  August 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  September 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
| <br> PIMCO Moderate Duration Fund | <br> PIMCO Moderate Duration Fund | <br> PIMCO Moderate Duration Fund | <br> PIMCO Moderate Duration Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  May 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
|  June 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  July 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  August 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  September 2025 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  May 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  June 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  July 2025 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  August 2025 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
|  September 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |

---

---

| | |
|:---|:---|
| **274** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Mortgage Opportunities and Bond Fund | PIMCO Mortgage Opportunities and Bond Fund | PIMCO Mortgage Opportunities and Bond Fund | PIMCO Mortgage Opportunities and 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)** |
|  April 2025 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  May 2025 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  June 2025 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  July 2025 | $0.0443 | $0.0000 | $0.0000 | $0.0443 |
|  August 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  September 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
|  May 2025 | $0.0483 | $0.0000 | $0.0000 | $0.0483 |
|  June 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  July 2025 | $0.0437 | $0.0000 | $0.0000 | $0.0437 |
|  August 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  September 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  May 2025 | $0.0477 | $0.0000 | $0.0000 | $0.0477 |
|  June 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  July 2025 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
|  August 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  September 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  May 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  June 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  July 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  August 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  September 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  May 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  June 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  July 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  August 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  September 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **275** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Total Return ESG Fund | PIMCO Total Return ESG Fund | PIMCO Total Return ESG Fund | PIMCO Total Return ESG Fund |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  May 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  June 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  July 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  August 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  September 2025 | $0.0240 | $0.0000 | $0.0000 | $0.0240 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0258 | $0.0000 | $0.0000 | $0.0258 |
|  May 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  June 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  July 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  August 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  September 2025 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0254 | $0.0000 | $0.0000 | $0.0254 |
|  May 2025 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  June 2025 | $0.0238 | $0.0000 | $0.0000 | $0.0238 |
|  July 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  August 2025 | $0.0261 | $0.0000 | $0.0000 | $0.0261 |
|  September 2025 | $0.0230 | $0.0000 | $0.0000 | $0.0230 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
|  May 2025 | $0.0241 | $0.0000 | $0.0000 | $0.0241 |
|  June 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  July 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  August 2025 | $0.0254 | $0.0000 | $0.0000 | $0.0254 |
|  September 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0239 | $0.0000 | $0.0000 | $0.0239 |
|  May 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  June 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  July 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  August 2025 | $0.0244 | $0.0000 | $0.0000 | $0.0244 |
|  September 2025 | $0.0215 | $0.0000 | $0.0000 | $0.0215 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0192 | $0.0000 | $0.0000 | $0.0192 |
|  May 2025 | $0.0181 | $0.0000 | $0.0000 | $0.0181 |
|  June 2025 | $0.0177 | $0.0000 | $0.0000 | $0.0177 |
|  July 2025 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
|  August 2025 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
|  September 2025 | $0.0168 | $0.0000 | $0.0000 | $0.0168 |

---

---

| | |
|:---|:---|
| **276** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Total Return Fund II | PIMCO Total Return Fund II | PIMCO Total Return Fund II | PIMCO Total Return Fund II |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  May 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  June 2025 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
|  July 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  August 2025 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  September 2025 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  May 2025 | $0.0276 | $0.0000 | $0.0000 | $0.0276 |
|  June 2025 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  July 2025 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
|  August 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  September 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
| <br> PIMCO Total Return Fund IV | <br> PIMCO Total Return Fund IV | <br> PIMCO Total Return Fund IV | <br> PIMCO Total Return Fund IV |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
|  May 2025 | $0.0334 | $0.0000 | $0.0000 | $0.0334 |
|  June 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  July 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  August 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  September 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  May 2025 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  June 2025 | $0.0287 | $0.0000 | $0.0000 | $0.0287 |
|  July 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  August 2025 | $0.0308 | $0.0000 | $0.0000 | $0.0308 |
|  September 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
| <br> PIMCO Total Return Fund V | <br> PIMCO Total Return Fund V | <br> PIMCO Total Return Fund V | <br> PIMCO Total Return Fund V |  |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
|  May 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  June 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  July 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  August 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  September 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **277** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **278** | **PIMCO BOND FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **279** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed

---

| | |
|:---|:---|
| **280** | **PIMCO BOND FUNDS** |

---

------

(Unaudited)

relevant to their consideration of the renewal of the Agreements. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **281** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients

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| | |
|:---|:---|
| **282** | **PIMCO BOND FUNDS** |

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(Unaudited)

were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board

considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **283** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or

as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the

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| | |
|:---|:---|
| **284** | **PIMCO BOND FUNDS** |

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(Unaudited)

HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **285** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

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![LOGO](g97160g75h91.jpg)

PIMSBONDFSTMSAR_093025

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![LOGO](g920202g13e39.jpg)

PIMCO FUNDS

## Semiannual Financial and Other Information
September 30, 2025

#### Credit Bond Funds
PIMCO Credit Opportunities Bond Fund

PIMCO Diversified Income Fund

PIMCO ESG Income Fund

PIMCO High Yield Fund

PIMCO High Yield Spectrum Fund

PIMCO Long-Term Credit Bond Fund

PIMCO Low Duration Credit Fund

PIMCO Low Duration Income Fund

PIMCO Preferred and Capital Securities Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx920202_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx920202_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx920202_3) | 18 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx920202_4) | 20 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx920202_5) | 22 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx920202_6) | 23 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx920202_7) | 24 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx920202_8) | 26 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx920202_10) | 163 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx920202_11) | 186 |
| &nbsp;&nbsp; [Glossary](#tx920202_13) | 195 |
| &nbsp;&nbsp; [Distribution Information](#tx920202_14) | 196 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx920202_16) | 204 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx920202_17) | 205 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx920202_18) | 206 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Credit Opportunities Bond Fund](#tx920202_19) | 27 |
| &nbsp;&nbsp; [PIMCO Diversified Income Fund](#tx920202_20) | 41 |
| &nbsp;&nbsp; [PIMCO ESG Income Fund](#tx920202_21) | 61 |
| &nbsp;&nbsp; [PIMCO High Yield Fund](#tx920202_22) | 75 |
| &nbsp;&nbsp; [PIMCO High Yield Spectrum Fund](#tx920202_23) | 87 |
| &nbsp;&nbsp; [PIMCO Long-Term Credit Bond Fund](#tx920202_24) | 100 |
| &nbsp;&nbsp; [PIMCO Low Duration Credit Fund](#tx920202_25) | 119 |
| &nbsp;&nbsp; [PIMCO Low Duration Income Fund](#tx920202_26) | 127 |
| &nbsp;&nbsp; [PIMCO Preferred and Capital Securities Fund<sup>(1)</sup>](#tx920202_27) | 156 |

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 <br> <sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

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Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund, PIMCO Low Duration Credit Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia's military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

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

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|:---|:---|
| **2** | **PIMCO CREDIT BOND FUNDS** |

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terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain

replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | **I-3** | Administrative<br>Class | Class A | Class C | Class C-2 | Class R | Diversification<br>Status |
|  PIMCO Credit Opportunities Bond Fund | 08/31/11 | 08/31/11 | 08/31/11 |  |  | 08/31/11 | 08/31/11 |  |  | Diversified |
|  PIMCO Diversified Income Fund | 07/31/03 | 07/31/03 | 04/30/08 | 04/27/18 | 10/29/04 | 07/31/03 | 07/31/03 |  |  | Diversified |
|  PIMCO ESG Income Fund | 09/30/20 | 09/30/20 | 09/30/20 | 09/30/20 |  | 09/30/20 | 09/30/20 |  |  | Diversified |
|  PIMCO High Yield Fund | 12/15/92 | 12/15/92 | 04/30/08 | 04/27/18 | 01/16/95 | 01/13/97 | 01/13/97 |  | 12/31/02 | Diversified |
|  PIMCO High Yield Spectrum Fund | 09/15/10 | 09/15/10 | 09/15/10 | 04/27/18 |  | 09/15/10 | 09/15/10 |  |  | Diversified |
|  PIMCO Long-Term Credit Bond Fund | 03/31/09 | 03/31/09 | 02/29/12 |  |  |  |  |  |  | Diversified |
|  PIMCO Low Duration Credit Fund | 04/29/11 | 04/29/11 | 04/29/11 |  |  | 04/29/11 | 04/29/11 |  |  | Diversified |
|  PIMCO Low Duration Income Fund | 07/30/04 | 07/30/04 | 04/30/08 | 04/27/18 |  | 07/30/04 | 09/30/04 | 10/21/20 |  | Diversified |
|  PIMCO Preferred and Capital Securities Fund | 04/13/15 | 04/13/15 | 04/13/15 | 04/27/18 |  | 04/13/15 | 08/23/19 |  |  | Diversified |

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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.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and

modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO CREDIT BOND FUNDS** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Credit Opportunities Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.70 | $0.24 | $0.12 | $0.36 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.48 | 0.56 | 0.19 | 0.75 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.49 | 0.16 | 0.65 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.51 | 0.37 | (0.23) | 0.14 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.99 | 0.30 | (0.43) | (0.13) | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.07 | 0.30 | 0.97 | 1.27 | (0.35) | 0.00 | 0.00 | (0.35) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.64 | 0.24 | 0.12 | 0.36 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.42 | 0.54 | 0.20 | 0.74 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.48 | 0.16 | 0.64 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.47 | 0.36 | (0.24) | 0.12 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.94 | 0.29 | (0.42) | (0.13) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.03 | 0.29 | 0.96 | 1.25 | (0.34) | 0.00 | 0.00 | (0.34) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.70 | 0.23 | 0.11 | 0.34 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.48 | 0.52 | 0.19 | 0.71 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.46 | 0.15 | 0.61 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.52 | 0.33 | (0.23) | 0.10 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.26 | (0.43) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.08 | 0.26 | 0.97 | 1.23 | (0.31) | 0.00 | 0.00 | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.51 | 0.19 | 0.11 | 0.30 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.32 | 0.43 | 0.20 | 0.63 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.14 | 0.37 | 0.17 | 0.54 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.37 | 0.25 | (0.23) | 0.02 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.85 | 0.19 | (0.43) | (0.24) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.95 | 0.18 | 0.95 | 1.13 | (0.23) | 0.00 | 0.00 | (0.23) |
|  **PIMCO Diversified Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.71 | $0.26 | $0.30 | $0.56 | $(0.27) | $0.00 | $0.00 | $(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.49 | 0.17 | 0.66 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.42 | 0.38 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.37 | (0.86) | (0.49) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.35 | (0.81) | (0.46) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.34 | 0.89 | 1.23 | (0.40) | 0.00 | 0.00 | (0.40) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.71 | 0.25 | 0.31 | 0.56 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.39 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.36 | (0.86) | (0.50) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.81) | (0.47) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.33 | 0.89 | 1.22 | (0.39) | 0.00 | 0.00 | (0.39) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.71 | 0.25 | 0.31 | 0.56 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.38 | 0.79 | (0.41) | 0.00 | (0.03) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.35 | (0.86) | (0.51) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.82) | (0.48) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.32 | 0.90 | 1.22 | (0.39) | 0.00 | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.71 | 0.24 | 0.31 | 0.55 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.47 | 0.17 | 0.64 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.40 | 0.38 | 0.78 | (0.40) | 0.00 | (0.03) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.34 | (0.86) | (0.52) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.33 | (0.82) | (0.49) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.31 | 0.90 | 1.21 | (0.38) | 0.00 | 0.00 | (0.38) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.82 | 3.74% | $271848 | 0.70 | %\* | 0.71 | %\* | 0.59 | %\* | 0.60 | %\* | 5.00 | %\* | 91% |
| 9.70 | 8.06 | 241078 | 1.01 |  | 1.05 |  | 0.56 |  | 0.60 |  | 5.75 |  | 279 |
| 9.48 | 7.13 | 203385 | 0.89 | <sup>(f)</sup> | 0.89 | <sup>(f)</sup> | 0.82 | <sup>(f)</sup> | 0.82 | <sup>(f)</sup> | 5.29 |  | 320 |
| 9.29 | 1.62 | 170305 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 3.96 |  | 158 |
| 9.51 | (1.40) | 235277 | 0.90 |  | 0.90 |  | 0.90 |  | 0.90 |  | 3.07 |  | 84 |
| 9.99 | 14.06 | 268038 | 0.90 |  | 0.90 |  | 0.90 |  | 0.90 |  | 3.10 |  | 99 |
| 9.76 | 3.73 | 192048 | 0.80 | \* | 0.81 | \* | 0.69 | \* | 0.70 | \* | 4.89 | \* | 91 |
| 9.64 | 8.01 | 150777 | 1.11 |  | 1.15 |  | 0.66 |  | 0.70 |  | 5.65 |  | 279 |
| 9.42 | 7.09 | 132752 | 0.99 | <sup>(f)</sup> | 0.99 | <sup>(f)</sup> | 0.92 | <sup>(f)</sup> | 0.92 | <sup>(f)</sup> | 5.20 |  | 320 |
| 9.23 | 1.33 | 105067 | 1.01 |  | 1.01 |  | 1.00 |  | 1.00 |  | 3.93 |  | 158 |
| 9.47 | (1.39) | 123293 | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  | 2.97 |  | 84 |
| 9.94 | 13.92 | 115116 | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  | 3.01 |  | 99 |
| 9.82 | 3.55 | 30046 | 1.10 | \* | 1.11 | \* | 0.99 | \* | 1.00 | \* | 4.62 | \* | 91 |
| 9.70 | 7.67 | 32434 | 1.41 |  | 1.45 |  | 0.96 |  | 1.00 |  | 5.34 |  | 279 |
| 9.48 | 6.75 | 23358 | 1.29 | <sup>(f)</sup> | 1.29 | <sup>(f)</sup> | 1.22 | <sup>(f)</sup> | 1.22 | <sup>(f)</sup> | 4.90 |  | 320 |
| 9.29 | 1.13 | 20412 | 1.31 |  | 1.31 |  | 1.30 |  | 1.30 |  | 3.58 |  | 158 |
| 9.52 | (1.74) | 23819 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 2.65 |  | 84 |
| 10.00 | 13.61 | 19542 | 1.30 |  | 1.30 |  | 1.30 |  | 1.30 |  | 2.68 |  | 99 |
| 9.62 | 3.18 | 3521 | 1.85 | \* | 1.86 | \* | 1.74 | \* | 1.75 | \* | 3.87 | \* | 91 |
| 9.51 | 6.83 | 3716 | 2.16 |  | 2.20 |  | 1.71 |  | 1.75 |  | 4.58 |  | 279 |
| 9.32 | 6.00 | 2005 | 2.04 | <sup>(f)</sup> | 2.04 | <sup>(f)</sup> | 1.97 | <sup>(f)</sup> | 1.97 | <sup>(f)</sup> | 4.10 |  | 320 |
| 9.14 | 0.30 | 2244 | 2.06 |  | 2.06 |  | 2.05 |  | 2.05 |  | 2.75 |  | 158 |
| 9.37 | (2.46) | 3656 | 2.05 |  | 2.05 |  | 2.05 |  | 2.05 |  | 1.91 |  | 84 |
| 9.85 | 12.73 | 3866 | 2.05 |  | 2.05 |  | 2.05 |  | 2.05 |  | 1.91 |  | 99 |
| $10.00 | 5.89% | $2689875 | 0.80 | %\* | 0.80 | %\* | 0.75 | %\* | 0.75 | %\* | 5.23 | %\* | 123% |
| 9.71 | 7.07 | 2605286 | 0.81 |  | 0.81 |  | 0.75 |  | 0.75 |  | 5.09 |  | 303 |
| 9.57 | 9.01 | 2978251 | 0.79 |  | 0.79 |  | 0.75 |  | 0.75 |  | 4.59 |  | 247 |
| 9.22 | (4.75) | 3117435 | 0.76 |  | 0.76 |  | 0.75 |  | 0.75 |  | 3.93 |  | 136 |
| 10.18 | (4.37) | 4022524 | 0.75 |  | 0.75 |  | 0.75 |  | 0.75 |  | 3.22 |  | 94 |
| 11.04 | 12.15 | 4132019 | 0.77 |  | 0.77 |  | 0.75 |  | 0.75 |  | 3.04 |  | 110 |
| 10.00 | 5.84 | 137988 | 0.90 | \* | 0.90 | \* | 0.85 | \* | 0.85 | \* | 5.14 | \* | 123 |
| 9.71 | 6.97 | 140053 | 0.91 |  | 0.91 |  | 0.85 |  | 0.85 |  | 5.00 |  | 303 |
| 9.57 | 8.90 | 131164 | 0.89 |  | 0.89 |  | 0.85 |  | 0.85 |  | 4.49 |  | 247 |
| 9.22 | (4.85) | 132737 | 0.86 |  | 0.86 |  | 0.85 |  | 0.85 |  | 3.79 |  | 136 |
| 10.18 | (4.47) | 291479 | 0.85 |  | 0.85 |  | 0.85 |  | 0.85 |  | 3.07 |  | 94 |
| 11.04 | 12.04 | 670322 | 0.87 |  | 0.87 |  | 0.85 |  | 0.85 |  | 2.94 |  | 110 |
| 10.00 | 5.81 | 18209 | 0.95 | \* | 1.00 | \* | 0.90 | \* | 0.95 | \* | 5.09 | \* | 123 |
| 9.71 | 6.91 | 25460 | 0.96 |  | 1.01 |  | 0.90 |  | 0.95 |  | 4.96 |  | 303 |
| 9.57 | 8.85 | 24514 | 0.94 |  | 0.99 |  | 0.90 |  | 0.95 |  | 4.43 |  | 247 |
| 9.22 | (4.90) | 29287 | 0.91 |  | 0.96 |  | 0.90 |  | 0.95 |  | 3.78 |  | 136 |
| 10.18 | (4.51) | 36071 | 0.90 |  | 0.95 |  | 0.90 |  | 0.95 |  | 3.09 |  | 94 |
| 11.04 | 11.98 | 27498 | 0.92 |  | 0.97 |  | 0.90 |  | 0.95 |  | 2.88 |  | 110 |
| 10.00 | 5.76 | 17846 | 1.05 | \* | 1.05 | \* | 1.00 | \* | 1.00 | \* | 4.98 | \* | 123 |
| 9.71 | 6.81 | 16653 | 1.06 |  | 1.06 |  | 1.00 |  | 1.00 |  | 4.85 |  | 303 |
| 9.57 | 8.74 | 16483 | 1.04 |  | 1.04 |  | 1.00 |  | 1.00 |  | 4.37 |  | 247 |
| 9.22 | (5.00) | 9667 | 1.01 |  | 1.01 |  | 1.00 |  | 1.00 |  | 3.60 |  | 136 |
| 10.18 | (4.61) | 21577 | 1.00 |  | 1.00 |  | 1.00 |  | 1.00 |  | 2.99 |  | 94 |
| 11.04 | 11.87 | 10752 | 1.02 |  | 1.02 |  | 1.00 |  | 1.00 |  | 2.83 |  | 110 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **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 Diversified Income Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.71 | $0.24 | $0.30 | $0.54 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.45 | 0.17 | 0.62 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.38 | 0.39 | 0.77 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.33 | (0.86) | (0.53) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.31 | (0.81) | (0.50) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.29 | 0.90 | 1.19 | (0.36) | 0.00 | 0.00 | (0.36) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.71 | 0.20 | 0.31 | 0.51 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.38 | 0.17 | 0.55 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.32 | 0.38 | 0.70 | (0.32) | 0.00 | (0.03) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.26 | (0.86) | (0.60) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.23 | (0.82) | (0.59) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 10.21 | 0.21 | 0.90 | 1.11 | (0.28) | 0.00 | 0.00 | (0.28) |
|  **PIMCO ESG Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.42 | $0.23 | $&nbsp;&nbsp;&nbsp;&nbsp;0.14 | $&nbsp;&nbsp;&nbsp;&nbsp;0.37 | $(0.25) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.45 | 0.18 | 0.63 | (0.49) | 0.00 | (0.03) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.45 | 0.00 | 0.45 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.35 | (0.61) | (0.26) | (0.51) | (0.03) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.24 | (0.25) | (0.01) | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.10 | 0.34 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.42 | 0.22 | 0.14 | 0.36 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.18 | 0.62 | (0.48) | 0.00 | (0.03) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.44 | 0.00 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.34 | (0.61) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.22 | (0.24) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.09 | 0.35 | 0.44 | (0.09) | 0.00 | 0.00 | (0.09) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.42 | 0.22 | 0.14 | 0.36 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.17 | 0.61 | (0.47) | 0.00 | (0.03) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.43 | 0.01 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.30 | (0.57) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.21) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.09 | 0.34 | 0.43 | (0.08) | 0.00 | 0.00 | (0.08) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.42 | 0.21 | 0.14 | 0.35 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.42 | 0.17 | 0.59 | (0.45) | 0.00 | (0.03) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.41 | 0.01 | 0.42 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.31 | (0.61) | (0.30) | (0.47) | (0.03) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.24) | (0.05) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.07 | 0.35 | 0.42 | (0.07) | 0.00 | 0.00 | (0.07) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.42 | 0.17 | 0.14 | 0.31 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.34 | 0.18 | 0.52 | (0.38) | 0.00 | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.34 | 0.01 | 0.35 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.23 | (0.60) | (0.37) | (0.40) | (0.03) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.13 | (0.26) | (0.13) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/2020 - 03/31/2021 | 10.00 | 0.03 | 0.35 | 0.38 | (0.03) | 0.00 | 0.00 | (0.03) |
|  **PIMCO High Yield Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.98 | $0.24 | $0.19 | $0.43 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.49 | 0.02 | 0.51 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.43 | 0.30 | 0.73 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.39 | (0.63) | (0.24) | (0.42) | (0.15) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.38 | (0.45) | (0.07) | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.38 | 1.07 | 1.45 | (0.40) | 0.00 | 0.00 | (0.40) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $10.00 | 5.68% | $162332 | 1.20 | %\* | 1.20 | %\* | 1.15 | %\* | 1.15 | %\* | 4.84 | %\* | 123% |
| 9.71 | 6.65 | 161573 | 1.21 |  | 1.21 |  | 1.15 |  | 1.15 |  | 4.70 |  | 303 |
| 9.57 | 8.58 | 173452 | 1.19 |  | 1.19 |  | 1.15 |  | 1.15 |  | 4.19 |  | 247 |
| 9.22 | (5.14) | 202770 | 1.16 |  | 1.16 |  | 1.15 |  | 1.15 |  | 3.52 |  | 136 |
| 10.18 | (4.75) | 290939 | 1.15 |  | 1.15 |  | 1.15 |  | 1.15 |  | 2.81 |  | 94 |
| 11.04 | 11.71 | 361780 | 1.17 |  | 1.17 |  | 1.15 |  | 1.15 |  | 2.64 |  | 110 |
| 10.00 | 5.29 | 20687 | 1.95 | \* | 1.95 | \* | 1.90 | \* | 1.90 | \* | 4.09 | \* | 123 |
| 9.71 | 5.85 | 22116 | 1.96 |  | 1.96 |  | 1.90 |  | 1.90 |  | 3.94 |  | 303 |
| 9.57 | 7.78 | 26564 | 1.94 |  | 1.94 |  | 1.90 |  | 1.90 |  | 3.44 |  | 247 |
| 9.22 | (5.85) | 30275 | 1.91 |  | 1.91 |  | 1.90 |  | 1.90 |  | 2.76 |  | 136 |
| 10.18 | (5.46) | 49134 | 1.90 |  | 1.90 |  | 1.90 |  | 1.90 |  | 2.05 |  | 94 |
| 11.04 | 10.87 | 67889 | 1.92 |  | 1.92 |  | 1.90 |  | 1.90 |  | 1.89 |  | 110 |
| $9.54 | 3.97% | $297952 | 0.79 | %\* | 0.79 | %\* | 0.50 | %\* | 0.50 | %\* | 4.77 | %\* | 149% |
| 9.42 | 6.93 | 253619 | 1.21 |  | 1.21 |  | 0.50 |  | 0.50 |  | 4.85 |  | 243 |
| 9.31 | 5.05 | 210539 | 1.00 |  | 1.00 |  | 0.50 |  | 0.50 |  | 4.90 |  | 261 |
| 9.27 | (2.50) | 204462 | 0.55 |  | 0.55 |  | 0.51 |  | 0.51 |  | 3.70 |  | 320 |
| 10.07 | (0.09) | 155174 | 0.52 |  | 0.52 |  | 0.51 |  | 0.51 |  | 2.28 |  | 50 |
| 10.35 | 4.43 | 37125 | 0.52 | \* | 1.14 | \* | 0.50 | \* | 1.12 | \* | 1.87 | \* | 135 |
| 9.54 | 3.92 | 44227 | 0.89 | \* | 0.89 | \* | 0.60 | \* | 0.60 | \* | 4.66 | \* | 149 |
| 9.42 | 6.82 | 29221 | 1.31 |  | 1.31 |  | 0.60 |  | 0.60 |  | 4.74 |  | 243 |
| 9.31 | 4.95 | 20454 | 1.10 |  | 1.10 |  | 0.60 |  | 0.60 |  | 4.79 |  | 261 |
| 9.27 | (2.59) | 16996 | 0.65 |  | 0.65 |  | 0.61 |  | 0.61 |  | 3.54 |  | 320 |
| 10.07 | (0.19) | 17691 | 0.62 |  | 0.62 |  | 0.61 |  | 0.61 |  | 2.14 |  | 50 |
| 10.35 | 4.38 | 1421 | 0.62 | \* | 1.24 | \* | 0.60 | \* | 1.22 | \* | 1.81 | \* | 135 |
| 9.54 | 3.90 | 10257 | 0.94 | \* | 0.99 | \* | 0.65 | \* | 0.70 | \* | 4.62 | \* | 149 |
| 9.42 | 6.77 | 8841 | 1.36 |  | 1.41 |  | 0.65 |  | 0.70 |  | 4.69 |  | 243 |
| 9.31 | 4.89 | 4925 | 1.15 |  | 1.20 |  | 0.65 |  | 0.70 |  | 4.74 |  | 261 |
| 9.27 | (2.64) | 4255 | 0.70 |  | 0.75 |  | 0.66 |  | 0.71 |  | 3.11 |  | 320 |
| 10.07 | (0.24) | 23132 | 0.67 |  | 0.72 |  | 0.66 |  | 0.71 |  | 1.91 |  | 50 |
| 10.35 | 4.35 | 45 | 0.72 | \* | 1.34 | \* | 0.70 | \* | 1.32 | \* | 1.69 | \* | 135 |
| 9.54 | 3.77 | 2238 | 1.19 | \* | 1.19 | \* | 0.90 | \* | 0.90 | \* | 4.38 | \* | 149 |
| 9.42 | 6.50 | 2098 | 1.61 |  | 1.61 |  | 0.90 |  | 0.90 |  | 4.46 |  | 243 |
| 9.31 | 4.63 | 2240 | 1.40 |  | 1.40 |  | 0.90 |  | 0.90 |  | 4.52 |  | 261 |
| 9.27 | (2.88) | 2319 | 0.95 |  | 0.95 |  | 0.91 |  | 0.91 |  | 3.24 |  | 320 |
| 10.07 | (0.49) | 1809 | 0.92 |  | 0.92 |  | 0.91 |  | 0.91 |  | 1.87 |  | 50 |
| 10.35 | 4.23 | 23 | 0.92 | \* | 1.54 | \* | 0.90 | \* | 1.52 | \* | 1.46 | \* | 135 |
| 9.54 | 3.38 | 366 | 1.94 | \* | 1.94 | \* | 1.65 | \* | 1.65 | \* | 3.61 | \* | 149 |
| 9.42 | 5.72 | 278 | 2.36 |  | 2.36 |  | 1.65 |  | 1.65 |  | 3.69 |  | 243 |
| 9.31 | 3.86 | 193 | 2.20 | <sup>(e)</sup> | 2.20 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 1.65 | <sup>(e)</sup> | 3.76 |  | 261 |
| 9.27 | (3.62) | 96 | 1.70 |  | 1.70 |  | 1.66 |  | 1.66 |  | 2.44 |  | 320 |
| 10.07 | (1.24) | 108 | 1.67 |  | 1.67 |  | 1.66 |  | 1.66 |  | 1.21 |  | 50 |
| 10.35 | 3.85 | 90 | 1.67 | \* | 2.29 | \* | 1.65 | \* | 2.27 | \* | 0.67 | \* | 135 |
| $8.16 | 5.51% | $6812351 | 0.57 | %\* | 0.59 | %\* | 0.53 | %\* | 0.55 | %\* | 5.89 | %\* | 45% |
| 7.98 | 6.54 | 7089588 | 0.61 |  | 0.62 |  | 0.54 |  | 0.55 |  | 6.10 |  | 58 |
| 7.97 | 9.79 | 7359710 | 0.60 |  | 0.60 |  | 0.55 |  | 0.55 |  | 5.54 |  | 43 |
| 7.70 | (2.66) | 6421111 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 4.98 |  | 25 |
| 8.51 | (0.91) | 8042209 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.23 |  | 26 |
| 8.99 | 18.49 | 9472559 | 0.56 |  | 0.56 |  | 0.55 |  | 0.55 |  | 4.30 |  | 29 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO High Yield Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $7.98 | $0.23 | $0.20 | $0.43 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.37 | (0.45) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.37 | 1.07 | 1.44 | (0.39) | 0.00 | 0.00 | (0.39) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.98 | 0.23 | 0.20 | 0.43 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.44) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.36 | 1.08 | 1.44 | (0.39) | 0.00 | 0.00 | (0.39) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.98 | 0.23 | 0.19 | 0.42 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.47 | 0.02 | 0.49 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.30 | 0.71 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.37 | (0.63) | (0.26) | (0.40) | (0.15) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.45) | (0.09) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.36 | 1.07 | 1.43 | (0.38) | 0.00 | 0.00 | (0.38) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.98 | 0.22 | 0.20 | 0.42 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.46 | 0.02 | 0.48 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.40 | 0.30 | 0.70 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.36 | (0.63) | (0.27) | (0.39) | (0.15) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.35 | (0.45) | (0.10) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.35 | 1.07 | 1.42 | (0.37) | 0.00 | 0.00 | (0.37) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.98 | 0.19 | 0.20 | 0.39 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.40 | 0.02 | 0.42 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.34 | 0.30 | 0.64 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.30 | (0.63) | (0.33) | (0.33) | (0.15) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.28 | (0.45) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.28 | 1.07 | 1.35 | (0.30) | 0.00 | 0.00 | (0.30) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 7.98 | 0.21 | 0.20 | 0.41 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.44 | 0.02 | 0.46 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.38 | 0.30 | 0.68 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.34 | (0.63) | (0.29) | (0.37) | (0.15) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.33 | (0.45) | (0.12) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.94 | 0.33 | 1.07 | 1.40 | (0.35) | 0.00 | 0.00 | (0.35) |
|  **PIMCO High Yield Spectrum Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.13 | $0.27 | $0.29 | $0.56 | $(0.30) | $0.00 | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.54 | 0.16 | 0.70 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.49 | 0.49 | 0.98 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.67) | (0.24) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.41 | (0.46) | (0.05) | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.45 | 1.47 | 1.92 | (0.47) | 0.00 | 0.00 | (0.47) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.13 | 0.27 | 0.29 | 0.56 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.17 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.48 | 0.49 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.68) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.40 | (0.46) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.44 | 1.47 | 1.91 | (0.46) | 0.00 | 0.00 | (0.46) |

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| | | |
|:---|:---|:---|
| **10** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $8.16 | 5.45% | $329274 | 0.67 | %\* | 0.69 | %\* | 0.63 | %\* | 0.65 | %\* | 5.79 | %\* | 45% |
| 7.98 | 6.44 | 303734 | 0.71 |  | 0.72 |  | 0.64 |  | 0.65 |  | 6.00 |  | 58 |
| 7.97 | 9.68 | 327275 | 0.70 |  | 0.70 |  | 0.65 |  | 0.65 |  | 5.40 |  | 43 |
| 7.70 | (2.75) | 408267 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 4.88 |  | 25 |
| 8.51 | (1.01) | 499207 | 0.66 |  | 0.66 |  | 0.65 |  | 0.65 |  | 4.14 |  | 26 |
| 8.99 | 18.37 | 482815 | 0.66 |  | 0.66 |  | 0.65 |  | 0.65 |  | 4.21 |  | 29 |
| 8.16 | 5.43 | 60787 | 0.72 | \* | 0.79 | \* | 0.68 | \* | 0.75 | \* | 5.68 | \* | 45 |
| 7.98 | 6.39 | 14391 | 0.76 |  | 0.82 |  | 0.69 |  | 0.75 |  | 5.97 |  | 58 |
| 7.97 | 9.63 | 8560 | 0.75 |  | 0.80 |  | 0.70 |  | 0.75 |  | 5.33 |  | 43 |
| 7.70 | (2.80) | 9027 | 0.72 |  | 0.77 |  | 0.70 |  | 0.75 |  | 4.90 |  | 25 |
| 8.51 | (1.06) | 19694 | 0.71 |  | 0.76 |  | 0.70 |  | 0.75 |  | 4.02 |  | 26 |
| 8.99 | 18.31 | 50922 | 0.71 |  | 0.76 |  | 0.70 |  | 0.75 |  | 4.08 |  | 29 |
| 8.16 | 5.37 | 265702 | 0.82 | \* | 0.84 | \* | 0.78 | \* | 0.80 | \* | 5.64 | \* | 45 |
| 7.98 | 6.28 | 254696 | 0.86 |  | 0.87 |  | 0.79 |  | 0.80 |  | 5.84 |  | 58 |
| 7.97 | 9.52 | 288182 | 0.85 |  | 0.85 |  | 0.80 |  | 0.80 |  | 5.27 |  | 43 |
| 7.70 | (2.90) | 302888 | 0.82 |  | 0.82 |  | 0.80 |  | 0.80 |  | 4.74 |  | 25 |
| 8.51 | (1.15) | 354288 | 0.81 |  | 0.81 |  | 0.80 |  | 0.80 |  | 3.98 |  | 26 |
| 8.99 | 18.20 | 393891 | 0.81 |  | 0.81 |  | 0.80 |  | 0.80 |  | 4.05 |  | 29 |
| 8.16 | 5.32 | 409547 | 0.92 | \* | 0.94 | \* | 0.88 | \* | 0.90 | \* | 5.54 | \* | 45 |
| 7.98 | 6.17 | 412663 | 0.96 |  | 0.97 |  | 0.89 |  | 0.90 |  | 5.74 |  | 58 |
| 7.97 | 9.41 | 473170 | 0.95 |  | 0.95 |  | 0.90 |  | 0.90 |  | 5.17 |  | 43 |
| 7.70 | (3.00) | 511871 | 0.92 |  | 0.92 |  | 0.90 |  | 0.90 |  | 4.64 |  | 25 |
| 8.51 | (1.25) | 626661 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 3.89 |  | 26 |
| 8.99 | 18.08 | 666590 | 0.91 |  | 0.91 |  | 0.90 |  | 0.90 |  | 3.98 |  | 29 |
| 8.16 | 4.93 | 12529 | 1.67 | \* | 1.69 | \* | 1.63 | \* | 1.65 | \* | 4.79 | \* | 45 |
| 7.98 | 5.38 | 12931 | 1.71 |  | 1.72 |  | 1.64 |  | 1.65 |  | 4.99 |  | 58 |
| 7.97 | 8.60 | 14776 | 1.70 |  | 1.70 |  | 1.65 |  | 1.65 |  | 4.42 |  | 43 |
| 7.70 | (3.73) | 17186 | 1.67 |  | 1.67 |  | 1.65 |  | 1.65 |  | 3.87 |  | 25 |
| 8.51 | (1.99) | 25894 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 3.13 |  | 26 |
| 8.99 | 17.20 | 35990 | 1.66 |  | 1.66 |  | 1.65 |  | 1.65 |  | 3.25 |  | 29 |
| 8.16 | 5.19 | 35696 | 1.17 | \* | 1.19 | \* | 1.13 | \* | 1.15 | \* | 5.29 | \* | 45 |
| 7.98 | 5.91 | 38411 | 1.21 |  | 1.22 |  | 1.14 |  | 1.15 |  | 5.50 |  | 58 |
| 7.97 | 9.14 | 34687 | 1.20 |  | 1.20 |  | 1.15 |  | 1.15 |  | 4.93 |  | 43 |
| 7.70 | (3.24) | 32258 | 1.17 |  | 1.17 |  | 1.15 |  | 1.15 |  | 4.40 |  | 25 |
| 8.51 | (1.50) | 35351 | 1.16 |  | 1.16 |  | 1.15 |  | 1.15 |  | 3.64 |  | 26 |
| 8.99 | 17.79 | 36138 | 1.16 |  | 1.16 |  | 1.15 |  | 1.15 |  | 3.71 |  | 29 |
| $9.39 | 6.26% | $414176 | 0.67 | %\* | 0.67 | %\* | 0.60 | %\* | 0.60 | %\* | 5.84 | %\* | 34% |
| 9.13 | 7.89 | 365260 | 0.69 |  | 0.69 |  | 0.61 |  | 0.61 |  | 5.89 |  | 60 |
| 9.03 | 11.80 | 153871 | 0.65 |  | 0.65 |  | 0.60 |  | 0.60 |  | 5.68 |  | 50 |
| 8.59 | (2.24) | 96560 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 4.94 |  | 51 |
| 9.49 | (0.59) | 135530 | 0.61 |  | 0.61 |  | 0.60 |  | 0.60 |  | 4.10 |  | 43 |
| 10.03 | 22.77 | 170488 | 0.62 |  | 0.62 |  | 0.60 |  | 0.60 |  | 4.67 |  | 39 |
| 9.39 | 6.20 | 37076 | 0.77 | \* | 0.77 | \* | 0.70 | \* | 0.70 | \* | 5.74 | \* | 34 |
| 9.13 | 7.78 | 32449 | 0.79 |  | 0.79 |  | 0.71 |  | 0.71 |  | 5.74 |  | 60 |
| 9.03 | 11.69 | 140892 | 0.75 |  | 0.75 |  | 0.70 |  | 0.70 |  | 5.56 |  | 50 |
| 8.59 | (2.33) | 122281 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 4.87 |  | 51 |
| 9.49 | (0.69) | 151560 | 0.71 |  | 0.71 |  | 0.70 |  | 0.70 |  | 4.04 |  | 43 |
| 10.03 | 22.65 | 238069 | 0.72 |  | 0.72 |  | 0.70 |  | 0.70 |  | 4.60 |  | 39 |

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>11</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO High Yield Spectrum Fund (Cont.)** |  |  |  |  |  |  |  |  |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.13 | $0.26 | $0.30 | $0.56 | $(0.30) | $0.00 | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.16 | 0.68 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.47 | 0.50 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.41 | (0.66) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.39 | (0.45) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.43 | 1.48 | 1.91 | (0.46) | 0.00 | 0.00 | (0.46) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.13 | 0.25 | 0.30 | 0.55 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.51 | 0.15 | 0.66 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.46 | 0.49 | 0.95 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.40 | (0.67) | (0.27) | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.38 | (0.46) | (0.08) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.42 | 1.47 | 1.89 | (0.44) | 0.00 | 0.00 | (0.44) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.13 | 0.22 | 0.29 | 0.51 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.44 | 0.16 | 0.60 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.40 | 0.48 | 0.88 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.34 | (0.67) | (0.33) | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.30 | (0.46) | (0.16) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.58 | 0.36 | 1.46 | 1.82 | (0.37) | 0.00 | 0.00 | (0.37) |
|  **PIMCO Long-Term Credit Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.84 | $0.21 | $0.20 | $0.41 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.95 | 0.40 | (0.04) | 0.36 | (0.45) | 0.00 | (0.02) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.36 | (0.10) | 0.26 | (0.40) | 0.00 | (0.02) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.39 | (1.64) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.48 | (0.98) | (0.50) | (0.57) | (0.34) | 0.00 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.08 | 0.50 | 0.74 | 1.24 | (0.58) | (0.46) | 0.00 | (1.04) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.84 | 0.20 | 0.21 | 0.41 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.95 | 0.39 | (0.04) | 0.35 | (0.44) | 0.00 | (0.02) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.35 | (0.10) | 0.25 | (0.39) | 0.00 | (0.02) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.38 | (1.63) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.47 | (0.98) | (0.51) | (0.56) | (0.34) | 0.00 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 12.08 | 0.49 | 0.73 | 1.22 | (0.56) | (0.46) | 0.00 | (1.02) |
|  **PIMCO Low Duration Credit Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.01 | $0.30 | $0.16 | $0.46 | $(0.33) | $0.00 | $0.00 | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.67 | (0.02) | 0.65 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.64 | 0.27 | 0.91 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.44 | (0.29) | 0.15 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.34 | (0.18) | 0.16 | (0.34) | (0.04) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.31 | 0.70 | 1.01 | (0.33) | 0.00 | 0.00 | (0.33) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.01 | 0.29 | 0.17 | 0.46 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.66 | (0.02) | 0.64 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.63 | 0.27 | 0.90 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.32) | 0.14 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.33 | (0.18) | 0.15 | (0.33) | (0.04) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.31 | 0.69 | 1.00 | (0.32) | 0.00 | 0.00 | (0.32) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.01 | 0.28 | 0.17 | 0.45 | (0.32) | 0.00 | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.64 | (0.02) | 0.62 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.61 | 0.27 | 0.88 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.33) | 0.13 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.31 | (0.18) | 0.13 | (0.31) | (0.04) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.29 | 0.70 | 0.99 | (0.31) | 0.00 | 0.00 | (0.31) |

---

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| | | |
|:---|:---|:---|
| **12** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.39 | 6.18% | $1659 | 0.82 | %\* | 0.87 | %\* | 0.75 | %\* | 0.80 | %\* | 5.66 | %\* | 34% |
| 9.13 | 7.73 | 679 | 0.84 |  | 0.89 |  | 0.76 |  | 0.81 |  | 5.73 |  | 60 |
| 9.03 | 11.63 | 770 | 0.80 |  | 0.85 |  | 0.75 |  | 0.80 |  | 5.44 |  | 50 |
| 8.59 | (2.38) | 11785 | 0.77 |  | 0.82 |  | 0.75 |  | 0.80 |  | 4.71 |  | 51 |
| 9.49 | (0.74) | 2249 | 0.76 |  | 0.81 |  | 0.75 |  | 0.80 |  | 3.94 |  | 43 |
| 10.03 | 22.59 | 3621 | 0.77 |  | 0.82 |  | 0.75 |  | 0.80 |  | 4.41 |  | 39 |
| 9.39 | 6.07 | 48285 | 1.02 | \* | 1.02 | \* | 0.95 | \* | 0.95 | \* | 5.49 | \* | 34 |
| 9.13 | 7.52 | 45911 | 1.04 |  | 1.04 |  | 0.96 |  | 0.96 |  | 5.53 |  | 60 |
| 9.03 | 11.42 | 45235 | 1.00 |  | 1.00 |  | 0.95 |  | 0.95 |  | 5.31 |  | 50 |
| 8.59 | (2.58) | 40642 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 4.63 |  | 51 |
| 9.49 | (0.93) | 48680 | 0.96 |  | 0.96 |  | 0.95 |  | 0.95 |  | 3.80 |  | 43 |
| 10.03 | 22.35 | 54395 | 0.97 |  | 0.97 |  | 0.95 |  | 0.95 |  | 4.43 |  | 39 |
| 9.39 | 5.68 | 4659 | 1.77 | \* | 1.77 | \* | 1.70 | \* | 1.70 | \* | 4.74 | \* | 34 |
| 9.13 | 6.72 | 4776 | 1.79 |  | 1.79 |  | 1.71 |  | 1.71 |  | 4.78 |  | 60 |
| 9.03 | 10.59 | 4703 | 1.75 |  | 1.75 |  | 1.70 |  | 1.70 |  | 4.57 |  | 50 |
| 8.59 | (3.31) | 4222 | 1.72 |  | 1.72 |  | 1.70 |  | 1.70 |  | 3.87 |  | 51 |
| 9.49 | (1.67) | 5249 | 1.71 |  | 1.71 |  | 1.70 |  | 1.70 |  | 3.06 |  | 43 |
| 10.03 | 21.44 | 5265 | 1.72 |  | 1.72 |  | 1.70 |  | 1.70 |  | 3.72 |  | 39 |
| $9.00 | 4.79% | $3221008 | 0.73 | %\* | 0.73 | %\* | 0.55 | %\* | 0.55 | %\* | 4.72 | %\* | 66% |
| 8.84 | 4.13 | 3089982 | 1.24 |  | 1.24 |  | 0.55 |  | 0.55 |  | 4.49 |  | 222 |
| 8.95 | 3.04 | 3120547 | 1.51 |  | 1.51 |  | 0.55 |  | 0.55 |  | 4.12 |  | 140 |
| 9.11 | (11.30) | 2916169 | 0.99 |  | 0.99 |  | 0.55 |  | 0.55 |  | 4.27 |  | 85 |
| 10.87 | (4.81) | 3512411 | 0.57 |  | 0.57 |  | 0.55 |  | 0.55 |  | 3.86 |  | 59 |
| 12.28 | 9.84 | 3483341 | 0.59 |  | 0.59 |  | 0.55 |  | 0.55 |  | 3.79 |  | 103 |
| 9.00 | 4.74 | 164365 | 0.83 | \* | 0.83 | \* | 0.65 | \* | 0.65 | \* | 4.62 | \* | 66 |
| 8.84 | 4.03 | 185957 | 1.34 |  | 1.34 |  | 0.65 |  | 0.65 |  | 4.38 |  | 222 |
| 8.95 | 2.94 | 199970 | 1.61 |  | 1.61 |  | 0.65 |  | 0.65 |  | 4.05 |  | 140 |
| 9.11 | (11.39) | 104751 | 1.09 |  | 1.09 |  | 0.65 |  | 0.65 |  | 4.16 |  | 85 |
| 10.87 | (4.90) | 110710 | 0.67 |  | 0.67 |  | 0.65 |  | 0.65 |  | 3.76 |  | 59 |
| 12.28 | 9.73 | 133698 | 0.69 |  | 0.69 |  | 0.65 |  | 0.65 |  | 3.69 |  | 103 |
| $9.14 | 5.20% | $97723 | 0.83 | %\* | 0.83 | %\* | 0.77 | %\* | 0.77 | %\* | 6.57 | %\* | 41% |
| 9.01 | 7.40 | 98727 | 0.78 |  | 0.78 |  | 0.71 |  | 0.71 |  | 7.39 |  | 66 |
| 9.02 | 10.82 | 97677 | 0.75 |  | 0.75 |  | 0.70 |  | 0.70 |  | 7.29 |  | 91 |
| 8.74 | 1.84 | 97086 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 5.04 |  | 32 |
| 9.09 | 1.74 | 348698 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 3.63 |  | 134 |
| 9.31 | 11.85 | 210739 | 0.73 |  | 0.73 |  | 0.70 |  | 0.70 |  | 3.42 |  | 184 |
| 9.14 | 5.15 | 7810 | 0.93 | \* | 0.93 | \* | 0.87 | \* | 0.87 | \* | 6.46 | \* | 41 |
| 9.01 | 7.29 | 7492 | 0.88 |  | 0.88 |  | 0.81 |  | 0.81 |  | 7.28 |  | 66 |
| 9.02 | 10.71 | 6546 | 0.85 |  | 0.85 |  | 0.80 |  | 0.80 |  | 7.16 |  | 91 |
| 8.74 | 1.74 | 8418 | 0.83 |  | 0.83 |  | 0.80 |  | 0.80 |  | 5.21 |  | 32 |
| 9.09 | 1.64 | 12997 | 0.83 |  | 0.83 |  | 0.80 |  | 0.80 |  | 3.52 |  | 134 |
| 9.31 | 11.74 | 22046 | 0.83 |  | 0.83 |  | 0.80 |  | 0.80 |  | 3.34 |  | 184 |
| 9.14 | 5.04 | 39786 | 1.13 | \* | 1.13 | \* | 1.07 | \* | 1.07 | \* | 6.26 | \* | 41 |
| 9.01 | 7.08 | 39939 | 1.08 |  | 1.08 |  | 1.01 |  | 1.01 |  | 7.10 |  | 66 |
| 9.02 | 10.49 | 41115 | 1.05 |  | 1.05 |  | 1.00 |  | 1.00 |  | 6.98 |  | 91 |
| 8.74 | 1.53 | 51962 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 5.21 |  | 32 |
| 9.09 | 1.43 | 64194 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 3.32 |  | 134 |
| 9.31 | 11.52 | 54219 | 1.03 |  | 1.03 |  | 1.00 |  | 1.00 |  | 3.16 |  | 184 |

---

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025<sub>13</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>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Credit Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.01 | $0.25 | $0.16 | $0.41 | $(0.28) | $0.00 | $0.00 | $(0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.58 | (0.03) | 0.55 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.54 | 0.28 | 0.82 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.40 | (0.34) | 0.06 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.24 | (0.18) | 0.06 | (0.24) | (0.04) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 8.63 | 0.21 | 0.71 | 0.92 | (0.24) | 0.00 | 0.00 | (0.24) |
|  **PIMCO Low Duration Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $8.13 | $0.20 | $0.15 | $0.35 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.43 | 0.18 | 0.61 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.37 | 0.25 | 0.62 | (0.37) | 0.00 | (0.02) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.29 | (0.27) | 0.02 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.23 | (0.35) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.25 | 0.75 | 1.00 | (0.23) | 0.00 | (0.05) | (0.28) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.13 | 0.20 | 0.14 | 0.34 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.28 | (0.27) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.22 | (0.34) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.24 | 0.75 | 0.99 | (0.22) | 0.00 | (0.05) | (0.27) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.13 | 0.19 | 0.15 | 0.34 | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.27 | (0.26) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.21 | (0.34) | (0.13) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.24 | 0.75 | 0.99 | (0.22) | 0.00 | (0.05) | (0.27) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.13 | 0.18 | 0.15 | 0.33 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.39 | 0.19 | 0.58 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.34 | 0.25 | 0.59 | (0.34) | 0.00 | (0.02) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.26 | (0.27) | (0.01) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.19 | (0.34) | (0.15) | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.22 | 0.75 | 0.97 | (0.20) | 0.00 | (0.05) | (0.25) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.13 | 0.17 | 0.15 | 0.32 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.37 | 0.18 | 0.55 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.32 | 0.25 | 0.57 | (0.32) | 0.00 | (0.02) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.23 | (0.27) | (0.04) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.17 | (0.35) | (0.18) | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 7.95 | 0.19 | 0.75 | 0.94 | (0.17) | 0.00 | (0.05) | (0.22) |
| Class C -2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 8.13 | 0.16 | 0.15 | 0.31 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.35 | 0.19 | 0.54 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.30 | 0.25 | 0.55 | (0.30) | 0.00 | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.22 | (0.27) | (0.05) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.15 | (0.34) | (0.19) | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/21/2020 – 03/31/2021 | 8.47 | 0.08 | 0.20 | 0.28 | (0.03) | 0.00 | (0.05) | (0.08) |
|  **PIMCO Preferred and Capital Securities Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.31 | $0.26 | $0.27 | $0.53 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.07 | 0.51 | 0.22 | 0.73 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.46 | 0.80 | 1.26 | (0.34) | 0.00 | (0.11) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.24 | 0.43 | (1.63) | (1.20) | (0.69) | (0.09) | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.10 | 0.38 | (0.62) | (0.24) | (0.41) | (0.21) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.23 | 0.40 | 1.88 | 2.28 | (0.41) | 0.00 | 0.00 | (0.41) |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.14 | 4.65% | $3678 | 1.88 | %\* | 1.88 | %\* | 1.82 | %\* | 1.82 | %\* | 5.52 | %\* | 41% |
| 9.01 | 6.28 | 4089 | 1.83 |  | 1.83 |  | 1.76 |  | 1.76 |  | 6.36 |  | 66 |
| 9.02 | 9.70 | 4862 | 1.80 |  | 1.80 |  | 1.75 |  | 1.75 |  | 6.23 |  | 91 |
| 8.74 | 0.77 | 6278 | 1.78 |  | 1.78 |  | 1.75 |  | 1.75 |  | 4.51 |  | 32 |
| 9.09 | 0.68 | 6818 | 1.78 |  | 1.78 |  | 1.75 |  | 1.75 |  | 2.57 |  | 134 |
| 9.31 | 10.68 | 9975 | 1.78 |  | 1.78 |  | 1.75 |  | 1.75 |  | 2.34 |  | 184 |
| $8.25 | 4.34% | $5436786 | 0.51 | %\* | 0.51 | %\* | 0.50 | %\* | 0.50 | %\* | 4.88 | %\* | 337% |
| 8.13 | 7.85 | 4459461 | 0.53 |  | 0.53 |  | 0.50 |  | 0.50 |  | 5.30 |  | 719 |
| 8.01 | 8.19 | 3414615 | 0.81 |  | 0.81 |  | 0.50 |  | 0.50 |  | 4.78 |  | 588 |
| 7.78 | 0.31 | 2805010 | 0.59 |  | 0.59 |  | 0.50 |  | 0.50 |  | 3.61 |  | 447 |
| 8.29 | (1.41) | 3636332 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 2.63 |  | 581 |
| 8.67 | 12.72 | 2204463 | 0.54 |  | 0.54 |  | 0.51 |  | 0.51 |  | 2.96 |  | 410 |
| 8.25 | 4.29 | 6333460 | 0.61 | \* | 0.61 | \* | 0.60 | \* | 0.60 | \* | 4.78 | \* | 337 |
| 8.13 | 7.75 | 4219118 | 0.63 |  | 0.63 |  | 0.60 |  | 0.60 |  | 5.23 |  | 719 |
| 8.01 | 8.08 | 4414452 | 0.91 |  | 0.91 |  | 0.60 |  | 0.60 |  | 4.67 |  | 588 |
| 7.78 | 0.21 | 4565042 | 0.69 |  | 0.69 |  | 0.60 |  | 0.60 |  | 3.52 |  | 447 |
| 8.29 | (1.51) | 5060851 | 0.60 |  | 0.60 |  | 0.60 |  | 0.60 |  | 2.55 |  | 581 |
| 8.67 | 12.61 | 3109079 | 0.64 |  | 0.64 |  | 0.61 |  | 0.61 |  | 2.85 |  | 410 |
| 8.25 | 4.26 | 209792 | 0.66 | \* | 0.71 | \* | 0.65 | \* | 0.70 | \* | 4.73 | \* | 337 |
| 8.13 | 7.69 | 143388 | 0.68 |  | 0.73 |  | 0.65 |  | 0.70 |  | 5.14 |  | 719 |
| 8.01 | 8.05 | 98762 | 0.96 |  | 1.01 |  | 0.65 |  | 0.70 |  | 4.61 |  | 588 |
| 7.78 | 0.17 | 97886 | 0.74 |  | 0.79 |  | 0.65 |  | 0.70 |  | 3.43 |  | 447 |
| 8.29 | (1.56) | 133106 | 0.65 |  | 0.70 |  | 0.65 |  | 0.70 |  | 2.49 |  | 581 |
| 8.67 | 12.57 | 87455 | 0.69 |  | 0.74 |  | 0.66 |  | 0.71 |  | 2.82 |  | 410 |
| 8.25 | 4.13 | 3018289 | 0.91 | \* | 0.91 | \* | 0.90 | \* | 0.90 | \* | 4.49 | \* | 337 |
| 8.13 | 7.42 | 2340549 | 0.93 |  | 0.93 |  | 0.90 |  | 0.90 |  | 4.89 |  | 719 |
| 8.01 | 7.76 | 1684002 | 1.21 |  | 1.21 |  | 0.90 |  | 0.90 |  | 4.37 |  | 588 |
| 7.78 | (0.09) | 1575385 | 0.99 |  | 0.99 |  | 0.90 |  | 0.90 |  | 3.19 |  | 447 |
| 8.29 | (1.80) | 2061864 | 0.90 |  | 0.90 |  | 0.90 |  | 0.90 |  | 2.23 |  | 581 |
| 8.67 | 12.28 | 1784043 | 0.94 |  | 0.94 |  | 0.91 |  | 0.91 |  | 2.55 |  | 410 |
| 8.25 | 3.98 | 255238 | 1.21 | \* | 1.21 | \* | 1.20 | \* | 1.20 | \* | 4.19 | \* | 337 |
| 8.13 | 7.10 | 218188 | 1.23 |  | 1.23 |  | 1.20 |  | 1.20 |  | 4.60 |  | 719 |
| 8.01 | 7.44 | 183766 | 1.51 |  | 1.51 |  | 1.20 |  | 1.20 |  | 4.07 |  | 588 |
| 7.78 | (0.39) | 184647 | 1.29 |  | 1.29 |  | 1.20 |  | 1.20 |  | 2.91 |  | 447 |
| 8.29 | (2.10) | 224472 | 1.20 |  | 1.20 |  | 1.20 |  | 1.20 |  | 1.93 |  | 581 |
| 8.67 | 11.95 | 212807 | 1.24 |  | 1.24 |  | 1.21 |  | 1.21 |  | 2.25 |  | 410 |
| 8.25 | 3.88 | 17902 | 1.41 | \* | 1.41 | \* | 1.40 | \* | 1.40 | \* | 3.99 | \* | 337 |
| 8.13 | 6.89 | 14678 | 1.43 |  | 1.43 |  | 1.40 |  | 1.40 |  | 4.38 |  | 719 |
| 8.01 | 7.23 | 9273 | 1.71 |  | 1.71 |  | 1.40 |  | 1.40 |  | 3.88 |  | 588 |
| 7.78 | (0.59) | 7983 | 1.49 |  | 1.49 |  | 1.40 |  | 1.40 |  | 2.71 |  | 447 |
| 8.29 | (2.29) | 9357 | 1.40 |  | 1.40 |  | 1.40 |  | 1.40 |  | 1.77 |  | 581 |
| 8.67 | 3.35 | 3209 | 1.44 | \* | 1.44 | \* | 1.41 | \* | 1.41 | \* | 2.04 | \* | 410 |
| $9.60 | 5.79% | $480270 | 0.96 | %\* | 1.08 | %\* | 0.79 | %\* | 0.91 | %\* | 5.47 | %\* | 20% |
| 9.31 | 8.25 | 439361 | 1.02 |  | 1.14 |  | 0.78 |  | 0.90 |  | 5.54 |  | 66 |
| 9.07 | 15.58 | 567307 | 1.13 |  | 1.22 |  | 0.79 |  | 0.88 |  | 5.43 |  | 49 |
| 8.26 | (12.22) | 691702 | 1.02 |  | 1.11 |  | 0.79 |  | 0.88 |  | 4.55 |  | 19 |
| 10.24 | (2.40) | 1500453 | 0.79 |  | 0.88 |  | 0.79 |  | 0.88 |  | 3.38 |  | 22 |
| 11.10 | 24.86 | 1216087 | 0.81 |  | 0.91 |  | 0.79 |  | 0.89 |  | 3.74 |  | 59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **15** |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Preferred and Capital Securities Fund (Consolidated) (Cont.)** |  |  |  |  |  |  |  |  |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | $9.28 | $0.25 | $0.28 | $0.53 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.05 | 0.50 | 0.22 | 0.72 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.24 | 0.45 | 0.80 | 1.25 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.21 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.08 | 0.36 | (0.62) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.21 | 0.39 | 1.88 | 2.27 | (0.40) | 0.00 | 0.00 | (0.40) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.26 | 0.25 | 0.27 | 0.52 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.50 | 0.22 | 0.72 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.45 | 0.79 | 1.24 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.19 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.06 | 0.35 | (0.61) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.20 | 0.38 | 1.88 | 2.26 | (0.40) | 0.00 | 0.00 | (0.40) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.25 | 0.24 | 0.28 | 0.52 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.48 | 0.21 | 0.69 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.43 | 0.79 | 1.22 | (0.31) | 0.00 | (0.11) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.39 | (1.60) | (1.21) | (0.66) | (0.09) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.05 | 0.33 | (0.61) | (0.28) | (0.38) | (0.21) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.19 | 0.36 | 1.88 | 2.24 | (0.38) | 0.00 | 0.00 | (0.38) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/2025 - 09/30/2025+ | 9.20 | 0.20 | 0.28 | 0.48 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.41 | 0.21 | 0.62 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.18 | 0.36 | 0.80 | 1.16 | (0.25) | 0.00 | (0.11) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.15 | 0.32 | (1.61) | (1.29) | (0.59) | (0.09) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.03 | 0.25 | (0.62) | (0.37) | (0.30) | (0.21) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2021 | 9.19 | 0.28 | 1.87 | 2.15 | (0.31) | 0.00 | 0.00 | (0.31) |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

---

| | |
|:---|:---|
| ^ | 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(f)</sup> Effective January 2, 2024, the Fund's advisory fee was decreased by 0.30% to an annual rate of 0.30%. 

<sup>(g)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $9.57 | 5.76% | $178713 | 1.06 | %\* | 1.18 | %\* | 0.89 | %\* | 1.01 | %\* | 5.38 | %\* | 20% |
| 9.28 | 8.07 | 180150 | 1.12 |  | 1.24 |  | 0.88 |  | 1.00 |  | 5.44 |  | 66 |
| 9.05 | 15.50 | 141163 | 1.23 |  | 1.32 |  | 0.89 |  | 0.98 |  | 5.33 |  | 49 |
| 8.24 | (12.25) | 171685 | 1.12 |  | 1.21 |  | 0.89 |  | 0.98 |  | 4.43 |  | 19 |
| 10.21 | (2.58) | 397056 | 0.89 |  | 0.98 |  | 0.89 |  | 0.98 |  | 3.28 |  | 22 |
| 11.08 | 24.81 | 318242 | 0.91 |  | 1.01 |  | 0.89 |  | 0.99 |  | 3.65 |  | 59 |
| 9.54 | 5.64 | 41181 | 1.11 | \* | 1.28 | \* | 0.94 | \* | 1.11 | \* | 5.33 | \* | 20 |
| 9.26 | 8.18 | 37337 | 1.17 |  | 1.34 |  | 0.93 |  | 1.10 |  | 5.39 |  | 66 |
| 9.02 | 15.39 | 37009 | 1.28 |  | 1.42 |  | 0.94 |  | 1.08 |  | 5.29 |  | 49 |
| 8.22 | (12.27) | 35392 | 1.17 |  | 1.31 |  | 0.94 |  | 1.08 |  | 4.44 |  | 19 |
| 10.19 | (2.65) | 42097 | 0.94 |  | 1.08 |  | 0.94 |  | 1.08 |  | 3.20 |  | 22 |
| 11.06 | 24.68 | 42310 | 0.96 |  | 1.11 |  | 0.94 |  | 1.09 |  | 3.60 |  | 59 |
| 9.54 | 5.66 | 95637 | 1.31 | \* | 1.43 | \* | 1.14 | \* | 1.26 | \* | 5.13 | \* | 20 |
| 9.25 | 7.81 | 97227 | 1.37 |  | 1.49 |  | 1.13 |  | 1.25 |  | 5.20 |  | 66 |
| 9.02 | 15.16 | 128324 | 1.48 |  | 1.57 |  | 1.14 |  | 1.23 |  | 5.08 |  | 49 |
| 8.22 | (12.40) | 148669 | 1.37 |  | 1.46 |  | 1.14 |  | 1.23 |  | 4.19 |  | 19 |
| 10.18 | (2.82) | 306012 | 1.14 |  | 1.23 |  | 1.14 |  | 1.23 |  | 3.01 |  | 22 |
| 11.05 | 24.46 | 302567 | 1.16 |  | 1.26 |  | 1.14 |  | 1.24 |  | 3.40 |  | 59 |
| 9.48 | 5.23 | 15090 | 2.06 | \* | 2.18 | \* | 1.89 | \* | 2.01 | \* | 4.38 | \* | 20 |
| 9.20 | 7.02 | 14620 | 2.12 |  | 2.24 |  | 1.88 |  | 2.00 |  | 4.45 |  | 66 |
| 8.98 | 14.42 | 14244 | 2.23 |  | 2.32 |  | 1.89 |  | 1.98 |  | 4.34 |  | 49 |
| 8.18 | (13.13) | 15784 | 2.12 |  | 2.21 |  | 1.89 |  | 1.98 |  | 3.47 |  | 19 |
| 10.15 | (3.56) | 22897 | 1.89 |  | 1.98 |  | 1.89 |  | 1.98 |  | 2.27 |  | 22 |
| 11.03 | 23.53 | 20136 | 1.91 |  | 2.01 |  | 1.89 |  | 1.99 |  | 2.65 |  | 59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **17** |

---

------

Statements of Assets and Liabilities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO<br>ESG Income<br>Fund** | **PIMCO<br>High Yield<br>Fund** | **PIMCO High<br>Yield<br>Spectrum<br>Fund** | **PIMCO<br>Long-Term<br>Credit Bond<br>Fund** | **PIMCO<br>Low Duration<br>Credit Fund** | **PIMCO<br>Low Duration<br>Income Fund** |
|  **Assets:** |  |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $492838 | $3286103 | $430656 | $7747825 | $504190 | $3567738 | $137998 | $23016978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 29842 | 204431 | 0 | 560822 | 1260 | 83440 | 13182 | 2141796 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 336 | 1321 | 221 | 723 | 74 | 1506 | 16 | 12277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 459 | 3218 | 761 | 10 | 335 | 2893 | 0 | 49146 |
|  Cash | 0 | 226 | 375 | 0 | 0 | 0 | 349 | 0 |
|  Deposits with counterparty | 12793 | 13469 | 7096 | 8031 | 7028 | 12461 | 2312 | 17753 |
|  Foreign currency, at value | 1236 | 6735 | 967 | 147 | 1986 | 3016 | 12 | 19775 |
|  Receivable for investments sold | 72 | 18056 | 82 | 28300 | 2130 | 19942 | 6258 | 40608 |
|  Receivable for investments sold on a delayed-delivery basis | 5 | 0 | 0 | 0 | 0 | 37 | 0 | 0 |
|  Receivable for TBA investments sold | 15235 | 649408 | 85242 | 0 | 0 | 302522 | 0 | 9416485 |
|  Receivable for Fund shares sold | 590 | 1194 | 239 | 3619 | 110 | 330 | 28 | 67534 |
|  Interest and/or dividends receivable | 4724 | 33806 | 2271 | 107037 | 7456 | 39706 | 1485 | 66319 |
|  Dividends receivable from Affiliates | 96 | 716 | 0 | 1246 | 2 | 303 | 44 | 7134 |
|  Reimbursement receivable from PIMCO | 0 | 1 | 1 | 101 | 0 | 0 | 0 | 8 |
|  **Total Assets** | 558226 | 4218684 | 527911 | 8457861 | 524571 | 4033894 | 161684 | 34855813 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $2594 | $6145 | $623 | $30451 | $1900 | $10072 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 5943 | 78531 | 16352 | 0 | 0 | 0 | 0 | 350797 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 129 | 495 | 151 | 879 | 59 | 3134 | 12 | 6892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 677 | 4070 | 604 | 42 | 924 | 2498 | 0 | 46424 |
|  Payable for investments purchased | 18646 | 62551 | 7100 | 441504 | 12498 | 57392 | 11530 | 2054085 |
|  Payable for investments in Affiliates purchased | 1899 | 740 | 0 | 22587 | 1202 | 312 | 46 | 20585 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 160 | 0 | 0 | 4400 | 0 | 64740 |
|  Payable for TBA investments purchased | 30446 | 1000351 | 146663 | 0 | 0 | 559981 | 0 | 16863399 |
|  Payable for unfunded loan commitments | 0 | 7317 | 0 | 4108 | 198 | 322 | 330 | 76014 |
|  Deposits from counterparty | 10 | 6667 | 231 | 0 | 0 | 3542 | 348 | 42121 |
|  Payable for Fund shares redeemed | 125 | 2410 | 830 | 24604 | 1394 | 5095 | 319 | 41262 |
|  Distributions payable | 0 | 527 | 10 | 3631 | 273 | 262 | 2 | 4451 |
|  Overdraft due to custodian | 27 | 0 | 0 | 302 | 0 | 25 | 0 | 5946 |
|  Accrued investment advisory fees | 118 | 1080 | 70 | 1589 | 121 | 801 | 47 | 3557 |
|  Accrued supervisory and administrative fees | 137 | 756 | 75 | 1979 | 128 | 680 | 38 | 3276 |
|  Accrued distribution fees | 2 | 16 | 0 | 67 | 3 | 0 | 2 | 66 |
|  Accrued servicing fees | 7 | 36 | 1 | 91 | 10 | 0 | 9 | 627 |
|  Foreign capital gains tax payable | 3 | 54 | 1 | 0 | 0 | 5 | 0 | 103 |
|  Other liabilities | 0 | 1 | 0 | 141 | 6 | 0 | 4 | 1 |
|  **Total Liabilities** | 60763 | 1171747 | 172871 | 531975 | 18716 | 648521 | 12687 | 19584346 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |  |
|  **Net Assets** | $497463 | $3046937 | $355040 | $7925886 | $505855 | $3385373 | $148997 | $15271467 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |  |
|  Paid in capital | $551517 | $3618713 | $367104 | $8541060 | $576150 | $4242455 | $235748 | $15969330 |
|  Distributable earnings (accumulated loss) | (54054) | (571776) | (12064) | (615174) | (70295) | (857082) | (86751) | (697863) |
|  **Net Assets** | $497463 | $3046937 | $355040 | $7925886 | $505855 | $3385373 | $148997 | $15271467 |
|  Cost of investments in securities | $488613 | $3366762 | $434366 | $7665145 | $496994 | $3865895 | $136829 | $23284432 |
|  Cost of investments in Affiliates | $29829 | $204010 | $0 | $558443 | $1260 | $83423 | $13181 | $2141120 |
|  Cost of foreign currency held | $1220 | $6707 | $967 | $148 | $1990 | $3195 | $11 | $19624 |
|  Proceeds received on short sales | $5764 | $78498 | $16361 | $0 | $0 | $0 | $0 | $350321 |
|  Cost or premiums of financial derivative instruments, net | $7234 | $27905 | $2450 | $45988 | $5685 | $71278 | $1307 | $77489 |
|  \* Includes repurchase agreements of: | $75877 | $0 | $17100 | $397600 | $0 | $0 | $0 | $3832811 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO<br>ESG Income<br>Fund** | **PIMCO<br>High Yield<br>Fund** | **PIMCO<br>High Yield<br>Spectrum<br>Fund** | **PIMCO<br>Long-Term<br>Credit Bond<br>Fund** | **PIMCO<br>Low Duration<br>Credit Fund** | **PIMCO<br>Low Duration<br>Income Fund** |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Institutional Class | $271848 | $2689875 | $297952 | $6812351 | $414176 | $3221008 | $97723 | $5436786 |
|  I-2 | 192048 | 137988 | 44227 | 329274 | 37076 | 164365 | 7810 | 6333460 |
|  I-3 | N/A | 18209 | 10257 | 60787 | 1659 | N/A | N/A | 209792 |
|  Administrative Class | N/A | 17846 | N/A | 265702 | N/A | N/A | N/A | N/A |
|  Class A | 30046 | 162332 | 2238 | 409547 | 48285 | N/A | 39786 | 3018289 |
|  Class C | 3521 | 20687 | 366 | 12529 | 4659 | N/A | 3678 | 255238 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17902 |
|  Class R | N/A | N/A | N/A | 35696 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |  |  |
|  Institutional Class | 27675 | 269010 | 31223 | 834951 | 44119 | 358006 | 10690 | 658733 |
|  I-2 | 19685 | 13800 | 4635 | 40357 | 3949 | 18269 | 854 | 767373 |
|  I-3 | N/A | 1821 | 1075 | 7450 | 177 | N/A | N/A | 25419 |
|  Administrative Class | N/A | 1785 | N/A | 32566 | N/A | N/A | N/A | N/A |
|  Class A | 3061 | 16235 | 235 | 50196 | 5143 | N/A | 4352 | 365699 |
|  Class C | 366 | 2069 | 38 | 1536 | 496 | N/A | 402 | 30925 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2169 |
|  Class R | N/A | N/A | N/A | 4375 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |  |  |
|  Institutional Class | $9.82 | $10.00 | $9.54 | $8.16 | $9.39 | $9.00 | $9.14 | $8.25 |
|  I-2 | 9.76 | 10.00 | 9.54 | 8.16 | 9.39 | 9.00 | 9.14 | 8.25 |
|  I-3 | N/A | 10.00 | 9.54 | 8.16 | 9.39 | N/A | N/A | 8.25 |
|  Administrative Class | N/A | 10.00 | N/A | 8.16 | N/A | N/A | N/A | N/A |
|  Class A | 9.82 | 10.00 | 9.54 | 8.16 | 9.39 | N/A | 9.14 | 8.25 |
|  Class C | 9.62 | 10.00 | 9.54 | 8.16 | 9.39 | N/A | 9.14 | 8.25 |
|  Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.25 |
|  Class R | N/A | N/A | N/A | 8.16 | 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.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **19** |

---

------

Consolidated Statement of Assets and Liabilities

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $785530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 49061 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 807 |
|  Cash | 4252 |
|  Deposits with counterparty | 8234 |
|  Foreign currency, at value | 1427 |
|  Receivable for investments sold | 9453 |
|  Receivable for Fund shares sold | 1336 |
|  Interest and/or dividends receivable | 9044 |
|  Dividends receivable from Affiliates | 191 |
|  Reimbursement receivable from PIMCO | 74 |
|  **Total Assets** | 869541 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $38913 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1585 |
|  Payable for investments purchased | 16147 |
|  Payable for investments in Affiliates purchased | 197 |
|  Deposits from counterparty | 310 |
|  Payable for Fund shares redeemed | 372 |
|  Accrued investment advisory fees | 334 |
|  Accrued supervisory and administrative fees | 276 |
|  Accrued distribution fees | 9 |
|  Accrued servicing fees | 22 |
|  **Total Liabilities** | 58650 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |
|  **Net Assets** | $810891 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1099064 |
|  Distributable earnings (accumulated loss) | (288173) |
|  **Net Assets** | $810891 |
|  Cost of investments in securities | $783592 |
|  Cost of investments in Affiliates | $49028 |
|  Cost of foreign currency held | $1420 |
|  Cost or premiums of financial derivative instruments, net | $1004 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Net Assets:** |  |
|  Institutional Class | $480270 |
|  I-2 | 178713 |
|  I-3 | 41181 |
|  Class A | 95637 |
|  Class C | 15090 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 50021 |
|  I-2 | 18677 |
|  I-3 | 4316 |
|  Class A | 10030 |
|  Class C | 1593 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.60 |
|  I-2 | 9.57 |
|  I-3 | 9.54 |
|  Class A | 9.54 |
|  Class C | 9.48 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **21** |

---

------

Statements of Operations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO**<br> **ESG Income<br>Fund** | **PIMCO**<br> **High Yield<br>Fund** | **PIMCO**<br> **High Yield<br>Spectrum<br>Fund** | **PIMCO**<br> **Long-Term<br>Credit Bond<br>Fund** | **PIMCO**<br> **Low<br>Duration<br>Credit Fund** | **PIMCO**<br> **Low<br>Duration<br>Income Fund** |
|  **Investment Income:** |  |  |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $12227 | $83121 | $8919 | $240038 | $15056 | $85991 | $5335 | $318241 |
|  Dividends, net of foreign taxes\*\* | 32 | 70 | 0 | 119 | 25 | 469 | 13 | 390 |
|  Dividends from Investments in Affiliates | 869 | 5131 | 0 | 14119 | 146 | 923 | 217 | 42371 |
|  Miscellaneous income | 32 | 198 | 0 | 800 | 36 | 0 | 0 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 13160 | 88520 | 8919 | 255076 | 15263 | 87383 | 5565 | 362151 |
|  **Expenses:** |  |  |  |  |  |  |  |  |
|  Investment advisory fees | 691 | 6595 | 400 | 9869 | 702 | 4810 | 301 | 20055 |
|  Supervisory and administrative fees | 803 | 4620 | 431 | 12278 | 746 | 4093 | 240 | 18495 |
|  Distribution and/or servicing fees - Administrative Class | 0 | 21 | 0 | 322 | 0 | 0 | 0 | 0 |
|  Distribution and/or servicing fees - Class A | 39 | 201 | 2 | 511 | 58 | 0 | 50 | 3218 |
|  Distribution and/or servicing fees - Class C | 18 | 106 | 1 | 63 | 24 | 0 | 19 | 634 |
|  Distribution and/or servicing fees - Class C-2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60 |
|  Distribution and/or servicing fees - Class R | 0 | 0 | 0 | 90 | 0 | 0 | 0 | 0 |
|  Legal expense | 0 | 0 | 0 | 0 | 0 | 0 | 35 | 0 |
|  Trustee fees | 1 | 6 | 1 | 17 | 1 | 7 | 0 | 23 |
|  Interest expense | 260 | 779 | 471 | 1506 | 171 | 2813 | 43 | 967 |
|  Miscellaneous expense | 3 | 18 | 0 | 3 | 0 | 25 | 21 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1815 | 12346 | 1306 | 24659 | 1702 | 11748 | 709 | 43474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (14) | (5) | (2) | (670) | 0 | 0 | 0 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1801 | 12341 | 1304 | 23989 | 1702 | 11748 | 709 | 43430 |
|  **Net Investment Income (Loss)** | 11359 | 76179 | 7615 | 231087 | 13561 | 75635 | 4856 | 318721 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |  |  |
|  Investments in securities | 2442 | 2580 | 1189 | (26282) | 3203 | (74800) | 379 | 110191 |
|  Investments in Affiliates | (1216) | 50 | 0 | (1603) | 2 | 10 | 2 | (40) |
|  Exchange-traded or centrally cleared financial derivative instruments | 6792 | 15019 | 2665 | 27737 | 2009 | 10247 | 654 | 130063 |
|  Over the counter financial derivative instruments | (6328) | (35776) | (2796) | (525) | (9698) | (13309) | 0 | (35696) |
|  Short sales | 0 | 0 | 0 | 32 | 0 | 0 | 1 | 0 |
|  Foreign currency | (52) | 428 | 150 | (4) | 150 | (413) | 0 | 3419 |
|  **Net Realized Gain (Loss)** | 1638 | (17699) | 1208 | (645) | (4334) | (78265) | 1036 | 207937 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |  |  |
|  Investments in securities | 6588 | 101458 | 5568 | 170311 | 15407 | 129470 | 1136 | 155287 |
|  Investments in Affiliates | 575 | 77 | 0 | 4410 | 0 | 17 | 2 | 864 |
|  Exchange-traded or centrally cleared financial derivative instruments | (4564) | (998) | (2148) | 4740 | 1045 | 21199 | 536 | (96736) |
|  Over the counter financial derivative instruments | 1534 | 6892 | 896 | 136 | 2081 | 3184 | 0 | (4302) |
|  Foreign currency assets and liabilities | (44) | 79 | 24 | 153 | (65) | 125 | 0 | 1372 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 4089 | 107508 | 4340 | 179750 | 18468 | 153995 | 1674 | 56485 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $17086 | $165988 | $13163 | $410192 | $27695 | $151365 | $7566 | $583143 |
|  \* Foreign tax withholdings | $4 | $156 | $0 | $0 | $0 | $0 | $0 | $599 |
|  \*\* Foreign tax withholdings - Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| Six Months Ended September 30, 2025 (Unaudited) | Six Months Ended September 30, 2025 (Unaudited) |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Investment Income:** |  |
|  Interest | $23677 |
|  Dividends | 980 |
|  Dividends from Investments in Affiliates | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 25621 |
|  **Expenses:** |  |
|  Investment advisory fees | 2083 |
|  Supervisory and administrative fees | 1711 |
|  Distribution and/or servicing fees - Class A | 119 |
|  Distribution and/or servicing fees - Class C | 73 |
|  Trustee fees | 2 |
|  Interest expense | 682 |
|  Miscellaneous expense | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4220 |
|  **Net Investment Income (Loss)** | 21401 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 6452 |
|  Investments in Affiliates | (3) |
|  Exchange-traded or centrally cleared financial derivative instruments | (91) |
|  Over the counter financial derivative instruments | (16296) |
|  Foreign currency | 51 |
|  **Net Realized Gain (Loss)** | (9887) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 29671 |
|  Investments in Affiliates | 15 |
|  Exchange-traded or centrally cleared financial derivative instruments | (1196) |
|  Over the counter financial derivative instruments | 4649 |
|  Foreign currency assets and liabilities | 10 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 33149 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $44663 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **23** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $11359 | $22119 | $76179 | $154277 | $7615 | $13039 | $231087 | $495689 |
|  Net realized gain (loss) | 1638 | 5695 | (17699) | (101575) | 1208 | 614 | (645) | (69686) |
|  Net change in unrealized appreciation (depreciation) | 4089 | 2218 | 107508 | 154646 | 4340 | 4356 | 179750 | 91064 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 17086 | 30032 | 165988 | 207348 | 13163 | 18009 | 410192 | 517067 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6347) | (12294) | (72040) | (144768) | (7118) | (12283) | (213874) | (441649) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (4388) | (7647) | (3754) | (6905) | (981) | (1264) | (9822) | (19284) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (513) | (1399) | (253) | (332) | (1452) | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (452) | (839) | N/A | N/A | (7775) | (16305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (695) | (1352) | (4157) | (8310) | (51) | (107) | (12122) | (26164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (71) | (132) | (471) | (1030) | (6) | (10) | (327) | (683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | (1020) | (2047) |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | (763) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | 0 | 0 | (80) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | 0 | 0 | 0 | (21) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 0 | 0 | N/A | N/A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | 0 | 0 | (7) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (11501) | (21425) | (81387) | (163251) | (8409) | (14868) | (246392) | (506784) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | 63873 | 57898 | (8805) | (423384) | 56229 | 52565 | (364328) | (390229) |
|  **Total Increase (Decrease) in Net Assets** | 69458 | 66505 | 75796 | (379287) | 60983 | 55706 | (200528) | (379946) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 428005 | 361500 | 2971141 | 3350428 | 294057 | 238351 | 8126414 | 8506360 |
|  End of period | $497463 | $428005 | $3046937 | $2971141 | $355040 | $294057 | $7925886 | $8126414 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Low Duration Income Fund** |
| **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
| $13561 | $21513 | $75635 | $149425 | $4856 | $11078 | $318721 | $540849 |
| (4334) | 4852 | (78265) | (83354) | 1036 | 2045 | 207937 | 151411 |
| 18468 | 299 | 153995 | 65058 | 1674 | (2516) | 56485 | 92456 |
| 27695 | 26664 | 151365 | 131129 | 7566 | 10607 | 583143 | 784716 |
| (12517) | (15447) | (88146) | (156434) | (3636) | (7260) | (131658) | (238023) |
| (1071) | (5366) | (4809) | (10041) | (264) | (503) | (156118) | (254346) |
| (46) | (38) | N/A | N/A | N/A | N/A | (4763) | (7051) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (1442) | (2775) | N/A | N/A | (1382) | (2843) | (66808) | (110982) |
| (128) | (263) | N/A | N/A | (120) | (275) | (5639) | (10660) |
| N/A | N/A | N/A | N/A | N/A | N/A | (374) | (622) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | 0 | (8704) | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | (571) | 0 | 0 | 0 | 0 |
| 0 | 0 | N/A | N/A | N/A | N/A | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (15204) | (23889) | (92955) | (175750) | (5402) | (10881) | (365360) | (621684) |
| 44289 | 100829 | 51024 | 43 | (3414) | 321 | 3658302 | 1427480 |
| 56780 | 103604 | 109434 | (44578) | (1250) | 47 | 3876085 | 1590512 |
| 449075 | 345471 | 3275939 | 3320517 | 150247 | 150200 | 11395382 | 9804870 |
| $505855 | $449075 | $3385373 | $3275939 | $148997 | $150247 | $15271467 | $11395382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **25** |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **Preferred and Capital**<br> **Securities Fund** | **PIMCO**<br> **Preferred and Capital**<br> **Securities Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>September 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $21401 | $47832 |
|  Net realized gain (loss) | (9887) | 6430 |
|  Net change in unrealized appreciation (depreciation) | 33149 | 14170 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 44663 | 68432 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (11949) | (29474) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (4493) | (7772) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (997) | (2142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2307) | (5364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (306) | (581) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (20052) | (45333) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions<sup>\*</sup> | 17585 | (142451) |
|  **Total Increase (Decrease) in Net Assets** | 42196 | (119352) |
|  **Net Assets:** |  |  |
|  Beginning of period | 768695 | 888047 |
|  End of period | $810891 | $768695 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5% |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 1097 | 1099 |
|  BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. |
|  TBD% due 07/10/2031 | 1000 | 1116 |
|  BDO USA PC | BDO USA PC | BDO USA PC |
|  9.223% (TSFR1M + 5.000%) due 08/31/2028 «~ | 1255 | 1265 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.413% (TSFR1M + 3.250%) due 02/18/2030 ~ | 500 | 455 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 1900 | 1893 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 1832 | 1847 |
|  Total Loan Participations and Assignments (Cost $7,719) | Total Loan Participations and Assignments (Cost $7,719) | 7675 |
| CORPORATE BONDS & NOTES 61.3% | CORPORATE BONDS & NOTES 61.3% | CORPORATE BONDS & NOTES 61.3% |
| BANKING & FINANCE 21.6% | BANKING & FINANCE 21.6% | BANKING & FINANCE 21.6% |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  7.411% (TSFR3M + 3.200%) due 08/15/2053 ~ | 300 | 301 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.750% due 06/09/2027 | 1500 | 1508 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.375% due 07/15/2051 | 1000 | 672 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 250 | 243 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  7.000% due 01/15/2027 | 300 | 309 |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 1500 | 1417 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.600% due 02/15/2030 | 200 | 202 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  6.125% due 09/15/2028 | 200 | 210 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 600 | 614 |
|  5.583% due 01/09/2029 | 400 | 414 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 100 | 98 |
|  3.500% due 11/01/2027 | 1986 | 1952 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1142 | 1098 |
|  4.950% due 10/15/2032 | 300 | 296 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  4.948% due 07/22/2028 •  | 2900 | 2942 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.875% due 09/13/2034 •(h) | 1900 | 1905 |
|  7.625% due 02/11/2035 •(h) | 1900 | 2004 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 100 | 100 |
|  6.150% due 04/02/2030 | 200 | 205 |
|  6.600% due 06/10/2029 | 100 | 104 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 2100 | 1913 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.375% due 06/11/2030 •(g)(h) | 800 | 1042 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  5.750% due 01/15/2035 | 2500 | 2557 |
|  BPCE SA | BPCE SA | BPCE SA |
|  7.003% due 10/19/2034 •  | 2900 | 3236 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  5.330% due 01/15/2036 | 100 | 101 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC |
|  1.750% due 04/07/2026 | EUR | 1000 | 1165 |
|  CBRE Open-Ended Funds SCA SICAV-SIF | CBRE Open-Ended Funds SCA SICAV-SIF | CBRE Open-Ended Funds SCA SICAV-SIF | CBRE Open-Ended Funds SCA SICAV-SIF |
|  4.750% due 03/27/2034 |  | 1100 | 1364 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | $| 100 | 104 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  6.200% due 06/18/2035 |  | 250 | 263 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 |  | 250 | 265 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 |  | 100 | 102 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  4.000% due 01/22/2028 þ | GBP | 300 | 385 |
|  6.000% due 01/27/2032 | EUR | 1600 | 1924 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.600% due 06/01/2029 | $| 2700 | 2807 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 |  | 300 | 305 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  4.500% due 06/01/2027 |  | 150 | 150 |
|  4.950% due 04/15/2028 |  | 200 | 202 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  5.500% due 06/15/2034 |  | 3100 | 3220 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.950% due 01/15/2033 |  | 100 | 101 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 |  | 50 | 53 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 |  | 800 | 799 |
|  4.389% due 01/08/2026 |  | 1800 | 1799 |
|  5.800% due 03/05/2027 |  | 250 | 253 |
|  5.850% due 05/17/2027 |  | 1000 | 1013 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  7.875% due 04/01/2033 |  | 1100 | 1134 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.400% due 01/13/2030 |  | 150 | 156 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.750% due 11/01/2037 |  | 200 | 199 |
|  6.750% due 12/01/2033 |  | 2300 | 2494 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.734% due 01/28/2056 •  |  | 600 | 622 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 |  | 900 | 916 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 |  | 279 | 276 |
|  8.000% due 06/15/2027 |  | 270 | 281 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  4.200% due 04/15/2029 |  | 900 | 883 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  |  | 600 | 508 |
|  6.625% due 06/20/2033 |  | 1700 | 1872 |
|  7.200% due 11/28/2033 |  | 1300 | 1482 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 |  | 600 | 509 |
|  4.875% due 02/01/2035 |  | 600 | 593 |
|  4.950% due 01/15/2033 |  | 100 | 101 |
|  5.500% due 08/15/2033 |  | 2300 | 2392 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 |  | 3700 | 3845 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.540% due 05/01/2028 •  |  | 6000 | 5950 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(c) |  | 2 | 0 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) |  | 15 | 0 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (b) |  | 25 | 1 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (b) |  | 30 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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) | 45 | 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) | 41 | 1 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (b) | 10 | 0 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 | 316 | 370 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 1000 | 924 |
|  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 | 500 | 510 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 | 100 | 106 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  6.068% due 06/13/2036 •  | 5900 | 6196 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 | 911 | 1049 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.800% due 07/27/2026 | 50 | 51 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  5.875% due 04/17/2028 | 2100 | 2549 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 1300 | 1396 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.898% (SOFRRATE + 0.600%) due 01/27/2028 ~ | 800 | 803 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.500% due 01/11/2031 | 100 | 104 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  2.875% due 10/15/2026 (l) | 1800 | 1765 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 •  | 100 | 102 |
|  Segro Capital SARL | Segro Capital SARL | Segro Capital SARL |
|  0.500% due 09/22/2031 | 650 | 647 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 2700 | 2793 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 2400 | 2353 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.632% due 01/15/2035 | 800 | 849 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.151% due 12/23/2029 •  | 500 | 499 |
|  4.375% due 02/10/2031 •(g)(h) | 2000 | 1822 |
|  4.988% due 08/05/2033 •  | 1400 | 1416 |
|  6.537% due 08/12/2033 •  | 600 | 662 |
|  9.016% due 11/15/2033 •  | 1900 | 2381 |
|  9.250% due 11/13/2028 •(g)(h) | 2000 | 2211 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.500% due 06/03/2026 •(g)(h) | 800 | 969 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 1600 | 1563 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 200 | 198 |
|  5.198% due 01/23/2030 •  | 1000 | 1030 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.500% due 12/01/2034 | 1100 | 1372 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 2000 | 1973 |
|  4.000% due 03/09/2052 | 3025 | 2353 |
|  4.750% due 05/15/2026 | 200 | 201 |
|  |  | 107150 |
| INDUSTRIALS 34.7% | INDUSTRIALS 34.7% | INDUSTRIALS 34.7% |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ | 400 | 403 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 07/15/2029 | 1060 | 911 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **27** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 182 | 177 |
|  3.375% due 11/01/2028 | 150 | 147 |
|  3.575% due 07/15/2029 | 57 | 56 |
|  3.700% due 04/01/2028 | 92 | 92 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  4.000% due 01/15/2028 | 1800 | 1765 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.250% due 03/02/2033 | 2700 | 2798 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.950% due 10/15/2033 | 200 | 212 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 | 600 | 677 |
|  6.500% due 07/10/2031 | 100 | 110 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 1500 | 1561 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 5000 | 5000 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 2600 | 2422 |
|  5.625% due 08/15/2030 | 650 | 659 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.500% due 08/11/2030 | 100 | 100 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.950% due 08/01/2059 | 2350 | 1690 |
|  5.705% due 05/01/2040 | 300 | 306 |
|  5.805% due 05/01/2050 | 500 | 500 |
|  5.930% due 05/01/2060 | 500 | 500 |
|  6.528% due 05/01/2034 | 3200 | 3540 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 3400 | 3337 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  2.650% due 06/01/2030 | 3641 | 3407 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  5.150% due 11/15/2031 | 100 | 104 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 1800 | 2433 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 04/15/2029 | 1600 | 1550 |
|  CAB SELAS | CAB SELAS | CAB SELAS |
|  3.375% due 02/01/2028 (l) | 1323 | 1461 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  2.902% due 07/15/2031 | 1500 | 1371 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  2.450% due 12/02/2031 | 2100 | 1871 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 5600 | 5524 |
|  5.125% due 05/01/2029 (a) | 800 | 800 |
|  5.750% due 08/01/2032 | 2200 | 2242 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 2100 | 1953 |
|  Cerved Group SpA | Cerved Group SpA | Cerved Group SpA |
|  6.000% due 02/15/2029 | 400 | 425 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 100 | 98 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  1.000% due 07/31/2031 | 3100 | 3194 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  5.850% due 12/01/2035 | 150 | 151 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 2300 | 2096 |
|  5.750% due 08/15/2034 | 1500 | 1560 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 1800 | 1856 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  7.125% due 06/15/2031 | 1200 | 1447 |
|  7.500% due 05/15/2030 | 1700 | 2070 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 01/15/2031 | 550 | 515 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 | 200 | 203 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  2.250% due 08/01/2031 | 1800 | 1587 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 | 400 | 404 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 3727 | 3556 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.000% due 09/15/2032 | 2100 | 2126 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.400% due 04/18/2034 | 2000 | 2042 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  5.800% due 12/15/2034 | 125 | 129 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.000% due 05/15/2044 | 1100 | 978 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.950% due 02/15/2035 | 1000 | 1009 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 100 | 105 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 | 100 | 103 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  5.150% due 03/30/2026 | 100 | 100 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  3.500% due 07/01/2029 | 2200 | 2139 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 1500 | 1764 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.625% due 06/15/2029 | 1223 | 1172 |
|  3.750% due 10/01/2030 | 3400 | 3212 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  9.250% due 12/01/2028 | 3300 | 3446 |
|  Grifols SA | Grifols SA | Grifols SA |
|  7.500% due 05/01/2030 (j) | 500 | 620 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 | 100 | 143 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  5.750% due 09/15/2033 | 1100 | 1115 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.500% due 03/30/2026 | 300 | 302 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 (b) | 1000 | 1047 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1150 | 1106 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 900 | 1298 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 1125 | 1142 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 71 | 66 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 3200 | 3097 |
|  6.000% due 06/14/2030 | 4300 | 4480 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 3800 | 3392 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 2400 | 2348 |
|  6.500% due 05/15/2027 | 800 | 808 |
|  Mahle GmbH | Mahle GmbH | Mahle GmbH |
|  2.375% due 05/14/2028 | 400 | 448 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.800% due 03/01/2030 | 600 | 611 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  5.750% due 02/15/2029 | 70 | 73 |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
|  3.375% due 04/01/2026 | 2500 | 2482 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 3800 | 3571 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 500 | 355 |
|  Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
|  5.375% due 10/23/2030 | 1500 | 1795 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.000% due 08/01/2027 | 100 | 101 |
|  5.200% due 08/01/2029 | 100 | 102 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.200% due 09/26/2035 | 100 | 101 |
|  5.950% due 09/26/2055 | 200 | 199 |
|  6.100% due 09/26/2065 | 100 | 100 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 1700 | 1733 |
|  PRA Health Sciences, Inc. | PRA Health Sciences, Inc. | PRA Health Sciences, Inc. |
|  2.875% due 07/15/2026 | 1000 | 986 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  4.250% due 07/01/2026 | 1700 | 1699 |
|  5.375% due 01/15/2036 (a) | 765 | 770 |
|  5.500% due 04/01/2028 | 1400 | 1428 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 06/01/2034 | 1800 | 1819 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  1.573% due 10/15/2026 | 1300 | 1260 |
|  Silgan Holdings, Inc. | Silgan Holdings, Inc. | Silgan Holdings, Inc. |
|  1.400% due 04/01/2026 | 900 | 886 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 196 | 186 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.000% due 12/03/2031 | 1600 | 1662 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.000% due 04/01/2032 | 3300 | 3373 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  3.150% due 10/01/2026 | 707 | 695 |
|  8.125% due 09/15/2031 | 800 | 916 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 | 700 | 722 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 84 | 127 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  1.250% due 01/31/2034 | 1000 | 812 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (e) | 6 | 7 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 1100 | 1032 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  0.878% due 11/24/2027 | 900 | 987 |
|  UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 | 500 | 607 |
|  5.200% due 11/21/2029 | 900 | 1132 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.800% due 07/15/2037 | 560 | 581 |
|  5.875% due 04/15/2029 | 37 | 38 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 1200 | 1199 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 2600 | 2557 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  5.150% due 07/15/2034 | 2300 | 2361 |
|  Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |
|  5.625% due 07/15/2030 | 600 | 604 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 700 | 813 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 2000 | 1918 |
|  3.875% due 11/01/2033 | 1125 | 1014 |
|  4.125% due 08/15/2031 | 1300 | 1228 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 200 | 211 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 (a) | 1100 | 1102 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 100 | 101 |
|  5.700% due 08/01/2035 | 100 | 102 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 1200 | 1505 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  5.625% due 04/15/2032 | 3600 | 4349 |
|  7.750% due 04/15/2032 | 900 | 947 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 2300 | 2295 |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 400 | 405 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 1300 | 1302 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 | 2400 | 2438 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.750% due 12/01/2029 | 1500 | 1432 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  6.000% due 05/19/2035 | 200 | 209 |
|  Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC |
|  6.375% due 11/18/2034 | 2300 | 3159 |
|  |  | 172777 |
| UTILITIES 5.0% | UTILITIES 5.0% | UTILITIES 5.0% |
|  Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC |
|  4.000% due 03/08/2026 | 1300 | 1742 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  2.750% due 10/26/2029 | 1000 | 1236 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  2.950% due 02/15/2027 | 100 | 98 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  6.125% due 01/15/2034 | 1800 | 1960 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 300 | 312 |
|  6.950% due 11/15/2029 | 100 | 106 |
|  EP Infrastructure AS | EP Infrastructure AS | EP Infrastructure AS |
|  1.698% due 07/30/2026 | 800 | 933 |
|  1.816% due 03/02/2031 | 100 | 106 |
|  2.045% due 10/09/2028 | 100 | 114 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  2.250% due 09/01/2030 | 1700 | 1529 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 1500 | 1103 |
|  Lorca Telecom Bondco SA | Lorca Telecom Bondco SA | Lorca Telecom Bondco SA |
|  5.750% due 04/30/2029 | 1900 | 2330 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.550% due 11/01/2026 | 1500 | 1519 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 400 | 357 |
|  3.300% due 12/01/2027 | 200 | 196 |
|  3.950% due 12/01/2047 | 1200 | 898 |
|  4.550% due 07/01/2030 | 400 | 397 |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  5.125% due 09/10/2030 | 1100 | 1089 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 1400 | 1447 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  1.200% due 02/01/2026 | 1100 | 1087 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  2.375% due 05/28/2028 | 1900 | 2342 |
|  TDC Net AS | TDC Net AS | TDC Net AS |
|  5.186% due 08/02/2029 | 2100 | 2596 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.950% due 10/15/2033 | 1307 | 1459 |
|  |  | 24956 |
|  Total Corporate Bonds & Notes<br>(Cost $297,329) | Total Corporate Bonds & Notes<br>(Cost $297,329) | 304883 |
| CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% | CONVERTIBLE BONDS & NOTES 0.5% |
| 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 12/31/2025 (e) | 7 | 0 |
|  0.000% due 12/31/2026 (e) | 10 | 0 |
|  0.000% due 12/31/2027 (e) | 12 | 0 |
|  0.000% due 12/31/2028 (e) | 20 | 1 |
|  0.000% due 12/31/2029 (e) | 20 | 0 |
|  0.000% due 12/31/2030 (e) | 25 | 1 |
|  0.000% due 12/31/2031 (e) | 25 | 1 |
|  0.000% due 12/31/2032 (e) | 46 | 1 |
|  |  | 4 |

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| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | 2200 | 2476 |
|  Total Convertible Bonds & Notes (Cost $2,339) | Total Convertible Bonds & Notes (Cost $2,339) | 2480 |
| U.S. GOVERNMENT AGENCIES 6.3% | U.S. GOVERNMENT AGENCIES 6.3% | U.S. GOVERNMENT AGENCIES 6.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 05/01/2052 | 174 | 154 |
|  4.000% due 11/01/2053 | 952 | 898 |
|  4.500% due 07/01/2052 - 12/01/2052 | 6812 | 6641 |
|  5.000% due 02/01/2053 - 08/01/2053 | 1840 | 1835 |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  6.154% due 11/25/2055 «~ | 350 | 232 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 07/01/2052 - 01/01/2053 | 6107 | 5956 |
|  5.000% due 08/01/2052 - 02/01/2053 | 681 | 680 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  6.000% due 11/01/2055 | 700 | 712 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 11/01/2055 | 14600 | 14471 |
|  Total U.S. Government Agencies<br>(Cost $30,747) | Total U.S. Government Agencies<br>(Cost $30,747) | 31579 |
| U.S. TREASURY OBLIGATIONS 3.3% | U.S. TREASURY OBLIGATIONS 3.3% | U.S. TREASURY OBLIGATIONS 3.3% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.125% due 10/31/2029 (n)(p) | 9900 | 10059 |
|  4.250% due 08/15/2035 | 6100 | 6150 |
|  Total U.S. Treasury Obligations (Cost $15,998) | Total U.S. Treasury Obligations (Cost $15,998) | 16209 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.1% |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.195% due 11/25/2045 •  | 30 | 11 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.498% due 09/20/2047 ~ | 261 | 227 |
|  7.000% due 10/25/2037 | 102 | 74 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.907% due 10/25/2035 ~ | 316 | 254 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.877% due 05/25/2047 •  | 90 | 83 |
|  6.000% due 07/26/2037 ~ | 69 | 64 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.970% due 04/25/2037 ~ | 252 | 174 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.163% due 02/15/2039 •  | 181 | 181 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.277% due 09/25/2036 ~ | 44 | 39 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.955% due 09/25/2037 ~ | 56 | 50 |
|  5.750% due 07/25/2037 | 83 | 39 |
|  6.000% due 10/25/2034 | 3 | 3 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.000% due 05/25/2062 ~ | 578 | 578 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.000% due 11/25/2036 | 16 | 17 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.440% due 09/20/2046 •  | 43 | 44 |
|  4.572% due 06/25/2035 •  | 226 | 143 |
|  4.652% due 07/25/2046 •  | 33 | 36 |
|  4.652% due 09/25/2046 •  | 193 | 188 |
|  4.672% due 04/25/2035 •  | 211 | 163 |
|  4.892% due 11/25/2035 •  | 83 | 79 |
|  5.572% due 10/25/2035 •  | 119 | 81 |
|  5.750% due 07/25/2035 | 86 | 52 |
|  6.000% due 08/25/2036 •  | 201 | 113 |
|  6.000% due 05/25/2037 | 594 | 243 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.000% due 07/25/2036 | 581 | 263 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 | 590 | 523 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  4.428% due 12/29/2037 ~ | 3566 | 1790 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.660% due 10/15/2036 •  | 1000 | 993 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.422% due 02/25/2047 •  | 1564 | 883 |
|  4.472% due 08/25/2037 •  | 12 | 10 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.601% due 08/25/2035 ~ | 49 | 40 |
|  6.000% due 05/25/2036 | 6 | 2 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 | 254 | 100 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.953% due 11/25/2035 ~ | 216 | 205 |
|  4.376% due 05/25/2037 ~ | 76 | 65 |
|  4.772% due 02/25/2037 •  | 195 | 131 |
|  LUX | LUX | LUX |
|  6.841% due 08/15/2040 •  | 500 | 507 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  7.025% due 11/25/2034 ~ | 56 | 55 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.492% due 03/25/2037 •  | 1728 | 407 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.272% due 11/25/2037 ~ | 235 | 164 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.706% due 08/25/2056 •  | 248 | 248 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.058% due 12/26/2034 ~ | 214 | 71 |
|  4.622% due 08/25/2035 •  | 285 | 230 |
|  5.370% due 07/25/2035 ~ | 13 | 12 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 10/25/2036 | 11 | 9 |
|  VASA Trust | VASA Trust | VASA Trust |
|  5.165% due 07/15/2039 •  | 500 | 490 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.357% due 12/25/2036 ~ | 85 | 78 |
|  4.951% due 07/25/2047 •  | 50 | 43 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $12,663) | Total Non-Agency Mortgage-Backed Securities (Cost $12,663) | 10255 |
| ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% | ASSET-BACKED SECURITIES 2.6% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  6.255% due 08/17/2041 •  | 441 | 441 |
| HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% | HOME EQUITY OTHER 2.2% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.272% due 06/25/2037 •  | 252 | 213 |
|  5.322% due 03/25/2034 •  | 357 | 350 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  5.097% due 12/25/2045 •  | 446 | 341 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  6.072% due 07/25/2034 •  | 88 | 96 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.592% due 12/25/2036 •  | 830 | 468 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.392% due 12/25/2036 •  | 378 | 187 |
|  4.732% due 12/25/2046 •  | 323 | 160 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.052% due 11/25/2035 •  | 516 | 483 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.492% due 08/25/2036 •  | 456 | 161 |
|  4.572% due 08/25/2036 •  | 1032 | 365 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.402% due 01/25/2037 •  | 3094 | 1169 |
|  4.412% due 10/25/2036 •  | 592 | 261 |
|  4.422% due 10/25/2036 •  | 1501 | 784 |
|  4.422% due 12/25/2036 •  | 82 | 41 |
|  4.572% due 06/25/2036 •  | 131 | 115 |
|  4.732% due 09/25/2036 •  | 661 | 285 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | $| 981 | 322 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  7.272% due 01/25/2033 •  |  | 42 | 37 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  4.412% due 09/25/2036 •  |  | 3366 | 812 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.879% due 06/25/2037 þ |  | 2099 | 532 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.732% due 12/25/2035 •  |  | 897 | 755 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.152% due 08/25/2034 •  |  | 117 | 118 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.632% due 02/25/2036 •  |  | 948 | 466 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.397% due 01/25/2035 •  |  | 1024 | 897 |
|  5.652% due 04/25/2033 •  |  | 35 | 36 |
|  5.847% due 01/25/2035 •  |  | 1102 | 926 |
|  5.997% due 01/25/2035 •  |  | 988 | 447 |
|  |  |  | 10827 |
| WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.622% due 12/25/2035 •  |  | 229 | 108 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.582% due 03/25/2037 •  |  | 506 | 474 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.772% due 03/25/2036 •  |  | 1135 | 713 |
|  4.772% due 05/25/2036 •  |  | 678 | 367 |
|  |  |  | 1662 |
|  Total Asset-Backed Securities (Cost $15,617) | Total Asset-Backed Securities (Cost $15,617) | Total Asset-Backed Securities (Cost $15,617) | 12930 |
| SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% | SOVEREIGN ISSUES 2.5% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.000% due 11/21/2031 | AUD | 900 | 503 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2060 (f) | BRL | 2274 | 367 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | JPY | 78000 | 404 |
|  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 |  | 10000 | 59 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 190000 | 1178 |
|  2.400% due 03/20/2045 |  | 103600 | 682 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | PEN | 3500 | 1124 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 5900 | 1646 |
|  6.150% due 08/12/2032 |  | 1109 | 339 |
|  6.950% due 08/12/2031 |  | 1673 | 534 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | ZAR | 12000 | 640 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.875% due 02/28/2035 |  | 58820 | 3346 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  7.100% due 11/19/2036 | $— | 400 | 418 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.250% due 03/10/2030 |  | 400 | 484 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 |  | 603 | 679 |
|  Total Sovereign Issues (Cost $11,759) | Total Sovereign Issues (Cost $11,759) | Total Sovereign Issues (Cost $11,759) | 12403 |
|  | **SHARES** | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  SES SA «(d) |  | 937 | 11 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat SA «(d)(j) |  | 937 | 0 |
|  Total Common Stocks (Cost $52) | Total Common Stocks (Cost $52) | Total Common Stocks (Cost $52) | 11 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp.<br>06/10/2071 «(j) |  | 1 | 0 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Cineworld Group PLC - Exp. 11/23/2025 «(j) |  | 5979 | 0 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) | Total Warrants (Cost $0) | 0 |
| PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% | PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  6.500% due 04/01/2030 •(g) |  | 700000 | 725 |
|  Total Preferred Securities (Cost $700) | Total Preferred Securities (Cost $700) | Total Preferred Securities (Cost $700) | 725 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 18.9% | SHORT-TERM INSTRUMENTS 18.9% | SHORT-TERM INSTRUMENTS 18.9% | SHORT-TERM INSTRUMENTS 18.9% |
| COMMERCIAL PAPER 3.1% | COMMERCIAL PAPER 3.1% | COMMERCIAL PAPER 3.1% | COMMERCIAL PAPER 3.1% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | $— | 1300 | 1299 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.560% due 10/07/2025 |  | 1200 | 1199 |
|  4.570% due 10/14/2025 |  | 1300 | 1298 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  4.550% due 10/08/2025 (a) |  | 1200 | 1199 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.340% due 10/24/2025 | 300 | 299 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.610% due 10/23/2025 | 2100 | 2094 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.620% due 10/01/2025 | 600 | 600 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.580% due 11/12/2025 | 350 | 348 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.580% due 10/15/2025 | 1700 | 1697 |
|  4.600% due 10/24/2025 | 1800 | 1794 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  4.440% due 10/06/2025 | 450 | 450 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.220% due 01/16/2026 | 800 | 790 |
|  4.330% due 11/19/2025 | 1300 | 1292 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.380% due 10/17/2025 | 1200 | 1197 |
|  |  | 15556 |
|  | **SHARES** |  |
| 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 |
|  4.200% (i) | 2255036 | 2255 |
| REPURCHASE AGREEMENTS (k) 15.3% | REPURCHASE AGREEMENTS (k) 15.3% | REPURCHASE AGREEMENTS (k) 15.3% |
|  |  | 75877 |
| Total Short-Term Instruments<br>(Cost $93,690) | Total Short-Term Instruments<br>(Cost $93,690) | 93688 |
| Total Investments in Securities<br>(Cost $488,613) | Total Investments in Securities<br>(Cost $488,613) | 492838 |
| INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% |
| SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3064209 | 29842 |
| Total Short-Term Instruments<br>(Cost $29,829) | Total Short-Term Instruments<br>(Cost $29,829) | 29842 |
| Total Investments in Affiliates<br>(Cost $29,829) | Total Investments in Affiliates<br>(Cost $29,829) | 29842 |
| Total Investments 105.1%<br>(Cost $518,442) | Total Investments 105.1%<br>(Cost $518,442) | 522680 |
|  Financial Derivative<br>Instruments (m)(o) (0.0)%<br> (Cost or Premiums, net $7,234) | Financial Derivative<br>Instruments (m)(o) (0.0)%<br> (Cost or Premiums, net $7,234) | (11) |
| Other Assets and Liabilities, net (5.1)% | Other Assets and Liabilities, net (5.1)% | (25206) |
| Net Assets 100.0% | Net Assets 100.0% | 497463 |

---

#### 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.

30 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Zero coupon security.

(f) 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 | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Cineworld Group PLC - Exp. 11/23/2025 | 12/21/2020 | $0 | $0 | 0.00% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Grifols SA 7.500% due 05/01/2030 | 08/20/2025 | 615 | 620 | 0.12 |
|  Intelsat SA | 11/12/2019 - 08/29/2025 | 52 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | 0.12% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(k) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.890% | 09/19/2025 | 10/31/2025 | $2200 | Meritage Homes Corp. 3.875% due 04/15/2029 | $(2182) | $2200 | $2203 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69900 | U.S. Treasury Notes 2.000% - 4.125% due 11/15/2026 - 03/31/2029 | (71371) | 69900 | 69908 |
| BRC | 3.880 | 09/19/2025 | 10/31/2025 | 2053 | Meritage Homes Corp. 5.650% due 03/15/2035 | (2038) | 2053 | 2056 |
| RDR | 3.900 | 09/19/2025 | 10/31/2025 | 1724 | General Motors Co. 6.800% due 10/01/2027 | (1724) | 1724 | 1726 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77315) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75893 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 1.650% | 09/17/2025 | TBD<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476) | $(559) |
|  JML | 1.750 | 06/11/2025 | TBD<sup>(3)</sup> | (585) | (690) |
|  JPS | 4.050 | 09/19/2025 | 10/31/2025 | $(1343) | (1345) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  Corporate Bonds & Notes (1.2)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.2)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 6.800% | 10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | $(1677) | $(1724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 3.875 | 04/15/2029 | 2200 | (2089) | (2182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 5.650 | 03/15/2035 | 2000 | (1998) | (2037) |
|  Total Short Sales (1.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5943) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 31

------

Schedule of Investments PIMCO Credit Opportunities 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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Payable for<br>Short Sales<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 |  |  |  |  |  |  |  |
|  BOS | $72111 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73553) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1442) |
|  BRC | 2056 | (559) | 0 | 0 | 1497 | (1485) | 12 |
|  JML | 0 | (690) | 0 | 0 | (690) | 662 | (28) |
|  JPS | 0 | (1345) | 0 | 0 | (1345) | 1765 | 420 |
|  RDR | 1726 | 0 | 0 | 0 | 1726 | (1724) | 2 |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |  |
|  BNY | 0 | 0 | 0 | (1724) | (1724) | 0 | (1724) |
|  GSC | 0 | 0 | 0 | (2182) | (2182) | 0 | (2182) |
|  PER | 0 | 0 | 0 | (2037) | (2037) | 0 | (2037) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5943) |  |  |  |

---

#### 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 | $(1345) | $(1249) | $(2594) |
|  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;(1345) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1249) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594) |
|  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  | $(2594) |

---

(l) Securities with an aggregate market value of $2,979 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(5882) at a weighted average interest rate of 3.315%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Payable for short sales includes $(99) 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

#### PURCHASED OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.500 | 06/12/2026 | 110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $86 | $15 |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.000 | 06/12/2026 | 114 | 285 | 56 | 7 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |

---

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $(7) | $(7) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 27 | 27 | (6) | (6) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 8 | 8 | (3) | (2) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 5 | 5 | (1) | (1) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 3 | 3 | (1) | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

32 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 15 | $15 | $(3) | $(2) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 24 | 24 | (6) | (3) |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.500 | 06/12/2026 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | (30) | (3) |
|  |  |  |  |  | $(39) | $(8) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 128 | $31010 | $209 | $8 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 757 | 183232 | 614 | 57 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 194 | 46997 | 382 | 14 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 154 | 37312 | 278 | 10 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250638 | 948 | 78 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 3 | 453 | 3 | 1 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 704 | 76874 | 82 | 27 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 533 | 59963 | (219) | 0 | (9) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 48 | 5524 | 53 | 0 | (3) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720) | $(18) | $4 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  Air France-KLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.000)% | Quarterly | 12/20/2029 | 1.540% | EUR 1,700 | $(210) | $(65) | $(275) | $0 | $0 |
|  Beazer Homes USA, Inc. | (5.000) | Quarterly | 12/20/2029 | 3.028 | $3900 | (364) | 74 | (290) | 0 | (1) |
|  Ford Motor Co. | (5.000) | Quarterly | 12/20/2029 | 1.387 | 7300 | (1023) | 5 | (1018) | 1 | 0 |
|  General Motors Co. | (5.000) | Quarterly | 12/20/2029 | 0.927 | 4100 | (698) | 44 | (654) | 0 | 0 |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.049 | 2300 | (327) | (65) | (392) | 1 | 0 |
|  Jaguar Land Rover Automotive | (5.000) | Quarterly | 12/20/2029 | 2.020 | EUR 2,600 | (323) | (35) | (358) | 8 | 0 |
|  KB Home | (5.000) | Quarterly | 12/20/2029 | 1.354 | $3600 | (538) | 29 | (509) | 0 | 0 |
|  Laxness AG | (1.000) | Quarterly | 12/20/2029 | 1.079 | EUR 2,000 | 48 | (41) | 7 | 3 | 0 |
|  Lennar Corp. | (5.000) | Quarterly | 12/20/2029 | 0.715 | $2000 | (375) | 38 | (337) | 0 | 0 |
|  Macy's Retail Holdings LLC | (1.000) | Quarterly | 06/20/2030 | 1.849 | 2300 | 279 | (198) | 81 | 4 | 0 |
|  PulteGroup, Inc. | (5.000) | Quarterly | 12/20/2029 | 0.623 | 2000 | (375) | 30 | (345) | 0 | 0 |
|  Stellantis NV | (5.000) | Quarterly | 12/20/2029 | 1.404 | EUR 950 | (155) | (6) | (161) | 0 | 0 |
|  Target Corp. | (1.000) | Quarterly | 06/20/2030 | 0.396 | $4300 | (88) | (26) | (114) | 1 | 0 |
|  Toll Brothers Finance Corp. | (1.000) | Quarterly | 12/20/2029 | 0.650 | 2000 | (18) | (10) | (28) | 0 | 0 |
|  Whirlpool Corp. | (1.000) | Quarterly | 12/20/2029 | 1.906 | 6000 | 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 204 | 3 | 0 |
|  Whirlpool Corp. | (1.000) | Quarterly | 06/20/2030 | 2.152 | 2200 | 116 | (11) | 105 | 2 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4020) | $(64) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4084) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2027 | 0.338% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $1 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 400 | (2) | 8 | &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;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  Goldman Sachs Group, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.271% |  | $800 | $5 | $(1) | $4 | $0 | $0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 |  | 700 | 2 | (1) | 1 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 |  | 300 | 7 | (1) | 6 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.090 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | 4 | (2) | 2 | 0 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.262 |  | $100 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | 13 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 |  | 200 | (1) | 5 | 4 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(6)</sup>** | Asset | Liability |
|  CDX.HY-44 5-Year Index | 5.000% | Quarterly | 06/20/2030 | $7600 | $493 | $123 | $616 | $0 | $(1) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 5500 | 418 | 14 | 432 | 6 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148900 | 3086 | 338 | 3424 | 10 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 72700 | 1636 | 35 | 1671 | 12 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 8700 | $(42) | $(8) | $(50) | $12 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 400 | (12) | 5 | (7) | 1 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 360 | 17 | (6) | 11 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | $54500 | 816 | (1481) | (665) | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 500 | (1) | (7) | (8) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 5300 | 76 | (29) | 47 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6162 | (6) | (94) | (100) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 400 | 0 | (8) | (8) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 300 | (1) | (5) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 300 | (1) | (5) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 300 | (1) | (5) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 50500 | 3352 | (1505) | 1847 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 400 | (1) | (9) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 600 | (2) | (11) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 250 | (1) | (4) | (5) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 4064 | (47) | 21 | (26) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 300 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/15/2040 | 13700 | 1305 | (327) | 978 | 13 | 0 |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | 23400 | 0 | (116) | (116) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 37400 | 0 | (33) | (33) | 0 | (7) |
| Pay | 1-Year BRL-CDI | 13.359 | Maturity | 01/02/2029 | 18200 | 0 | 6 | 6 | 2 | 0 |
| Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 24300 | 0 | 10 | 10 | 3 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 14300 | 117 | 54 | 171 | 13 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 5600 | (62) | (22) | (84) | 20 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 | 10 | 1 | 5 | 6 | 0 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 4640 | (57) | (28) | (85) | 0 | (36) |
|  |  |  |  |  |  | $5449 | $(3598) | $1851 | $64 | $(89) |
|  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;7093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $(93) | $(129) |

---

34 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(n) Securities with an aggregate market value of $3,694 and cash of $12,793 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $1 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin liability of $(2) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 31368 | $36586 | $0 | $(242) |
|  | 10/2025 | $1047 | 1456 | 0 | 0 |
|  | 11/2025 | 1454 | $1047 | 0 | 0 |
|  BOA | 10/2025 | 690 | 806 | 0 | (4) |
|  | 10/2025 | $6 | 911 | 0 | 0 |
|  BPS | 10/2025 | 1283 | $180 | 0 | 0 |
|  | 10/2025 | 876 | 1034 | 6 | 0 |
|  | 11/2025 | $46 | 327 | 0 | 0 |
|  BRC | 10/2025 | 11 | $14 | 0 | 0 |
|  | 10/2025 | $12 | 9 | 0 | 0 |
|  | 11/2025 | 9 | $12 | 0 | 0 |
|  | 11/2025 | $624 | 27233 | 10 | 0 |
|  | 11/2025 | 6393 | $363 | 0 | (6) |
|  BSH | 11/2025 | 307 | 83 | 0 | (5) |
|  | 12/2025 | 2337 | 656 | 0 | (15) |
|  | 01/2026 | 904 | 252 | 0 | (7) |
|  | 02/2026 | 1425 | 407 | 0 | (1) |
|  CBK | 10/2025 | 13938 | 2621 | 2 | 0 |
|  | 10/2025 | 25 | 3 | 0 | 0 |
|  | 10/2025 | 1844 | 2498 | 18 | 0 |
|  | 10/2025 | $2522 | 13938 | 97 | 0 |
|  | 10/2025 | 2320 | 1700 | 0 | (34) |
|  | 10/2025 | 1586 | $92 | 0 | 0 |
|  | 02/2026 | 2300 | 626 | 0 | (34) |
|  | 03/2026 | 2971 | 839 | 0 | (13) |
|  DUB | 10/2025 | 2750 | 387 | 1 | 0 |
|  | 11/2025 | 15437 | 882 | 0 | (9) |
|  FAR | 10/2025 | 1446 | 938 | 0 | (19) |
|  | 10/2025 | 1199 | 169 | 1 | 0 |
|  | 10/2025 | $944 | 1446 | 13 | 0 |
|  | 10/2025 | 2461 | 361795 | 0 | (14) |
|  | 11/2025 | 1446 | $944 | 0 | (13) |
|  | 11/2025 | 1101 | 300 | 0 | (17) |
|  | 12/2025 | 2118 | 112 | 0 | (3) |
|  GLM | 10/2025 | 1916 | 352 | 0 | (8) |
|  | 10/2025 | 94 | 13 | 0 | 0 |
|  | 10/2025 | $360 | 1916 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  JPM | 10/2025 | 1454 | $1052 | $7 | $0 |
|  | 10/2025 | 109 | 146 | 0 | 0 |
|  | 10/2025 | $904 | 773 | 3 | 0 |
|  | 10/2025 | 1121 | 48267 | 20 | 0 |
|  | 11/2025 | 13670 | $780 | 0 | (9) |
|  MBC | 10/2025 | 1399 | 197 | 1 | 0 |
|  | 10/2025 | 2045 | 2422 | 21 | 0 |
|  | 10/2025 | $139 | 994 | 0 | 0 |
|  | 11/2025 | 992 | $139 | 0 | 0 |
|  | 11/2025 | 2450 | 2884 | 2 | 0 |
|  MYI | 10/2025 | 1413 | 198 | 0 | 0 |
|  | 10/2025 | 6578 | 44 | 0 | 0 |
|  | 10/2025 | $27 | 4027 | 0 | 0 |
|  | 11/2025 | 44 | 6555 | 0 | 0 |
|  | 12/2025 | 109 | 2052 | 2 | 0 |
|  SCX | 10/2025 | 1027 | $145 | 0 | 0 |
|  | 10/2025 | 554300 | 3767 | 19 | 0 |
|  | 10/2025 | $16339 | 12215 | 89 | 0 |
|  | 10/2025 | 140 | 20618 | 0 | (1) |
|  | 11/2025 | 12215 | $16342 | 0 | (89) |
|  SOG | 10/2025 | 12055 | 2259 | 0 | (6) |
|  | 10/2025 | 14324 | 96 | 0 | (1) |
|  | 10/2025 | $2267 | 12055 | 0 | (2) |
|  | 10/2025 | 40226 | 34206 | 0 | (67) |
|  | 10/2025 | 1284 | 188797 | 0 | (7) |
|  | 11/2025 | 34206 | $40306 | 67 | 0 |
|  | 11/2025 | $96 | 14275 | 1 | 0 |
|  | 12/2025 | 2259 | 12227 | 6 | 0 |
|  SSB | 10/2025 | 11962 | $16124 | 36 | 0 |
|  | 11/2025 | 1291 | 350 | 0 | (22) |
|  UAG | 10/2025 | $92 | 1586 | 0 | 0 |
|  | 10/2025 | 1586 | $92 | 0 | 0 |
|  | 11/2025 | 6954 | 394 | 0 | (7) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 04/29/2026 | 17300 | $81 | $21 |
| FAR Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.000 | 04/29/2026 | 20200 | 56 | 9 |
|  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;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 700 | $(2) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 700 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 700 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 1.500 | 04/29/2026 | 17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 900 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 900 | (2) | (4) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 700 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 700 | (2) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 500 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 500 | (1) | (1) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 600 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 600 | (2) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 700 | (2) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 700 | (2) | (1) |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550% | 10/06/2025 | 400 | $(1) | $0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 400 | (1) | 0 |
| UAG Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.507 | 10/06/2025 | 1000 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.807 | 10/06/2025 | 1000 | (3) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 900 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 900 | (3) | (3) |
|  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;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| DUB | Petroleos Mexicanos « | 4.750% | Monthly | 07/06/2026 | —<sup>¨</sup> | $353 | $0 | $5 | $5 | $0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | (16) | 18 | 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;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(242) | $0 | $0 | $(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  BOA | 0 | 0 | 0 | 0 | (4) | (4) | 0 | (8) | (8) | 0 | (8) |
|  BPS | 6 | 21 | 0 | 27 | 0 | (7) | 0 | (7) | 20 | 0 | 20 |
|  BRC | 10 | 0 | 0 | 10 | (6) | (2) | 0 | (8) | 2 | 0 | 2 |
|  BSH | 0 | 0 | 0 | 0 | (28) | 0 | 0 | (28) | (28) | (10) | (38) |
|  CBK | 117 | 0 | 0 | 117 | (81) | 0 | 0 | (81) | 36 | 0 | 36 |
|  DUB | 1 | 0 | 5 | 6 | (9) | 0 | 0 | (9) | (3) | 0 | (3) |
|  FAR | 14 | 9 | 0 | 23 | (66) | 0 | 0 | (66) | (43) | 0 | (43) |
|  GLM | 0 | 0 | 0 | 0 | (8) | (5) | 0 | (13) | (13) | 0 | (13) |
|  GST | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  JPM | 30 | 0 | 0 | 30 | (9) | 0 | 0 | (9) | 21 | 0 | 21 |
|  MBC | 24 | 0 | 0 | 24 | 0 | 0 | 0 | 0 | 24 | 0 | 24 |
|  MYI | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 108 | 0 | 0 | 108 | (90) | 0 | 0 | (90) | 18 | 0 | 18 |
|  SOG | 74 | 0 | 0 | 74 | (83) | 0 | 0 | (83) | (9) | 0 | (9) |
|  SSB | 36 | 0 | 0 | 36 | (22) | 0 | 0 | (22) | 14 | 0 | 14 |
|  UAG | 0 | 0 | 0 | 0 | (7) | (4) | 0 | (11) | (11) | 0 | (11) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677) |  |  |  |

---

(p) Securities with an aggregate market value of $353 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **37** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $22 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 199 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 0 | 0 | 64 | 115 |
|  | $0 | $51 | $0 | $0 | $285 | $336 |
|  Over the counter | Over the 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 | $422 | $0 | $422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $7 | $0 | $422 | $30 | $459 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $0 | $422 | $315 | $795 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $24 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 89 | 93 |
|  | $0 | $4 | $0 | $0 | $125 | $129 |
|  Over the counter | Over the 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 | $655 | $0 | $655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 22 | 22 |
|  | $0 | $0 | $0 | $655 | $22 | $677 |
|  | $0 | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $105 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2956 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 662 | 0 | 0 | 3069 | 3731 |
|  | $0 | $662 | $0 | $0 | $6130 | $6792 |
|  Over the counter | Over the 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 | $(5971) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (645) | 0 | (13) | 0 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 14 | 0 | 4 | 262 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 21 | 0 | 0 | 0 | 21 |
|  | $0 | $(610) | $0 | $(5980) | $262 | $(6328) |
|  | $0 | $52 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5980) | $6392 | $464 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(119) | $(119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (1289) | (1289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (278) | 0 | 0 | (2911) | (3189) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4286) | $(4564) |

---

38 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1590 | $0 | $1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 13 | (107) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (1) | 0 | (4) | 34 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | 0 | 9 |
|  | $0 | $8 | $0 | $1599 | $(73) | $1534 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4359) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3030) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6410 | $1265 | $7675 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 107150 | 0 | 107150 |
| &nbsp;&nbsp; Industrials | 800 | 166622 | 5355 | 172777 |
| &nbsp;&nbsp; Utilities | 0 | 24956 | 0 | 24956 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp; Industrials | 0 | 2476 | 0 | 2476 |
|  U.S. Government Agencies | 0 | 31347 | 232 | 31579 |
|  U.S. Treasury Obligations | 0 | 16209 | 0 | 16209 |
|  Non-Agency Mortgage-Backed Securities | 0 | 10255 | 0 | 10255 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 441 | 0 | 441 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10827 | 0 | 10827 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1662 | 0 | 1662 |
|  Sovereign Issues | 0 | 12403 | 0 | 12403 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 11 | 11 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 725 | 0 | 725 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 15556 | 0 | 15556 |
| &nbsp;&nbsp; Mutual Funds | 0 | 2255 | 0 | 2255 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 75877 | 0 | 75877 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492838 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $29842 | $0 | $0 | $29842 |
|  Total Investments | $30642 | $485175 | $6863 | $522680 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Corporate Bonds & Notes | $0 | $(5943) | $0 | $(5943) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 1 | 335 | 0 | 336 |
|  Over the counter | 0 | 454 | 5 | 459 |
|  | $1 | $789 | $5 | $795 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (3) | (124) | 0 | (127) |
|  Over the counter | 0 | (677) | 0 | (677) |
|  | $(3) | $(801) | $0 | $(804) |
|  Total Financial Derivative Instruments | $(2) | $(12) | $5 | $(9) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516728 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $5 | $&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;1265 | $8 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | 0 | 0 | 5355 | (55) |
|  U.S. Government Agencies | 233 | 0 | (3) | 0 | 1 | 1 | 0 | 0 | 232 | 1 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 11 | 0 | 0 | 11 | 11 |
| &nbsp;&nbsp; Financials | 32 | 0 | (33) | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
|  | $3454 | $5000 | $(1540) | $(1) | $(13) | $(37) | $0 | $0 | $6863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 39

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 03/31/2025** | **Net<br>Purchases<sup>(1)</sup>** | **Net<br>Sales/<br>Settlements<sup>(1)</sup>** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 09/30/2025** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup>** |
|  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 | $4 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $5 | $1 |
|  Totals | $3458 | $5000 | $(1540) | $(1) | $(13) | $(36) | $0 | $0 | $6868 | $(34) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1265 | Discounted Cash Flow | Discount Rate | 8.435 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 355 | Indicative Market Quotation | Broker Quote | 71.000 |  |
|  | 5000 | Recent Transaction | Purchase Price | 100.000 |  |
|  U.S. Government Agencies | 232 | Discounted Cash Flow | Discount Rate | 11.331 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 11 | Discounted Cash Flow | Discount Rate | 7.930 |  |
|  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 | 5 | Indicative Market Quotation | Broker Quote | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Diversified Income Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 107.9% | INVESTMENTS IN SECURITIES 107.9% | INVESTMENTS IN SECURITIES 107.9% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 5.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.7% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.538% due 12/18/2029 «~ | 7500 | 7559 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 5812 | 5638 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  6.413% (TSFR1M + 2.250%) due 09/29/2031 ~ | 2320 | 2323 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  8.513% (TSFR1M + 4.250%) due 08/19/2028 ~ | 150 | 151 |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.803% (EUR003M + 1.700%) due 08/23/2027 ~ | 6300 | 7362 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.413% (TSFR1M + 3.250%) due 12/11/2030 ~ | 1941 | 1939 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 « | 5312 | 5077 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 1374 | 1370 |
|  7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 10374 | 10397 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 1700 | 1749 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 7258 | 7143 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000% due 01/03/2031 «µ | 1069 | 1069 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 4831 | 4915 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 4627 | 3354 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 4500 | 4486 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  TBD% (TSFR1M + 3.000%) due 06/27/2031 ~ | 3573 | 3595 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 1625 | 1627 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.634% (TSFR1M + 3.500%) due 10/01/2032 ~ | 1000 | 1002 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  TBD% due 09/30/2032 | 3000 | 2970 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.663% (TSFR1M + 2.500%) due 12/15/2027 ~ | 2641 | 2645 |
|  Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
|  TBD% - 10.051% (TSFR3M + 5.750%) due 06/01/2029 ~ | 174 | 179 |
|  TBD% - 10.051% (TSFR3M + 4.750%) due 06/01/2029 ~ | 1302 | 1088 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 2090 | 2095 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.660% (TSFR3M + 3.500%) due 05/19/2031 ~ | 4356 | 4342 |
|  8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 78 | 78 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  6.163% (TSFR1M + 2.000%) due 10/23/2030 ~ | 1759 | 1760 |
|  Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
|  19.000% due 04/03/2026 «(c) | 61 | 18 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.058% (TSFR3M + 3.750%) due 12/31/2030 ~ | 134 | 134 |
|  9.170% (TSFR3M + 4.600%) due 12/31/2030 ~ | 2 | 2 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  5.430% (EUR001M + 3.500%) due 04/03/2028 ~ | 755 | 890 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  5.752% (TSFR3M + 1.750%) due 03/11/2032 ~ | 2861 | 2869 |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  9.961% due 11/28/2031 | 5100 | 6862 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.002% (TSFR3M + 3.000%) due 06/20/2031 ~ | 2059 | 2041 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 4200 | 4939 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(l) | 1000 | 1000 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(l) | 567 | 666 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 2000 | 2000 |
|  TBD% due 04/30/2030 «~µ | 2000 | 2000 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 2000 | 2000 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 1700 | 1722 |
|  cQnity Electronics, Inc. | cQnity Electronics, Inc. | cQnity Electronics, Inc. |
|  TBD% due 08/12/2032 | 1500 | 1502 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.723% (TSFR1M + 3.500%) due 10/30/2031 «~ | 3184 | 3192 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 2700 | 2689 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  7.002% (TSFR3M + 3.000%) due 09/18/2031 ~ | 2824 | 2838 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ | 975 | 901 |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.535% (EUR006M + 3.450%) due 08/11/2026 «~ | 4000 | 4708 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  5.885% (TSFR1M + 1.750%) due 09/22/2028 ~ | 841 | 844 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 3700 | 4284 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.079% - 9.250% (TSFR3M + 2.750%) due 04/09/2032 ~ | 2000 | 2002 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | 4000 | 4720 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.502% - 6.663% (TSFR1M + 2.338%) due 08/19/2032 ~ | 2200 | 2200 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ | 97857 | 5599 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  8.343% (EUR006M + 6.210%) due 04/27/2031 «~ | 4600 | 5847 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 1782 | 1706 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 2100 | 2099 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.515% (TSFR1M + 3.250%) due 01/31/2029 ~ | 5630 | 5634 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  7.416% (TSFR1M + 3.250%) due 10/19/2029 ~ | 1951 | 1953 |
|  X Corp. | X Corp. | X Corp. |
|  9.500% due 10/26/2029 | 2500 | 2511 |
|  10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 4763 | 4679 |
|  Total Loan Participations and Assignments (Cost $169,599) | Total Loan Participations and Assignments (Cost $169,599) | 172964 |
| CORPORATE BONDS & NOTES 45.2% | CORPORATE BONDS & NOTES 45.2% | CORPORATE BONDS & NOTES 45.2% |
| BANKING & FINANCE 13.7% | BANKING & FINANCE 13.7% | BANKING & FINANCE 13.7% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.500% due 05/08/2034 | 3300 | 3503 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.650% due 07/21/2027 | 3230 | 3202 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.000% due 09/15/2030 | 2000 | 2016 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ | 700 | 737 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 2900 | 2969 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 9366 | 10667 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 810 | 736 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 100 | 89 |
|  3.375% due 07/15/2051 | 100 | 67 |
|  4.900% due 02/15/2029 | 1910 | 1944 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 | 1200 | 1082 |
|  3.800% due 08/15/2029 | 1950 | 1914 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 1100 | 1070 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 1050 | 1018 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  6.200% due 03/21/2032 | 2400 | 2481 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 550 | 549 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ | 700 | 761 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  5.150% due 02/15/2035 | 1500 | 1519 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 | 1250 | 1173 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1576 | 1516 |
|  4.950% due 10/15/2032 | 4100 | 4052 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  | 2400 | 3090 |
|  10.500% due 07/23/2029 | 2400 | 3511 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.565% due 01/17/2030 | 3400 | 3550 |
|  Banco Votorantim SA | Banco Votorantim SA | Banco Votorantim SA |
|  5.875% due 04/08/2028 | 1000 | 1018 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.687% due 04/22/2032 •  | 3000 | 2734 |
|  2.884% due 10/22/2030 •  | 2290 | 2174 |
|  3.705% due 04/24/2028 •  | 3700 | 3677 |
|  5.288% due 04/25/2034 •  | 1250 | 1294 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.125% due 12/15/2025 •(i)(j) | 3000 | 3004 |
|  6.375% due 12/15/2025 •(i)(j) | 600 | 808 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.250% due 09/10/2029 | 1000 | 1029 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 2540 | 2537 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 1300 | 1364 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.000% due 08/16/2028 •(i)(j) | 2000 | 2058 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1500 | 1592 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.714% due 10/19/2029 •  | 2500 | 2655 |
|  7.003% due 10/19/2034 •  | 2500 | 2790 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  5.750% due 05/15/2026 | 1037 | 1035 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  7.500% due 07/15/2033 | 3300 | 3362 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.840% due 09/13/2034 •  | 2500 | 2787 |
|  Capital One NA | Capital One NA | Capital One NA |
|  4.650% due 09/13/2028 | 1100 | 1113 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 2800 | 2985 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 1900 | 1778 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 2200 | 2233 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 2700 | 2859 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  8.625% due 02/28/2033 •  | 1100 | 1589 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 1020 | 934 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 3800 | 1160 |
|  10.100% due 12/15/2043 | 31400 | 9745 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  9.250% due 12/15/2028 | 1605 | 1688 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(l) | 2700 | 2734 |
|  Credit Suisse AG AT1 Claim | 12750 | 1658 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.250% due 01/15/2031 | 2050 | 1825 |
|  DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. | DAE Sukuk Difc Ltd. |
|  3.750% due 02/15/2026 | 7625 | 7596 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(l) | 2000 | 2047 |
|  5.410% due 01/30/2032 «(l) | 2000 | 2055 |
|  5.590% due 01/30/2035 «(l) | 2000 | 2050 |
|  5.690% due 01/30/2037 «(l) | 500 | 511 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 3000 | 2814 |
|  5.882% due 07/08/2031 •  | 2275 | 2356 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 2800 | 2496 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1900 | 2019 |
|  9.250% due 04/01/2029 | 3000 | 3169 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  7.000% due 04/15/2031 •(i)(j) | 2400 | 3060 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  1.650% due 01/15/2031 | 700 | 605 |
|  2.650% due 03/15/2032 | 690 | 616 |
|  2.650% due 09/01/2050 | 300 | 184 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.000% due 06/15/2029 | 150 | 149 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 1400 | 1331 |
|  3.375% due 11/13/2025 | 11600 | 11579 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.815% due 11/02/2027 | $— | 800 | $— | 781 |
|  4.542% due 08/01/2026 |  | 600 |  | 600 |
|  5.875% due 11/07/2029 |  | 5000 |  | 5089 |
|  7.350% due 11/04/2027 |  | 300 |  | 313 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 |  | 2500 |  | 2497 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 |  | 3000 |  | 3147 |
|  9.250% due 02/01/2029 |  | 3400 |  | 3580 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 |  | 2000 |  | 1854 |
|  6.125% due 01/15/2031 |  | 3600 |  | 3568 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 |  | 6750 |  | 6757 |
|  7.000% due 05/01/2031 |  | 6400 |  | 6701 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.125% due 02/14/2053 |  | 2700 |  | 2471 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2030 |  | 100 |  | 97 |
|  5.750% due 06/01/2028 |  | 890 |  | 915 |
|  5.750% due 11/01/2037 |  | 3800 |  | 3777 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.016% due 10/23/2035 •  |  | 3800 |  | 3827 |
|  5.330% due 07/23/2035 •  |  | 4050 |  | 4171 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 1450 |  | 1431 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 |  | 1400 |  | 1425 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 |  | 820 |  | 740 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(l) |  | 2400 |  | 2431 |
|  4.980% due 06/07/2030 «(l) |  | 1500 |  | 1532 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 |  | 422 |  | 418 |
|  3.750% due 09/15/2030 |  | 2520 |  | 2326 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 |  | 100 |  | 93 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 |  | 1700 |  | 1729 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.750% due 11/16/2026 •(i)(j) |  | 2800 |  | 2812 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 |  | 3300 |  | 3634 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  0.000% due 09/30/2032 (b) |  | 2200 |  | 2186 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 |  | 6000 |  | 6236 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 |  | 335 |  | 294 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.125% due 11/01/2032 |  | 2500 |  | 2536 |
|  7.125% due 04/30/2031 |  | 5300 |  | 5563 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.509% due 01/23/2029 •  |  | 8000 |  | 7895 |
|  5.294% due 07/22/2035 •  |  | 3900 |  | 4030 |
|  KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds |
|  0.000% due 04/03/2049 « |  | 23238 |  | 2046 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  5.875% due 10/15/2035 | $— | 1850 |  | 1876 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 1200 |  | 1409 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.250% due 02/01/2027 | $— | 1130 |  | 1121 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 |  | 1975 |  | 2088 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 |  | 78 |  | 80 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 |  | 850 |  | 845 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 |  | 2000 |  | 1806 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  | 2500 | 2259 |
|  2.869% due 09/13/2030 •  | 1000 | 947 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.173% due 01/16/2030 •  | 5000 | 5140 |
|  5.320% due 07/19/2035 •  | 5300 | 5471 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  6.000% due 01/15/2027 | 2000 | 2000 |
|  7.125% due 02/01/2032 | 1850 | 1936 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(i)(j) | 1700 | 1558 |
|  5.125% due 05/12/2027 •(i)(j) | 1700 | 2258 |
|  6.000% due 12/29/2025 •(i)(j) | 3490 | 3508 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  3.250% due 07/23/2027 | 2400 | 2780 |
|  4.875% due 12/08/2028 | 2500 | 2974 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 1500 | 1610 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.625% due 09/29/2028 | 4400 | 4406 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 2300 | 2115 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.625% due 03/26/2026 •(i)(j) | 1500 | 1509 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  4.000% due 09/15/2030 | 550 | 512 |
|  5.375% due 11/15/2029 | 3149 | 3116 |
|  6.125% due 05/15/2030 | 1700 | 1723 |
|  6.625% due 01/15/2028 | 20 | 21 |
|  6.625% due 05/15/2029 | 3800 | 3911 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 1000 | 1001 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.604% (T-BILL 1MO + 9.700%) due 06/09/2031 ~ | 250 | 267 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 7600 | 5728 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 4600 | 4788 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 1850 | 1792 |
|  5.750% due 09/15/2031 | 2375 | 2356 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 1400 | 1446 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.125% due 06/09/2026 | 900 | 899 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 700 | 743 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 300 | 269 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  1.625% due 12/15/2030 | 500 | 574 |
|  3.200% due 01/15/2027 | 500 | 494 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 1860 | 1656 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 1275 | 1251 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 975 | 966 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 1900 | 1951 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  4.000% due 10/15/2033 | 2425 | 2216 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.424% (T-BILL 1MO + 8.520%) due 04/07/2031 ~ | 400 | 422 |
|  Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB |
|  2.375% due 08/04/2026 | 1100 | 1250 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 1025 | 949 |
|  6.875% due 04/15/2034 | 3000 | 3306 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 •  | 2900 | 2995 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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 |
|  3.823% due 11/03/2028 •  | 2400 | 2377 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.875% due 02/15/2027 | 1000 | 986 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 (b) | 2300 | 2302 |
|  5.750% due 01/15/2031 (b) | 3000 | 3002 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  5.750% due 03/18/2030 | 1900 | 1934 |
|  Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV |
|  4.875% due 07/15/2031 | 950 | 906 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  2.875% due 10/28/2031 | 1700 | 1506 |
|  Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC |
|  6.052% due 10/13/2039 | 6259 | 8582 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 | 184 | 247 |
|  Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC |
|  5.411% due 07/13/2044 | 86 | 110 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 2100 | 1940 |
|  7.375% due 02/13/2034 | 2000 | 2158 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 700 | 618 |
|  3.091% due 05/14/2032 •  | 1525 | 1412 |
|  4.194% due 04/01/2031 •  | 2500 | 2472 |
|  5.428% due 02/08/2030 •  | 2000 | 2067 |
|  5.617% due 09/13/2030 •  | 1600 | 1672 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(l) | 4300 | 4436 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 | 3550 | 3468 |
|  4.125% due 08/15/2030 | 625 | 604 |
|  4.250% due 12/01/2026 | 2030 | 2023 |
|  5.750% due 02/01/2027 | 1030 | 1043 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2900 | 2820 |
|  5.211% due 12/03/2035 •  | 5000 | 5111 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.950% due 10/01/2027 | 460 | 485 |
|  7.375% due 03/15/2032 | 508 | 582 |
|  |  | 416985 |
| INDUSTRIALS 27.0% | INDUSTRIALS 27.0% | INDUSTRIALS 27.0% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  4.000% due 10/15/2030 | 3400 | 3208 |
|  4.375% due 01/15/2028 | 4660 | 4585 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 1350 | 1385 |
|  AA Bond Co. Ltd. | AA Bond Co. Ltd. | AA Bond Co. Ltd. |
|  6.500% due 01/31/2026 | 346 | 467 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 3500 | 3604 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  5.150% due 04/01/2034 | 1000 | 1022 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.600% due 09/15/2028 | 395 | 389 |
|  5.250% due 10/01/2030 | 676 | 692 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 | 1300 | 1253 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 961 | 963 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 3400 | 3525 |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  3.550% due 10/01/2027 | 600 | 593 |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(d) | 5500 | 330 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  10.500% due 05/15/2027 | 2900 | 1052 |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 1025 | 1038 |
|  4.250% due 10/15/2029 | 800 | 816 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 10/15/2029 | $— | 2625 | $— | 2284 |
|  8.125% due 02/01/2027 |  | 400 |  | 383 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 |  | 3315 |  | 3010 |
|  3.000% due 04/15/2030 |  | 105 |  | 101 |
|  3.150% due 08/15/2033 |  | 249 |  | 234 |
|  3.200% due 12/15/2029 |  | 1335 |  | 1295 |
|  3.350% due 04/15/2031 |  | 1242 |  | 1200 |
|  3.375% due 11/01/2028 |  | 1199 |  | 1180 |
|  3.575% due 07/15/2029 |  | 741 |  | 727 |
|  3.600% due 03/22/2029 |  | 550 |  | 539 |
|  3.600% due 04/15/2031 |  | 112 |  | 106 |
|  3.650% due 08/15/2030 |  | 355 |  | 345 |
|  3.700% due 04/01/2028 |  | 230 |  | 229 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 |  | 944 |  | 945 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.375% due 10/15/2032 (b) |  | 2500 |  | 2497 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 |  | 1000 |  | 950 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 |  | 3600 |  | 3877 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 |  | 400 |  | 382 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 |  | 800 |  | 726 |
|  Apache Corp. | Apache Corp. | Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 |  | 870 |  | 876 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
|  7.250% due 04/01/2030 |  | 3000 |  | 3170 |
|  AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. | AS Mileage Plan IP Ltd. |
|  5.308% due 10/20/2031 |  | 1300 |  | 1295 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 |  | 700 |  | 695 |
|  ATS Corp. | ATS Corp. | ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 |  | 650 |  | 623 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  3.875% due 11/01/2029 |  | 1825 |  | 1737 |
|  4.625% due 07/15/2028 |  | 2545 |  | 2506 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 |  | 1250 |  | 1185 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.250% due 03/15/2033 |  | 2000 |  | 2064 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 |  | 1000 |  | 1043 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.250% due 12/15/2025 |  | 2100 |  | 2098 |
|  4.375% due 12/15/2028 |  | 2300 |  | 2292 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 |  | 725 |  | 775 |
|  Beignet | Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) |  | 16900 |  | 16900 |
|  Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. | Block Communications, Inc. |
|  4.875% due 03/01/2028 |  | 1600 |  | 1534 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 |  | 1325 |  | 1309 |
|  3.500% due 06/01/2031 |  | 1400 |  | 1304 |
|  5.625% due 08/15/2030 |  | 5400 |  | 5475 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2028 |  | 2390 |  | 2335 |
|  5.040% due 05/01/2027 |  | 600 |  | 607 |
|  5.150% due 05/01/2030 |  | 2835 |  | 2910 |
|  5.805% due 05/01/2050 |  | 1850 |  | 1849 |
|  5.930% due 05/01/2060 |  | 2570 |  | 2569 |
|  6.388% due 05/01/2031 |  | 1400 |  | 1525 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 |  | 870 |  | 854 |
|  Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC |
|  9.375% due 11/07/2029 |  | 2300 |  | 3236 |
|  Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
|  4.750% due 05/15/2029 | $— | 1000 |  | 982 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 1039 |  | 946 |
|  4.250% due 05/15/2034 |  | 716 |  | 700 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 1000 | 878 |
|  3.137% due 11/15/2035 | 906 | 784 |
|  3.187% due 11/15/2036 | 1640 | 1400 |
|  3.419% due 04/15/2033 | 2380 | 2204 |
|  3.469% due 04/15/2034 | 5234 | 4779 |
|  4.300% due 11/15/2032 | 1590 | 1570 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 3200 | 3012 |
|  6.750% due 05/15/2035 | 2000 | 2091 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 3000 | 4055 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 1770 | 1729 |
|  CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
|  5.375% due 10/31/2026 | 2400 | 2395 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  3.875% due 09/15/2027 | 325 | 316 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 300 | 261 |
|  3.402% due 01/15/2038 | 400 | 347 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.400% due 12/15/2034 | 1100 | 1121 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 6550 | 6461 |
|  5.125% due 05/01/2029 (b) | 4000 | 4000 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 | 3000 | 3141 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  5.125% due 05/01/2027 | 3000 | 2982 |
|  5.375% due 06/01/2029 | 1000 | 994 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  3.625% due 05/22/2032 | 1850 | 2198 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 3000 | 2586 |
|  4.250% due 12/15/2027 | 2200 | 2162 |
|  4.625% due 12/15/2029 | 1900 | 1843 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1500 | 1592 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 2825 | 2852 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  4.250% due 05/01/2028 | 420 | 411 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 | 2200 | 1606 |
|  3.750% due 02/15/2028 | 1300 | 1280 |
|  3.850% due 04/01/2061 | 5425 | 3384 |
|  3.900% due 06/01/2052 | 1875 | 1271 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1410 | 1371 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  4.375% due 01/15/2028 | 2000 | 2337 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 1900 | 1881 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 | 1850 | 1768 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 1900 | 1888 |
|  6.750% due 03/15/2033 | 3200 | 3244 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 2150 | 1947 |
|  6.000% due 01/15/2029 | 1000 | 972 |
|  9.750% due 01/15/2034 | 3300 | 3385 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 1725 | 1662 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.625% due 08/15/2033 | 3400 | 3465 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 3900 | 4004 |
|  CMA CGM SA | CMA CGM SA | CMA CGM SA |
|  5.000% due 01/15/2031 | 1400 | 1674 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 2400 | 2335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 550 | 557 |
|  Continental Wind LLC | Continental Wind LLC | Continental Wind LLC |
|  6.000% due 02/28/2033 | 127 | 130 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 3500 | 3591 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  3.875% due 04/15/2026 | 775 | 911 |
|  5.000% due 04/15/2026 | 594 | 593 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 1200 | 1190 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.773% due 01/10/2033 | 192 | 196 |
|  5.926% due 01/10/2034 | 21 | 22 |
|  6.036% due 12/10/2028 | 35 | 36 |
|  6.943% due 01/10/2030 | 3988 | 4168 |
|  7.507% due 01/10/2032 | 3327 | 3546 |
|  8.353% due 07/10/2031 | 718 | 784 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 1950 | 2029 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 2350 | 2143 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.500% due 10/20/2025 | 300 | 300 |
|  4.750% due 10/20/2028 | 2705 | 2721 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 1000 | 1027 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 | 1189 | 1189 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 1480 | 1444 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 1525 | 1679 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  4.625% due 11/02/2031 | 300 | 269 |
|  7.375% due 09/18/2043 | 2130 | 1973 |
|  7.750% due 02/01/2032 | 900 | 932 |
|  8.875% due 01/13/2033 | 300 | 325 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 3200 | 3259 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
|  6.650% due 08/28/2028 | 1470 | 1532 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 | 1700 | 1078 |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA |
|  3.650% due 05/07/2030 | 1000 | 980 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 | 780 | 758 |
|  5.250% due 04/15/2029 | 200 | 206 |
|  6.000% due 02/01/2029 | 1125 | 1141 |
|  6.125% due 12/15/2045 | 2080 | 2095 |
|  6.500% due 02/01/2042 | 800 | 848 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 3425 | 3525 |
|  5.750% due 05/19/2035 | 900 | 938 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  6.500% due 07/01/2027 | 1930 | 1976 |
|  Esab Corp. | Esab Corp. | Esab Corp. |
|  6.250% due 04/15/2029 | 2000 | 2057 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 | 6800 | 6686 |
|  5.375% due 02/01/2029 | 660 | 660 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 2095 | 2040 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 600 | 570 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 2675 | 2547 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2000 | 1841 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 3200 | 3763 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  5.875% due 06/04/2031 | 2000 | 2031 |
|  6.375% due 04/29/2029 | 4000 | 4133 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  2.375% due 02/16/2031 | 2940 | 2597 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | 2750 | 2750 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 2825 | 2669 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  8.625% due 04/28/2034 | 5500 | 4812 |
|  GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. | GC Treasury Center Co. Ltd. |
|  6.500% due 09/10/2030 •(i) | 2400 | 2436 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 1800 | 1854 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 2125 | 2180 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 | 2000 | 2012 |
|  9.250% due 12/01/2028 | 2000 | 2089 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 3700 | 3941 |
|  Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
|  5.198% due 06/15/2034 | 2305 | 2259 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 800 | 822 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 1230 | 1175 |
|  4.625% due 03/15/2052 | 1300 | 1074 |
|  5.625% due 09/01/2028 | 1324 | 1366 |
|  5.750% due 03/01/2035 | 2500 | 2615 |
|  5.875% due 02/01/2029 | 1600 | 1666 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 2000 | 1942 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 6375 | 5840 |
|  3.750% due 05/01/2029 | 5000 | 4814 |
|  4.000% due 05/01/2031 | 1375 | 1302 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  4.875% due 07/01/2031 | 1100 | 1027 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1700 | 1734 |
|  7.375% due 07/15/2032 | 2225 | 2311 |
|  IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) |
|  6.750% due 11/15/2029 (c) | 4150 | 5173 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 4325 | 4210 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1600 | 1539 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 1000 | 1443 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 3000 | 3555 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 | 1000 | 1033 |
|  6.250% due 06/01/2032 | 5800 | 5970 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 1200 | 1218 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 1550 | 1461 |
|  John Lewis PLC | John Lewis PLC | John Lewis PLC |
|  4.250% due 12/18/2034 | 975 | 1071 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 1400 | 1468 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.375% due 04/24/2030 | 1600 | 1648 |
|  5.750% due 04/19/2047 | 3600 | 3361 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  7.750% due 01/15/2032 | 5975 | 6952 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 1000 | 833 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 4500 | 4464 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 1630 | 1578 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 950 | 848 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  7.000% due 03/31/2034 | 2500 | 2545 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 1470 | 1478 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 3000 | 3200 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 | 2500 | 2499 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 2000 | 1956 |
|  4.750% due 10/15/2027 | 480 | 477 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.500% due 10/15/2032 | 2210 | 2049 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2000 | 2047 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
|  6.250% due 04/01/2029 | 4000 | 4107 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 3900 | 3894 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 1400 | 1362 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.469% due 09/15/2032 | 1700 | 2299 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 404 | 353 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (c) | 216 | 227 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) | 6600 | 6774 |
|  5.580% due 10/05/2033 «(l) | 5000 | 5142 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 1150 | 1050 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 1600 | 1601 |
|  New Albertsons LP | New Albertsons LP | New Albertsons LP |
|  6.570% due 02/23/2028 | 800 | 809 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  8.500% due 06/01/2028 | 2400 | 2545 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  6.000% due 02/15/2029 « | 1325 | 828 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 3000 | 2946 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 5200 | 5386 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 700 | 639 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 600 | 478 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 3100 | 3176 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 1310 | 1358 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.150% due 05/01/2027 | 200 | 197 |
|  3.875% due 06/18/2026 | 1400 | 1397 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.450% due 09/15/2036 | 250 | 266 |
|  6.625% due 09/01/2030 | 1990 | 2134 |
|  8.875% due 07/15/2030 | 1040 | 1202 |
|  OCP SA | OCP SA | OCP SA |
|  6.700% due 03/01/2036 | 3000 | 3216 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  3.875% due 10/01/2028 | 1750 | 2054 |
|  4.250% due 10/01/2028 | 1700 | 1636 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 1820 | 1769 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 600 | 569 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.850% due 04/01/2060 | 3200 | 2202 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 5000 | 4835 |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 1800 | 1884 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 1600 | 1631 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  4.150% due 02/25/2060 | 1000 | 748 |
|  4.175% due 01/21/2050 | 1500 | 1179 |
|  4.700% due 07/30/2049 | 3000 | 2563 |
|  6.500% due 05/27/2041 | 3000 | 3227 |
|  6.500% due 11/07/2048 | 3500 | 3761 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.500% due 04/12/2037 ^(d) | 27535 | 4488 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 4526 | 3597 |
|  6.375% due 01/23/2045 | 8510 | 6922 |
|  6.750% due 09/21/2047 | 13456 | 11114 |
|  6.950% due 01/28/2060 | 4262 | 3508 |
|  7.690% due 01/23/2050 | 10170 | 9253 |
|  Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS |
|  6.375% due 07/01/2029 | 2000 | 2464 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 3000 | 3691 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 2510 | 2423 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  5.125% due 01/15/2028 | 100 | 99 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 2400 | 2336 |
|  5.750% due 04/15/2026 | 320 | 322 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  6.250% due 04/01/2029 | 3400 | 3402 |
|  ProFrac Holdings II LLC | ProFrac Holdings II LLC | ProFrac Holdings II LLC |
|  11.226% (TSFR3M + 7.250%) due 01/23/2029 ~ | 574 | 595 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 200 | 196 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 900 | 908 |
|  6.250% due 08/15/2033 | 700 | 716 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  2.900% due 10/01/2030 | 975 | 911 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 5300 | 5494 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 3000 | 3114 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 5025 | 5177 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 478 | 478 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 | 2480 | 2423 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  4.625% due 02/16/2026 | 1000 | 1179 |
|  5.750% due 10/15/2027 | 3200 | 3288 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.625% due 09/30/2031 | 2000 | 2041 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  2.850% due 03/08/2029 | 3700 | 3483 |
|  3.800% due 01/08/2026 | 1000 | 998 |
|  5.400% due 08/08/2028 | 1425 | 1459 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 1325 | 1238 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.500% due 09/14/2032 | 2500 | 3092 |
|  4.875% due 09/14/2035 | 5200 | 6535 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.375% due 09/18/2026 | 1800 | 1792 |
|  6.500% due 09/27/2028 | 4350 | 4324 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.250% due 11/24/2050 | 550 | 378 |
|  3.500% due 11/24/2070 | 2000 | 1299 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 3350 | 3481 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  9.625% due 12/01/2032 | 3698 | 4192 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 250 | 240 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  4.125% due 07/01/2030 | 2500 | 2346 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/15/2034 | 5300 | 5378 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 | 950 | 939 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.750% due 11/15/2030 | 2000 | 2202 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 60 | 55 |
|  4.100% due 10/01/2029 | 292 | 277 |
|  Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/12/2030 (c) | 828 | 333 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 1400 | 1361 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 2924 | 3416 |
|  3.375% due 01/15/2031 | 6420 | 5819 |
|  4.750% due 01/15/2028 | 1200 | 1191 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 1220 | 1200 |
|  4.625% due 12/01/2031 | 2000 | 1888 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 3400 | 3377 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.550% due 02/15/2031 | 1165 | 1059 |
|  2.625% due 02/15/2029 | 2475 | 2350 |
|  2.875% due 02/15/2031 | 3210 | 2960 |
|  3.875% due 04/15/2030 | 4650 | 4561 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  3.500% due 02/15/2028 | 400 | 468 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 1000 | 1031 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 538 | 809 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  4.375% due 01/18/2033 | 6200 | 5133 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 39 | 46 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 2900 | 3112 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 | 1000 | 1176 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 540 | 548 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1500 | 1439 |
|  4.125% due 02/15/2032 | 3925 | 3682 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 2700 | 2647 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.250% due 01/31/2034 | 2000 | 2058 |
|  6.750% due 01/31/2034 | 4250 | 4397 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.625% due 03/01/2030 | 1100 | 1061 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 1690 | 1647 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 83 | 81 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 1800 | 1717 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 600 | 592 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 779 | 682 |
|  UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 | 1100 | 1336 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 4000 | 4130 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 227 | 209 |
|  2.900% due 11/01/2029 | 488 | 464 |
|  3.100% due 01/07/2030 | 159 | 154 |
|  3.500% due 09/01/2031 | 325 | 313 |
|  4.150% due 02/25/2033 | 952 | 931 |
|  5.800% due 07/15/2037 | 2799 | 2905 |
|  5.875% due 04/15/2029 | 1943 | 1999 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 2980 | 2978 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 1100 | 1038 |
|  8.500% due 07/31/2031 | 4000 | 4134 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 1200 | 1246 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.875% due 05/22/2030 | 4200 | 4371 |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.125% due 10/15/2032 (b) | 2600 | 2600 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 7700 | 7386 |
|  3.875% due 11/01/2033 | 4300 | 3877 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 1600 | 1657 |
|  8.125% due 06/01/2028 | 3000 | 3107 |
|  8.375% due 06/01/2031 | 2500 | 2627 |
|  9.500% due 02/01/2029 | 6800 | 7498 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 7350 | 7742 |
|  Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
|  3.250% due 02/15/2027 | 2000 | 2348 |
|  Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
|  5.625% due 02/15/2029 | 550 | 550 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 5200 | 6521 |
|  5.250% due 05/15/2029 | 100 | 132 |
|  Virgin Media Vendor Financing Notes III DAC | Virgin Media Vendor Financing Notes III DAC | Virgin Media Vendor Financing Notes III DAC |
|  4.875% due 07/15/2028 | 3100 | 4077 |
|  Viridien | Viridien | Viridien |
|  8.500% due 10/15/2030 | 2600 | 3171 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.250% due 01/31/2031 | 3850 | 3572 |
|  7.750% due 04/15/2032 | 5000 | 5259 |
|  Vnom Sub, Inc. | Vnom Sub, Inc. | Vnom Sub, Inc. |
|  5.375% due 11/01/2027 | 2560 | 2562 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 2518 | 2513 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 6100 | 6181 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | 400 | 456 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.279% due 03/15/2032 | 2950 | 2707 |
|  5.050% due 03/15/2042 | 2550 | 2037 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.750% due 09/15/2030 | 2925 | 3075 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (b) | 2000 | 2002 |
|  6.500% due 10/15/2033 (b) | 1100 | 1099 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (b) | 3700 | 3705 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  4.750% due 02/15/2026 | 661 | 661 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 2300 | 2384 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **45** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  2.250% due 08/15/2031 | 3800 | 4236 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 4500 | 4468 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  4.875% due 06/15/2027 | 1196 | 1190 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 2760 | 2696 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 3800 | 3799 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.625% due 08/26/2028 | 4425 | 4423 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 2250 | 2260 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 | 768 | 758 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 5371 | 5988 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 2125 | 2067 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  9.250% due 03/09/2030 | 192 | 184 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 1000 | 806 |
|  |  | 824467 |
| UTILITIES 4.5% | UTILITIES 4.5% | UTILITIES 4.5% |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  1.450% due 09/15/2030 | 1570 | 1377 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  3.250% due 03/15/2050 | 300 | 211 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  2.750% due 06/01/2031 | 1000 | 917 |
|  3.550% due 09/15/2055 | 6991 | 4821 |
|  3.650% due 09/15/2059 | 5552 | 3799 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.672% due 10/20/2035 | 2800 | 2891 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 2665 | 2448 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 600 | 595 |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 | 2800 | 2932 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 1500 | 1560 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.000% due 06/15/2030 | 2125 | 2180 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.750% due 04/01/2031 | 4150 | 4965 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1300 | 1316 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.250% due 10/13/2055 | 300 | 265 |
|  6.000% due 04/22/2064 | 3100 | 3069 |
|  9.125% due 03/15/2033 •(i) | 6100 | 7077 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  2.500% due 07/12/2031 | 1700 | 1519 |
|  6.000% due 10/07/2039 | 1300 | 1364 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  1.750% due 03/15/2031 | 2000 | 1750 |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  6.350% due 08/10/2028 | 2000 | 2061 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 2000 | 1922 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 1225 | 1200 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 4800 | 3529 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  8.250% due 01/15/2029 | 1825 | 1905 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 300 | 294 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 | 100 | 70 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |
|  4.100% due 05/15/2028 | 650 | 650 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  0.750% due 09/01/2033 | 4200 | 3998 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.200% due 12/02/2026 | 6900 | 4473 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
|  4.875% due 08/15/2027 | 1602 | 1606 |
|  7.768% due 12/15/2037 | 1139 | 1318 |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 1600 | 1649 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.407% due 10/15/2035 (b) | 3200 | 3213 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 1575 | 1554 |
|  5.625% due 01/15/2028 | 750 | 767 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 300 | 288 |
|  2.500% due 02/01/2031 | 1400 | 1248 |
|  2.950% due 03/01/2026 | 400 | 397 |
|  3.150% due 01/01/2026 | 1110 | 1107 |
|  3.250% due 06/01/2031 | 350 | 322 |
|  3.300% due 03/15/2027 | 700 | 691 |
|  3.300% due 12/01/2027 | 3000 | 2937 |
|  3.500% due 08/01/2050 | 130 | 89 |
|  3.750% due 07/01/2028 | 150 | 147 |
|  3.750% due 08/15/2042 | 100 | 76 |
|  3.950% due 12/01/2047 | 1000 | 748 |
|  4.200% due 03/01/2029 | 2000 | 1984 |
|  4.200% due 06/01/2041 | 500 | 411 |
|  4.250% due 03/15/2046 | 200 | 158 |
|  4.300% due 03/15/2045 | 600 | 482 |
|  4.450% due 04/15/2042 | 500 | 420 |
|  4.500% due 07/01/2040 | 1400 | 1219 |
|  4.600% due 06/15/2043 | 300 | 253 |
|  4.650% due 08/01/2028 | 800 | 802 |
|  4.950% due 07/01/2050 | 444 | 381 |
|  5.050% due 10/15/2032 (b) | 5200 | 5190 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  3.000% due 06/30/2030 | 5200 | 4878 |
|  4.000% due 06/30/2050 | 5400 | 3999 |
|  4.375% due 02/05/2050 | 1000 | 806 |
|  4.875% due 07/17/2049 | 3200 | 2772 |
|  6.150% due 05/21/2048 | 2820 | 2877 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 1263 | 1307 |
|  Sabesp Lux SARL | Sabesp Lux SARL | Sabesp Lux SARL |
|  5.625% due 08/20/2030 | 2800 | 2816 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1900 | 1678 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.850% due 08/01/2029 | 100 | 94 |
|  3.650% due 02/01/2050 | 1475 | 1032 |
|  4.650% due 10/01/2043 | 800 | 682 |
|  4.875% due 03/01/2049 | 600 | 508 |
|  5.625% due 02/01/2036 | 1000 | 1010 |
|  6.650% due 04/01/2029 | 200 | 210 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | 800 | 747 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 6980 | 7067 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|  4.000% due 01/15/2032 | 775 | 735 |
|  Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
|  7.875% due 07/31/2028 | 2650 | 3479 |
|  Tierra Mojada Luxembourg II SARL | Tierra Mojada Luxembourg II SARL | Tierra Mojada Luxembourg II SARL |
|  5.750% due 12/01/2040 | 2805 | 2764 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  7.875% due 02/15/2030 | 30 | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 2200 | 2330 |
|  |  | 136440 |
|  Total Corporate Bonds & Notes<br>(Cost $1,400,914) | Total Corporate Bonds & Notes<br>(Cost $1,400,914) | 1377892 |
| U.S. GOVERNMENT AGENCIES 16.3% | U.S. GOVERNMENT AGENCIES 16.3% | U.S. GOVERNMENT AGENCIES 16.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 06/01/2049 | 277 | 266 |
|  6.500% due 06/01/2054 - 05/01/2055 | 21197 | 21985 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.987% due 09/15/2030 •  | 1 | 1 |
|  Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates |
|  5.353% due 10/25/2044 - 02/25/2045 •  | 22 | 21 |
|  5.553% due 07/25/2044 •  | 31 | 30 |
|  6.500% due 07/25/2043 | 3 | 3 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 02/01/2047 | 495 | 446 |
|  3.500% due 11/01/2045 - 10/01/2048 | 5016 | 4662 |
|  4.000% due 07/01/2048 - 04/01/2049 | 798 | 765 |
|  5.000% due 11/01/2035 | 12 | 13 |
|  6.000% due 04/01/2054 | 3987 | 4084 |
|  6.500% due 01/01/2054 - 05/01/2055 | 30798 | 31934 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.179% due 09/25/2040 •(a) | 248 | 7 |
|  1.329% due 09/25/2037 •(a) | 294 | 27 |
|  4.951% due 10/18/2030 •  | 0 | 1 |
|  6.850% due 12/18/2027 | 3 | 3 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.500% due 06/25/2028 | 3 | 3 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.625% (H15T1Y + 1.500%) due 07/20/2026 ~ | 1 | 1 |
|  4.750% due 11/20/2026 - 11/20/2027 •  | 2 | 1 |
|  5.625% (H15T1Y + 1.500%) due 03/20/2026 - 05/20/2026 ~ | 1 | 0 |
|  6.112% due 09/16/2042 ~ | 67 | 67 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 | 67400 | 59215 |
|  4.000% due 11/01/2055 | 34200 | 32229 |
|  4.500% due 11/01/2055 | 91300 | 88523 |
|  5.000% due 11/01/2055 | 39800 | 39449 |
|  6.000% due 11/01/2055 | 100100 | 102249 |
|  6.500% due 11/01/2055 | 107500 | 111169 |
|  Total U.S. Government Agencies<br>(Cost $499,374) | Total U.S. Government Agencies<br>(Cost $499,374) | 497154 |
| U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% | U.S. TREASURY OBLIGATIONS 4.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 | 57400 | 40376 |
|  2.875% due 05/15/2043 (o) | 12532 | 9822 |
|  3.125% due 02/15/2043 (o)(q) | 18631 | 15213 |
|  3.750% due 11/15/2043 (q) | 1500 | 1329 |
|  3.875% due 02/15/2043 (q) | 28000 | 25421 |
|  4.625% due 05/15/2044 (o) | 21700 | 21546 |
|  4.750% due 11/15/2043 (o)(q) | 11700 | 11828 |
|  4.750% due 02/15/2045 | 13200 | 13285 |
|  Total U.S. Treasury Obligations<br>(Cost $165,458) | Total U.S. Treasury Obligations<br>(Cost $165,458) | 138820 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.951% due 01/25/2036 ~ | 13 | 11 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 05/25/2046 •  | 98 | 87 |
|  4.482% due 10/25/2046 •  | 366 | 183 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.853% due 02/25/2047 •  | $— | 19438 | $— | 6718 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.195% due 12/25/2035 •  |  | 480 |  | 164 |
|  6.500% due 03/25/2047 þ |  | 1643 |  | 1044 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 ~ |  | 5310 |  | 4307 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.371% due 03/20/2036 ~ |  | 10 |  | 10 |
|  5.145% due 09/20/2035 ~ |  | 18 |  | 15 |
|  5.500% due 01/25/2036 |  | 10 |  | 10 |
|  6.000% due 07/25/2037 |  | 196 |  | 167 |
|  6.000% due 08/25/2037 |  | 51 |  | 42 |
|  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 |
|  5.046% due 02/25/2036 ~ |  | 6 |  | 6 |
|  5.214% due 11/20/2046 ~ |  | 339 |  | 302 |
|  5.333% due 06/25/2035 ~ |  | 32 |  | 30 |
|  6.000% due 10/25/2036 |  | 47 |  | 41 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.314% due 12/15/2051 |  | 600 |  | 601 |
|  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 |
|  4.058% due 03/25/2036 ~ |  | 115 |  | 94 |
|  4.126% due 08/25/2036 ~ |  | 234 |  | 156 |
|  4.167% due 11/25/2036 ~ |  | 92 |  | 42 |
|  4.467% due 11/25/2036 ~ |  | 87 |  | 49 |
|  4.475% due 11/25/2036 ~ |  | 1898 |  | 966 |
|  4.612% due 08/25/2036 •  |  | 356 |  | 320 |
|  4.838% due 09/25/2035 ~ |  | 278 |  | 152 |
|  5.425% due 05/25/2035 ~ |  | 489 |  | 471 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.475% due 02/25/2036 ~ |  | 139 |  | 129 |
|  4.928% due 08/25/2035 ~ |  | 163 |  | 152 |
|  4.977% due 01/25/2035 ~ |  | 191 |  | 187 |
|  5.302% due 01/25/2035 ~ |  | 3 |  | 3 |
|  5.923% due 01/25/2034 ~ |  | 1 |  | 1 |
|  6.513% due 01/25/2034 ~ |  | 3 |  | 3 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.077% due 07/15/2051 |  | 3914 |  | 3878 |
|  5.738% due 12/15/2057 |  | 4900 |  | 5137 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 5416 |  | 4924 |
|  3.250% due 09/25/2063 ~ |  | 5155 |  | 4679 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.500% due 11/25/2035 |  | 216 |  | 153 |
|  5.500% due 07/25/2037 |  | 931 |  | 0 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.482% due 10/25/2046 •  |  | 170 |  | 182 |
|  4.522% due 01/25/2036 •  |  | 41 |  | 39 |
|  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 |
|  4.732% due 05/25/2035 •  |  | 48 |  | 42 |
|  5.500% due 01/25/2035 |  | 139 |  | 141 |
|  5.500% due 09/25/2035 |  | 55 |  | 55 |
|  5.500% due 12/25/2035 |  | 159 |  | 84 |
|  6.000% due 05/25/2036 |  | 128 |  | 57 |
|  6.000% due 01/25/2037 |  | 2703 |  | 1251 |
|  6.741% due 02/25/2034 ~ |  | 17 |  | 17 |
|  6.804% due 07/20/2034 ~ |  | 62 |  | 61 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.612% due 06/25/2035 •  |  | 25 |  | 25 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.209% due 05/10/2049 |  | 1100 |  | 1092 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.469% due 05/25/2035 ~ |  | 71 |  | 68 |
|  4.487% due 09/25/2037 ~ |  | 151 |  | 140 |
|  4.822% due 04/25/2037 ~ |  | 115 |  | 103 |
|  5.482% due 08/25/2035 ~ |  | 9 |  | 8 |
|  6.480% due 10/25/2035 •  |  | 51 |  | 53 |
|  6.490% due 05/25/2035 •  |  | 5 |  | 5 |
|  6.560% due 10/25/2035 •  |  | 67 |  | 65 |
|  6.625% due 09/25/2037 ~ |  | 14 |  | 13 |
|  6.751% due 03/25/2034 ~ |  | 6 |  | 5 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 373 |  | 328 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  4.228% due 05/10/2051 |  | 1000 |  | 986 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.445% due 12/20/2046 •  |  | 623 |  | 550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.512% due 06/25/2036 •  | $— | 1311 | $— | 1240 |
|  4.530% due 09/20/2046 •  |  | 370 |  | 330 |
|  4.625% due 10/25/2035 ~ |  | 6 |  | 5 |
|  4.632% due 04/25/2046 •  |  | 4082 |  | 3845 |
|  4.670% due 07/20/2046 •  |  | 230 |  | 195 |
|  4.672% due 02/25/2036 •  |  | 3051 |  | 2630 |
|  4.753% due 02/25/2037 ~ |  | 327 |  | 290 |
|  4.910% due 11/20/2035 •  |  | 1640 |  | 1591 |
|  5.153% due 12/25/2035 •  |  | 125 |  | 107 |
|  5.500% due 03/25/2035 |  | 2854 |  | 2545 |
|  5.500% due 11/25/2035 |  | 466 |  | 257 |
|  5.500% due 12/25/2035 |  | 309 |  | 185 |
|  5.500% due 01/25/2036 |  | 96 |  | 52 |
|  5.750% due 02/25/2035 |  | 251 |  | 168 |
|  5.750% due 03/25/2037 •  |  | 79 |  | 41 |
|  6.000% due 10/25/2036 |  | 2861 |  | 1335 |
|  6.000% due 02/25/2037 |  | 2400 |  | 864 |
|  6.250% due 11/25/2036 |  | 601 |  | 440 |
|  6.250% due 12/25/2036 •  |  | 436 |  | 177 |
|  6.250% due 08/25/2037 |  | 2670 |  | 1215 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.683% due 06/25/2033 ~ |  | 34 |  | 33 |
|  6.000% due 01/25/2036 |  | 382 |  | 234 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.181% due 07/25/2070 ~ |  | 4047 |  | 4060 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.672% due 06/25/2036 þ |  | 198 |  | 47 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.772% due 02/25/2035 •  |  | 678 |  | 671 |
|  5.500% due 12/25/2035 |  | 160 |  | 135 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.800% due 07/25/2036 þ |  | 63 |  | 55 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.842% due 04/17/2041 •  |  | 88 |  | 103 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.484% due 09/10/2044 •  |  | 3896 |  | 4526 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.805% due 09/13/2045 •  |  | 2353 |  | 3149 |
|  5.055% due 06/13/2045 •  |  | 1259 |  | 1693 |
|  First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. |
|  5.601% due 02/25/2036 ~ | $— | 14 |  | 14 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.750% due 05/25/2037 |  | 389 |  | 115 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.763% due 11/19/2035 ~ |  | 17 |  | 15 |
|  3.795% due 04/19/2036 ~ |  | 27 |  | 22 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.812% due 11/25/2045 •  |  | 17 |  | 16 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.107% due 10/25/2033 ~ |  | 25 |  | 24 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.648% due 06/25/2065 ~ |  | 12865 |  | 12977 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.317% due 05/25/2035 ~ |  | 107 |  | 80 |
|  4.668% due 01/25/2036 ~ |  | 25 |  | 24 |
|  4.852% due 08/25/2046 •  |  | 10636 |  | 2296 |
|  4.898% due 06/25/2034 ~ |  | 7 |  | 7 |
|  4.977% due 11/25/2035 ~ |  | 67 |  | 65 |
|  5.232% due 11/25/2035 ~ |  | 56 |  | 26 |
|  6.000% due 02/25/2036 |  | 961 |  | 411 |
|  6.000% due 03/25/2037 |  | 158 |  | 78 |
|  6.000% due 05/25/2037 |  | 39 |  | 28 |
|  6.363% due 09/25/2035 ~ |  | 1 |  | 1 |
|  6.975% due 05/25/2034 ~ |  | 29 |  | 29 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ |  | 105 |  | 54 |
|  4.628% due 09/19/2037 •  |  | 227 |  | 197 |
|  4.628% due 01/19/2038 •  |  | 312 |  | 276 |
|  4.658% due 12/19/2036 •  |  | 1864 |  | 1478 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.792% due 01/25/2036 •  |  | 41 |  | 40 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.329% due 07/25/2037 ~ |  | 87 |  | 57 |
|  3.820% due 08/25/2036 ~ |  | 44 |  | 27 |
|  4.037% due 06/25/2036 ~ |  | 155 |  | 138 |
|  4.752% due 07/25/2035 •  |  | 19 |  | 17 |
|  4.812% due 06/25/2037 •  |  | 54 |  | 69 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.552% due 03/25/2037 •  | 343 | 294 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.063% due 07/27/2037 ~ | 382 | 359 |
|  5.060% due 06/25/2036 ~ | 32 | 21 |
|  5.106% due 08/25/2035 ~ | 87 | 77 |
|  5.258% due 06/25/2037 ~ | 562 | 434 |
|  5.456% due 07/25/2035 ~ | 8 | 7 |
|  5.606% due 11/25/2054 •  | 2817 | 2814 |
|  5.664% due 04/25/2035 ~ | 91 | 89 |
|  5.729% due 04/25/2036 ~ | 94 | 82 |
|  5.750% due 01/25/2036 | 188 | 79 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 07/25/2037 •  | 237 | 219 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.437% due 11/25/2033 ~ | 9 | 9 |
|  4.752% due 05/25/2037 •  | 80 | 31 |
|  4.952% due 05/25/2047 •  | 883 | 737 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.672% due 03/25/2036 •  | 501 | 45 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.582% due 06/25/2037 ~ | 74 | 33 |
|  4.592% due 01/25/2037 •  | 5466 | 1650 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.278% due 05/25/2034 ~ | 72 | 64 |
|  4.692% due 02/25/2036 •  | 280 | 276 |
|  5.943% due 11/25/2035 •  | 27 | 26 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 1033 | 1011 |
|  6.775% due 10/25/2058 þ | 2198 | 2224 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1713 | 1681 |
|  3.250% due 05/25/2062 ~ | 109 | 109 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.272% due 11/25/2037 ~ | 521 | 362 |
|  6.000% due 10/25/2037 | 3863 | 1988 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.772% due 09/25/2037 •  | 2796 | 2129 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 2201 | 2129 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.320% due 03/25/2047 þ | 61 | 58 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.844% due 04/25/2063 þ | 1796 | 1821 |
|  OPEN Trust | OPEN Trust | OPEN Trust |
|  7.239% due 11/15/2040 •  | 663 | 665 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.772% due 02/25/2035 •  | 24 | 24 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.472% due 05/25/2037 •  | 185 | 169 |
|  4.652% due 07/25/2036 •  | 69 | 63 |
|  4.672% due 12/25/2046 •  | 109 | 97 |
|  4.732% due 05/25/2037 •  | 33 | 28 |
|  4.903% due 02/25/2035 ~ | 46 | 41 |
|  5.818% due 02/25/2036 ~ | 74 | 63 |
|  6.000% due 06/25/2036 | 42 | 35 |
|  6.000% due 05/25/2037 | 38 | 32 |
|  6.500% due 07/25/2036 | 157 | 130 |
|  RBSGC Structured Trust | RBSGC Structured Trust | RBSGC Structured Trust |
|  5.500% due 11/25/2035 ~ | 784 | 657 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  6.500% due 10/26/2036 ~ | 735 | 630 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.672% due 01/25/2046 •  | 716 | 193 |
|  6.000% due 02/25/2036 | 322 | 119 |
|  6.250% due 09/25/2037 | 1863 | 692 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.534% due 09/25/2035 ~ | 116 | 73 |
|  5.594% due 02/25/2036 ~ | 139 | 132 |
|  6.000% due 10/25/2036 | 169 | 137 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.925% due 01/25/2035 ~ | 36 | 36 |
|  4.260% due 09/25/2036 ~ | 571 | 384 |
|  4.672% due 04/25/2047 •  | 207 | 171 |
|  4.872% due 10/25/2034 •  | 1856 | 1680 |
|  4.944% due 09/25/2035 ~ | 342 | 307 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **47** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.216% due 03/25/2036 ~ | 31 | 25 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.712% due 05/25/2036 •  | 517 | 427 |
|  4.792% due 05/25/2046 •  | 28 | 17 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.908% due 09/19/2032 •  | 2 | 2 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.555% due 06/25/2033 ~ | 11 | 10 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(l) | 2600 | 2598 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 6947 | 6685 |
|  5.272% due 10/25/2048 •  | 4060 | 4070 |
|  5.272% due 05/25/2058 •  | 236 | 241 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.999% due 02/25/2068 þ | 1506 | 1508 |
|  6.665% due 09/25/2068 þ | 4409 | 4462 |
|  7.070% due 10/25/2068 þ | 5081 | 5165 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  3.920% due 08/20/2035 ~ | 53 | 49 |
|  7.280% due 10/20/2035 ~ | 5 | 5 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  | 97 | 86 |
|  4.198% due 02/27/2034 •  | 6 | 5 |
|  4.200% due 02/25/2037 ~ | 1142 | 1029 |
|  4.206% due 12/25/2036 ~ | 143 | 128 |
|  4.498% due 09/25/2036 ~ | 125 | 110 |
|  4.792% due 11/25/2045 •  | 345 | 334 |
|  4.812% due 12/25/2045 •  | 274 | 253 |
|  4.853% due 02/25/2047 •  | 238 | 220 |
|  4.903% due 06/25/2047 •  | 23 | 19 |
|  4.912% due 08/25/2045 •  | 164 | 163 |
|  5.033% due 10/25/2046 •  | 449 | 394 |
|  5.153% due 08/25/2046 •  | 627 | 576 |
|  5.201% due 07/25/2046 •  | 374 | 342 |
|  5.353% due 11/25/2042 •  | 1 | 0 |
|  5.553% due 06/25/2042 •  | 1 | 1 |
|  5.553% due 08/25/2042 •  | 1 | 1 |
|  5.653% due 10/25/2046 •  | 71 | 67 |
|  5.677% due 09/25/2033 ~ | 865 | 859 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |
|  3.918% due 09/25/2036 þ | 15241 | 4020 |
|  4.752% due 01/25/2047 •  | 284 | 257 |
|  4.993% due 05/25/2047 •  | 6 | 10 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 | 900 | 839 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.156% due 11/25/2037 ~ | 123 | 113 |
|  6.396% due 09/25/2033 ~ | 7 | 7 |
|  6.678% due 04/25/2036 ~ | 9 | 9 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $173,018) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $173,018) | 153925 |
| ASSET-BACKED SECURITIES 12.7% | ASSET-BACKED SECURITIES 12.7% | ASSET-BACKED SECURITIES 12.7% |
| AUTOMOBILE ABS OTHER 2.5% | AUTOMOBILE ABS OTHER 2.5% | AUTOMOBILE ABS OTHER 2.5% |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.350% due 07/15/2030 | 5500 | 5494 |
|  5.010% due 09/16/2030 | 4800 | 4868 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 12/17/2029 | 1800 | 1812 |
|  4.910% due 10/15/2031 | 7200 | 7221 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.160% due 07/15/2031 | 7665 | 7764 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.570% due 01/15/2030 | 11700 | 11750 |
|  5.490% due 07/17/2028 | 3800 | 3818 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.670% due 12/17/2029 | 1600 | 1655 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.490% due 09/15/2031 | 8000 | 8053 |
|  4.680% due 09/15/2031 | 5700 | 5738 |
|  4.870% due 05/15/2031 | 1000 | 1010 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.060% due 05/15/2031 | 6800 | 6897 |
|  5.450% due 03/15/2030 | 2405 | 2439 |
|  6.400% due 03/17/2031 | 2313 | 2392 |
|  6.430% due 02/18/2031 | 5400 | 5619 |
|  |  | 76530 |
| AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.452% due 06/15/2033 | 8550 | 8573 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.770% due 09/17/2029 | 8100 | 8180 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.390% due 09/17/2029 | 12500 | 12554 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 | 1118 | 1116 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.440% due 03/15/2029 | 8300 | 8339 |
|  Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC |
|  4.140% due 06/20/2028 | 4300 | 4304 |
|  |  | 43066 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.631% due 01/15/2043 •  | 5100 | 5113 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.565% due 07/15/2036 •  | 568 | 568 |
|  5.931% due 01/17/2037 •  | 1872 | 1877 |
|  |  | 7558 |
| HOME EQUITY OTHER 4.5% | HOME EQUITY OTHER 4.5% | HOME EQUITY OTHER 4.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.577% due 06/25/2035 •  | 5659 | 5074 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.872% due 02/25/2036 •  | 13 | 13 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.351% due 04/25/2034 •  | 618 | 603 |
|  4.947% due 01/25/2036 •  | 408 | 407 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.812% due 05/25/2036 •  | 538 | 129 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.322% due 08/25/2037 •  | 199 | 181 |
|  5.522% due 08/25/2037 •  | 56 | 55 |
|  6.072% due 07/25/2035 •  | 7964 | 7990 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 10/27/2032 •  | 2 | 2 |
|  5.322% due 01/25/2037 •  | 6191 | 6340 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.752% due 06/25/2036 •  | 1600 | 1540 |
|  5.067% due 09/25/2035 •  | 517 | 514 |
|  5.097% due 02/25/2035 •  | 996 | 998 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.772% due 08/25/2036 •  | 939 | 936 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.972% due 11/25/2036 •  | 674 | 586 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.130% due 02/25/2036 ~ | 7250 | 6870 |
|  4.265% due 10/25/2046 ~ | 60 | 62 |
|  4.532% due 11/25/2037 •  | 3080 | 2896 |
|  4.562% due 11/25/2037 •  | 4446 | 4239 |
|  4.712% due 09/25/2037 •  | 47 | 50 |
|  4.732% due 05/25/2037 •  | 1508 | 1471 |
|  4.852% due 06/25/2037 •  | 2349 | 2296 |
|  5.006% due 10/25/2035 ~ | 795 | 793 |
|  5.456% due 07/25/2035 ~ | 388 | 387 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.757% due 11/25/2036 •  | 1670 | 1086 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  4.412% due 08/25/2037 •  | 126 | 63 |
|  4.552% due 08/25/2037 •  | 84 | 42 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.612% due 09/25/2036 •  | 897 | 198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.752% due 11/25/2036 •  | $— | 10623 | $— | 3353 |
|  4.872% due 03/25/2037 •  |  | 167 |  | 66 |
|  4.872% due 05/25/2047 •  |  | 96 |  | 59 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.772% due 05/25/2046 •  |  | 2208 |  | 2131 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.832% due 08/25/2036 •  |  | 2198 |  | 2183 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.412% due 11/25/2036 •  |  | 4035 |  | 3820 |
|  4.462% due 04/25/2037 •  |  | 2978 |  | 2025 |
|  4.512% due 11/25/2036 •  |  | 1600 |  | 1322 |
|  4.932% due 03/25/2036 •  |  | 5820 |  | 5511 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.782% due 02/25/2036 •  |  | 2604 |  | 2583 |
|  5.202% due 12/25/2035 •  |  | 1157 |  | 1146 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.572% due 07/25/2036 •  |  | 839 |  | 390 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.022% due 02/25/2034 •  |  | 630 |  | 628 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.592% due 11/25/2036 •  |  | 17207 |  | 10179 |
|  5.097% due 10/25/2034 •  |  | 174 |  | 170 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.397% due 11/25/2035 •  |  | 1935 |  | 1857 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.412% due 04/25/2047 •  |  | 904 |  | 354 |
|  4.792% due 03/25/2037 •  |  | 703 |  | 661 |
|  4.912% due 03/25/2037 •  |  | 367 |  | 346 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.362% due 01/25/2037 •  |  | 441 |  | 204 |
|  4.412% due 10/25/2036 •  |  | 1629 |  | 716 |
|  4.472% due 09/25/2036 •  |  | 1405 |  | 485 |
|  4.492% due 10/25/2036 •  |  | 987 |  | 434 |
|  5.067% due 03/25/2034 •  |  | 354 |  | 377 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.622% due 04/25/2037 •  |  | 138 |  | 72 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 04/25/2037 ~ |  | 10542 |  | 3580 |
|  6.226% due 10/25/2036 þ |  | 174 |  | 46 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.722% due 03/25/2037 •  |  | 3000 |  | 2741 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.157% due 05/25/2034 •  |  | 2833 |  | 2933 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.412% due 03/25/2037 •  |  | 182 |  | 167 |
|  4.712% due 01/25/2037 •  |  | 311 |  | 183 |
|  4.772% due 07/25/2036 •  |  | 1220 |  | 732 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.212% due 05/25/2034 •  |  | 1081 |  | 970 |
|  5.612% due 04/25/2037 þ |  | 927 |  | 238 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.712% due 12/25/2036 •  |  | 508 |  | 506 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.367% due 03/25/2035 •  |  | 1057 |  | 1061 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.572% due 05/25/2047 •  |  | 10613 |  | 7851 |
|  4.672% due 09/25/2047 •  |  | 4580 |  | 4288 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.392% due 12/25/2036 •  |  | 221 |  | 47 |
|  4.532% due 01/25/2037 •  |  | 5011 |  | 4792 |
|  5.232% due 10/25/2035 •  |  | 3151 |  | 2346 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.692% due 10/25/2036 •  |  | 2000 |  | 1562 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.422% due 06/25/2037 •  |  | 2163 |  | 1444 |
|  4.792% due 02/25/2037 •  |  | 1226 |  | 329 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.422% due 09/25/2036 •  |  | 11 |  | 11 |
|  5.072% due 07/25/2034 •  |  | 3097 |  | 3230 |
|  5.172% due 04/25/2035 •  |  | 11000 |  | 10439 |
|  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 |
|  4.902% due 11/25/2037 •  |  | 597 |  | 581 |
|  |  |  |  | 136970 |

---

48 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.592% due 01/25/2037 •  | 464 | 262 |
|  4.712% due 01/25/2037 •  | 1986 | 1119 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.992% due 04/25/2037 •  | 196 | 51 |
|  |  | 1432 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.072% due 09/25/2046 •  | 1131 | 1089 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.662% due 06/25/2037 •  | 236 | 237 |
|  7.250% due 05/25/2036 þ | 123 | 61 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.752% due 10/25/2036 •  | 730 | 482 |
|  5.547% due 07/25/2034 •  | 21 | 21 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  5.032% due 12/25/2035 •  | 289 | 285 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.692% due 11/25/2036 •  | 22859 | 6331 |
|  4.852% due 12/25/2035 •  | 190 | 187 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.542% due 04/25/2037 •  | 4558 | 3359 |
|  4.570% due 12/25/2036 •  | 149 | 148 |
|  |  | 12200 |
| OTHER ABS 3.6% | OTHER ABS 3.6% | OTHER ABS 3.6% |
|  Allegro CLO XI Ltd. | Allegro CLO XI Ltd. | Allegro CLO XI Ltd. |
|  5.575% due 01/19/2033 •  | 4053 | 4058 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  5.425% due 01/20/2035 •  | 1000 | 1001 |
|  Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. | Anchorage Credit Funding 1 Ltd. |
|  3.900% due 07/28/2037 | 1011 | 1000 |
|  Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. | Anchorage Credit Funding 2 Ltd. |
|  3.928% due 04/25/2038 | 1800 | 1774 |
|  Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. | Anchorage Credit Funding 7 Ltd. |
|  4.620% due 04/25/2037 | 805 | 803 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 888 | 884 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.170% due 09/17/2036 | 7500 | 7573 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.724% due 10/16/2028 •  | 2400 | 2408 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  5.548% due 07/16/2031 •  | 1202 | 1203 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  6.006% due 06/25/2054 •  | 3364 | 3382 |
|  6.500% due 06/25/2054 | 4079 | 4265 |
|  7.330% due 06/25/2054 | 2044 | 2138 |
|  7.580% due 06/25/2054 | 1794 | 1873 |
|  8.210% due 06/25/2054 | 462 | 487 |
|  10.120% due 06/25/2054 | 613 | 644 |
|  CRB Securitization Trust | CRB Securitization Trust | CRB Securitization Trust |
|  6.960% due 10/20/2033 | 119 | 119 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.236% due 11/15/2033 •  | 3269 | 3840 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | 3000 | 3000 |
|  KKR CLO 28 Ltd. | KKR CLO 28 Ltd. | KKR CLO 28 Ltd. |
|  5.758% due 02/09/2035 •  | 5500 | 5521 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  5.318% due 10/15/2034 •  | 3300 | 3304 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 5000 | 5008 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  6.072% due 03/15/2072 •  | 706 | 712 |
|  7.230% due 03/15/2072 | 500 | 544 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  0.000% due 05/17/2055 •  | 2900 | 2922 |
|  4.670% due 06/22/2065 | 6900 | 6883 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.840% due 05/17/2055 | $— | 2300 | 2320 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 |  | 339 | 339 |
|  5.240% due 08/16/2032 |  | 600 | 603 |
|  5.780% due 08/16/2032 |  | 500 | 504 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ |  | 700 | 383 |
|  4.883% due 04/15/2033 |  | 10000 | 9999 |
|  5.162% due 04/15/2032 |  | 219 | 219 |
|  5.329% due 10/15/2032 |  | 2300 | 2312 |
|  5.440% due 03/15/2033 |  | 4500 | 4539 |
|  5.617% due 04/15/2032 « |  | 779 | 781 |
|  5.639% due 10/15/2032 |  | 2700 | 2718 |
|  5.823% due 04/15/2032 « |  | 450 | 451 |
|  6.261% due 04/15/2032 « |  | 470 | 471 |
|  10.273% due 04/15/2032 « |  | 580 | 567 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 |  | 174 | 175 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.428% due 07/15/2034 •  |  | 1900 | 1902 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  5.365% due 01/20/2035 •  |  | 1300 | 1305 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  6.022% due 09/15/2053 •  |  | 5068 | 5162 |
|  6.150% due 09/15/2053 |  | 3122 | 3301 |
|  6.930% due 09/15/2053 |  | 1996 | 2130 |
|  7.540% due 09/15/2053 |  | 408 | 433 |
|  8.870% due 09/15/2053 |  | 842 | 917 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 |  | 197 | 196 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.385% due 04/20/2034 •  |  | 3300 | 3304 |
|  |  |  | 110377 |
|  Total Asset-Backed Securities<br>(Cost $395,197) | Total Asset-Backed Securities<br>(Cost $395,197) | Total Asset-Backed Securities<br>(Cost $395,197) | 388133 |
| SOVEREIGN ISSUES 17.7% | SOVEREIGN ISSUES 17.7% | SOVEREIGN ISSUES 17.7% | SOVEREIGN ISSUES 17.7% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 |  | 4900 | 2876 |
|  3.125% due 09/30/2049 |  | 12775 | 9290 |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  9.125% due 11/26/2049 |  | 4700 | 3948 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ |  | 10118 | 6855 |
|  3.500% due 07/09/2041 þ |  | 24780 | 12071 |
|  4.125% due 07/09/2035 þ |  | 3241 | 1708 |
|  Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
|  6.000% due 10/25/2027 |  | 4837 | 4669 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 |  | 2725 | 2876 |
|  6.250% due 10/31/2028 |  | 2700 | 2874 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.250% due 01/12/2056 |  | 4864 | 4925 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 05/07/2041 |  | 4700 | 3589 |
|  3.750% due 01/14/2032 |  | 3100 | 3726 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  4.500% due 01/28/2026 | $— | 7100 | 7104 |
|  7.500% due 02/02/2034 |  | 5500 | 5793 |
|  8.500% due 04/25/2035 |  | 2500 | 2772 |
|  8.750% due 11/14/2053 |  | 4600 | 5056 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  6.125% due 02/19/2031 |  | 1000 | 1045 |
|  7.300% due 11/13/2054 |  | 1700 | 1866 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 |  | 3550 | 3400 |
|  5.875% due 01/30/2060 |  | 3100 | 2757 |
|  6.500% due 02/15/2048 |  | 1250 | 1248 |
|  6.850% due 01/27/2045 |  | 4800 | 4985 |
|  6.950% due 03/15/2037 |  | 2000 | 2138 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 |  | 9000 | 9142 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (g) |  | 585 | 452 |
|  5.000% due 07/31/2040 þ |  | 2778 | 1842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.900% due 07/31/2030 þ | $— | 825 | $— | 735 |
|  6.900% due 07/31/2035 þ |  | 9503 |  | 7123 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 384300 |  | 8030 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  6.375% due 04/11/2031 |  | 12800 |  | 14435 |
|  7.500% due 02/16/2061 | $— | 4000 |  | 3141 |
|  8.750% due 09/30/2051 |  | 1900 |  | 1698 |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  9.250% due 04/17/2030 |  | 1525 |  | 1668 |
|  9.650% due 11/21/2054 |  | 2750 |  | 2984 |
|  European Union | European Union | European Union | European Union | European Union |
|  3.000% due 12/04/2034 |  | 34300 |  | 40157 |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
|  0.000% due 07/03/2026 (g) | $— | 200 |  | 193 |
|  0.000% due 01/03/2030 (g) |  | 591 |  | 508 |
|  5.000% due 07/03/2029 þ |  | 5520 |  | 5388 |
|  5.000% due 07/03/2035 þ |  | 4343 |  | 3671 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  3.700% due 10/07/2033 |  | 2100 |  | 1871 |
|  4.500% due 05/03/2026 |  | 4000 |  | 3990 |
|  4.900% due 06/01/2030 |  | 1400 |  | 1393 |
|  5.375% due 04/24/2032 |  | 700 |  | 706 |
|  6.125% due 06/01/2050 |  | 1400 |  | 1357 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  3.125% due 09/21/2051 |  | 2100 |  | 1329 |
|  5.375% due 09/26/2030 |  | 2200 |  | 2266 |
|  5.375% due 09/12/2033 |  | 9200 |  | 11728 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | $— | 5750 |  | 5938 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 |  | 4600 |  | 5162 |
|  5.250% due 03/22/2030 |  | 3300 |  | 3868 |
|  5.875% due 10/17/2031 |  | 2000 |  | 2341 |
|  8.250% due 01/30/2037 | $— | 900 |  | 941 |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
|  6.850% due 03/23/2027 ^(d) |  | 3925 |  | 883 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.771% due 05/24/2061 |  | 29126 |  | 18428 |
|  4.280% due 08/14/2041 |  | 724 |  | 588 |
|  4.400% due 02/12/2052 |  | 1007 |  | 755 |
|  4.750% due 04/27/2032 |  | 1600 |  | 1568 |
|  5.000% due 04/27/2051 |  | 2000 |  | 1646 |
|  5.125% due 03/19/2038 |  | 2600 |  | 3110 |
|  5.750% due 10/12/2110 | $— | 2000 |  | 1716 |
|  6.625% due 01/29/2038 |  | 5800 |  | 6110 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (h) |  | 9577 |  | 474 |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
|  7.143% due 02/23/2030 | $— | 3000 |  | 2970 |
|  7.375% due 09/28/2033 |  | 1600 |  | 1518 |
|  7.875% due 02/16/2032 |  | 3000 |  | 2988 |
|  North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds | North Macedonia Government International Bonds |
|  3.675% due 06/03/2026 |  | 2000 |  | 2349 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
|  5.625% due 01/17/2028 | $— | 5400 |  | 5547 |
|  6.000% due 08/01/2029 |  | 800 |  | 844 |
|  6.750% due 01/17/2048 |  | 4980 |  | 5479 |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
|  6.000% due 04/08/2026 |  | 4600 |  | 4592 |
|  7.375% due 04/08/2031 (m) |  | 2200 |  | 2161 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.500% due 04/16/2050 |  | 3300 |  | 2491 |
|  6.400% due 02/14/2035 |  | 4900 |  | 5072 |
|  6.700% due 01/26/2036 |  | 10200 |  | 10795 |
|  6.853% due 03/28/2054 (m) |  | 1600 |  | 1628 |
|  7.500% due 03/01/2031 |  | 4100 |  | 4512 |
|  9.375% due 04/01/2029 |  | 2100 |  | 2395 |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  5.600% due 03/13/2048 |  | 1500 |  | 1426 |
|  6.000% due 02/09/2036 |  | 2000 |  | 2126 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.783% due 01/23/2031 |  | 2175 |  | 2010 |
|  5.400% due 08/12/2034 |  | 2700 |  | 753 |
|  6.150% due 08/12/2032 |  | 14800 |  | 4519 |
|  6.900% due 08/12/2037 |  | 5700 |  | 1718 |
|  8.750% due 11/21/2033 | $— | 3440 |  | 4331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **49** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 6429 | 3769 |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  5.950% due 07/07/2032 | 2300 | 2220 |
|  9.500% due 07/31/2031 | 2000 | 1926 |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  8.000% due 05/22/2032 | 1600 | 1598 |
|  9.500% due 03/05/2036 | 2700 | 2776 |
|  9.750% due 02/16/2031 | 2100 | 2247 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.500% due 03/18/2054 | 4700 | 4561 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.000% due 01/31/2030 | 39700 | 2307 |
|  8.875% due 02/28/2035 | 249100 | 14171 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  5.650% due 09/27/2047 | 3010 | 2424 |
|  5.750% due 09/30/2049 | 3500 | 2809 |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  5.375% due 05/29/2027 | 2000 | 2425 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 | 2000 | 1845 |
|  5.250% due 03/10/2030 | 1700 | 2058 |
|  5.250% due 05/30/2032 | 700 | 821 |
|  5.375% due 03/22/2031 | 2650 | 3170 |
|  5.625% due 05/30/2037 | 400 | 450 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 | 3825 | 4537 |
|  3.450% due 02/02/2061 | 2000 | 1310 |
|  3.750% due 01/21/2055 | 3100 | 2243 |
|  4.500% due 10/26/2046 | 28500 | 24752 |
|  5.000% due 04/17/2049 | 300 | 276 |
|  5.375% due 01/13/2031 | 7300 | 7677 |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  4.750% due 03/13/2028 | 700 | 718 |
|  5.375% due 06/08/2037 | 2600 | 2005 |
|  6.250% due 05/23/2033 | 2500 | 1817 |
|  7.750% due 06/10/2031 | 5000 | 4049 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 1700 | 1860 |
|  1.500% due 06/26/2029 | 6500 | 7095 |
|  1.650% due 03/03/2033 | 2500 | 2451 |
|  2.050% due 09/23/2036 | 900 | 826 |
|  3.125% due 05/15/2027 | 2900 | 3406 |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
|  3.100% due 01/15/2030 þ | 950 | 892 |
|  3.350% due 03/15/2033 þ | 1863 | 1602 |
|  3.600% due 06/15/2035 þ | 1258 | 922 |
|  3.600% due 05/15/2036 þ | 873 | 775 |
|  3.600% due 02/15/2038 þ | 1747 | 1561 |
|  4.000% due 04/15/2028 | 865 | 830 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 114600 | 2687 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  4.875% due 04/16/2043 | 11400 | 8477 |
|  5.125% due 02/17/2028 | 9600 | 9594 |
|  5.750% due 05/11/2047 | 3560 | 2830 |
|  6.000% due 01/14/2041 | 3500 | 3063 |
|  6.125% due 10/24/2028 | 10900 | 11121 |
|  7.625% due 04/26/2029 | 5100 | 5425 |
|  7.625% due 05/15/2034 | 6200 | 6589 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  4.500% due 02/01/2029 þ(m) | 7581 | 5193 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 02/01/2034 þ | 7095 | $— | 3984 |
|  4.500% due 02/01/2035 þ | 188 |  | 104 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(d) | 12900 |  | 2859 |
|  7.650% due 04/21/2035 ^(d) | 900 |  | 186 |
|  9.250% due 09/15/2027 ^(d) | 2900 |  | 707 |
|  9.250% due 05/07/2028 ^(d) | 900 |  | 208 |
|  Vietnam Government International Bonds | Vietnam Government International Bonds | Vietnam Government International Bonds | Vietnam Government International Bonds |
|  5.500% due 03/12/2028 þ(m) | 3513 |  | 3371 |
|  Total Sovereign Issues (Cost $539,641) | Total Sovereign Issues (Cost $539,641) |  | 538709 |
|  | **SHARES** |  |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (e) | 228414 | $— | 361 |
|  SES SA «(e) | 72646 |  | 864 |
|  |  |  | 1225 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Caesars Entertainment, Inc. (e) | 4701 |  | 127 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Hipotecaria Su Casita SA «(e) | 157773 |  | 0 |
|  Intelsat SA «(e)(l) | 72646 |  | 0 |
|  Unity Bancorp, Inc. «(e) | 60014 |  | 337 |
|  |  |  | 337 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Mcdermott International Ltd. (e) | 115 |  | 3 |
|  Spirit Aviation Holdings, Inc. (e) | 26823 |  | 10 |
|  |  |  | 13 |
|  Total Common Stocks (Cost $6,585) | Total Common Stocks (Cost $6,585) |  | 1702 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Windstream Holdings II LLC - Exp. 10/25/2059 « | 11691 |  | 66 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 | 30487 |  | 11 |
|  Total Warrants (Cost $447) | Total Warrants (Cost $447) |  | 77 |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due<br>07/27/2037 þ(i) | 400000 |  | 355 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due<br>12/01/2030 •(i) | 2400000 |  | 2257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due<br>12/01/2027 •(i) |  | 4200000 | $— | 4135 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.000% due 12/10/2025 •(i) |  | 1575000 |  | 1570 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ |  | 4258 |  | 743 |
|  Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC |
|  11.000% «(e) |  | 383 |  | 383 |
|  Total Preferred Securities (Cost $9,659) | Total Preferred Securities (Cost $9,659) | Total Preferred Securities (Cost $9,659) |  | 9443 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| 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 |
|  4.200% (k) |  | 1972145 |  | 1972 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  32.609% due 11/04/2025 - 06/12/2026 (f)(g) |  | 7620452 |  | 4549 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.008% due 10/14/2025 - 01/27/2026 (f)(g)(q) | $— | 771 |  | 763 |
| Total Short-Term Instruments<br>(Cost $6,870) | Total Short-Term Instruments<br>(Cost $6,870) | Total Short-Term Instruments<br>(Cost $6,870) |  | 7284 |
| Total Investments in Securities<br>(Cost $3,366,762) | Total Investments in Securities<br>(Cost $3,366,762) | Total Investments in Securities<br>(Cost $3,366,762) |  | 3286103 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 6.7% | 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% | 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% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 20990931 |  | 204431 |
| Total Short-Term Instruments<br>(Cost $204,010) | Total Short-Term Instruments<br>(Cost $204,010) | Total Short-Term Instruments<br>(Cost $204,010) |  | 204431 |
| Total Investments in Affiliates<br>(Cost $204,010) | Total Investments in Affiliates<br>(Cost $204,010) | Total Investments in Affiliates<br>(Cost $204,010) |  | 204431 |
| Total Investments 114.6%<br>(Cost $3,570,772) | Total Investments 114.6%<br>(Cost $3,570,772) | Total Investments 114.6%<br>(Cost $3,570,772) | $— | 3490534 |
|  Financial Derivative<br>Instruments (n)(p) (0.0)%<br> (Cost or Premiums, net $27,905) | Financial Derivative<br>Instruments (n)(p) (0.0)%<br> (Cost or Premiums, net $27,905) | Financial Derivative<br>Instruments (n)(p) (0.0)%<br> (Cost or Premiums, net $27,905) |  | (26) |
| Other Assets and Liabilities, net (14.6)% | Other Assets and Liabilities, net (14.6)% | Other Assets and Liabilities, net (14.6)% |  | (443571) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 3046937 |

---

#### 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.  |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Principal amount of security is adjusted for inflation.

(i) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) Contingent convertible security.

(k) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(l) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | $2700 | $2734 | 0.09% |
|  Deloitte LLP 5.250% due 01/30/2030 | 10/30/2024 | 2000 | 2047 | 0.07 |
|  Deloitte LLP 5.410% due 01/30/2032 | 10/30/2024 | 2000 | 2055 | 0.07 |
|  Deloitte LLP 5.590% due 01/30/2035 | 10/30/2024 | 2000 | 2050 | 0.07 |
|  Deloitte LLP 5.690% due 01/30/2037 | 10/30/2024 | 500 | 511 | 0.02 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 2400 | 2431 | 0.08 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 1500 | 1532 | 0.05 |
|  Intelsat SA | 09/05/2018 - 08/29/2025 | 3650 | 0 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 6600 | 6774 | 0.22 |
|  National Football League 5.580% due 10/05/2033 | 03/14/2024 | 5000 | 5142 | 0.17 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 1000 | 1000 | 0.03 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 588 | 666 | 0.02 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 2600 | 2598 | 0.08 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 4300 | 4436 | 0.15 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33976 | 1.12% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MSC | 3.650% | 09/19/2025 | 10/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254) | $(1255) |
|  MYI | (0.750) | 09/19/2025 | TBD<sup>(2)</sup> | (649) | (649) |
|  | 2.750 | 09/19/2025 | TBD<sup>(2)</sup> | (3831) | (3835) |
|  | 3.950 | 09/19/2025 | TBD<sup>(2)</sup> | (405) | (406) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6145) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% | U.S. Government Agencies (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78498) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78531) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  MSC | $0 | $(1255) | $0 | $(1255) | $1629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
|  MYI | 0 | (4890) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | 59 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 51

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Sovereign Issues | $0 | $0 | $(1255) | $(4890) | $(6145) |
|  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;(1255) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4890) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6145) |
|  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  | $(6145) |

---

(m) Securities with an aggregate market value of $6,578 and cash of $38 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(5023) at a weighted average interest rate of 2.986%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond December Futures  | 12/2025 | 249 | $21910 | $454 | $98 | $0 |
|  Euro-Bobl December Futures  | 12/2025 | 722 | 99863 | 64 | 136 | 0 |
|  Euro-BTP Future December Futures  | 12/2025 | 294 | 41365 | 108 | 131 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 117 | 17661 | 53 | 47 | (4) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 57 | 7661 | 174 | 71 | (15) |
|  Euro-Schatz December Futures  | 12/2025 | 1328 | 166797 | (157) | 31 | 0 |
|  Long Guilt December Futures  | 12/2025 | 151 | 18448 | 76 | 79 | (10) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 236 | 49182 | (13) | 26 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 2059 | 224833 | 52 | 80 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 523 | 58838 | (39) | 0 | (8) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 939 | 108058 | 1062 | 0 | (59) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Oat December Futures  | 12/2025 | 270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38467) | $(20) | $0 | $(92) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | Fixed<br>Receive Rate | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.402% | $3700 | $(38) | $97 | $59 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.209 | 300 | (2) | 4 | 2 | 0 | 0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 12/20/2027 | 0.620 | 2000 | (15) | 205 | 190 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.874 | 400 | 21 | 7 | 28 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 12/20/2031 | 1.073 | 3400 | 770 | 128 | 898 | 0 | (4) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | 786 | (102) | 684 | 0 | (16) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.754 | 1700 | 69 | 34 | 103 | 0 | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |

---

52 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.EM-44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $28800 | $(647) | $23 | $(624) | $0 | $(8) |
|  CDX.HY-41 5-Year Index | 5.000 | Quarterly | 12/20/2028 | 99 | 1 | 7 | 8 | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 59600 | 4484 | 81 | 4565 | 0 | (85) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 58700 | 2798 | 1964 | 4762 | 22 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 41700 | 3173 | 100 | 3273 | 45 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 600 | 12 | 2 | 14 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 129900 | 2145 | 842 | 2987 | 10 | (1) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 65200 | 1468 | 30 | 1498 | 11 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index  | 5.000 | Quarterly | 12/20/2030 | 11240 | 1378 | 42 | 1420 | 21 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 57900 | $(281) | $(54) | $(335) | $80 | $0 |
| Pay<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 8800 | (11) | (45) | (56) | 14 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/18/2025 | $60900 | (177) | 392 | 215 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 73400 | (617) | (118) | (735) | 0 | (41) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3500 | (7) | (50) | (57) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 96500 | 1164 | (316) | 848 | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 24700 | (806) | 432 | (374) | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 56600 | 3864 | (1795) | 2069 | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 28900 | 1337 | (315) | 1022 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 5900 | (17) | 69 | 52 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 35500 | 4840 | (433) | 4407 | 108 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 14200 | 0 | (13) | (13) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 112800 | 0 | (100) | (100) | 0 | (20) |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 74600 | 0 | (23) | (23) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 8000 | 0 | (1) | (1) | 1 | 0 |
| Receive | 3-Month COP-IBR Compounded-OIS | 3.575 | Annual | 07/03/2030 | 156465 | 115 | (7) | 108 | 0 | (3) |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | 34600 | 3287 | (3519) | (232) | 2 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 86800 | 627 | 121 | 748 | 180 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 27600 | 73 | (158) | (85) | 101 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 | 174100 | (79) | 54 | (25) | 1 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 14600 | 52 | (8) | 44 | 25 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 1000 | (3) | 23 | 20 | 0 | (3) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 8700 | 19 | (31) | (12) | 0 | (29) |
| Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | 2200 | (14) | 23 | 9 | 0 | 0 |
| Pay<sup>(5)</sup> | CAONREPO | 2.500 | Semi-Annual | 12/17/2030 | 800 | 0 | (1) | (1) | 1 | 0 |
|  |  |  |  |  |  | $13366 | $(5873) | $7493 | $513 | $(157) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2409) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495) |

---

(o) Securities with an aggregate market value of $43,321 and cash of $13,431 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **53** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(32) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(p) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 227659 | $265530 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1754) |
|  | 10/2025 | $1114 | 1550 | 0 | 0 |
|  | 11/2025 | 1548 | $1114 | 0 | 0 |
|  BOA | 10/2025 | 15802 | 2971 | 2 | 0 |
|  | 10/2025 | 49599 | 331 | 0 | (4) |
|  | 10/2025 | $2960 | 15802 | 10 | 0 |
|  | 10/2025 | 7509 | 1106856 | 0 | (24) |
|  | 10/2025 | 138 | 239 | 1 | 0 |
|  | 10/2025 | 658 | 2431 | 42 | 0 |
|  | 11/2025 | 239 | $138 | 0 | (1) |
|  | 11/2025 | $331 | 49427 | 4 | 0 |
|  | 11/2025 | 1533 | 26612 | 3 | 0 |
|  | 11/2025 | 3081 | $176 | 0 | (2) |
|  | 12/2025 | $1282 | 24119 | 24 | 0 |
|  BPS | 10/2025 | 25691 | $2 | 0 | 0 |
|  | 10/2025 | 57462 | 387 | 0 | (2) |
|  | 10/2025 | $7 | 49 | 0 | 0 |
|  | 10/2025 | 756 | 12507708 | 0 | (6) |
|  | 10/2025 | 2267 | 3139041 | 0 | (31) |
|  | 10/2025 | 438 | 1593 | 1 | 0 |
|  | 10/2025 | 2284 | 69365 | 0 | (6) |
|  | 11/2025 | 144 | 482 | 2 | 0 |
|  | 11/2025 | 387 | 57263 | 2 | 0 |
|  | 12/2025 | 14 | 4597 | 0 | 0 |
|  | 12/2025 | 212 | 3934 | 1 | 0 |
|  | 06/2026 | 55 | 17 | 0 | 0 |
|  | 07/2026 | 84 | 26 | 0 | 0 |
|  | 05/2030 | 1467 | $5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | 0 |
|  BRC | 10/2025 | 1191 | 1485 | 0 | (11) |
|  | 10/2025 | 6396 | 7498 | 0 | (11) |
|  | 10/2025 | $1265 | 1010 | 3 | 0 |
|  | 10/2025 | 309 | 5776 | 6 | 0 |
|  | 10/2025 | 2 | 20 | 0 | 0 |
|  | 10/2025 | 341 | 1248 | 2 | 0 |
|  | 10/2025 | 3947 | 170462 | 67 | 0 |
|  | 11/2025 | 709 | $469 | 0 | (1) |
|  | 11/2025 | 1006 | 1265 | 0 | (3) |
|  | 11/2025 | 20 | 2 | 0 | 0 |
|  | 11/2025 | $7513 | 6396 | 11 | 0 |
|  | 11/2025 | 3338 | 145458 | 16 | 0 |
|  | 11/2025 | 29828 | $1694 | 0 | (27) |
|  | 12/2025 | $3294 | 61095 | 15 | 0 |
|  | 12/2025 | 228 | 9976 | 1 | 0 |
|  BSH | 10/2025 | 41 | 70 | 0 | 0 |
|  | 11/2025 | 70 | $41 | 0 | 0 |
|  | 11/2025 | $1983 | 7330 | 126 | 0 |
|  | 12/2025 | 23653 | $6640 | 0 | (159) |
|  | 02/2026 | 19890 | 5688 | 0 | (19) |
|  CBK | 10/2025 | 709 | 466 | 0 | (4) |
|  | 10/2025 | 404 | 5 | 0 | 0 |
|  | 10/2025 | 155 | 15 | 0 | 0 |
|  | 10/2025 | 2621 | 752 | 0 | (3) |
|  | 10/2025 | 18114 | 14162 | 119 | 0 |
|  | 10/2025 | $2275 | 16160 | 0 | (6) |
|  | 10/2025 | 4951 | 4206 | 0 | (13) |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 10/2025 | $1 | 65 | $0 | $0 |
|  | 10/2025 | 197 | 1968 | 0 | 0 |
|  | 10/2025 | 7399 | $427 | 0 | (1) |
|  | 11/2025 | 65 | 1 | 0 | 0 |
|  | 11/2025 | 1967 | 197 | 0 | 0 |
|  | 12/2025 | $7720 | 43356 | 310 | 0 |
|  | 12/2025 | 164 | 92011 | 0 | (1) |
|  DUB | 10/2025 | 15 | 104 | 0 | 0 |
|  | 10/2025 | 63 | 215 | 2 | 0 |
|  | 10/2025 | 0 | 39 | 0 | 0 |
|  | 10/2025 | 271 | 150429 | 2 | (1) |
|  | 11/2025 | 215 | $63 | 0 | (2) |
|  | 11/2025 | 39 | 0 | 0 | 0 |
|  | 11/2025 | $100 | 55910 | 0 | 0 |
|  | 11/2025 | 72028 | $4115 | 0 | (42) |
|  | 12/2025 | $1015 | 545139 | 0 | (46) |
|  | 03/2026 | 672 | 387655 | 0 | (5) |
|  FAR | 10/2025 | 6859 | $4449 | 0 | (90) |
|  | 10/2025 | 15821 | 2953 | 0 | (19) |
|  | 10/2025 | 389 | 4 | 0 | 0 |
|  | 10/2025 | $4478 | 6859 | 60 | 0 |
|  | 10/2025 | 2975 | 15821 | 0 | (2) |
|  | 10/2025 | 227 | 181 | 0 | 0 |
|  | 10/2025 | 6 | 45 | 0 | 0 |
|  | 10/2025 | 10691 | 1571689 | 0 | (63) |
|  | 10/2025 | 633 | 2311 | 3 | 0 |
|  | 10/2025 | 14603 | 18807 | 0 | (23) |
|  | 11/2025 | 6859 | $4480 | 0 | (60) |
|  | 11/2025 | 180 | 227 | 0 | 0 |
|  | 11/2025 | 18759 | 14603 | 22 | 0 |
|  | 12/2025 | 102119 | 5389 | 0 | (142) |
|  | 12/2025 | $2953 | 16045 | 18 | 0 |
|  GLM | 10/2025 | 26444 | $2 | 0 | 0 |
|  | 10/2025 | 138 | 2 | 0 | 0 |
|  | 10/2025 | $344 | 6447 | 7 | 0 |
|  | 10/2025 | 3 | 101 | 0 | 0 |
|  | 11/2025 | 427 | 7396 | 0 | 0 |
|  JPM | 10/2025 | 199 | $36 | 0 | (1) |
|  | 10/2025 | 1548 | 1120 | 8 | 0 |
|  | 10/2025 | $37 | 199 | 0 | 0 |
|  | 10/2025 | 30 | 16450 | 0 | 0 |
|  | 10/2025 | 225 | 827 | 3 | 0 |
|  | 11/2025 | 63784 | $3639 | 0 | (42) |
|  | 12/2025 | $707 | 13244 | 10 | 0 |
|  MBC | 10/2025 | 1780 | $250 | 0 | 0 |
|  | 10/2025 | 3050 | 3612 | 31 | 0 |
|  | 10/2025 | 28479 | 191 | 0 | (1) |
|  | 10/2025 | 3138366 | 2251 | 16 | 0 |
|  | 10/2025 | 678 | 529 | 4 | 0 |
|  | 10/2025 | $7 | 53 | 0 | 0 |
|  | 10/2025 | 14542 | 12404 | 39 | (18) |
|  | 10/2025 | 3754 | 2785 | 0 | (9) |
|  | 10/2025 | 19 | 2813 | 0 | 0 |
|  | 10/2025 | 2251 | 3136565 | 0 | (16) |
|  | 10/2025 | 2 | 20 | 0 | 0 |
|  | 11/2025 | 20 | $2 | 0 | 0 |
|  | 11/2025 | $250 | 1776 | 0 | 0 |
|  | 11/2025 | 329 | 48689 | 1 | 0 |
|  | 12/2025 | 3318 | 62496 | 67 | 0 |
|  MYI | 10/2025 | 1086430 | $7277 | 0 | (69) |
|  | 10/2025 | $8 | 53 | 0 | 0 |
|  | 10/2025 | 119 | 17494 | 0 | 0 |
|  | 10/2025 | 239 | 864 | 0 | (1) |
|  | 11/2025 | 7277 | 1082671 | 69 | 0 |
|  | 12/2025 | 3397 | $165 | 1 | 0 |
|  NGF | 10/2025 | 23753 | 1 | 0 | 0 |
|  | 12/2025 | $380 | 16672 | 1 | 0 |
|  RYL | 10/2025 | 19 | $15 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **55** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SCX | 10/2025 | 15824 | $4519 | $0 | $(35) |
|  | 10/2025 | $51858 | 38770 | 283 | 0 |
|  | 10/2025 | 609 | 89567 | 0 | (3) |
|  | 11/2025 | 38770 | $51868 | 0 | (283) |
|  | 11/2025 | $2 | 235 | 0 | 0 |
|  | 12/2025 | 783 | $38 | 0 | 0 |
|  SOG | 10/2025 | 199 | 37 | 0 | 0 |
|  | 10/2025 | 2365972 | 15900 | 0 | (98) |
|  | 10/2025 | 309 | 180 | 1 | 0 |
|  | 10/2025 | $37 | 199 | 0 | 0 |
|  | 10/2025 | 259303 | 220495 | 0 | (430) |
|  | 10/2025 | 5577 | 820159 | 0 | (31) |
|  | 11/2025 | 220495 | $259823 | 432 | 0 |
|  | 11/2025 | $15900 | 2357789 | 99 | 0 |
|  | 12/2025 | 202 | $37 | 0 | 0 |
|  SSB | 10/2025 | 41555 | 56012 | 125 | 0 |
|  | 11/2025 | 5813 | 1576 | 0 | (97) |
|  UAG | 10/2025 | 237 | 71 | 0 | (1) |
|  | 10/2025 | 1920 | 189 | 0 | (4) |
|  | 10/2025 | $238 | 863 | 0 | 0 |
|  | 10/2025 | 428 | 7398 | 0 | 0 |
|  | 10/2025 | 7402 | $428 | 0 | 0 |
|  | 11/2025 | 32446 | 1841 | 0 | (32) |
|  | 12/2025 | $7370 | 142667 | 358 | 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;2605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3755) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>September<br>30, 2025<sup>(2)</sup>** |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>September<br>30, 2025<sup>(2)</sup>** |  | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Romania Government International Bonds | 1.000% | Quarterly | 06/20/2030 | 1.469 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | $(505) | $306 | $0 | $(199) |
| BPS | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 1500 | 8 | 1 | 9 | 0 |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.593 |  | 5700 | 7 | 0 | 7 | 0 |
| BRC | Romania Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.469 |  | 4900 | (247) | 150 | 0 | (97) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | ¨ | 5000 | 0 | 301 | 301 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | ¨ | 4235 | 0 | 54 | 54 | 0 |
| GST | Indonesia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.819 |  | 1500 | 12 | 1 | 13 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 600 | (6) | 15 | 9 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 |  | 7900 | (67) | 76 | 9 | 0 |
| JPM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 1100 | (9) | 16 | 7 | 0 |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.488 |  | 5000 | 65 | 26 | 91 | 0 |
| MYC | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 |  | 200 | (3) | 3 | 0 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 |  | 3600 | 10 | 22 | 32 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 |  | 1300 | (4) | 18 | 14 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 |  | 900 | (17) | 29 | 12 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 3900 | (41) | 96 | 55 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.299 |  | 4000 | (1067) | 1048 | 0 | (19) |
|  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;(1864) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) |

---

56 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(1754) | $0 | $0 | $(1754) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1754) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
|  BOA | 86 | 0 | 0 | 86 | (31) | 0 | (199) | (230) | (144) | 141 | (3) |
|  BPS | 181 | 0 | 16 | 197 | (45) | 0 | 0 | (45) | 152 | 0 | 152 |
|  BRC | 121 | 0 | 0 | 121 | (53) | 0 | (97) | (150) | (29) | 0 | (29) |
|  BSH | 126 | 0 | 0 | 126 | (178) | 0 | 0 | (178) | (52) | (90) | (142) |
|  CBK | 429 | 0 | 0 | 429 | (28) | 0 | 0 | (28) | 401 | (400) | 1 |
|  DUB | 4 | 0 | 355 | 359 | (96) | 0 | 0 | (96) | 263 | (340) | (77) |
|  FAR | 103 | 0 | 0 | 103 | (399) | 0 | 0 | (399) | (296) | 477 | 181 |
|  GLM | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 7 |
|  GST | 0 | 0 | 31 | 31 | 0 | 0 | 0 | 0 | 31 | 0 | 31 |
|  JPM | 21 | 0 | 98 | 119 | (43) | 0 | 0 | (43) | 76 | 0 | 76 |
|  MBC | 158 | 0 | 0 | 158 | (44) | 0 | 0 | (44) | 114 | 0 | 114 |
|  MYC | 0 | 0 | 113 | 113 | 0 | 0 | (19) | (19) | 94 | 119 | 213 |
|  MYI | 70 | 0 | 0 | 70 | (70) | 0 | 0 | (70) | 0 | 0 | 0 |
|  NGF | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 283 | 0 | 0 | 283 | (321) | 0 | 0 | (321) | (38) | 0 | (38) |
|  SOG | 532 | 0 | 0 | 532 | (559) | 0 | 0 | (559) | (27) | 0 | (27) |
|  SSB | 125 | 0 | 0 | 125 | (97) | 0 | 0 | (97) | 28 | (220) | (192) |
|  UAG | 358 | 0 | 0 | 358 | (37) | 0 | 0 | (37) | 321 | (280) | 41 |
|  Total Over the Counter | $2605 | $0 | $613 | $3218 | $(3755) | $0 | $(315) | $(4070) |  |  |  |

---

(q) Securities with an aggregate market value of $2,316 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $699 | $699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 109 | 0 | 0 | 513 | 622 |
|  | $0 | $109 | $0 | $0 | $1212 | $1321 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 57

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2605 | $0 | $2605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 613 | 0 | 0 | 0 | 613 |
|  | $0 | $613 | $0 | $2605 | $0 | $3218 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2605 | $1212 | $4539 |
|  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 | $188 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 150 | 0 | 0 | 157 | 307 |
|  | $0 | $150 | $0 | $0 | $345 | $495 |
|  Over the counter | Over the 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 | $3755 | $0 | $3755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 315 | 0 | 0 | 0 | 315 |
|  | $0 | $315 | $0 | $3755 | $0 | $4070 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $465 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $320 | $320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3826 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5866 | 0 | 0 | 5007 | 10873 |
|  | $0 | $5866 | $0 | $0 | $9153 | $15019 |
|  Over the counter | Over the 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 | $(38057) | $0 | $(38057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 70 | 0 | 202 | 1449 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 560 | 0 | 0 | 0 | 560 |
|  | $0 | $630 | $0 | $(37855) | $1449 | $(35776) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37855) | $10602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20757) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (2199) | (2199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6242 | 0 | 0 | (5042) | 1200 |
|  | $0 | $6242 | $0 | $0 | $(7240) | $(998) |
|  Over the counter | Over the 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 | $6490 | $0 | $6490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (5) | 0 | (209) | (71) | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 687 | 0 | 0 | 0 | 687 |
|  | $0 | $682 | $0 | $6281 | $(71) | $6892 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6924 | $0 | $6281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7311) | $5894 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $2970 | $100123 | $69871 | $172964 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 2186 | 393548 | 21251 | 416985 |
| &nbsp;&nbsp; Industrials | 6600 | 787893 | 29974 | 824467 |
| &nbsp;&nbsp; Utilities | 5190 | 131250 | 0 | 136440 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
|  U.S. Government Agencies | $0 | $497154 | $0 | $497154 |
|  U.S. Treasury Obligations | 0 | 138820 | 0 | 138820 |
|  Non-Agency Mortgage-Backed Securities | 0 | 151327 | 2598 | 153925 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 76530 | 0 | 76530 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 43066 | 0 | 43066 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>09/30/2025** |
| &nbsp;&nbsp; CMBS Other | $0 | $7558 | $0 | $7558 |
| &nbsp;&nbsp; Home Equity Other | 0 | 136970 | 0 | 136970 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1432 | 0 | 1432 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12200 | 0 | 12200 |
| &nbsp;&nbsp; Other ABS | 0 | 107724 | 2653 | 110377 |
|  Sovereign Issues | 0 | 538709 | 0 | 538709 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 361 | 0 | 864 | 1225 |
| &nbsp;&nbsp; Consumer Discretionary | 127 | 0 | 0 | 127 |
| &nbsp;&nbsp; Financials | 0 | 0 | 337 | 337 |
| &nbsp;&nbsp; Industrials | 13 | 0 | 0 | 13 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 0 | 66 | 66 |
| &nbsp;&nbsp; Industrials | 0 | 11 | 0 | 11 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 9060 | 383 | 9443 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1972 | 0 | 1972 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 4549 | 0 | 4549 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 763 | 0 | 763 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286103 |
|  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 | $204431 | $0 | $0 | $204431 |
|  Total Investments | $221878 | $3140659 | $127997 | $3490534 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(78531) | $0 | $(78531) |
|  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 | 593 | 728 | 0 | 1321 |
|  Over the counter | 0 | 2863 | 355 | 3218 |
|  | $593 | $3591 | $355 | $4539 |
|  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 | (121) | (342) | 0 | (463) |
|  Over the counter | 0 | (4070) | 0 | (4070) |
|  | $(121) | $(4412) | $0 | $(4533) |
|  Total Financial Derivative Instruments | $472 | $(821) | $355 | $6 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412009 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $60541 | $6061 | $(12658) | $113 | $341 | $1935 | $13538 | $0 | $69871 | $1685 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 17498 | 8004 | (6600) | 0 | 0 | 2349 | 0 | 0 | 21251 | 2392 |
| &nbsp;&nbsp; Industrials | 13682 | 16900 | (119) | 0 | 0 | 269 | 0 | (758) | 29974 | 269 |
|  Non-Agency Mortgage-Backed Securities | 6582 | 0 | 0 | 27 | 0 | 297 | 0 | (4308) | 2598 | 52 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 3777 | 0 | (649) | 6 | 0 | (262) | 0 | (219) | 2653 | (260) |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 1123 | 0 | (884) | 0 | 429 | 196 | 0 | 0 | 864 | 865 |
| &nbsp;&nbsp; Financials | 2447 | 366 | (2524) | 0 | 0 | 48 | 0 | 0 | 337 | (29) |
| &nbsp;&nbsp; Industrials | 402 | 0 | 0 | 0 | 0 | (392) | 0 | (10) | 0 | 0 |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 5 | 71 | (30) | 0 | 16 | 4 | 0 | 0 | 66 | (6) |
| &nbsp;&nbsp; Industrials | 457 | 0 | 0 | 0 | 0 | (445) | 0 | (12) | 0 | 0 |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 383 | 0 | 0 | 0 | 0 | 0 | 0 | 383 | 0 |
|  | $106514 | $31785 | $(23464) | $146 | $786 | $3999 | $13538 | $(5307) | $127997 | $4968 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $332 | $0 | $(10) | $0 | $0 | $33 | $0 | $0 | $355 | $33 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23474) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 59

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.) September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $37197 | Discounted Cash Flow | Discount Rate |  | 3.832 - 50.000 | 6.752 |
|  | 14416 | Indicative Market Quotation | Broker Quote |  | 72.500 - 101.750 | 92.763 |
|  | 18258 | Third Party Vendor | Broker Quote |  | 97.000 - 100.500 | 99.311 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 17796 | Discounted Cash Flow | Discount Rate |  | 4.320 - 6.208 | 5.496 |
|  | 1409 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 2046 | Reference Instrument | Broker Quote |  | 7.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11916 | Discounted Cash Flow | Discount Rate |  | 4.470 - 5.140 | 4.701 |
|  | 828 | Indicative Market Quotation | Broker Quote |  | 62.500 |  |
|  | 16900 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 330 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
|  Non-Agency Mortgage-Backed Securities | 2598 | Discounted Cash Flow | Discount Rate |  | 6.392 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 2653 | Discounted Cash Flow | Discount Rate |  | 5.878 - 20.000 | 9.206 |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 864 | Discounted Cash Flow | Discount Rate |  | 7.930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 337 | Reference Instrument | Stock Price w/Liquidity Discount |  | 8.150 |  |
|  Warrants |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 66 | Option Pricing Model | Volatility |  | 62.500 |  |
|  Preferred Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 383 | Recent Transaction | Purchase Price | $— | 1000.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 355 | Indicative Market Quotation | Broker Quote |  | 0.939 - 6.009 | 5.233 |
|  Total | $128352 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO ESG Income Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 121.3% | INVESTMENTS IN SECURITIES 121.3% | INVESTMENTS IN SECURITIES 121.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Spa Holdings 3 OY | Spa Holdings 3 OY | Spa Holdings 3 OY |
|  8.513% (TSFR3M + 4.250%) due 05/23/2030 ~ | 300 | 301 |
|  Total Loan Participations and Assignments<br>(Cost $296) | Total Loan Participations and Assignments<br>(Cost $296) | 301 |
| CORPORATE BONDS & NOTES 27.8% | CORPORATE BONDS & NOTES 27.8% | CORPORATE BONDS & NOTES 27.8% |
| BANKING & FINANCE 16.3% | BANKING & FINANCE 16.3% | BANKING & FINANCE 16.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 500 | 473 |
|  ACEF Holding SCA | ACEF Holding SCA | ACEF Holding SCA |
|  0.750% due 06/14/2028 | 500 | 558 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  2.875% due 05/30/2031 •  | 400 | 470 |
|  6.608% due 09/13/2029 •  | 500 | 531 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 400 | 338 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 800 | 748 |
|  8.000% due 11/01/2031 | 450 | 513 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 450 | 465 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 | 500 | 451 |
|  3.100% due 06/15/2050 | 300 | 202 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.720% due 02/08/2028 | 187400 | 2124 |
|  Banco BTG Pactual SA | Banco BTG Pactual SA | Banco BTG Pactual SA |
|  2.750% due 01/11/2026 | 1000 | 993 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(g)(h) | 200 | 195 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 1400 | 1242 |
|  6.204% due 11/10/2028 •  | 1600 | 1668 |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  2.750% due 01/22/2033 | 870 | 889 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 1000 | 1022 |
|  7.385% due 11/02/2028 •  | 800 | 849 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  4.625% due 02/25/2031 •(g)(h) | 400 | 366 |
|  7.750% due 08/16/2029 •(g)(h) | 1000 | 1062 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.550% due 04/01/2032 | 150 | 130 |
|  3.400% due 06/21/2029 | 100 | 96 |
|  BPCE SA | BPCE SA | BPCE SA |
|  2.045% due 10/19/2027 •  | 500 | 488 |
|  5.748% due 07/19/2033 •  | 300 | 312 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  2.724% due 04/15/2031 | 350 | 320 |
|  CNP Assurances SA | CNP Assurances SA | CNP Assurances SA |
|  1.250% due 01/27/2029 | 500 | 556 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.375% due 06/29/2027 •(g)(h) | 400 | 473 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 800 | 733 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 100 | 98 |
|  4.000% due 01/22/2028 þ | 200 | 257 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  1.500% due 10/06/2031 | 500 | 524 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 400 | 381 |
|  CTP NV | CTP NV | CTP NV |
|  1.250% due 06/21/2029 | 200 | 220 |
|  1.500% due 09/27/2031 | 500 | 522 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.875% due 02/23/2028 •  | 200 | 233 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  1.000% due 01/15/2032 | 300 | 303 |
|  1.250% due 02/01/2031 | 200 | 211 |
|  EQT AB | EQT AB | EQT AB |
|  0.875% due 05/14/2031 | 800 | 825 |
|  2.375% due 04/06/2028 | 800 | 933 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.900% due 04/15/2032 | 400 | 384 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 600 | 522 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 2200 | 2238 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 400 | 371 |
|  Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. |
|  6.250% due 03/31/2030 | 376 | 451 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.383% due 07/21/2032 •  | 400 | 357 |
|  2.615% due 04/22/2032 •  | 500 | 454 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 1000 | 995 |
|  Grainger PLC | Grainger PLC | Grainger PLC |
|  3.000% due 07/03/2030 | 100 | 122 |
|  Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. |
|  3.379% due 02/04/2032 •  | 300 | 295 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 | 115 | 114 |
|  3.750% due 09/15/2030 | 300 | 277 |
|  8.000% due 06/15/2027 | 149 | 155 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 250 | 223 |
|  3.375% due 12/15/2029 | 600 | 571 |
|  3.500% due 09/15/2030 | 200 | 188 |
|  5.700% due 07/01/2034 | 300 | 308 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  4.375% due 02/01/2031 | 600 | 563 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.871% due 11/22/2032 •  | 700 | 631 |
|  6.254% due 03/09/2034 •  | 600 | 654 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 230 | 221 |
|  5.950% due 02/15/2028 | 400 | 395 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  2.727% due 04/01/2032 •  | 200 | 183 |
|  3.875% due 05/16/2027 •(g)(h) | 200 | 192 |
|  4.250% due 05/16/2031 •(g)(h) | 200 | 179 |
|  4.252% due 03/28/2033 •  | 500 | 490 |
|  4.875% due 05/16/2029 •(g)(h) | 200 | 193 |
|  5.525% due 03/25/2036 •  | 300 | 311 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 700 | 771 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 | 500 | 537 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  | 1400 | 1256 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 200 | 166 |
|  2.650% due 11/15/2033 | 900 | 737 |
|  Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC |
|  5.625% due 03/24/2031 •(g)(h) | 200 | 256 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 400 | 395 |
|  3.750% due 03/18/2028 •  | 500 | 497 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  3.250% due 11/13/2028 | 700 | 826 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.494% due 10/13/2032 •  | 500 | 446 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|  5.875% due 05/23/2042 •  | 400 | 418 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.750% due 11/15/2031 | 300 | 304 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 •(g)(h) | 200 | 266 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NE Property BV | NE Property BV | NE Property BV |
|  3.375% due 07/14/2027 | 300 | 357 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  1.625% due 04/30/2026 | 550 | 642 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 700 | 662 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(g)(h) | 500 | 466 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 | 1400 | 1433 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 781 | 764 |
|  7.125% due 11/15/2031 | 600 | 623 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 200 | 198 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 1400 | 1029 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  3.700% due 06/15/2030 | 100 | 97 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.174% due 01/09/2030 •  | 500 | 521 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 1400 | 1386 |
|  6.534% due 01/10/2029 •  | 300 | 314 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  4.000% due 04/23/2029 (h) | 200 | 196 |
|  4.375% due 04/13/2032 (h) | 500 | 490 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 300 | 348 |
|  1.750% due 11/24/2028 | 200 | 224 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 900 | 882 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.678% due 06/29/2032 •  | 200 | 179 |
|  3.603% due 01/12/2033 •  | 200 | 185 |
|  6.301% due 01/09/2029 •  | 600 | 624 |
|  7.767% due 11/16/2028 •  | 500 | 536 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  4.200% due 04/15/2032 | 300 | 291 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.375% due 02/10/2031 •(g)(h) | 200 | 182 |
|  5.959% due 01/12/2034 •  | 300 | 321 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.100% due 11/01/2034 | 100 | 86 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 400 | 403 |
|  VIA Outlets BV | VIA Outlets BV | VIA Outlets BV |
|  1.750% due 11/15/2028 | 500 | 566 |
|  Vonovia SE | Vonovia SE | Vonovia SE |
|  1.875% due 06/28/2028 | 600 | 691 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 11/15/2029 | 100 | 99 |
|  Workspace Group PLC | Workspace Group PLC | Workspace Group PLC |
|  2.250% due 03/11/2028 | 600 | 750 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.000% due 05/06/2027 | 700 | 801 |
|  |  | 58032 |
| INDUSTRIALS 8.3% | INDUSTRIALS 8.3% | INDUSTRIALS 8.3% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  3.875% due 10/15/2029 | 700 | 671 |
|  Accor SA | Accor SA | Accor SA |
|  2.375% due 11/29/2028 | 900 | 1042 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  3.125% due 09/15/2031 | 580 | 527 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 | 100 | 113 |
|  6.500% due 07/10/2031 | 400 | 440 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 7100 | 7100 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 500 | 490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **61** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 500 | 467 |
|  Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
|  3.875% due 07/07/2041 | 200 | 160 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.625% due 08/01/2031 | 600 | 516 |
|  3.000% due 10/15/2030 | 500 | 447 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  7.625% due 07/01/2029 | 500 | 522 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 570 | 555 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 250 | 234 |
|  3.875% due 10/01/2031 | 250 | 228 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  2.625% due 02/01/2029 | 400 | 456 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 250 | 229 |
|  4.000% due 05/01/2031 | 200 | 189 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  2.550% due 03/23/2031 | 300 | 268 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  3.375% due 10/08/2028 | 300 | 388 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 500 | 721 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 | 800 | 694 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 | 400 | 380 |
|  Marks & Spencer PLC | Marks & Spencer PLC | Marks & Spencer PLC |
|  3.250% due 07/10/2027 | 300 | 395 |
|  3.750% due 05/19/2026 | 100 | 134 |
|  Metalsa SAPI de CV | Metalsa SAPI de CV | Metalsa SAPI de CV |
|  3.750% due 05/04/2031 | 450 | 400 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  2.703% due 04/15/2032 | 200 | 178 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 | 600 | 573 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 350 | 364 |
|  5.700% due 03/17/2035 | 350 | 366 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  5.250% due 07/17/2029 | 400 | 479 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.500% due 05/11/2031 | 300 | 269 |
|  5.000% due 01/15/2033 | 1300 | 1318 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 200 | 200 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.875% due 09/14/2035 | 600 | 754 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 1200 | 1218 |
|  St. Mary's Cement, Inc. | St. Mary's Cement, Inc. | St. Mary's Cement, Inc. |
|  5.750% due 04/02/2034 | 400 | 414 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 440 | 514 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  2.450% due 03/16/2031 | 600 | 543 |
|  Travis Perkins PLC | Travis Perkins PLC | Travis Perkins PLC |
|  3.750% due 02/17/2026 | 400 | 533 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | 400 | 361 |
|  Vilmorin & Cie SA | Vilmorin & Cie SA | Vilmorin & Cie SA |
|  1.375% due 03/26/2028 | 400 | 448 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.500% due 07/15/2031 | 200 | 247 |
|  4.750% due 07/15/2031 | 600 | 565 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.054% due 03/15/2029 | 500 | 483 |
|  5.050% due 03/15/2042 | 200 | 160 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 600 | 618 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  7.250% due 01/15/2029 (k) | 800 | 822 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 250 | 244 |
|  |  | 29437 |
| UTILITIES 3.2% | UTILITIES 3.2% | UTILITIES 3.2% |
|  AES Andes SA | AES Andes SA | AES Andes SA |
|  6.300% due 03/15/2029 | 350 | 366 |
|  AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 | 720 | 645 |
|  5.450% due 06/01/2028 | 300 | 307 |
|  7.600% due 01/15/2055 •  | 500 | 519 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.300% due 04/01/2053 | 700 | 688 |
|  Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. |
|  4.250% due 03/25/2027 | 154 | 151 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.550% due 03/15/2052 | 402 | 296 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 1400 | 1457 |
|  Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
|  7.250% due 09/27/2028 | 800 | 815 |
|  Iberdrola International BV | Iberdrola International BV | Iberdrola International BV |
|  6.750% due 09/15/2033 | 250 | 275 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 | 217 | 213 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  6.700% due 04/01/2053 | 1100 | 1178 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 500 | 488 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  2.950% due 08/15/2051 | 350 | 229 |
|  Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC |
|  5.375% due 06/30/2035 | 137 | 141 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 100 | 68 |
|  Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. |
|  6.750% due 04/24/2033 | 274 | 284 |
|  TDC Net AS | TDC Net AS | TDC Net AS |
|  5.056% due 05/31/2028 | 400 | 491 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 200 | 199 |
|  United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC |
|  3.750% due 05/23/2034 | 600 | 707 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.050% due 05/09/2033 | 1700 | 1740 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 110 | 87 |
|  |  | 11344 |
|  Total Corporate Bonds & Notes (Cost $97,866) | Total Corporate Bonds & Notes (Cost $97,866) | 98813 |
| U.S. GOVERNMENT AGENCIES 48.6% | U.S. GOVERNMENT AGENCIES 48.6% | U.S. GOVERNMENT AGENCIES 48.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 09/01/2049 - 11/01/2053 | 3775 | 3565 |
|  4.500% due 06/01/2053 - 09/01/2053 | 3342 | 3251 |
|  5.000% due 02/01/2053 - 07/01/2054 | 9388 | 9327 |
|  5.500% due 09/01/2052 - 12/01/2053 | 21865 | 22150 |
|  6.500% due 02/01/2054 - 05/01/2054 | 3627 | 3756 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  0.931% due 11/25/2030 ~(a) | 2767 | 96 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 07/01/2052 - 01/01/2059 | 1588 | 1393 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 05/01/2056 - 08/01/2059 | $| 1419 | 1288 |
|  4.000% due 05/01/2053 - 05/01/2054 |  | 7884 | 7441 |
|  4.500% due 07/01/2052 - 05/01/2054 |  | 7526 | 7318 |
|  5.000% due 08/01/2052 - 06/01/2054 |  | 20408 | 20283 |
|  5.500% due 12/01/2052 - 01/01/2055 |  | 7718 | 7795 |
|  6.000% due 10/01/2053 - 01/01/2055 |  | 3242 | 3318 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.500% due 07/20/2053 - 08/20/2053 |  | 3695 | 3745 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 11/01/2055 |  | 2800 | 2782 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.500% due 11/01/2055 |  | 6200 | 5664 |
|  6.000% due 11/01/2055 |  | 34380 | 35118 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 33200 | 34319 |
|  Total U.S. Government Agencies<br>(Cost $170,950) | Total U.S. Government Agencies<br>(Cost $170,950) | Total U.S. Government Agencies<br>(Cost $170,950) | 172609 |
| U.S. TREASURY OBLIGATIONS 13.6% | U.S. TREASURY OBLIGATIONS 13.6% | U.S. TREASURY OBLIGATIONS 13.6% | U.S. TREASURY OBLIGATIONS 13.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.250% due 08/15/2054 |  | 600 | 554 |
|  4.500% due 11/15/2054 |  | 3200 | 3082 |
|  U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) | U.S. Treasury Inflation Protected Securities (f) |
|  0.875% due 02/15/2047 (o) |  | 1071 | 791 |
|  1.500% due 02/15/2053 (m) |  | 652 | 522 |
|  0.125% due 01/15/2031 (m) |  | 2234 | 2098 |
|  0.125% due 01/15/2032 |  | 9789 | 9016 |
|  1.375% due 07/15/2033 |  | 3404 | 3353 |
|  1.875% due 07/15/2034 |  | 7103 | 7210 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.750% due 08/15/2032 |  | 2200 | 2045 |
|  3.875% due 09/30/2029 |  | 3000 | 3021 |
|  4.000% due 07/31/2032 |  | 6300 | 6331 |
|  4.500% due 03/31/2026 |  | 5100 | 5117 |
|  4.500% due 04/15/2027 |  | 5200 | 5265 |
|  Total U.S. Treasury Obligations<br>(Cost $47,710) | Total U.S. Treasury Obligations<br>(Cost $47,710) | Total U.S. Treasury Obligations<br>(Cost $47,710) | 48405 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  4.280% due 08/10/2035 ~ |  | 2300 | 2113 |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  4.501% due 02/10/2036 |  | 1550 | 1501 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.598% due 09/15/2034 •  |  | 1000 | 992 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.512% due 08/25/2036 •  |  | 613 | 207 |
|  4.832% due 08/25/2036 •  |  | 246 | 76 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.462% due 12/25/2046 •  |  | 27 | 23 |
|  4.692% due 06/25/2037 •  |  | 119 | 117 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.000% due 09/15/2038 ~(a) |  | 261000 | 0 |
|  7.015% due 09/15/2038 •  |  | 1000 | 925 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  4.715% due 08/10/2033 ~ |  | 2660 | 1906 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  3.811% due 02/15/2053 ~ |  | 2453 | 1874 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  5.122% due 08/10/2035 ~ |  | 900 | 850 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.592% due 06/25/2046 •  |  | 249 | 229 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  6.765% due 03/15/2036 •  |  | 500 | 150 |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  8.066% due 10/16/2062 •  | GBP | 950 | 1289 |
|  9.066% due 10/16/2062 •  |  | 950 | 1286 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  7.001% due 02/15/2037 •  | 1200 | 403 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.619% due 03/25/2037 ~ | 93 | 88 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.327% due 02/25/2047 ~ | 35 | 32 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.757% due 01/25/2034 ~ | 64 | 57 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 214 | 188 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.960% due 02/10/2036 ~ | 2100 | 2069 |
|  7.415% due 12/15/2038 •  | 1000 | 957 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.652% due 10/25/2046 •  | 58 | 55 |
|  4.890% due 11/20/2035 •  | 115 | 103 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.923% due 04/25/2047 •  | 64 | 58 |
|  DOLP Trust | DOLP Trust | DOLP Trust |
|  3.704% due 05/10/2041 ~ | 1600 | 1351 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.514% due 10/15/2043 •  | 1000 | 914 |
|  7.014% due 10/15/2043 •  | 996 | 854 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  5.964% due 07/15/2038 •  | 274 | 274 |
|  6.514% due 07/15/2038 •  | 485 | 486 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.722% due 10/10/2049 ~ | 200 | 174 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.304% due 06/19/2036 ~ | 113 | 45 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.612% due 01/25/2037 •  | 58 | 52 |
|  4.792% due 07/25/2035 •  | 342 | 228 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.815% due 04/15/2038 •  | 365 | 365 |
|  6.215% due 04/15/2038 •  | 900 | 901 |
|  6.355% due 06/15/2038 •  | 1000 | 889 |
|  6.565% due 03/15/2036 •  | 1600 | 996 |
|  7.365% due 03/15/2036 •  | 300 | 135 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  3.024% due 11/05/2044 ~ | 2000 | 1330 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.672% due 03/25/2037 •  | 736 | 198 |
|  MFT Mortgage Trust | MFT Mortgage Trust | MFT Mortgage Trust |
|  3.358% due 02/10/2042 | 100 | 82 |
|  3.392% due 08/10/2040 ~ | 1180 | 846 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.565% due 12/15/2036 •  | 1480 | 412 |
|  6.065% due 12/15/2036 •  | 1097 | 76 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.592% due 06/25/2036 •  | 245 | 44 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  0.661% due 02/15/2039 ~(a) | 23885 | 386 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  6.810% due 11/15/2038 •  | 1500 | 1463 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  5.215% due 01/15/2036 •  | 200 | 197 |
|  5.515% due 01/15/2036 •  | 1000 | 968 |
|  RALI Trust | RALI Trust | RALI Trust |
|  5.500% due 02/25/2036 | 194 | 160 |
|  6.000% due 06/25/2036 | 116 | 95 |
|  6.000% due 06/25/2037 | 175 | 141 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.418% due 04/25/2037 •(a) | 509 | 67 |
|  4.582% due 04/25/2037 •  | 509 | 98 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.064% due 05/15/2038 •  | 450 | 446 |
|  6.664% due 05/15/2038 •  | 450 | 445 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  6.570% due 11/15/2036 •  | 1100 | 1099 |
|  6.665% due 04/15/2034 •  | 1000 | 996 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.369% (SONIO/N + 1.300%) due 07/15/2059 ~ | 1800 | 2425 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VASA Trust | VASA Trust | VASA Trust |
|  6.015% due 07/15/2039 •  | 400 | 368 |
|  6.365% due 07/15/2039 •  | 400 | 362 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.575% due 09/15/2040 ~ | 1700 | 1713 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 11/25/2037 | 67 | 66 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 | 100 | 68 |
|  3.715% due 11/10/2036 ~ | 1310 | 297 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $47,334) | Total Non-Agency Mortgage-Backed Securities (Cost $47,334) | 40060 |
| ASSET-BACKED SECURITIES 10.6% | ASSET-BACKED SECURITIES 10.6% | ASSET-BACKED SECURITIES 10.6% |
| AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% | AUTOMOBILE SEQUENTIAL 1.2% |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 | 1304 | 1302 |
|  5.690% due 02/15/2030 | 624 | 630 |
|  5.890% due 06/15/2030 | 1496 | 1510 |
|  FHF Trust | FHF Trust | FHF Trust |
|  4.430% due 01/18/2028 | 72 | 72 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 | 356 | 353 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 260 | 261 |
|  |  | 4128 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  6.350% due 04/18/2038 •  | 400 | 400 |
| HOME EQUITY OTHER 2.9% | HOME EQUITY OTHER 2.9% | HOME EQUITY OTHER 2.9% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.612% due 11/25/2036 •  | 465 | 191 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 07/25/2036 •  | 137 | 124 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.072% due 11/25/2034 •  | 300 | 277 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.610% due 01/25/2036 •  | 2085 | 1908 |
|  6.117% due 05/25/2035 •  | 403 | 383 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.552% due 11/25/2036 •  | 28 | 28 |
|  5.383% due 12/25/2034 •  | 206 | 207 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.202% due 09/25/2034 •  | 55 | 55 |
|  5.232% due 03/25/2035 •  | 204 | 204 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.707% due 01/25/2045 •  | 260 | 247 |
|  4.752% due 03/25/2047 •  | 192 | 182 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  6.072% due 04/25/2035 •  | 210 | 192 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.412% due 03/25/2036 •  | 49 | 16 |
|  6.000% due 10/25/2037 | 5 | 5 |
|  6.948% due 06/25/2036 þ | 213 | 47 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.592% due 10/25/2036 •  | 728 | 228 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  5.172% due 10/25/2035 •  | 225 | 209 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.872% due 12/25/2036 •  | 981 | 941 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.007% due 10/25/2035 •  | 1800 | 1584 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  5.152% due 08/25/2034 •  | 78 | 78 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.247% due 05/25/2035 •  | 1639 | 1529 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.692% due 02/25/2037 •  | 68 | 67 |
|  4.707% due 07/25/2036 •  | 1566 | 1577 |
|  |  | 10279 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.386% due 03/25/2036 •  | 1577 | 1516 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.612% due 10/25/2036 •  | 106 | 96 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.003% due 10/25/2033 •  | 149 | 149 |
|  5.472% due 01/25/2035 •  | 678 | 654 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  5.442% due 12/25/2035 •  | 111 | 110 |
|  |  | 2525 |
| OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  5.608% due 07/15/2034 •  | 1300 | 1302 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.186% due 11/15/2037 •  | 2600 | 3059 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2800 | 3293 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.576% due 08/15/2033 •  | 1400 | 1646 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  4.000% due 04/20/2049 | 773 | 689 |
|  4.950% due 07/20/2049 | 785 | 712 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 118 | 96 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 491 | 424 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  5.478% due 11/13/2031 •  | 1428 | 1431 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.926% due 01/15/2033 •  | 1000 | 1176 |
|  Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. | Regatta XVI Funding Ltd. |
|  5.518% due 01/15/2033 •  | 1300 | 1303 |
|  Service Experts Issuer LLC | Service Experts Issuer LLC | Service Experts Issuer LLC |
|  2.670% due 02/02/2032 | 245 | 241 |
|  Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC |
|  5.300% due 05/20/2050 | 960 | 882 |
|  Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC |
|  2.790% due 02/22/2049 | 1327 | 1126 |
|  Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC |
|  5.400% due 04/30/2058 | 1038 | 1007 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 | 603 | 544 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 1218 | 1227 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  3.800% due 04/20/2030 | 19 | 19 |
|  |  | 20177 |
|  Total Asset-Backed Securities (Cost $37,918) | Total Asset-Backed Securities (Cost $37,918) | 37509 |
| SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% | SOVEREIGN ISSUES 4.1% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 700 | 717 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  2.750% due 01/31/2027 | 300 | 295 |
|  3.500% due 01/31/2034 | 300 | 275 |
|  Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA | Fondo MIVIVIENDA SA |
|  4.625% due 04/12/2027 | 400 | 402 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  4.000% due 07/25/2029 | 1100 | 1331 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  2.250% due 08/12/2036 | 610 | 584 |
|  4.490% due 05/25/2032 | 1100 | 1331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **63** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (f) |  | 6327 | $— | 331 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 |  | 4800 |  | 1542 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 |  | 2400 |  | 132 |
|  8.875% due 02/28/2035 |  | 90375 |  | 5141 |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  5.375% due 05/29/2027 |  | 400 |  | 485 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 |  | 200 |  | 185 |
|  5.500% due 09/18/2028<br>|  | 500 |  | 617 |
|  6.375% due 09/18/2033 |  | 500 |  | 616 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 |  | 300 |  | 328 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  4.975% due 04/20/2055 | $— | 100 |  | 91 |
|  Total Sovereign Issues (Cost $13,445) | Total Sovereign Issues (Cost $13,445) | Total Sovereign Issues (Cost $13,445) |  | 14403 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (c)(i) | 1017 | $— | 61 |
|  Total Common Stocks (Cost $17) | Total Common Stocks (Cost $17) |  | 61 |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.875% due 10/09/2027 •(g)(h) | 200000 |  | 243 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(g) | 100000 |  | 98 |
|  |  |  | 341 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1159 |  | 632 |
|  Total Preferred Securities (Cost $1,308) | Total Preferred Securities (Cost $1,308) |  | 973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% |
| REPURCHASE AGREEMENTS (j) 4.8% | REPURCHASE AGREEMENTS (j) 4.8% | REPURCHASE AGREEMENTS (j) 4.8% | REPURCHASE AGREEMENTS (j) 4.8% | REPURCHASE AGREEMENTS (j) 4.8% |
|  |  |  | $— | 17100 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.961% due 10/21/2025 - 01/13/2026 (d)(e)(o) | $— | 426 |  | 422 |
| Total Short-Term Instruments<br>(Cost $17,522) | Total Short-Term Instruments<br>(Cost $17,522) | Total Short-Term Instruments<br>(Cost $17,522) |  | 17522 |
| Total Investments in Securities<br>(Cost $434,366) | Total Investments in Securities<br>(Cost $434,366) | Total Investments in Securities<br>(Cost $434,366) |  | 430656 |
| Total Investments 121.3%<br>(Cost $434,366) | Total Investments 121.3%<br>(Cost $434,366) | Total Investments 121.3%<br>(Cost $434,366) | $— | 430656 |
|  Financial Derivative<br>Instruments (l)(n) 0.1%<br> (Cost or Premiums, net $2,450) | Financial Derivative<br>Instruments (l)(n) 0.1%<br> (Cost or Premiums, net $2,450) | Financial Derivative<br>Instruments (l)(n) 0.1%<br> (Cost or Premiums, net $2,450) |  | 227 |
| Other Assets and Liabilities, net (21.4)% | Other Assets and Liabilities, net (21.4)% | Other Assets and Liabilities, net (21.4)% |  | (75843) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 355040 |

---

#### 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) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Principal amount of security is adjusted for inflation.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNSN Holdings, Inc. | 04/26/2022 - 07/19/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | 0.02% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(j) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.220% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | U.S. Treasury Notes 3.500% due 09/30/2029 | $(17442) | $17100 | $17102 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17442) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102 |

---

64 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MSC | 3.250% | 09/19/2025 | TBD<sup>(3)</sup> | $(623) | $(623) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% | U.S. Government Agencies (4.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 11/01/2055 | $750 | $(605) | $(605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 750 | (619) | (632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 11/01/2055 | 500 | (440) | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | (8239) | (8227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 11/01/2055 | 6400 | (6458) | (6449) |
|  Total Short Sales (4.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16352) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $17102 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17442) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) |
|  MSC | 0 | (623) | 0 | (623) | 822 | 199 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623) | $&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 | $(623) | $(623) |
|  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;(623) | $(623) |
|  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;(623) |

---

(k) Securities with an aggregate market value of $822 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(16633) at a weighted average interest rate of 4.442%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(l) 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 |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Euro-Bobl December Futures  | 12/2025 | 1 | 138 | 0 | 0 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 6 | 906 | 5 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **65** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76691 | $59 | $40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 293 | 31994 | 34 | 12 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 804 | 90450 | 551 | 0 | (13) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 46 | 5363 | 104 | 0 | (11) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 9 | 1081 | 29 | 0 | (5) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1204) | $19 | $0 | $(1) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 4 | (965) | 13 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 4 | (960) | 19 | 0 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 6 | (690) | (8) | 1 | 0 |
|  |  |  |  | $43 | $1 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
| British Telecommunications PLC | 1.000% | Quarterly | 06/20/2028 | 0.234% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(1) | $6 | $5 | $0 | $0 |
| British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.265 |  | 700 | (9) | 28 | 19 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&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 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 27700 | $(144) | $(16) | $(160) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 |  | 100 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 1600 | 33 | (6) | 27 | 0 | (5) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 |  | 590000 | 16 | 37 | 53 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 06/16/2028 |  | 1600000 | 90 | 224 | 314 | 5 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 |  | 260000 | (5) | (21) | (26) | 0 | (1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2028 |  | 1100000 | 203 | 76 | 279 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 |  | 580000 | 8 | 58 | 66 | 3 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 |  | 233400 | 1 | 90 | 91 | 2 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 |  | 340000 | 20 | 64 | 84 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 |  | 79000 | 20 | 91 | 111 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $— | 3500 | 45 | 50 | 95 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 |  | 2500 | 1 | 49 | 50 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 |  | 250 | 0 | 6 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 |  | 30800 | (401) | 416 | 15 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 |  | 11200 | 250 | (272) | (22) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 02/15/2027 |  | 550 | 0 | 20 | 20 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 |  | 500 | 0 | 18 | 18 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.420 | Semi-Annual | 02/24/2027 |  | 400 | 0 | 14 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.430 | Annual | 09/30/2027 |  | 700 | 0 | 28 | 28 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 |  | 670 | 0 | 26 | 26 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 |  | 600 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2027 |  | 500 | (9) | 37 | 28 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 |  | 890 | 20 | (15) | 5 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 |  | 110 | 0 | 8 | 8 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 |  | 500 | (1) | 9 | 8 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 26800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 |  | 2470 | 228 | (49) | 179 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000% | Annual | 03/19/2030 | $— | 54800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 |  | 1440 | 41 | (12) | 29 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 |  | 1900 | (15) | 255 | 240 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 05/10/2031 |  | 800 | 8 | 84 | 92 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 |  | 700 | 52 | 54 | 106 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 |  | 8400 | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | (125) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 |  | 250 | (1) | 32 | 31 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 |  | 13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751) | 491 | (260) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.350 | Annual | 12/14/2032 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18580 | 179 | (84) | 95 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 |  | 11110 | (57) | (45) | (102) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 3490 | 52 | 89 | 141 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 |  | 200 | (1) | (8) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 |  | 200 | (1) | (5) | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 |  | 200 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 |  | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 |  | 200 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 |  | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 |  | 100 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 |  | 400 | (2) | 9 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 |  | 200 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 |  | 200 | (1) | 9 | 8 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 |  | 500 | (1) | 19 | 18 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 |  | 200 | (1) | 9 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 |  | 200 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 11400 | (56) | (62) | (118) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 |  | 300 | (1) | (8) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 |  | 200 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 |  | 400 | (1) | (7) | (8) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 |  | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 |  | 200 | (1) | (1) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 |  | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 |  | 400 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 |  | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 |  | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 |  | 400 | (2) | 2 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 |  | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 |  | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 |  | 200 | (1) | 4 | 3 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **67** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232% | Annual | 09/10/2034 | $— | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $4 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 |  | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 |  | 200 | (1) | 7 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 |  | 200 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 |  | 200 | (1) | (5) | (6) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 |  | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 |  | 300 | (1) | (7) | (8) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 |  | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 |  | 400 | (1) | (7) | (8) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 |  | 600 | (2) | 11 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 |  | 600 | (3) | 12 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 |  | 200 | (1) | 7 | 6 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 |  | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 |  | 100 | 0 | 4 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 |  | 200 | (1) | 8 | 7 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 |  | 250 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 |  | 5800 | (435) | 220 | (215) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 |  | 400 | (1) | (8) | (9) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 200 | (1) | (3) | (4) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 400 | (2) | 5 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 |  | 100 | (1) | 38 | 37 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 |  | 250 | (3) | 104 | 101 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 |  | 50 | 0 | (20) | (20) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 |  | 50 | 0 | (20) | (20) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 100 | (30) | (9) | (39) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 |  | 200 | (2) | (29) | (31) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 |  | 2400 | 149 | 351 | 500 | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 |  | 100 | (1) | (9) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 |  | 100 | (7) | (17) | (24) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 100 | (1) | (2) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 |  | 100 | (1) | (1) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 |  | 100 | (1) | (1) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 |  | 100 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 3000 | 179 | 60 | 239 | 9 | 0 |
| Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 |  | 13200 | 0 | (183) | (183) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 |  | 6100 | 0 | (84) | (84) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 |  | 18400 | (7) | (211) | (218) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 83675 | (39) | 46 | 7 | 9 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 |  | 1600 | 10 | 62 | 72 | 1 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 4000 | (15) | 84 | 69 | 12 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 6300 | 134 | (37) | 97 | 22 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 700 | (3) | (15) | (18) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 450 | (2) | (10) | (12) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 200 | (1) | 14 | 13 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 200 | 0 | 14 | 14 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.270 | Annual | 11/08/2028 |  | 200 | (1) | (11) | (12) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.255 | Annual | 11/22/2028 |  | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.179 | Annual | 11/29/2028 |  | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.920 | Annual | 12/13/2028 |  | 200 | 0 | (9) | (9) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.880 | Annual | 12/19/2028 |  | 200 | 0 | (8) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.950 | Annual | 12/29/2028 |  | 100 | 0 | (4) | (4) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 |  | 100 | 0 | (4) | (4) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 6-Month EUR-EURIBOR | 2.770% | Annual | 04/16/2029 | EUR 200 | $0 | $4 | $4 | $0 | $0 |
| Pay | 6-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 200 | 0 | 5 | 5 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 200 | 0 | 5 | 5 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 | 200 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 200 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 | 200 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 200 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 13100 | (32) | (8) | (40) | 0 | (22) |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 | 500 | (11) | 19 | 8 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 | 100 | 0 | 6 | 6 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 | 400 | (2) | 37 | 35 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (7) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | 0 | (7) | (7) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | 0 | (8) | (8) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | 0 | (9) | (9) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | 0 | (7) | (7) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | (6) | (6) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 200 | (1) | (10) | (11) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 200 | (1) | (8) | (9) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | (5) | (5) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 200 | (1) | (3) | (4) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 200 | (1) | (1) | (2) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 | 400 | (1) | (2) | (3) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (3) | (3) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (1) | (1) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | 1 | 1 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | 0 | 0 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (2) | (2) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 100 | 0 | 2 | 2 | 0 | (1) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 4000 | 9 | (15) | (6) | 0 | (14) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 270 | (4) | (1) | (5) | 0 | (2) |
|  |  |  |  |  |  | $2395 | $138 | $2533 | $135 | $(121) |
|  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;2385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **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;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $(121) | $(151) |

---

(m) Securities with an aggregate market value of $1,120 and cash of $7,096 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **69** |

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------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) 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 |
|  BOA | 10/2025 | 13348 | $89 | $0 | $(1) |
|  | 10/2025 | $252 | 215 | 1 | 0 |
|  | 10/2025 | 27 | 4029 | 0 | 0 |
|  | 11/2025 | 89 | 13302 | 1 | 0 |
|  | 11/2025 | 1044 | $60 | 0 | (1) |
|  | 12/2025 | $600 | 11246 | 9 | 0 |
|  BPS | 10/2025 | 2678 | $3153 | 9 | 0 |
|  | 10/2025 | 15464 | 104 | 0 | (1) |
|  | 11/2025 | $104 | 15411 | 1 | 0 |
|  | 05/2026 | 46 | 14 | 0 | 0 |
|  | 06/2026 | 33 | 10 | 0 | 0 |
|  | 07/2026 | 21 | 6 | 0 | 0 |
|  | 06/2027 | 16 | 5 | 0 | 0 |
|  | 05/2029 | 70 | $240 | 9 | 0 |
|  | 07/2029 | 9 | 30 | 1 | 0 |
|  | 05/2030 | 51 | 177 | 6 | 0 |
|  BRC | 11/2025 | 122 | 81 | 0 | 0 |
|  | 11/2025 | 10103 | 574 | 0 | (9) |
|  BSH | 10/2025 | 26400 | 30673 | 0 | (322) |
|  CBK | 10/2025 | 122 | 80 | 0 | (1) |
|  | 10/2025 | $994 | 1385 | 1 | 0 |
|  | 10/2025 | 4942 | $285 | 0 | (1) |
|  | 11/2025 | 1383 | 994 | 0 | (2) |
|  | 02/2026 | 965 | 262 | 0 | (14) |
|  | 03/2026 | 4222 | 1199 | 0 | (11) |
|  GLM | 10/2025 | 26208 | 4928 | 3 | 0 |
|  | 10/2025 | $4648 | 26208 | 276 | 0 |
|  JPM | 10/2025 | 1385 | $1002 | 7 | 0 |
|  | 11/2025 | 29989 | 1715 | 0 | (15) |
|  MBC | 10/2025 | 7664 | 52 | 0 | 0 |
|  | 10/2025 | $20 | 2864 | 0 | 0 |
|  | 11/2025 | 89 | 13103 | 0 | 0 |
|  MYI | 10/2025 | 292381 | $1958 | 0 | (19) |
|  | 10/2025 | $121 | 17815 | 0 | 0 |
|  | 11/2025 | 1958 | 291369 | 19 | 0 |
|  SCX | 10/2025 | 10977 | 8207 | 60 | 0 |
|  | 10/2025 | 620 | 91211 | 0 | (4) |
|  | 11/2025 | 8207 | $10979 | 0 | (60) |
|  | 11/2025 | $0 | 63 | 0 | 0 |
|  SOG | 10/2025 | 26281 | $4924 | 0 | (14) |
|  | 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636733 | 4279 | 0 | (27) |
|  | 10/2025 | $4941 | 26281 | 0 | (3) |
|  | 10/2025 | 33943 | 28863 | 0 | (56) |
|  | 10/2025 | 5815 | 855225 | 0 | (32) |
|  | 11/2025 | 28863 | $34011 | 57 | 0 |
|  | 11/2025 | $4279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634531 | 27 | 0 |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | 4924 | 26655 | $13 | $0 |
|  SSB | 10/2025 | 8207 | $11062 | 25 | 0 |
|  UAG | 10/2025 | 286 | 4942 | 0 | 0 |
|  | 10/2025 | 4944 | $286 | 0 | 0 |
|  | 11/2025 | 10989 | 623 | 0 | (11) |
|  | 12/2025 | $1772 | 33375 | 36 | 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;561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110% | 07/26/2032 | 200 | $32 | $11 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 300 | 49 | 94 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 300 | 39 | 4 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 300 | 40 | 82 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Africa Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.394% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | CMBX.NA.AAA.14 Index | 0.500% | Monthly | 12/16/2072 | $2100 | $(51) | $53 | $2 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $11 | $0 | $0 | $11 | $(2) | $0 | $0 | $(2) | $9 | $0 | $9 |
|  BPS | 26 | 0 | 0 | 26 | (1) | 0 | 0 | (1) | 25 | 0 | 25 |
|  BRC | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  BSH | 0 | 0 | 0 | 0 | (322) | 0 | 0 | (322) | (322) | 394 | 72 |
|  CBK | 1 | 0 | 0 | 1 | (29) | 0 | 0 | (29) | (28) | 0 | (28) |
|  GLM | 279 | 105 | 0 | 384 | 0 | 0 | 0 | 0 | 384 | (230) | 154 |
|  JPM | 7 | 0 | 0 | 7 | (15) | 0 | 0 | (15) | (8) | 0 | (8) |
|  MYC | 0 | 86 | 9 | 95 | 0 | 0 | 0 | 0 | 95 | 82 | 177 |
|  MYI | 19 | 0 | 0 | 19 | (19) | 0 | 0 | (19) | 0 | 0 | 0 |
|  SCX | 60 | 0 | 0 | 60 | (64) | 0 | 0 | (64) | (4) | 0 | (4) |
|  SOG | 97 | 0 | 0 | 97 | (132) | 0 | 0 | (132) | (35) | 0 | (35) |
|  SSB | 25 | 0 | 0 | 25 | 0 | 0 | 0 | 0 | 25 | 0 | 25 |
|  UAG | 36 | 0 | 0 | 36 | (11) | 0 | 0 | (11) | 25 | 0 | 25 |
|  Total Over the Counter | $561 | $191 | $9 | $761 | $(604) | $0 | $0 | $(604) |  |  |  |

---

(o) Securities with an aggregate market value of $476 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **71** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $86 | $86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 135 | 135 |
|  | $0 | $0 | $0 | $0 | $221 | $221 |
|  Over the counter | Over the 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 | $561 | $0 | $561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 191 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | 0 | 9 |
|  | $0 | $9 | $0 | $561 | $191 | $761 |
|  | $0 | $9 | $0 | $561 | $412 | $982 |
|  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 | $30 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 121 | 121 |
|  | $0 | $0 | $0 | $0 | $151 | $151 |
|  Over the counter | Over the 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 | $604 | $0 | $604 |
|  | $&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;604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $63 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1379 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 1218 | 1223 |
|  | $0 | $5 | $0 | $0 | $2660 | $2665 |
|  Over the counter | Over the 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 | $(2952) | $0 | $(2952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 0 | 11 |
|  | $0 | $11 | $0 | $(2952) | $145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2796) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2952) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | $(131) |

---

72 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(165) | $(165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | (1987) | (1983) |
|  | $0 | $4 | $0 | $0 | $(2152) | $(2148) |
|  Over the counter | Over the 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 | $903 | $0 | $903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (35) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 22 | 0 | 0 | 0 | 22 |
|  | $0 | $22 | $0 | $903 | $(29) | $896 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2181) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1252) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value |  |  |  |  |
|  Loan Participations and Assignments | $0 | $301 | $0 | $301 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 58032 | 0 | 58032 |
| &nbsp;&nbsp; Industrials | 0 | 22337 | 7100 | 29437 |
| &nbsp;&nbsp; Utilities | 0 | 11344 | 0 | 11344 |
|  U.S. Government Agencies | 0 | 172609 | 0 | 172609 |
|  U.S. Treasury Obligations | 0 | 48405 | 0 | 48405 |
|  Non-Agency Mortgage-Backed Securities | 0 | 40060 | 0 | 40060 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4128 | 0 | 4128 |
| &nbsp;&nbsp; CMBS Other | 0 | 400 | 0 | 400 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10279 | 0 | 10279 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2525 | 0 | 2525 |
| &nbsp;&nbsp; Other ABS | 0 | 20177 | 0 | 20177 |
|  Sovereign Issues | 0 | 14403 | 0 | 14403 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Financials | 61 | 0 | 0 | 61 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp; Industrials | 0 | 632 | 0 | 632 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 17100 | 0 | 17100 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>09/30/2025** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $422 | $0 | $422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430656 |
|  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 | $(16352) | $0 | $(16352) |
|  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 | 33 | 188 | 0 | 221 |
|  Over the counter | 0 | 761 | 0 | 761 |
|  | $33 | $949 | $0 | $982 |
|  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 | (151) | 0 | (151) |
|  Over the counter | 0 | (604) | 0 | (604) |
|  | $0 | $(755) | $0 | $(755) |
|  Total Financial Derivative Instruments | $33 | $194 | $0 | $227 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414531 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | $0 | $7100 | $0 | $0 | $0 | $0 | $0 | $0 | $7100 | $0 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
|  Other ABS | 1514 | 0 | 0 | 0 | 0 | 132 | 0 | (1646) | 0 | 0 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 4 | 0 | 0 | 0 | 0 | 57 | 0 | (61) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | $&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;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1707) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 73

------

Schedule of Investments PIMCO ESG Income Fund (Cont.) September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable**<br> **Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes Industrials | $7100 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $7100 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 97.7% | INVESTMENTS IN SECURITIES 97.7% | INVESTMENTS IN SECURITIES 97.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.9% |
|  ABG Intermediate Holdings 2 LLC | ABG Intermediate Holdings 2 LLC | ABG Intermediate Holdings 2 LLC |
|  6.413% (TSFR1M + 2.250%) due 12/21/2028 ~ | 4975 | 4971 |
|  6.413% (TSFR1M + 2.250%) due 02/13/2032 ~ | 2910 | 2910 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.513% (TSFR1M + 3.250%) due 08/20/2032 ~ | 4400 | 4421 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  6.413% (TSFR1M + 2.250%) due 09/29/2031 ~ | 2807 | 2810 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 « | 15225 | 15168 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.663% (TSFR1M + 3.500%) due 10/10/2029 ~ | 15559 | 14984 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 01/27/2032 ~ | 6169 | 6183 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 1721 | 1724 |
|  Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. |
|  8.425% (TSFR1M + 4.250%) due 02/11/2028 ~ | 7860 | 7858 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 2674 | 2667 |
|  7.750% due 12/09/2031 | 27132 | 27412 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 85 | 85 |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 5027 | 5025 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | 4000 | 4116 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 7861 | 7736 |
|  DirecTV Financing LLC | DirecTV Financing LLC | DirecTV Financing LLC |
|  9.820% (TSFR3M + 5.250%) due 08/02/2029 ~ | 7518 | 7540 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 744 | 540 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 14375 | 14331 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 1875 | 1877 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  9.530% (TSFR1M + 5.250%) due 06/04/2029 ~ | 90 | 90 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.163% (TSFR1M + 3.000%) due 02/07/2031 ~ | 2263 | 2040 |
|  7.413% (TSFR1M + 3.250%) due 02/18/2030 ~ | 14054 | 12772 |
|  LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC |
|  7.163% (TSFR1M + 3.000%) due 05/01/2031 ~ | 1726 | 1727 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 20852 | 19979 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1750 | 1575 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  TBD% due 03/03/2028 | 9400 | 9177 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  8.570% (TSFR3M + 4.000%) due 06/02/2028 ~ | 8104 | 7828 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 16000 | 15937 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 9638 | 9313 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | 31421 | 29889 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | 3869 | 3786 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.252% (TSFR3M + 2.250%) due 03/22/2030 ~ | 2794 | 2795 |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 10174 | 10181 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  6.252% (TSFR3M + 2.250%) due 09/29/2030 ~ | 7885 | 7883 |
|  Varsity Brands, Inc. | Varsity Brands, Inc. | Varsity Brands, Inc. |
|  7.026% (TSFR3M + 3.000%) due 08/26/2031 ~ | 7885 | 7896 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 2469 | 2447 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.515% (TSFR1M + 3.250%) due 01/31/2029 ~ | 12925 | 12935 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  8.752% (TSFR3M + 4.750%) due 07/01/2032 ~ | 3300 | 3311 |
|  X Corp. | X Corp. | X Corp. |
|  10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 20418 | 20057 |
|  Total Loan Participations and Assignments (Cost $315,125) | Total Loan Participations and Assignments (Cost $315,125) | 313976 |
| CORPORATE BONDS & NOTES 85.3% | CORPORATE BONDS & NOTES 85.3% | CORPORATE BONDS & NOTES 85.3% |
| BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 250 | 250 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~ | 2100 | 2257 |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ | 2100 | 2210 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 15000 | 15355 |
|  6.750% due 04/15/2028 | 3000 | 3056 |
|  7.000% due 01/15/2031 | 13525 | 13985 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 9600 | 9875 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 9575 | 9393 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.700% due 02/14/2033 | 1000 | 1042 |
|  8.000% due 11/01/2031 | 3000 | 3415 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 5225 | 5082 |
|  6.375% due 02/15/2029 | 7450 | 7606 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ | 750 | 815 |
|  Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |
|  7.125% due 05/15/2031 | 2825 | 2935 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  22.480% (BNMMDTSC + 18.500%) due 04/30/2031 ~ | 250 | 282 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(h) | 8000 | 8558 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 12300 | 13058 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  8.375% due 06/15/2035 •  | 2875 | 2955 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 6269 | 6162 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  7.500% due 07/15/2033 | 6325 | 6444 |
|  9.250% due 07/01/2031 | 31025 | 33005 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ | 850 | 894 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.536% due 05/10/2031 •  | 250 | 265 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 11043 | 10490 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  9.250% due 12/15/2028 | 3075 | 3235 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 6325 | 6356 |
|  CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
|  3.875% due 06/30/2028 | 10000 | 9735 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 5100 | 5190 |
|  EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 (a) | 7000 | 7000 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 (a) | 700 | 698 |
|  8.500% due 05/15/2030 | 23525 | 25002 |
|  9.250% due 04/01/2029 | 6325 | 6682 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~ | 1100 | 1162 |
|  15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 1100 | 1159 |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ | 630 | 663 |
|  Fortitude Group Holdings LLC | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
|  6.250% due 04/01/2030 | 1000 | 1039 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 6900 | 6891 |
|  12.000% due 10/01/2028 | 10425 | 11050 |
|  12.250% due 10/01/2030 | 18375 | 20514 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  7.875% due 04/01/2033 | 3925 | 4047 |
|  9.125% due 05/15/2031 | 8900 | 9477 |
|  9.250% due 02/01/2029 | 6400 | 6739 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 | 11350 | 11250 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 6000 | 6006 |
|  5.875% due 04/15/2033 | 4875 | 4910 |
|  7.000% due 05/01/2031 | 16515 | 17291 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  6.875% due 04/15/2029 | 6021 | 6259 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.700% due 10/15/2051 •  | 6100 | 6010 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 300 | 300 |
|  Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC |
|  7.750% due 09/01/2030 | 5600 | 5924 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 1700 | 1575 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 14150 | 14768 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 3850 | 3310 |
|  5.950% due 02/15/2028 | 5500 | 5428 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  5.250% due 05/15/2027 | 2825 | 2779 |
|  6.250% due 05/15/2026 | 3380 | 3379 |
|  10.000% due 11/15/2029 | 10775 | 10836 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  13.654% (T-BILL 1MO + 9.750%) due 06/06/2027 ~ | 250 | 263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **75** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ | $— | 250 | $— | 266 |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ |  | 300 |  | 337 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 (a) |  | 29350 |  | 29157 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 |  | 3605 |  | 3477 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 |  | 5925 |  | 5661 |
|  4.875% due 09/15/2027 |  | 13196 |  | 13143 |
|  4.875% due 09/15/2029 |  | 16050 |  | 15813 |
|  5.250% due 07/15/2030 |  | 1900 |  | 1880 |
|  5.625% due 07/15/2032 |  | 394 |  | 392 |
|  6.250% due 01/15/2033 |  | 2850 |  | 2909 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 |  | 17675 |  | 18372 |
|  7.125% due 04/30/2031 |  | 40750 |  | 42774 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 |  | 4825 |  | 5099 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 1000 |  | 1174 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.250% due 02/01/2027 | $— | 6100 |  | 6051 |
|  4.750% due 06/15/2029 |  | 2075 |  | 2038 |
|  7.000% due 07/15/2031 |  | 6450 |  | 6767 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ |  | 1150 |  | 1284 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ |  | 250 |  | 250 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 |  | 8900 |  | 8929 |
|  6.375% due 08/01/2030 |  | 10425 |  | 10610 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ |  | 250 |  | 181 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | $— | 9650 |  | 10261 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 |  | 5000 |  | 5069 |
|  5.500% due 08/15/2028 |  | 11000 |  | 11000 |
|  5.750% due 11/15/2031 |  | 9675 |  | 9808 |
|  6.500% due 08/01/2029 |  | 15440 |  | 15891 |
|  7.125% due 02/01/2032 |  | 11450 |  | 11985 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ |  | 250 |  | 262 |
|  Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 |  | 3875 |  | 3861 |
|  6.750% due 06/15/2026 |  | 424 |  | 429 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 |  | 35575 |  | 38189 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 |  | 3925 |  | 3787 |
|  5.625% due 09/29/2028 |  | 18150 |  | 18173 |
|  6.125% due 09/30/2030 |  | 26850 |  | 26876 |
|  6.950% due 09/15/2026 |  | 4650 |  | 4714 |
|  7.050% due 09/15/2028 |  | 10395 |  | 10830 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 |  | 7434 |  | 7270 |
|  5.375% due 11/15/2029 |  | 9000 |  | 8905 |
|  6.125% due 05/15/2030 |  | 10050 |  | 10185 |
|  6.625% due 05/15/2029 |  | 13650 |  | 14048 |
|  7.500% due 05/15/2031 |  | 15725 |  | 16452 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  7.979% (EUR003M + 6.000%) due 01/17/2029 ~ |  | 250 |  | 296 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | $— | 13314 |  | 13324 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ |  | 250 |  | 265 |
|  13.604% (T-BILL 1MO + 9.700%) due 06/09/2031 ~ |  | 250 |  | 267 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 7650 | 5766 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 27025 | 28128 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
|  5.875% due 10/01/2028 | 3100 | 3097 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 8885 | 9025 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 13000 | 12593 |
|  5.750% due 09/15/2031 | 7500 | 7441 |
|  6.875% due 05/15/2032 | 8900 | 9229 |
|  7.125% due 11/15/2030 | 14650 | 15268 |
|  7.875% due 12/15/2029 | 7650 | 8124 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 3600 | 3719 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 1300 | 1381 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 3450 | 3518 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 17000 | 16686 |
|  6.500% due 04/01/2032 | 3150 | 3241 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 2105 | 2085 |
|  4.000% due 09/15/2029 | 11800 | 11153 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 22025 | 22621 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  3.625% due 03/01/2029 | 4100 | 3914 |
|  3.875% due 03/01/2031 | 5800 | 5421 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 20500 | 19195 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | 15100 | 13330 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 | 7975 | 8317 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 1000 | 992 |
|  5.250% due 10/15/2028 (a) | 4550 | 4554 |
|  5.750% due 01/15/2031 (a) | 17675 | 17686 |
|  6.000% due 04/15/2030 | 4425 | 4496 |
|  6.500% due 07/01/2030 | 6875 | 7117 |
|  6.500% due 10/15/2030 | 4775 | 4944 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  7.250% due 02/02/2033 | 1000 | 1068 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | 250 | 261 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ | 300 | 312 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ | 250 | 255 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 18500 | 18659 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ | 550 | 555 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 500 | 525 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 14700 | 14639 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 250 | 253 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 7400 | 7658 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 4270 | 3839 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.147% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 297 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 250 | 260 |
|  |  | 1106649 |
| INDUSTRIALS 67.6% | INDUSTRIALS 67.6% | INDUSTRIALS 67.6% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 13950 | 13340 |
|  3.875% due 01/15/2028 | 20000 | 19549 |
|  4.000% due 10/15/2030 | 43900 | 41418 |
|  4.375% due 01/15/2028 | 9000 | 8856 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 20100 | 20619 |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  3.875% due 10/15/2029 | 11000 | 10546 |
|  AAR Escrow Issuer LLC | AAR Escrow Issuer LLC | AAR Escrow Issuer LLC |
|  6.750% due 03/15/2029 | 2350 | 2421 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 | 2075 | 2012 |
|  5.875% due 10/15/2033 (a) | 27625 | 27625 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  3.900% due 04/15/2030 | 750 | 697 |
|  7.000% due 08/01/2030 | 19775 | 20360 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  6.500% due 11/15/2028 | 3750 | 3231 |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  4.875% due 02/04/2028 | 13822 | 13415 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  3.500% due 03/15/2029 | 3125 | 2966 |
|  4.625% due 01/15/2027 | 4801 | 4778 |
|  5.875% due 02/15/2028 | 5284 | 5290 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 48530 | 50316 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 3025 | 3174 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 12775 | 11812 |
|  4.750% due 10/01/2027 | 2425 | 2410 |
|  Altice France SA | Altice France SA | Altice France SA |
|  5.125% due 01/15/2029 | 16300 | 14028 |
|  5.125% due 07/15/2029 | 16200 | 13917 |
|  5.500% due 01/15/2028 | 15200 | 13452 |
|  5.500% due 10/15/2029 | 11250 | 9787 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 12150 | 12436 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  10.250% due 01/15/2029 | 10450 | 11021 |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
|  7.250% due 08/01/2032 | 3550 | 3689 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 6750 | 7024 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 2598 | 2557 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 8503 | 8513 |
|  5.750% due 04/20/2029 | 30325 | 30464 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.500% due 04/01/2027 | 1650 | 1652 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 16908 | 16058 |
|  4.000% due 01/15/2028 | 9125 | 8950 |
|  Amkor Technology, Inc. | Amkor Technology, Inc. | Amkor Technology, Inc. |
|  5.875% due 10/01/2033 | 1075 | 1087 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 23795 | 25629 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 3900 | 3927 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 19750 | 19109 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 10825 | 10787 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  4.250% due 06/01/2028 | 3700 | 3629 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 600 | 627 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 3000 | 2853 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  5.875% due 06/30/2029 | 2225 | 2222 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 15175 | 14871 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 8650 | 8587 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 11000 | 10549 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 | 8650 | 8517 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 18201 | 17654 |
|  5.750% due 07/15/2027 | 2818 | 2815 |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
|  7.250% due 02/15/2031 | 725 | 759 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 23200 | 22000 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 8650 | 8905 |
|  6.250% due 03/15/2033 | 4200 | 4334 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 12450 | 12079 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 25875 | 23524 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 20340 | 21224 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 8775 | 9130 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 81775 | 81775 |
|  BellRing Brands, Inc. | BellRing Brands, Inc. | BellRing Brands, Inc. |
|  7.000% due 03/15/2030 | 2000 | 2068 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 12425 | 12426 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 10850 | 10716 |
|  3.500% due 06/01/2031 | 26075 | 24287 |
|  5.625% due 08/15/2030 | 16500 | 16729 |
|  6.000% due 08/15/2033 | 10300 | 10555 |
|  6.500% due 05/15/2032 | 16200 | 16780 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 800 | 784 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  8.750% due 11/15/2030 | 1250 | 1350 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 06/15/2031 | 4450 | 4294 |
|  Brink's Co. | Brink's Co. | Brink's Co. |
|  4.625% due 10/15/2027 | 4125 | 4088 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 24457 | 23021 |
|  5.000% due 03/01/2030 | 16100 | 15952 |
|  6.750% due 05/15/2035 | 2600 | 2718 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 4350 | 4250 |
|  4.125% due 04/15/2029 | 11025 | 10683 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 | 1501 | 1497 |
|  Capstone Borrower, Inc. | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
|  8.000% due 06/15/2030 | 2775 | 2905 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 3000 | 2959 |
|  5.750% due 03/15/2030 | 9800 | 10012 |
|  5.750% due 08/01/2032 | 42425 | 43228 |
|  5.875% due 06/15/2031 | 5225 | 5358 |
|  6.000% due 05/01/2029 | 11075 | 11247 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 | 4200 | 4758 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 | 11025 | 11543 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.250% due 02/01/2031 | 27975 | 25789 |
|  4.500% due 08/15/2030 | 27000 | 25518 |
|  4.500% due 05/01/2032 | 3650 | 3324 |
|  4.750% due 03/01/2030 | 26800 | 25737 |
|  5.000% due 02/01/2028 | 22825 | 22624 |
|  5.125% due 05/01/2027 | 5500 | 5467 |
|  5.375% due 06/01/2029 | 24300 | 24156 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  1.400% due 08/05/2026 | 8102 | 7855 |
|  6.500% due 04/15/2030 | 3850 | 3878 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 400 | 372 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 6725 | 5935 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  6.625% due 09/15/2033 | 6375 | 6436 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 40249 | 42714 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  5.500% due 01/15/2028 | 2514 | 2457 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 1875 | 1856 |
|  7.625% due 07/01/2029 | 4553 | 4753 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 13275 | 13191 |
|  6.750% due 03/15/2033 | 29050 | 29451 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 19975 | 17288 |
|  5.250% due 05/15/2030 | 6175 | 5592 |
|  6.000% due 01/15/2029 | 11942 | 11602 |
|  9.750% due 01/15/2034 | 25950 | 26618 |
|  10.875% due 01/15/2032 | 14825 | 15720 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 21600 | 21327 |
|  5.500% due 04/01/2027 | 375 | 375 |
|  6.750% due 05/01/2031 | 8400 | 8619 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 125 | 125 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  5.000% due 10/15/2026 | 4550 | 4531 |
|  8.750% due 07/01/2031 | 8575 | 8796 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 16700 | 16086 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.125% due 02/15/2031 | 7025 | 7267 |
|  7.500% due 03/15/2033 | 8125 | 8501 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  5.875% due 06/01/2027 | 1629 | 1630 |
|  6.875% due 11/01/2029 | 2144 | 2187 |
|  7.625% due 01/15/2034 | 6415 | 6614 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 18425 | 18611 |
|  6.625% due 08/15/2033 | 13100 | 13349 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 10000 | 10122 |
|  6.750% due 04/15/2032 | 5175 | 5313 |
|  6.875% due 01/15/2030 | 9350 | 9603 |
|  8.750% due 04/15/2030 | 26050 | 26784 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 24675 | 24002 |
|  7.000% due 06/15/2027 | 4875 | 4866 |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  5.000% due 12/15/2029 | 1400 | 1382 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 6625 | 6591 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 5300 | 5108 |
|  6.750% due 03/01/2029 | 9300 | 9280 |
|  Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC |
|  9.000% due 09/15/2029 | 6700 | 7053 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 4000 | 4050 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 29400 | 30168 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.250% due 06/01/2030 | 7300 | 7548 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 41555 | 41196 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 7950 | 7747 |
|  7.625% due 04/01/2032 | 5500 | 5466 |
|  8.375% due 01/15/2034 | 11250 | 11408 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 5000 | 4588 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 19730 | 18823 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 19200 | 19846 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 18325 | 17577 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 13975 | 14544 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 4750 | 4966 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 14100 | 14952 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 19625 | 19409 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 | 6589 | 6587 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 4050 | 3746 |
|  3.950% due 03/20/2028 | 14875 | 14534 |
|  6.350% due 06/01/2040 | 1100 | 1015 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 18211 | 19287 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.375% due 06/15/2031 | 2775 | 2683 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 31594 | 34784 |
|  EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) |
|  6.750% due 11/30/2030 (b) | 13725 | 14160 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 8575 | 8733 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 | 12500 | 12125 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 5475 | 5576 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  4.500% due 01/15/2029 | 14072 | 14078 |
|  6.500% due 07/01/2027 | 7950 | 8141 |
|  7.500% due 06/01/2030 | 1875 | 2069 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 3100 | 3019 |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  7.250% due 02/15/2034 | 1300 | 1345 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 13250 | 12614 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | 9625 | 9196 |
|  4.500% due 09/15/2027 | 6625 | 6599 |
|  5.875% due 04/15/2030 | 6300 | 6461 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.500% due 06/01/2031 | 6325 | 6630 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 | 11525 | 11553 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 | 19200 | 19443 |
|  8.625% due 03/15/2031 | 5500 | 5803 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 12629 | 11832 |
|  3.875% due 10/01/2031 | 4775 | 4363 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  4.625% due 02/15/2027 | 4200 | 4172 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 | 8000 | 7811 |
|  4.000% due 08/01/2028 | 14900 | 14561 |
|  4.375% due 08/15/2029 | 3000 | 2929 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 10500 | 10814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **77** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 | 12100 | 11480 |
|  5.250% due 12/01/2027 | 1727 | 1726 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 9298 | 9539 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 2475 | 2465 |
|  7.375% due 10/01/2030 | 24525 | 24667 |
|  7.625% due 07/01/2029 | 15375 | 15593 |
|  9.250% due 12/01/2028 | 10750 | 11227 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 25050 | 25138 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.750% due 02/01/2030 | 2450 | 2292 |
|  4.750% due 07/15/2027 | 1075 | 1068 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 1825 | 1403 |
|  5.375% due 11/15/2031 | 3200 | 2406 |
|  10.500% due 07/15/2029 (j) | 5950 | 6438 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 14945 | 14963 |
|  Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 | 6000 | 5834 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 4150 | 4264 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 11800 | 11456 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  5.500% due 07/15/2027 | 5004 | 4995 |
|  7.000% due 06/15/2030 | 5775 | 6003 |
|  7.250% due 06/15/2033 | 4900 | 5119 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 | 3325 | 3392 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 19000 | 17407 |
|  3.750% due 05/01/2029 | 9400 | 9049 |
|  4.000% due 05/01/2031 | 12100 | 11460 |
|  5.750% due 09/15/2033 | 5375 | 5451 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  5.000% due 06/01/2029 | 6075 | 5847 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 17675 | 17083 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 12125 | 12370 |
|  7.375% due 07/15/2032 | 18145 | 18849 |
|  Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
|  9.000% due 02/15/2029 (j) | 4550 | 4761 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 (b) | 8750 | 9162 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 12400 | 12071 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 4000 | 3927 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 46104 | 44341 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 | 4850 | 5047 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 29650 | 30521 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 32575 | 33068 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  4.625% due 03/01/2028 | 7598 | 7519 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 1982 | 1962 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 1000 | 1027 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2030 | 20475 | 20908 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.500% due 10/01/2033 | 7125 | 7259 |
|  6.750% due 10/01/2035 | 3775 | 3878 |
|  7.250% due 02/15/2029 | 2850 | 2959 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 22900 | 22717 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 2800 | 2607 |
|  3.750% due 02/15/2028 | 5565 | 5415 |
|  4.000% due 02/15/2030 | 4800 | 4600 |
|  5.375% due 11/01/2033 | 6450 | 6411 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.875% due 05/15/2028 | 6000 | 5985 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  9.500% due 06/15/2031 | 4600 | 4840 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.500% due 04/01/2030 | 8250 | 7580 |
|  6.875% due 06/30/2033 | 8725 | 8900 |
|  7.000% due 03/31/2034 | 34450 | 35073 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 9675 | 10320 |
|  9.875% due 08/15/2030 | 9575 | 10381 |
|  11.000% due 10/15/2030 | 23070 | 25456 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 3600 | 3747 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  3.875% due 06/01/2029 | 1000 | 956 |
|  4.375% due 01/15/2031 | 1875 | 1782 |
|  4.625% due 12/15/2027 | 5175 | 5128 |
|  5.500% due 10/01/2030 | 13050 | 13043 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 3775 | 3693 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 3100 | 3028 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 23124 | 23290 |
|  6.500% due 04/15/2032 | 14101 | 14246 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  3.625% due 10/01/2031 | 2975 | 2699 |
|  4.625% due 06/01/2028 | 5000 | 4916 |
|  5.000% due 12/15/2027 | 9807 | 9787 |
|  6.125% due 09/15/2033 | 9475 | 9566 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 21000 | 21232 |
|  Maxam Prill SARL | Maxam Prill SARL | Maxam Prill SARL |
|  7.750% due 07/15/2030 | 3625 | 3652 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 6659 | 6661 |
|  7.375% due 09/01/2031 | 8800 | 9150 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 53550 | 51685 |
|  5.250% due 10/01/2029 (j) | 1000 | 992 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 23575 | 23592 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 13950 | 12033 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 2470 | 2403 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 (a) | 7225 | 7323 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 13975 | 13642 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 13775 | 11924 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 12975 | 12086 |
|  5.625% due 05/01/2027 | 5250 | 5260 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 7475 | 7480 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 5650 | 6120 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 7000 | 6896 |
|  5.250% due 10/01/2030 | 10500 | 10028 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 9350 | 9187 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  6.375% due 05/15/2030 | 3300 | 3278 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.500% due 06/01/2028 | $— | 12125 | $— | 12855 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « |  | 24900 |  | 17679 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 (j) |  | 8900 |  | 8694 |
|  5.625% due 07/15/2027 |  | 10975 |  | 10968 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 |  | 3000 |  | 2946 |
|  4.810% due 09/17/2030 |  | 1600 |  | 1508 |
|  7.500% due 07/17/2030 |  | 10925 |  | 11474 |
|  7.750% due 07/17/2032 |  | 4475 |  | 4739 |
|  8.125% due 07/17/2035 |  | 2775 |  | 2981 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 |  | 31864 |  | 33005 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.250% due 08/01/2031 |  | 1850 |  | 1690 |
|  4.375% due 04/01/2030 |  | 250 |  | 236 |
|  5.000% due 01/15/2044 |  | 6000 |  | 4438 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 |  | 10800 |  | 11051 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  4.250% due 05/15/2029 |  | 8175 |  | 7918 |
|  7.000% due 12/01/2031 |  | 1500 |  | 1582 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 |  | 6700 |  | 6114 |
|  4.750% due 01/30/2030 |  | 19000 |  | 18344 |
|  6.875% due 01/30/2030 |  | 2600 |  | 2698 |
|  Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH |
|  3.375% due 04/15/2029 |  | 2075 |  | 2378 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | $— | 13625 |  | 14120 |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 |  | 1150 |  | 1194 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 |  | 10006 |  | 9631 |
|  7.125% due 10/01/2027 |  | 2086 |  | 2124 |
|  7.250% due 02/15/2033 (a) |  | 20025 |  | 20058 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 |  | 13000 |  | 12633 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 12/01/2029 |  | 1375 |  | 1301 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 |  | 5965 |  | 5658 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 |  | 15000 |  | 14480 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 |  | 27175 |  | 26278 |
|  6.750% due 05/15/2034 |  | 2100 |  | 2016 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 |  | 5100 |  | 4960 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 (a) |  | 2075 |  | 2103 |
|  Parkland Corp. | Parkland Corp. | Parkland Corp. | Parkland Corp. | Parkland Corp. |
|  4.500% due 10/01/2029 |  | 3000 |  | 2924 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 |  | 15075 |  | 14660 |
|  5.500% due 10/15/2027 |  | 2000 |  | 1997 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 |  | 9709 |  | 9760 |
|  6.250% due 02/01/2033 |  | 28125 |  | 28670 |
|  7.000% due 01/15/2032 |  | 7750 |  | 8044 |
|  8.000% due 04/15/2027 |  | 2900 |  | 2947 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  3.500% due 03/01/2032 |  | 3200 |  | 2932 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 |  | 9850 |  | 9212 |
|  4.625% due 04/15/2030 |  | 20475 |  | 19762 |
|  5.500% due 12/15/2029 |  | 29600 |  | 29514 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 |  | 2400 |  | 2415 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 |  | 9300 |  | 9682 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 |  | 3000 |  | 2920 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 11050 | 10734 |
|  6.250% due 04/01/2029 | 24743 | 24759 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 6205 | 6082 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 8950 | 9029 |
|  6.250% due 08/15/2033 | 2075 | 2122 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 33965 | 35209 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 19925 | 20680 |
|  Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
|  8.500% due 07/15/2032 | 1625 | 1684 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 5895 | 6196 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 3025 | 3148 |
|  9.750% due 04/15/2029 | 20950 | 23576 |
|  11.250% due 02/15/2027 | 5800 | 6293 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 24175 | 25141 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 9425 | 9226 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 21875 | 22535 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 10000 | 9547 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  8.625% due 06/01/2027 | 434 | 440 |
|  10.750% due 11/15/2029 | 1775 | 1722 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  5.875% due 11/01/2033 | 12025 | 12036 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 1100 | 1076 |
|  SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
|  5.375% due 11/01/2026 | 2900 | 2900 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
|  3.875% due 01/15/2029 (j) | 3400 | 2998 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 28375 | 29482 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 7988 | 7748 |
|  5.750% due 12/01/2034 | 1600 | 1599 |
|  5.875% due 07/15/2030 | 12000 | 12239 |
|  9.625% due 12/01/2032 | 10000 | 11335 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 14875 | 13797 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
|  6.750% due 08/15/2032 | 6650 | 6880 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 26950 | 25877 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 10275 | 10143 |
|  3.875% due 09/01/2031 | 25525 | 23149 |
|  4.125% due 07/01/2030 | 27225 | 25553 |
|  5.000% due 08/01/2027 | 1950 | 1942 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
|  5.000% due 10/30/2029 | 3245 | 3179 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 14104 | 14183 |
|  7.000% due 08/01/2032 | 3325 | 3330 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 19997 | 20461 |
|  6.875% due 03/15/2034 | 21000 | 21307 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 | 5925 | 6024 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 | 12500 | 12359 |
|  Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/12/2030 (b) | 14699 | 5908 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  5.500% due 09/30/2027 | 1700 | 1699 |
|  6.500% due 06/01/2032 | 5675 | 5873 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 21625 | 21025 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 24100 | 21845 |
|  4.375% due 07/15/2030 | 9675 | 9282 |
|  4.750% due 01/15/2028 | 5000 | 4961 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 8400 | 8348 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 6075 | 6430 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 13925 | 13700 |
|  4.625% due 12/01/2031 | 549 | 518 |
|  6.625% due 03/15/2032 | 10175 | 10459 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 5750 | 6060 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 16515 | 16538 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 15000 | 14899 |
|  6.250% due 07/01/2033 | 6625 | 6748 |
|  7.000% due 05/01/2029 | 9325 | 9662 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 | 3550 | 3466 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  4.625% due 03/15/2028 | 8675 | 8540 |
|  5.000% due 09/15/2029 | 25613 | 25501 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.625% due 11/15/2027 | 5059 | 5017 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.375% due 01/15/2030 | 11000 | 10707 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  6.000% due 12/01/2032 | 14785 | 15409 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 18188 | 18751 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 10975 | 11778 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 13182 | 13145 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 24571 | 23578 |
|  4.125% due 02/15/2032 | 22558 | 21164 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 13150 | 12894 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 15800 | 15497 |
|  6.000% due 01/15/2033 | 15000 | 15179 |
|  6.250% due 01/31/2034 | 4800 | 4940 |
|  6.375% due 03/01/2029 | 23400 | 23953 |
|  6.750% due 01/31/2034 | 39350 | 40714 |
|  6.875% due 12/15/2030 | 14625 | 15167 |
|  7.125% due 12/01/2031 | 3750 | 3916 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 723 | 744 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 (a) | 10388 | 10492 |
|  8.000% due 02/01/2027 (j) | 3575 | 3573 |
|  8.500% due 05/15/2031 | 10000 | 9808 |
|  8.750% due 02/15/2030 | 5513 | 5804 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.625% due 03/01/2030 | 3375 | 3255 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 6350 | 6779 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  9.125% due 09/30/2030 | 5325 | 5220 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 3000 | 2862 |
|  3.875% due 03/15/2031 | 6200 | 5834 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 6225 | 6382 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 9000 | 8806 |
|  4.750% due 02/15/2029 | 23375 | 23052 |
|  5.750% due 04/15/2033 | 600 | 605 |
|  6.875% due 09/15/2028 | 3525 | 3637 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 13475 | 13914 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.375% due 04/15/2026 | 5325 | 5321 |
|  4.625% due 04/15/2029 | 2500 | 2464 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 5200 | 4821 |
|  3.875% due 02/15/2031 | 1000 | 947 |
|  4.000% due 07/15/2030 | 10000 | 9574 |
|  4.875% due 01/15/2028 | 2000 | 1996 |
|  6.125% due 03/15/2034 | 21050 | 21915 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 19450 | 18362 |
|  7.375% due 06/30/2030 | 3500 | 3520 |
|  8.000% due 08/15/2028 | 16100 | 16696 |
|  8.500% due 07/31/2031 | 975 | 1008 |
|  9.375% due 08/01/2032 | 16525 | 17624 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 | 17775 | 17854 |
|  7.125% due 03/15/2029 | 2000 | 2064 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 39525 | 41049 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 6925 | 6245 |
|  4.125% due 08/15/2031 | 5200 | 4912 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 38025 | 39375 |
|  8.125% due 06/01/2028 | 3000 | 3107 |
|  8.375% due 06/01/2031 | 67100 | 70500 |
|  9.500% due 02/01/2029 | 12700 | 14004 |
|  9.875% due 02/01/2032 | 8962 | 9763 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 12350 | 13008 |
|  6.750% due 01/15/2036 | 9166 | 9742 |
|  7.500% due 05/01/2033 | 13575 | 15009 |
|  7.750% due 05/01/2035 | 4300 | 4856 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 | 6775 | 7280 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 15000 | 14666 |
|  VF Corp. | VF Corp. | VF Corp. |
|  2.800% due 04/23/2027 | 2463 | 2392 |
|  2.950% due 04/23/2030 | 3065 | 2704 |
|  Victra Holdings LLC/Victra Finance Corp. | Victra Holdings LLC/Victra Finance Corp. | Victra Holdings LLC/Victra Finance Corp. |
|  8.750% due 09/15/2029 | 1550 | 1627 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 3885 | 3889 |
|  5.875% due 10/15/2033 (a) | 11225 | 11247 |
|  7.000% due 02/15/2029 | 4300 | 4325 |
|  9.125% due 07/15/2031 | 20200 | 21696 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 | 9000 | 8367 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 13000 | 12268 |
|  5.500% due 05/15/2029 | 26825 | 26541 |
|  Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 | 4175 | 4295 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 (j) | 5125 | 5000 |
|  7.875% due 05/01/2027 (j) | 9950 | 10114 |
|  9.500% due 06/01/2028 | 10475 | 10915 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.250% due 01/31/2031 | 16000 | 14846 |
|  4.750% due 07/15/2031 | 16000 | 15070 |
|  7.750% due 04/15/2032 | 35825 | 37684 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 5000 | 4990 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 6691 | 6058 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **79** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 5457 | 5387 |
|  4.054% due 03/15/2029 | 12400 | 11976 |
|  4.279% due 03/15/2032 | 12975 | 11905 |
|  5.050% due 03/15/2042 | 17850 | 14261 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 4965 | 5155 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 8643 | 8933 |
|  7.750% due 09/15/2030 | 5505 | 5787 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (a) | 9475 | 9487 |
|  6.500% due 10/15/2033 (a) | 3400 | 3396 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 23450 | 23481 |
|  8.625% due 04/30/2030 | 10364 | 10602 |
|  Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
|  2.850% due 02/01/2029 | 8000 | 7531 |
|  3.100% due 02/01/2032 | 1000 | 905 |
|  4.750% due 02/15/2026 | 750 | 750 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 350 | 358 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 4755 | 4816 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  4.625% due 08/15/2028 | 4742 | 4667 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 8075 | 8371 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 | 4300 | 4000 |
|  6.625% due 08/15/2032 | 10850 | 10735 |
|  7.375% due 03/01/2031 | 200 | 204 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 6600 | 6448 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 16000 | 15994 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 8000 | 8035 |
|  6.250% due 03/15/2033 | 5025 | 5106 |
|  7.125% due 02/15/2031 | 12500 | 13465 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  3.625% due 03/15/2031 | 14100 | 13184 |
|  4.625% due 01/31/2032 | 12500 | 12161 |
|  4.750% due 01/15/2030 | 7000 | 6967 |
|  6.875% due 11/15/2037 | 1950 | 2171 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  9.250% due 03/09/2030 | 8406 | 8059 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 23210 | 22667 |
|  6.875% due 04/23/2032 | 1600 | 1533 |
|  7.500% due 03/24/2031 | 12325 | 12249 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 | 3300 | 2994 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 27700 | 26169 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 3650 | 2942 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 8425 | 7996 |
|  |  | 5362382 |
| UTILITIES 3.7% | UTILITIES 3.7% | UTILITIES 3.7% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 9300 | 9150 |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 10059 | 10498 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. |
|  5.750% due 01/15/2028 | 1775 | 1773 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
|  6.250% due 04/01/2028 | 12025 | 12050 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 | 20850 | 19873 |
|  4.500% due 02/15/2028 | 7750 | 7722 |
|  4.625% due 02/01/2029 | 3685 | 3652 |
|  5.000% due 02/01/2031 | 15000 | 14965 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 | 11350 | 11222 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 9900 | 10296 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 1000 | 1023 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 9600 | 11138 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.875% due 05/15/2032 | 14442 | 15074 |
|  8.000% due 05/15/2033 | 4350 | 4553 |
|  8.875% due 04/15/2030 | 2000 | 2119 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 7250 | 7318 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  5.750% due 02/01/2029 | 2343 | 2310 |
|  6.000% due 04/15/2030 | 2000 | 1973 |
|  6.000% due 02/01/2031 | 1200 | 1160 |
|  6.250% due 11/01/2028 | 2900 | 2909 |
|  6.875% due 05/15/2034 | 9100 | 8780 |
|  Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC | Leeward Renewable Energy Operations LLC |
|  4.250% due 07/01/2029 | 1368 | 1294 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 | 7300 | 7734 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.125% due 02/15/2029 | 3675 | 3771 |
|  8.375% due 02/15/2032 | 2250 | 2307 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 8925 | 8444 |
|  3.625% due 02/15/2031 | 2425 | 2244 |
|  5.750% due 07/15/2029 | 17550 | 17659 |
|  6.250% due 11/01/2034 | 9700 | 9949 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 3100 | 3024 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  6.000% due 02/15/2028 | 2000 | 1989 |
|  7.875% due 09/15/2030 | 3400 | 3360 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  | 5950 | 6123 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  4.750% due 01/15/2030 | 5300 | 5127 |
|  5.000% due 01/31/2028 | 7900 | 7849 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 17725 | 17367 |
|  5.000% due 07/31/2027 | 3985 | 3975 |
|  6.875% due 04/15/2032 | 23850 | 24962 |
|  7.750% due 10/15/2031 | 3375 | 3574 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 800 | 632 |
|  |  | 290942 |
|  Total Corporate Bonds & Notes<br>(Cost $6,662,218) | Total Corporate Bonds & Notes<br>(Cost $6,662,218) | 6759973 |
| U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% | U.S. TREASURY OBLIGATIONS 2.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 | 13150 | 12210 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.750% due 04/30/2026 (l) | 178000 | 174892 |
|  4.250% due 05/15/2035 | 29625 | 29903 |
|  Total U.S. Treasury Obligations<br>(Cost $215,886) | Total U.S. Treasury Obligations<br>(Cost $215,886) | 217005 |

---

---

| | | |
|:---|:---|:---|
|  | 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% |
|  Spirit Aviation Holdings, Inc. (c) | 548816 | 209 |
|  Total Common Stocks (Cost $8,168) | Total Common Stocks (Cost $8,168) | 209 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 | 602610 | 229 |
|  Total Warrants (Cost $7,327) | Total Warrants (Cost $7,327) | 229 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| REPURCHASE AGREEMENTS (i) 5.0% | REPURCHASE AGREEMENTS (i) 5.0% | REPURCHASE AGREEMENTS (i) 5.0% |
|  |  | 397600 |
| U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% |
|  4.241% due 10/14/2025 - 11/28/2025 (d)(e)(l) | 59189 | 58833 |
|  Total Short-Term Instruments<br> (Cost $456,421) | Total Short-Term Instruments<br> (Cost $456,421) | 456433 |
|  Total Investments in Securities<br>(Cost $7,665,145) | Total Investments in Securities<br>(Cost $7,665,145) | 7747825 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% | INVESTMENTS IN AFFILIATES 7.1% |
| MUTUAL FUNDS 2.6% | MUTUAL FUNDS 2.6% | MUTUAL FUNDS 2.6% |
|  PIMCO Preferred And Capital Securities Active Exchange-Traded Fund | 666600 | 34530 |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 3297250 | 168390 |
| Total Mutual Funds (Cost $200,683) | Total Mutual Funds (Cost $200,683) | 202920 |
| 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 | 36749301 | 357902 |
| Total Short-Term Instruments<br>(Cost $357,760) | Total Short-Term Instruments<br>(Cost $357,760) | 357902 |
| Total Investments in Affiliates<br>(Cost $558,443) | Total Investments in Affiliates<br>(Cost $558,443) | 560822 |
| Total Investments 104.8%<br>(Cost $8,223,588) | Total Investments 104.8%<br>(Cost $8,223,588) | 8308647 |
|  Financial Derivative<br>Instruments (k)(m) (0.0)%<br>(Cost or Premiums, net $45,988) | Financial Derivative<br>Instruments (k)(m) (0.0)%<br>(Cost or Premiums, net $45,988) | (188) |
| Other Assets and Liabilities, net (4.8)% | Other Assets and Liabilities, net (4.8)% | (382573) |
| Net Assets 100.0% | Net Assets 100.0% | 7925886 |

---

80 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security did not produce income within the last twelve months.

(d) Coupon represents a weighted average yield to maturity.

(e) Zero coupon security.

(f) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(g) Institutional Class Shares of each Fund.

(h) Contingent convertible security.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(i) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.290% | 09/30/2025 | 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | U.S. Treasury Notes 1.500% - 4.125% due 01/31/2027 - 10/31/2029 | $(264909) | $259600 | $259631 |
| SAL | 4.180 | 10/01/2025 | 10/02/2025 | 138000 | U.S. Treasury Notes 2.750% due 04/30/2027 | (140871) | 138000 | 138000 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405780) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397631 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 3.990% | 10/01/2025 | 10/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4931) | $(4930) |
|  BPS | 0.750 | 09/19/2025 | TBD<sup>(3)</sup> | (1991) | (1992) |
|  BRC | 3.600 | 09/19/2025 | TBD<sup>(3)</sup> | (2588) | (2591) |
|  MSC | 3.500 | 09/24/2025 | 10/31/2025 | (2231) | (2233) |
|  | 3.750 | 09/19/2025 | TBD<sup>(3)</sup> | (7592) | (7602) |
|  | 3.800 | 09/19/2025 | 10/31/2025 | (1805) | (1808) |
|  | 3.950 | 09/19/2025 | 10/01/2025 | (4920) | (4926) |
|  | 4.010 | 09/19/2025 | 10/31/2025 | (3599) | (3603) |
|  | 4.050 | 09/19/2025 | 10/31/2025 | (765) | (766) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30451) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $259631 | $(4930) | $0 | $254701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264909) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10208) |
|  BPS | 0 | (1992) | 0 | (1992) | 1930 | (62) |
|  BRC | 0 | (2591) | 0 | (2591) | 2999 | 408 |
|  MSC | 0 | (20938) | 0 | (20938) | 27385 | 6447 |
|  SAL | 138000 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138000 | (140871) | (2871) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 81

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $(4926) | $0 | $(8410) | $(12185) | $(25521) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4926) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12185) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25521) |
|  Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | $(25521) |

---

(j) Securities with an aggregate market value of $32,314 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(10150) at a weighted average interest rate of 3.655%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(4930) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101490 | $51 | $53 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 2304 | 251586 | (375) | 75 | (51) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 2330 | 262125 | 826 | 0 | (152) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 326 | 39140 | 998 | 0 | (184) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 735 | 84582 | 337 | 0 | (46) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund December Futures  | 12/2025 | 76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11472) | $(68) | $3 | $(30) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  Telecom Italia spa | 1.000% | Quarterly | 12/20/2029 | 0.989% | EUR | 1075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $38475 | $2489 | $458 | $2947 | $0 | $(55) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 371325 | 27155 | 2966 | 30121 | 138 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 264100 | 20093 | 634 | 20727 | 283 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |

---

82 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261300 | $(2583) | $900 | $(1683) | $83 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 160375 | (4424) | 2818 | (1606) | 0 | (89) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 73955 | (449) | 462 | 13 | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 38875 | (1633) | 1184 | (449) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 42250 | 2224 | (1441) | 783 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 48483 | (201) | (584) | (785) | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2033 | 22000 | 5 | (186) | (181) | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 30350 | 3334 | 400 | 3734 | 87 | 0 |
|  |  |  |  |  |  | $(3727) | $3553 | $(174) | $170 | $(175) |
|  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;45988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(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;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879) |

---

(l) Securities with an aggregate market value of $72,393 and cash of $8,031 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(186) 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** | Asset | Liability |
|  AZD | 10/2025 | 957 | $688 | $0 | $0 |
|  | 10/2025 | 2969 | 3462 | 0 | (23) |
|  | 11/2025 | $688 | 955 | 0 | 0 |
|  JPM | 10/2025 | 691 | 956 | 0 | (5) |
|  MBC | 10/2025 | 993 | $1166 | 1 | 0 |
|  | 10/2025 | 977 | 1313 | 0 | (1) |
|  | 11/2025 | $1313 | 977 | 1 | 0 |
|  SOG | 10/2025 | 4659 | 3962 | 0 | (8) |
|  | 11/2025 | 3962 | $4668 | 8 | 0 |
|  SSB | 10/2025 | $2209 | 1639 | 0 | (5) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 83

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(23) | $0 | $0 | $(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  JPM | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  MBC | 2 | 0 | 0 | 2 | (1) | 0 | 0 | (1) | 1 | 0 | 1 |
|  SOG | 8 | 0 | 0 | 8 | (8) | 0 | 0 | (8) | 0 | 0 | 0 |
|  SSB | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&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;(42) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $131 | $131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 422 | 0 | 0 | 170 | 592 |
|  | $0 | $422 | $0 | $0 | $301 | $723 |
|  Over the counter | Over the 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 | $10 | $0 | $10 |
|  | $0 | $422 | $0 | $10 | $301 | $733 |
|  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 | $463 | $463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 241 | 0 | 0 | 175 | 416 |
|  | $0 | $241 | $0 | $0 | $638 | $879 |
|  Over the counter | Over the 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 | $42 | $0 | $42 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | $&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;638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $6177 | $6177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 25081 | 0 | 0 | (3521) | 21560 |
|  | $0 | $25081 | $0 | $0 | $2656 | $27737 |
|  Over the counter | Over the 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 | $(549) | $0 | $(549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 24 | 0 | 0 | 0 | 24 |
|  | $0 | $24 | $0 | $(549) | $0 | $(525) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27212 |

---

84 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(3864) | $(3864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7816 | 0 | 0 | 788 | 8604 |
|  | $0 | $7816 | $0 | $0 | $(3076) | $4740 |
|  Over the counter | Over the 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 | $136 | $0 | $136 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3076) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $294152 | $19824 | $313976 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 36157 | 1069318 | 1174 | 1106649 |
| &nbsp;&nbsp; Industrials | 38117 | 5224811 | 99454 | 5362382 |
| &nbsp;&nbsp; Utilities | 0 | 290942 | 0 | 290942 |
|  U.S. Treasury Obligations | 0 | 217005 | 0 | 217005 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 209 | 0 | 0 | 209 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 229 | 0 | 229 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 397600 | 0 | 397600 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 58833 | 0 | 58833 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7552890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747825 |
|  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 | 202920 | 0 | 0 | 202920 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 357902 | 0 | 0 | 357902 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  | $560822 | $0 | $0 | $560822 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7552890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308647 |
|  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 | 3 | 720 | 0 | 723 |
|  Over the counter | 0 | 10 | 0 | 10 |
|  | $3 | $730 | $0 | $733 |
|  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 | (30) | (663) | 0 | (693) |
|  Over the counter | 0 | (42) | 0 | (42) |
|  | $(30) | $(705) | $0 | $(735) |
|  Total Financial Derivative Instruments | $(27) | $25 | $0 | $(2) |
|  Totals | $635278 | $7552915 | $120452 | $8308645 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $31673 | $15149 | $(27204) | $40 | $1 | $165 | $0 | $0 | $19824 | $62 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 1170 | 0 | 0 | 0 | 4 | 0 | 0 | 1174 | 4 |
| &nbsp;&nbsp; Industrials | 24105 | 81775 | (3676) | 4 | 0 | (2754) | 0 | 0 | 99454 | (2742) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 1785 | 0 | (792) | 0 | 792 | (1785) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 8251 | 0 | (15) | 0 | (6) | (8022) | 0 | (208) | 0 | 0 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 9379 | 0 | (317) | 0 | (56) | (8777) | 0 | (229) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32004) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2676) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 85

------

Schedule of Investments PIMCO High Yield Fund (Cont.) September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | **Ending<br>Balance<br>at 09/30/2025** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $4116 | Discounted Cash Flow | Discount Rate | 6.818 |  |
|  | 540 | Indicative Market Quotation | Broker Quote | 72.500 |  |
|  | 15168 | Third Party Vendor | Broker Quote | 99.625 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 1174 | Recent Transaction | Purchase Price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17679 | Indicative Market Quotation | Broker Quote | 71.000 |  |
|  | 81775 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120452 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 7.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.2% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 695 | 674 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.575% (TSFR3M + 2.250%) due 04/20/2028 ~ | 259 | 259 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 « | 500 | 498 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 496 | 500 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 02/15/2029 ~ | 296 | 296 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 01/27/2032 ~ | 498 | 499 |
|  Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |
|  7.413% (TSFR1M + 3.250%) due 01/31/2031 ~ | 400 | 400 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  6.460% (TSFR6M + 2.250%) due 04/21/2032 ~ | 800 | 803 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 198 | 197 |
|  7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 1397 | 1400 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 889 | 875 |
|  7.030% (TSFR1M + 2.750%) due 03/26/2032 ~ | 299 | 294 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  TBD% due 09/23/2032 | 500 | 500 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 495 | 359 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 102 | 102 |
|  12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 414 | 427 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 1300 | 1296 |
|  11.038% (TSFR3M + 7.000%) due 09/15/2033 ~ | 200 | 200 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.255% (TSFR1M + 3.000%) due 06/27/2031 ~ | 893 | 899 |
|  Foundation Building Materials Holding Co. LLC | Foundation Building Materials Holding Co. LLC | Foundation Building Materials Holding Co. LLC |
|  7.820% (TSFR3M + 3.250%) due 01/31/2028 ~ | 50 | 50 |
|  Frontier Communications Corp. | Frontier Communications Corp. | Frontier Communications Corp. |
|  6.650% (TSFR1M + 2.500%) due 07/01/2031 ~ | 299 | 299 |
|  GBT U.S. III LLC | GBT U.S. III LLC | GBT U.S. III LLC |
|  6.814% (TSFR3M + 2.500%) due 07/25/2031 ~ | 398 | 399 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 925 | 926 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.634% (TSFR1M + 3.500%) due 10/01/2032 ~ | 500 | 501 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.032% (TSFR1M + 4.000%) due 12/04/2031 ~ | 470 | 472 |
|  INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. | INEOS Quattro Holdings U.K. Ltd. |
|  8.513% (TSFR1M + 4.250%) due 04/02/2029 ~ | 198 | 180 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  TBD% due 09/30/2032 | 800 | 792 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 796 | 798 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  7.416% (TSFR1M + 4.250%) due 03/27/2032 ~ | 650 | 651 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 296 | 296 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 798 | 765 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  8.413% (TSFR1M + 4.250%) due 12/31/2031 ~ | 993 | 916 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 204 | 202 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  8.058% (TSFR3M + 3.750%) due 12/31/2030 ~ | 45 | 45 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.429% (TSFR3M + 5.000%) due 04/11/2029 ~ | 650 | 620 |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  9.961% due 11/28/2031 | 1000 | 1345 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 700 | 630 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  TBD% due 03/03/2028 | 500 | 488 |
|  Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
|  6.252% (TSFR3M + 2.250%) due 03/31/2028 ~ | 491 | 492 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  TBD% due 08/12/2032 | 600 | 601 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.723% (TSFR1M + 3.500%) due 10/30/2031 «~ | 995 | 997 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 1000 | 996 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  7.002% (TSFR3M + 3.000%) due 09/18/2031 ~ | 395 | 397 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 545 | 527 |
|  Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH | Stepstone Group MidCo 2 GmbH |
|  6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 525 | 608 |
|  Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP |
|  TBD% due 09/24/2032 « | 500 | 500 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | 1000 | 1180 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  7.197% - 7.308% (TSFR6M + 3.000%) due 04/30/2030 ~ | 448 | 449 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 938 | 939 |
|  6.663% (TSFR1M + 2.338%) due 08/19/2032 ~ | 500 | 500 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  11.125% due 03/02/2028 «~ | 13571 | 777 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.752% (TSFR3M + 3.750%) due 09/15/2028 ~ | 199 | 195 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 792 | 758 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 347 | 346 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  8.548% (TSFR3M + 4.250%) due 03/25/2027 «~ | 900 | 899 |
|  Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
|  5.000% (EUR003M + 3.000%) due 03/27/2028 ~ | 1600 | 1887 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 521 | 516 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 446 | 449 |
|  Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC | Vistra Zero Operating Co. LLC |
|  6.163% (TSFR1M + 2.000%) due 04/30/2031 ~ | 448 | 444 |
|  X Corp. | X Corp. | X Corp. |
|  10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 992 | 975 |
|  Total Loan Participations and Assignments<br>(Cost $35,630) | Total Loan Participations and Assignments<br>(Cost $35,630) | 36285 |
| CORPORATE BONDS & NOTES 80.2% | CORPORATE BONDS & NOTES 80.2% | CORPORATE BONDS & NOTES 80.2% |
| BANKING & FINANCE 13.8% | BANKING & FINANCE 13.8% | BANKING & FINANCE 13.8% |
|  Alexandrite Lake Lux Holdings SARL | Alexandrite Lake Lux Holdings SARL | Alexandrite Lake Lux Holdings SARL |
|  6.750% due 07/30/2030 | 200 | 240 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  7.000% due 01/15/2031 | 1850 | 1913 |
|  7.375% due 10/01/2032 | 350 | 361 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.000% due 06/01/2029 | 100 | 98 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  3.625% due 06/01/2028 | 600 | 700 |
|  4.625% due 06/01/2028 | 1100 | 1079 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 100 | 114 |
|  Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
|  8.500% due 11/15/2029 | 600 | 599 |
|  Atrium Finance PLC | Atrium Finance PLC | Atrium Finance PLC |
|  2.625% due 09/05/2027 | 375 | 418 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  | 750 | 966 |
|  10.500% due 07/23/2029 | 200 | 293 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  9.625% due 12/15/2029 •(g)(h) | 700 | 796 |
|  Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
|  7.500% due 01/15/2031 | 1300 | 1380 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 200 | 217 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  5.750% due 05/15/2026 | 261 | 260 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 1100 | 1107 |
|  7.500% due 07/15/2033 | 700 | 713 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 300 | 321 |
|  Castellum AB | Castellum AB | Castellum AB |
|  3.125% due 12/02/2026 •(g) | 1100 | 1281 |
|  Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
|  9.250% due 12/15/2028 | 225 | 237 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 500 | 502 |
|  CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
|  3.875% due 06/30/2028 | 200 | 195 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 600 | 611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **87** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 (a) | 900 | 900 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  4.250% due 06/01/2028 | 750 | 968 |
|  8.500% due 05/15/2030 | 1200 | 1275 |
|  9.250% due 04/01/2029 | 500 | 528 |
|  Essendi SA | Essendi SA | Essendi SA |
|  5.375% due 05/15/2030 | 300 | 364 |
|  5.500% due 11/15/2031 | 400 | 484 |
|  6.375% due 10/15/2029 | 100 | 124 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 1175 | 1195 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 600 | 599 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 750 | 787 |
|  9.125% due 05/15/2031 | 900 | 958 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 800 | 742 |
|  6.125% due 01/15/2031 | 900 | 892 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 1450 | 1451 |
|  7.000% due 05/01/2031 | 350 | 366 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 300 | 307 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 250 | 250 |
|  Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC |
|  7.750% due 09/01/2030 | 300 | 317 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 | 400 | 369 |
|  8.000% due 06/15/2027 | 156 | 162 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 325 | 313 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  5.250% due 05/15/2027 | 300 | 295 |
|  9.000% due 06/15/2030 | 300 | 290 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 900 | 851 |
|  4.950% due 06/01/2042 •  | 800 | 677 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  0.000% due 09/30/2032 (a) | 1200 | 1192 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 1600 | 1663 |
|  7.125% due 04/30/2031 | 1500 | 1575 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  8.250% due 05/15/2030 | 500 | 523 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  4.750% due 06/15/2029 | 600 | 589 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.300% due 02/01/2061 | 375 | 236 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 125 | 124 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.375% due 08/01/2030 | 450 | 458 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | 375 | 399 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  5.125% due 12/15/2030 | 500 | 507 |
|  6.500% due 08/01/2029 | 400 | 412 |
|  7.125% due 02/01/2032 | 100 | 105 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 250 | 262 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  9.375% due 07/25/2030 | 300 | 332 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  3.250% due 07/23/2027 | 500 | 579 |
|  4.875% due 12/08/2028 | 1200 | 1427 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 650 | 698 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 | 625 | 587 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.875% due 09/15/2028 | 500 | 481 |
|  4.000% due 09/15/2030 | 500 | 465 |
|  5.375% due 11/15/2029 | 1000 | 989 |
|  6.125% due 05/15/2030 | 500 | 507 |
|  7.500% due 05/15/2031 | 475 | 497 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) | 800 | 603 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 1400 | 1457 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
|  4.875% due 05/15/2029 | 500 | 488 |
|  Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |
|  3.000% due 06/15/2029 | 400 | 452 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 875 | 889 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 300 | 298 |
|  6.875% due 05/15/2032 | 750 | 778 |
|  7.875% due 12/15/2029 | 600 | 637 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  5.000% due 10/01/2029 | 400 | 372 |
|  8.875% due 01/31/2030 | 400 | 413 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 500 | 510 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 1100 | 1080 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 825 | 780 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 2075 | 2131 |
|  Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB |
|  0.750% due 11/14/2028 (k) | 1300 | 1221 |
|  1.125% due 09/26/2029 | 450 | 407 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 600 | 562 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (f) | 800 | 706 |
|  8.375% due 06/15/2029 | 350 | 356 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 1050 | 1030 |
|  6.500% due 01/31/2030 | 975 | 1017 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 (a) | 400 | 400 |
|  5.750% due 01/15/2031 (a) | 600 | 600 |
|  6.500% due 07/01/2030 | 375 | 388 |
|  6.500% due 10/15/2030 | 600 | 621 |
|  7.250% due 04/01/2029 | 325 | 342 |
|  Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV |
|  4.875% due 07/15/2031 | 600 | 572 |
|  Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
|  6.250% due 01/14/2031 | 971 | 300 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(g)(h) | 100 | 111 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 1875 | 1891 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 600 | 630 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 800 | 797 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 280 | 290 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~ | 250 | 260 |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 300 | 309 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.750% due 05/25/2027 | 1400 | 1615 |
|  |  | 69785 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 63.1% | INDUSTRIALS 63.1% | INDUSTRIALS 63.1% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.875% due 01/15/2028 | 1000 | 977 |
|  4.000% due 10/15/2030 | 4650 | 4387 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 1700 | 1744 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 | 400 | 388 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 1900 | 1956 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 750 | 751 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  3.500% due 03/15/2029 | 1025 | 973 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 1825 | 1892 |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  7.125% due 03/15/2031 | 300 | 316 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 475 | 439 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  7.875% due 04/30/2029 | 854 | 887 |
|  Altice Financing SA | Altice Financing SA | Altice Financing SA |
|  3.000% due 01/15/2028 | 100 | 91 |
|  5.750% due 08/15/2029 | 750 | 565 |
|  Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
|  6.000% due 02/15/2028 | 1000 | 362 |
|  10.500% due 05/15/2027 | 1400 | 508 |
|  Altice France SA | Altice France SA | Altice France SA |
|  4.000% due 07/15/2029 | 350 | 355 |
|  5.125% due 01/15/2029 | 500 | 430 |
|  5.125% due 07/15/2029 | 1550 | 1332 |
|  5.500% due 01/15/2028 | 800 | 708 |
|  8.125% due 02/01/2027 | 1050 | 1005 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  4.250% due 02/15/2029 | 9 | 8 |
|  Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
|  6.750% due 02/16/2031 | 875 | 911 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 425 | 426 |
|  5.750% due 04/20/2029 | 900 | 904 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.375% due 10/15/2032 (a) | 400 | 400 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 700 | 665 |
|  4.000% due 01/15/2028 | 700 | 687 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  10.500% due 03/30/2029 | 600 | 753 |
|  12.250% due 03/30/2029 | 325 | 350 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 1000 | 1007 |
|  ARD Finance SA (5.000% Cash or 5.750% PIK) | ARD Finance SA (5.000% Cash or 5.750% PIK) | ARD Finance SA (5.000% Cash or 5.750% PIK) |
|  5.000% due 06/30/2027 (b) | 317 | 11 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  2.000% due 09/01/2028 | 800 | 899 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
|  2.125% due 08/15/2026 | 400 | 460 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  5.875% due 06/30/2029 | 400 | 399 |
|  6.625% due 10/15/2032 | 100 | 102 |
|  Ashland Services BV | Ashland Services BV | Ashland Services BV |
|  2.000% due 01/30/2028 | 1000 | 1144 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 575 | 563 |
|  10.375% due 03/31/2029 | 300 | 394 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 1000 | 993 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 525 | 503 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | $| 400 | 388 |
|  Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC |
|  7.000% due 02/28/2029 | EUR | 200 | 242 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | $| 1525 | 1446 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 |  | 1125 | 1158 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 |  | 1100 | 1067 |
|  Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 |  | 2450 | 2227 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 |  | 700 | 730 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 |  | 75 | 67 |
|  5.000% due 01/30/2028 |  | 300 | 258 |
|  11.000% due 09/30/2028 |  | 289 | 301 |
|  Bayer AG | Bayer AG | Bayer AG | Bayer AG |
|  5.375% due 03/25/2082 •  | EUR | 600 | 724 |
|  7.000% due 09/25/2083 •  |  | 100 | 129 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 |  | 700 | 789 |
|  BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC |
|  6.750% due 11/30/2029 |  | 925 | 820 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | $| 1400 | 1457 |
|  Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC | Bellis Acquisition Co. PLC |
|  8.125% due 05/14/2030 | GBP | 600 | 773 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  4.625% due 10/15/2029 | EUR | 50 | 60 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | $| 1000 | 1000 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 |  | 2750 | 2561 |
|  5.625% due 08/15/2030 |  | 500 | 507 |
|  6.500% due 05/15/2032 |  | 1475 | 1528 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 |  | 725 | 711 |
|  Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC | Boparan Finance PLC |
|  9.375% due 11/07/2029 | GBP | 850 | 1196 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | $| 1400 | 1318 |
|  5.000% due 03/01/2030 |  | 1075 | 1065 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 |  | 475 | 464 |
|  CAB SELAS | CAB SELAS | CAB SELAS | CAB SELAS |
|  3.375% due 02/01/2028 | EUR | 1025 | 1132 |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  5.625% due 09/15/2028 | $| 175 | 172 |
|  Camelot Finance SA | Camelot Finance SA | Camelot Finance SA | Camelot Finance SA |
|  4.500% due 11/01/2026 |  | 122 | 122 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 |  | 1400 | 1381 |
|  5.125% due 05/01/2029 (a) |  | 600 | 600 |
|  5.750% due 03/15/2030 |  | 700 | 715 |
|  5.750% due 08/01/2032 |  | 1000 | 1019 |
|  Carnival PLC | Carnival PLC | Carnival PLC | Carnival PLC |
|  1.000% due 10/28/2029 | EUR | 1000 | 1065 |
|  Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 | $| 470 | 533 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 |  | 345 | 361 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 08/15/2030 |  | 2350 | 2221 |
|  4.500% due 05/01/2032 |  | 725 | 660 |
|  4.500% due 06/01/2033 |  | 500 | 445 |
|  5.125% due 05/01/2027 |  | 2000 | 1988 |
|  5.375% due 06/01/2029 |  | 400 | 398 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 |  | 700 | 705 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 |  | 400 | 353 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  6.625% due 09/15/2033 | 300 | 303 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1850 | 1963 |
|  Cerved Group SpA | Cerved Group SpA | Cerved Group SpA |
|  6.000% due 02/15/2029 | 50 | 53 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  4.375% due 01/15/2028 | 1650 | 1928 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 600 | 596 |
|  6.750% due 03/15/2033 | 1375 | 1394 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 1275 | 1103 |
|  6.000% due 01/15/2029 | 500 | 486 |
|  6.875% due 04/15/2029 | 450 | 358 |
|  9.750% due 01/15/2034 | 1100 | 1128 |
|  10.875% due 01/15/2032 | 200 | 212 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  5.750% due 04/01/2030 | 650 | 650 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  7.000% due 10/27/2031 | 400 | 479 |
|  Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
|  4.500% due 03/15/2027 | 225 | 265 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 400 | 417 |
|  Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  8.375% due 07/01/2028 | 375 | 389 |
|  9.625% due 06/15/2033 | 475 | 502 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 500 | 482 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 | 300 | 300 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 700 | 707 |
|  6.625% due 08/15/2033 | 600 | 611 |
|  8.250% due 06/30/2032 | 400 | 425 |
|  9.000% due 09/30/2029 | 700 | 727 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 300 | 304 |
|  6.750% due 04/15/2032 | 550 | 565 |
|  6.875% due 01/15/2030 | 300 | 308 |
|  8.750% due 04/15/2030 | 850 | 874 |
|  CMA CGM SA | CMA CGM SA | CMA CGM SA |
|  5.000% due 01/15/2031 | 750 | 897 |
|  5.500% due 07/15/2029 | 450 | 550 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 1000 | 973 |
|  7.000% due 06/15/2027 | 300 | 299 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 200 | 199 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 | 175 | 174 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 375 | 361 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
|  5.000% due 10/01/2028 | 225 | 228 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 1700 | 1744 |
|  9.250% due 06/01/2030 | 550 | 569 |
|  CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
|  9.750% due 07/15/2030 | 250 | 262 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 1400 | 1388 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 500 | 487 |
|  7.625% due 04/01/2032 | 900 | 894 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 250 | 229 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 975 | 930 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  4.125% due 12/01/2030 | 800 | 525 |
|  4.500% due 11/15/2031 | 400 | 260 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 04/15/2027 | $— | 375 | $— | 356 |
|  5.750% due 01/15/2030 |  | 1125 |  | 430 |
|  7.500% due 04/01/2028 |  | 400 |  | 290 |
|  11.750% due 01/31/2029 |  | 975 |  | 821 |
|  CTEC II GmbH | CTEC II GmbH | CTEC II GmbH | CTEC II GmbH | CTEC II GmbH |
|  5.250% due 02/15/2030 (k) |  | 575 |  | 629 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | $— | 700 |  | 724 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 |  | 400 |  | 384 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 |  | 875 |  | 911 |
|  Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC |
|  5.500% due 06/15/2027 |  | 600 |  | 807 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | $— | 1750 |  | 1856 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  5.875% due 08/15/2027 |  | 369 |  | 369 |
|  10.000% due 02/15/2031 |  | 650 |  | 650 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 |  | 100 |  | 86 |
|  5.250% due 12/01/2026 |  | 1000 |  | 983 |
|  7.375% due 07/01/2028 |  | 200 |  | 184 |
|  7.750% due 07/01/2026 |  | 400 |  | 397 |
|  Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. | Diversified Gas & Oil Corp. |
|  9.750% due 04/09/2029 |  | 250 |  | 248 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 |  | 400 |  | 403 |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 |  | 500 |  | 495 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 |  | 1875 |  | 2064 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 |  | 1200 |  | 1222 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
|  6.650% due 08/28/2028 |  | 725 |  | 756 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 |  | 1200 |  | 1222 |
|  Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV |
|  3.500% due 06/30/2029 |  | 650 |  | 753 |
|  Ephios Subco 3 SARL | Ephios Subco 3 SARL | Ephios Subco 3 SARL | Ephios Subco 3 SARL | Ephios Subco 3 SARL |
|  7.875% due 01/31/2031 |  | 700 |  | 879 |
|  Eramet SA | Eramet SA | Eramet SA | Eramet SA | Eramet SA |
|  6.500% due 11/30/2029 (k) |  | 900 |  | 1035 |
|  7.000% due 05/22/2028 |  | 300 |  | 356 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | $— | 500 |  | 470 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 |  | 475 |  | 506 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
|  6.750% due 01/15/2030 |  | 750 |  | 704 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  9.625% due 09/15/2032 |  | 100 |  | 108 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 |  | 1250 |  | 1190 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 1300 |  | 1529 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | $— | 950 |  | 908 |
|  Forvia SE | Forvia SE | Forvia SE | Forvia SE | Forvia SE |
|  5.375% due 03/15/2031 |  | 300 |  | 359 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  4.750% due 08/01/2032 |  | 400 |  | 474 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  5.875% due 10/15/2027 | $— | 400 |  | 400 |
|  6.750% due 05/01/2029 |  | 300 |  | 303 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 |  | 200 |  | 187 |
|  Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. | Garda World Security Corp. |
|  6.000% due 06/01/2029 |  | 825 |  | 819 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 |  | 700 |  | 721 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **89** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
|  8.250% due 01/15/2032 | 350 | 369 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 | 425 | 427 |
|  7.625% due 07/01/2029 | 900 | 913 |
|  9.250% due 12/01/2028 | 1000 | 1044 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
|  7.125% due 08/15/2028 | 800 | 803 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  5.375% due 11/15/2031 | 575 | 432 |
|  7.250% due 08/15/2033 | 400 | 397 |
|  9.625% due 07/15/2032 | 500 | 511 |
|  10.500% due 07/15/2029 | 300 | 325 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 200 | 200 |
|  Grifols SA | Grifols SA | Grifols SA |
|  2.250% due 11/15/2027 | 100 | 116 |
|  3.875% due 10/15/2028 | 800 | 922 |
|  7.500% due 05/01/2030 (j) | 750 | 930 |
|  Grupo Antolin Irausa SA | Grupo Antolin Irausa SA | Grupo Antolin Irausa SA |
|  3.500% due 04/30/2028 | 400 | 361 |
|  10.375% due 01/30/2030 | 600 | 540 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 1075 | 1044 |
|  Heathrow Finance PLC | Heathrow Finance PLC | Heathrow Finance PLC |
|  3.875% due 03/01/2027 þ | 825 | 1087 |
|  4.125% due 09/01/2029 þ | 200 | 251 |
|  High Ridge | High Ridge | High Ridge |
|  0.000% due 03/15/2049 ^«(c) | 1750 | 29 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 1550 | 1420 |
|  3.750% due 05/01/2029 | 525 | 505 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  5.000% due 06/01/2029 | 500 | 481 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 1477 | 1428 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1150 | 1173 |
|  7.375% due 07/15/2032 | 225 | 234 |
|  Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC | Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |
|  9.000% due 02/15/2029 | 300 | 314 |
|  IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) | IHO Verwaltungs GmbH (6.750% Cash or 7.500% PIK) |
|  6.750% due 11/15/2029 (b) | 1900 | 2368 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. |
|  9.000% due 07/01/2028 | 400 | 402 |
|  IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA |
|  3.750% due 01/15/2028 | 300 | 352 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 800 | 779 |
|  Incora Intermediate II LLC | Incora Intermediate II LLC | Incora Intermediate II LLC |
|  0.000% (SOFRRATE + 8.000%) due 01/31/2030 «~ | 228 | 228 |
|  Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
|  6.000% due 01/30/2033 «~(j) | 164 | 266 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 | 725 | 819 |
|  7.250% due 03/31/2031 | 600 | 704 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1625 | 1563 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.750% due 02/01/2028 | 800 | 799 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 1700 | 2015 |
|  Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC | Inversion Escrow Issuer LLC |
|  6.750% due 08/01/2032 | 500 | 493 |
|  IPD 3 BV | IPD 3 BV | IPD 3 BV |
|  5.389% due 06/15/2031 •  | 400 | 472 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  2.250% due 01/15/2028 | 1500 | 1725 |
|  6.250% due 06/01/2032 | 475 | 489 |
|  Italmatch Chemicals SpA | Italmatch Chemicals SpA | Italmatch Chemicals SpA |
|  10.000% due 02/06/2028 | 500 | 620 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 300 | 293 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 1775 | 1802 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 800 | 792 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 650 | 668 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2033 | 1100 | 1132 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.500% due 10/01/2033 | 400 | 408 |
|  6.750% due 10/01/2035 | 400 | 411 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 1325 | 1314 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  4.000% due 02/15/2030 | 400 | 383 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  9.500% due 06/15/2031 | 600 | 631 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  4.000% due 04/15/2031 | 475 | 411 |
|  7.000% due 03/31/2034 | 900 | 916 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  5.375% due 01/15/2029 | 200 | 191 |
|  10.000% due 06/01/2032 | 700 | 736 |
|  11.000% due 10/15/2030 | 450 | 497 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 | 150 | 153 |
|  Lion/Polaris Lux 4 SA | Lion/Polaris Lux 4 SA | Lion/Polaris Lux 4 SA |
|  5.641% (EUR003M + 3.625%) due 07/01/2029 ~ | 600 | 714 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  4.375% due 01/15/2031 | 475 | 451 |
|  5.500% due 10/01/2030 | 500 | 500 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1700 | 1663 |
|  Loarre Investments SARL | Loarre Investments SARL | Loarre Investments SARL |
|  6.500% due 05/15/2029 | 1350 | 1639 |
|  Lottomatica Group SpA | Lottomatica Group SpA | Lottomatica Group SpA |
|  4.875% due 01/31/2031 | 300 | 363 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  5.875% due 06/30/2029 | 200 | 198 |
|  Mahle GmbH | Mahle GmbH | Mahle GmbH |
|  2.375% due 05/14/2028 | 700 | 784 |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
|  6.375% due 06/01/2029 | 75 | 62 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.014% due 07/07/2032 •  | 1300 | 1509 |
|  Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
|  4.500% due 06/15/2029 | 175 | 169 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 450 | 453 |
|  6.500% due 04/15/2032 | 400 | 404 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  6.125% due 09/15/2033 | 525 | 530 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 700 | 708 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 | 600 | 624 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  3.875% due 04/01/2029 | 1500 | 1448 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
|  6.250% due 04/01/2029 | 400 | 411 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 425 | 425 |
|  Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
|  7.625% due 04/17/2032 | 325 | 341 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 675 | 582 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  4.625% due 09/01/2026 | 500 | 499 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 500 | 486 |
|  Miller Homes Group Finco PLC | Miller Homes Group Finco PLC | Miller Homes Group Finco PLC |
|  7.000% due 05/15/2029 | 625 | 848 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 (a) | 425 | 431 |
|  9.250% due 10/01/2028 | 400 | 420 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |
|  6.750% due 04/01/2032 | 250 | 257 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 1175 | 1088 |
|  Monitchem HoldCo 3 SA | Monitchem HoldCo 3 SA | Monitchem HoldCo 3 SA |
|  8.750% due 05/01/2028 | 900 | 1060 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 | 325 | 319 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 400 | 346 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 135 | 118 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (b) | 72 | 76 |
|  Mundys SpA | Mundys SpA | Mundys SpA |
|  1.875% due 07/13/2027 | 1000 | 1162 |
|  1.875% due 02/12/2028 | 200 | 230 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 600 | 559 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 500 | 500 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 250 | 271 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 775 | 763 |
|  5.250% due 10/01/2030 | 200 | 191 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  8.500% due 06/01/2028 | 650 | 689 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  6.000% due 02/15/2029 « | 750 | 469 |
|  11.750% due 10/15/2028 « | 400 | 284 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  5.625% due 07/15/2027 | 425 | 425 |
|  Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
|  5.625% due 02/21/2030 | 800 | 967 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 1050 | 1031 |
|  8.125% due 07/17/2035 | 1800 | 1933 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 1800 | 1864 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 300 | 222 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 600 | 614 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  6.375% due 08/15/2033 | 800 | 809 |
|  6.875% due 01/30/2030 | 575 | 597 |
|  Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH |
|  3.375% due 04/15/2029 | 450 | 516 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 500 | 518 |
|  Ocado Group PLC | Ocado Group PLC | Ocado Group PLC |
|  10.500% due 08/08/2029 | 300 | 403 |
|  Odido Group Holding BV | Odido Group Holding BV | Odido Group Holding BV |
|  5.500% due 01/15/2030 | 200 | 237 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 1250 | 1203 |
|  5.375% due 10/01/2029 | 500 | 560 |
|  7.250% due 06/15/2031 | 500 | 507 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  6.500% due 03/31/2032 | 700 | 718 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  2.875% due 04/30/2028 | 650 | 745 |
|  4.125% due 04/30/2028 | 800 | 774 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  6.750% due 08/01/2029 | 200 | 198 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 1225 | 1191 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 250 | 255 |
|  7.000% due 01/15/2032 | 450 | 467 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | $| 500 | 502 |
|  Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS |
|  6.375% due 07/01/2029 | EUR | 400 | 493 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 |  | 1600 | 1969 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | $| 1800 | 1737 |
|  6.250% due 10/15/2034 |  | 600 | 606 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 |  | 350 | 364 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 |  | 1900 | 1850 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 |  | 1325 | 1287 |
|  6.250% due 04/01/2029 |  | 500 | 500 |
|  Q-Park Holding I BV | Q-Park Holding I BV | Q-Park Holding I BV | Q-Park Holding I BV |
|  2.000% due 03/01/2027 | EUR | 1000 | 1162 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | $| 600 | 605 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 |  | 1450 | 1503 |
|  6.750% due 03/01/2033 |  | 700 | 728 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 |  | 1400 | 1453 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 |  | 1000 | 1051 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  9.750% due 04/15/2029 |  | 575 | 647 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 |  | 900 | 936 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 |  | 1575 | 1623 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 |  | 200 | 191 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  4.800% due 05/15/2030 |  | 800 | 782 |
|  Rossini SARL | Rossini SARL | Rossini SARL | Rossini SARL |
|  6.750% due 12/31/2029 | EUR | 100 | 124 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.500% due 04/01/2028 | $| 450 | 459 |
|  5.625% due 09/30/2031 |  | 600 | 612 |
|  SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
|  9.500% due 07/15/2028 | EUR | 300 | 371 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | $| 800 | 831 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.125% due 01/15/2031 |  | 553 | 513 |
|  5.750% due 12/01/2034 |  | 1100 | 1099 |
|  9.625% due 12/01/2032 |  | 358 | 405 |
|  Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 |  | 1000 | 927 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
|  6.750% due 08/15/2032 |  | 1000 | 1035 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 |  | 1450 | 1392 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.875% due 09/01/2031 |  | 400 | 363 |
|  4.000% due 07/15/2028 |  | 750 | 725 |
|  4.125% due 07/01/2030 |  | 800 | 751 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 |  | 450 | 452 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 |  | 1650 | 1688 |
|  6.875% due 03/15/2034 |  | 800 | 812 |
|  SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. |
|  5.000% due 04/15/2028 | EUR | 1125 | 1361 |
|  7.250% due 07/10/2032 | $| 500 | 516 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 |  | 500 | 500 |
|  9.375% due 11/30/2029 |  | 400 | 422 |
|  9.750% due 11/15/2030 |  | 525 | 578 |
|  Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd. (11.000% Cash or 4.000% PIK and 8.000% Cash) |
|  11.000% due 03/12/2030 (b) |  | 254 | 102 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 1050 | 1021 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  2.250% due 11/21/2026 | 366 | 428 |
|  3.375% due 01/15/2031 | 1000 | 906 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 300 | 298 |
|  12.750% due 01/15/2030 | 300 | 242 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 450 | 476 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 425 | 418 |
|  4.625% due 12/01/2031 | 725 | 685 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 1325 | 1396 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 1100 | 1093 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 600 | 617 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  5.000% due 07/01/2031 | 200 | 238 |
|  5.526% due 07/31/2031 •  | 400 | 472 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  5.000% due 09/15/2029 | 800 | 797 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 700 | 684 |
|  6.875% due 11/15/2031 | 325 | 354 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  6.000% due 12/01/2032 | 425 | 443 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 25 | 24 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 700 | 722 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 725 | 778 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 | 541 | 636 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 264 | 267 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1725 | 1655 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 1300 | 1275 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.000% due 01/15/2033 | 400 | 405 |
|  6.750% due 01/31/2034 | 1000 | 1035 |
|  6.875% due 12/15/2030 | 625 | 648 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 362 | 372 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 (a) | 1000 | 1010 |
|  8.750% due 02/15/2030 | 375 | 395 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  8.375% due 02/01/2028 | 405 | 416 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.625% due 07/31/2026 | 475 | 479 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 125 | 122 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 1450 | 1548 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
|  9.125% due 09/30/2030 | 525 | 515 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 725 | 692 |
|  3.875% due 03/15/2031 | 300 | 282 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 125 | 128 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 275 | 269 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 210 | 184 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  0.878% due 11/24/2027 | 1000 | 1096 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 1275 | 1317 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 900 | 887 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 2600 | 2411 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 1550 | 1463 |
|  8.500% due 07/31/2031 | 825 | 853 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 | 600 | 603 |
|  7.125% due 03/15/2029 | 350 | 361 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 2150 | 2233 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 | 540 | 576 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 | 675 | 619 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  7.862% due 11/15/2083 •  | 300 | 392 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 300 | 288 |
|  3.875% due 11/01/2033 | 1850 | 1668 |
|  4.125% due 08/15/2031 | 800 | 756 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 2700 | 2796 |
|  8.125% due 06/01/2028 | 900 | 932 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 2250 | 2370 |
|  7.500% due 05/01/2033 | 525 | 580 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 1800 | 1760 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 | 275 | 260 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 400 | 400 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.125% due 08/15/2030 | 575 | 708 |
|  4.250% due 01/15/2030 | 2050 | 2571 |
|  Virgin Media Vendor Financing Notes III DAC | Virgin Media Vendor Financing Notes III DAC | Virgin Media Vendor Financing Notes III DAC |
|  4.875% due 07/15/2028 | 500 | 658 |
|  Viridien | Viridien | Viridien |
|  8.500% due 10/15/2030 | 600 | 732 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 | 450 | 439 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  7.875% due 04/15/2032 | 250 | 243 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.500% due 07/15/2031 | 1400 | 1730 |
|  4.750% due 07/15/2031 | 2225 | 2096 |
|  Vnom Sub, Inc. | Vnom Sub, Inc. | Vnom Sub, Inc. |
|  5.375% due 11/01/2027 | 350 | 350 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 700 | 699 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 2175 | 1969 |
|  Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
|  7.625% due 01/30/2032 | 250 | 264 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  4.279% due 03/15/2032 | 2125 | 1950 |
|  5.050% due 03/15/2042 | 1125 | 899 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  7.000% due 02/01/2033 | 600 | 623 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.250% due 10/31/2029 | 250 | 258 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (a) | 500 | 501 |
|  6.500% due 10/15/2033 (a) | 600 | 599 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 1300 | 1302 |
|  WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH |
|  2.875% due 12/15/2027 | 500 | 585 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **91** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 300 | 303 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 310 | 314 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 550 | 570 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 | 600 | 558 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 1000 | 1000 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 600 | 603 |
|  7.125% due 02/15/2031 | 300 | 323 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 613 | 683 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  5.375% due 04/01/2032 | 325 | 327 |
|  6.875% due 11/15/2037 | 350 | 390 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  9.250% due 03/09/2030 | 184 | 177 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  3.750% due 09/21/2028 | 300 | 341 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  7.500% due 03/24/2031 | 600 | 596 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 300 | 283 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 600 | 484 |
|  |  | 319074 |
| UTILITIES 3.3% | UTILITIES 3.3% | UTILITIES 3.3% |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 525 | 548 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  3.750% due 03/01/2031 | 400 | 381 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 1300 | 1194 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  5.000% due 02/28/2030 | 700 | 844 |
|  6.750% due 02/28/2030 | 525 | 546 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.000% due 01/22/2026 •(g) | 1700 | 2010 |
|  9.125% due 03/15/2033 •(g) | 500 | 580 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
|  7.250% due 01/31/2041 | 198 | 212 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 900 | 882 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  7.875% due 05/15/2032 | 825 | 861 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 500 | 505 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.875% due 05/15/2034 | 375 | 362 |
|  iliad SA | iliad SA | iliad SA |
|  4.250% due 12/15/2029 | 1600 | 1923 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.200% due 06/01/2034 | 500 | 497 |
|  Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
|  7.875% due 07/31/2028 | 100 | 131 |
|  Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |
|  6.135% due 02/03/2030 •(g) | 400 | 507 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 300 | 298 |
|  TransAlta Corp. | TransAlta Corp. | TransAlta Corp. |
|  6.500% due 03/15/2040 | 100 | 100 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 1100 | 1034 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 950 | 931 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 500 | 395 |
|  7.000% due 04/04/2079 •  | 950 | 1005 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1200 | 1271 |
|  |  | 17017 |
|  Total Corporate Bonds & Notes<br>(Cost $395,549) | Total Corporate Bonds & Notes<br>(Cost $395,549) | 405876 |
| CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% | CONVERTIBLE BONDS & NOTES 0.2% |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | 900 | 1013 |
|  Total Convertible Bonds & Notes (Cost $854) | Total Convertible Bonds & Notes (Cost $854) | 1013 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 400 | 420 |
|  Total Municipal Bonds & Notes (Cost $400) | Total Municipal Bonds & Notes (Cost $400) | 420 |
| U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% | U.S. TREASURY OBLIGATIONS 3.8% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 08/31/2030 | 2500 | 2488 |
|  4.000% due 03/31/2030 | 3375 | 3414 |
|  4.500% due 12/31/2031 (m) | 5450 | 5640 |
|  4.625% due 02/15/2035 | 7275 | 7562 |
|  Total U.S. Treasury Obligations (Cost $18,737) | Total U.S. Treasury Obligations (Cost $18,737) | 19104 |
| SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% | SOVEREIGN ISSUES 5.5% |
|  Bundesobligation | Bundesobligation | Bundesobligation |
|  2.100% due 04/12/2029 | 11200 | 13126 |
|  Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe | Bundesrepublik Deutschland Bundesanleihe |
|  2.500% due 02/15/2035 | 5700 | 6599 |
|  2.600% due 08/15/2034 | 925 | 1083 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.500% due 09/01/2029 | 3900 | 2892 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | 13000 | 305 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.250% due 07/31/2034 | 2800 | 3662 |
|  Total Sovereign Issues (Cost $26,187) | Total Sovereign Issues (Cost $26,187) | 27667 |
|  | **SHARES** |  |
| COMMON STOCKS 0.3% | COMMON STOCKS 0.3% | COMMON STOCKS 0.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 51501 | 82 |
|  SES SA «(d) | 28420 | 338 |
|  |  | 420 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(d) | 294527 | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat SA «(d)(j) | 28420 | 0 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  AmSurg Corp. «(d)(j) | 3438 | 155 |
|  Healogics, Inc. «(d) | 44931 | 924 |
|  |  | 1079 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  CHC Group LLC «(d) | 3887 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Incora New Equity «(d)(j) |  | 7427 | $— | 298 |
|  Spirit Aviation Holdings, Inc. (d) |  | 8196 |  | 3 |
|  |  |  |  | 301 |
|  Total Common Stocks (Cost $7,302) | Total Common Stocks (Cost $7,302) | Total Common Stocks (Cost $7,302) |  | 1800 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Revlon Group Holdings LLC - Exp. 04/28/2028 « |  | 3087 |  | 0 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 12/31/2099 |  | 9316 |  | 3 |
|  Total Warrants (Cost $315) | Total Warrants (Cost $315) | Total Warrants (Cost $315) |  | 3 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  ADLER Group SA « |  | 173624 |  | 0 |
|  Total Preferred Securities (Cost $0) | Total Preferred Securities (Cost $0) | Total Preferred Securities (Cost $0) |  | 0 |
| SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% |
| MUTUAL FUNDS 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**<br> 4.200% (i) |  | 951788 |  | 952 |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |  |
| U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% | U.S. TREASURY BILLS 2.2% |
|  4.242% due 10/28/2025 - 12/04/2025 (e)(f)(o) | $— | 11124 |  | 11070 |
| Total Short-Term Instruments<br>(Cost $12,020) | Total Short-Term Instruments<br>(Cost $12,020) | Total Short-Term Instruments<br>(Cost $12,020) |  | 12022 |
| Total Investments in Securities<br>(Cost $496,994) | Total Investments in Securities<br>(Cost $496,994) | Total Investments in Securities<br>(Cost $496,994) |  | 504190 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 129366 |  | 1260 |
| Total Short-Term Instruments<br>(Cost $1,260) | Total Short-Term Instruments<br>(Cost $1,260) | Total Short-Term Instruments<br>(Cost $1,260) |  | 1260 |
| Total Investments in Affiliates<br>(Cost $1,260) | Total Investments in Affiliates<br>(Cost $1,260) | Total Investments in Affiliates<br>(Cost $1,260) |  | 1260 |
| Total Investments 99.9%<br>(Cost $498,254) | Total Investments 99.9%<br>(Cost $498,254) | Total Investments 99.9%<br>(Cost $498,254) | $— | 505450 |
|  Financial Derivative<br>Instruments (l)(n) (0.1)%<br> (Cost or Premiums, net $5,685) |  |  |  | (574) |
| Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% |  | 979 |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 505855 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

(d) Security did not produce income within the last twelve months.

(e) Coupon represents a weighted average yield to maturity.

(f) Zero coupon security.

(g) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(h) Contingent convertible security.

(i) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $144 | $155 | 0.03% |
|  Grifols SA 7.500% due 05/01/2030 | 08/01/2025 | 914 | 930 | 0.19 |
|  Incora New Equity | 01/31/2025 | 361 | 298 | 0.06 |
|  Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 08/01/2025 | 164 | 266 | 0.05 |
|  Intelsat SA | 09/11/2013 - 08/29/2025 | 1227 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | 0.33% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 1.400% | 09/24/2025 | TBD<sup>(2)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | $(187) |
|  BRC | 0.400 | 09/03/2025 | TBD<sup>(2)</sup> |  | (525) | (616) |
|  | 1.500 | 09/30/2025 | TBD<sup>(2)</sup> |  | (934) | (1097) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $0 | $(187) | $0 | $(187) | $188 | $1 |
|  BRC | 0 | (1713) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 93

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(1900) | $(1900) |
|  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;(1900) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1900) |
|  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  | $(1900) |

---

(k) Securities with an aggregate market value of $1,851 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(789) at a weighted average interest rate of 2.830%. 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

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 12/20/2027 | 0.620% | $800 | $(6) | $82 | $76 | $0 | $0 |
|  Calpine Corp. | 5.000 | Quarterly | 12/20/2028 | 0.464 | 500 | 39 | 31 | 70 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 0.759 | 1900 | 303 | 164 | 467 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2027 | 0.973 | $500 | 50 | (7) | 43 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2028 | 1.109 | 550 | 45 | 11 | 56 | 0 | 0 |
|  Royal Caribbean Cruises Ltd. | 5.000 | Quarterly | 06/20/2028 | 0.447 | 300 | (7) | 43 | 36 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.496 | 700 | 54 | (7) | 47 | 0 | (1) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.754 | 675 | 14 | 27 | 41 | 0 | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $1542 | $(10) | $1532 | $0 | $(29) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 22600 | 1585 | 248 | 1833 | 9 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 16000 | 1217 | 39 | 1256 | 17 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 |  | 1100 | $(6) | $0 | $(6) | $2 | $0 |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 |  | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 |  | $5900 | (52) | 14 | (38) | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2028 |  | 12475 | (78) | 5 | (73) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 4700 | (18) | (24) | (42) | 1 | (4) |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 4100 | (85) | 18 | (67) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 8900 | 467 | (148) | 319 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 |  | 4050 | 583 | (81) | 502 | 12 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 |  | 7700 | 40 | (4) | 36 | 9 | 0 |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 800 | 1 | (4) | (3) | 3 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 11100 | 36 | (3) | 33 | 12 | (1) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 1300 | (22) | (2) | (24) | 0 | (10) |
|  |  |  |  |  |  |  | $866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $638 | $48 | $(16) |
|  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;5702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

94 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

(m) Securities with an aggregate market value of $763 and cash of $7,028 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(6)</sup> Unsettled variation margin liability of $(11) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 44 | $29 | $0 | $0 |
|  | 10/2025 | 82043 | 95691 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632) |
|  | 10/2025 | $2781 | 3868 | 0 | (1) |
|  | 11/2025 | 3862 | $2781 | 1 | 0 |
|  | 11/2025 | $29 | 44 | 0 | 0 |
|  BOA | 11/2025 | 1692 | $1991 | 0 | 0 |
|  BPS | 10/2025 | 29 | 19 | 0 | 0 |
|  | 10/2025 | $351 | 1279 | 1 | 0 |
|  | 10/2025 | 109 | 3305 | 0 | 0 |
|  | 11/2025 | 19 | 29 | 0 | 0 |
|  BRC | 10/2025 | 163 | $204 | 0 | (1) |
|  | 10/2025 | 1074 | 294 | 0 | (2) |
|  | 10/2025 | $239 | 192 | 2 | 0 |
|  | 10/2025 | 1327 | 1135 | 6 | 0 |
|  | 11/2025 | 204 | 162 | 1 | 0 |
|  | 11/2025 | 39 | 1709 | 1 | 0 |
|  | 11/2025 | 1518 | $86 | 0 | (1) |
|  | 12/2025 | $35 | 1556 | 0 | 0 |
|  CBK | 10/2025 | 4204 | $4931 | 3 | (8) |
|  | 10/2025 | 750 | 1013 | 5 | 0 |
|  | 10/2025 | $3009 | 2556 | 0 | (9) |
|  | 10/2025 | 376 | $22 | 0 | 0 |
|  DUB | 10/2025 | $109 | 373 | 3 | 0 |
|  | 11/2025 | 373 | $109 | 0 | (3) |
|  | 11/2025 | 3665 | 209 | 0 | (2) |
|  FAR | 10/2025 | 33 | 22 | 0 | 0 |
|  | 10/2025 | 29 | 37 | 0 | 0 |
|  | 10/2025 | 1196 | 327 | 0 | (2) |
|  | 10/2025 | 106 | 82 | 0 | 0 |
|  | 10/2025 | $86 | 132 | 2 | 0 |
|  | 10/2025 | 473 | 405 | 2 | 0 |
|  | 10/2025 | 203 | 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **95** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | 405 | $474 | $0 | $(2) |
|  | 11/2025 | $22 | 33 | 0 | 0 |
|  | 11/2025 | 37 | 29 | 0 | 0 |
|  | 11/2025 | 82 | 105 | 0 | 0 |
|  | 12/2025 | 27 | 520 | 1 | 0 |
|  GLM | 10/2025 | 0 | 9 | 0 | 0 |
|  JPM | 10/2025 | 3864 | $2796 | 19 | 0 |
|  | 10/2025 | 243 | 284 | 0 | (1) |
|  | 10/2025 | 711 | 194 | 0 | (2) |
|  | 11/2025 | 3246 | 185 | 0 | (2) |
|  MBC | 10/2025 | 67 | 91 | 1 | 0 |
|  | 10/2025 | $3561 | 3029 | 0 | (5) |
|  | 10/2025 | 83 | 106 | 0 | (1) |
|  MYI | 10/2025 | 192 | 694 | 0 | (1) |
|  NGF | 11/2025 | 297 | 12970 | 2 | 0 |
|  SCX | 10/2025 | 17211 | 12867 | 94 | 0 |
|  | 11/2025 | 12867 | $17214 | 0 | (94) |
|  SOG | 10/2025 | 26 | 17 | 0 | 0 |
|  | 10/2025 | $91344 | 77673 | 0 | (152) |
|  | 11/2025 | 77673 | $91527 | 152 | 0 |
|  | 11/2025 | $17 | 26 | 0 | 0 |
|  SSB | 10/2025 | 12050 | $16242 | 36 | 0 |
|  UAG | 10/2025 | 411 | 123 | 0 | (1) |
|  | 10/2025 | $11 | 37 | 0 | 0 |
|  | 10/2025 | 191 | 693 | 0 | 0 |
|  | 10/2025 | 22 | 377 | 0 | 0 |
|  | 10/2025 | 377 | $22 | 0 | 0 |
|  | 11/2025 | 37 | 11 | 0 | 0 |
|  | 11/2025 | 1651 | 94 | 0 | (2) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 0.872% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $(17) | $19 | $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;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $(633) | $0 | $0 | $(633) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
|  BPS | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  BRC | 10 | 0 | 0 | 10 | (4) | 0 | 0 | (4) | 6 | 0 | 6 |
|  CBK | 8 | 0 | 0 | 8 | (17) | 0 | 0 | (17) | (9) | 0 | (9) |
|  DUB | 3 | 0 | 0 | 3 | (5) | 0 | 0 | (5) | (2) | 0 | (2) |
|  FAR | 6 | 0 | 0 | 6 | (4) | 0 | 0 | (4) | 2 | 0 | 2 |
|  GST | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  JPM | 19 | 0 | 0 | 19 | (5) | 0 | 0 | (5) | 14 | 0 | 14 |
|  MBC | 1 | 0 | 0 | 1 | (6) | 0 | 0 | (6) | (5) | 0 | (5) |
|  MYI | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  NGF | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 94 | 0 | 0 | 94 | (94) | 0 | 0 | (94) | 0 | 0 | 0 |
|  SOG | 152 | 0 | 0 | 152 | (152) | 0 | 0 | (152) | 0 | 0 | 0 |
|  SSB | 36 | 0 | 0 | 36 | 0 | 0 | 0 | 0 | 36 | 0 | 36 |
|  UAG | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924) | $&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;(924) |  |  |  |

---

96 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

(o) Securities with an aggregate market value of $769 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $26 | $0 | $0 | $48 | $74 |
|  Over the counter | Over the 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 | $333 | $0 | $333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 0 | 2 |
|  | $0 | $2 | $0 | $333 | $0 | $335 |
|  | $0 | $28 | $0 | $333 | $48 | $409 |
|  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 | $43 | $0 | $0 | $16 | $59 |
|  Over the counter | Over the 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 | $924 | $0 | $924 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $983 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $1900 | $0 | $0 | $109 | $2009 |
|  Over the counter | Over the 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 | $(9752) | $0 | $(9752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 11 | 0 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 43 | 0 | 0 | 0 | 43 |
|  | $0 | $43 | $0 | $(9741) | $0 | $(9698) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9741) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7689) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 97

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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; Swap Agreements  | $0 | $1273 | $0 | $0 | $(228) | $1045 |
|  Over the counter | Over the 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 | $2092 | $0 | $2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (2) | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (9) | 0 | 0 | 0 | (9) |
|  | $0 | $(9) | $0 | $2090 | $0 | $2081 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $792 | $29080 | $6413 | $36285 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 2092 | 67693 | 0 | 69785 |
| &nbsp;&nbsp; Industrials | 1610 | 316188 | 1276 | 319074 |
| &nbsp;&nbsp; Utilities | 0 | 17017 | 0 | 17017 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 1013 | 0 | 1013 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 420 | 0 | 420 |
|  U.S. Treasury Obligations | 0 | 19104 | 0 | 19104 |
|  Sovereign Issues | 0 | 27667 | 0 | 27667 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 82 | 0 | 338 | 420 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 1079 | 1079 |
| &nbsp;&nbsp; Industrials | 3 | 0 | 298 | 301 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 3 | 0 | 3 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 952 | 0 | 952 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 11070 | 0 | 11070 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1260 | $0 | $0 | $1260 |
|  Total Investments | $5839 | $490207 | $9404 | $505450 |
|  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 | 74 | 0 | 74 |
|  Over the counter | 0 | 335 | 0 | 335 |
|  | $0 | $409 | $0 | $409 |
|  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 | (48) | 0 | (48) |
|  Over the counter | 0 | (924) | 0 | (924) |
|  | $0 | $(972) | $0 | $(972) |
|  Total Financial Derivative Instruments | $0 | $(563) | $0 | $(563) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504887 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $7137 | $995 | $(2904) | $29 | $(5) | $119 | $1671 | $(629) | $6413 | $140 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 1497 | 19 | 0 | 0 | 0 | 5 | 0 | (245) | 1276 | 5 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 338 | 0 | 0 | 338 | 338 |
| &nbsp;&nbsp; Energy | 97 | 0 | (44) | 0 | 44 | (97) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 957 | 0 | (987) | 0 | 0 | 30 | 0 | 0 | 0 | (957) |
| &nbsp;&nbsp; Health Care | 1138 | 0 | 0 | 0 | 0 | (59) | 0 | 0 | 1079 | (59) |
| &nbsp;&nbsp; Industrials | 388 | 0 | 0 | 0 | 0 | (87) | 0 | (3) | 298 | 33 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 140 | 0 | 0 | 0 | 0 | (137) | 0 | (3) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3935) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) |

---

98 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $529 | Comparable Companies | EBITDA Multiple | X | 16.290 |  |
|  | 1676 | Discounted Cash Flow | Discount Rate |  | 7.648 - 11.702 | 9.526 |
|  | 359 | Indicative Market Quotation | Broker Quote |  | 72.500 |  |
|  | 2852 | Third Party Vendor | Broker Quote |  | 97.000 - 100.500 | 99.433 |
|  | 997 | Third Party Vendor | Broker Quote |  | 100.250 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 494 | Comparable Companies /<br>Discounted Cash Flow | Revenue Multiple/<br>Discount Rate | X/% | 0.970/10.000 |  |
|  | 29 | Expected Recovery | Price |  | 1.630 |  |
|  | 753 | Indicative Market Quotation | Broker Quote |  | 62.500 - 71.000 | 65.707 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 338 | Discounted Cash Flow | Discount Rate |  | 7.930 |  |
| &nbsp;&nbsp; Health Care | 1079 | Comparable Companies | EBITDA Multiple | X | 9.300 - 16.290 | 10.305 |
| &nbsp;&nbsp; Industrials | 298 | Comparable Companies /<br>Discounted Cash Flow | Revenue Multiple/<br>Discount Rate | X/% | 0.970/10.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9404 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **99** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 105.4% | INVESTMENTS IN SECURITIES 105.4% | INVESTMENTS IN SECURITIES 105.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8% |
|  Altice France SA | Altice France SA | Altice France SA |
|  7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 1499 | 1669 |
|  BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. |
|  TBD% due 07/10/2031 | 1000 | 1116 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% - 1.000%<br>due 01/03/2031 «µ | 322 | 322 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 1456 | 1481 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  8.753% (TSFR3M + 4.750%)<br>due 08/27/2029 ~ | 3960 | 3811 |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 « | 1480 | 15 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.837% (EUR006M + 1.750%) due 03/05/2027 «~ | 12000 | 14112 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%)<br>due 03/26/2026 «~(m) | 1100 | 1100 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(m) | 756 | 888 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 « | 1600 | 1620 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.079% - 9.250% (TSFR3M + 2.750%) due 04/09/2032 ~ | 1300 | 1301 |
|  Westmoreland Coal Co.  | Westmoreland Coal Co.  | Westmoreland Coal Co.  |
|  8.000% due 03/15/2029 « | 973 | 394 |
|  Total Loan Participations and Assignments (Cost $28,421) | Total Loan Participations and Assignments (Cost $28,421) | 27829 |
| CORPORATE BONDS & NOTES 67.0% | CORPORATE BONDS & NOTES 67.0% | CORPORATE BONDS & NOTES 67.0% |
| BANKING & FINANCE 23.5% | BANKING & FINANCE 23.5% | BANKING & FINANCE 23.5% |
|  Agree LP | Agree LP | Agree LP |
|  4.800% due 10/01/2032 | 700 | 706 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 1400 | 1461 |
|  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 ^«•(d)(k) | 1200 | 72 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  6.150% due 10/01/2034 | 3500 | 3564 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 7700 | 6455 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.375% due 07/15/2051 | 2000 | 1344 |
|  3.625% due 04/15/2032 | 3700 | 3467 |
|  4.950% due 06/15/2030 | 600 | 611 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 1300 | 1150 |
|  2.950% due 01/15/2051 | 8300 | 5385 |
|  3.100% due 06/15/2050 | 10900 | 7322 |
|  3.700% due 10/15/2049 | 10000 | 7509 |
|  4.050% due 03/15/2032 | 7800 | 7563 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 3750 | 3647 |
|  6.350% due 10/23/2029 | 1600 | 1637 |
|  7.950% due 08/11/2028 | 1600 | 1703 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.750% due 03/01/2054 | 3100 | 3124 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.700% due 07/29/2031 | 2500 | 2651 |
|  6.900% due 04/13/2029 | 1200 | 1262 |
|  Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
|  5.031% due 12/15/2046 | 500 | 465 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 2465 | 1836 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 1100 | 1039 |
|  ARES Finance Co. IV LLC | ARES Finance Co. IV LLC | ARES Finance Co. IV LLC |
|  3.650% due 02/01/2052 | 1900 | 1362 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  5.600% due 10/11/2054 | 2000 | 1936 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  6.200% due 03/21/2032 | 1400 | 1447 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.150% due 06/15/2031 | 1950 | 1830 |
|  3.600% due 09/15/2051 | 1200 | 862 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 1500 | 1536 |
|  5.526% due 07/11/2031 | 3350 | 3456 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  4.875% due 10/01/2025 | 4500 | 4500 |
|  6.750% due 10/25/2028 | 4097 | 4360 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 439 | 422 |
|  4.950% due 10/15/2032 | 6000 | 5930 |
|  5.375% due 05/30/2030 | 1300 | 1334 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 | 3000 | 2955 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 | 2120 | 2485 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.750% due 01/14/2032 •(j)(k) | 2300 | 2442 |
|  7.883% due 11/15/2034 •  | 1800 | 2095 |
|  8.375% due 06/21/2028 •(j)(k) | 2000 | 2608 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 200 | 201 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(j)(k) | 1000 | 1122 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.572% due 10/20/2032 •  | 6000 | 5380 |
|  2.676% due 06/19/2041 •  | 19400 | 14304 |
|  2.972% due 07/21/2052 •  | 800 | 533 |
|  3.311% due 04/22/2042 •  | 12200 | 9683 |
|  4.083% due 03/20/2051 •  | 300 | 244 |
|  5.202% due 04/25/2029 •  | 2700 | 2768 |
|  5.468% due 01/23/2035 •  | 6800 | 7105 |
|  5.511% due 01/24/2036 •  | 1700 | 1778 |
|  5.872% due 09/15/2034 •  | 6300 | 6753 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  6.000% due 10/15/2036 | 1200 | 1303 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.335% due 09/10/2035 •  | 1000 | 1015 |
|  5.851% due 03/21/2035 •  | 5100 | 6948 |
|  6.036% due 03/12/2055 •  | 200 | 211 |
|  6.224% due 05/09/2034 •  | 4400 | 4735 |
|  6.375% due 12/15/2025 •(j)(k) | 1600 | 2156 |
|  9.250% due 09/15/2028 •(j)(k) | 1000 | 1457 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.875% due 09/13/2034 •(k) | 1000 | 1003 |
|  8.450% due 06/29/2038 •(k) | 1300 | 1443 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  4.375% due 12/15/2025 | 600 | 599 |
|  6.150% due 04/02/2030 | 2600 | 2668 |
|  6.600% due 06/10/2029 | 500 | 520 |
|  8.000% due 05/25/2028 | 2100 | 2243 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.800% due 09/30/2050 | 350 | 219 |
|  3.200% due 01/30/2052 | 10000 | 6830 |
|  3.500% due 09/10/2049 | 1900 | 1389 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.375% due 02/15/2032 | 3700 | 3541 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.132% due 01/20/2033 •  | 3200 | 2914 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.293% due 01/14/2036 •  | 1100 | 1178 |
|  7.003% due 10/19/2034 •  | 4800 | 5357 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  4.125% due 05/15/2029 | 1200 | 1190 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 800 | 796 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 1200 | 1293 |
|  Brookfield Finance LLC/ Brookfield Finance, Inc. | Brookfield Finance LLC/ Brookfield Finance, Inc. | Brookfield Finance LLC/ Brookfield Finance, Inc. |
|  3.450% due 04/15/2050 | 2000 | 1404 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 8700 | 6155 |
|  3.625% due 02/15/2052 | 1900 | 1375 |
|  5.968% due 03/04/2054 | 7075 | 7300 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  6.250% due 06/23/2055 | 3100 | 3265 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  3.625% due 09/14/2028 •(j)(k) | 1400 | 1590 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 3000 | 3206 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 | 3100 | 3081 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 3100 | 3309 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.100% due 06/15/2051 | 1200 | 871 |
|  7.500% due 05/30/2029 | 3200 | 3412 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 2200 | 2233 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 1000 | 1059 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.784% due 03/14/2032 (k) | 1800 | 1705 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.758% due 04/06/2033 •  | 1000 | 951 |
|  4.375% due 06/29/2027 •(j)(k) | 1600 | 1893 |
|  4.625% due 12/29/2025 •(j)(k) | 4600 | 5422 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 (b) | 700 | 696 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  | 4000 | 4111 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 800 | 733 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 1100 | 1157 |
|  7.250% due 09/23/2028 •(j)(k) | 6100 | 7722 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(m) | 900 | 911 |
|  6.740% due 03/20/2030 «(m) | 1000 | 1021 |
|  Credit Suisse AG AT1 Claim | 9666 | 1256 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 5800 | 5080 |
|  5.200% due 09/01/2034 | 6300 | 6371 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(j) | 1600 | 1664 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 2900 | 2720 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 4600 | 4100 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2450 | 2359 |
|  4.500% due 06/01/2027 | 1167 | 1168 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 | 3200 | 2094 |
|  3.400% due 02/15/2052 | 2500 | 1754 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.594% due 01/11/2033 | 1000 | 1053 |
|  6.700% due 03/28/2055 •  | 800 | 835 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 •(j)(k) | 1200 | 1411 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  5.400% due 12/01/2035 | 1000 | 1004 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.375% due 04/01/2035 | 900 | 930 |
|  5.500% due 04/01/2034 | 1200 | 1247 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.950% due 01/15/2033 | 400 | 403 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 | 2700 | 2877 |
|  6.100% due 03/15/2055 | 3500 | 3593 |
|  6.350% due 03/22/2054 | 1000 | 1058 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  | 5000 | 4220 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 | 8100 | 5227 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  5.450% due 09/30/2034 | 1800 | 1806 |
|  FMR LLC | FMR LLC | FMR LLC |
|  6.450% due 11/15/2039 | 4500 | 4993 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 | 900 | 577 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 1500 | 1590 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 2100 | 1947 |
|  6.125% due 01/15/2030 | 1900 | 1892 |
|  7.875% due 01/15/2029 | 1000 | 1051 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  7.875% due 12/01/2030 | 1200 | 1276 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 650 | 662 |
|  5.500% due 01/08/2029 | 3700 | 3831 |
|  5.900% due 01/13/2035 | 1500 | 1559 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 1400 | 1434 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 200 | 212 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2030 | 5000 | 4846 |
|  5.625% due 09/15/2034 | 4500 | 4558 |
|  5.750% due 11/01/2037 | 2300 | 2286 |
|  6.250% due 09/15/2054 | 1500 | 1512 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 8700 | 7895 |
|  4.017% due 10/31/2038 •  | 5100 | 4574 |
|  5.016% due 10/23/2035 •  | 7900 | 7956 |
|  5.330% due 07/23/2035 •  | 4000 | 4119 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 2000 | 1990 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 3600 | 3360 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 3700 | 3652 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2000 | 2036 |
|  6.750% due 07/15/2035 | 3100 | 3198 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 2600 | 2409 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  4.500% due 02/01/2026 | 1900 | 1898 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1500 | 1526 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.875% due 09/28/2026 •(j)(k) | 5178 | 6986 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 800 | 790 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  | 1750 | 1481 |
|  7.750% due 01/11/2027 •(j)(k) | 4610 | 5689 |
|  7.778% due 06/20/2054 •  | 1700 | 2043 |
|  7.800% due 11/28/2053 | 3000 | 3709 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 3500 | 2972 |
|  4.875% due 02/01/2035 | 600 | 593 |
|  4.950% due 01/15/2033 | 1400 | 1408 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 6400 | 6652 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 585 | 514 |
|  3.750% due 05/28/2051 | 750 | 521 |
|  4.500% due 04/08/2052 | 2100 | 1662 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 2100 | 2256 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.109% due 04/22/2051 •  | 6300 | 4360 |
|  3.328% due 04/22/2052 •  | 18400 | 13248 |
|  5.294% due 07/22/2035 •  | 3000 | 3100 |
|  5.350% due 06/01/2034 •  | 7100 | 7400 |
|  5.502% due 01/24/2036 •  | 6500 | 6804 |
|  6.254% due 10/23/2034 •  | 3200 | 3527 |
|  8.750% due 09/01/2030 | 275 | 327 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 ^«(d) | 20 | 2 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (c) | 171 | 4 |
|  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 (c) | 285 | 6 |
|  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 (c) | 342 | 6 |
|  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 (c) | 513 | 7 |
|  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 (c) | 478 | 7 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2028 (c) | 114 | 3 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  8.000% due 09/05/2028 •(j)(k) | 1000 | 1306 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 3400 | 2828 |
|  2.650% due 11/15/2033 | 1000 | 819 |
|  5.875% due 10/15/2035 | 900 | 913 |
|  6.250% due 01/15/2036 | 1600 | 1656 |
|  KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC |
|  3.500% due 08/25/2050 | 4700 | 3385 |
|  KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC |
|  4.850% due 05/17/2032 | 1526 | 1543 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 | 600 | 612 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.375% due 03/11/2029 | 209 | 209 |
|  6.000% due 03/15/2031 | 900 | 952 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 | 1400 | 1406 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.951% due 10/15/2050 | 900 | 690 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 1000 | 744 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.679% due 01/05/2035 •  | 5600 | 5873 |
|  7.875% due 06/27/2029 •(j)(k) | 200 | 283 |
|  8.500% due 09/27/2027 •(j)(k) | 1000 | 1413 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 300 | 304 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  2.900% due 12/15/2051 | 1300 | 839 |
|  4.350% due 01/30/2047 | 200 | 172 |
|  5.400% due 03/15/2055 | 7900 | 7754 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  | 2500 | 2276 |
|  5.672% due 12/01/2052 | 2000 | 1997 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  | 3300 | 3436 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 | 610 | 607 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  5.000% due 07/15/2052 | 500 | 468 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  5.133% due 07/20/2033 •  | 5200 | 5352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.188% due 09/12/2036 •  | $— | 1000 | $— | 1017 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  |  | 3200 |  | 2891 |
|  2.869% due 09/13/2030 •  |  | 2500 |  | 2368 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(m) |  | 11300 |  | 8163 |
|  2.943% due 01/21/2033 •  |  | 4800 |  | 4365 |
|  4.889% due 07/20/2033 •  |  | 800 |  | 813 |
|  5.320% due 07/19/2035 •  |  | 5000 |  | 5161 |
|  5.587% due 01/18/2036 •  |  | 2100 |  | 2200 |
|  5.831% due 04/19/2035 •  |  | 1600 |  | 1706 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.450% due 12/12/2028 |  | 1500 |  | 1552 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  6.100% due 06/28/2063 |  | 800 |  | 846 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 |  | 400 |  | 397 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  7.875% due 12/20/2031 •(j)(k) |  | 1000 |  | 1395 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 | $— | 2500 |  | 3393 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  |  | 1400 |  | 1404 |
|  4.600% due 06/28/2031 •(j)(k) |  | 1300 |  | 1191 |
|  5.125% due 05/12/2027 •(j)(k) |  | 2500 |  | 3321 |
|  7.625% due 09/30/2035 •(j)(k) |  | 3300 |  | 4478 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 | $— | 400 |  | 400 |
|  4.875% due 04/15/2045 |  | 2700 |  | 2371 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 2200 |  | 2561 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | $— | 3000 |  | 3220 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.250% due 09/13/2053 •  |  | 4500 |  | 4777 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.605% due 07/06/2029 |  | 6500 |  | 6774 |
|  7.000% due 07/15/2030 •(j)(k) |  | 2000 |  | 2073 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(j)(k) |  | 400 |  | 373 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  6.170% due 05/29/2055 |  | 4000 |  | 4308 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 |  | 4100 |  | 4137 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  7.875% due 03/15/2030 |  | 2500 |  | 2647 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  5.950% due 09/15/2055 |  | 5500 |  | 5690 |
|  9.250% due 06/15/2039 |  | 8800 |  | 12009 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (f) |  | 2400 |  | 1809 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  7.625% due 06/15/2040 |  | 1000 |  | 1182 |
|  Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
|  5.750% due 07/15/2034 |  | 1600 |  | 1666 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 |  | 3190 |  | 3377 |
|  Pine Street Trust III | Pine Street Trust III | Pine Street Trust III | Pine Street Trust III | Pine Street Trust III |
|  6.223% due 05/15/2054 |  | 5000 |  | 5158 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  4.125% due 04/15/2047 |  | 500 |  | 422 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 |  | 3500 |  | 3647 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.400% due 02/01/2047 |  | 900 |  | 772 |
|  4.650% due 03/15/2049 |  | 500 |  | 440 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 |  | 1800 |  | 1603 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 1800 |  | 1863 |
|  5.500% due 01/11/2031 |  | 2900 |  | 3029 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **101** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **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 |
|  2.896% due 03/15/2032 •  | 1700 | 1556 |
|  5.694% due 04/15/2031 •  | 2500 | 2610 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 | 200 | 190 |
|  Selective Insurance Group, Inc.  | Selective Insurance Group, Inc.  | Selective Insurance Group, Inc.  |
|  5.375% due 03/01/2049 | 1700 | 1571 |
|  Sixth Street Lending Partners  | Sixth Street Lending Partners  | Sixth Street Lending Partners  |
|  5.750% due 01/15/2030 | 1600 | 1627 |
|  SMBC Aviation Capital Finance DAC  | SMBC Aviation Capital Finance DAC  | SMBC Aviation Capital Finance DAC  |
|  2.300% due 06/15/2028 | 1900 | 1803 |
|  Stifel Financial Corp.  | Stifel Financial Corp.  | Stifel Financial Corp.  |
|  4.000% due 05/15/2030 | 1100 | 1079 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1400 | 1273 |
|  5.400% due 04/30/2030 | 800 | 815 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 3500 | 3694 |
|  5.632% due 01/15/2035 | 1000 | 1062 |
|  Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)  | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)  | Sunac China Holdings Ltd. (5.000% Cash or 6.000% PIK)  |
|  5.000% due 09/30/2026 ^(c)(d) | 161 | 24 |
|  Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)  | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)  | Sunac China Holdings Ltd. (5.250% Cash or 6.250% PIK)  |
|  5.250% due 09/30/2027 ^(c)(d) | 161 | 25 |
|  Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)  | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)  | Sunac China Holdings Ltd. (5.500% Cash or 6.500% PIK)  |
|  5.500% due 09/30/2027 ^(c)(d) | 323 | 49 |
|  Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)  | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)  | Sunac China Holdings Ltd. (5.750% Cash or 6.750% PIK)  |
|  5.750% due 09/30/2028 ^(c)(d) | 486 | 75 |
|  Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)  | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)  | Sunac China Holdings Ltd. (6.000% Cash or 7.000% PIK)  |
|  6.000% due 09/30/2029 ^(c)(d) | 487 | 76 |
|  Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)  | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)  | Sunac China Holdings Ltd. (6.250% Cash or 7.250% PIK)  |
|  6.250% due 09/30/2030 ^(c)(d) | 229 | 35 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.270% due 05/15/2047 | 400 | 332 |
|  6.850% due 12/16/2039 | 371 | 426 |
|  Tesco Property Finance 3 PLC  | Tesco Property Finance 3 PLC  | Tesco Property Finance 3 PLC  |
|  5.744% due 04/13/2040 | 86 | 115 |
|  Tesco Property Finance 5 PLC  | Tesco Property Finance 5 PLC  | Tesco Property Finance 5 PLC  |
|  5.661% due 10/13/2041 | 45 | 60 |
|  Tesco Property Finance 6 PLC  | Tesco Property Finance 6 PLC  | Tesco Property Finance 6 PLC  |
|  5.411% due 07/13/2044 | 685 | 883 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 900 | 831 |
|  6.950% due 01/30/2044 | 5300 | 5263 |
|  7.375% due 02/13/2034 | 1000 | 1079 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.179% due 02/11/2043 •  | 1400 | 1069 |
|  4.151% due 12/23/2029 •  | 3500 | 3493 |
|  4.194% due 04/01/2031 •  | 600 | 593 |
|  4.875% due 02/12/2027 •(j)(k) | 4800 | 4743 |
|  5.379% due 09/06/2045 •  | 1000 | 1001 |
|  5.959% due 01/12/2034 •  | 6200 | 6634 |
|  6.442% due 08/11/2028 •  | 6850 | 7119 |
|  6.537% due 08/12/2033 •  | 10700 | 11807 |
|  6.850% due 09/10/2029 •(j)(k) | 3500 | 3622 |
|  7.000% due 02/05/2035 •(j)(k) | 2000 | 2041 |
|  7.125% due 08/10/2034 •(j)(k) | 3000 | 3090 |
|  UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
|  5.125% due 09/01/2034 | 1500 | 1522 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 1400 | 1496 |
|  7.500% due 06/03/2026 •(j)(k) | 2000 | 2421 |
|  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 (c) | 1445 | 43 |
|  Unum Group  | Unum Group  | Unum Group  |
|  4.500% due 12/15/2049 | 3100 | 2532 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 1300 | 1314 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.625% due 04/01/2035 | $— | 1000 | 1025 |
|  5.625% due 05/15/2052 |  | 2000 | 1909 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 |  | 2800 | 2735 |
|  4.500% due 01/15/2028 |  | 400 | 400 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  |  | 500 | 483 |
|  5.000% due 09/20/2034 |  | 600 | 597 |
|  5.700% due 07/15/2043 |  | 630 | 635 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  |  | 6600 | 6146 |
|  4.611% due 04/25/2053 •  |  | 11300 | 9935 |
|  4.892% due 09/15/2036 •  |  | 1500 | 1498 |
|  5.211% due 12/03/2035 •  |  | 300 | 307 |
|  5.499% due 01/23/2035 •  |  | 5000 | 5217 |
|  5.557% due 07/25/2034 •  |  | 19000 | 19964 |
|  6.491% due 10/23/2034 •  |  | 2200 | 2445 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  5.125% due 03/15/2043 |  | 800 | 763 |
|  6.500% due 03/15/2041 |  | 925 | 1032 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 03/09/2052 |  | 5000 | 3890 |
|  7.375% due 03/15/2032 |  | 681 | 781 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 |  | 725 | 551 |
|  5.350% due 05/15/2033 |  | 1500 | 1553 |
|  |  |  | 793905 |
| INDUSTRIALS 28.6% | INDUSTRIALS 28.6% | INDUSTRIALS 28.6% | INDUSTRIALS 28.6% |
|  7-Eleven, Inc.  | 7-Eleven, Inc.  | 7-Eleven, Inc.  | 7-Eleven, Inc.  |
|  2.800% due 02/10/2051 |  | 1000 | 620 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 |  | 21000 | 17705 |
|  4.400% due 11/06/2042 |  | 2970 | 2680 |
|  4.450% due 05/14/2046 |  | 7000 | 6200 |
|  4.700% due 05/14/2045 |  | 900 | 826 |
|  4.750% due 03/15/2045 |  | 3000 | 2784 |
|  4.850% due 06/15/2044 |  | 3300 | 3116 |
|  5.600% due 03/15/2055 |  | 4100 | 4198 |
|  Abu Dhabi Crude Oil Pipeline LLC  | Abu Dhabi Crude Oil Pipeline LLC  | Abu Dhabi Crude Oil Pipeline LLC  | Abu Dhabi Crude Oil Pipeline LLC  |
|  4.600% due 11/02/2047 |  | 1400 | 1300 |
|  Acushnet Co.  | Acushnet Co.  | Acushnet Co.  | Acushnet Co.  |
|  7.375% due 10/15/2028 |  | 300 | 311 |
|  Adani Electricity Mumbai Ltd.  | Adani Electricity Mumbai Ltd.  | Adani Electricity Mumbai Ltd.  | Adani Electricity Mumbai Ltd.  |
|  3.949% due 02/12/2030 |  | 1570 | 1481 |
|  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 |  | 626 | 569 |
|  Adnoc Murban Rsc Ltd.  | Adnoc Murban Rsc Ltd.  | Adnoc Murban Rsc Ltd.  | Adnoc Murban Rsc Ltd.  |
|  5.125% due 09/11/2054 |  | 2000 | 1901 |
|  Air Canada Pass-Through Trust  | Air Canada Pass-Through Trust  | Air Canada Pass-Through Trust  | Air Canada Pass-Through Trust  |
|  3.300% due 07/15/2031 |  | 1219 | 1156 |
|  Aker BP ASA  | Aker BP ASA  | Aker BP ASA  | Aker BP ASA  |
|  5.800% due 10/01/2054 |  | 4000 | 3711 |
|  Alaska Airlines Pass-Through Trust  | Alaska Airlines Pass-Through Trust  | Alaska Airlines Pass-Through Trust  | Alaska Airlines Pass-Through Trust  |
|  4.800% due 02/15/2029 |  | 1216 | 1219 |
|  Alcon Finance Corp.  | Alcon Finance Corp.  | Alcon Finance Corp.  | Alcon Finance Corp.  |
|  3.800% due 09/23/2049 |  | 2200 | 1703 |
|  Altice France SA  | Altice France SA  | Altice France SA  | Altice France SA  |
|  3.375% due 01/15/2028 |  | 2200 | 2228 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.700% due 06/03/2060 | $— | 6400 | 3789 |
|  4.100% due 04/13/2062 |  | 1200 | 967 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 |  | 1760 | 1707 |
|  3.375% due 11/01/2028 |  | 2498 | 2458 |
|  3.575% due 07/15/2029 |  | 572 | 561 |
|  3.650% due 08/15/2030 |  | 2392 | 2328 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  3.375% due 02/21/2050 |  | 10700 | 7752 |
|  4.563% due 06/15/2048 |  | 2610 | 2253 |
|  4.663% due 06/15/2051 |  | 5053 | 4417 |
|  4.875% due 03/01/2053 |  | 5400 | 4819 |
|  5.650% due 03/02/2053 |  | 9600 | 9582 |
|  5.750% due 03/02/2063 |  | 4800 | 4792 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amrize Finance U.S. LLC  | Amrize Finance U.S. LLC  | Amrize Finance U.S. LLC  |
|  4.750% due 09/22/2046 | 1421 | 1260 |
|  AngloGold Ashanti Holdings PLC  | AngloGold Ashanti Holdings PLC  | AngloGold Ashanti Holdings PLC  |
|  3.750% due 10/01/2030 | 600 | 573 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|  4.700% due 02/01/2036 | 9000 | 8890 |
|  4.900% due 02/01/2046 | 3148 | 2951 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.439% due 10/06/2048 | 4100 | 3567 |
|  4.950% due 01/15/2042 | 5600 | 5386 |
|  Ashtead Capital, Inc.  | Ashtead Capital, Inc.  | Ashtead Capital, Inc.  |
|  5.800% due 04/15/2034 | 1600 | 1678 |
|  Bacardi Ltd.  | Bacardi Ltd.  | Bacardi Ltd.  |
|  5.300% due 05/15/2048 | 3600 | 3280 |
|  Baptist Healthcare System Obligated Group  | Baptist Healthcare System Obligated Group  | Baptist Healthcare System Obligated Group  |
|  3.540% due 08/15/2050 | 300 | 217 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 500 | 498 |
|  4.400% due 07/15/2044 | 6000 | 4813 |
|  4.625% due 06/25/2038 | 2600 | 2355 |
|  4.875% due 06/25/2048 | 3400 | 2872 |
|  Bayer U.S. Finance LLC  | Bayer U.S. Finance LLC  | Bayer U.S. Finance LLC  |
|  6.875% due 11/21/2053 | 2300 | 2506 |
|  Becton Dickinson & Co.  | Becton Dickinson & Co.  | Becton Dickinson & Co.  |
|  5.110% due 02/08/2034 | 3600 | 3681 |
|  Beignet  | Beignet  | Beignet  |
|  6.850% due 06/01/2049 «(b) | 33800 | 33800 |
|  Berry Global, Inc.  | Berry Global, Inc.  | Berry Global, Inc.  |
|  5.650% due 01/15/2034 | 2000 | 2085 |
|  BMW U.S. Capital LLC  | BMW U.S. Capital LLC  | BMW U.S. Capital LLC  |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 5000 | 5029 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.625% due 02/01/2031 | 7900 | 7572 |
|  3.650% due 03/01/2047 | 700 | 512 |
|  3.950% due 08/01/2059 | 4300 | 3093 |
|  5.705% due 05/01/2040 | 4700 | 4799 |
|  5.805% due 05/01/2050 | 11600 | 11597 |
|  5.930% due 05/01/2060 | 12460 | 12457 |
|  Booz Allen Hamilton, Inc.  | Booz Allen Hamilton, Inc.  | Booz Allen Hamilton, Inc.  |
|  5.950% due 04/15/2035 | 1500 | 1565 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  4.250% due 10/26/2049 | 630 | 523 |
|  5.650% due 02/22/2064 | 5200 | 5161 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2640 | 2502 |
|  4.125% due 03/20/2033 | 1535 | 1482 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 | 1728 | 1496 |
|  3.419% due 04/15/2033 | 7649 | 7082 |
|  3.469% due 04/15/2034 | 5300 | 4839 |
|  3.500% due 02/15/2041 | 5300 | 4364 |
|  4.926% due 05/15/2037 | 5843 | 5830 |
|  Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
|  5.200% due 04/15/2054 | 4000 | 3843 |
|  Cameron LNG LLC  | Cameron LNG LLC  | Cameron LNG LLC  |
|  3.701% due 01/15/2039 | 2600 | 2232 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.100% due 12/02/2051 | 1500 | 1017 |
|  3.500% due 05/01/2050 | 4234 | 3109 |
|  6.125% due 09/15/2115 | 6470 | 6684 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 (b) | 600 | 600 |
|  5.750% due 03/15/2030 | 1200 | 1226 |
|  5.750% due 08/01/2032 | 900 | 917 |
|  7.000% due 08/15/2029 | 900 | 948 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 1900 | 1776 |
|  5.550% due 08/22/2034 | 1000 | 1026 |
|  Cellnex Finance Co. SA  | Cellnex Finance Co. SA  | Cellnex Finance Co. SA  |
|  3.875% due 07/07/2041 | 600 | 479 |
|  Centene Corp.  | Centene Corp.  | Centene Corp.  |
|  4.625% due 12/15/2029 | 1900 | 1843 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 3200 | 3231 |
|  5.375% due 03/15/2044 | 1800 | 1743 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 | 2500 | 1825 |
|  3.700% due 04/01/2051 | 11000 | 7262 |
|  3.850% due 04/01/2061 | 9600 | 5988 |
|  3.900% due 06/01/2052 | 3400 | 2304 |
|  3.950% due 06/30/2062 | 1700 | 1076 |
|  4.400% due 12/01/2061 | 2374 | 1646 |
|  4.800% due 03/01/2050 | 4900 | 3883 |
|  5.375% due 05/01/2047 | 5100 | 4411 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 1300 | 1091 |
|  3.700% due 11/15/2029 | 6500 | 6319 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 | 2100 | 1914 |
|  5.750% due 08/15/2034 | 2900 | 3016 |
|  Cheniere Energy, Inc.  | Cheniere Energy, Inc.  | Cheniere Energy, Inc.  |
|  5.650% due 04/15/2034 | 2000 | 2063 |
|  Choice Hotels International, Inc.  | Choice Hotels International, Inc.  | Choice Hotels International, Inc.  |
|  5.850% due 08/01/2034 | 800 | 819 |
|  Chord Energy Corp.  | Chord Energy Corp.  | Chord Energy Corp.  |
|  6.750% due 03/15/2033 | 300 | 304 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 | 2200 | 2229 |
|  5.600% due 02/15/2054 | 1500 | 1476 |
|  Cleveland Clinic Foundation  | Cleveland Clinic Foundation  | Cleveland Clinic Foundation  |
|  4.858% due 01/01/2114 | 45 | 39 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.937% due 11/01/2056 | 12149 | 7216 |
|  5.500% due 05/15/2064 | 3800 | 3584 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.500% due 05/09/2047 | 1200 | 1009 |
|  5.250% due 11/15/2048 | 3500 | 3261 |
|  Constellation Pharmaceutical, Inc.  | Constellation Pharmaceutical, Inc.  | Constellation Pharmaceutical, Inc.  |
|  5.550% due 07/01/2033 «(m) | 1275 | 1316 |
|  CSL Finance PLC |  |  |
|  4.625% due 04/27/2042 | 900 | 822 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.125% due 07/20/2045 | 7400 | 6721 |
|  5.300% due 12/05/2043 | 6700 | 6275 |
|  5.625% due 02/21/2053 | 3500 | 3328 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 8387 | 8940 |
|  8.353% due 07/10/2031 | 180 | 196 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 | 2600 | 2616 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 1400 | 1438 |
|  5.750% due 04/18/2054 | 4100 | 3949 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 | 2900 | 2775 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 (n) | 3750 | 3474 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.550% due 03/01/2048 | 1400 | 1198 |
|  4.650% due 01/15/2043 | 1435 | 1292 |
|  5.100% due 01/15/2044 | 500 | 475 |
|  5.125% due 02/15/2053 | 8100 | 7404 |
|  5.650% due 06/15/2054 | 2500 | 2459 |
|  5.850% due 11/01/2064 | 2000 | 1992 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.950% due 02/27/2063 | 5100 | 4714 |
|  5.200% due 08/14/2064 | 2600 | 2503 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  6.700% due 11/15/2053 | 4400 | 4918 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.000% due 05/15/2044 | 4857 | 4318 |
|  5.150% due 03/15/2045 | 11100 | 9969 |
|  5.300% due 04/01/2044 | 1400 | 1283 |
|  5.350% due 05/15/2045 | 2465 | 2263 |
|  5.950% due 05/15/2054 | 2500 | 2423 |
|  6.050% due 09/01/2054 | 3600 | 3537 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.950% due 05/15/2054 | 2747 | 2748 |
|  Entergy Louisiana LLC |  |  |
|  4.200% due 09/01/2048 | 5000 | 4120 |
|  4.200% due 04/01/2050 | 4200 | 3427 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.450% due 02/15/2043 | 5697 | 5037 |
|  4.850% due 03/15/2044 | 3579 | 3294 |
|  4.950% due 10/15/2054 | 830 | 750 |
|  5.200% due 01/15/2036 | 4800 | 4881 |
|  5.550% due 02/16/2055 | 6700 | 6627 |
|  7.433% (TSFR3M + 3.248%)<br>due 08/16/2077 ~ | 1450 | 1451 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  5.750% due 02/01/2034 | 1600 | 1675 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 1000 | 1048 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 | 1800 | 1814 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 700 | 665 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 | 1355 | 1118 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 7300 | 6720 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 2000 | 2021 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  4.500% due 03/30/2045 | 1038 | 860 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 1700 | 1293 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 | 3200 | 3368 |
|  6.510% due 02/23/2042 | 1900 | 2062 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  4.000% due 03/24/2052 | 1000 | 800 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 1600 | 1644 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | 4900 | 3355 |
|  4.125% due 06/15/2029 | 700 | 694 |
|  4.375% due 03/15/2042 | 2040 | 1747 |
|  4.625% due 03/15/2052 | 3100 | 2562 |
|  5.125% due 06/15/2039 | 2400 | 2314 |
|  5.250% due 06/15/2049 | 2600 | 2383 |
|  5.875% due 02/01/2029 | 700 | 729 |
|  5.900% due 06/01/2053 | 800 | 790 |
|  5.950% due 09/15/2054 | 1400 | 1398 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  5.750% due 09/15/2033 | 1300 | 1318 |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 | 1100 | 847 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  4.375% due 09/15/2028 | 800 | 801 |
|  5.375% due 12/15/2031 | 800 | 818 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.400% due 06/23/2032 | 4700 | 4843 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 2600 | 2684 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 1700 | 1246 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  3.200% due 08/12/2061 | 3000 | 1795 |
|  5.700% due 02/10/2053 | 7000 | 6774 |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 | 1600 | 1663 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 (n) | 1600 | 1624 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1042 | 925 |
|  Johnson Controls, Inc. | Johnson Controls, Inc. | Johnson Controls, Inc. |
|  4.950% due 07/02/2064 | 20 | 17 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  6.950% due 06/01/2028 | 3795 | 4042 |
|  7.420% due 02/15/2037 | 2980 | 3413 |
|  8.050% due 10/15/2030 | 3825 | 4399 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.875% due 10/01/2049 | 1200 | 1050 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.500% due 08/15/2054 | 3100 | 3086 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 6800 | 6748 |
|  3.900% due 08/08/2029 | 5800 | 5614 |
|  6.200% due 08/15/2034 | 4500 | 4712 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.375% due 05/15/2030 | 250 | 249 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 5000 | 4050 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  6.500% due 03/01/2041 | 1800 | 1941 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.250% due 10/15/2035 | 400 | 404 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.700% due 05/01/2055 | 2600 | 2636 |
|  5.800% due 05/01/2065 | 2100 | 2143 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 | 4000 | 3696 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  5.400% due 08/15/2054 | 9100 | 8998 |
|  5.550% due 08/15/2064 | 1000 | 993 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  3.477% due 11/01/2051 | 7300 | 5227 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 | 4000 | 2559 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.900% due 04/15/2058 | 1900 | 1582 |
|  4.950% due 03/14/2052 | 700 | 598 |
|  5.200% due 03/01/2047 | 900 | 811 |
|  5.950% due 04/01/2055 | 6600 | 6456 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 1800 | 1691 |
|  National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(m) | 1700 | 1743 |
|  5.420% due 10/05/2037 «(m) | 600 | 618 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 | 1600 | 1673 |
|  New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital |
|  4.063% due 08/01/2056 | 45 | 36 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 800 | 568 |
|  NFL Football Club Term Notes | NFL Football Club Term Notes | NFL Football Club Term Notes |
|  5.250% due 10/05/2034 «(m) | 3200 | 3236 |
|  5.420% due 10/05/2037 «(m) | 1200 | 1216 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  4.300% due 01/15/2049 | 5000 | 4112 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 | 2500 | 1859 |
|  4.260% due 11/01/2047 | 30 | 25 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 2000 | 2049 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 3600 | 3404 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.400% due 05/01/2030 | 375 | 360 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 2225 | 2288 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.650% due 03/25/2041 | 5700 | 4568 |
|  3.850% due 04/01/2060 | 6615 | 4552 |
|  3.950% due 03/25/2051 | 15900 | 11830 |
|  4.100% due 03/25/2061 | 6400 | 4613 |
|  5.500% due 09/27/2064 | 6000 | 5499 |
|  5.950% due 09/26/2055 | 600 | 599 |
|  Petroleos Mexicanos  | Petroleos Mexicanos  | Petroleos Mexicanos  |
|  6.840% due 01/23/2030 | 4000 | 4071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **103** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
|  3.875% due 08/21/2042 | 2600 | 2162 |
|  Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
|  3.050% due 10/01/2041 | 4000 | 2977 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 5400 | 5103 |
|  4.550% due 03/15/2052 | 1800 | 1493 |
|  Rolls-Royce PLC  | Rolls-Royce PLC  | Rolls-Royce PLC  |
|  5.750% due 10/15/2027 | 100 | 138 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 (b) | 200 | 201 |
|  5.500% due 04/01/2028 | 2000 | 2039 |
|  5.625% due 09/30/2031 | 1200 | 1224 |
|  6.000% due 02/01/2033 | 2000 | 2052 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.550% due 09/02/2050 | 4300 | 3023 |
|  4.450% due 03/25/2031 | 1000 | 992 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.050% due 05/04/2047 | 2705 | 2207 |
|  4.350% due 04/15/2047 | 700 | 600 |
|  4.450% due 11/16/2038 | 800 | 753 |
|  6.100% due 03/15/2034 | 5000 | 5477 |
|  6.400% due 03/15/2054 | 1600 | 1791 |
|  Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  |
|  4.500% due 05/15/2030 | 7200 | 7228 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 4500 | 4203 |
|  6.875% due 09/19/2033 | 2500 | 2753 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 5000 | 3249 |
|  5.875% due 07/17/2064 | 1200 | 1184 |
|  Seadrill Finance Ltd.  | Seadrill Finance Ltd.  | Seadrill Finance Ltd.  |
|  8.375% due 08/01/2030 | 400 | 416 |
|  Snam SpA  | Snam SpA  | Snam SpA  |
|  6.500% due 05/28/2055 | 3000 | 3225 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 5000 | 4940 |
|  4.250% due 07/01/2036 | 1000 | 930 |
|  Southern Natural Gas Co. LLC  | Southern Natural Gas Co. LLC  | Southern Natural Gas Co. LLC  |
|  7.350% due 02/15/2031 | 1400 | 1559 |
|  Spectra Energy Partners LP  | Spectra Energy Partners LP  | Spectra Energy Partners LP  |
|  4.500% due 03/15/2045 | 1675 | 1436 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 (n) | 8800 | 8796 |
|  9.375% due 11/30/2029 | 2000 | 2109 |
|  Spirit Airlines Pass-Through Trust  | Spirit Airlines Pass-Through Trust  | Spirit Airlines Pass-Through Trust  |
|  4.100% due 10/01/2029 | 785 | 746 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.625% due 03/15/2046 | 2200 | 1991 |
|  5.200% due 02/10/2035 | 5400 | 5571 |
|  Sutter Health  | Sutter Health  | Sutter Health  |
|  3.161% due 08/15/2040 | 350 | 277 |
|  Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
|  5.700% due 04/01/2055 | 6800 | 6868 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 | 1100 | 986 |
|  3.300% due 02/15/2051 | 4700 | 3206 |
|  3.400% due 10/15/2052 | 10900 | 7474 |
|  3.500% due 04/15/2031 | 200 | 190 |
|  3.600% due 11/15/2060 | 11300 | 7684 |
|  3.875% due 04/15/2030 | 6695 | 6567 |
|  5.650% due 01/15/2053 | 4200 | 4153 |
|  Tapestry, Inc.  | Tapestry, Inc.  | Tapestry, Inc.  |
|  5.500% due 03/11/2035 | 2000 | 2044 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.950% due 04/15/2052 | 500 | 428 |
|  5.500% due 02/15/2035 | 1500 | 1527 |
|  TD SYNNEX Corp.  | TD SYNNEX Corp.  | TD SYNNEX Corp.  |
|  2.650% due 08/09/2031 | 1500 | 1347 |
|  Telefonica Emisiones SA  | Telefonica Emisiones SA  | Telefonica Emisiones SA  |
|  4.895% due 03/06/2048 | 3500 | 3007 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 3500 | 3279 |
|  8.375% due 06/15/2032 | 1275 | 1507 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Thames Water Super Senior Issuer PLC  | Thames Water Super Senior Issuer PLC  | Thames Water Super Senior Issuer PLC  |
|  9.750% due 10/10/2027 | 351 | 528 |
|  Thames Water Utilities Finance PLC  | Thames Water Utilities Finance PLC  | Thames Water Utilities Finance PLC  |
|  4.375% due 01/18/2033 | 4000 | 3311 |
|  Thames Water Utilities Ltd.  | Thames Water Utilities Ltd.  | Thames Water Utilities Ltd.  |
|  0.000% due 03/22/2027 (f) | 25 | 29 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 820 | 659 |
|  5.250% due 07/15/2042 | 800 | 904 |
|  5.500% due 09/01/2041 | 6225 | 5708 |
|  5.875% due 11/15/2040 | 4520 | 4323 |
|  6.750% due 06/15/2039 | 3500 | 3663 |
|  7.300% due 07/01/2038 | 5000 | 5466 |
|  TopBuild Corp.  | TopBuild Corp.  | TopBuild Corp.  |
|  4.125% due 02/15/2032 | 1600 | 1501 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.488% due 04/05/2054 | 700 | 693 |
|  5.638% due 04/05/2064 | 1500 | 1496 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  4.600% due 03/15/2048 | 4440 | 3856 |
|  5.400% due 08/15/2041 | 1400 | 1378 |
|  Trimble, Inc.  | Trimble, Inc.  | Trimble, Inc.  |
|  6.100% due 03/15/2033 | 800 | 860 |
|  Trustees of the University of Pennsylvania  | Trustees of the University of Pennsylvania  | Trustees of the University of Pennsylvania  |
|  4.674% due 09/01/2112 | 700 | 594 |
|  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 (c) | 1726 | 319 |
|  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 (c) | 817 | 629 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 5147 | 4731 |
|  3.100% due 01/07/2030 | 347 | 335 |
|  3.450% due 01/07/2030 | 2832 | 2721 |
|  4.000% due 10/11/2027 | 364 | 364 |
|  4.150% due 02/25/2033 | 1586 | 1551 |
|  4.550% due 02/25/2033 | 2800 | 2696 |
|  5.450% due 08/15/2038 | 966 | 997 |
|  5.875% due 04/15/2029 | 1328 | 1366 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.875% due 08/15/2059 | 7100 | 5219 |
|  5.050% due 04/15/2053 | 16900 | 15497 |
|  5.200% due 04/15/2063 | 8800 | 8064 |
|  6.050% due 02/15/2063 | 300 | 314 |
|  University of Southern California  | University of Southern California  | University of Southern California  |
|  5.250% due 10/01/2111 | 40 | 38 |
|  UPMC  | UPMC  | UPMC  |
|  5.035% due 05/15/2033 | 1100 | 1123 |
|  Vale Overseas Ltd.  | Vale Overseas Ltd.  | Vale Overseas Ltd.  |
|  6.400% due 06/28/2054 | 3500 | 3601 |
|  Var Energi ASA  | Var Energi ASA  | Var Energi ASA  |
|  8.000% due 11/15/2032 | 1200 | 1394 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 2570 | 2465 |
|  3.875% due 11/01/2033 | 5500 | 4960 |
|  4.125% due 08/15/2031 | 1200 | 1133 |
|  6.250% due 01/15/2030 | 2500 | 2609 |
|  Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
|  7.000% due 01/15/2030 | 4900 | 5074 |
|  Viking Cruises Ltd.  | Viking Cruises Ltd.  | Viking Cruises Ltd.  |
|  5.875% due 10/15/2033 (b) | 600 | 601 |
|  Viper Energy Partners LLC  | Viper Energy Partners LLC  | Viper Energy Partners LLC  |
|  5.700% due 08/01/2035 | 1400 | 1424 |
|  Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  |
|  4.250% due 01/15/2030 | 2100 | 2633 |
|  Vmed O2 U.K. Financing I PLC  | Vmed O2 U.K. Financing I PLC  | Vmed O2 U.K. Financing I PLC  |
|  5.625% due 04/15/2032 | 5800 | 7007 |
|  VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 | 5900 | 5206 |
|  4.700% due 05/15/2030 | 2100 | 2127 |
|  Volkswagen Group of America Finance LLC  | Volkswagen Group of America Finance LLC  | Volkswagen Group of America Finance LLC  |
|  5.050% due 03/27/2028 | 3000 | 3040 |
|  Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  | Warnermedia Holdings, Inc.  |
|  5.141% due 03/15/2052 | 741 | 553 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Waste Connections, Inc.  | Waste Connections, Inc.  | Waste Connections, Inc.  |
|  4.200% due 01/15/2033 | 4200 | 4123 |
|  Weatherford International Ltd.  | Weatherford International Ltd.  | Weatherford International Ltd.  |
|  6.750% due 10/15/2033 (b) | 600 | 601 |
|  West Virginia United Health System Obligated Group  | West Virginia United Health System Obligated Group  | West Virginia United Health System Obligated Group  |
|  3.129% due 06/01/2050 | 800 | 514 |
|  Western Midstream Operating LP  | Western Midstream Operating LP  | Western Midstream Operating LP  |
|  5.300% due 03/01/2048 | 2900 | 2526 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  3.500% due 10/15/2051 | 3500 | 2489 |
|  5.800% due 11/15/2054 | 2400 | 2411 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 1300 | 1293 |
|  3.700% due 03/15/2028 | 1126 | 1109 |
|  5.700% due 09/12/2054 | 6000 | 5752 |
|  6.000% due 05/19/2035 | 1000 | 1044 |
|  Workday, Inc.  | Workday, Inc.  | Workday, Inc.  |
|  3.800% due 04/01/2032 | 4500 | 4299 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.  |
|  6.250% due 03/15/2033 | 1500 | 1524 |
|  Yellowstone Energy LP  | Yellowstone Energy LP  | Yellowstone Energy LP  |
|  5.750% due 12/31/2026 | 365 | 360 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  4.250% due 08/15/2035 | 205 | 191 |
|  4.450% due 08/15/2045 | 2397 | 2107 |
|  |  | 968437 |
| UTILITIES 14.9% | UTILITIES 14.9% | UTILITIES 14.9% |
|  AEP Texas, Inc.  | AEP Texas, Inc.  | AEP Texas, Inc.  |
|  4.150% due 05/01/2049 | 1600 | 1256 |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 700 | 689 |
|  7.600% due 01/15/2055 •  | 3475 | 3607 |
|  Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
|  3.450% due 10/01/2049 | 2100 | 1541 |
|  Ameren Illinois Co.  | Ameren Illinois Co.  | Ameren Illinois Co.  |
|  3.250% due 03/15/2050 | 1000 | 703 |
|  Anglian Water Services Financing PLC  | Anglian Water Services Financing PLC  | Anglian Water Services Financing PLC  |
|  6.000% due 06/20/2039 | 400 | 521 |
|  Appalachian Power Co.  | Appalachian Power Co.  | Appalachian Power Co.  |
|  4.500% due 08/01/2032 | 2600 | 2577 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.350% due 05/15/2050 | 1500 | 1057 |
|  3.500% due 12/01/2049 | 1400 | 1009 |
|  4.500% due 04/01/2042 | 700 | 620 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.550% due 09/15/2055 | 8889 | 6130 |
|  3.650% due 06/01/2051 | 1200 | 868 |
|  3.650% due 09/15/2059 | 32908 | 22518 |
|  3.800% due 12/01/2057 | 24217 | 17283 |
|  Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  |
|  4.600% due 05/01/2053 | 1000 | 861 |
|  Black Hills Corp.  | Black Hills Corp.  | Black Hills Corp.  |
|  6.000% due 01/15/2035 | 2050 | 2184 |
|  Brooklyn Union Gas Co.  | Brooklyn Union Gas Co.  | Brooklyn Union Gas Co.  |
|  4.487% due 03/04/2049 | 1200 | 983 |
|  CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  | CenterPoint Energy Houston Electric LLC  |
|  3.350% due 04/01/2051 | 2500 | 1780 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  6.497% due 08/15/2043 | 1500 | 1606 |
|  6.544% due 11/15/2053 | 2000 | 2147 |
|  6.714% due 08/15/2063 | 1200 | 1317 |
|  Comision Federal de Electricidad  | Comision Federal de Electricidad  | Comision Federal de Electricidad  |
|  5.750% due 02/14/2042 | 55 | 51 |
|  Commonwealth Edison Co.  | Commonwealth Edison Co.  | Commonwealth Edison Co.  |
|  4.000% due 03/01/2048 | 700 | 564 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.600% due 06/15/2061 | 9880 | 6895 |
|  3.700% due 11/15/2059 | 1700 | 1221 |
|  4.500% due 05/15/2058 | 5800 | 4862 |
|  4.650% due 12/01/2048 | 3000 | 2666 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 | 2195 | 2232 |
|  5.750% due 03/15/2054 | 2000 | 2029 |
|  5.800% due 03/01/2033 | 3800 | 4062 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 | 2500 | 2075 |
|  4.200% due 09/01/2052 | 3100 | 2552 |
|  Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
|  2.250% due 08/15/2031 | 2100 | 1859 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  4.050% due 05/15/2048 | 1600 | 1326 |
|  5.400% due 04/01/2053 | 3000 | 2983 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.950% due 03/15/2048 | 6000 | 4835 |
|  5.350% due 01/15/2053 | 6800 | 6679 |
|  5.400% due 01/15/2054 | 12500 | 12409 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.300% due 06/15/2041 | 1900 | 1464 |
|  3.500% due 06/15/2051 | 11400 | 8047 |
|  3.950% due 08/15/2047 | 2300 | 1795 |
|  Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  |
|  5.650% due 04/01/2053 | 1300 | 1312 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.900% due 08/15/2051 | 1100 | 707 |
|  3.600% due 09/15/2047 | 900 | 685 |
|  Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  |
|  2.532% due 10/01/2030 | 700 | 630 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 | 2300 | 2174 |
|  4.950% due 10/13/2045 | 2150 | 1960 |
|  6.000% due 04/22/2064 | 8100 | 8018 |
|  6.900% due 05/23/2053 | 1400 | 1564 |
|  Emera U.S. Finance LP  | Emera U.S. Finance LP  | Emera U.S. Finance LP  |
|  4.750% due 06/15/2046 | 2100 | 1815 |
|  Empresa Electrica Cochrane SpA  | Empresa Electrica Cochrane SpA  | Empresa Electrica Cochrane SpA  |
|  5.500% due 05/14/2027 | 1241 | 1230 |
|  Enel Finance America LLC  | Enel Finance America LLC  | Enel Finance America LLC  |
|  2.875% due 07/12/2041 | 9750 | 7011 |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |
|  4.750% due 05/25/2047 | 1500 | 1301 |
|  5.500% due 06/26/2034 | 2900 | 3005 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 | 4000 | 2962 |
|  7.125% due 12/01/2054 •  | 1000 | 1047 |
|  Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
|  5.550% due 09/15/2054 | 2000 | 1969 |
|  Evergy, Inc.  | Evergy, Inc.  | Evergy, Inc.  |
|  6.650% due 06/01/2055 •  | 1000 | 1026 |
|  FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  |
|  5.450% due 07/15/2044 | 6330 | 6196 |
|  FORESEA Holding SA  | FORESEA Holding SA  | FORESEA Holding SA  |
|  7.500% due 06/15/2030 | 659 | 645 |
|  Georgia Power Co.  | Georgia Power Co.  | Georgia Power Co.  |
|  4.750% due 09/01/2040 | 1000 | 953 |
|  Indiana Michigan Power Co.  | Indiana Michigan Power Co.  | Indiana Michigan Power Co.  |
|  4.550% due 03/15/2046 | 400 | 352 |
|  Interstate Power & Light Co.  | Interstate Power & Light Co.  | Interstate Power & Light Co.  |
|  5.450% due 09/30/2054 | 2600 | 2518 |
|  IPALCO Enterprises, Inc.  | IPALCO Enterprises, Inc.  | IPALCO Enterprises, Inc.  |
|  4.250% due 05/01/2030 | 1600 | 1568 |
|  ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
|  5.400% due 06/01/2033 | 2300 | 2385 |
|  Kentucky Utilities Co.  | Kentucky Utilities Co.  | Kentucky Utilities Co.  |
|  4.375% due 10/01/2045 | 2300 | 1986 |
|  KeySpan Gas East Corp.  | KeySpan Gas East Corp.  | KeySpan Gas East Corp.  |
|  3.586% due 01/18/2052 | 3000 | 2040 |
|  Liberty Utilities Co.  | Liberty Utilities Co.  | Liberty Utilities Co.  |
|  5.869% due 01/31/2034 | 2000 | 2073 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.650% due 08/01/2048 | 3575 | 2731 |
|  4.250% due 05/01/2046 | 3450 | 2940 |
|  4.250% due 07/15/2049 | 14325 | 12000 |
|  5.850% due 09/15/2054 | 2100 | 2214 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mississippi Power Co.  | Mississippi Power Co.  | Mississippi Power Co.  |
|  4.250% due 03/15/2042 | 1700 | 1488 |
|  Monongahela Power Co.  | Monongahela Power Co.  | Monongahela Power Co.  |
|  5.400% due 12/15/2043 | 4224 | 4185 |
|  Nevada Power Co.  | Nevada Power Co.  | Nevada Power Co.  |
|  3.125% due 08/01/2050 | 5300 | 3505 |
|  New England Power Co.  | New England Power Co.  | New England Power Co.  |
|  3.800% due 12/05/2047 | 3300 | 2598 |
|  New York State Electric & Gas Corp.  | New York State Electric & Gas Corp.  | New York State Electric & Gas Corp.  |
|  3.300% due 09/15/2049 | 900 | 600 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 2500 | 2231 |
|  5.783% due 09/16/2052 | 1050 | 1058 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 | 1245 | 995 |
|  4.375% due 05/15/2047 | 1800 | 1517 |
|  5.800% due 02/01/2042 | 300 | 307 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  5.100% due 05/15/2053 | 11600 | 11045 |
|  5.650% due 06/15/2054 | 400 | 414 |
|  NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
|  2.450% due 12/02/2027 | 500 | 479 |
|  NSTAR Electric Co.  | NSTAR Electric Co.  | NSTAR Electric Co.  |
|  4.950% due 09/15/2052 | 1300 | 1199 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  4.500% due 04/01/2047 | 1000 | 848 |
|  6.200% due 12/01/2053 | 2700 | 2846 |
|  Ohio Power Co. <br>|  |  |
|  2.900% due 10/01/2051 | 2700 | 1683 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 04/01/2045 | 2200 | 1957 |
|  5.200% due 07/15/2048 | 9862 | 8821 |
|  5.850% due 11/01/2064 | 17000 | 16244 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2400 | 2139 |
|  3.250% due 06/01/2031 | 1500 | 1380 |
|  3.300% due 08/01/2040 | 2700 | 2048 |
|  3.500% due 08/01/2050 | 7850 | 5364 |
|  3.750% due 07/01/2028 | 2400 | 2358 |
|  3.950% due 12/01/2047 | 4800 | 3592 |
|  4.300% due 03/15/2045 | 1600 | 1285 |
|  4.500% due 07/01/2040 | 4200 | 3657 |
|  4.500% due 12/15/2041 | 2900 | 2397 |
|  4.550% due 07/01/2030 | 5700 | 5663 |
|  4.750% due 02/15/2044 | 1200 | 1029 |
|  4.950% due 07/01/2050 | 4200 | 3608 |
|  5.250% due 03/01/2052 | 2700 | 2404 |
|  6.000% due 08/15/2035 | 1500 | 1571 |
|  6.100% due 10/15/2055 (b) | 1300 | 1298 |
|  6.700% due 04/01/2053 | 5500 | 5888 |
|  PacifiCorp |  |  |
|  4.150% due 02/15/2050 | 200 | 156 |
|  5.350% due 12/01/2053 | 3500 | 3232 |
|  5.450% due 02/15/2034 | 2800 | 2870 |
|  5.800% due 01/15/2055 | 3100 | 3041 |
|  7.375% due 09/15/2055 •  | 2600 | 2741 |
|  PECO Energy Co. <br>|  |  |
|  4.375% due 08/15/2052 | 5700 | 4837 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara  |
|  4.000% due 06/30/2050 | 4000 | 2962 |
|  Petrobras Global Finance BV <br>|  |  |
|  6.250% due 01/10/2036 | 8700 | 8597 |
|  PG&E Corp. <br>|  |  |
|  7.375% due 03/15/2055 •  | 2500 | 2573 |
|  Piedmont Natural Gas Co., Inc. |  |  |
|  3.350% due 06/01/2050 | 2900 | 2011 |
|  3.640% due 11/01/2046 | 1000 | 751 |
|  5.400% due 06/15/2033 | 700 | 729 |
|  **Public Service Co. of Colorado** <br>|  |  |
|  5.850% due 05/15/2055 | 2400 | 2472 |
|  Puget Energy, Inc. <br>|  |  |
|  4.100% due 06/15/2030 | 500 | 489 |
|  RWE Finance U.S. LLC <br>|  |  |
|  5.125% due 09/18/2035 | 2600 | 2566 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.700% due 03/15/2052 | $| 2200 | 1622 |
|  3.750% due 06/01/2047 |  | 1895 | 1458 |
|  4.100% due 06/15/2049 |  | 1578 | 1272 |
|  4.150% due 05/15/2048 |  | 2795 | 2275 |
|  Sempra |  |  |  |
|  4.000% due 02/01/2048 |  | 925 | 714 |
|  6.000% due 10/15/2039 |  | 3635 | 3790 |
|  6.375% due 04/01/2056 •  |  | 2600 | 2670 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.950% due 02/01/2051 |  | 900 | 551 |
|  3.600% due 02/01/2045 |  | 1400 | 1025 |
|  3.900% due 12/01/2041 |  | 3800 | 2967 |
|  3.900% due 03/15/2043 |  | 8500 | 6660 |
|  4.000% due 04/01/2047 |  | 8938 | 6772 |
|  4.050% due 03/15/2042 |  | 2000 | 1606 |
|  4.125% due 03/01/2048 |  | 1800 | 1377 |
|  4.650% due 10/01/2043 |  | 2950 | 2516 |
|  4.875% due 03/01/2049 |  | 1100 | 931 |
|  5.450% due 06/01/2052 |  | 3100 | 2825 |
|  5.625% due 02/01/2036 |  | 2879 | 2909 |
|  5.900% due 03/01/2055 |  | 2200 | 2138 |
|  5.950% due 02/01/2038 |  | 1500 | 1531 |
|  6.050% due 03/15/2039 |  | 4500 | 4636 |
|  6.200% due 09/15/2055 |  | 2600 | 2624 |
|  Southern California Gas Co. |  |  |  |
|  3.750% due 09/15/2042 |  | 1600 | 1290 |
|  3.950% due 02/15/2050 |  | 3500 | 2744 |
|  5.125% due 11/15/2040 |  | 300 | 296 |
|  Southern Power Co. <br>|  |  |  |
|  5.250% due 07/15/2043 |  | 500 | 483 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  3.250% due 11/01/2051 |  | 6760 | 4511 |
|  6.200% due 03/15/2040 |  | 8200 | 8690 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |  |
|  3.750% due 06/15/2049 |  | 1600 | 1201 |
|  6.000% due 06/01/2054 |  | 5850 | 6101 |
|  SW Finance I PLC <br>|  |  |  |
|  7.000% due 04/16/2040 | GBP | 2300 | 2991 |
|  System Energy Resources, Inc.  | System Energy Resources, Inc.  | System Energy Resources, Inc.  | System Energy Resources, Inc.  |
|  5.300% due 12/15/2034 | $| 1200 | 1209 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp.  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.  | Targa Resources Partners LP/Targa Resources Partners Finance Corp.  |
|  4.000% due 01/15/2032 |  | 4575 | 4340 |
|  Union Electric Co. |  |  |  |
|  5.125% due 03/15/2055 |  | 1800 | 1705 |
|  5.250% due 01/15/2054 |  | 5000 | 4794 |
|  5.450% due 03/15/2053 |  | 2800 | 2747 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 |  | 6000 | 4373 |
|  2.987% due 10/30/2056 |  | 3887 | 2399 |
|  3.000% due 11/20/2060 |  | 21700 | 13192 |
|  Virginia Electric & Power Co.  | Virginia Electric & Power Co.  | Virginia Electric & Power Co.  | Virginia Electric & Power Co.  |
|  2.950% due 11/15/2051 |  | 9900 | 6340 |
|  Vistra Operations Co. LLC <br>|  |  |  |
|  5.700% due 12/30/2034 |  | 300 | 311 |
|  Vodafone Group PLC |  |  |  |
|  5.125% due 06/04/2081 •  |  | 3900 | 3080 |
|  5.875% due 06/28/2064 |  | 6600 | 6575 |
|  |  |  | 504849 |
|  Total Corporate Bonds & Notes<br>(Cost $2,481,263) | Total Corporate Bonds & Notes<br>(Cost $2,481,263) | Total Corporate Bonds & Notes<br>(Cost $2,481,263) | 2267191 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. |  |  |  |
|  0.000% due 12/31/2025 (f) |  | 85 | 3 |
|  0.000% due 12/31/2026 (f) |  | 114 | 3 |
|  0.000% due 12/31/2027 (f) |  | 142 | 3 |
|  0.000% due 12/31/2028 (f) |  | 228 | 5 |
|  0.000% due 12/31/2029 (f) |  | 228 | 5 |
|  0.000% due 12/31/2030 (f) |  | 285 | 7 |
|  0.000% due 12/31/2031 (f) |  | 285 | 7 |
|  0.000% due 12/31/2032 (f) |  | 535 | 13 |
|  Total Convertible Bonds & Notes (Cost $68) | Total Convertible Bonds & Notes (Cost $68) | Total Convertible Bonds & Notes (Cost $68) | 46 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 105

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MUNICIPAL BONDS & NOTES 1.6% | MUNICIPAL BONDS & NOTES 1.6% | MUNICIPAL BONDS & NOTES 1.6% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010  | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010  | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010  |
|  6.486% due 05/15/2049 | 2300 | 2455 |
|  California State Public Works Board Revenue Bonds, (BABs), Series 2010  | California State Public Works Board Revenue Bonds, (BABs), Series 2010  | California State Public Works Board Revenue Bonds, (BABs), Series 2010  |
|  7.804% due 03/01/2035 | 2600 | 2924 |
|  California State University Revenue Bonds, (BABs), Series 2010  | California State University Revenue Bonds, (BABs), Series 2010  | California State University Revenue Bonds, (BABs), Series 2010  |
|  6.484% due 11/01/2041 | 700 | 754 |
|  University of California Revenue Bonds, Series 2012  | University of California Revenue Bonds, Series 2012  | University of California Revenue Bonds, Series 2012  |
|  4.858% due 05/15/2112 | 440 | 374 |
|  University of California Revenue Bonds, Series 2015  | University of California Revenue Bonds, Series 2015  | University of California Revenue Bonds, Series 2015  |
|  4.767% due 05/15/2115 | 835 | 697 |
|  |  | 7204 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010  | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010  | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010  |
|  6.655% due 04/01/2057 | 9420 | 10261 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago, Illinois General Obligation Bonds, Series 2009  | Chicago, Illinois General Obligation Bonds, Series 2009  | Chicago, Illinois General Obligation Bonds, Series 2009  |
|  6.050% due 01/01/2029 | 250 | 254 |
|  Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009  | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009  | Illinois Municipal Electric Agency Revenue Bonds, (BABs), Series 2009  |
|  6.832% due 02/01/2035 | 775 | 801 |
|  |  | 1055 |
| INDIANA 0.0% | INDIANA 0.0% | INDIANA 0.0% |
|  Indiana Finance Authority Revenue Bonds, (BABs), Series 2009  | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009  | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009  |
|  6.596% due 02/01/2039 | 800 | 895 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010  | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010  | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010  |
|  6.270% due 02/15/2050 | 4520 | 4722 |
|  American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010 |
|  7.834% due 02/15/2041 | 4990 | 6002 |
|  8.084% due 02/15/2050 | 1000 | 1285 |
|  |  | 12009 |
| PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010  | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010  | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010  |
|  6.532% due 06/15/2039 | 11500 | 12677 |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009  | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009  | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009  |
|  7.088% due 01/01/2042 | 4000 | 4514 |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023  | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023  | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023  |
|  5.169% due 04/01/2041 | 5400 | 5508 |
|  University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 |
|  3.354% due 08/15/2047 | 45 | 34 |
|  |  | 10056 |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010  | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010  | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010  |
|  6.790% due 07/01/2040 | 930 | 992 |
|  Total Municipal Bonds & Notes<br>(Cost $54,139) | Total Municipal Bonds & Notes<br>(Cost $54,139) | 55149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 8.1% | U.S. GOVERNMENT AGENCIES 8.1% | U.S. GOVERNMENT AGENCIES 8.1% |
|  Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  | Federal Home Loan Mortgage Corp.  |
|  5.500% due 08/01/2054 - 01/01/2055 | 16307 | 16459 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 11/01/2055 | 65300 | 61396 |
|  4.500% due 11/01/2055 | 2300 | 2229 |
|  5.000% due 11/01/2055 | 15300 | 15201 |
|  6.000% due 11/01/2055 | 5900 | 6001 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 10/01/2055 | 20 | 18 |
|  4.000% due 11/01/2055 | 95290 | 89798 |
|  5.000% due 11/01/2055 | 84800 | 84053 |
|  Total U.S. Government Agencies<br>(Cost $275,892) | Total U.S. Government Agencies<br>(Cost $275,892) | 275155 |
| U.S. TREASURY OBLIGATIONS 19.0% | U.S. TREASURY OBLIGATIONS 19.0% | U.S. TREASURY OBLIGATIONS 19.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2051 | 46200 | 26400 |
|  1.875% due 11/15/2051 (p)(r) | 39900 | 22579 |
|  2.500% due 02/15/2045 (p)(r) | 38400 | 27518 |
|  2.750% due 08/15/2047 (p)(r) | 25300 | 18348 |
|  2.750% due 11/15/2047 (p) | 5200 | 3760 |
|  3.000% due 05/15/2047 (p)(r) | 32300 | 24601 |
|  3.000% due 02/15/2048 (p)(r) | 5700 | 4306 |
|  3.000% due 08/15/2048 (p) | 170300 | 128084 |
|  3.125% due 05/15/2048 (p) | 6000 | 4628 |
|  3.625% due 02/15/2053 (p) | 11100 | 9179 |
|  3.875% due 05/15/2043 (p) | 92642 | 83942 |
|  4.250% due 02/15/2054 | 26300 | 24283 |
|  4.250% due 08/15/2054 | 10600 | 9789 |
|  4.375% due 08/15/2043 (p) | 4400 | 4248 |
|  4.625% due 05/15/2054 (p) | 102500 | 100734 |
|  4.625% due 02/15/2055 (p) | 30690 | 30177 |
|  4.750% due 11/15/2053 (p) | 101220 | 101422 |
|  4.875% due 08/15/2045 | 17800 | 18199 |
|  U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon | U.S. Treasury STRIPS Coupon |
|  0.000% due 02/15/2042 (a)(r) | 1500 | 685 |
|  Total U.S. Treasury Obligations<br>(Cost $722,960) | Total U.S. Treasury Obligations<br>(Cost $722,960) | 642882 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.500% due 01/25/2036 | 15 | 16 |
|  5.750% due 03/25/2036 | 41 | 34 |
|  Bear Stearns ALT-A Trust  | Bear Stearns ALT-A Trust  | Bear Stearns ALT-A Trust  |
|  6.013% due 11/25/2034 ~ | 16 | 15 |
|  Bear Stearns ARM Trust  | Bear Stearns ARM Trust  | Bear Stearns ARM Trust  |
|  5.391% due 11/25/2034 ~ | 282 | 259 |
|  BX Commercial Mortgage Trust  | BX Commercial Mortgage Trust  | BX Commercial Mortgage Trust  |
|  5.163% due 02/15/2039 •  | 1089 | 1088 |
|  BX Trust  | BX Trust  | BX Trust  |
|  5.164% due 10/15/2036 •  | 5000 | 4997 |
|  Chase Mortgage Finance Trust  | Chase Mortgage Finance Trust  | Chase Mortgage Finance Trust  |
|  4.752% due 12/25/2037 ~ | 110 | 95 |
|  COLT Mortgage Loan Trust  | COLT Mortgage Loan Trust  | COLT Mortgage Loan Trust  |
|  6.790% due 12/25/2067 þ | 1550 | 1551 |
|  Countrywide Alternative Loan Trust  | Countrywide Alternative Loan Trust  | Countrywide Alternative Loan Trust  |
|  4.932% due 09/25/2035 •  | 80 | 58 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  |
|  4.552% due 07/25/2047 •  | 110 | 103 |
|  GSMPS Mortgage Loan Trust  | GSMPS Mortgage Loan Trust  | GSMPS Mortgage Loan Trust  |
|  4.622% due 03/25/2035 •  | 479 | 451 |
|  IndyMac INDX Mortgage Loan Trust  | IndyMac INDX Mortgage Loan Trust  | IndyMac INDX Mortgage Loan Trust  |
|  4.872% due 07/25/2035 •  | 216 | 175 |
|  JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  |
|  5.945% due 11/25/2033 ~ | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust  | Merrill Lynch Mortgage Investors Trust  | Merrill Lynch Mortgage Investors Trust  |
|  5.850% due 05/25/2033 ~ | 3 | 2 |
|  NAAC Reperforming Loan REMICS Trust Certificates  | NAAC Reperforming Loan REMICS Trust Certificates  | NAAC Reperforming Loan REMICS Trust Certificates  |
|  4.722% due 02/25/2035 •  | 651 | 534 |
|  New Residential Mortgage Loan Trust  | New Residential Mortgage Loan Trust  | New Residential Mortgage Loan Trust  |
|  2.750% due 11/25/2059 ~ | 3733 | 3596 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust  | Nomura Asset Acceptance Corp. Alternative Loan Trust  | Nomura Asset Acceptance Corp. Alternative Loan Trust  |
|  5.342% due 02/25/2035 •  | 107 | 106 |
|  OPEN Trust  | OPEN Trust  | OPEN Trust  |
|  7.239% due 11/15/2040 •  | 65 | 65 |
|  PMT Loan Trust  | PMT Loan Trust  | PMT Loan Trust  |
|  5.706% due 08/25/2056 •  | 693 | 695 |
|  RALI Trust  | RALI Trust  | RALI Trust  |
|  4.903% due 02/25/2035 ~ | 357 | 318 |
|  RFMSI Trust  | RFMSI Trust  | RFMSI Trust  |
|  5.594% due 02/25/2036 ~ | 139 | 132 |
|  Sequoia Mortgage Trust  | Sequoia Mortgage Trust  | Sequoia Mortgage Trust  |
|  5.076% due 05/20/2034 •  | 211 | 199 |
|  Structured Adjustable Rate Mortgage Loan Trust  | Structured Adjustable Rate Mortgage Loan Trust  | Structured Adjustable Rate Mortgage Loan Trust  |
|  5.281% due 03/25/2034 ~ | 5 | 5 |
|  Towd Point Mortgage Trust  | Towd Point Mortgage Trust  | Towd Point Mortgage Trust  |
|  5.272% due 05/25/2058 •  | 153 | 157 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  2.471% due 11/25/2041 ~ | 115 | 106 |
|  5.152% due 07/25/2044 •  | 98 | 95 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $14,819) | Total Non-Agency Mortgage-Backed Securities (Cost $14,819) | 14854 |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC  | MF1 LLC  | MF1 LLC  |
|  5.871% due 03/19/2039 •  | 1000 | 1005 |
|  MF1 Ltd.  | MF1 Ltd.  | MF1 Ltd.  |
|  5.484% due 02/19/2037 •  | 2156 | 2159 |
|  Ready Capital Mortgage Financing LLC  | Ready Capital Mortgage Financing LLC  | Ready Capital Mortgage Financing LLC  |
|  6.532% due 10/25/2039 •  | 26 | 25 |
|  |  | 3189 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  ACE Securities Corp. Home Equity Loan Trust  | ACE Securities Corp. Home Equity Loan Trust  | ACE Securities Corp. Home Equity Loan Trust  |
|  5.067% due 01/25/2035 •  | 571 | 550 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates  | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates  | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates  |
|  5.142% due 07/25/2034 •  | 17 | 17 |
|  Bayview Financial Acquisition Trust  | Bayview Financial Acquisition Trust  | Bayview Financial Acquisition Trust  |
|  6.601% due 05/28/2037 þ | 0 | 1 |
|  Bear Stearns Asset-Backed Securities Trust  | Bear Stearns Asset-Backed Securities Trust  | Bear Stearns Asset-Backed Securities Trust  |
|  5.012% due 01/25/2034 •  | 3 | 3 |
|  RAAC Trust  | RAAC Trust  | RAAC Trust  |
|  5.032% due 10/25/2046 •  | 54 | 53 |
|  Saxon Asset Securities Trust  | Saxon Asset Securities Trust  | Saxon Asset Securities Trust  |
|  4.579% due 03/25/2035 •  | 55 | 48 |
|  |  | 672 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  RBSSP Resecuritization Trust  | RBSSP Resecuritization Trust  | RBSSP Resecuritization Trust  |
|  4.614% due 11/26/2036 •  | 5 | 5 |
| OTHER ABS 0.5% | OTHER ABS 0.5% | OTHER ABS 0.5% |
|  AIM Aviation Finance Ltd.  | AIM Aviation Finance Ltd.  | AIM Aviation Finance Ltd.  |
|  6.213% due 02/15/2040 þ | 842 | 808 |
|  Allegro CLO XI Ltd.  | Allegro CLO XI Ltd.  | Allegro CLO XI Ltd.  |
|  5.575% due 01/19/2033 •  | 811 | 812 |
|  Dryden 54 Senior Loan Fund  | Dryden 54 Senior Loan Fund  | Dryden 54 Senior Loan Fund  |
|  5.475% due 10/19/2029 •  | 1074 | 1075 |
|  ECAF I Ltd.  | ECAF I Ltd.  | ECAF I Ltd.  |
|  4.947% due 06/15/2040 | 1037 | 936 |
|  KDAC Aviation Finance Ltd.  | KDAC Aviation Finance Ltd.  | KDAC Aviation Finance Ltd.  |
|  4.212% due 12/15/2042 | 302 | 300 |
|  Labrador Aviation Finance Ltd.  | Labrador Aviation Finance Ltd.  | Labrador Aviation Finance Ltd.  |
|  4.300% due 01/15/2042 | 1337 | 1303 |
|  LCM XVIII LP  | LCM XVIII LP  | LCM XVIII LP  |
|  5.607% due 04/20/2031 •  | 21 | 21 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  METAL LLC  | METAL LLC  | METAL LLC  |
|  4.581% due 10/15/2042 | 1621 | 1094 |
|  Octagon Investment Partners 39 Ltd.  | Octagon Investment Partners 39 Ltd.  | Octagon Investment Partners 39 Ltd.  |
|  5.475% due 10/20/2030 •  | 955 | 956 |
|  OZLM XX Ltd.  | OZLM XX Ltd.  | OZLM XX Ltd.  |
|  5.637% due 04/20/2031 •  | 547 | 548 |
|  Pikes Peak CLO 2  | Pikes Peak CLO 2  | Pikes Peak CLO 2  |
|  5.549% due 10/11/2034 •  | 3000 | 3004 |
|  Pikes Peak CLO 4  | Pikes Peak CLO 4  | Pikes Peak CLO 4  |
|  5.528% due 07/15/2034 •  | 3000 | 3005 |
|  Start II Ltd.  | Start II Ltd.  | Start II Ltd.  |
|  4.089% due 03/15/2044 | 428 | 425 |
|  Venture XIX CLO Ltd.  | Venture XIX CLO Ltd.  | Venture XIX CLO Ltd.  |
|  5.839% due 01/15/2032 •  | 496 | 496 |
|  |  | 14783 |
|  Total Asset-Backed Securities (Cost $19,153) | Total Asset-Backed Securities (Cost $19,153) | 18649 |
| SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 2900 | 1702 |
|  3.125% due 09/30/2049 | 1400 | 1018 |
|  3.875% due 04/16/2050 | 3400 | 2791 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.125% due 05/13/2054 | 1100 | 1118 |
|  7.250% due 01/12/2056 | 1398 | 1416 |
|  Brazil Notas do Tesouro Nacional  | Brazil Notas do Tesouro Nacional  | Brazil Notas do Tesouro Nacional  |
|  6.000% due 08/15/2060 (i) | 16374 | 2645 |
|  Cassa Depositi e Prestiti SpA  | Cassa Depositi e Prestiti SpA  | Cassa Depositi e Prestiti SpA  |
|  5.875% due 04/30/2029 | 3000 | 3168 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.000% due 01/31/2052 | 600 | 475 |
|  5.330% due 01/05/2054 | 33 | 32 |
|  Colombia Government International Bonds  | Colombia Government International Bonds  | Colombia Government International Bonds  |
|  7.500% due 02/02/2034 | 2600 | 2738 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 1500 | 1549 |
|  5.500% due 03/12/2034 | 9300 | 9566 |
|  Japan Government Forty Year Bonds  | Japan Government Forty Year Bonds  | Japan Government Forty Year Bonds  |
|  2.200% due 03/20/2064 | 626000 | 3246 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 1130000 | 6519 |
|  2.400% due 03/20/2055 | 590000 | 3476 |
|  Japan Government Twenty Year Bonds  | Japan Government Twenty Year Bonds  | Japan Government Twenty Year Bonds  |
|  2.400% due 03/20/2045 | 318000 | 2095 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.500% due 03/19/2034 | 4500 | 5369 |
|  5.625% due 09/22/2035 | 9300 | 9268 |
|  Panama Government International Bonds  | Panama Government International Bonds  | Panama Government International Bonds  |
|  4.500% due 05/15/2047 | 35 | 27 |
|  Peru Government Bonds  | Peru Government Bonds  | Peru Government Bonds  |
|  7.300% due 08/12/2033 | 20900 | 6713 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 51100 | 14256 |
|  6.150% due 08/12/2032 | 9064 | 2767 |
|  6.950% due 08/12/2031 | 8350 | 2664 |
|  Philippines Government International Bonds  | Philippines Government International Bonds  | Philippines Government International Bonds  |
|  5.500% due 01/17/2048 | 400 | 409 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 184000 | 9817 |
|  8.875% due 02/28/2035 | 302300 | 17197 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 1100 | 1136 |
|  2.875% due 04/13/2042 | 1100 | 830 |
|  3.750% due 02/07/2034 | 400 | 410 |
|  5.625% due 02/22/2036 | 1000 | 1143 |
|  5.625% due 05/30/2037 | 6000 | 6744 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.450% due 02/02/2061 | 12000 | 7861 |
|  5.125% due 01/13/2028 | 7300 | 7461 |
|  5.750% due 01/16/2054 | 6300 | 6339 |
|  U.K. Gilts  | U.K. Gilts  | U.K. Gilts  |
|  4.375% due 07/31/2054 | 4686 | 5276 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(h) | 26 | 14 |
|  0.000% due 02/01/2034 þ(h) | 97 | 40 |
|  0.000% due 02/01/2035 þ(h) | 82 | 40 |
|  0.000% due 02/01/2036 þ(h) | 68 | 33 |
|  4.500% due 02/01/2034 þ | 95 | 53 |
|  4.500% due 02/01/2035 þ | 166 | 92 |
|  4.500% due 02/01/2036 þ | 213 | 116 |
|  Total Sovereign Issues<br>(Cost $150,303) | Total Sovereign Issues<br>(Cost $150,303) | 149629 |
|  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  MNSN Holdings, Inc. (e)(m) | 2831 | 170 |
|  Stichting Administratiekantoor «(e) | 6729 | 0 |
|  |  | 170 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Foresea Holdings SA « | 63984 | 1387 |
|  Westmoreland Mining Holdings «(e)(m) | 32131 | 12 |
|  Westmoreland Mining LLC «(e)(m) | 32414 | 36 |
|  |  | 1435 |
|  Total Common Stocks (Cost $2,492) | Total Common Stocks (Cost $2,492) | 1605 |
| PREFERRED SECURITIES 3.4% | PREFERRED SECURITIES 3.4% | PREFERRED SECURITIES 3.4% |
| BANKING & FINANCE 3.2% | BANKING & FINANCE 3.2% | BANKING & FINANCE 3.2% |
|  American AgCredit Corp.  | American AgCredit Corp.  | American AgCredit Corp.  |
|  5.250% due 06/15/2026 •(j) | 11000000 | 10864 |
|  Banco Bilbao Vizcaya Argentaria SA  | Banco Bilbao Vizcaya Argentaria SA  | Banco Bilbao Vizcaya Argentaria SA  |
|  6.000% due 01/15/2026 •(j)(k) | 1000000 | 1184 |
|  Capital Farm Credit ACA  | Capital Farm Credit ACA  | Capital Farm Credit ACA  |
|  5.000% due 03/15/2026 •(j) | 6400000 | 6356 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(j) | 9000000 | 8465 |
|  5.000% due 12/01/2027 •(j) | 2000000 | 1969 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% (H15T5Y + 2.890%) due 12/31/2099 ~ | 3600000 | 3717 |
|  6.950% due 02/15/2030 •(j) | 3800000 | 3908 |
|  Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  | Citizens Financial Group, Inc.  |
|  4.000% due 10/06/2026 •(j) | 1100000 | 1080 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(j) | 3500000 | 3407 |
|  6.250% due 10/01/2026 •(j) | 3700000 | 3718 |
|  7.125% due 01/01/2030 •(j) | 2000000 | 2078 |
|  Cooperatieve Rabobank UA  | Cooperatieve Rabobank UA  | Cooperatieve Rabobank UA  |
|  6.500% þ(j) | 1822950 | 2466 |
|  Depository Trust & Clearing Corp.  | Depository Trust & Clearing Corp.  | Depository Trust & Clearing Corp.  |
|  3.375% due 06/20/2026 •(j) | 4500000 | 4426 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(j) | 4400000 | 4315 |
|  6.125% due 11/10/2034 •(j) | 3600000 | 3669 |
|  6.850% due 02/10/2030 •(j) | 4900000 | 5098 |
|  7.500% due 02/10/2029 •(j) | 2200000 | 2342 |
|  7.500% due 05/10/2029 •(j) | 3000000 | 3177 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(j) | 4000000 | 3956 |
|  4.200% due 09/01/2026 (j) | 75000 | 1416 |
|  4.625% due 06/01/2026 (j) | 111000 | 2250 |
|  6.500% due 04/01/2030 •(j) | 5300000 | 5493 |
|  6.730% (TSFR3M + 2.745%) due 01/01/2026 ~(j) | 5800000 | 5828 |
|  6.875% due 06/01/2029 •(j) | 4400000 | 4645 |
|  State Street Corp.  | State Street Corp.  | State Street Corp.  |
|  6.700% due 03/15/2029 •(j) | 5200000 | 5419 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.750% due 12/15/2025 (j) | 98700 | 1948 |
|  6.850% due 09/15/2029 •(j) | 3700000 | 3896 |
|  7.625% due 09/15/2028 •(j) | 500000 | 536 |
|  |  | 107626 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust  | SVB Financial Trust  | SVB Financial Trust  |
|  11.000% due 11/07/2032 | 3227 | 1759 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Edison International  | Edison International  | Edison International  |
|  5.000% due 12/15/2026 •(j) | 1900000 | 1808 |
|  Sempra  | Sempra  | Sempra  |
|  4.875% due 10/15/2025 •(j) | 3000000 | 3002 |
|  |  | 4810 |
|  Total Preferred Securities (Cost $115,831) | Total Preferred Securities (Cost $115,831) | 114195 |
| 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 |
|  4.200% (l) | 502232 | 502 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.931% due 01/27/2026 (f)(g)(p) | 53 | 52 |
| Total Short-Term Instruments<br>(Cost $554) | Total Short-Term Instruments<br>(Cost $554) | 554 |
| Total Investments in Securities<br>(Cost $3,865,895) | Total Investments in Securities<br>(Cost $3,865,895) | 3567738 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% | INVESTMENTS IN AFFILIATES 2.5% |
| SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% | SHORT-TERM INSTRUMENTS 2.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 8567616 | 83440 |
| Total Short-Term Instruments<br>(Cost $83,423) | Total Short-Term Instruments<br>(Cost $83,423) | 83440 |
| Total Investments in Affiliates<br>(Cost $83,423) | Total Investments in Affiliates<br>(Cost $83,423) | 83440 |
| Total Investments 107.9%<br>(Cost $3,949,318) | Total Investments 107.9%<br>(Cost $3,949,318) | 3651178 |
|  Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $71,278) | Financial Derivative<br>Instruments (o)(q) (0.0)%<br> (Cost or Premiums, net $71,278) | (1233) |
| Other Assets and Liabilities, net (7.9)% | Other Assets and Liabilities, net (7.9)% | (264572) |
| Net Assets 100.0% | Net Assets 100.0% | 3385373 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 107

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) 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.

&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 |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | $1275 | $1316 | 0.04% |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 03/20/2025 | 900 | 911 | 0.03 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 02/20/2025 | 1000 | 1021 | 0.03 |
|  MNSN Holdings, Inc. | 04/26/2022 | 55 | 170 | 0.01 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 10149 | 8163 | 0.24 |
|  NFL Football Club Term Notes 5.250% due 10/05/2034 | 06/27/2025 | 3200 | 3236 | 0.09 |
|  NFL Football Club Term Notes 5.420% due 10/05/2037 | 06/27/2025 | 1200 | 1216 | 0.03 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 1700 | 1743 | 0.05 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 600 | 618 | 0.02 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 1100 | 1100 | 0.03 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 784 | 888 | 0.03 |
|  Westmoreland Mining Holdings | 12/08/2014 | 936 | 12 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 215 | 36 | 0.00 |
|  |  | $23114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430 | 0.60% |

---

#### 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 | 4.100% | 09/19/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1379) | $(1381) |
|  BRC | 4.150 | 09/19/2025 | TBD<sup>(2)</sup> | (8019) | (8030) |
|  NOM | 4.050 | 09/19/2025 | TBD<sup>(2)</sup> | (660) | (661) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10072) |

---

108 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | 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 | $(1381) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
|  BRC | 0 | (8030) | 0 | (8030) | 8796 | 766 |
|  NOM | 0 | (661) | 0 | (661) | 695 | 34 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10072) | $&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 | $(10072) | $(10072) |
|  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;(10072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10072) |
|  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 | $(10072) |

---

(n) Securities with an aggregate market value of $11,115 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(120420) at a weighted average interest rate of 4.416%. 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;(o) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.500 | 06/12/2026 | 819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | $641 | $113 |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.000 | 06/12/2026 | 854 | 2135 | 416 | 53 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |

---

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $111.500 | 10/24/2025 | 240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | $(45) | $(49) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 113.500 | 10/24/2025 | 179 | 179 | (41) | (38) |
|  Put - EUREX Euro-Bund October 2025 Futures | EUR 127.500 | 10/24/2025 | 54 | 54 | (20) | (12) |
|  Call - EUREX Euro-Bund October 2025 Futures | 129.500 | 10/24/2025 | 32 | 32 | (7) | (9) |
|  Call - EUREX Euro-Bund October 2025 Futures | 130.500 | 10/24/2025 | 22 | 22 | (9) | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 109

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOT U.S. Treasury 10-Year Note November Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.000 | 10/24/2025 | 99 | $99 | $(19) | $(11) |
|  Call - CBOT U.S. Treasury 10-Year Note November Futures | 114.000 | 10/24/2025 | 160 | 160 | (40) | (22) |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.500 | 06/12/2026 | 819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | (224) | (21) |
|  |  |  |  |  | $(283) | $(54) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |

---

#### 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 SOFR Active Contract December Futures  | 03/2027 | 689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166919 | $1522 | $43 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 351 | 84960 | 725 | 26 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 1086 | 263084 | 2443 | 82 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 1001 | 242530 | 2220 | 63 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 632 | 153023 | 1351 | 47 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 1049 | 254028 | 2163 | 79 | 0 |
|  Euro-Bobl December Futures  | 12/2025 | 16 | 2213 | 1 | 3 | 0 |
|  Euro-Bund December Futures  | 12/2025 | 30 | 4528 | 27 | 12 | (1) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 1159 | 130388 | 791 | 0 | (18) |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 101 | 11776 | 228 | 0 | (25) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 4052 | 486493 | 12841 | 0 | (2279) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 268 | 30841 | 259 | 0 | (17) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2340) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 137 | $(28551) | $(43) | $0 | $(15) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181592) | 374 | 0 | (65) |
|  |  |  |  | $331 | $0 | $(80) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2420) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | **Notional<br>Amount<sup>(5)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2030 | 1.537% | $4600 | $(521) | $(156) | $(677) | $3 | $0 |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | (2144) | (176) | (2320) | 7 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2665) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2025 | 0.170% | $1100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) | $13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.706 | 1500 | 186 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | 0 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.248 | 2000 | (12) | 45 | 33 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | 1600 | 21 | (18) | 3 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | 4200 | 64 | (40) | 24 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 1100 | (6) | 23 | 17 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2025 | 0.222 | 4800 | 32 | (22) | 10 | 0 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | 53 | (19) | 34 | 0 | 0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2025 | 0.246 | 1800 | 10 | (6) | 4 | 0 | 0 |
|  Cellnex Telecom SA | 5.000 | Quarterly | 12/20/2030 | 0.759 | 2400 | (5) | 594 | 589 | 0 | (1) |
|  Comcast Corp. | 1.000 | Quarterly | 12/20/2026 | 0.170 | $4500 | 119 | (73) | 46 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **110** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  Enbridge, Inc. | 1.000% | Quarterly | 12/20/2026 | 0.233% | $3700 | $36 | $(1) | $35 | $0 | $0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 1900 | 22 | (9) | 13 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 0.962 | 2000 | 461 | 45 | 506 | 0 | (2) |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | $700 | 4 | 0 | 4 | 0 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 1.563 | 3400 | 465 | (13) | 452 | 1 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 4200 | 11 | (3) | 8 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 4700 | 103 | (5) | 98 | 0 | (5) |
|  Teck Resources Ltd. | 5.000 | Quarterly | 06/20/2026 | 0.107 | 3600 | 611 | (480) | 131 | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.245 | 1100 | 11 | 15 | 26 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | 80 | (51) | 29 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.581 | 1500 | 12 | 8 | 20 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.HY-44 5-Year Index | (5.000)% | Quarterly | 06/20/2030 | $9100 | $(212) | $(526) | $(738) | $1 | $(2) |
|  CDX.HY-45 5-Year Index | (5.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | (1233) | (39) | (1272) | 0 | (12) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2010) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $3404 | $(123) | $126 | $3 | $0 | $(1) |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2116 | (78) | 87 | 9 | 0 | (1) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 700 | (33) | 32 | (1) | 0 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 200 | (8) | 7 | (1) | 0 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 400 | (12) | 9 | (3) | 0 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 300 | (6) | 0 | (6) | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 8200 | 155 | 34 | 189 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256300 | 42870 | 9016 | 51886 | 172 | (2) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1125300 | 25331 | 532 | 25863 | 192 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 92000 | $(440) | $(92) | $(532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | $120700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | 6064 | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 72200 | 0 | (376) | (376) | 0 | (39) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 59200 | 74 | (667) | (593) | 0 | (33) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 | 41323 | (16) | 64 | 48 | 0 | (21) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 | 134845 | (819) | 843 | 24 | 0 | (68) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 4400 | (9) | (63) | (72) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 88300 | 250 | (1588) | (1338) | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 2900 | (2) | (55) | (57) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1490 | (5) | (24) | (29) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2600 | (9) | (35) | (44) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2600 | (9) | (40) | (49) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 3000 | (9) | (68) | (77) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 5000 | (15) | (94) | (109) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2600 | (7) | (39) | (46) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/15/2035 | 21525 | (246) | 111 | (135) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 2300 | (7) | 27 | 20 | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 | 27550 | (217) | 334 | 117 | 81 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 19975 | 738 | 832 | 1570 | 57 | 0 |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | 205800 | 0 | (1019) | (1019) | 0 | (5) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 234100 | 0 | (208) | (208) | 0 | (43) |
| Pay | 1-Year BRL-CDI | 13.359 | Maturity | 01/02/2029 | 110600 | 0 | 40 | 40 | 12 | 0 |
| Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 166400 | 0 | 66 | 66 | 18 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 115200 | 947 | 427 | 1374 | 108 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **111** |

---

------

Schedule of Investments PIMCO Long-Term Credit 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>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.000% | Semi-Annual | 12/17/2035 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | $(379) | $(120) | $(499) | $120 | $0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | EUR | 5500 | (20) | (124) | (144) | 1 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 48600 | 173 | (26) | 147 | 82 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 22640 | (323) | (93) | (416) | 0 | (177) |
|  |  |  |  |  |  |  | $3639 | $88 | $3727 | $606 | $(458) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $70121 | $8831 | $78952 | $983 | $(484) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(8)</sup> | Variation Margin<br>Asset<sup>(8)</sup> | |  | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | $(164) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2420) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3134) |

---

(p) Securities with an aggregate market value of $139,799 and cash of $12,461 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin asset of $8 and liability of $(3) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, indices 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 $2 and liability of $(66) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(q) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 48233 | $56256 | $0 | $(372) |
|  | 10/2025 | $6182 | 8600 | 0 | (2) |
|  | 11/2025 | 8587 | $6182 | 2 | 0 |
|  BOA | 10/2025 | 3536 | 4 | 0 | 0 |
|  | 10/2025 | $47 | 6833 | 0 | 0 |
|  | 11/2025 | 24 | 3523 | 0 | 0 |
|  | 11/2025 | 4453 | $255 | 0 | (2) |
|  | 12/2025 | 37567 | 10325 | 0 | (477) |
|  | 12/2025 | $2892 | 54377 | 54 | 0 |
|  BPS | 10/2025 | 42819 | $8051 | 6 | 0 |
|  | 10/2025 | 11182 | 1570 | 1 | 0 |
|  | 10/2025 | 12179 | 14404 | 105 | 0 |
|  | 10/2025 | 4096 | 28 | 0 | 0 |
|  | 10/2025 | $7581 | 42819 | 464 | 0 |

---

---

| | | |
|:---|:---|:---|
| **112** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $2732 | 19412 | $0 | $(1) |
|  | 11/2025 | 28 | 4082 | 0 | 0 |
|  | 12/2025 | 1108 | 21121 | 36 | 0 |
|  BRC | 11/2025 | 1228 | $812 | 0 | (1) |
|  | 11/2025 | $3697 | 161320 | 61 | 0 |
|  | 11/2025 | 43120 | $2449 | 0 | (39) |
|  BSH | 11/2025 | 476 | 129 | 0 | (8) |
|  | 12/2025 | 11251 | 3159 | 0 | (75) |
|  | 01/2026 | 7851 | 2194 | 0 | (60) |
|  | 02/2026 | 6357 | 1818 | 0 | (6) |
|  | 03/2026 | 8225 | 2355 | 0 | (4) |
|  CBK | 10/2025 | 1228 | 806 | 0 | (6) |
|  | 10/2025 | 12 | 9 | 0 | 0 |
|  | 10/2025 | 212 | 30 | 0 | 0 |
|  | 10/2025 | 4038 | 5496 | 66 | 0 |
|  | 10/2025 | 10696 | 618 | 0 | (2) |
|  | 03/2026 | 11750 | 3304 | 0 | (66) |
|  DUB | 10/2025 | 23961 | 3370 | 7 | 0 |
|  | 11/2025 | 104126 | 5949 | 0 | (60) |
|  FAR | 10/2025 | 721 | 468 | 0 | (10) |
|  | 10/2025 | 53209 | 10004 | 7 | 0 |
|  | 10/2025 | 10447 | 1471 | 5 | 0 |
|  | 10/2025 | $471 | 721 | 6 | 0 |
|  | 10/2025 | 9628 | 53209 | 369 | 0 |
|  | 10/2025 | 18466 | 2714691 | 0 | (109) |
|  | 11/2025 | 721 | $471 | 0 | (6) |
|  | 11/2025 | 10296 | 2813 | 0 | (150) |
|  | 12/2025 | 165593 | 8738 | 0 | (231) |
|  | 12/2025 | $11 | 207 | 0 | 0 |
|  GLM | 10/2025 | 96093 | $17959 | 0 | (96) |
|  | 10/2025 | 824 | 116 | 0 | 0 |
|  | 10/2025 | 8025 | 9504 | 82 | 0 |
|  | 10/2025 | 4070684 | 27887 | 361 | 0 |
|  | 10/2025 | $18067 | 96093 | 0 | (12) |
|  | 12/2025 | 15425 | 83484 | 38 | 0 |
|  JPM | 10/2025 | 156 | $28 | 0 | (1) |
|  | 10/2025 | 8578 | 6208 | 43 | 0 |
|  | 10/2025 | $29 | 155 | 0 | 0 |
|  | 10/2025 | 8118 | 349604 | 149 | 0 |
|  | 11/2025 | 92207 | $5261 | 0 | (60) |
|  | 12/2025 | $465 | 8623 | 2 | 0 |
|  MBC | 10/2025 | 12193 | $1715 | 4 | 0 |
|  | 10/2025 | 4925 | 5833 | 50 | 0 |
|  | 10/2025 | 2030 | 14 | 0 | 0 |
|  | 10/2025 | $1216 | 8660 | 0 | 0 |
|  | 10/2025 | 33 | 4858 | 0 | 0 |
|  | 11/2025 | 8640 | $1216 | 0 | 0 |
|  | 11/2025 | $14 | 2023 | 0 | 0 |
|  | 12/2025 | 1211 | 22990 | 34 | 0 |
|  MYI | 10/2025 | 12310 | $1730 | 2 | 0 |
|  | 10/2025 | 77445 | 519 | 0 | (5) |
|  | 10/2025 | $205 | 30216 | 0 | (1) |
|  | 11/2025 | 519 | 77177 | 5 | 0 |
|  RBC | 12/2025 | 3237 | 60432 | 36 | 0 |
|  SCX | 10/2025 | 8953 | $1260 | 3 | 0 |
|  | 10/2025 | $42434 | 31724 | 232 | 0 |
|  | 10/2025 | 1052 | 154705 | 0 | (6) |
|  | 11/2025 | 31724 | $42442 | 0 | (232) |
|  SOG | 10/2025 | 168656 | 1133 | 0 | (7) |
|  | 10/2025 | $86273 | 73361 | 0 | (143) |
|  | 10/2025 | 9633 | 1416615 | 0 | (54) |
|  | 11/2025 | 73361 | $86446 | 144 | 0 |
|  | 11/2025 | $1133 | 168073 | 7 | 0 |
|  SSB | 10/2025 | 27686 | $37318 | 84 | 0 |
|  UAG | 10/2025 | $619 | 10695 | 0 | 0 |
|  | 10/2025 | 10700 | $619 | 0 | 0 |
|  | 11/2025 | 46904 | 2661 | 0 | (46) |
|  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;2465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2350) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 113

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  BPS<br> Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 04/29/2026 | 129200 | $609 | $156 |
|  FAR<br> Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.000 | 04/29/2026 | 150500 | 414 | 69 |
|  Total Purchased Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.575% | 10/02/2025 | 4500 | $(14) | $(2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.325 | 10/14/2025 | 4600 | (13) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.375 | 10/14/2025 | 6300 | (16) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.625 | 10/14/2025 | 4600 | (13) | (28) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.675 | 10/14/2025 | 6300 | (16) | (25) |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 1.500 | 04/29/2026 | 129200 | (194) | (23) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.610 | 10/02/2025 | 4700 | (12) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.850 | 10/02/2025 | 4700 | (12) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/17/2025 | 3300 | (8) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.750 | 10/17/2025 | 3300 | (8) | (7) |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.385 | 10/10/2025 | 6400 | (19) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.685 | 10/10/2025 | 6400 | (19) | (21) |
| DUB Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.506 | 10/06/2025 | 6400 | (22) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.806 | 10/06/2025 | 6400 | (22) | (2) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.398 | 10/06/2025 | 4200 | (13) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.698 | 10/06/2025 | 4200 | (13) | (7) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.550 | 10/27/2025 | 4600 | (12) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.850 | 10/27/2025 | 4600 | (12) | (8) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.550 | 10/06/2025 | 2700 | (7) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.790 | 10/06/2025 | 2700 | (7) | (1) |
|  Total Written Options |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | NextEra Energy Capital Holdings, Inc. | 1.000% | Quarterly | 12/20/2025 | 0.124% | $— | 1000 | $22 | $(20) | $2 | $0 |
| GST | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 900 | (10) | 23 | 13 | 0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.306 |  | 900 | 21 | (13) | 8 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 |  | 1100 | (9) | 10 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 |  | 1600 | (12) | 21 | 9 | 0 |
| MYC | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 |  | 300 | (4) | 5 | 1 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 |  | 4000 | 11 | 24 | 35 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 |  | 2900 | (10) | 42 | 32 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 |  | 1300 | (25) | 43 | 18 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 |  | 5400 | (57) | 134 | 77 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

114 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | CDX.IT-RAXX<br>JPY-Year Index44 | 1.000 | Quarterly | 12/20/2030 | JPY | 12800 | $2 | $0 | $2 | $0 |
|  JPM | CDX.IT-RAXX<br>JPY-Year Index44 | 1.000 | Quarterly | 12/20/2030 |  | 36200 | 5 | 0 | 5 | 0 |
|  |  |  |  |  |  |  | $7 | $0 | $7 | $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;(66) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $2 | $0 | $0 | $2 | $(374) | $0 | $0 | $(374) | $(372) | $339 | $(33) |
|  BOA | 54 | 0 | 0 | 54 | (479) | (58) | 0 | (537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | 87 |
|  BPS | 612 | 156 | 0 | 768 | (1) | (23) | 0 | (24) | 744 | (620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
|  BRC | 61 | 0 | 2 | 63 | (40) | (9) | 0 | (49) | 14 | 0 | 14 |
|  BSH | 0 | 0 | 0 | 0 | (153) | 0 | 0 | (153) | (153) | 272 | 119 |
|  CBK | 66 | 0 | 2 | 68 | (74) | (22) | 0 | (96) | (28) | 10 | (18) |
|  DUB | 7 | 0 | 0 | 7 | (60) | (4) | 0 | (64) | (57) | 0 | (57) |
|  FAR | 387 | 69 | 0 | 456 | (506) | 0 | 0 | (506) | (50) | 0 | (50) |
|  GLM | 481 | 0 | 0 | 481 | (108) | (31) | 0 | (139) | 342 | (530) | (188) |
|  GST | 0 | 0 | 22 | 22 | 0 | 0 | 0 | 0 | 22 | (80) | (58) |
|  JPM | 194 | 0 | 14 | 208 | (61) | 0 | 0 | (61) | 147 | 0 | 147 |
|  MBC | 88 | 0 | 0 | 88 | 0 | 0 | 0 | 0 | 88 | 0 | 88 |
|  MYC | 0 | 0 | 163 | 163 | 0 | (1) | 0 | (1) | 162 | 0 | 162 |
|  MYI | 7 | 0 | 0 | 7 | (6) | 0 | 0 | (6) | 1 | (27) | (26) |
|  RBC | 36 | 0 | 0 | 36 | 0 | 0 | 0 | 0 | 36 | 0 | 36 |
|  SCX | 235 | 0 | 0 | 235 | (238) | 0 | 0 | (238) | (3) | 0 | (3) |
|  SOG | 151 | 0 | 0 | 151 | (204) | 0 | 0 | (204) | (53) | 0 | (53) |
|  SSB | 84 | 0 | 0 | 84 | 0 | 0 | 0 | 0 | 84 | (130) | (46) |
|  UAG | 0 | 0 | 0 | 0 | (46) | 0 | 0 | (46) | (46) | 0 | (46) |
|  Total Over the Counter | $2465 | $225 | $203 | $2893 | $(2350) | $(148) | $0 | $(2498) |  |  |  |

---

(r) Securities with an aggregate market value of $1,191 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, indices 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **115** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | 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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $166 | $166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 355 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 380 | 0 | 0 | 605 | 985 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | $&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;1126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2465 | $0 | $2465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 203 | 0 | 0 | 0 | 203 |
|  | $0 | $203 | $0 | $2465 | $225 | $2893 |
|  | $0 | $583 | $0 | $2465 | $1351 | $4399 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $164 | $164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2420 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 92 | 0 | 0 | 458 | 550 |
|  | $0 | $92 | $0 | $0 | $3042 | $3134 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2350 | $0 | $2350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 148 | 148 |
|  | $0 | $0 | $0 | $2350 | $148 | $2498 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5632 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | $0 | $0 | $0 | $0 | $755 | $755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | (15473) | (15473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 11484 | 0 | 0 | 13481 | 24965 |
|  | $0 | $11484 | $0 | $0 | $(1237) | $10247 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(13755) | $0 | $(13755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | (1595) | 0 | (110) | 0 | (1705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 108 | 0 | 34 | 1907 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 102 | 0 | 0 | 0 | 102 |
|  | $0 | $(1385) | $0 | $(13831) | $1907 | $(13309) |
|  | $0 | $10099 | $0 | $(13831) | $670 | $(3062) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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; Purchased Options | $0 | $0 | $0 | $0 | $(891) | $(891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 0 | 243 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 17641 | 17641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 14755 | 0 | 0 | (10549) | 4206 |
|  | $0 | $14755 | $0 | $0 | $6444 | $21199 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $3564 | $0 | $3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 106 | (798) | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | (8) | 0 | (33) | 221 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 132 | 0 | 0 | 0 | 132 |
|  | $0 | $124 | $0 | $3637 | $(577) | $3184 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24383 |

---

116 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $7897 | $19932 | $27829 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 791899 | 2006 | 793905 |
| &nbsp;&nbsp; Industrials | 600 | 925340 | 42497 | 968437 |
| &nbsp;&nbsp; Utilities | 1298 | 503551 | 0 | 504849 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 46 | 0 | 46 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 7204 | 0 | 7204 |
| &nbsp;&nbsp; Georgia | 0 | 10261 | 0 | 10261 |
| &nbsp;&nbsp; Illinois | 0 | 1055 | 0 | 1055 |
| &nbsp;&nbsp; Indiana | 0 | 895 | 0 | 895 |
| &nbsp;&nbsp; Ohio | 0 | 12009 | 0 | 12009 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12677 | 0 | 12677 |
| &nbsp;&nbsp; Texas | 0 | 10056 | 0 | 10056 |
| &nbsp;&nbsp; Washington | 0 | 992 | 0 | 992 |
|  U.S. Government Agencies | 0 | 275155 | 0 | 275155 |
|  U.S. Treasury Obligations | 0 | 642882 | 0 | 642882 |
|  Non-Agency Mortgage-Backed Securities | 0 | 14854 | 0 | 14854 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | 0 | 3189 | 0 | 3189 |
| &nbsp;&nbsp; Home Equity Other | 0 | 672 | 0 | 672 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 5 | 0 | 5 |
| &nbsp;&nbsp; Other ABS | 0 | 14783 | 0 | 14783 |
|  Sovereign Issues | 0 | 149629 | 0 | 149629 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Financials | 170 | 0 | 0 | 170 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1435 | 1435 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 5614 | 102012 | 0 | 107626 |
| &nbsp;&nbsp; Industrials | 0 | 1759 | 0 | 1759 |
| &nbsp;&nbsp; Utilities | 0 | 4810 | 0 | 4810 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 502 | 0 | 502 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 52 | 0 | 52 |
|  | $7682 | $3494186 | $65870 | $3567738 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>09/30/2025** |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $83440 | $0 | $0 | $83440 |
|  Total Investments | $91122 | $3494186 | $65870 | $3651178 |
|  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 | 15 | 1489 | 0 | 1504 |
|  Over the counter | 0 | 2893 | 0 | 2893 |
|  | $15 | $4382 | $0 | $4397 |
|  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 | (24) | (3044) | 0 | (3068) |
|  Over the counter | 0 | (2498) | 0 | (2498) |
|  | $(24) | $(5542) | $0 | $(5566) |
|  Total Financial Derivative Instruments | $(9) | $(1160) | $0 | $(1169) |
|  Totals | $91113 | $3493026 | $65870 | $3650009 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 117

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.) September 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $18661 | $0 | $(1) | $10 | $0 | $1262 | $0 | $0 | $19932 | $1262 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 1998 | 1900 | (1900) | 0 | 0 | 8 | 0 | 0 | 2006 | 35 |
| &nbsp;&nbsp; Industrials | 2374 | 40500 | (81) | 0 | 0 | 64 | 0 | (360) | 42497 | 64 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 20 | 0 | 0 | 0 | 0 | 150 | 0 | (170) | 0 | (7) |
| &nbsp;&nbsp; Industrials | 1752 | 0 | 0 | 0 | 0 | (317) | 0 | 0 | 1435 | (317) |
| &nbsp;&nbsp; Totals | $24805 | $42400 | $(1982) | $10 | $0 | $1167 | $0 | $(530) | $65870 | $1037 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable**<br> **Inputs** | Input<br>Value(s) | Input<br>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 | $17720 | Discounted Cash Flow | Discount Rate |  | 3.832-6.010 | 4.177 |
|  | 1803 | Indicative Market Quotation | Broker Quote |  | 101.750 |  |
|  | 15 | Other Valuation Techniques<sup>(2)</sup> | —  |  |  |  |
|  | 394 | Third Party Vendor | Broker Quote |  | 40.500 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 1932 | Discounted Cash Flow | Discount Rate |  | 5.962-6.204 | 6.089 |
|  | 72 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
|  | 2 | Indicative Market Quotation | Broker Quote |  | 10.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3677 | Discounted Cash Flow | Discount Rate |  | 4.900-5.350 | 5.092 |
|  | 568 | Indicative Market Quotation | Broker Quote |  | 71.000 |  |
|  | 4452 | Proxy Pricing | Base Price |  | 100.000 |  |
|  | 33800 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 48 | Indicative Market Quotation | Broker Quote | $— | 0.375-1.125 | 0.939 |
|  | 1387 | Indicative Market Quotation | Broker Quote | $— | 21.667 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65870 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | |
|:---|:---|:---|
| **118** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.6% | INVESTMENTS IN SECURITIES 92.6% | INVESTMENTS IN SECURITIES 92.6% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 51.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 51.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 51.7% |
|  Action Environmental Group, Inc. | Action Environmental Group, Inc. | Action Environmental Group, Inc. |
|  7.252% due 10/24/2030 «~ | 549 | 549 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.752% (TSFR3M + 2.750%) due 02/03/2031 ~ | 293 | 293 |
|  AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
|  7.280% (TSFR1M + 3.000%) due 07/31/2028 ~ | 589 | 591 |
|  Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
|  6.666% (TSFR1M + 2.500%) due 09/19/2031 ~ | 953 | 951 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.513% (TSFR1M + 3.250%) due 08/20/2032 ~ | 300 | 301 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | 485 | 471 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  TBD% due 02/24/2032 « | 350 | 349 |
|  AP Core Holdings II LLC | AP Core Holdings II LLC | AP Core Holdings II LLC |
|  9.778% (TSFR1M + 5.500%) due 09/01/2027 ~ | 43 | 42 |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  7.513% (TSFR1M + 3.250%) due 12/06/2027 ~ | 292 | 293 |
|  Armor Holding II LLC | Armor Holding II LLC | Armor Holding II LLC |
|  7.916% (TSFR6M + 3.750%) due 12/11/2028 ~ | 554 | 555 |
|  Ascend Learning LLC | Ascend Learning LLC | Ascend Learning LLC |
|  7.163% (TSFR1M + 3.000%) due 12/11/2028 ~ | 294 | 294 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 595 | 600 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  8.413% (TSFR1M + 4.250%) due 09/19/2030 ~ | 593 | 592 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 02/15/2029 ~ | 347 | 347 |
|  Auris Luxembourg III SARL | Auris Luxembourg III SARL | Auris Luxembourg III SARL |
|  7.819% (TSFR3M + 3.500%) due 02/28/2029 ~ | 322 | 321 |
|  Avalara, Inc. | Avalara, Inc. | Avalara, Inc. |
|  7.252% (TSFR3M + 3.250%) due 03/26/2032 ~ | 299 | 300 |
|  Avis Budget Car Rental LLC | Avis Budget Car Rental LLC | Avis Budget Car Rental LLC |
|  6.663% (TSFR1M + 2.500%) due 07/16/2032 ~ | 324 | 322 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.663% (TSFR1M + 3.500%) due 10/10/2029 ~ | 324 | 312 |
|  Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
|  6.913% (TSFR1M + 2.750%) due 01/27/2032 ~ | 448 | 449 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.166% (TSFR1M + 4.000%) due 09/29/2028 ~ | 685 | 686 |
|  8.413% (TSFR1M + 4.250%) due 01/15/2031 ~ | 324 | 325 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  7.413% (TSFR1M + 3.250%) due 12/11/2030 ~ | 721 | 721 |
|  Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC | Beach Acquisition Bidco LLC |
|  7.308% (TSFR3M + 3.250%) due 09/12/2032 ~ | 550 | 553 |
|  Belron Finance LLC | Belron Finance LLC | Belron Finance LLC |
|  6.742% (TSFR3M + 2.500%) due 10/16/2031 ~ | 470 | 473 |
|  Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. | Blackhawk Network Holdings, Inc. |
|  8.163% (TSFR1M + 4.000%) due 03/12/2029 ~ | 396 | 398 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
|  7.199% (TSFR3M + 3.000%) due 07/30/2031 ~ | 496 | 496 |
|  Bracket Intermediate Holding Corp. | Bracket Intermediate Holding Corp. | Bracket Intermediate Holding Corp. |
|  8.413% (TSFR1M + 4.250%) due 05/08/2028 ~ | 489 | 492 |
|  BroadStreet Partners, Inc. | BroadStreet Partners, Inc. | BroadStreet Partners, Inc. |
|  6.913% (TSFR1M + 2.750%) due 06/13/2031 ~ | 148 | 148 |
|  Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC | Camelot U.S. Acquisition LLC |
|  7.413% (TSFR1M + 3.250%) due 01/31/2031 ~ | 175 | 175 |
|  Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC |
|  7.913% (TSFR1M + 3.750%) due 12/29/2028 ~ | 295 | 268 |
|  Cengage Learning, Inc. | Cengage Learning, Inc. | Cengage Learning, Inc. |
|  7.666% - 7.698% (TSFR1M + 3.500%) due 03/24/2031 ~ | 421 | 420 |
|  Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
|  7.252% (TSFR3M + 3.250%) due 07/06/2029 ~ | 736 | 638 |
|  Century De Buyer LLC | Century De Buyer LLC | Century De Buyer LLC |
|  7.301% (TSFR3M + 3.000%) due 10/30/2030 ~ | 124 | 124 |
|  Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. |
|  6.925% (TSFR1M + 2.750%) due 11/29/2030 ~ | 488 | 490 |
|  Chobani LLC | Chobani LLC | Chobani LLC |
|  6.663% (TSFR1M + 2.500%) due 10/25/2027 ~ | 365 | 367 |
|  Clarios Global LP | Clarios Global LP | Clarios Global LP |
|  6.913% (TSFR1M + 2.750%) due 01/28/2032 ~ | 625 | 626 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  7.252% (TSFR3M + 3.250%) due 03/21/2031 ~ | 343 | 344 |
|  7.252% (TSFR3M + 3.250%) due 08/13/2032 ~ | 700 | 703 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% due 12/10/2029 µ | 32 | 32 |
|  7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 374 | 375 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~µ | 6 | 6 |
|  7.338% (TSFR1M + 3.175%) due 04/13/2029 ~ | 1017 | 1016 |
|  TBD% (TSFR1M + 3.250%) due 04/01/2032 ~ | 368 | 368 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 807 | 795 |
|  Covia Holdings Corp. | Covia Holdings Corp. | Covia Holdings Corp. |
|  6.948% (TSFR3M + 2.750%) due 02/26/2032 ~ | 399 | 402 |
|  CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
|  9.413% (TSFR1M + 5.250%) due 07/08/2030 ~ | 400 | 393 |
|  CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC |
|  6.502% (TSFR3M + 2.500%) due 08/20/2031 ~ | 569 | 571 |
|  Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. |
|  7.663% (TSFR1M + 3.500%) due 01/30/2031 ~ | 297 | 299 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  8.650% (TSFR1M + 4.500%) due 01/18/2028 ~ | 99 | 99 |
|  8.750% (PRIME + 1.500%) due 04/15/2027 ~ | 148 | 144 |
|  Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. | Cube Industrials Buyer, Inc. |
|  7.582% (TSFR3M + 3.250%) due 10/17/2031 ~ | 597 | 600 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  TBD% due 09/23/2032 | 325 | 325 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Darktrace PLC | Darktrace PLC | Darktrace PLC |
|  7.570% (TSFR3M + 3.250%) due 10/09/2031 ~ | 373 | 374 |
|  Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
|  6.740% - 7.023% (TSFR1M + 2.750%) due 11/30/2029 ~ | 395 | 391 |
|  Disco Parent, Inc. | Disco Parent, Inc. | Disco Parent, Inc. |
|  7.484% (TSFR3M + 3.250%) due 08/06/2032 «~ | 275 | 276 |
|  Dotdash Meredith, Inc. | Dotdash Meredith, Inc. | Dotdash Meredith, Inc. |
|  7.780% (TSFR1M + 3.500%) due 06/17/2032 ~ | 300 | 300 |
|  Dragon Buyer, Inc. | Dragon Buyer, Inc. | Dragon Buyer, Inc. |
|  6.752% (TSFR3M + 2.750%) due 09/30/2031 ~ | 153 | 153 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.913% (TSFR1M + 2.750%) due 10/09/2029 ~ | 299 | 300 |
|  8.913% (TSFR1M + 4.750%) due 11/22/2032 ~ | 750 | 769 |
|  EMG Utica LLC | EMG Utica LLC | EMG Utica LLC |
|  8.002% (TSFR3M + 4.000%) due 04/01/2030 «~ | 100 | 100 |
|  Endo Luxembourg Finance Co. I SARL | Endo Luxembourg Finance Co. I SARL | Endo Luxembourg Finance Co. I SARL |
|  8.163% (TSFR1M + 4.000%) due 04/23/2031 ~ | 223 | 223 |
|  Endure Digital, Inc. | Endure Digital, Inc. | Endure Digital, Inc. |
|  7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 378 | 274 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | 202 | 202 |
|  12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | 824 | 849 |
|  EOC Borrower LLC | EOC Borrower LLC | EOC Borrower LLC |
|  7.163% (TSFR1M + 3.000%) due 03/24/2032 ~ | 349 | 350 |
|  EP Purchaser LLC | EP Purchaser LLC | EP Purchaser LLC |
|  8.778% (TSFR1M + 4.500%) due 11/06/2028 «~ | 322 | 299 |
|  Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
|  7.413% (TSFR1M + 3.250%) due 01/27/2029 ~ | 292 | 292 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  6.913% (TSFR1M + 2.750%) due 02/12/2031 ~ | 444 | 444 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 625 | 623 |
|  First Advantage Holdings LLC | First Advantage Holdings LLC | First Advantage Holdings LLC |
|  6.913% (TSFR1M + 2.750%) due 10/31/2031 ~ | 465 | 455 |
|  First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
|  6.711% (TSFR3M + 2.500%) due 08/15/2030 ~ | 1095 | 1098 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.255% (TSFR1M + 3.000%) due 06/27/2031 ~ | 571 | 574 |
|  GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. |
|  TBD% - 1.750% due 08/16/2032 µ | 55 | 54 |
|  TBD% - 1.750% (TSFR3M + 3.500%) due 08/16/2032 ~ | 320 | 318 |
|  GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
|  6.752% (TSFR6M + 2.750%) due 11/26/2031 ~ | 299 | 299 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 350 | 350 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.634% (TSFR1M + 3.500%) due 10/01/2032 ~ | 775 | 776 |
|  Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
|  8.032% (TSFR1M + 4.000%) due 12/04/2031 ~ | 570 | 572 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **119** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  7.395% (TSFR1M + 3.000%) due 12/01/2028 ~ | 150 | 150 |
|  Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. |
|  TBD% due 09/24/2032 | 325 | 326 |
|  Gryphon Acquire NewCo LLC | Gryphon Acquire NewCo LLC | Gryphon Acquire NewCo LLC |
|  6.879% (TSFR6M + 3.000%) due 09/13/2032 ~ | 450 | 452 |
|  Gulfside Supply, Inc. | Gulfside Supply, Inc. | Gulfside Supply, Inc. |
|  7.002% (TSFR3M + 3.000%) due 06/17/2031 ~ | 324 | 325 |
|  GVC Holdings (Gibraltar) Ltd. | GVC Holdings (Gibraltar) Ltd. | GVC Holdings (Gibraltar) Ltd. |
|  6.370% due 10/31/2029 ~ | 245 | 245 |
|  Hanger, Inc. | Hanger, Inc. | Hanger, Inc. |
|  TBD% due 10/23/2031 ~µ | 40 | 40 |
|  TBD% (TSFR1M + 3.500%) due 10/23/2031 ~ | 309 | 310 |
|  Heartland Dental LLC | Heartland Dental LLC | Heartland Dental LLC |
|  7.913% (TSFR1M + 3.750%) due 08/25/2032 ~ | 599 | 598 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  6.575% (TSFR3M + 2.250%) due 06/20/2030 ~ | 367 | 368 |
|  Hudson River Trading LLC | Hudson River Trading LLC | Hudson River Trading LLC |
|  7.150% (TSFR1M + 3.000%) due 03/18/2030 ~ | 446 | 447 |
|  Hunter Douglas, Inc. | Hunter Douglas, Inc. | Hunter Douglas, Inc. |
|  7.252% (TSFR3M + 3.250%) due 01/20/2032 ~ | 490 | 492 |
|  IMC Financing LLC | IMC Financing LLC | IMC Financing LLC |
|  7.636% (TSFR1M + 3.500%) due 06/18/2032 ~ | 299 | 302 |
|  INEOS U.S. Finance LLC | INEOS U.S. Finance LLC | INEOS U.S. Finance LLC |
|  7.163% (TSFR1M + 3.000%) due 02/07/2031 ~ | 313 | 283 |
|  Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
|  6.753% (TSFR3M + 2.750%) due 11/13/2031 ~ | 449 | 449 |
|  Ion Platform Finance U.S., Inc. | Ion Platform Finance U.S., Inc. | Ion Platform Finance U.S., Inc. |
|  1.000% due 09/30/2032 | 500 | 495 |
|  ION Trading Technologies SARL | ION Trading Technologies SARL | ION Trading Technologies SARL |
|  7.502% (TSFR3M + 3.500%) due 04/01/2028 ~ | 174 | 174 |
|  iSolved, Inc. | iSolved, Inc. | iSolved, Inc. |
|  6.913% (TSFR1M + 2.750%) due 10/15/2030 ~ | 419 | 420 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  8.753% (TSFR3M + 4.750%) due 08/27/2029 ~ | 524 | 504 |
|  Jump Financial LLC | Jump Financial LLC | Jump Financial LLC |
|  7.502% (TSFR3M + 3.500%) due 02/26/2032 ~ | 499 | 503 |
|  June Purchaser LLC | June Purchaser LLC | June Purchaser LLC |
|  TBD% - 3.000% due 11/28/2031 µ | 86 | 86 |
|  TBD% - 3.000% (TSFR3M + 3.000%) due 11/28/2031 ~ | 512 | 514 |
|  Kaman Corp. | Kaman Corp. | Kaman Corp. |
|  TBD% - 6.828% due 02/26/2032 ~µ | 30 | 30 |
|  TBD% - 6.828% (TSFR6M + 2.500%) due 02/26/2032 ~ | 320 | 319 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  7.413% (TSFR1M + 3.250%) due 03/20/2032 ~ | 572 | 574 |
|  KnowBe4, Inc. | KnowBe4, Inc. | KnowBe4, Inc. |
|  8.064% (TSFR3M + 3.750%) due 07/23/2032 ~ | 550 | 551 |
|  Kohler Energy Co. LLC | Kohler Energy Co. LLC | Kohler Energy Co. LLC |
|  7.752% (TSFR3M + 3.750%) due 05/01/2031 ~ | 504 | 505 |
|  LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC | LC AHAB U.S. Bidco LLC |
|  7.163% (TSFR1M + 3.000%) due 05/01/2031 ~ | 644 | 645 |
|  M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC |
|  9.250% (PRIME + 2.000%) due 04/01/2032 ~ | 449 | 450 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  6.702% (TSFR6M + 2.500%) due 06/21/2028 ~ | 383 | 384 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.280% (TSFR1M + 3.000%) due 04/15/2027 ~ | 733 | 734 |
|  Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
|  7.199% (TSFR3M + 3.000%) due 05/04/2028 ~ | 591 | 592 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 1111 | 1064 |
|  Meade Pipeline Co. LLC | Meade Pipeline Co. LLC | Meade Pipeline Co. LLC |
|  6.003% (TSFR3M + 2.000%) due 09/22/2032 ~ | 225 | 225 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  8.252% (TSFR3M + 4.250%) due 05/03/2028 ~ | 364 | 351 |
|  MI Windows & Doors LLC | MI Windows & Doors LLC | MI Windows & Doors LLC |
|  6.913% (TSFR1M + 2.750%) due 03/28/2031 ~ | 297 | 298 |
|  Mitchell International, Inc. | Mitchell International, Inc. | Mitchell International, Inc. |
|  7.413% (TSFR1M + 3.250%) due 06/17/2031 ~ | 148 | 148 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 397 | 393 |
|  Nielsen Consumer, Inc. | Nielsen Consumer, Inc. | Nielsen Consumer, Inc. |
|  6.663% (TSFR1M + 2.500%) due 10/31/2030 ~ | 323 | 322 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  7.500% (TSFR1M + 3.250%) due 04/03/2028 ~ | 606 | 607 |
|  Nuvei Technologies Corp. | Nuvei Technologies Corp. | Nuvei Technologies Corp. |
|  TBD% (TSFR1M + 2.750%) due 11/17/2031 ~ | 746 | 747 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  TBD% due 07/23/2032 | 950 | 945 |
|  7.002% (TSFR3M + 3.000%) due 06/20/2031 ~ | 410 | 407 |
|  OMNIA Partners LLC | OMNIA Partners LLC | OMNIA Partners LLC |
|  6.814% (TSFR3M + 2.500%) due 07/25/2030 ~ | 395 | 396 |
|  Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. | Onex TSG Intermediate Corp. |
|  8.005% (TSFR3M + 3.750%) due 08/06/2032 ~ | 575 | 579 |
|  Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP |
|  8.240% (TSFR3M + 4.250%) due 08/01/2030 ~ | 270 | 264 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  7.252% (TSFR3M + 3.250%) due 04/28/2032 ~ | 375 | 376 |
|  Oregon Tool, Inc. | Oregon Tool, Inc. | Oregon Tool, Inc. |
|  8.447% (TSFR3M + 4.000%) due 10/15/2029 ~ | 167 | 130 |
|  Padagis LLC | Padagis LLC | Padagis LLC |
|  9.290% (TSFR3M + 4.750%) due 07/06/2028 «~ | 297 | 265 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | 300 | 270 |
|  Particle Investments SARL | Particle Investments SARL | Particle Investments SARL |
|  7.913% (TSFR1M + 3.750%) due 03/28/2031 ~ | 296 | 297 |
|  Peer Holding III BV | Peer Holding III BV | Peer Holding III BV |
|  6.502% (TSFR3M + 2.500%) due 07/01/2031 ~ | 223 | 224 |
|  Pegasus Bidco BV | Pegasus Bidco BV | Pegasus Bidco BV |
|  6.762% (TSFR3M + 2.750%) due 07/12/2029 ~ | 320 | 322 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  8.013% (TSFR1M + 3.750%) due 02/01/2028 ~ | 144 | 122 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  TBD% due 03/03/2028 | 230 | 225 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
|  8.136% (TSFR1M + 4.000%) due 08/18/2032 ~ | 300 | 296 |
|  PG Investment Co. 59 SARL | PG Investment Co. 59 SARL | PG Investment Co. 59 SARL |
|  6.913% (TSFR1M + 2.750%) due 03/26/2031 ~ | 372 | 374 |
|  Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. |
|  6.663% (TSFR1M + 2.500%) due 02/21/2031 ~ | 357 | 358 |
|  Pinnacle Buyer LLC | Pinnacle Buyer LLC | Pinnacle Buyer LLC |
|  TBD% due 09/10/2032 | 294 | 294 |
|  TBD% due 09/10/2032 µ | 56 | 57 |
|  Planet U.S. Buyer LLC | Planet U.S. Buyer LLC | Planet U.S. Buyer LLC |
|  7.198% (TSFR3M + 3.000%) due 02/07/2031 ~ | 296 | 298 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  8.570% (TSFR3M + 4.000%) due 06/02/2028 ~ | 655 | 632 |
|  Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. | Project Alpha Intermediate Holding, Inc. |
|  7.252% (TSFR3M + 3.250%) due 10/26/2030 ~ | 545 | 547 |
|  Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
|  7.163% (TSFR1M + 3.000%) due 08/31/2028 ~ | 612 | 615 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  TBD% due 08/12/2032 | 425 | 426 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 700 | 697 |
|  Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
|  7.528% (TSFR1M + 3.250%) due 09/25/2026 ~ | 248 | 201 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  7.002% (TSFR3M + 3.000%) due 03/18/2030 ~ | 274 | 274 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  TBD% - 3.250% due 11/19/2031 µ | 13 | 13 |
|  TBD% - 3.250% (TSFR1M + 3.000%) due 11/19/2031 ~ | 186 | 186 |
|  RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
|  7.263% (TSFR3M + 3.000%) due 04/24/2028 ~ | 215 | 214 |
|  Renaissance Holdings Corp. | Renaissance Holdings Corp. | Renaissance Holdings Corp. |
|  8.163% (TSFR1M + 4.000%) due 04/05/2030 ~ | 394 | 343 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  7.002% (TSFR3M + 3.000%) due 09/18/2031 ~ | 372 | 374 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  7.197% (TSFR6M + 3.000%) due 01/31/2029 ~ | 147 | 147 |
|  Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
|  6.663% (TSFR1M + 2.500%) due 07/31/2031 ~ | 294 | 294 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  TBD% due 04/02/2029 | 125 | 125 |
|  SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. | SolarWinds Holdings, Inc. |
|  8.026% (TSFR3M + 4.000%) due 04/16/2032 ~ | 300 | 295 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  TBD% due 05/30/2031 | 118 | 118 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 122 | 118 |
|  Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH |
|  7.240% (TSFR3M + 3.250%) due 12/10/2031 ~ | 498 | 499 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  8.808% (TSFR3M + 4.500%) due 01/15/2027 ~ | 388 | 390 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  8.002% (TSFR3M + 4.000%) due 09/27/2030 ~ | 591 | 592 |

---

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  6.163% (TSFR1M + 2.000%) due 01/02/2030 ~ | 200 | 200 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.079% - 9.250% (TSFR3M + 2.750%) due 04/09/2032 ~ | 700 | 701 |
|  Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
|  1.625% - 7.564% (TSFR3M + 3.250%) due 06/24/2032 ~ | 274 | 275 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | 539 | 528 |
|  Tacala LLC | Tacala LLC | Tacala LLC |
|  7.663% (TSFR1M + 3.500%) due 01/31/2031 ~ | 518 | 521 |
|  team.blue Finco SARL | team.blue Finco SARL | team.blue Finco SARL |
|  7.370% due 07/12/2032 ~ | 400 | 401 |
|  Third Coast Infrastructure LLC | Third Coast Infrastructure LLC | Third Coast Infrastructure LLC |
|  7.913% (TSFR1M + 3.750%) due 09/25/2030 ~ | 323 | 325 |
|  Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |
|  7.002% (TSFR3M + 3.000%) due 10/24/2031 ~ | 448 | 451 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  7.197% - 7.308% (TSFR6M + 3.000%) due 04/30/2030 ~ | 440 | 442 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ | 636 | 637 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.752% (TSFR3M + 3.750%) due 09/15/2028 ~ | 394 | 387 |
|  Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
|  6.752% (TSFR3M + 2.750%) due 05/06/2031 ~ | 460 | 460 |
|  Turquoise Topco Ltd. | Turquoise Topco Ltd. | Turquoise Topco Ltd. |
|  TBD% due 07/31/2032 | 650 | 651 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 1243 | 1190 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.810% (TSFR3M + 2.500%) due 02/10/2031 ~ | 595 | 595 |
|  United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC |
|  7.650% (TSFR1M + 3.500%) due 06/10/2032 «~ | 1023 | 1031 |
|  Van Pool Transportation LLC | Van Pool Transportation LLC | Van Pool Transportation LLC |
|  TBD% - 7.252% (TSFR3M + 3.250%) due 08/06/2030 ~µ | 54 | 54 |
|  TBD% - 7.252% (TSFR1M + 3.250%) due 08/06/2030 ~ | 396 | 398 |
|  Varsity Brands, Inc. | Varsity Brands, Inc. | Varsity Brands, Inc. |
|  7.026% (TSFR3M + 3.000%) due 08/26/2031 ~ | 398 | 399 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  8.002% (TSFR3M + 4.000%) due 11/30/2030 ~ | 398 | 395 |
|  VFS Global | VFS Global | VFS Global |
|  TBD% due 09/23/2032 « | 441 | 441 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.515% (TSFR1M + 3.250%) due 01/31/2029 ~ | 425 | 426 |
|  Vista Management Holding, Inc. | Vista Management Holding, Inc. | Vista Management Holding, Inc. |
|  8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 248 | 250 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  8.752% (TSFR3M + 4.750%) due 07/01/2032 ~ | 100 | 100 |
|  Wasserman Media Group LLC | Wasserman Media Group LLC | Wasserman Media Group LLC |
|  7.158% (TSFR1M + 3.000%) due 06/23/2032 ~ | 375 | 377 |
|  WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC | WaterBridge Midstream Operating LLC |
|  8.174% (TSFR1M + 4.000%) due 05/10/2029 ~ | 495 | 497 |
|  9.030% (TSFR1M + 4.750%) due 06/27/2029 ~ | 273 | 274 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
|  7.163% (TSFR1M + 3.000%) due 02/25/2032 ~ | 199 | 198 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  7.416% (TSFR1M + 3.250%) due 10/19/2029 ~ | 174 | 174 |
|  X Corp. | X Corp. | X Corp. |
|  10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 1166 | 1145 |
|  Xplor T1 LLC | Xplor T1 LLC | Xplor T1 LLC |
|  7.502% (TSFR3M + 3.500%) due 06/24/2031 «~ | 421 | 421 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  7.278% (TSFR1M + 3.000%) due 03/09/2027 ~ | 146 | 145 |
|  Total Loan Participations and Assignments (Cost $77,007) | Total Loan Participations and Assignments (Cost $77,007) | 77029 |
| CORPORATE BONDS & NOTES 32.7% | CORPORATE BONDS & NOTES 32.7% | CORPORATE BONDS & NOTES 32.7% |
| BANKING & FINANCE 5.7% | BANKING & FINANCE 5.7% | BANKING & FINANCE 5.7% |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.750% due 10/15/2027 | 300 | 301 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 175 | 180 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 325 | 319 |
|  Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |
|  7.125% due 05/15/2031 | 200 | 208 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  9.250% due 07/01/2031 | 500 | 532 |
|  CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
|  4.500% due 05/01/2028 | 300 | 292 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 50 | 50 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 675 | 717 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  12.000% due 10/01/2028 | 275 | 291 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 100 | 105 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 200 | 197 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  6.250% due 05/15/2026 | 60 | 60 |
|  9.000% due 06/15/2030 | 125 | 121 |
|  9.750% due 01/15/2029 | 200 | 202 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 (a) | 200 | 199 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 525 | 546 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 350 | 370 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  7.000% due 07/15/2031 | 225 | 236 |
|  Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
|  7.125% due 02/01/2032 | 350 | 366 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 600 | 644 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.625% due 09/29/2028 | 300 | 300 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  6.625% due 05/15/2029 | 300 | 309 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 200 | 200 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  7.125% due 11/15/2030 | 250 | 261 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  | **MARKET<br>VALUE<br>(000S)** |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 200 | $| 207 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  4.000% due 09/15/2029 | 275 |  | 260 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.750% due 01/15/2031 (a) | 300 |  | 300 |
|  6.500% due 07/01/2030 | 250 |  | 259 |
|  USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 200 |  | 210 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 150 |  | 149 |
|  XHR LP | XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 100 |  | 103 |
|  |  |  | 8494 |
| INDUSTRIALS 25.8% | INDUSTRIALS 25.8% | INDUSTRIALS 25.8% | INDUSTRIALS 25.8% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 100 |  | 96 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  5.875% due 10/15/2033 (a) | 275 |  | 275 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 100 |  | 103 |
|  7.375% due 08/01/2033 | 75 |  | 77 |
|  Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
|  6.625% due 05/01/2028 | 300 |  | 300 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 400 |  | 415 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
|  8.125% due 02/01/2027 | 725 |  | 694 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.375% due 10/15/2032 (a) | 100 |  | 100 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 625 |  | 673 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  6.625% due 10/15/2032 | 125 |  | 128 |
|  9.000% due 11/01/2027 | 100 |  | 121 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 325 |  | 319 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 150 |  | 154 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 400 |  | 388 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 100 | 90 | 90 |
|  Beignet | Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 1500 | 1500 | 1500 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 175 | 175 | 175 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
|  5.625% due 08/15/2030 | 150 | 152 | 152 |
|  6.500% due 05/15/2032 | 390 | 404 | 404 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  5.000% due 03/01/2030 | 150 | 149 | 149 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.750% due 08/01/2032 | 775 | 790 | 790 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  6.625% due 09/15/2033 | 100 | 101 | 101 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 175 | 186 | 186 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 350 | 355 | 355 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  6.000% due 01/15/2029 | 25 | 24 | 24 |
|  6.875% due 04/15/2029 | 275 | 219 | 219 |
|  9.750% due 01/15/2034 | 150 | 154 | 154 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 200 | 197 | 197 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 | 300 | 289 | 289 |
|  4.875% due 07/01/2029 | 150 | 142 | 142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **121** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 | 225 | 225 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 100 | 103 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 350 | 340 |
|  CommScope LLC | CommScope LLC | CommScope LLC |
|  4.750% due 09/01/2029 | 76 | 76 |
|  8.250% due 03/01/2027 | 75 | 76 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  5.000% due 03/15/2027 | 450 | 447 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 50 | 48 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 600 | 616 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 300 | 297 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 100 | 95 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  5.375% due 02/01/2028 | 50 | 44 |
|  5.500% due 04/15/2027 | 225 | 214 |
|  6.500% due 02/01/2029 | 225 | 167 |
|  7.500% due 04/01/2028 | 100 | 73 |
|  11.250% due 05/15/2028 | 100 | 93 |
|  11.750% due 01/31/2029 | 225 | 189 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  6.750% due 07/15/2033 | 125 | 129 |
|  6.875% due 09/01/2032 | 125 | 129 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 150 | 156 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 50 | 46 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 125 | 126 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 150 | 146 |
|  Dye & Durham Ltd. | Dye & Durham Ltd. | Dye & Durham Ltd. |
|  8.625% due 04/15/2029 | 100 | 99 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  7.500% due 06/01/2030 | 100 | 110 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 450 | 423 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.750% due 05/01/2029 | 100 | 101 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 125 | 117 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.375% due 08/15/2029 | 200 | 195 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 200 | 205 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 150 | 149 |
|  7.625% due 07/01/2029 | 175 | 177 |
|  9.250% due 12/01/2028 | 500 | 522 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 | 575 | 442 |
|  9.625% due 07/15/2032 | 175 | 179 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 | 250 | 250 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | 150 | 154 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 | 100 | 96 |
|  5.750% due 09/15/2033 | 140 | 142 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 250 | 242 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 450 | 459 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 275 | 268 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 250 | 257 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  4.875% due 12/15/2027 | 325 | 317 |
|  K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
|  8.000% due 04/01/2031 | 50 | 51 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 400 | 396 |
|  Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
|  0.000% due 07/24/2030 | 300 | 306 |
|  0.000% due 07/24/2033 | 325 | 334 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.500% due 10/01/2033 | 75 | 76 |
|  7.250% due 02/15/2029 | 125 | 130 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 350 | 347 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 | 200 | 185 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  7.000% due 03/31/2034 | 105 | 107 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 200 | 213 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 | 100 | 100 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 100 | 98 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 200 | 201 |
|  6.500% due 04/15/2032 | 100 | 101 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2027 | 200 | 202 |
|  9.250% due 04/15/2027 | 300 | 301 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  5.875% due 02/01/2029 | 250 | 250 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 600 | 518 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  5.500% due 04/15/2027 | 125 | 126 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  4.375% due 06/15/2028 | 200 | 195 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 150 | 163 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 250 | 246 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 10/15/2028 « | 200 | 142 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  4.750% due 11/01/2028 | 150 | 147 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  7.500% due 07/17/2030 | 125 | 131 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 250 | 256 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 300 | 290 |
|  6.875% due 01/30/2030 | 50 | 52 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.000% due 06/01/2026 | 100 | 101 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  7.125% due 10/01/2027 | 150 | 153 |
|  7.250% due 06/15/2031 | 100 | 101 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 200 | 194 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 275 | 268 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 400 | 387 |
|  6.750% due 05/15/2034 | 125 | 120 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 100 | 97 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 (a) | 50 | 51 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 250 | 243 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 | 200 | 201 |
|  6.250% due 02/01/2033 | 300 | 306 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  6.250% due 10/15/2034 | 175 | 177 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 125 | 130 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 100 | 97 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 200 | 194 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 400 | 415 |
|  Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
|  8.500% due 07/15/2032 | 125 | 130 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
|  9.375% due 05/01/2029 | 100 | 105 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 300 | 312 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 175 | 180 |
|  Sable International Finance Ltd. | Sable International Finance Ltd. | Sable International Finance Ltd. |
|  7.125% due 10/15/2032 | 400 | 406 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  5.875% due 11/01/2033 | 250 | 250 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 225 | 220 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
|  3.875% due 01/15/2029 | 50 | 44 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 125 | 121 |
|  5.875% due 07/15/2030 | 300 | 306 |
|  8.250% due 12/15/2029 | 100 | 106 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.875% due 09/01/2031 | 100 | 91 |
|  4.125% due 07/01/2030 | 600 | 563 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 100 | 101 |
|  7.000% due 08/01/2032 | 100 | 100 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 150 | 153 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 | 400 | 407 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  9.750% due 11/15/2030 | 400 | 440 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 475 | 462 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 200 | 198 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 275 | 271 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  6.875% due 08/01/2026 | 450 | 451 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 200 | 199 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 | 250 | 257 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  5.000% due 09/15/2029 | 100 | 100 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.375% due 01/15/2030 | 250 | 243 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 100 | 107 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 325 | 305 |
|  5.625% due 01/31/2034 | 325 | 324 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 108 | 112 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  8.250% due 05/15/2029 | 50 | 49 |
|  8.500% due 05/15/2031 | 400 | 392 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
|  4.000% due 09/01/2028 | 150 | 146 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 100 | 95 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  4.000% due 07/15/2030 | 150 | 144 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 175 | 165 |
|  8.500% due 07/31/2031 | 175 | 181 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 275 | 286 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 250 | 259 |
|  9.500% due 02/01/2029 | 125 | 138 |
|  9.875% due 02/01/2032 | 650 | 708 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 75 | 79 |
|  6.750% due 01/15/2036 | 75 | 80 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 100 | 98 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 09/15/2027 | 100 | 100 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 475 | 448 |
|  Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC |
|  5.000% due 07/15/2028 | 175 | 172 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 100 | 100 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 50 | 49 |
|  4.279% due 03/15/2032 | 100 | 92 |
|  5.050% due 03/15/2042 | 125 | 100 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  7.750% due 09/15/2030 | 75 | 79 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 (a) | 100 | 100 |
|  6.500% due 10/15/2033 (a) | 125 | 125 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 (a) | 375 | 376 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 50 | 51 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 | 100 | 102 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
|  9.250% due 03/09/2030 | 147 | 141 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 200 | 190 |
|  |  | 38517 |
| UTILITIES 1.2% | UTILITIES 1.2% | UTILITIES 1.2% |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 250 | 261 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  4.500% due 02/15/2028 | 175 | 174 |
|  5.125% due 03/15/2028 | 250 | 250 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 325 | 338 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 • | 75 | 77 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  8.000% due 05/15/2033 | 100 | 105 |
|  Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. | Hawaiian Electric Co., Inc. |
|  6.000% due 10/01/2033 | 50 | 50 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 150 | 142 |
|  6.250% due 11/01/2034 | 150 | 154 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  6.875% due 04/15/2032 | 200 | 209 |
|  |  | 1760 |
| Total Corporate Bonds & Notes (Cost $47,675) | Total Corporate Bonds & Notes (Cost $47,675) | 48771 |
| U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% | U.S. TREASURY OBLIGATIONS 3.6% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  4.057% due 07/31/2027 •  | 4700 | 4696 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 08/15/2034 | 575 | 566 |
|  4.125% due 10/31/2031 | 100 | 102 |
| Total U.S. Treasury Obligations (Cost $5,354) | Total U.S. Treasury Obligations (Cost $5,354) | 5364 |
|  | **SHARES** |  |
| COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  AmSurg Corp. «(b)(g) | 11642 | 526 |
| Total Common Stocks (Cost $487) | Total Common Stocks (Cost $487) | 526 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% |
| 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 |
|  4.200% (f) | 326323 | $— | 326 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  4.145% due 11/14/2025 (d)(e) | 700 |  | 697 |
| U.S. TREASURY BILLS 3.5% | U.S. TREASURY BILLS 3.5% | U.S. TREASURY BILLS 3.5% | U.S. TREASURY BILLS 3.5% |
|  4.197% due 10/09/2025 - 11/18/2025 (c)(d) | 5300 |  | 5285 |
| Total Short-Term Instruments<br>(Cost $6,306) | Total Short-Term Instruments<br>(Cost $6,306) |  | 6308 |
| Total Investments in Securities<br>(Cost $136,829) | Total Investments in Securities<br>(Cost $136,829) |  | 137998 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 8.9% | INVESTMENTS IN AFFILIATES 8.9% | INVESTMENTS IN AFFILIATES 8.9% | INVESTMENTS IN AFFILIATES 8.9% |
| SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% | SHORT-TERM INSTRUMENTS 8.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1353498 |  | 13182 |
| Total Short-Term Instruments<br>(Cost $13,181) | Total Short-Term Instruments<br>(Cost $13,181) |  | 13182 |
| Total Investments in Affiliates<br>(Cost $13,181) | Total Investments in Affiliates<br>(Cost $13,181) |  | 13182 |
| Total Investments 101.5%<br>(Cost $150,010) | Total Investments 101.5%<br>(Cost $150,010) | $— | 151180 |
|  Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $1,307) | Financial Derivative<br>Instruments (h) 0.0%<br> (Cost or Premiums, net $1,307) |  | 4 |
| Other Assets and Liabilities, net (1.5)% | Other Assets and Liabilities, net (1.5)% |  | (2187) |
| Net Assets 100.0% |  | $— | 148997 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) 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) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **123** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(g) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 | $5 | $6 | $0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 32 | 3494 | 9 | 1 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 8 | 900 | 5 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806) | $(8) | $0 | $0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 06/20/2029 | 1.028% | $400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.HY-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $5125 | $372 | $21 | $393 | $0 | $(7) |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 8250 | 352 | 317 | 669 | 2 | (3) |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 6100 | 464 | 15 | 479 | 7 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2032 | $2775 | $65 | $(18) | $47 | $0 | $(1) |
|  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;1307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | Variation Margin<br>Liability<sup>(5)</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;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $(12) |

---

124 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

Cash of $2,312 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | 0 | 9 |
|  | $0 | $9 | $0 | $0 | $7 | $16 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 605 | 0 | 0 | (1) | 604 |
|  | $0 | $605 | $0 | $0 | $49 | $654 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(93) | $(93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 647 | 0 | 0 | (18) | 629 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 125

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $495 | $71007 | $5527 | $77029 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 199 | 8295 | 0 | 8494 |
| &nbsp;&nbsp; Industrials | 275 | 36600 | 1642 | 38517 |
| &nbsp;&nbsp; Utilities | 0 | 1760 | 0 | 1760 |
|  U.S. Treasury Obligations | 0 | 5364 | 0 | 5364 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Health Care | 0 | 0 | 526 | 526 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 326 | 0 | 326 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 697 | 0 | 697 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5285 | 0 | 5285 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137998 |
|  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;13182 | $0 | $0 | $13182 |
|  Total Investments | $14151 | $129334 | $7695 | $151180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $16 | $0 | $16 |
|  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 | $(11) | $0 | $(11) |
|  Total Financial Derivative Instruments | $0 | $5 | $0 | $5 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151185 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3267) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $(6) | $1035 | $(572) | $5527 | $13 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | 164 | 1500 | 0 | 0 | 0 | (22) | 0 | 0 | 1642 | (22) |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 33 | 0 | (14) | 0 | 14 | (33) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 544 | 0 | 0 | 0 | 0 | (18) | 0 | 0 | 526 | (18) |
|  Totals | $6168 | $4380 | $(3281) | $3 | $41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $1051 | Comparable Companies | EBITDA Multiple | X | 16.290 |  |
|  | 274 | Indicative Market Quotation | Broker Quote |  | 72.500 |  |
|  | 4202 | Third Party Vendor | Broker Quote |  | 89.500-100.750 | 98.524 |
|  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; Industrials | 142 | Indicative Market Quotation | Broker Quote |  | 71.000 |  |
|  | 1500 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 526 | Comparable Companies | EBITDA Multiple | X | 16.290 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7695 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **126** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Income Fund September 30, 2025 (Unaudited)

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 150.7% | INVESTMENTS IN SECURITIES 150.7% | INVESTMENTS IN SECURITIES 150.7% | INVESTMENTS IN SECURITIES 150.7% | INVESTMENTS IN SECURITIES 150.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.7% |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.538% due 12/18/2029 «~ | $— | 28800 | $— | 29026 |
|  Altice France SA |  |  |  |  |
|  7.526% (EUR003M + 5.500%) due 08/15/2028 ~ |  | 495 |  | 551 |
|  9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | $— | 5943 |  | 5765 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.885% (TSFR1M + 1.750%) due 06/24/2030 ~ |  | 2500 |  | 2504 |
|  Databricks, Inc. |  |  |  |  |
|  TBD% - 1.000% due 01/03/2031 «µ |  | 4621 |  | 4621 |
|  TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ |  | 20879 |  | 21244 |
|  Envalior Finance GmbH |  |  |  |  |
|  7.526% (EUR003M + 5.500%) due 03/29/2030 ~ |  | 9100 |  | 10114 |
|  Envision Healthcare Corp. |  |  |  |  |
|  12.230% (TSFR3M + 7.875%) due 07/20/2026 «~ | $— | 9435 |  | 9435 |
|  12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ |  | 36405 |  | 37497 |
|  Finastra USA, Inc. |  |  |  |  |
|  TBD% (TSFR3M + 7.250%) due 09/13/2029 ~ |  | 675 |  | 680 |
|  iHeartCommunications, Inc. |  |  |  |  |
|  10.053% (TSFR1M + 5.775%) due 05/01/2029 ~ |  | 3221 |  | 2822 |
|  Lealand Finance Co. BV |  |  |  |  |
|  7.278% (TSFR1M + 3.000%) due 06/30/2027 ~ |  | 156 |  | 127 |
|  Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) | Lealand Finance Co. BV (5.278% Cash) |
|  5.728% - 5.278% due 12/31/2027 ~ |  | 674 |  | 483 |
|  Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) | Mercury Aggregator LP (19.000% PIK) |
|  19.000% due 04/03/2026 «(c) |  | 3125 |  | 919 |
|  OCS Group Holdings Ltd. |  |  |  |  |
|  9.961% due 11/28/2031 |  | 2700 |  | 3633 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.804% (EUR006M + 2.450%) due 04/01/2027 «~ |  | 27900 |  | 33012 |
|  Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III | Pantheon Senior Debt Secondaries III |
|  6.043% (TSFR3M + 2.000%) due 03/26/2026 «~(j) | $— | 3800 |  | 3800 |
|  Poseidon Bidco SASU |  |  |  |  |
|  7.000% (EUR003M + 5.000%) due 03/13/2030 ~ |  | 16300 |  | 8994 |
|  Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp | Project Alfa Investindustrial VIII SCSp |
|  4.117% (EUR003M + 2.100%) due 02/27/2026 «~(j) |  | 2174 |  | 2552 |
|  Project Flash |  |  |  |  |
|  TBD% (TSFR1M + 2.500%) due 01/09/2030 «~µ | $— | 6590 |  | 6532 |
|  TBD% due 04/30/2030 «~µ |  | 32708 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32708 |
|  TBD% (TSFR3M + 2.250%) due 04/30/2030 «~µ |  | 31941 |  | 31941 |
|  TBD% (TSFR1M + 2.250%) due 04/30/2030 «~µ |  | 32351 |  | 32351 |
|  Project Hudson II |  |  |  |  |
|  7.730% due 05/29/2026 « |  | 5000 |  | 5063 |
|  Project Nova |  |  |  |  |
|  7.250% (PRIME) due 08/31/2026 «~ |  | 3100 |  | 3100 |
|  SCUR-Alpha 1503 GmbH |  |  |  |  |
|  9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ |  | 16287 |  | 15051 |
|  Softbank Vision Fund II |  |  |  |  |
|  TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~ |  | 26000 |  | 26000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Subcalidora 2 |  |  |  |  |
|  7.750% (EUR003M + 5.750%) due 08/14/2029 «~ |  | 7900 | $— | 9321 |
|  Syniverse Holdings, Inc. |  |  |  |  |
|  11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | $— | 6606 |  | 6464 |
|  TransDigm, Inc. |  |  |  |  |
|  6.502% (TSFR3M + 2.500%) due 02/28/2031 ~ |  | 60896 |  | 60934 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.014% (EUR003M + 3.000%) due 12/15/2028 «~ |  | 8000 |  | 9434 |
|  U.S. Renal Care, Inc. |  |  |  |  |
|  9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | $— | 2073 |  | 1985 |
|  Westmoreland Coal Co. |  |  |  |  |
|  8.000% due 03/15/2029 « |  | 88 |  | 36 |
|  Total Loan Participations and Assignments<br>(Cost $419,738) | Total Loan Participations and Assignments<br>(Cost $419,738) | Total Loan Participations and Assignments<br>(Cost $419,738) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418699 |
| CORPORATE BONDS & NOTES 13.7% | CORPORATE BONDS & NOTES 13.7% | CORPORATE BONDS & NOTES 13.7% |  |  |
| BANKING & FINANCE 6.2% |  |  |  |  |
|  123 Lights Re Ltd. |  |  |  |  |
|  14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ |  | 700 |  | 700 |
|  Alamo Re Ltd. |  |  |  |  |
|  12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~ |  | 3000 |  | 3224 |
|  15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~ |  | 3200 |  | 3368 |
|  Armor RE II Ltd. |  |  |  |  |
|  12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~ |  | 250 |  | 267 |
|  14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~ |  | 1200 |  | 1304 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 2735 |  | 2630 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  1.875% due 01/09/2026 |  | 26441 |  | 30997 |
|  Banco Santander SA |  |  |  |  |
|  5.552% due 03/14/2028 •  | $— | 16000 |  | 16293 |
|  5.565% due 01/17/2030 |  | 12400 |  | 12948 |
|  6.527% due 11/07/2027 •  |  | 9200 |  | 9427 |
|  6.607% due 11/07/2028 |  | 7200 |  | 7701 |
|  Bank of Nova Scotia |  |  |  |  |
|  4.404% due 09/08/2028 •  |  | 2900 |  | 2916 |
|  5.197% (SOFRRATE + 1.000%) due 09/08/2028 ~ |  | 4100 |  | 4122 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 |  | 1700 |  | 1738 |
|  Barclays PLC |  |  |  |  |
|  4.476% due 11/11/2029 •  |  | 8600 |  | 8617 |
|  4.837% due 09/10/2028 •  |  | 5300 |  | 5355 |
|  5.669% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 4500 |  | 4548 |
|  5.674% due 03/12/2028 •  |  | 1900 |  | 1937 |
|  6.224% due 05/09/2034 •  |  | 3062 |  | 3295 |
|  6.496% due 09/13/2027 •  |  | 18300 |  | 18673 |
|  Bayou Re Ltd. |  |  |  |  |
|  12.236% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |  | 500 |  | 535 |
|  22.480% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |  | 600 |  | 677 |
|  BNP Paribas SA |  |  |  |  |
|  5.497% due 05/20/2030 •  |  | 1900 |  | 1966 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bonanza RE Ltd. |  |  |  |  |
|  3.970% (MSMMUSTF) due 01/08/2026 ~ | $— | 250 | $— | 243 |
|  BPCE SA |  |  |  |  |
|  6.612% due 10/19/2027 •  |  | 26300 |  | 26902 |
|  Brown & Brown, Inc. |  |  |  |  |
|  4.700% due 06/23/2028 |  | 1400 |  | 1414 |
|  CaixaBank SA |  |  |  |  |
|  6.684% due 09/13/2027 •  |  | 12400 |  | 12672 |
|  Cape Lookout Re Ltd. |  |  |  |  |
|  10.832% (T-BILL 1MO + 6.900%) due 03/13/2032 ~ |  | 3700 |  | 3890 |
|  12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~ |  | 600 |  | 627 |
|  Charles River Re Ltd. |  |  |  |  |
|  11.536% due 05/10/2031 •  |  | 250 |  | 265 |
|  CIFI Holdings Group Co. Ltd. |  |  |  |  |
|  4.375% due 04/12/2027 ^(d) |  | 300 |  | 28 |
|  4.450% due 08/17/2026 ^(d) |  | 200 |  | 18 |
|  5.950% due 10/20/2025 ^(d) |  | 200 |  | 21 |
|  6.000% due 07/16/2049 ^(d) |  | 200 |  | 20 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 |  | 4900 |  | 5032 |
|  CoStar Group, Inc. |  |  |  |  |
|  2.800% due 07/15/2030 |  | 6420 |  | 5880 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  2.700% due 07/12/2026 ^(d) |  | 1400 |  | 152 |
|  3.125% due 10/22/2025 ^(d) |  | 1600 |  | 172 |
|  3.875% due 10/22/2030 ^(d) |  | 700 |  | 77 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 |  | 2500 |  | 776 |
|  Credit Agricole SA |  |  |  |  |
|  4.631% due 09/11/2028 •  | $— | 3200 |  | 3221 |
|  5.392% (SOFRRATE + 1.210%) due 09/11/2028 ~ |  | 6200 |  | 6245 |
|  Credit Suisse AG AT1 Claim |  | 37150 |  | 4829 |
|  Danske Bank AS |  |  |  |  |
|  5.427% due 03/01/2028 •  |  | 4500 |  | 4578 |
|  Deutsche Bank AG |  |  |  |  |
|  3.547% due 09/18/2031 •  |  | 1332 |  | 1263 |
|  6.720% due 01/18/2029 •  |  | 1568 |  | 1648 |
|  7.146% due 07/13/2027 •  |  | 3500 |  | 3575 |
|  East Lane Re VII Ltd. |  |  |  |  |
|  12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ |  | 2800 |  | 2848 |
|  EPR Properties |  |  |  |  |
|  4.750% due 12/15/2026 |  | 627 |  | 629 |
|  4.950% due 04/15/2028 |  | 316 |  | 319 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.650% due 06/09/2028 |  | 6100 |  | 6176 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.875% due 11/19/2027 |  | 10000 |  | 10155 |
|  Everglades Re II Ltd. |  |  |  |  |
|  14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~ |  | 2660 |  | 2809 |
|  15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 2660 |  | 2804 |
|  16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~ |  | 2660 |  | 2801 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  2.000% due 09/20/2028 |  | 2800 |  | 2605 |
|  5.875% due 06/10/2027 |  | 4900 |  | 5030 |
|  Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. | Ford Credit Canada Co. |
|  7.000% due 02/10/2026 |  | 9800 |  | 7133 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | $— | 12400 |  | 12203 |
|  3.815% due 11/02/2027 |  | 2104 |  | 2053 |
|  4.542% due 08/01/2026 |  | 1300 |  | 1299 |
|  4.950% due 05/28/2027 |  | 11205 |  | 11190 |
|  5.125% due 11/05/2026 |  | 7400 |  | 7427 |
|  5.727% (SOFRRATE + 1.450%) due 11/05/2026 ~ |  | 11000 |  | 10989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **127** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.800% due 03/05/2027 | $— | 22200 | $— | 22431 |
|  5.850% due 05/17/2027 |  | 2000 |  | 2025 |
|  6.950% due 03/06/2026 |  | 500 |  | 504 |
|  6.950% due 06/10/2026 |  | 900 |  | 912 |
|  7.350% due 11/04/2027 |  | 14070 |  | 14677 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2031 |  | 1000 |  | 958 |
|  5.300% due 01/15/2029 |  | 902 |  | 919 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ |  | 1000 |  | 1000 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(j) |  | 3100 |  | 3140 |
|  4.980% due 06/07/2030 «(j) |  | 2000 |  | 2043 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  10.659% (T-BILL + 6.750%) due 03/13/2032 ~ |  | 400 |  | 409 |
|  12.154% (T-BILL 1MO + 8.250%) due 03/13/2032 ~ |  | 400 |  | 415 |
|  Hexagon IV RE Ltd. | Hexagon IV RE Ltd. | Hexagon IV RE Ltd. | Hexagon IV RE Ltd. | Hexagon IV RE Ltd. |
|  10.452% (EUR003M + 8.428%) due 01/07/2031 ~ |  | 1962 |  | 2341 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  | $— | 3070 |  | 3062 |
|  4.583% due 06/19/2029 •  |  | 1000 |  | 1007 |
|  5.887% due 08/14/2027 •  |  | 13700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13886 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~ |  | 400 |  | 426 |
|  29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~ |  | 400 |  | 449 |
|  Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. | Integrity Re Ltd. |
|  21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~ |  | 1100 |  | 1208 |
|  26.703% (T-BILL 1MO + 22.796%) due 06/08/2026 ~ |  | 500 |  | 558 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 |  | 4200 |  | 4788 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.550% due 07/02/2027 |  | 8800 |  | 8995 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.509% due 01/23/2029 •  |  | 900 |  | 888 |
|  4.005% due 04/23/2029 •  |  | 1763 |  | 1759 |
|  4.323% due 04/26/2028 •  |  | 600 |  | 602 |
|  KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds |
|  0.000% due 04/03/2049 « |  | 8781 |  | 773 |
|  Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. | Kennedy Wilson Europe Real Estate Ltd. |
|  3.250% due 11/12/2025 |  | 2211 |  | 2590 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  2.750% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | $— | 600 |  | 615 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 2200 |  | 2583 |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  0.000% due 04/05/2049 ^(d) |  | 1816 |  | 9 |
|  Lineage OP LP | Lineage OP LP | Lineage OP LP | Lineage OP LP | Lineage OP LP |
|  5.250% due 07/15/2030 | $— | 3900 |  | 3955 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.462% due 01/05/2028 •  |  | 11000 |  | 11167 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ |  | 1700 |  | 1899 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  4.000% due 03/15/2029 |  | 5000 |  | 4894 |
|  4.900% due 04/03/2028 |  | 5700 |  | 5763 |
|  5.200% due 03/15/2030 |  | 10400 |  | 10634 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ |  | 2000 |  | 2000 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.598% (CAONINDX + 2.900%) due 01/10/2033 ~ |  | 700 |  | 506 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  5.123% due 02/01/2029 •  | $— | 1100 |  | 1124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.138% due 10/16/2026 •  | $— | 500 | $— | 500 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  5.258% (SOFRRATE + 0.940%) due 07/14/2028 ~ |  | 41400 |  | 41643 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  |  | 2390 |  | 2352 |
|  4.302% due 03/08/2029 •  |  | 3900 |  | 3899 |
|  6.557% due 10/18/2027 •  |  | 17800 |  | 18208 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.904% (T-BILL 3MO + 10.000%) due 12/07/2030 ~ |  | 2066 |  | 2172 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.445% due 05/08/2030 •  |  | 7400 |  | 7421 |
|  5.076% due 01/27/2030 •  |  | 6400 |  | 6539 |
|  5.475% (SOFRRATE + 1.250%) due 03/01/2028 ~ |  | 7000 |  | 7049 |
|  5.564% (SOFRRATE + 1.300%) due 11/15/2028 ~ |  | 16100 |  | 16258 |
|  5.583% due 03/01/2028 •  |  | 12200 |  | 12431 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.789% due 03/21/2028 |  | 9400 |  | 9571 |
|  5.103% (SOFRRATE + 0.950%) due 03/21/2028 ~ |  | 12300 |  | 12355 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.000% due 03/09/2026 |  | 2000 |  | 1969 |
|  2.450% due 09/15/2028 |  | 900 |  | 826 |
|  5.300% due 09/13/2027 |  | 2200 |  | 2199 |
|  5.625% due 09/29/2028 |  | 31300 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31340 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  4.904% due 07/01/2030 |  | 4700 |  | 4769 |
|  5.615% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 8400 |  | 8471 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 3240 |  | 3317 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  5.160% due 05/28/2031 |  | 1100 |  | 1143 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  5.200% due 07/01/2030 |  | 11300 |  | 11476 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  9.789% (EUR003M + 7.810%) due 01/08/2027 ~ |  | 1800 |  | 2133 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | $— | 1000 |  | 1059 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~ |  | 1500 |  | 1555 |
|  17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~ |  | 4900 |  | 5103 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ |  | 1800 |  | 1912 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.017% (EUR003M + 8.000%) due 01/06/2031 ~ |  | 300 |  | 358 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.500% due 01/11/2031 | $— | 2100 |  | 2193 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.510% due 10/18/2027 •  |  | 9700 |  | 9736 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.424% (T-BILL 1MO + 8.520%) due 04/07/2031 ~ |  | 600 |  | 632 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 |  | 3700 |  | 3765 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.473% due 03/20/2029 •  |  | 7500 |  | 7646 |
|  5.763% (SOFRRATE + 1.610%) due 03/20/2029 ~ |  | 6900 |  | 6976 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 2200 |  | 2149 |
|  3.823% due 11/03/2028 •  |  | 1700 |  | 1683 |
|  4.320% due 09/22/2029 •  |  | 11300 |  | 11273 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 |  | 8500 |  | 8123 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.831% due 10/15/2029 | $| 10700 | 10779 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.447% due 01/12/2027 •  |  | 29000 | 29143 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 |  | 7700 | 7699 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.950% due 12/01/2027 |  | 5000 | 4943 |
|  Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC | Taranis Reinsurance DAC |
|  8.281% (EUR003M + 6.310%) due 01/07/2031 ~ | EUR | 1200 | 1404 |
|  10.961% (EUR003M + 8.990%) due 01/08/2031 ~ |  | 1700 | 2049 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~ | $| 1300 | 1356 |
|  11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~ |  | 800 | 833 |
|  13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~ |  | 500 | 510 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  7.500% due 02/15/2028 |  | 1450 | 1561 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  |  | 3000 | 2777 |
|  4.194% due 04/01/2031 •  |  | 2850 | 2818 |
|  5.428% due 02/08/2030 •  |  | 4800 | 4960 |
|  5.959% due 01/12/2034 •  |  | 4005 | 4285 |
|  6.327% due 12/22/2027 •  |  | 11500 | 11790 |
|  6.442% due 08/11/2028 •  |  | 33850 | 35178 |
|  6.537% due 08/12/2033 •  |  | 1100 | 1214 |
|  7.750% due 03/01/2029 •  | EUR | 8200 | 10739 |
|  9.016% due 11/15/2033 •  | $| 1600 | 2005 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
|  6.500% due 02/15/2029 |  | 14653 | 13774 |
|  10.500% due 02/15/2028 |  | 10272 | 10825 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.480% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 3600 | 3712 |
|  11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~ |  | 1000 | 1009 |
|  12.654% (BNMMDTSC + 8.750%) due 12/07/2026 ~ |  | 4600 | 4810 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(j) |  | 20000 | 20632 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |  | 250 | 253 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 |  | 8000 | 7915 |
|  3.875% due 02/15/2029 |  | 3700 | 3615 |
|  4.125% due 08/15/2030 |  | 7500 | 7251 |
|  4.500% due 09/01/2026 |  | 4600 | 4601 |
|  4.500% due 01/15/2028 |  | 3219 | 3216 |
|  5.750% due 02/01/2027 |  | 200 | 203 |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  5.657% (MSMMUSTF + 1.750%) due 01/08/2030 ~ |  | 500 | 501 |
|  7.654% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 300 | 301 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(d) |  | 3092 | 0 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  |  | 300 | 297 |
|  5.707% due 04/22/2028 •  |  | 1200 | 1228 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~ |  | 400 | 432 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945992 |
| INDUSTRIALS 6.1% | INDUSTRIALS 6.1% | INDUSTRIALS 6.1% | INDUSTRIALS 6.1% |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 |  | 385 | 365 |
|  3.600% due 09/15/2028 |  | 210 | 207 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Altice France SA | Altice France SA | Altice France SA |
|  3.375% due 01/15/2028 | 400 | 405 |
|  5.125% due 01/15/2029 | 400 | 344 |
|  5.125% due 07/15/2029 | 1000 | 859 |
|  5.500% due 01/15/2028 | 3500 | 3098 |
|  5.500% due 10/15/2029 | 1700 | 1479 |
|  5.875% due 02/01/2027 | 300 | 319 |
|  8.125% due 02/01/2027 | 2800 | 2679 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.500% due 08/06/2030 | 1500 | 1506 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 3300 | 3025 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 755 | 686 |
|  3.000% due 04/15/2030 | 179 | 173 |
|  3.200% due 12/15/2029 | 668 | 647 |
|  3.350% due 04/15/2031 | 540 | 522 |
|  3.375% due 11/01/2028 | 14491 | 14263 |
|  3.575% due 07/15/2029 | 858 | 842 |
|  3.600% due 03/22/2029 | 715 | 701 |
|  3.650% due 08/15/2030 | 710 | 690 |
|  3.700% due 04/01/2028 | 507 | 504 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 200 | 199 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 1900 | 1934 |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(b) | 226860 | 226860 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 1200 | 1218 |
|  4.936% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 8100 | 8138 |
|  5.073% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 14800 | 14887 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 7600 | 7543 |
|  5.040% due 05/01/2027 | 6700 | 6774 |
|  6.259% due 05/01/2027 | 27300 | 28100 |
|  6.298% due 05/01/2029 | 3570 | 3790 |
|  6.388% due 05/01/2031 | 4400 | 4794 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 6194 | 5636 |
|  3.300% due 06/15/2034 | 660 | 625 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2031 | 19453 | 22040 |
|  Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) | Carvana Co. (9.000% Cash) |
|  9.000% due 06/01/2030 | 12844 | 13447 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 15100 | 14820 |
|  4.250% due 04/01/2028 | 15000 | 14918 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  3.375% due 02/15/2030 | 1100 | 1013 |
|  4.625% due 12/15/2029 | 51471 | 49939 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  8.170% due 10/25/2031 «~ | 9000 | 9057 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 | 4800 | 4849 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 48 | 52 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 421 | 403 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.950% due 03/20/2028 | 8200 | 8012 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 21040 | 20691 |
|  5.750% due 12/01/2028 | 14310 | 13730 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 7100 | 8350 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  2.500% due 03/21/2026 | 16200 | 16167 |
|  8.625% due 04/28/2034 | 300 | 263 |
|  Greene King Finance PLC | Greene King Finance PLC | Greene King Finance PLC |
|  4.064% due 03/15/2035 | 1925 | 2440 |
|  5.106% due 03/15/2034 | 3600 | 4794 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 2600 | 2643 |
|  5.750% due 03/30/2032 | 1900 | 1983 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 | 4165 | 5311 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 4747 | 4716 |
|  4.500% due 06/30/2028 | 5800 | 5839 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 2399 | 2261 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.887% (US0003M + 0.450%) due 12/15/2030 ~ | 2786 | 2689 |
|  6.013% due 12/15/2030 | 186 | 252 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.800% due 02/15/2031 | 9000 | 9058 |
|  National Football League | National Football League | National Football League |
|  4.780% due 10/05/2030 «(j) | 10600 | 10648 |
|  5.480% due 10/05/2028 «(j) | 18600 | 19090 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.201% due 09/17/2028 | 7000 | 8094 |
|  4.345% due 09/17/2027 | 32870 | 32275 |
|  4.810% due 09/17/2030 | 5600 | 5279 |
|  7.750% due 07/17/2032 | 12100 | 12814 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 800 | 638 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 17800 | 18075 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(d) | 3300 | 538 |
|  5.500% due 04/12/2037 ^(d) | 4350 | 709 |
|  6.000% due 11/15/2026 ^(d) | 3434 | 560 |
|  9.750% due 05/17/2035 ^(d) | 840 | 153 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 25103 | 24893 |
|  6.950% due 01/28/2060 | 3028 | 2492 |
|  Prime Property Fund LLC | Prime Property Fund LLC | Prime Property Fund LLC |
|  5.250% due 09/30/2029 «(j) | 12400 | 12484 |
|  Prosus NV | Prosus NV | Prosus NV |
|  1.288% due 07/13/2029 | 5000 | 5502 |
|  Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC |
|  4.805% due 09/16/2028 | 3100 | 3114 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  3.625% due 10/14/2025 | 2000 | 1999 |
|  4.625% due 02/16/2026 | 889 | 1048 |
|  5.750% due 10/15/2027 | 14288 | 14681 |
|  5.750% due 10/15/2027 | 2079 | 2861 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | 13000 | 13187 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 09/20/2029 | 1593 | 1599 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 350 | 526 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  2.375% due 04/22/2042 | 800 | 731 |
|  3.500% due 02/25/2030 | 200 | 189 |
|  4.000% due 04/18/2029 | 1500 | 1245 |
|  4.375% due 01/18/2033 | 200 | 166 |
|  4.375% due 07/03/2036 | 500 | 469 |
|  6.500% due 02/09/2034 | 100 | 95 |
|  7.125% due 04/30/2033 | 400 | 379 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (g) | 26 | 30 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 35 | 35 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 | 386 | 340 |
|  5.750% due 09/30/2039 | 3099 | 3144 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 187 | 163 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1060 | 974 |
|  5.875% due 04/15/2029 | 14493 | 14908 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 160 | 166 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 1800 | 1727 |
|  3.875% due 11/01/2033 | 2000 | 1803 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  8.125% due 06/01/2028 | 23500 | 24341 |
|  8.375% due 06/01/2031 | 7000 | 7355 |
|  9.500% due 02/01/2029 | 10300 | 11357 |
|  9.875% due 02/01/2032 | 21800 | 23748 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 9030 | 9511 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 7800 | 7903 |
|  5.250% due 03/22/2029 | 17000 | 17360 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  3.755% due 03/15/2027 | 20277 | 20016 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 | 576 | 569 |
|  |  | 925532 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 3000 | 3121 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 326 | 320 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 29695 | 28551 |
|  2.500% due 02/01/2031 | 200 | 178 |
|  3.150% due 01/01/2026 | 25470 | 25391 |
|  3.250% due 06/01/2031 | 28900 | 26590 |
|  3.300% due 03/15/2027 | 1510 | 1490 |
|  3.300% due 12/01/2027 | 20076 | 19653 |
|  3.750% due 07/01/2028 | 5599 | 5501 |
|  4.300% due 03/15/2045 | 479 | 385 |
|  4.550% due 07/01/2030 | 11197 | 11124 |
|  4.650% due 08/01/2028 | 800 | 802 |
|  5.000% due 06/04/2028 | 27000 | 27385 |
|  5.450% due 06/15/2027 | 30454 | 30979 |
|  5.900% due 06/15/2032 | 9280 | 9709 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 7437 | 7695 |
|  9.750% due 01/06/2027 | 2025 | 2099 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.250% due 06/01/2030 | 700 | 628 |
|  5.250% due 03/15/2030 | 12100 | 12342 |
|  Southern Gas Corridor CJSC | Southern Gas Corridor CJSC | Southern Gas Corridor CJSC |
|  6.875% due 03/24/2026 | 1900 | 1924 |
|  |  | 215867 |
|  Total Corporate Bonds & Notes<br>(Cost $2,055,061) | Total Corporate Bonds & Notes<br>(Cost $2,055,061) | 2087391 |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs),<br>Series 2010 | Illinois State General Obligation Bonds, (BABs),<br>Series 2010 | Illinois State General Obligation Bonds, (BABs),<br>Series 2010 |
|  7.350% due 07/01/2035 | 14 | 16 |
|  Total Municipal Bonds & Notes (Cost $15) | Total Municipal Bonds & Notes (Cost $15) | 16 |
| U.S. GOVERNMENT AGENCIES 61.0% | U.S. GOVERNMENT AGENCIES 61.0% | U.S. GOVERNMENT AGENCIES 61.0% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 10/01/2040 - 02/01/2051 | 223311 | 190811 |
|  3.000% due 02/01/2052 - 12/01/2052 | 26751 | 23552 |
|  3.500% due 11/01/2046 - 11/01/2047 | 568 | 533 |
|  4.000% due 08/01/2042 - 09/01/2050 | 11652 | 11273 |
|  4.500% due 02/01/2048 - 07/01/2053 | 11198 | 10919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **129** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 08/01/2052 - 08/01/2054 | $— | 88029 | $— | 87539 |
|  5.500% due 02/01/2053 - 05/01/2054 |  | 103150 |  | 104397 |
|  6.000% due 01/01/2029 - 07/01/2054 |  | 26212 |  | 26817 |
|  6.500% due 09/01/2053 - 02/01/2054 |  | 27434 |  | 28401 |
|  7.000% due 04/01/2055 - 08/01/2055 |  | 43793 |  | 45879 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  0.736% due 01/25/2031 ~(a) |  | 127004 |  | 1497 |
|  4.224% due 10/25/2046 ~ |  | 473 |  | 470 |
|  7.043% due 12/25/2047 ~ |  | 148 |  | 149 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 09/01/2040 - 02/01/2051 |  | 176980 |  | 152681 |
|  3.000% due 03/01/2030 - 06/01/2052 |  | 44715 |  | 41450 |
|  3.500% due 08/01/2047 - 03/01/2050 |  | 20564 |  | 19106 |
|  4.000% due 06/01/2038 - 07/01/2051 |  | 41118 |  | 39524 |
|  4.500% due 12/01/2047 - 08/01/2053 |  | 12230 |  | 11924 |
|  5.000% due 08/01/2052 - 07/01/2054 |  | 63434 |  | 63146 |
|  5.500% due 01/01/2053 - 07/01/2053 |  | 31293 |  | 31689 |
|  6.000% due 12/01/2052 - 07/01/2054 |  | 89644 |  | 91988 |
|  6.411% due 09/01/2037 •  |  | 1360 |  | 1377 |
|  6.500% due 02/01/2026 - 04/01/2054 |  | 295138 |  | 305412 |
|  7.000% due 03/01/2045 - 05/01/2055 |  | 95507 |  | 99999 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  6.000% due 04/25/2043 |  | 3 |  | 3 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.821% due 09/25/2042 •  |  | 3 |  | 3 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 03/20/2052 |  | 10333 |  | 9235 |
|  3.500% due 12/20/2051 - 07/20/2055 |  | 86679 |  | 79232 |
|  4.625% due 07/20/2045 - 12/20/2045 •  |  | 1360 |  | 1394 |
|  5.000% due 01/20/2049 |  | 7 |  | 7 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  5.216% due 10/20/2066 •  |  | 444 |  | 445 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 11/01/2055 |  | 18900 |  | 16275 |
|  3.000% due 10/01/2055 - 11/01/2055 |  | 54000 |  | 48214 |
|  3.500% due 11/01/2055 |  | 16800 |  | 15316 |
|  4.000% due 10/01/2055 - 11/01/2055 |  | 47600 |  | 44757 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 197900 |  | 191843 |
|  5.000% due 10/01/2055 - 11/01/2055 |  | 78400 |  | 77924 |
|  5.500% due 11/01/2055 |  | 24250 |  | 24417 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 277700 |  | 282461 |
|  6.500% due 10/01/2055 - 11/01/2055 |  | 133900 |  | 137534 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 11/01/2055 |  | 195682 |  | 171917 |
|  3.500% due 11/01/2055 |  | 160900 |  | 146979 |
|  4.000% due 11/01/2055 |  | 530436 |  | 499863 |
|  4.500% due 10/01/2055 - 11/01/2055 |  | 298900 |  | 289814 |
|  5.000% due 11/01/2055 - 12/01/2055 |  | 1172400 |  | 1162044 |
|  5.500% due 11/01/2055 |  | 798632 |  | 804743 |
|  6.000% due 10/01/2055 - 11/01/2055 |  | 2067130 |  | 2111512 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 10/01/2055 - 12/01/2055 | 1746200 | 1805833 |
|  Total U.S. Government Agencies<br>(Cost $9,405,444) | Total U.S. Government Agencies<br>(Cost $9,405,444) | 9312298 |
| U.S. TREASURY OBLIGATIONS 7.2% | U.S. TREASURY OBLIGATIONS 7.2% | U.S. TREASURY OBLIGATIONS 7.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.750% due 08/15/2047 (o) | 1000 | 725 |
|  3.000% due 08/15/2048 | 80 | 60 |
|  3.000% due 02/15/2049 (o) | 10 | 8 |
|  4.625% due 05/15/2054 (o) | 149800 | 147219 |
|  U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) |
|  0.250% due 02/15/2050 | 6307 | 3736 |
|  0.625% due 02/15/2043 | 1124 | 855 |
|  0.750% due 02/15/2042 | 1144 | 908 |
|  0.750% due 02/15/2045 (o) | 5899 | 4403 |
|  0.875% due 02/15/2047 (o) | 6557 | 4847 |
|  1.000% due 02/15/2046 | 3408 | 2631 |
|  1.000% due 02/15/2048 (o) | 7598 | 5699 |
|  1.000% due 02/15/2049 | 24147 | 17836 |
|  1.375% due 02/15/2044 | 1109 | 949 |
|  1.500% due 02/15/2053 | 22604 | 18110 |
|  2.125% due 02/15/2040 | 598 | 603 |
|  2.125% due 02/15/2041 | 590 | 590 |
|  0.125% due 07/15/2026 | 57005 | 56810 |
|  0.125% due 10/15/2026 (m) | 39366 | 39152 |
|  0.125% due 01/15/2031 (m) | 2110 | 1982 |
|  0.125% due 07/15/2031 (m) | 75858 | 70865 |
|  0.250% due 07/15/2029 (m)(o) | 67560 | 65559 |
|  0.375% due 01/15/2027 (m) | 3690 | 3662 |
|  0.375% due 07/15/2027 (m) | 1004 | 997 |
|  0.625% due 07/15/2032 (m) | 95059 | 90004 |
|  0.750% due 07/15/2028 (m) | 12168 | 12114 |
|  0.875% due 01/15/2029 (m) | 39573 | 39281 |
|  1.375% due 07/15/2033 (o) | 93387 | 91983 |
|  1.625% due 04/15/2030 (m) | 39982 | 40608 |
|  1.750% due 01/15/2034 (m) | 29635 | 29785 |
|  1.875% due 07/15/2034 | 201879 | 204895 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 07/31/2032 (o) | 136200 | 136860 |
|  Total U.S. Treasury Obligations<br>(Cost $1,142,837) | Total U.S. Treasury Obligations<br>(Cost $1,142,837) | 1093736 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.4% |
|  225 Liberty Street Trust | 225 Liberty Street Trust | 225 Liberty Street Trust |
|  4.501% due 02/10/2036 | 12990 | 12579 |
|  4.803% due 02/10/2036 ~ | 30350 | 28350 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.755% due 10/25/2035 ~ | 23 | 22 |
|  4.772% due 03/25/2036 •  | 4347 | 1148 |
|  4.783% due 11/25/2035 ~ | 53 | 37 |
|  5.351% due 06/25/2035 ~ | 1796 | 1744 |
|  6.972% due 08/25/2035 ~ | 31 | 31 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.397% due 03/25/2047 •  | 1766 | 1590 |
|  4.462% due 12/25/2046 •  | 3489 | 3025 |
|  5.093% due 10/25/2046 •  | 3053 | 2012 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  5.172% due 09/25/2035 •  | 337 | 342 |
|  6.195% due 12/25/2035 •  | 11032 | 1980 |
|  6.700% due 06/25/2036 þ | 8911 | 1229 |
|  7.100% due 06/25/2036 þ | 3816 | 525 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  5.985% due 01/25/2069 þ | 746 | 755 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  5.573% due 04/15/2035 •  | 10000 | 10001 |
|  6.423% due 04/15/2035 •  | 23253 | 23169 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  6.098% due 12/15/2036 •  | 8450 | 8255 |
|  6.398% due 12/15/2036 •  | 7242 | 6916 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 ~ | 9400 | 7631 |
|  6.265% due 09/15/2038 •  | 6000 | 5680 |
|  7.015% due 09/15/2038 •  | 16700 | 15455 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BAMLL Re-REMICS Trust | BAMLL Re-REMICS Trust | BAMLL Re-REMICS Trust |
|  6.013% due 06/17/2050 ~ | 100 | 18 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.913% due 10/25/2036 ~ | 2249 | 598 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.630% due 10/20/2036 •  | 6009 | 4674 |
|  4.630% due 12/20/2046 •  | 3484 | 3113 |
|  5.145% due 09/20/2035 ~ | 18 | 15 |
|  5.264% due 05/20/2036 ~ | 37 | 31 |
|  6.388% due 04/25/2037 þ | 77 | 66 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.833% due 01/25/2036 ~ | 16 | 14 |
|  5.214% due 11/20/2046 ~ | 132 | 117 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  4.715% due 08/10/2033 ~ | 8800 | 6305 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  6.839% due 07/15/2037 •  | 5576 | 4823 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.817% due 03/27/2036 ~ | 527 | 362 |
|  4.271% due 10/26/2037 ~ | 4 | 4 |
|  4.358% due 11/26/2036 ~ | 1309 | 1088 |
|  4.632% due 03/25/2037 •  | 6164 | 5613 |
|  6.500% due 06/26/2037 ~ | 7422 | 1717 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.480% due 11/25/2035 ~ | 240 | 221 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.532% due 09/25/2047 ~ | 11201 | 6174 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.302% due 01/25/2035 ~ | 2 | 1 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.432% due 01/25/2037 •  | 7214 | 6526 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.972% due 01/26/2036 ~ | 171 | 121 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.404% due 12/15/2062 ~ | 11595 | 3060 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 8206 | 8002 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  6.465% due 09/15/2036 •  | 7124 | 6295 |
|  7.115% due 09/15/2036 •  | 8195 | 7064 |
|  BX Trust | BX Trust | BX Trust |
|  5.910% due 10/15/2036 •  | 13200 | 13202 |
|  6.160% due 10/15/2036 •  | 16040 | 16048 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  4.000% due 10/25/2054 ~ | 13668 | 13436 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2064 ~ | 11123 | 10007 |
|  3.250% due 09/25/2064 ~ | 9084 | 8164 |
|  3.375% due 04/25/2065 ~ | 7756 | 7044 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 05/25/2036 | 10741 | 4332 |
|  6.019% due 02/25/2037 ~ | 393 | 384 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.000% due 02/25/2035 | 1994 | 1412 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.522% due 06/25/2036 •  | 137 | 133 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.649% due 04/25/2035 ~ | 84 | 63 |
|  4.115% due 09/20/2036 ~ | 604 | 536 |
|  4.253% due 11/25/2037 ~ | 12417 | 11422 |
|  4.542% due 04/25/2035 •  | 90 | 86 |
|  4.872% due 05/25/2035 •  | 663 | 590 |
|  4.912% due 03/25/2035 •  | 52 | 46 |
|  5.500% due 11/25/2035 | 27 | 14 |
|  6.000% due 02/25/2037 | 5997 | 2139 |
|  6.589% due 10/20/2034 ~ | 50 | 50 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  4.632% due 03/25/2035 •  | 1243 | 1204 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.500% due 03/25/2062 ~ | 43322 | 42866 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 05/25/2037 | 868 | 765 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 05/01/2060 ~ | 279982 | 248450 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 05/25/2037 | 3960 | 3671 |
|  6.500% due 06/25/2037 | 35 | 31 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  6.066% due 11/15/2038 •  | 7850 | 7665 |
|  7.309% due 11/15/2038 •  | 8000 | 7424 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.903% due 12/25/2068 þ | 3076 | 3103 |
|  6.393% due 06/25/2069 þ | 5665 | 5751 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.530% due 09/20/2046 •  | 925 | 825 |
|  4.632% due 04/25/2046 •  | 837 | 789 |
|  4.650% due 07/20/2046 •  | 62 | 53 |
|  4.672% due 02/25/2036 •  | 102 | 62 |
|  5.000% due 08/25/2035 | 2321 | 1355 |
|  5.113% due 08/25/2046 •  | 1497 | 1367 |
|  5.270% due 11/20/2035 •  | 14 | 14 |
|  5.500% due 04/25/2035 | 843 | 578 |
|  5.500% due 12/25/2035 | 144 | 129 |
|  5.500% due 03/25/2036 | 38 | 16 |
|  5.533% due 11/25/2047 •  | 2194 | 1966 |
|  6.000% due 12/25/2034 | 1698 | 1525 |
|  6.000% due 03/25/2036 | 370 | 165 |
|  6.000% due 08/25/2036 •  | 369 | 352 |
|  6.000% due 03/25/2037 | 918 | 340 |
|  6.000% due 05/25/2037 | 7972 | 3315 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.063% due 03/25/2032 ~ | 34 | 32 |
|  6.000% due 01/25/2036 | 188 | 108 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.549% due 12/25/2069 ~ | 2539 | 2559 |
|  CRSNT Trust | CRSNT Trust | CRSNT Trust |
|  5.474% due 04/15/2036 •  | 16000 | 15807 |
|  5.824% due 04/15/2036 •  | 9000 | 8870 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.421% due 10/25/2037 ~ | 28501 | 16550 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.952% due 09/25/2057 ~ | 5700 | 5417 |
|  4.209% due 07/27/2061 ~ | 21009 | 20928 |
|  5.735% due 01/15/2049 ~ | 15000 | 11153 |
|  6.065% due 07/15/2038 •  | 4460 | 3456 |
|  6.344% due 07/15/2032 •  | 2798 | 2785 |
|  6.565% due 07/15/2038 •  | 7000 | 3391 |
|  6.914% due 06/01/2050 ~ | 4289 | 4277 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  6.915% due 10/15/2036 •  | 19393 | 17891 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 4300 | 4457 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.572% due 03/25/2037 •  | 166 | 155 |
|  4.692% due 08/25/2047 •  | 11937 | 11389 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.369% due 10/25/2036 þ | 45 | 40 |
|  6.386% due 10/25/2036 þ | 45 | 40 |
|  Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates |
|  4.316% due 06/27/2037 ~ | 7823 | 6969 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.514% due 10/15/2043 •  | 15648 | 14300 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.558% due 10/19/2036 •  | 255 | 154 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.100% due 10/25/2070 þ | 5700 | 5710 |
|  5.655% due 02/25/2060 þ | 5086 | 5143 |
|  5.726% due 01/25/2060 þ | 3015 | 3053 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.805% due 09/13/2045 •  | 847 | 1134 |
|  Extended Stay America Trust | Extended Stay America Trust | Extended Stay America Trust |
|  0.000% due 07/15/2038 ~(a) | 2331350 | 3 |
|  5.344% due 07/15/2038 •  | 52705 | 52746 |
|  6.514% due 07/15/2038 •  | 7169 | 7179 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 09/25/2055 «þ | 112540 | 109299 |
|  First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. |
|  5.601% due 02/25/2036 ~ | 10 | 9 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.750% due 05/25/2037 | 66 | 19 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 ~ | 3611 | 3462 |
|  6.007% due 01/25/2059 þ | 2819 | 2846 |
|  6.085% due 06/25/2059 þ | 3696 | 3743 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  6.070% due 12/15/2036 •  | 2934 | 2906 |
|  6.320% due 12/15/2036 •  | 3333 | 3267 |
|  6.920% due 12/15/2036 •  | 922 | 895 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ | 11498 | 10821 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2061 ~ | 1139 | 978 |
|  0.000% due 01/25/2061 ~(a) | 168440 | 9139 |
|  0.000% due 12/25/2061 ~(a) | 346 | 327 |
|  0.140% due 01/25/2061 ~(a) | 164188 | 803 |
|  2.750% due 01/25/2061 ~ | 110337 | 105629 |
|  3.250% due 01/25/2061 ~ | 12636 | 11624 |
|  3.500% due 01/25/2061 ~ | 8832 | 8106 |
|  3.875% due 01/25/2061 ~ | 7473 | 6936 |
|  3.915% due 12/25/2061 ~ | 215578 | 187355 |
|  4.100% due 07/25/2065 þ | 12755 | 12431 |
|  4.250% due 01/25/2061 ~ | 4076 | 3811 |
|  4.750% due 01/25/2061 ~ | 3533 | 3374 |
|  5.533% due 01/25/2061 ~ | 3303 | 2994 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.156% due 06/25/2034 ~ | 1215 | 1145 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.977% due 11/25/2035 ~ | 3 | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.783% due 06/19/2045 •  | 713 | 320 |
|  5.003% due 12/19/2036 •  | 4201 | 3880 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  5.082% due 10/25/2035 •  | 7184 | 6964 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  5.262% due 07/25/2035 •  | 3228 | 2984 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  5.216% due 12/25/2032 þ | 4 | 4 |
|  Impac Secured Assets Corp. | Impac Secured Assets Corp. | Impac Secured Assets Corp. |
|  4.912% due 03/25/2036 •  | 915 | 810 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.447% due 08/25/2037 ~ | 82 | 78 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.338% due 05/25/2037 ~ | 7825 | 6290 |
|  3.885% due 05/25/2037 ~ | 1179 | 788 |
|  4.049% due 09/25/2035 ~ | 42 | 35 |
|  4.632% due 01/25/2037 •  | 6854 | 6082 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.086% due 10/25/2036 ~ | 6856 | 6159 |
|  4.244% due 05/25/2036 ~ | 88 | 49 |
|  4.647% due 12/25/2036 ~ | 21 | 20 |
|  5.533% due 12/25/2035 ~ | 348 | 236 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.613% due 10/05/2040 ~(a) | 51900 | 553 |
|  6.264% due 12/15/2036 •  | 3810 | 100 |
|  6.365% due 09/15/2029 •  | 7700 | 7296 |
|  6.615% due 09/15/2029 •  | 8698 | 7396 |
|  7.235% due 10/05/2040 | 5500 | 5827 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.526% due 05/25/2036 ~ | 183 | 149 |
|  4.750% due 01/25/2063 ~ | 13695 | 13541 |
|  4.863% due 08/25/2036 ~ | 465 | 362 |
|  5.258% due 06/25/2037 ~ | 185 | 143 |
|  5.561% due 09/25/2055 þ | 9905 | 9960 |
|  6.000% due 09/25/2035 | 4923 | 3389 |
|  6.500% due 09/25/2035 | 91 | 55 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.692% due 01/25/2063 ~ | 10302 | 9704 |
|  Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 | 1003 | 451 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 4415 | 4419 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 08/25/2036 | 340 | 257 |
|  6.000% due 09/25/2037 | 67 | 66 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.632% due 12/25/2036 •  | 5023 | 4961 |
|  4.652% due 09/25/2046 •  | 143 | 130 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.482% due 04/25/2046 •  | 170 | 158 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  6.750% due 07/25/2036 | 395 | 132 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  8.000% due 08/25/2034 | 1284 | 987 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.872% due 03/25/2037 •  | 567 | 133 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.992% due 08/25/2035 •  | 1872 | 1739 |
|  5.943% due 11/25/2035 •  | 27 | 26 |
|  MFA Trust | MFA Trust | MFA Trust |
|  5.570% due 09/25/2067 þ | 13511 | 13474 |
|  6.105% due 12/25/2068 þ | 3487 | 3520 |
|  MFT Mortgage Trust | MFT Mortgage Trust | MFT Mortgage Trust |
|  3.358% due 02/10/2042 | 5000 | 4104 |
|  3.593% due 02/10/2042 ~ | 6815 | 5410 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.848% due 11/15/2034 •  | 5400 | 5250 |
|  6.509% due 12/15/2036 •  | 9000 | 189 |
|  6.648% due 11/15/2034 •  | 20993 | 20223 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 06/25/2064 þ | 5181 | 5064 |
|  MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
|  2.718% due 12/15/2036 | 19530 | 14710 |
|  MSSG Trust | MSSG Trust | MSSG Trust |
|  3.865% due 09/13/2039 ~ | 2681 | 2422 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.193% due 04/10/2037 ~ | 21999 | 15722 |
|  4.932% due 06/17/2038 ~ | 11706 | 11188 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  5.187% due 04/15/2032 •  | 3300 | 3281 |
|  5.787% due 04/15/2032 •  | 12440 | 12213 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 3387 | 3276 |
|  3.500% due 10/25/2059 ~ | 1479 | 1397 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 2980 | 2720 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.462% due 06/25/2037 •  | 2912 | 2424 |
|  4.520% due 04/25/2036 ~ | 1800 | 1598 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  5.172% due 01/25/2037 •  | 17768 | 16942 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.750% due 02/25/2068 ~ | 1606 | 1494 |
|  3.750% due 11/25/2069 ~ | 10772 | 10347 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.928% due 11/25/2063 þ | 4184 | 4221 |
|  6.030% due 01/25/2064 þ | 4976 | 5041 |
|  6.233% due 05/25/2064 þ | 4040 | 4100 |
|  6.465% due 10/25/2063 þ | 6326 | 6405 |
|  6.844% due 04/25/2063 þ | 3054 | 3096 |
|  7.159% due 10/25/2063 þ | 8346 | 8493 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  5.156% due 11/25/2054 •  | 3766 | 3772 |
|  PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 08/25/2064 þ | 2087 | 2024 |
|  4.000% due 03/25/2065 «þ | 20700 | 20145 |
|  4.000% due 07/25/2069 þ | 939 | 912 |
|  4.075% due 06/25/2064 ~ | 3488 | 3350 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.431% due 05/25/2059 þ | 703 | 714 |
|  7.225% due 11/25/2058 þ | 3598 | 3659 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 789 | 774 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **131** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 04/25/2055 þ | $— | 4298 | $— | 4189 |
|  4.000% due 11/25/2053 þ |  | 851 |  | 842 |
|  4.000% due 01/25/2054 þ |  | 760 |  | 750 |
|  4.000% due 05/25/2054 þ |  | 705 |  | 697 |
|  4.000% due 11/25/2054 þ |  | 5426 |  | 5310 |
|  4.000% due 10/25/2064 þ |  | 875 |  | 858 |
|  4.200% due 12/25/2064 þ |  | 2001 |  | 1976 |
|  5.250% due 07/25/2055 þ |  | 2608 |  | 2628 |
|  5.699% due 11/25/2029 þ |  | 1441 |  | 1443 |
|  5.774% due 08/25/2028 þ |  | 7334 |  | 7347 |
|  5.870% due 11/25/2029 þ |  | 6017 |  | 6024 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  5.802% due 11/25/2069 þ |  | 7523 |  | 7608 |
|  6.221% due 11/25/2068 þ |  | 1188 |  | 1201 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.592% due 01/25/2037 •  |  | 9477 |  | 8562 |
|  4.652% due 07/25/2036 •  |  | 111 |  | 101 |
|  5.003% due 09/25/2046 •  |  | 4824 |  | 4376 |
|  5.513% due 09/25/2045 •  |  | 130 |  | 111 |
|  6.000% due 09/25/2036 |  | 321 |  | 123 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.808% due 01/26/2036 ~ |  | 1743 |  | 1604 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.808% due 09/25/2043 ~ |  | 1643 |  | 1665 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ |  | 901 |  | 908 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.664% due 05/15/2038 •  |  | 23560 |  | 23310 |
|  7.164% due 05/15/2038 •  |  | 5000 |  | 4877 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  6.115% due 04/15/2034 •  |  | 7734 |  | 7708 |
|  6.665% due 04/15/2034 •  |  | 10000 |  | 9963 |
|  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 |
|  4.572% due 02/25/2037 •  |  | 1813 |  | 1811 |
|  4.944% due 09/25/2035 ~ |  | 96 |  | 86 |
|  6.100% due 04/25/2034 ~ |  | 1 |  | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.532% due 03/25/2037 •  |  | 830 |  | 316 |
|  4.812% due 08/25/2035 •  |  | 221 |  | 213 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.522% due 07/25/2035 •  |  | 10600 |  | 9965 |
|  4.532% due 05/25/2043 •  |  | 5737 |  | 5409 |
|  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 |
|  4.522% due 05/25/2036 •  |  | 11670 |  | 9488 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  4.632% due 01/25/2037 •  |  | 14229 |  | 2992 |
|  6.470% due 09/25/2036 þ |  | 473 |  | 12 |
|  6.620% due 03/25/2037 þ |  | 8700 |  | 1725 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.912% due 09/25/2043 •  |  | 8 |  | 8 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.978% due 07/20/2053 •  |  | 24802 |  | 33440 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | $— | 3002 |  | 2901 |
|  3.000% due 10/25/2057 ~ |  | 1774 |  | 1705 |
|  3.250% due 07/25/2056 ~ |  | 475 |  | 471 |
|  3.750% due 07/25/2062 ~ |  | 6645 |  | 6387 |
|  3.750% due 09/25/2062 |  | 73517 |  | 70706 |
|  4.562% due 10/25/2064 ~ |  | 31393 |  | 31632 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  5.153% due 01/20/2066 •  |  | 8699 |  | 11718 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  4.552% due 10/10/2040 •  |  | 2541 |  | 3228 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.515% due 07/15/2039 •  | $— | 10800 |  | 10417 |
|  6.015% due 07/15/2039 •  |  | 10000 |  | 9206 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.402% due 05/25/2065 þ |  | 7127 |  | 7192 |
|  5.799% due 07/25/2069 þ |  | 2070 |  | 2092 |
|  6.192% due 06/25/2069 þ |  | 6664 |  | 6762 |
|  6.259% due 12/25/2068 þ |  | 2529 |  | 2558 |
|  6.876% due 11/25/2068 ~ |  | 2813 |  | 2860 |
|  WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust |
|  6.108% due 11/23/2043 ~ |  | 15 |  | 15 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.627% due 03/23/2045 ~ | $| 6538 | 6406 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.949% due 12/25/2046 •  |  | 97 | 86 |
|  4.400% due 02/25/2037 ~ |  | 148 | 132 |
|  4.546% due 10/25/2035 ~ |  | 2466 | 2265 |
|  4.832% due 11/25/2045 •  |  | 5610 | 5304 |
|  4.852% due 12/25/2045 •  |  | 1213 | 1222 |
|  5.252% due 11/25/2034 •  |  | 149 | 144 |
|  5.353% due 11/25/2042 •  |  | 27 | 26 |
|  5.706% due 09/25/2033 ~ |  | 11 | 11 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  4.937% due 12/21/2049 •  | GBP | 5055 | 6823 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  4.702% due 06/25/2037 •  | $| 1625 | 1426 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.156% due 11/25/2037 ~ |  | 99 | 91 |
|  6.289% due 10/25/2037 ~ |  | 9509 | 8204 |
|  6.396% due 09/25/2033 ~ |  | 14 | 14 |
|  6.678% due 04/25/2036 ~ |  | 370 | 367 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,203,297) | Total Non-Agency Mortgage-Backed Securities (Cost $2,203,297) | Total Non-Agency Mortgage-Backed Securities (Cost $2,203,297) | 2041330 |
| ASSET-BACKED SECURITIES 19.6% | ASSET-BACKED SECURITIES 19.6% | ASSET-BACKED SECURITIES 19.6% | ASSET-BACKED SECURITIES 19.6% |
| AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% | AUTOMOBILE ABS OTHER 0.4% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.986% due 02/18/2028 •  |  | 2517 | 2518 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  5.052% due 05/15/2028 •  |  | 6870 | 6877 |
|  5.102% due 09/15/2027 •  |  | 503 | 503 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 |  | 492 | 482 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.340% due 06/15/2028 |  | 2657 | 2659 |
|  5.520% due 11/15/2027 |  | 5097 | 5101 |
|  5.690% due 03/15/2029 |  | 12259 | 12337 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.872% due 05/15/2028 •  |  | 6403 | 6410 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 |  | 8900 | 8976 |
|  4.960% due 11/15/2028 |  | 9684 | 9704 |
|  |  |  | 55567 |
| AUTOMOBILE SEQUENTIAL 5.1% | AUTOMOBILE SEQUENTIAL 5.1% | AUTOMOBILE SEQUENTIAL 5.1% | AUTOMOBILE SEQUENTIAL 5.1% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  5.750% due 02/18/2028 |  | 2740 | 2744 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 |  | 1100 | 1101 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.130% due 10/20/2028 |  | 5500 | 5595 |
|  5.440% due 02/22/2028 |  | 1070 | 1086 |
|  5.780% due 04/20/2028 |  | 2250 | 2299 |
|  6.120% due 04/20/2027 |  | 2780 | 2797 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 |  | 3460 | 3476 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 |  | 4400 | 4444 |
|  5.570% due 12/15/2026 |  | 318 | 318 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.730% due 02/15/2028 |  | 3200 | 3206 |
|  5.340% due 04/17/2028 |  | 2665 | 2671 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.190% due 03/15/2029 |  | 11900 | 11907 |
|  4.760% due 05/15/2028 |  | 8519 | 8538 |
|  5.780% due 09/15/2027 |  | 905 | 908 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  0.800% due 01/10/2027 |  | 545 | 544 |
|  4.070% due 02/12/2029 |  | 11000 | 11004 |
|  4.260% due 10/10/2029 |  | 10700 | 10723 |
|  4.310% due 09/10/2030 |  | 6225 | 6259 |
|  4.500% due 06/12/2028 |  | 2689 | 2691 |
|  4.560% due 08/10/2028 |  | 23900 | 23961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.780% due 05/10/2028 | $— | 1555 | $— | 1558 |
|  4.910% due 08/10/2029 |  | 3100 |  | 3129 |
|  5.050% due 04/10/2029 |  | 4641 |  | 4670 |
|  5.080% due 03/11/2030 |  | 5691 |  | 5798 |
|  5.500% due 08/10/2027 |  | 33 |  | 33 |
|  5.620% due 01/10/2029 |  | 1870 |  | 1888 |
|  5.710% due 07/10/2028 |  | 4100 |  | 4125 |
|  5.710% due 07/10/2029 |  | 3000 |  | 3079 |
|  5.740% due 11/13/2029 |  | 1873 |  | 1933 |
|  5.900% due 08/10/2027 |  | 831 |  | 832 |
|  5.980% due 12/10/2027 |  | 1224 |  | 1228 |
|  6.160% due 10/10/2028 |  | 3214 |  | 3247 |
|  6.160% due 09/10/2029 |  | 5319 |  | 5523 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.220% due 07/25/2029 |  | 13000 |  | 13182 |
|  5.250% due 09/27/2027 |  | 4618 |  | 4628 |
|  5.520% due 06/25/2029 |  | 17400 |  | 17661 |
|  5.530% due 09/27/2027 |  | 2904 |  | 2911 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 |  | 3536 |  | 3545 |
|  5.880% due 02/15/2028 |  | 2823 |  | 2831 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 |  | 12200 |  | 12205 |
|  4.290% due 10/16/2028 |  | 29700 |  | 29709 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 |  | 1646 |  | 1659 |
|  6.260% due 11/15/2029 |  | 1000 |  | 1027 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.650% due 10/20/2027 |  | 4300 |  | 4320 |
|  4.820% due 02/20/2029 |  | 3900 |  | 3965 |
|  4.980% due 08/21/2028 |  | 3300 |  | 3352 |
|  5.310% due 04/20/2027 |  | 2426 |  | 2440 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.530% due 03/15/2028 |  | 10600 |  | 10613 |
|  4.780% due 06/15/2027 |  | 3901 |  | 3903 |
|  5.280% due 08/15/2030 |  | 2992 |  | 2997 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.540% due 06/15/2029 |  | 2700 |  | 2713 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 1100 |  | 1126 |
|  5.540% due 04/16/2029 |  | 3700 |  | 3749 |
|  5.760% due 11/15/2027 |  | 1884 |  | 1889 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 |  | 9128 |  | 9115 |
|  5.690% due 02/15/2030 |  | 3854 |  | 3889 |
|  6.790% due 10/15/2029 |  | 2678 |  | 2712 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 |  | 2340 |  | 2363 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 |  | 5821 |  | 4242 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | $— | 2663 |  | 2675 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.520% due 07/17/2028 |  | 14700 |  | 14733 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.460% due 10/15/2030 |  | 2831 |  | 2851 |
|  5.580% due 06/17/2030 |  | 4702 |  | 4762 |
|  6.370% due 06/15/2028 |  | 2426 |  | 2442 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.130% due 04/16/2029 |  | 20400 |  | 20666 |
|  GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust | GreenState Auto Receivables Trust |
|  5.530% due 08/16/2027 |  | 1732 |  | 1735 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 |  | 15700 |  | 15764 |
|  4.620% due 08/16/2027 |  | 11591 |  | 11600 |
|  5.650% due 02/16/2027 |  | 222 |  | 222 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  5.800% due 12/15/2026 |  | 5930 |  | 5946 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.840% due 03/15/2029 |  | 6000 |  | 6068 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.600% due 12/15/2027 |  | 5860 |  | 5869 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 |  | 2363 |  | 2366 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 10200 | 10334 |
|  5.590% due 02/17/2032 | 2218 | 2221 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 | 6700 | 6745 |
|  5.040% due 09/15/2027 | 4002 | 4007 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.670% due 11/22/2027 | 9200 | 9249 |
|  4.840% due 01/20/2027 | 3010 | 3015 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.811% due 07/27/2026 | 8554 | 8563 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 987 | 994 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.630% due 10/16/2028 | 18200 | 18260 |
|  4.710% due 06/15/2028 | 24425 | 24473 |
|  4.850% due 01/16/2029 | 20000 | 20073 |
|  5.250% due 04/17/2028 | 804 | 806 |
|  5.630% due 01/16/2029 | 7741 | 7781 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.560% due 02/22/2028 | 33400 | 33504 |
|  4.680% due 04/20/2027 | 4691 | 4699 |
|  4.830% due 04/20/2028 | 7800 | 7863 |
|  4.940% due 11/20/2026 | 2026 | 2027 |
|  5.560% due 11/22/2027 | 15900 | 16009 |
|  5.670% due 11/20/2026 | 275 | 275 |
|  6.520% due 04/20/2028 | 4500 | 4559 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.450% due 12/15/2027 | 4436 | 4443 |
|  5.700% due 10/16/2028 | 4611 | 4651 |
|  5.700% due 08/15/2029 | 2700 | 2771 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.520% due 11/20/2028 | 66000 | 66183 |
|  4.650% due 05/22/2028 | 7871 | 7885 |
|  4.940% due 01/21/2031 | 700 | 711 |
|  4.950% due 05/21/2029 | 3510 | 3534 |
|  5.470% due 10/20/2028 | 2192 | 2209 |
|  5.710% due 10/20/2027 | 913 | 914 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 11000 | 11108 |
|  5.380% due 02/20/2029 | 3500 | 3566 |
|  USB Auto Owner Trust | USB Auto Owner Trust | USB Auto Owner Trust |
|  4.510% due 06/15/2028 | 19800 | 19872 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.660% due 09/15/2028 | 24200 | 24276 |
|  5.440% due 05/17/2027 | 2499 | 2503 |
|  5.750% due 08/16/2027 | 5618 | 5632 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 16400 | 16496 |
|  5.270% due 09/17/2029 | 6000 | 6067 |
|  5.480% due 09/15/2027 | 124 | 124 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 7200 | 7204 |
|  4.980% due 02/15/2030 | 5800 | 5838 |
|  5.370% due 02/15/2028 | 1996 | 2000 |
|  |  | 777204 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  6.284% due 06/19/2037 •  | 18966 | 18972 |
|  6.769% due 09/17/2037 •  | 4054 | 4059 |
|  |  | 23031 |
| HOME EQUITY OTHER 5.4% | HOME EQUITY OTHER 5.4% | HOME EQUITY OTHER 5.4% |
|  Aames Mortgage Trust | Aames Mortgage Trust | Aames Mortgage Trust |
|  6.950% due 11/25/2031 þ | 322 | 352 |
|  7.150% due 01/25/2032 þ | 168 | 175 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  5.022% due 06/25/2037 •  | 3826 | 3231 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.532% due 09/25/2036 •  | 486 | 485 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.712% due 05/25/2037 •  | 13023 | 1975 |
|  6.222% due 11/25/2034 •  | 2267 | 2248 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  2.826% due 06/25/2033 •  | 507 | 444 |
|  5.022% due 01/25/2036 •  | 269 | 266 |
|  5.217% due 07/25/2035 •  | 2875 | 2841 |
|  5.622% due 03/25/2033 •  | 111 | 108 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.572% due 06/25/2036 •  | 3001 | 1556 |
|  4.652% due 03/25/2036 •  | 4825 | 4479 |
|  4.752% due 07/25/2036 •  | 1026 | 279 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  6.222% due 05/25/2034 •  | 793 | 666 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.610% due 01/25/2036 •  | 8121 | 7431 |
|  5.247% due 06/25/2035 •  | 2000 | 1777 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  5.150% due 04/28/2036 •  | 246 | 247 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.622% due 06/25/2047 •  | 25753 | 24257 |
|  5.172% due 08/25/2034 •  | 7182 | 7033 |
|  5.872% due 10/25/2037 •  | 27021 | 26904 |
|  6.222% due 08/25/2035 •  | 16265 | 16265 |
|  Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust | Bear Stearns Structured Products Trust |
|  6.272% due 03/25/2037 •  | 7000 | 6805 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.462% due 06/25/2037 •  | 1972 | 1956 |
|  5.262% due 06/25/2035 •  | 14241 | 14319 |
|  6.072% due 05/25/2035 •  | 15328 | 13439 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.752% due 06/25/2034 þ | 4432 | 4346 |
|  4.922% due 03/25/2033 •  | 360 | 359 |
|  5.322% due 10/25/2035 •  | 1910 | 1896 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  6.522% due 10/25/2037 •  | 27275 | 27619 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.932% due 02/25/2035 •  | 291 | 276 |
|  4.962% due 10/25/2035 •  | 800 | 747 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.752% due 04/25/2037 •  | 32 | 29 |
|  4.772% due 01/25/2046 •  | 4589 | 4364 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.943% due 12/25/2034 •  | 871 | 806 |
|  4.522% due 06/25/2047 •  | 142 | 138 |
|  4.532% due 04/25/2046 •  | 1418 | 1354 |
|  4.552% due 06/25/2047 •  | 6589 | 5976 |
|  4.677% due 09/25/2046 •  | 1657 | 1357 |
|  4.712% due 05/25/2037 •  | 13808 | 13351 |
|  4.712% due 05/25/2047 •  | 3255 | 3134 |
|  4.752% due 03/25/2047 •  | 8576 | 8171 |
|  4.972% due 03/25/2036 •  | 4181 | 3762 |
|  5.012% due 08/25/2047 •  | 18631 | 18290 |
|  5.172% due 10/25/2047 •  | 8 | 7 |
|  5.499% due 02/25/2035 ~ | 4460 | 4123 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.063% due 03/25/2034 •  | 83 | 93 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.372% due 05/25/2037 •  | 7382 | 7262 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  7.272% due 11/25/2030 •  | 3470 | 3443 |
|  Finance of America Structured Securities RMF Trust | Finance of America Structured Securities RMF Trust | Finance of America Structured Securities RMF Trust |
|  3.000% due 09/25/2061 þ | 11567 | 11484 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 07/25/2075 «þ | 70834 | 68753 |
|  6.500% due 04/25/2073 þ | 3905 | 3938 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  2.595% due 05/25/2035 •  | 8162 | 7351 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.552% due 11/25/2036 •  | 3386 | 2006 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.512% due 05/25/2047 •  | 1383 | 810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.172% due 08/25/2037 •  | $— | 14 | $— | 13 |
|  6.741% due 03/25/2036 þ |  | 3563 |  | 966 |
|  GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust |
|  4.712% due 03/25/2047 •  |  | 4921 |  | 1662 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.552% due 03/25/2047 •  |  | 10679 |  | 9747 |
|  4.612% due 01/25/2037 •  |  | 650 |  | 638 |
|  4.752% due 09/25/2036 •  |  | 8289 |  | 2868 |
|  4.992% due 11/25/2035 •  |  | 1300 |  | 1119 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.872% due 07/25/2036 •  |  | 2258 |  | 2148 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.462% due 04/25/2037 •  |  | 8427 |  | 8190 |
|  4.502% due 04/25/2037 •  |  | 318 |  | 311 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.462% due 04/25/2037 •  |  | 14185 |  | 9647 |
|  5.517% due 03/25/2035 •  |  | 1674 |  | 1656 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  4.392% due 12/25/2036 •  |  | 54 |  | 15 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.857% due 01/25/2036 •  |  | 6461 |  | 6614 |
|  5.172% due 09/25/2035 •  |  | 7419 |  | 6739 |
|  5.232% due 06/25/2035 •  |  | 7474 |  | 6640 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.482% due 10/25/2036 •  |  | 119 |  | 119 |
|  4.722% due 07/25/2036 •  |  | 5000 |  | 4598 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 10/25/2055 ~ |  | 128460 |  | 139729 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.572% due 06/25/2036 •  |  | 7830 |  | 3700 |
|  4.572% due 09/25/2036 •  |  | 9758 |  | 6277 |
|  4.732% due 10/25/2036 •  |  | 33641 |  | 10535 |
|  4.872% due 02/25/2036 •  |  | 6377 |  | 5631 |
|  4.902% due 01/25/2046 •  |  | 2527 |  | 2449 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.372% due 01/25/2037 •  |  | 263 |  | 74 |
|  4.692% due 05/25/2037 •  |  | 55 |  | 54 |
|  5.997% due 06/25/2035 •  |  | 470 |  | 479 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.492% due 08/25/2037 •  |  | 1041 |  | 512 |
|  4.562% due 08/25/2037 •  |  | 345 |  | 317 |
|  4.792% due 03/25/2037 •  |  | 731 |  | 688 |
|  4.792% due 04/25/2037 •  |  | 524 |  | 250 |
|  5.022% due 09/25/2035 •  |  | 3508 |  | 3505 |
|  5.072% due 08/25/2035 •  |  | 1226 |  | 1193 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.522% due 07/25/2036 •  |  | 49 |  | 45 |
|  4.752% due 09/25/2036 •  |  | 6504 |  | 2241 |
|  4.812% due 03/25/2036 •  |  | 2140 |  | 2097 |
|  4.977% due 12/25/2034 •  |  | 68 |  | 67 |
|  5.012% due 01/25/2034 •  |  | 1884 |  | 1930 |
|  5.202% due 02/25/2035 •  |  | 1075 |  | 1002 |
|  5.222% due 07/25/2037 •  |  | 35644 |  | 34021 |
|  5.292% due 01/25/2035 •  |  | 1158 |  | 1215 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.917% due 12/25/2035 •  |  | 4707 |  | 4551 |
|  5.037% due 02/25/2035 •  |  | 1849 |  | 1808 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.572% due 07/25/2036 •  |  | 9490 |  | 9014 |
|  4.932% due 11/25/2035 •  |  | 3944 |  | 3825 |
|  4.932% due 10/25/2036 •  |  | 1995 |  | 362 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.512% due 11/25/2036 •  |  | 17754 |  | 5497 |
|  4.592% due 05/25/2036 •  |  | 419 |  | 416 |
|  5.187% due 10/25/2035 •  |  | 7454 |  | 7298 |
|  6.372% due 12/25/2034 •  |  | 74 |  | 67 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.962% due 11/25/2035 •  |  | 1299 |  | 1258 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.592% due 10/25/2037 •  |  | 8015 |  | 8452 |
|  4.692% due 01/25/2037 •  |  | 528 |  | 517 |
|  4.732% due 10/25/2037 •  |  | 4368 |  | 4634 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **133** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  5.007% due 09/25/2035 •  | 15093 | 14854 |
|  Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed<br>Pass-Through Certificates |
|  5.007% due 09/25/2035 •  | 3499 | 3443 |
|  5.307% due 05/25/2035 •  | 7804 | 6425 |
|  5.322% due 06/25/2035 •  | 10980 | 9605 |
|  5.997% due 09/25/2034 •  | 1935 | 1915 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.217% due 05/25/2035 •  | 499 | 471 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.737% due 11/25/2036 •  | 6438 | 5693 |
|  Quest Trust | Quest Trust | Quest Trust |
|  4.852% due 08/25/2036 •  | 6017 | 5780 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.952% due 12/25/2035 •  | 985 | 884 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.812% due 07/25/2036 •  | 1020 | 903 |
|  4.902% due 02/25/2036 •  | 1500 | 1461 |
|  5.232% due 01/25/2036 •  | 2608 | 2497 |
|  5.247% due 09/25/2035 •  | 2413 | 2408 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.512% due 01/25/2047 •  | 4650 | 4459 |
|  4.582% due 09/25/2037 •  | 2948 | 2850 |
|  6.022% due 12/25/2037 •  | 1847 | 1774 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.712% due 01/25/2037 •  | 4020 | 3027 |
|  4.887% due 01/25/2035 •  | 2075 | 2008 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.442% due 07/25/2037 •  | 4007 | 3572 |
|  4.472% due 06/25/2037 •  | 37973 | 26126 |
|  4.492% due 01/25/2037 •  | 6811 | 4973 |
|  4.512% due 11/25/2036 •  | 5614 | 1514 |
|  4.572% due 03/25/2037 •  | 1572 | 1514 |
|  4.612% due 11/25/2036 •  | 3245 | 875 |
|  5.222% due 09/25/2037 •  | 648 | 548 |
|  5.247% due 03/25/2036 •  | 1000 | 959 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  3.971% due 09/25/2034 •  | 2539 | 2667 |
|  4.992% due 07/25/2035 •  | 1095 | 1050 |
|  5.097% due 05/25/2034 •  | 1039 | 1012 |
|  5.472% due 08/25/2034 •  | 10450 | 11025 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  5.472% due 02/25/2035 •  | 542 | 555 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.427% due 09/25/2036 •  | 656 | 407 |
|  4.652% due 12/25/2035 •  | 1113 | 1106 |
|  4.977% due 02/25/2035 •  | 4812 | 4619 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.278% due 08/25/2065 þ | 16131 | 16235 |
|  6.125% due 02/25/2064 ~ | 4246 | 4294 |
|  |  | 827691 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.752% due 10/25/2046 •  | 9050 | 8015 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  5.999% due 09/01/2033 •  | 908 | 910 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 11/25/2058 ~ | 5000 | 4949 |
|  4.000% due 11/25/2058 ~ | 5000 | 4917 |
|  |  | 10776 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.500% due 03/01/2030 ~ | 2713 | 721 |
| WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% | WHOLE LOAN COLLATERAL 0.8% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.707% due 11/25/2036 •  | 381 | 379 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.992% due 11/25/2035 •  | 244 | 242 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.392% due 11/25/2036 •  | 1516 | 1416 |
|  4.572% due 05/25/2036 •  | 2024 | 1995 |
|  4.582% due 07/25/2036 •  | 176 | 171 |
|  4.752% due 04/25/2036 •  | 7800 | 7154 |
|  4.772% due 06/25/2036 •  | 11075 | 10317 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.022% due 01/25/2034 •  | 1779 | 1818 |
|  5.247% due 06/25/2034 •  | 363 | 393 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.512% due 02/25/2037 •  | 2310 | 2240 |
|  4.592% due 02/25/2037 •  | 941 | 912 |
|  PRET LLC | PRET LLC | PRET LLC |
|  5.487% due 10/25/2051 ~ | 2647 | 2649 |
|  5.744% due 06/25/2055 þ | 6918 | 6957 |
|  5.843% due 09/25/2051 þ | 33479 | 33516 |
|  6.721% due 07/25/2051 þ | 20622 | 20651 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.872% due 06/25/2044 •  | 931 | 858 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.767% due 05/25/2036 •  | 1022 | 1007 |
|  4.857% due 03/25/2036 •  | 18400 | 17417 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.852% due 12/25/2035 •  | 190 | 187 |
|  5.322% due 03/25/2035 •  | 143 | 143 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.570% due 12/25/2036 •  | 5709 | 5595 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.889% due 02/25/2055 þ | 11165 | 11185 |
|  |  | 127202 |
| OTHER ABS 7.6% | OTHER ABS 7.6% | OTHER ABS 7.6% |
|  AccessLex Institute | AccessLex Institute | AccessLex Institute |
|  4.841% due 09/26/2033 •  | 1002 | 993 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 1052 | 1056 |
|  5.040% due 04/26/2032 | 748 | 751 |
|  5.900% due 04/25/2031 | 153 | 154 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 | 5300 | 5298 |
|  4.670% due 07/15/2033 | 10300 | 10365 |
|  4.990% due 02/15/2033 | 19900 | 20070 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  5.375% due 10/20/2034 •  | 16600 | 16616 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 1000 | 983 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 9008 | 9067 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 15100 | 17784 |
|  Ayresome CDO I Ltd. | Ayresome CDO I Ltd. | Ayresome CDO I Ltd. |
|  7.830% due 12/08/2045 •  | 2515 | 591 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.482% due 04/22/2035 •  | 24800 | 24850 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.840% due 09/17/2036 | 3841 | 3875 |
|  BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. |
|  5.659% due 07/15/2031 •  | 4560 | 4567 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.936% due 01/15/2033 •  | 9917 | 11654 |
|  C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. |
|  7.840% due 12/15/2034 •  | 10528 | 748 |
|  C-BASS CBO XV Ltd. | C-BASS CBO XV Ltd. | C-BASS CBO XV Ltd. |
|  7.770% due 02/16/2041 •  | 128899 | 2079 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  6.225% due 01/20/2037 •  | 8700 | 8739 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.724% due 10/16/2028 •  | 14300 | 14349 |
|  5.974% due 10/16/2028 •  | 1100 | 1102 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.567% due 07/20/2031 •  | 3534 | 3539 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  4.125% due 06/15/2043 | 800 | 789 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  4.130% due 12/26/2047 | 948 | 936 |
|  5.472% due 12/26/2047 •  | 702 | 703 |
|  5.922% due 11/26/2046 •  | 277 | 280 |
|  Consumer Loan Finance | Consumer Loan Finance | Consumer Loan Finance |
|  0.000% due 11/25/2054 «(g) | 1622 | 799 |
|  5.150% due 11/25/2054 | 3086 | 3108 |
|  5.350% due 11/25/2054 | 6275 | 6420 |
|  5.450% due 11/25/2054 | 1541 | 1570 |
|  5.750% due 11/25/2054 | 771 | 784 |
|  6.600% due 11/25/2054 | 1017 | 1033 |
|  8.750% due 11/25/2054 | 575 | 586 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(g) | 945 | 471 |
|  5.150% due 11/25/2054 | 976 | 978 |
|  5.350% due 11/25/2054 | 3143 | 3217 |
|  5.450% due 11/25/2054 | 869 | 884 |
|  5.750% due 11/25/2054 | 434 | 441 |
|  6.600% due 11/25/2054 | 547 | 556 |
|  8.750% due 11/25/2054 | 327 | 333 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 1900 | 1913 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.080% due 02/22/2027 | 6033 | 6052 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  5.408% due 04/22/2035 •  | 7300 | 7328 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 | 3621 | 3640 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 11620 | 11762 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.890% due 06/25/2060 | 5892 | 5933 |
|  4.930% due 06/25/2060 | 5388 | 5410 |
|  5.020% due 06/25/2060 | 3000 | 3045 |
|  5.250% due 10/27/2059 | 666 | 668 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.550% due 06/25/2059 | 400 | 410 |
|  5.880% due 06/25/2059 | 409 | 411 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  5.468% due 01/15/2035 •  | 12200 | 12207 |
|  Henley CLO VII DAC | Henley CLO VII DAC | Henley CLO VII DAC |
|  2.929% due 04/25/2034 •  | 10900 | 12810 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  6.225% due 05/22/2039 •  | 31877 | 31877 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.126% due 10/30/2038 •  | 11800 | 13867 |
|  John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust |
|  4.360% due 08/16/2027 | 28613 | 28635 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.579% due 04/15/2031 •  | 450 | 450 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.605% due 07/20/2034 •  | 2500 | 2503 |
|  LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. | LCM Loan Income Fund I Ltd. |
|  5.617% due 04/20/2031 •  | 3147 | 3149 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 530 | 526 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 7549 | 7576 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 2995 | 3030 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 2422 | 1635 |
|  Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. | Mountain View CLO XVI Ltd. |
|  5.778% due 04/15/2034 •  | 10300 | 10317 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 7523 | 7605 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 1631 | 1532 |
|  1.330% due 04/15/2069 | 2435 | 2259 |
|  2.600% due 08/15/2068 | 1510 | 1461 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 4302 | 4359 |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.371% due 08/26/2069 •  | 2761 | 2765 |
|  6.072% due 03/15/2072 •  | 7152 | 7217 |
|  7.230% due 03/15/2072 | 6300 | 6859 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 44300 | 44191 |
|  4.840% due 05/17/2055 | 40000 | 40340 |
|  6.640% due 02/20/2041 | 2712 | 2812 |
|  Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. | Newark BSL CLO 2 Ltd. |
|  5.550% due 07/25/2030 •  | 703 | 704 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.264% due 07/20/2036 •  | 14700 | 17313 |
|  Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. | Octagon Investment Partners 18-R Ltd. |
|  5.539% due 04/16/2031 •  | 3079 | 3081 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 2395 | 2355 |
|  4.890% due 10/14/2034 | 10017 | 10028 |
|  5.872% due 09/15/2036 •  | 4400 | 4448 |
|  Oportun Issuance Trust | Oportun Issuance Trust | Oportun Issuance Trust |
|  5.010% due 02/08/2033 | 4300 | 4307 |
|  5.300% due 02/08/2033 | 900 | 901 |
|  5.890% due 02/08/2033 | 500 | 501 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 13926 | 13974 |
|  5.108% due 03/15/2033 | 2300 | 2317 |
|  5.162% due 04/15/2032 | 439 | 439 |
|  Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 | 1182 | 1190 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 5500 | 5545 |
|  6.258% due 10/15/2031 | 3081 | 3100 |
|  6.319% due 08/15/2031 | 1358 | 1367 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.819% due 01/03/2029 «~ | 10236 | 10290 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.900% due 07/25/2034 | 1653 | 1657 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 14243 | 14303 |
|  4.960% due 08/16/2032 | 3390 | 3400 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.830% due 07/15/2036 | 2400 | 2456 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 6750 | 6774 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 22000 | 22059 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.271% due 01/25/2075 •  | 30506 | 30454 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 02/16/2055 «(g) | 3 | 3242 |
|  0.000% due 03/15/2055 «(g) | 3 | 42 |
|  3.940% due 02/16/2055 | 13138 | 12859 |
|  4.550% due 02/16/2055 | 6370 | 6271 |
|  4.780% due 03/15/2055 | 2600 | 2565 |
|  4.950% due 02/16/2055 | 1932 | 1916 |
|  4.960% due 03/15/2055 | 54584 | 54845 |
|  5.020% due 03/17/2053 | 17725 | 17943 |
|  5.090% due 10/16/2056 | 3686 | 3737 |
|  5.100% due 03/15/2055 | 2600 | 2611 |
|  5.260% due 03/15/2055 | 5200 | 5027 |
|  5.474% due 07/15/2053 •  | 22205 | 22166 |
|  5.500% due 06/17/2052 | 12016 | 12383 |
|  5.572% due 03/15/2055 •  | 6043 | 6054 |
|  5.822% due 02/16/2055 •  | 13138 | 13271 |
|  5.950% due 02/16/2055 | 1939 | 1966 |
|  6.172% due 10/16/2056 •  | 2816 | 2876 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(g) | 4019 | 5438 |
|  0.000% due 06/15/2034 « | 10852 | 15542 |
|  0.010% due 10/25/2034 « | 4045 | 5188 |
|  4.190% due 10/25/2034 « | 37055 | 37045 |
|  4.470% due 08/15/2034 | 9100 | 9121 |
|  4.530% due 10/25/2034 « | 3787 | 3774 |
|  4.620% due 06/15/2034 « | 86105 | 86456 |
|  4.800% due 02/27/2034 | 4618 | 4642 |
|  4.820% due 06/25/2034 | 34451 | 34640 |
|  4.900% due 10/25/2034 « | 2942 | 2930 |
|  4.910% due 03/27/2034 « | 27129 | 27292 |
|  4.970% due 06/15/2034 « | 9700 | 9794 |
|  5.190% due 06/15/2034 « | 7600 | 7683 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.200% due 10/25/2034 « | $— | 2170 | 2159 |
|  5.250% due 03/27/2034 « |  | 3796 | 3850 |
|  5.590% due 06/15/2034 « |  | 5600 | 5671 |
|  5.770% due 03/27/2034 « |  | 2944 | 3022 |
|  6.260% due 03/27/2034 « |  | 2177 | 2253 |
|  TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. | TIAA CLO IV Ltd. |
|  5.465% due 01/20/2032 •  |  | 3593 | 3596 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  |  | 13000 | 15248 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | $— | 473 | 472 |
|  7.900% due 10/20/2028 |  | 1200 | 1218 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 |  | 6000 | 6007 |
|  5.020% due 09/20/2035 |  | 1100 | 1100 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 |  | 1923 | 1933 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.839% due 01/15/2032 •  |  | 843 | 844 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 |  | 11635 | 11654 |
|  WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust |
|  0.000% due 06/17/2050 « |  | 3614 | 6163 |
|  5.250% due 06/17/2050 « |  | 24890 | 24952 |
|  5.560% due 06/17/2050 « |  | 5300 | 5316 |
|  5.810% due 06/17/2050 « |  | 3300 | 3310 |
|  6.770% due 06/17/2050 « |  | 5800 | 5817 |
|  |  |  | 1166539 |
|  Total Asset-Backed Securities<br>(Cost $3,008,462) | Total Asset-Backed Securities<br>(Cost $3,008,462) | Total Asset-Backed Securities<br>(Cost $3,008,462) | 2996746 |
| SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% | SOVEREIGN ISSUES 6.6% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ |  | 2096 | 1074 |
|  4.125% due 07/09/2035 þ |  | 2486 | 1169 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ |  | 6206 | 4205 |
|  1.000% due 07/09/2029 |  | 892 | 648 |
|  3.500% due 07/09/2041 þ |  | 9847 | 4797 |
|  4.125% due 07/09/2035 þ |  | 38297 | 20187 |
|  4.125% due 07/09/2046 þ |  | 110 | 58 |
|  5.000% due 01/09/2038 þ |  | 10711 | 6041 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (g) |  | 904300 | 158724 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.750% due 09/19/2028 |  | 16500 | 19353 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 75700 | 76897 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 1479900 | 30921 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | $— | 19700 | 20287 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 |  | 62300 | 64338 |
|  5.500% due 03/12/2034 |  | 7300 | 7509 |
|  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 |  | 317000 | 1868 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 |  | 1222000 | 8050 |
|  Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds | Kuwait International Bonds |
|  4.016% due 10/09/2028 (b) | $— | 75200 | 75200 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 |  | 27000 | 1391 |
|  7.750% due 05/29/2031 |  | 382500 | 20390 |
|  7.750% due 11/23/2034 |  | 249500 | 12880 |
|  8.500% due 03/01/2029 |  | 617200 | 34199 |
|  8.500% due 05/31/2029 |  | 163300 | 9046 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 |  | 25300 | 29880 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (i) |  | 62505 | 3093 |
|  3.000% due 12/03/2026 (i) |  | 52672 | 2854 |
|  4.000% due 11/30/2028 (i) |  | 145105 | 7902 |
|  4.000% due 08/24/2034 (i) |  | 28987 | 1516 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | PEN | 134100 | 43073 |
|  7.600% due 08/12/2039 |  | 44900 | 14162 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 10974 | 3061 |
|  6.150% due 08/12/2032 |  | 125800 | 38410 |
|  6.900% due 08/12/2037 |  | 41525 | 12514 |
|  6.950% due 08/12/2031 |  | 90402 | 28838 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | ZAR | 572900 | 31469 |
|  8.000% due 01/31/2030 |  | 80800 | 4696 |
|  8.500% due 01/31/2037 |  | 246200 | 13136 |
|  8.875% due 02/28/2035 |  | 686600 | 39059 |
|  9.000% due 01/31/2040 |  | 55000 | 2916 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 | EUR | 5000 | 4612 |
|  3.750% due 02/07/2034 |  | 6330 | 6487 |
|  5.250% due 03/10/2030 |  | 31300 | 37892 |
|  5.250% due 05/30/2032 |  | 10700 | 12553 |
|  5.375% due 03/22/2031 |  | 8760 | 10480 |
|  5.500% due 09/18/2028 |  | 1700 | 2098 |
|  5.875% due 07/11/2032 |  | 25900 | 31158 |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.250% due 06/23/2047 « | $| 12400 | 0 |
|  5.625% due 04/04/2042 |  | 3400 | 2380 |
|  5.875% due 09/16/2043 |  | 1800 | 1232 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.750% due 03/05/2037 | EUR | 2000 | 2325 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.854% (BISTREFI) due 09/06/2028 ~ | TRY | 50100 | 1175 |
|  42.493% (BISTREFI) due 05/20/2026 ~ |  | 4600 | 112 |
|  42.493% (BISTREFI) due 08/19/2026 ~ |  | 3400 | 83 |
|  42.493% (BISTREFI) due 05/17/2028 ~ |  | 778800 | 18432 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  5.250% due 03/13/2030 | $| 15400 | 15053 |
|  6.125% due 10/24/2028 |  | 2500 | 2551 |
|  7.625% due 04/26/2029 |  | 7700 | 8191 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(h) |  | 45 | 24 |
|  0.000% due 02/01/2034 þ(h) |  | 167 | 70 |
|  0.000% due 02/01/2035 þ(h) |  | 141 | 69 |
|  0.000% due 02/01/2036 þ(h) |  | 118 | 57 |
|  4.500% due 02/01/2034 þ |  | 246 | 138 |
|  4.500% due 02/01/2035 þ |  | 328 | 181 |
|  4.500% due 02/01/2036 þ |  | 246 | 134 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(d) |  | 124 | 27 |
|  7.650% due 04/21/2035 ^(d) |  | 3123 | 645 |
|  7.750% due 10/13/2029 ^(d) |  | 400 | 76 |
|  9.250% due 09/15/2027 ^(d) |  | 729 | 178 |
|  9.250% due 05/07/2028 ^(d) |  | 2886 | 668 |
|  11.750% due 10/21/2026 ^(d) |  | 130 | 31 |
|  11.950% due 08/05/2031 ^(d) |  | 6600 | 1595 |
|  12.750% due 08/23/2032 ^(d) |  | 930 | 220 |
|  Total Sovereign Issues (Cost $970,964) | Total Sovereign Issues (Cost $970,964) | Total Sovereign Issues (Cost $970,964) | 1016738 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (e) |  | 2065869 | 3264 |
|  iHeartMedia, Inc. Class A (e) |  | 487321 | 1399 |
|  iHeartMedia, Inc. Class B «(e) |  | 378169 | 955 |
|  SES SA «(e) |  | 372608 | 4434 |
|  Uniti Group, Inc. (e) |  | 2270 | 14 |
|  |  |  | 10066 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Hipotecaria Su Casita SA «(e) |  | 345787 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **135** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Intelsat SA «(e)(j) |  | 372608 | 0 |
|  UBS Group AG |  | 17485 | 714 |
|  Unity Bancorp, Inc. «(e) |  | 6582 | 37 |
|  XBP Global Holdings, Inc. (e) |  | 7048 | 6 |
|  |  |  | 757 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  AmSurg Corp. «(e)(j) |  | 317945 | 14354 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(j) |  | 23705 | 514 |
|  Foresea Holdings SA « |  | 7901 | 171 |
|  Westmoreland Mining Holdings «(e)(j) |  | 2910 | 1 |
|  Westmoreland Mining LLC «(e)(j) |  | 2936 | 3 |
|  |  |  | 689 |
|  Total Common Stocks (Cost $56,937) | Total Common Stocks (Cost $56,937) | Total Common Stocks (Cost $56,937) | 25866 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Windstream Holdings II LLC - Exp. 10/25/2059 « |  | 1282 | 7 |
|  Total Warrants (Cost $8) | Total Warrants (Cost $8) | Total Warrants (Cost $8) | 7 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC |
|  11.000% «(e) |  | 42 | 42 |
|  Total Preferred Securities (Cost $42) | Total Preferred Securities (Cost $42) | Total Preferred Securities (Cost $42) | 42 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 26.3% | SHORT-TERM INSTRUMENTS 26.3% | SHORT-TERM INSTRUMENTS 26.3% | SHORT-TERM INSTRUMENTS 26.3% |
| COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% | COMMERCIAL PAPER 0.8% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.500% due 10/07/2025 | $— | 16500 | 16486 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.560% due 10/02/2025 | 6500 | 6498 |
|  4.560% due 10/03/2025 | 12300 | 12296 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.570% due 11/20/2025 | 15700 | 15605 |
|  Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
|  4.780% due 10/16/2025 | 5200 | 5189 |
|  4.800% due 10/09/2025 | 1200 | 1199 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  4.550% due 10/09/2025 | 2900 | 2897 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  4.950% due 10/07/2025 | 6500 | 6494 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.600% due 10/24/2025 | 24600 | 24524 |
|  4.750% due 10/09/2025 | 2400 | 2397 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  4.540% due 10/20/2025 | 3400 | 3392 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  4.600% due 10/02/2025 | 2800 | 2799 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.800% due 10/27/2025 | 8500 | 8471 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.610% due 10/06/2025 | 4000 | 3997 |
|  4.610% due 10/14/2025 | 5900 | 5890 |
|  |  | 118134 |
| REPURCHASE AGREEMENTS (k) 25.1% | REPURCHASE AGREEMENTS (k) 25.1% | REPURCHASE AGREEMENTS (k) 25.1% |
|  |  | 3832811 |
| SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% | SHORT-TERM NOTES 0.2% |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.558% due 06/15/2026 | 2565 | 2565 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  4.858% due 06/15/2026 | 5359 | 5363 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.642% due 07/15/2026 | 24030 | 24039 |
|  |  | 31967 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  31.842% due 06/11/2026 - 06/29/2026 ~(f)(g) | 65314142 | $— | 38553 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.322% due 10/16/2025 - 01/27/2026 (f)(g)(o) | 2656 |  | 2644 |
| Total Short-Term Instruments<br>(Cost $4,021,627) | Total Short-Term Instruments<br>(Cost $4,021,627) |  | 4024109 |
| Total Investments in Securities<br>(Cost $23,284,432) | Total Investments in Securities<br>(Cost $23,284,432) |  | 23016978 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% | INVESTMENTS IN AFFILIATES 14.0% |
| SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% | SHORT-TERM INSTRUMENTS 14.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 219919519 |  | 2141796 |
| Total Short-Term Instruments<br>(Cost $2,141,120) | Total Short-Term Instruments<br>(Cost $2,141,120) |  | 2141796 |
| Total Investments in Affiliates<br>(Cost $2,141,120) | Total Investments in Affiliates<br>(Cost $2,141,120) |  | 2141796 |
| Total Investments 164.7%<br>(Cost $25,425,552) | Total Investments 164.7%<br>(Cost $25,425,552) | $— | 25158774 |
|  Financial Derivative<br>Instruments (l)(n) 0.1%<br> (Cost or Premiums, net $77,489) | Financial Derivative<br>Instruments (l)(n) 0.1%<br> (Cost or Premiums, net $77,489) |  | 8107 |
| Other Assets and Liabilities, net (64.8)% | Other Assets and Liabilities, net (64.8)% |  | (9895414) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 15271467 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Security is an Interest Only ("IO") or IO Strip.

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

(e) Security did not produce income within the last twelve months.

(f) Coupon represents a weighted average yield to maturity.

(g) Zero coupon security.

(h) Security becomes interest bearing at a future date.

(i) Principal amount of security is adjusted for inflation.

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(j) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 -11/06/2023 | $13285 | $14354 | 0.09% |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 474 | 514 | 0.00 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 3100 | 3140 | 0.02 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 2000 | 2043 | 0.01 |
|  Intelsat SA | 06/19/2017 -08/29/2025 | 12479 | 0 | 0.00 |
|  National Football League 4.780% due 10/05/2030 | 06/27/2025 | 10600 | 10648 | 0.07 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 18600 | 19090 | 0.13 |
|  Pantheon Senior Debt Secondaries III 6.043% due 03/26/2026 | 03/18/2025 | 3800 | 3800 | 0.02 |
|  Prime Property Fund LLC 5.250% due 09/30/2029 | 09/17/2024 | 12400 | 12484 | 0.08 |
|  Project Alfa Investindustrial VIII SCSp 4.117% due 02/27/2026 | 02/28/2025 | 2255 | 2552 | 0.02 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 20000 | 20632 | 0.14 |
|  Westmoreland Mining Holdings | 03/26/2019 | 9 | 1 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 19 | 3 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89261 | 0.58% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(k) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 4.210% | 09/30/2025 | 10/01/2025 | $1458800 | U.S. Treasury Notes 1.250% - 4.250% due 11/30/2026 | $(1489582) | $1458800 | $1458800 |
|  | 4.240 | 10/01/2025 | 10/02/2025 | 254100 | U.S. Treasury Notes 0.875% - 1.250% due 09/30/2026 -12/31/2026 | (259410) | 254100 | 254100 |
|  | 4.290 | 09/30/2025 | 10/01/2025 | 2010000 | U.S. Treasury Notes 1.250% - 4.250% due 12/31/2026 -07/31/2029 | (2052030) | 2010000 | 2010240 |
|  | 4.320 | 09/30/2025 | 10/01/2025 | 16500 | U.S. Treasury Notes 3.500% due 09/30/2027 | (16825) | 16500 | 16502 |
| TOR | 2.560 | 09/18/2025 | 10/03/2025 | 130000 | Government of Newfoundland and Labrador 3.850% due 12/02/2034 | (96505) | 93411 | 93496 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3914352) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833138 |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.3)% | U.S. Government Agencies (2.3)% | U.S. Government Agencies (2.3)% | U.S. Government Agencies (2.3)% | U.S. Government Agencies (2.3)% | U.S. Government Agencies (2.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500% | 10/01/2055 | $3650 | $(2782) | $(2804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 10/01/2040 | 17200 | (15935) | (15812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 11/01/2055 | 1200 | (967) | (968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 10/01/2055 | 63004 | (52431) | (53090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329996 | (278206) | (278123) |
|  Total Short Sales (2.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350797) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $3739642 | $0 | $0 | $3739642 | $(3817847) | $(78205) |
|  TOR | 93496 | 0 | 0 | 93496 | (96505) | (3009) |
|  Total Borrowings and Other Financing Transactions | $3833138 | $0 | $0 |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **137** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1,831) at a weighted average interest rate of 1.597%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | 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 |
|  Australia Government 10-Year Bond December Futures  | 12/2025 | 1279 | $95931 | $(338) | $659 | $0 |
|  Long Guilt December Futures  | 12/2025 | 5205 | 635898 | 637 | 2730 | (350) |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 15010 | 1639022 | 2989 | 586 | 0 |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 10351 | 1164488 | 5123 | 0 | (162) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 451 | 54148 | 1458 | 0 | (253) |
|  |  |  |  | $9869 | $3975 | $(765) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 227 | $(54659) | $868 | $0 | $(17) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 214 | (51630) | 704 | 0 | (16) |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 174 | (41742) | 818 | 0 | (3) |
|  Euro-Bobl December Futures  | 12/2025 | 543 | (75105) | 96 | 0 | (102) |
|  Euro-Bund December Futures  | 12/2025 | 1773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267630) | (882) | 63 | (708) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 4 | (538) | (12) | 1 | (5) |
|  Euro-Schatz December Futures  | 12/2025 | 4 | (502) | 1 | 0 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 2256 | (263036) | (5604) | 564 | 0 |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 70 | (8055) | (78) | 4 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4089) | $632 | $(851) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $5780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1616) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2026 | 0.499% | $700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  Airbus Finance BV | 1.000% | Quarterly | 12/20/2025 | 0.077% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | $(488) | $598 | $110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $0 |
|  Airbus Finance BV | 1.000 | Quarterly | 06/20/2026 | 0.079 | 43900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | 2 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.226 | $300 | 4 | (3) | 1 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.237 | 4600 | 76 | (50) | 26 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.402 | 7100 | (37) | 149 | 112 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.648 | 2600 | 43 | 1 | 44 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.195 | 800 | 114 | (21) | 93 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2025 | 0.428 | 4100 | 239 | (192) | 47 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.874 | 7200 | 306 | 198 | 504 | 0 | (5) |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.065 | 16000 | 100 | 11 | 111 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.079 | 3300 | 37 | 0 | 37 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.271 | 16500 | 103 | (13) | 90 | 0 | (1) |
|  Morgan Stanley | 1.000 | Quarterly | 12/20/2025 | 0.227 | 9900 | 25 | (5) | 20 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 0.528 | 9900 | 217 | (11) | 206 | 0 | (9) |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 0.090% | 5900 | $35 | $(19) | $16 | $0 | $0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.090 | 4600 | (439) | 476 | 37 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.115 | 12500 | (581) | 743 | 162 | 1 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.146 | 3500 | (255) | 316 | 61 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.217 | $2100 | 48 | (36) | 12 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.284 | 20900 | 492 | (307) | 185 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.391 | 7600 | (5) | 128 | 123 | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.430 | 1900 | (5) | 39 | 34 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(5)</sup>** | Asset | Liability |
|  CDX.EM-43 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | $(295) | $304 | $9 | $0 | $(1) |
|  CDX.EM-35 5-Year Index | 1.000 | Quarterly | 06/20/2026 | 92 | (3) | 3 | 0 | 0 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 73416 | (2805) | 3126 | 321 | 0 | (30) |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 980 | (81) | 85 | 4 | 0 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 9400 | (766) | 792 | 26 | 0 | (4) |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1400 | (95) | 97 | 2 | 0 | (1) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 22600 | (1028) | 993 | (35) | 0 | (9) |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 7200 | (247) | 212 | (35) | 0 | (3) |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 10300 | (299) | 214 | (85) | 0 | (4) |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 6400 | (139) | 0 | (139) | 0 | (2) |
|  CDX.HY-35 5-Year Index | 5.000 | Quarterly | 12/20/2025 | 384 | 31 | (27) | 4 | 0 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 36672 | 3202 | (2209) | 993 | 36 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 2592 | 147 | (30) | 117 | 3 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 970 | 0 | 65 | 65 | 1 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 67900 | 3336 | 2172 | 5508 | 25 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 47900 | 3644 | 115 | 3759 | 51 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 300 | 7 | (4) | 3 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 1000 | 1 | 13 | 14 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 400 | 0 | 7 | 7 | 0 | 0 |
|  CDX.IG-40 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 2600 | 12 | 39 | 51 | 0 | 0 |
|  CDX.IG-41 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 1000 | 10 | 11 | 21 | 0 | 0 |
|  CDX.IG-43 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 600 | 13 | 1 | 14 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116200 | 1908 | 764 | 2672 | 9 | (2) |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 58500 | 1317 | 28 | 1345 | 9 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date |  | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | GBP | 333900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439) | $(490) | $(1929) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 6400 | (27) | 272 | 245 | 0 | (17) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 |  | 2700 | 56 | (10) | 46 | 0 | (9) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 |  | 12350 | 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | 373 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | JPY | 3740000 | 0 | (314) | (314) | 0 | (6) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 |  | 19770000 | 360 | 4112 | 4472 | 66 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 |  | 52610000 | 5322 | 8704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14026 | 205 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 |  | 15440000 | 200 | 1551 | 1751 | 67 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 |  | 6157600 | (19) | 2426 | 2407 | 52 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 |  | 7950000 | 453 | 1519 | 1972 | 96 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **139** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250% | Annual | 06/18/2035 |  | 2576000 | $(535) | $868 | $333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 |  | 3007000 | 873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230 | 41 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 |  | 908000 | 0 | 1098 | 1098 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $— | 168200 | 2140 | 2417 | 4557 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 |  | 120800 | 26 | 2411 | 2437 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 |  | 261800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267) | 1138 | (129) | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 07/23/2026 |  | 110700 | 1522 | (137) | 1385 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 07/24/2026 |  | 169300 | 2421 | (400) | 2021 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 08/07/2026 |  | 51400 | 694 | 101 | 795 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 |  | 20500 | (35) | (722) | (757) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 |  | 11000 | (11) | (394) | (405) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 |  | 41000 | (96) | (1335) | (1431) | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.300 | Annual | 03/21/2027 |  | 337420 | (430) | 4144 | 3714 | 103 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 05/18/2027 |  | 1172300 | (2877) | 47529 | 44652 | 0 | (268) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 |  | 45790 | 1407 | 893 | 2300 | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 |  | 24500 | (123) | (162) | (285) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 |  | 12600 | (65) | (28) | (93) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 |  | 2600 | (6) | 0 | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 |  | 33150 | 2389 | (792) | 1597 | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 |  | 33200 | (71) | 298 | 227 | 17 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 |  | 38548 | (1416) | (1700) | (3116) | 18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 |  | 36150 | 824 | (617) | 207 | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.700 | Annual | 07/21/2028 |  | 14300 | (333) | 39 | (294) | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.675 | Annual | 07/24/2028 |  | 14500 | (337) | 29 | (308) | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.748 | Annual | 07/25/2028 |  | 21900 | (518) | 100 | (418) | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.468 | Annual | 07/27/2028 |  | 14200 | (339) | (44) | (383) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 |  | 6860 | 0 | 19 | 19 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 |  | 10170 | 0 | 27 | 27 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 |  | 75380 | 1212 | (1749) | (537) | 0 | (47) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.100 | Semi-Annual | 02/01/2029 |  | 50700 | (216) | 4535 | 4319 | 0 | (27) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 |  | 41600 | (100) | 776 | 676 | 26 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 |  | 14200 | (33) | 282 | 249 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 |  | 29400 | (39) | 274 | 235 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 |  | 27740 | (899) | 103 | (796) | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 |  | 106480 | 5107 | 4639 | 9746 | 0 | (53) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 |  | 33998 | 1916 | 236 | 2152 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 |  | 528460 | (3503) | (2943) | (6446) | 0 | (332) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 |  | 12600 | (79) | (71) | (150) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 |  | 12500 | (78) | (47) | (125) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.258 | Annual | 09/30/2029 |  | 892900 | (350) | 14902 | 14552 | 0 | (525) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 885520 | (10562) | 1701 | (8861) | 0 | (493) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 |  | 156890 | 14254 | (2911) | 11343 | 0 | (75) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 |  | 34200 | (120) | 73 | (47) | 18 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 |  | 28400 | (98) | (114) | (212) | 14 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2030 |  | 119541 | (177) | 316 | 139 | 0 | (60) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 02/28/2030 |  | 114365 | (695) | 716 | 21 | 0 | (58) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 |  | 12100 | (34) | 51 | 17 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 12040 | 70 | 36 | 106 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 |  | 140470 | 2384 | 456 | 2840 | 0 | (61) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 |  | 6900 | (22) | 147 | 125 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 |  | 360180 | (5084) | (837) | (5921) | 0 | (157) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 |  | 11700 | 0 | 16 | 16 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 |  | 25500 | 0 | 33 | 33 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 |  | 23500 | 0 | 26 | 26 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 |  | 23400 | 0 | (3) | (3) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 |  | 42300 | 0 | (27) | (27) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 |  | 29400 | 0 | (41) | (41) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 |  | 52800 | 0 | (91) | (91) | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 |  | 52900 | 0 | (95) | (95) | 0 | (22) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 |  | 23500 | 0 | (47) | (47) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 |  | 23500 | 0 | (70) | (70) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 |  | 15600 | 0 | (82) | (82) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 |  | 12500 | 0 | (74) | (74) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 |  | 19700 | 0 | (129) | (129) | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 |  | 33000 | 0 | (219) | (219) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 |  | 25000 | 0 | (169) | (169) | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 |  | 15500 | 0 | (131) | (131) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 |  | 15600 | 0 | (132) | (132) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 |  | 15600 | 0 | (137) | (137) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 |  | 10400 | 0 | (94) | (94) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 |  | 15600 | 0 | (144) | (144) | 0 | (6) |

---

---

| | | |
|:---|:---|:---|
| **140** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739% | Annual | 10/31/2030 | $— | 15600 | $0 | $(147) | $(147) | $0 | $(7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 |  | 15600 | 0 | (156) | (156) | 0 | (7) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 |  | 10400 | (213) | 31 | (182) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 |  | 140650 | 4757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4424) | 333 | 0 | (55) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 |  | 30940 | (1420) | 158 | (1262) | 0 | (13) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 |  | 6820 | 0 | 62 | 62 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 |  | 11400 | 0 | 38 | 38 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 |  | 93822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6926) | (7344) | (14270) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 |  | 297960 | (3074) | (1429) | (4503) | 0 | (114) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 |  | 20980 | 2 | 197 | 199 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.470 | Semi-Annual | 07/15/2031 |  | 13400 | (54) | 1714 | 1660 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 |  | 16700 | (72) | 2171 | 2099 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 |  | 10800 | (24) | (1315) | (1339) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 |  | 10900 | (19) | (1308) | (1327) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 |  | 8000 | (17) | (955) | (972) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 |  | 141710 | (237) | (1399) | (1636) | 0 | (52) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 |  | 8900 | (23) | (1037) | (1060) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 |  | 2700 | (8) | (326) | (334) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 02/01/2032 |  | 18800 | (108) | 2761 | 2653 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 |  | 14500 | 77 | 1420 | 1497 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 |  | 24400 | 95 | 2404 | 2499 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 |  | 20720 | 598 | (214) | 384 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/21/2032 |  | 282250 | 140 | 8035 | 8175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 |  | 234042 | (233) | (3556) | (3789) | 0 | (80) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 05/18/2032 |  | 636600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84064 | 68675 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 |  | 18270 | 235 | 72 | 307 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 |  | 22000 | (304) | (842) | (1146) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 |  | 22000 | (308) | (825) | (1133) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 |  | 3100 | (26) | (60) | (86) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 |  | 320620 | (4673) | (439) | (5112) | 0 | (99) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 |  | 10550 | (198) | 25 | (173) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 |  | 255860 | 29654 | (164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29490 | 0 | (33) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 |  | 18800 | (75) | (139) | (214) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 |  | 18000 | (79) | (201) | (280) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 |  | 17600 | (76) | (154) | (230) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 |  | 17600 | (60) | (301) | (361) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 |  | 33400 | (119) | (209) | (328) | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 |  | 208310 | 4554 | (3486) | 1068 | 0 | (41) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 |  | 50500 | (204) | (334) | (538) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 |  | 472330 | (2441) | (1903) | (4344) | 0 | (97) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 |  | 77455 | 955 | 2163 | 3118 | 0 | (11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 |  | 8300 | (30) | 130 | 100 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 |  | 9500 | (38) | 156 | 118 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 |  | 27800 | (108) | 509 | 401 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 |  | 14000 | (53) | 295 | 242 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 |  | 28100 | (99) | 781 | 682 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 |  | 27000 | (93) | 872 | 779 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 |  | 13100 | (47) | 579 | 532 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 |  | 13100 | (52) | 559 | 507 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 |  | 11200 | (38) | 517 | 479 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 |  | 13300 | (46) | 637 | 591 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 |  | 7000 | (25) | 342 | 317 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 |  | 7000 | (25) | 356 | 331 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 |  | 6600 | (23) | 408 | 385 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 |  | 8200 | (30) | 546 | 516 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 |  | 7000 | (29) | 462 | 433 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 |  | 13600 | (57) | 914 | 857 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 |  | 13900 | (63) | (597) | (660) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 |  | 14200 | (62) | (370) | (432) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 |  | 15100 | (63) | (301) | (364) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 |  | 120910 | (4054) | 2655 | (1399) | 17 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 |  | 7500 | (32) | (85) | (117) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 |  | 14200 | (61) | (176) | (237) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 |  | 7100 | (31) | (29) | (60) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 |  | 7100 | (31) | (63) | (94) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 |  | 7100 | (32) | 9 | (23) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 |  | 14300 | (65) | 59 | (6) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 |  | 15500 | (73) | 39 | (34) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 |  | 14500 | 0 | 55 | 55 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 |  | 14200 | (65) | 111 | 46 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 |  | 7000 | (29) | 82 | 53 | 1 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **141** |

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------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 | 3.738% | Annual | 01/23/2034 | $— | 4200 | $(18) | $51 | $33 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 |  | 8100 | (33) | 43 | 10 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 |  | 14200 | (58) | 86 | 28 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 |  | 14200 | (58) | 109 | 51 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 |  | 7500 | (32) | 21 | (11) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 |  | 6900 | (35) | 83 | 48 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 |  | 5900 | (30) | 98 | 68 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 |  | 28000 | (125) | 621 | 496 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 |  | 15100 | (64) | 84 | 20 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 |  | 7700 | (29) | 70 | 41 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 |  | 15000 | (56) | 147 | 91 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 |  | 14600 | (55) | 367 | 312 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 |  | 7600 | (29) | 192 | 163 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 |  | 15600 | (54) | 450 | 396 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 |  | 14400 | (49) | 561 | 512 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 |  | 14400 | (57) | 575 | 518 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 |  | 15200 | (44) | 584 | 540 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 |  | 80300 | (226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | 2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 |  | 14200 | (38) | 601 | 563 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 |  | 39200 | (127) | 1895 | 1768 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 |  | 16900 | (68) | (540) | (608) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 92440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2481) | 3425 | 944 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 |  | 21400 | (65) | (566) | (631) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 |  | 15000 | (49) | (470) | (519) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 |  | 25200 | (100) | (261) | (361) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 |  | 25200 | (86) | 17 | (69) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 |  | 25300 | (93) | (44) | (137) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 |  | 28000 | (92) | 178 | 86 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 |  | 39800 | (139) | 207 | 68 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 |  | 27900 | (99) | 127 | 28 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 |  | 25200 | (89) | 237 | 148 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 |  | 28800 | (98) | 208 | 110 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 |  | 25100 | (90) | 79 | (11) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 |  | 19300 | (69) | 131 | 62 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 |  | 17400 | (66) | 248 | 182 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 14600 | (55) | 158 | 103 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 |  | 17900 | (67) | 178 | 111 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 |  | 16200 | (64) | 308 | 244 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 14400 | (69) | 483 | 414 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 8200 | (38) | 268 | 230 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 |  | 32800 | (144) | 970 | 826 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 |  | 25400 | (90) | 819 | 729 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 |  | 25300 | (91) | 784 | 693 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 |  | 26500 | (96) | (492) | (588) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 |  | 26500 | (94) | (665) | (759) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 |  | 16800 | (57) | (406) | (463) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 |  | 16200 | (45) | (313) | (358) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 |  | 28900 | (86) | (513) | (599) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 |  | 28700 | (90) | (455) | (545) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 |  | 58200 | (188) | (997) | (1185) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 |  | 52400 | (186) | (643) | (829) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 3570 | 42 | (23) | 19 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 |  | 14400 | (38) | 231 | 193 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 |  | 9800 | (26) | 166 | 140 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 |  | 14300 | (38) | 304 | 266 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 |  | 14400 | (39) | 282 | 243 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 |  | 42300 | (117) | 1316 | 1199 | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 |  | 15500 | (56) | (249) | (305) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 |  | 8200 | (29) | (106) | (135) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 |  | 16400 | (57) | (219) | (276) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 |  | 32100 | (108) | (503) | (611) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 |  | 19100 | (55) | (286) | (341) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 |  | 31900 | (156) | 373 | 217 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 |  | 11400 | 287 | 116 | 403 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 19100 | (56) | 224 | 168 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 |  | 3300 | 0 | 345 | 345 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 |  | 4490 | 0 | 398 | 398 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 |  | 1760 | 0 | 138 | 138 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.485 | Semi-Annual | 01/13/2051 |  | 6800 | (45) | (3017) | (3062) | 0 | (16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 01/13/2051 |  | 61800 | (268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26876) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) |

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| | | |
|:---|:---|:---|
| **142** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

September 30, 2025 (Unaudited)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.491% | Semi-Annual | 01/21/2051 | $— | 7300 | $(75) | $(3202) | $(3277) | $0 | $(18) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.438 | Semi-Annual | 01/22/2051 |  | 17700 | (185) | (7913) | (8098) | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 |  | 42600 | (18) | 19358 | 19340 | 89 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 |  | 8400 | (112) | 3505 | 3393 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/01/2052 |  | 186000 | (1621) | 80200 | 78579 | 477 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 291500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 |  | 9600 | (88) | (1395) | (1483) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 07/21/2053 |  | 3600 | (260) | (606) | (866) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 |  | 3600 | (262) | (612) | (874) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 07/25/2053 |  | 5600 | (419) | (968) | (1387) | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 |  | 4200 | (24) | (86) | (110) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 |  | 4200 | (22) | (50) | (72) | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 |  | 4400 | (23) | (61) | (84) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 |  | 7340 | (40) | 926 | 886 | 21 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.925 | Annual | 11/15/2053 |  | 77920 | (614) | 945 | 331 | 230 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 |  | 6000 | (51) | (378) | (429) | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 |  | 78300 | 6259 | (21) | 6238 | 233 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 |  | 95600 | 13708 | (1571) | 12137 | 290 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 |  | 57500 | 5720 | (1350) | 4370 | 168 | 0 |
|  Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 |  | 58300 | 0 | (635) | (635) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 |  | 29400 | 0 | (317) | (317) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 |  | 44500 | 0 | (471) | (471) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 |  | 112800 | 0 | (1147) | (1147) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 |  | 112000 | 0 | (1126) | (1126) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 |  | 110900 | 0 | (1111) | (1111) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 |  | 85700 | 0 | (1293) | (1293) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 |  | 19800 | 0 | (294) | (294) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 |  | 91600 | 0 | (1364) | (1364) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 |  | 28800 | 0 | (364) | (364) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 |  | 172800 | 0 | (2534) | (2534) | 0 | (9) |
|  Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 |  | 87080 | 0 | (1091) | (1091) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 |  | 43000 | 0 | (620) | (620) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 |  | 44160 | 0 | (540) | (540) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 |  | 73690 | 0 | (900) | (900) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 |  | 132360 | 0 | (1608) | (1608) | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 |  | 103130 | 0 | (1244) | (1244) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 |  | 14860 | 0 | (179) | (179) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 |  | 103030 | 0 | (1219) | (1219) | 0 | (5) |
|  Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 |  | 93690 | 0 | (1080) | (1080) | 0 | (4) |
|  Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 |  | 6500 | 0 | (83) | (83) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 |  | 3300 | 0 | (42) | (42) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 |  | 3300 | 0 | (41) | (41) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 |  | 1700 | 0 | (16) | (16) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 |  | 7300 | 0 | (67) | (67) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 |  | 17500 | 0 | (140) | (140) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 235700 | 12 | (221) | (209) | 0 | (43) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 167700 | 0 | (87) | (87) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 154400 | (9) | (38) | (47) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 308000 | 24 | 0 | 24 | 34 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 |  | 61900 | 363 | 2414 | 2777 | 46 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 |  | 37800 | 0 | 99 | 99 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 30200 | 0 | 79 | 79 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 112900 | 0 | 297 | 297 | 3 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 |  | 75100 | 0 | 199 | 199 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 45600 | 0 | 121 | 121 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 77000 | 0 | 209 | 209 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 78000 | 0 | 211 | 211 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 |  | 78200 | 0 | 212 | 212 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 79600 | 0 | 227 | 227 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 39500 | 0 | 102 | 102 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 |  | 95000 | 0 | 250 | 250 | 3 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 39500 | 0 | 104 | 104 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 40300 | 0 | 107 | 107 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 40200 | 0 | 114 | 114 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 77500 | 0 | 198 | 198 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 |  | 77500 | 0 | 203 | 203 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 23000 | 0 | 60 | 60 | 1 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 33700 | 0 | 83 | 83 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 33700 | 0 | 83 | 83 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 32900 | 0 | 82 | 82 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 32900 | 0 | 83 | 83 | 2 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **143** |

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Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month ZAR-JIBAR | 8.053% | Quarterly | 01/07/2031 | ZAR | 32900 | $0 | $85 | $85 | $2 | $0 |
|  Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 32900 | 0 | 86 | 86 | 2 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 100300 | 0 | 263 | 263 | 7 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 46700 | 0 | 125 | 125 | 3 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 169100 | 0 | 506 | 506 | 12 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 12500 | 86 | (170) | (84) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 80900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502) | 9 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 |  | 36400 | 375 | (176) | 199 | 27 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 32900 | (48) | 641 | 593 | 86 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 84600 | (316) | 1768 | 1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 22500 | 297 | 68 | 365 | 68 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 336500 | 4925 | 260 | 5185 | 1166 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 | EUR | 1200 | 0 | 19 | 19 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 17400 | (41) | 1159 | 1118 | 15 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 16300 | (31) | 1143 | 1112 | 14 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 15100 | (25) | 360 | 335 | 15 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 15200 | (22) | 369 | 347 | 15 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 11900 | (21) | 383 | 362 | 12 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 14500 | (20) | (208) | (228) | 0 | (15) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 16700 | (34) | (12) | (46) | 0 | (23) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 |  | 698700 | 3589 | (1480) | 2109 | 1173 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 |  | 44600 | (996) | 1692 | 696 | 108 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 9400 | (37) | 604 | 567 | 25 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 9700 | (30) | 332 | 302 | 27 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 9800 | (31) | 326 | 295 | 28 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 9800 | (28) | 199 | 171 | 29 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 16100 | (42) | 87 | 45 | 0 | (47) |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 8900 | (21) | (228) | (249) | 26 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 9400 | (24) | (57) | (81) | 29 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 9500 | (25) | 38 | 13 | 29 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 10000 | (25) | (169) | (194) | 31 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 9500 | (33) | 164 | 131 | 0 | (30) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 10000 | (38) | 166 | 128 | 0 | (32) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 26000 | (102) | 399 | 297 | 0 | (83) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 |  | 17100 | 0 | 24 | 24 | 57 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 17400 | 966 | 8680 | 9646 | 0 | (79) |
|  Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 4000 | (129) | 2177 | 2048 | 0 | (19) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 296100 | 3985 | 34507 | 38492 | 0 | (254) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 |  | 72830 | (862) | (477) | (1339) | 0 | (570) |
|  Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 | MXN | 68000 | 0 | 247 | 247 | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 50400 | 0 | 180 | 180 | 3 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 97800 | 0 | 377 | 377 | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 95100 | 0 | 369 | 369 | 5 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 266600 | 0 | 1048 | 1048 | 16 | 0 |
|  Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 148700 | (2525) | 3133 | 608 | 0 | (1) |
|  Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 7300 | (6) | (1025) | (1031) | 23 | 0 |
|  Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 6800 | 28 | (932) | (904) | 22 | 0 |
|  Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 13200 | (162) | (1570) | (1732) | 42 | 0 |
|  Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 9600 | (43) | (1262) | (1305) | 37 | 0 |
|  Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 18500 | (70) | (2106) | (2176) | 71 | 0 |
|  |  |  |  |  |  |  | $68089 | $361777 | $429866 | $7530 | $(5167) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $77120 | $369739 | $446859 | $7669 | $(5241) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(7)</sup> | Variation Margin<br>Asset<sup>(7)</sup> | **Total** | Market Value | Variation Margin<br>Liability<sup>(7)</sup> | Variation Margin<br>Liability<sup>(7)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6892) |

---

(m) Securities with an aggregate market value of $314,866 and cash of $17,753 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin asset of $1 and liability of $(35) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 10/2025 | 165874 | $193467 | $0 | $(1278) |
|  | 10/2025 | $984 | 1499 | 7 | 0 |
|  | 10/2025 | 67596 | 94040 | 0 | (21) |
|  | 11/2025 | 1499 | $985 | 0 | (8) |
|  | 11/2025 | 93891 | 67596 | 21 | 0 |
|  BOA | 10/2025 | 266602 | 1780 | 0 | (23) |
|  | 10/2025 | 7 | 6 | 0 | 0 |
|  | 10/2025 | $2124 | 7140 | 32 | 0 |
|  | 10/2025 | 6884 | 608880 | 0 | (35) |
|  | 10/2025 | 2087 | 308806 | 4 | (2) |
|  | 10/2025 | 2780 | 3848336 | 0 | (37) |
|  | 10/2025 | 1123 | 1949 | 8 | 0 |
|  | 10/2025 | 1063 | 3822 | 0 | (11) |
|  | 11/2025 | 1949 | $1124 | 0 | (8) |
|  | 11/2025 | 23387 | 6470 | 0 | (257) |
|  | 11/2025 | $1343 | 4491 | 13 | 0 |
|  | 11/2025 | 1780 | 265679 | 23 | 0 |
|  | 11/2025 | 324 | 5648 | 2 | 0 |
|  | 12/2025 | 6321 | 118915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | 0 |
|  BPS | 10/2025 | 444104 | $71860 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11583) |
|  | 10/2025 | 68356 | 9598 | 4 | 0 |
|  | 10/2025 | 258766664 | 15631 | 145 | (26) |
|  | 10/2025 | 414693 | 4708 | 44 | 0 |
|  | 10/2025 | 308871 | 2079 | 0 | (10) |
|  | 10/2025 | 9060665 | 6530 | 74 | 0 |
|  | 10/2025 | 890770 | 29636 | 398 | (23) |
|  | 10/2025 | $82120 | 444104 | 1336 | (13) |
|  | 10/2025 | 1265 | 1071 | 0 | (7) |
|  | 10/2025 | 18627 | 307312265 | 0 | (207) |
|  | 10/2025 | 33480 | 2961256 | 0 | (171) |
|  | 10/2025 | 16434 | 22697525 | 0 | (261) |
|  | 10/2025 | 2810 | 10228 | 4 | (1) |
|  | 11/2025 | 57487105 | $3440 | 0 | (4) |
|  | 11/2025 | 348916 | 3920 | 0 | 0 |
|  | 11/2025 | 3013904 | 2150 | 1 | 0 |
|  | 11/2025 | $1046 | 5601 | 0 | (2) |
|  | 11/2025 | 2712 | 9114 | 40 | 0 |
|  | 11/2025 | 2079 | 307798 | 10 | 0 |
|  | 12/2025 | 67043 | $2234 | 21 | 0 |
|  | 12/2025 | $4684 | 78809145 | 29 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **145** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 132900 | $23266 | $0 | $(640) |
|  | 05/2026 | $2862 | 872 | 6 | 0 |
|  | 06/2026 | 2070 | 632 | 9 | 0 |
|  | 07/2026 | 1287 | 393 | 6 | 0 |
|  | 06/2027 | 1003 | 304 | 0 | (1) |
|  | 05/2029 | 4290 | $14750 | 546 | 0 |
|  | 07/2029 | 573 | 1970 | 73 | 0 |
|  | 05/2030 | 3223 | 11100 | 385 | 0 |
|  | 08/2030 | 1339 | 4514 | 59 | 0 |
|  BRC | 10/2025 | 16748 | 20983 | 0 | (57) |
|  | 10/2025 | 1481193 | 90 | 1 | 0 |
|  | 10/2025 | 31244 | 751 | 0 | (1) |
|  | 10/2025 | $13424 | 10765 | 99 | 0 |
|  | 10/2025 | 1287 | 24084 | 25 | 0 |
|  | 10/2025 | 5 | 52 | 0 | 0 |
|  | 10/2025 | 7772 | 28417 | 45 | 0 |
|  | 10/2025 | 83841 | 3612636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | 0 |
|  | 11/2025 | 4057 | $2682 | 0 | (4) |
|  | 11/2025 | 4594 | 5407 | 3 | 0 |
|  | 11/2025 | 52 | 5 | 0 | 0 |
|  | 11/2025 | $20983 | 16682 | 57 | 0 |
|  | 11/2025 | 32581 | 1419552 | 403 | 0 |
|  | 11/2025 | 44748 | $2541 | 0 | (41) |
|  | 12/2025 | $324 | 5984 | 1 | 0 |
|  | 12/2025 | 2165 | 95196 | 4 | 0 |
|  BSH | 10/2025 | 388439 | $72592 | 0 | (392) |
|  | 10/2025 | 135051 | 37750 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1136) |
|  | 10/2025 | $72059 | 388439 | 944 | (20) |
|  | 10/2025 | 331 | 572 | 0 | 0 |
|  | 10/2025 | 7386 | 25909 | 75 | 0 |
|  | 11/2025 | 572 | $331 | 0 | 0 |
|  | 11/2025 | 7392 | 2000 | 0 | (127) |
|  | 12/2025 | 381964 | 20039 | 0 | (650) |
|  | 12/2025 | 89101 | 24937 | 0 | (676) |
|  | 12/2025 | $72592 | 393963 | 375 | 0 |
|  | 01/2026 | 20484 | $5740 | 0 | (142) |
|  | 03/2026 | 26036 | 7386 | 0 | (77) |
|  | 04/2026 | 252600 | 44475 | 0 | (963) |
|  CBK | 10/2025 | 44142 | 29223 | 111 | (97) |
|  | 10/2025 | 108 | 78 | 0 | 0 |
|  | 10/2025 | 243878 | 34340 | 110 | 0 |
|  | 10/2025 | 70543 | 82421 | 0 | (400) |
|  | 10/2025 | 157312451 | 9490 | 83 | (21) |
|  | 10/2025 | 3380012 | 38038 | 19 | 0 |
|  | 10/2025 | 1138 | 114 | 1 | 0 |
|  | 10/2025 | 9851 | 2770 | 0 | (66) |
|  | 10/2025 | 25179 | 19617 | 97 | 0 |
|  | 10/2025 | 18150 | 562 | 2 | 0 |
|  | 10/2025 | 1222047 | 41008 | 860 | 0 |
|  | 10/2025 | $2038 | 2819 | 0 | (13) |
|  | 10/2025 | 2383 | 2024 | 0 | (7) |
|  | 10/2025 | 8605 | 6359 | 0 | (52) |
|  | 10/2025 | 8848 | 145479547 | 0 | (129) |
|  | 10/2025 | 25507 | 2242291 | 0 | (288) |
|  | 10/2025 | 512 | 5102 | 0 | 0 |
|  | 10/2025 | 613 | 2152 | 7 | 0 |
|  | 10/2025 | 4638 | 43930 | 28 | 0 |
|  | 10/2025 | 24 | 31 | 0 | 0 |
|  | 10/2025 | 10406 | 316694 | 8 | (12) |
|  | 10/2025 | 11100 | $641 | 0 | (2) |
|  | 11/2025 | 5101 | 512 | 0 | 0 |
|  | 11/2025 | 27976 | 7830 | 0 | (218) |
|  | 11/2025 | 31 | 24 | 0 | 0 |
|  | 11/2025 | $78 | 108 | 0 | 0 |
|  | 11/2025 | 1946 | 6522 | 23 | 0 |
|  | 11/2025 | 38038 | 3386931 | 0 | (20) |
|  | 12/2025 | 64773 | $18496 | 0 | (124) |
|  | 12/2025 | 203301 | 6724 | 16 | (2) |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 12/2025 | $4843 | 81390126 | $24 | $0 |
|  | 12/2025 | 23 | 82 | 0 | 0 |
|  | 01/2026 | 7868 | $2202 | 0 | (58) |
|  | 01/2026 | 110707 | 3670 | 2 | 0 |
|  | 02/2026 | 30542 | 8620 | 0 | (144) |
|  | 03/2026 | 54112 | 15382 | 0 | (132) |
|  | 08/2026 | 43654 | 12111 | 0 | (336) |
|  DUB | 10/2025 | 146475 | 20600 | 42 | 0 |
|  | 10/2025 | 78184214 | 4770 | 84 | 0 |
|  | 10/2025 | 674421 | 7592 | 7 | 0 |
|  | 10/2025 | 5045360 | 3639 | 43 | 0 |
|  | 10/2025 | 42582 | 33224 | 214 | 0 |
|  | 10/2025 | $4515 | 15428 | 142 | 0 |
|  | 10/2025 | 15739 | 1391551 | 0 | (87) |
|  | 11/2025 | 15420 | $4515 | 0 | (140) |
|  | 11/2025 | 56611 | 636 | 1 | 0 |
|  | 11/2025 | $7592 | 675761 | 0 | (6) |
|  | 11/2025 | 108056 | $6173 | 0 | (62) |
|  FAR | 10/2025 | 48918 | 31731 | 0 | (638) |
|  | 10/2025 | 130137 | 94588 | 1070 | 0 |
|  | 10/2025 | 3001 | 3767 | 0 | (3) |
|  | 10/2025 | 63863 | 8995 | 31 | 0 |
|  | 10/2025 | 22 | 17 | 0 | 0 |
|  | 10/2025 | $58774 | 90020 | 792 | 0 |
|  | 10/2025 | 80894 | 11892302 | 0 | (478) |
|  | 10/2025 | 10275 | 37545 | 52 | 0 |
|  | 10/2025 | 103741 | 133608 | 0 | (165) |
|  | 11/2025 | 90020 | $58803 | 0 | (792) |
|  | 11/2025 | 133270 | 103741 | 156 | 0 |
|  | 11/2025 | $3767 | 2989 | 3 | 0 |
|  | 12/2025 | 548562 | $28849 | 0 | (864) |
|  | 12/2025 | $13 | 252 | 0 | 0 |
|  GLM | 10/2025 | 485000 | $84859 | 29 | (6298) |
|  | 10/2025 | 505 | 632 | 0 | (3) |
|  | 10/2025 | 5034 | 708 | 2 | 0 |
|  | 10/2025 | 79349997 | 4758 | 2 | 0 |
|  | 10/2025 | 9129340 | 6468 | 0 | (39) |
|  | 10/2025 | 291300 | 15445 | 0 | (431) |
|  | 10/2025 | 962 | 751 | 5 | 0 |
|  | 10/2025 | $89297 | 485000 | 1844 | (14) |
|  | 10/2025 | 4679 | 77345417 | 0 | (43) |
|  | 10/2025 | 5512 | 483649 | 0 | (72) |
|  | 10/2025 | 6468 | 9132231 | 39 | 0 |
|  | 10/2025 | 1436 | 26885 | 30 | 0 |
|  | 10/2025 | 17279 | 62850 | 9 | 0 |
|  | 11/2025 | 502 | 1672 | 3 | 0 |
|  | 12/2025 | 1091284 | $65 | 0 | 0 |
|  | 12/2025 | 11130 | 586 | 0 | (17) |
|  | 12/2025 | $4674 | 78152323 | 0 | 0 |
|  | 04/2026 | 518800 | $91465 | 11 | (1867) |
|  IND | 10/2025 | 6763 | 4419 | 0 | (56) |
|  JPM | 10/2025 | 805846 | 146040 | 8 | (5378) |
|  | 10/2025 | 65647 | 47504 | 331 | 0 |
|  | 10/2025 | 156552480 | 9377 | 0 | (6) |
|  | 10/2025 | 8732458 | 6299 | 75 | 0 |
|  | 10/2025 | 4548 | 3538 | 12 | 0 |
|  | 10/2025 | $147713 | 805846 | 3698 | 0 |
|  | 10/2025 | 4944 | 3678 | 2 | 0 |
|  | 10/2025 | 16921 | 280707840 | 6 | (98) |
|  | 10/2025 | 2234 | 7502 | 30 | 0 |
|  | 10/2025 | 5122 | 18821 | 56 | 0 |
|  | 10/2025 | 5352 | 228419 | 122 | 0 |
|  | 10/2025 | 1100 | 33397 | 0 | (2) |
|  | 11/2025 | 2462 | $738 | 0 | (5) |
|  | 11/2025 | $113760 | 614678 | 807 | 0 |
|  | 11/2025 | 95687 | $5459 | 0 | (63) |
|  | 12/2025 | $4168 | 77745 | 43 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **147** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 10/2025 | 35 | $26 | $0 | $0 |
|  | 10/2025 | 532 | 667 | 0 | (1) |
|  | 10/2025 | 74538 | 10487 | 25 | 0 |
|  | 10/2025 | 46668 | 55268 | 477 | 0 |
|  | 10/2025 | 7771773 | 472 | 6 | 0 |
|  | 10/2025 | 153080 | 1029 | 0 | (6) |
|  | 10/2025 | 25713941 | 18435 | 112 | 0 |
|  | 10/2025 | 68906 | 7187 | 0 | (132) |
|  | 10/2025 | 58930 | 45985 | 301 | 0 |
|  | 10/2025 | 42853 | 1331 | 6 | 0 |
|  | 10/2025 | $12641 | 10019 | 0 | (55) |
|  | 10/2025 | 11114 | 79173 | 0 | (2) |
|  | 10/2025 | 22522 | 19175 | 0 | (10) |
|  | 10/2025 | 26042 | 19299 | 25 | (112) |
|  | 10/2025 | 217 | 31856 | 0 | (2) |
|  | 10/2025 | 13442 | 18773150 | 0 | (62) |
|  | 10/2025 | 5 | 53 | 0 | 0 |
|  | 10/2025 | 1953 | 3330 | 0 | (22) |
|  | 10/2025 | 2830 | 27100 | 48 | 0 |
|  | 10/2025 | 1980 | 64103 | 1 | 0 |
|  | 11/2025 | 78985 | $11114 | 2 | 0 |
|  | 11/2025 | 53 | 5 | 0 | 0 |
|  | 11/2025 | $813 | 2705 | 4 | 0 |
|  | 11/2025 | 1770 | 261711 | 6 | 0 |
|  | 12/2025 | 22429 | 420556 | 350 | 0 |
|  MYI | 10/2025 | 12900 | $2121 | 0 | (302) |
|  | 10/2025 | 75252 | 10575 | 13 | 0 |
|  | 10/2025 | 31440148 | 1910 | 25 | 0 |
|  | 10/2025 | 5839777 | 39117 | 0 | (372) |
|  | 10/2025 | $2425 | 12900 | 0 | (2) |
|  | 10/2025 | 897 | 132370 | 0 | (2) |
|  | 10/2025 | 0 | 2 | 0 | 0 |
|  | 10/2025 | 1532 | 5546 | 0 | (7) |
|  | 10/2025 | 5443 | 163976 | 0 | (55) |
|  | 11/2025 | 2 | $0 | 0 | 0 |
|  | 11/2025 | $39117 | 5819569 | 372 | 0 |
|  | 12/2025 | 162910 | $5443 | 65 | 0 |
|  | 12/2025 | $8055 | 151952 | 176 | 0 |
|  NGF | 10/2025 | 11566432 | $8316 | 73 | 0 |
|  | 10/2025 | $4138 | 68488236 | 0 | (33) |
|  | 11/2025 | 4933 | 215068 | 35 | 0 |
|  | 12/2025 | 391 | 17137 | 1 | 0 |
|  RBC | 12/2025 | 5783 | 107957 | 65 | 0 |
|  SCX | 10/2025 | 15926 | $2994 | 1 | 0 |
|  | 10/2025 | 54728 | 7702 | 21 | 0 |
|  | 10/2025 | 87470791 | 5239 | 0 | (4) |
|  | 10/2025 | 484446 | 5450 | 1 | 0 |
|  | 10/2025 | 1409 | 1105 | 13 | 0 |
|  | 10/2025 | 941584 | 31499 | 567 | 0 |
|  | 10/2025 | $2994 | 15926 | 0 | (2) |
|  | 10/2025 | 30702 | 22953 | 168 | 0 |
|  | 10/2025 | 4621 | 75984632 | 0 | (67) |
|  | 10/2025 | 15289 | 1349676 | 0 | (109) |
|  | 10/2025 | 5617 | 825692 | 0 | (33) |
|  | 11/2025 | 22953 | $30707 | 0 | (168) |
|  | 11/2025 | $4813 | 428729 | 0 | 0 |
|  | 11/2025 | 9 | 1261 | 0 | 0 |
|  | 12/2025 | 2994 | 16154 | 0 | (2) |
|  | 12/2025 | 5239 | 87691865 | 6 | 0 |
|  | 12/2025 | 5289 | 97989 | 19 | 0 |
|  SOG | 10/2025 | 12717563 | $85468 | 0 | (529) |
|  | 10/2025 | 5851 | 3409 | 17 | 0 |
|  | 10/2025 | $306719 | 260815 | 0 | (508) |
|  | 10/2025 | 42199 | 6205792 | 0 | (235) |
|  | 10/2025 | 17 | 173 | 0 | 0 |
|  | 11/2025 | 260815 | $307334 | 511 | 0 |
|  | 11/2025 | 173 | 17 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 11/2025 | $2018 | 11100 | $51 | $0 |
|  | 11/2025 | 85468 | 12673582 | 529 | 0 |
|  SSB | 10/2025 | 52289 | $70481 | 158 | 0 |
|  | 10/2025 | 2152 | 587 | 0 | (33) |
|  UAG | 10/2025 | 31069 | 22486 | 160 | 0 |
|  | 10/2025 | 31620 | 9478 | 0 | (68) |
|  | 10/2025 | 4243 | 417 | 0 | (8) |
|  | 10/2025 | $2811 | 4247 | 0 | (1) |
|  | 10/2025 | 453 | 1549 | 15 | 0 |
|  | 10/2025 | 414 | 36551 | 0 | (3) |
|  | 10/2025 | 2216 | 8019 | 0 | (10) |
|  | 10/2025 | 1980 | 64077 | 0 | 0 |
|  | 10/2025 | 642 | 11099 | 0 | 0 |
|  | 10/2025 | 11104 | $642 | 0 | 0 |
|  | 11/2025 | 1548 | 453 | 0 | (15) |
|  | 11/2025 | $544 | 25639 | 52 | 0 |
|  | 11/2025 | 48675 | $2761 | 0 | (48) |
|  | 12/2025 | $5275 | 98646 | 68 | 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;23029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41683) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 15100 | $2422 | $859 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 24700 | 3962 | 7553 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 10500 | 1701 | 585 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 15300 | 2478 | 4804 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 12200 | 1610 | 173 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 13800 | 1821 | 3744 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 12200 | 1935 | 686 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 13800 | 2189 | 4231 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description |  | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Put - OTC USD versus TRY | TRY | 41.600 | 11/12/2025 | 3200 | $(122) | $(2) |
|  | Call - OTC USD versus TRY |  | 56.900 | 11/12/2025 | 3200 | (89) | (11) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022% | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | $(886) | $(793) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (1401) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (2030) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | (886) | (5) |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (16) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (29) |
|  |  |  |  |  | $(11902) | $(4274) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4287) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 149

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>September 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2029 | 0.631 | $600 | $(6) | $14 | $8 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 3100 | (136) | 159 | 23 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 1000 | (48) | 49 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 200 | (18) | 18 | 0 | 0 |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 2300 | (106) | 113 | 7 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 | 900 | (14) | 26 | 12 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 600 | (22) | 23 | 1 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.410 | 9400 | (47) | 142 | 95 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 10705 | 0 | 137 | 137 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 400 | (18) | 21 | 3 | 0 |
| GST | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.389 | 4300 | (145) | 165 | 20 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 1100 | (40) | 41 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 500 | (45) | 45 | 0 | 0 |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.638 | 3700 | 517 | (242) | 275 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.349 | 500 | 2 | 2 | 4 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 | 1500 | (20) | 40 | 20 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 | 4800 | (131) | 192 | 61 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 600 | (6) | 15 | 9 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 0.872 | 8400 | (71) | 81 | 10 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.766 | 100 | (5) | 5 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 200 | (8) | 8 | 0 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 | 4500 | (54) | 113 | 59 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 | 1000 | (29) | 42 | 13 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.210 | 900 | (7) | 12 | 5 | 0 |
| MYC | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.541 | 38300 | (2372) | 2676 | 304 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.933 | 2800 | (123) | 127 | 4 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.025 | 3100 | (276) | 275 | 0 | (1) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.631 | 900 | (15) | 27 | 12 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.682 | 2600 | (67) | 100 | 33 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2025 | 0.194 | 200 | (3) | 3 | 0 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.289 | 2900 | 8 | 18 | 26 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.365 | 1300 | (4) | 18 | 14 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.487 | 900 | (17) | 29 | 12 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.543 | 3700 | (39) | 92 | 53 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.394 | 28400 | (1243) | 1457 | 214 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4608) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

150 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.13 Index | 0.500% | Monthly | 12/16/2072 | $214500 | $171 | $619 | $790 | $0 |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 106188 | (1021) | 666 | 0 | (355) |
| MEI | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 3400 | (25) | 42 | 17 | 0 |
| MYC | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 72100 | (253) | 619 | 366 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 187700 | 205 | 486 | 691 | 0 |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 12399 | (105) | 64 | 0 | (41) |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1300 | 0 | 7 | 7 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1028) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | iBoxx USD Liquid Leveraged Loan Index  | 34825 | 226.850% | Maturity | 12/22/2025 | $7900 | $0 | $(18) | $0 | $(18) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 13943 | 227.350% | Maturity | 12/22/2025 | 3170 | 0 | 0 | 0 | 0 |
|  JPM | Receive | iBoxx USD Liquid Leveraged Loan Index  | 25069 | 227.371% | Maturity | 12/22/2025 | 5700 | 0 | 65 | 65 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 24879 | 227.500% | Maturity | 12/22/2025 | 5660 | 0 | 67 | 67 | 0 |
|  MYC | Receive | iBoxx USD Liquid Leveraged Loan Index  | 53465 | 226.690% | Maturity | 12/22/2025 | 12120 | 0 | (36) | 0 | (36) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 8178 | 227.450% | Maturity | 12/22/2025 | 1860 | 0 | 21 | 21 | 0 |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 8185 | 227.250% | Maturity | 12/22/2025 | 1860 | 0 | (1) | 0 | (1) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 36824 | 227.300% | Maturity | 12/22/2025 | 8370 | 0 | (2) | 0 | (2) |
|  | Receive | iBoxx USD Liquid Leveraged Loan Index  | 8179 | 227.400% | Maturity | 12/22/2025 | 1860 | 0 | 22 | 22 | 0 |
|  |  |  |  |  |  |  |  | $0 | $118 | $175 | $(57) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $(5636) | $8664 | $3482 | $(454) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $28 | $0 | $0 | $28 | $(1307) | $0 | $0 | $(1307) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1279) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | $(108) |
|  BOA | 202 | 0 | 31 | 233 | (373) | 0 | 0 | (373) | (140) | 0 | (140) |
|  BPS | 3190 | 0 | 1 | 3191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12949) | 0 | (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12967) | (9776) | 9652 | (124) |
|  BRC | 2478 | 0 | 19 | 2497 | (103) | 0 | 0 | (103) | 2394 | (2160) | 234 |
|  BSH | 1394 | 0 | 0 | 1394 | (4183) | 0 | 0 | (4183) | (2789) | 2509 | (280) |
|  CBK | 1391 | 0 | 96 | 1487 | (2121) | 0 | 0 | (2121) | (634) | 0 | (634) |
|  DUB | 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412 | 140 | 9085 | (295) | 0 | 0 | (295) | 8790 | (2270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520 |
|  FAR | 2104 | 0 | 0 | 2104 | (2940) | (798) | 0 | (3738) | (1634) | 1978 | 344 |
|  GLM | 1974 | 5389 | 0 | 7363 | (8784) | 0 | 0 | (8784) | (1421) | 5615 | 4194 |
|  GST | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | 1190 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) | (355) | 835 | (1170) | (335) |
|  IND | 0 | 0 | 0 | 0 | (56) | 0 | 0 | (56) | (56) | 0 | (56) |
|  JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 | 0 | 209 | 5399 | (5552) | 0 | 0 | (5552) | (153) | 192 | 39 |
|  MBC | 1363 | 0 | 0 | 1363 | (404) | 0 | 0 | (404) | 959 | (700) | 259 |
|  MEI | 0 | 0 | 17 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |
|  MYC | 0 | 8834 | 1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10606 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1417) | (81) | (1498) | 9108 | (1510) | 7598 |
|  MYI | 651 | 0 | 0 | 651 | (740) | 0 | 0 | (740) | (89) | 166 | 77 |
|  NGF | 109 | 0 | 0 | 109 | (33) | (2059) | 0 | (2092) | (1983) | 2134 | 151 |
|  RBC | 65 | 0 | 0 | 65 | 0 | 0 | 0 | 0 | 65 | 0 | 65 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **151** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(7)</sup>** |
|  SAL | $0 | $0 | $7 | $7 | $0 | $0 | $0 | $0 | $7 | $0 | $7 |
|  SCX | 796 | 0 | 0 | 796 | (385) | 0 | 0 | (385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | 151 |
|  SOG | 1108 | 0 | 0 | 1108 | (1272) | 0 | 0 | (1272) | (164) | 373 | 209 |
|  SSB | 158 | 0 | 0 | 158 | (33) | 0 | 0 | (33) | 125 | (350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) |
|  UAG | 295 | 0 | 0 | 295 | (153) | (13) | 0 | (166) | 129 | 0 | 129 |
|  Total Over the Counter | $23029 | $22635 | $3482 | $49146 | $(41683) | $(4287) | $(454) | $(46424) |  |  |  |

---

(o) Securities with an aggregate market value of $23,790 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4607 | $4607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 140 | 0 | 0 | 7530 | 7670 |
|  | $0 | $140 | $0 | $0 | $12137 | $12277 |
|  Over the counter | Over the 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 | $23029 | $0 | $23029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 22635 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3307 | 0 | 0 | 175 | 3482 |
|  | $0 | $3307 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23029 | $22810 | $49146 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | $0 | $23029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61423 |
|  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 | $1616 | $1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 109 | 0 | 0 | 5167 | 5276 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $6783 | $6892 |

---

152 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $41683 | $0 | $41683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 13 | 4274 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 397 | 0 | 0 | 57 | 454 |
|  | $0 | $397 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41696 | $4331 | $46424 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $41696 | $11114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53316 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4149 | $4149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 31676 | 31676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9801 | 0 | 0 | 84437 | 94238 |
|  | $0 | $9801 | $0 | $0 | $120262 | $130063 |
|  Over the counter | Over the 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 | $(44971) | $0 | $(44971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (1410) | 0 | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1014 | 0 | 679 | 8035 | 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2672 | 0 | 0 | (1717) | 957 |
|  | $0 | $3686 | $0 | $(45702) | $6320 | $(35696) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13487 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45702) | $126582 | $94367 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (20420) | (20420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1109 | 0 | 0 | (77442) | (76333) |
|  | $0 | $1109 | $0 | $0 | $(97845) | $(96736) |
|  Over the counter | Over the 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 | $(10860) | $0 | $(10860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 798 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (91) | 0 | (121) | 994 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4579 | 0 | 0 | 399 | 4978 |
|  | $0 | $4488 | $0 | $(10981) | $2191 | $(4302) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(10981) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95654) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101038) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  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 | $114342 | $304357 | $418699 |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 916821 | 29171 | 945992 |
| &nbsp;&nbsp; Industrials | 0 | 647393 | 278139 | 925532 |
| &nbsp;&nbsp; Utilities | 0 | 215867 | 0 | 215867 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Illinois | 0 | 16 | 0 | 16 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312298 | 0 | 9312298 |
|  U.S. Treasury Obligations | 0 | 1093736 | 0 | 1093736 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1911886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041330 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 55567 | 0 | 55567 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 777204 | 0 | 777204 |
| &nbsp;&nbsp; CMBS Other | 0 | 23031 | 0 | 23031 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 09/30/2025** |
| &nbsp;&nbsp; Home Equity Other | $0 | $758938 | $68753 | $827691 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 8015 | 0 | 8015 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 10776 | 0 | 10776 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 721 | 0 | 721 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 127202 | 0 | 127202 |
| &nbsp;&nbsp; Other ABS | 0 | 888040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166539 |
|  Sovereign Issues | 75200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941538 | 0 | 1016738 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 4677 | 0 | 5389 | 10066 |
| &nbsp;&nbsp; Financials | 720 | 0 | 37 | 757 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 14354 | 14354 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 689 | 689 |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp; Financials | 0 | 0 | 7 | 7 |
|  Preferred Securities |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **153** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 09/30/2025** |
| &nbsp;&nbsp; Banking & Finance | $0 | $0 | $42 | $42 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Commercial Paper | 0 | 118134 | 0 | 118134 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 3832811 | 0 | 3832811 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 31967 | 0 | 31967 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 38553 | 0 | 38553 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2644 | 0 | 2644 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80597 | $21827500 | $1108881 | $23016978 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $2141796 | $0 | $0 | $2141796 |
|  Total Investments | $2222393 | $21827500 | $1108881 | $25158774 |
|  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 | $(350797) | $0 | $(350797) |
|  | $0 | $(350797) | $0 | $(350797) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |
|  Exchange-traded or centrally cleared | $3453 | $8823 | $0 | $12276 |
|  Over the counter | 0 | 49009 | 137 | 49146 |
|  | $3453 | $57832 | $137 | $61422 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |  |
|  Exchange-traded or centrally cleared | (1165) | (5692) | 0 | (6857) |
|  Over the counter | 0 | (46424) | 0 | (46424) |
|  | $(1165) | $(52116) | $0 | $(53281) |
|  Total Financial Derivative Instruments | $2288 | $5716 | $137 | $8141 |
|  Totals | $2224681 | $21482419 | $1109018 | $24816118 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 03/31/2025 | Net<br>Purchases<sup>(1)</sup> | Net<br>Sales/<br>Settlements<sup>(1)</sup> | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(2)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79786) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | $(82) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 | $(935) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304357 | $3851 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 25527 | 7674 | (5100) | 0 | 0 | 1070 | 0 | 0 | 29171 | 1091 |
| &nbsp;&nbsp; Industrials | 40597 | 237460 | (89) | (1) | 0 | 741 | 0 | (569) | 278139 | 740 |
|  Non-Agency Mortgage-Backed Securities | 12668 | 129578 | (414) | 48 | 0 | 338 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12774) | 129444 | (135) |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Home Equity Other | 0 | 68684 | (466) | 3 | 17 | 515 | 0 | 0 | 68753 | 515 |
| &nbsp;&nbsp; Other ABS | 65792 | 281201 | (71787) | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | 3450 | 0 | 0 | 278499 | 3494 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 672 | 0 | (97) | 0 | 56 | 4758 | 0 | 0 | 5389 | 4840 |
| &nbsp;&nbsp; Financials | 12551 | 40 | (12948) | 0 | 0 | 394 | 0 | 0 | 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12554) |
| &nbsp;&nbsp; Health Care | 14865 | 0 | 0 | 0 | 0 | (511) | 0 | 0 | 14354 | (511) |
| &nbsp;&nbsp; Industrials | 809 | 0 | 0 | 0 | 0 | (120) | 0 | 0 | 689 | (120) |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 9 | 8 | (53) | 0 | (6212) | 6255 | 0 | 0 | 7 | 0 |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 42 | 0 | 0 | 0 | 0 | 0 | 0 | 42 | 0 |
|  | $366470 | $907496 | $(170740) | $280 | $(6383) | $20271 | $5765 | $(14278) | $1108881 | $1211 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $117 | $0 | $(24) | $0 | $0 | $44 | $0 | $0 | $137 | $44 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109018 | $1255 |

---

154 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | **(% Unless**<br> **Noted Otherwise)** | **(% Unless**<br> **Noted Otherwise)** | **(% Unless**<br> **Noted Otherwise)** |
| **Category and Subcategory** | Ending<br>Balance<br>at 09/30/2025 | **Valuation**<br> **Technique** | **Unobservable<br>Inputs** | Input Value(s) | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $46932 | Comparable Companies | EBITDA Multiple |  | 16.290 |  |
|  | 3100 | Cost | Purchase Price |  | 100.000 |  |
|  | 187338 | Discounted Cash Flow | Discount Rate |  | 4.070 - 50.000 | 5.853 |
|  | 25865 | Indicative Market Quotation | Broker Quote |  | 101.750 |  |
|  | 26000 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 15122 | Third Party Vendor | Broker Quote |  | 40.500 - 100.500 | 99.024 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 25815 | Discounted Cash Flow | Discount Rate |  | 4.320 - 6.208 | 5.841 |
|  | 2583 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 773 | Reference Instrument | Broker Quote |  | 7.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 29264 | Discounted Cash Flow | Discount Rate |  | 4.437 - 6.730 | 5.433 |
|  | 12484 | Discounted Cash Flow | Discount Rate |  | 5.060 |  |
|  | 9531 | Proxy Pricing | Base Price |  | 100.000 |  |
|  | 226860 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  Non-Agency Mortgage-Backed Securities | 20145 | Proxy Pricing | Base Price |  | 97.967 | 104.180 |
|  | 109299 | Recent Transaction | Purchase Price |  | 97.120 |  |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Other | 68753 | Indicative Market Quotation | Broker Quote |  | 97.063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 227404 | Discounted Cash Flow | Discount Rate |  | 4.525 - 24.400 | 5.739 |
|  | 51095 | Proxy Pricing | Base Price |  | 100.000 |  |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 4434 | Discounted Cash Flow | Discount Rate |  | 7.930 |  |
|  | 955 | Reference Instrument | Stock Price w/<br>Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 37 | Reference instrument | Stock Price w/<br>Liquidity Discount |  | 8.150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 14354 | Comparable Companies | EBITDA Multiple |  | 16.290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 518 | Indicative Market Quotation | Broker Quote | $— | 0.375 - 21.667 | 21.491 |
|  | 171 | Indicative Market Quotation | Broker Quote | $— | 21.667 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 7 | Option Pricing Model | Volatility |  | 62.500 |  |
|  Preferred Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 42 | Recent Transaction | Purchase Price | $— | 1000.000 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 137 | Indicative Market Quotation | Broker Quote |  | 0.939 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109018 |  |  |  |  |  |

---

<sup>(1)</sup> Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

<sup>(2)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **155** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund

#### (Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.9% | INVESTMENTS IN SECURITIES 96.9% | INVESTMENTS IN SECURITIES 96.9% |
| CORPORATE BONDS & NOTES 60.7% | CORPORATE BONDS & NOTES 60.7% | CORPORATE BONDS & NOTES 60.7% |
| BANKING & FINANCE 51.7% | BANKING & FINANCE 51.7% | BANKING & FINANCE 51.7% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.750% due 09/22/2033 •(e)(f) | 1100 | 1307 |
|  6.375% due 09/22/2034 •(e)(f) | 1200 | 1500 |
|  6.875% due 09/22/2031 •(e)(f) | 4300 | 5516 |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(e)(f) | 2000 | 2005 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  6.000% due 07/14/2031 •(e)(f) | 2000 | 2402 |
|  7.125% due 10/30/2029 •(e)(f) | 3200 | 4035 |
|  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 ^«•(b) | 5000 | 300 |
|  ASR Nederland NV | ASR Nederland NV | ASR Nederland NV |
|  6.500% due 04/02/2035 •(e)(f) | 3500 | 4371 |
|  Aviva PLC | Aviva PLC | Aviva PLC |
|  7.750% due 09/30/2032 •(e)(f) | 1300 | 1826 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.875% due 12/13/2030 •(e)(f) | 1800 | 2285 |
|  7.750% due 01/14/2032 •(e)(f) | 2700 | 2867 |
|  8.375% due 06/21/2028 •(e)(f) | 3800 | 4955 |
|  9.375% due 03/19/2029 •(e)(f) | 1200 | 1341 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  8.375% due 10/14/2030 •(e)(f) | 8600 | 9202 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(e)(f) | 2400 | 2693 |
|  9.625% due 05/21/2033 •(e)(f) | 7000 | 8453 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.125% due 03/18/2032 •(e)(f) | 1100 | 1321 |
|  6.375% due 03/10/2030 •(e)(f) | 2450 | 3003 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  7.300% due 11/26/2084 •(f) | 2100 | 2232 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  6.875% due 10/27/2085 •(a)(f) | 2000 | 1999 |
|  7.350% due 04/27/2085 •(f) | 5200 | 5433 |
|  8.000% due 01/27/2084 •(f) | 2000 | 2149 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  8.375% due 09/15/2031 •(e)(f) | 2600 | 3687 |
|  8.500% due 06/15/2030 •(e)(f) | 6100 | 8717 |
|  8.875% due 09/15/2027 •(e)(f) | 2600 | 3686 |
|  9.625% due 12/15/2029 •(e)(f) | 6500 | 7391 |
|  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 •(f) | 3500 | 3691 |
|  8.125% due 01/08/2039 •(f) | 5600 | 6110 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.375% due 09/10/2034 •(e)(f) | 2500 | 2619 |
|  8.000% due 08/22/2031 •(e)(f) | 10200 | 11002 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  7.500% due 01/16/2030 •(e)(f) | 1800 | 2355 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(f) | 3200 | 3252 |
|  7.000% due 10/28/2085 •(f) | 7300 | 7506 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  6.500% due 10/09/2029 •(e)(f) | 1600 | 2015 |
|  6.625% due 10/09/2032 •(e)(f) | 2800 | 3467 |
|  7.875% due 10/09/2031 •(e)(f) | 2800 | 3716 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.100% due 06/29/2028 •(e)(f) | 7200 | 8169 |
|  3.250% due 12/29/2026 •(e)(f) | 1000 | 1162 |
|  4.875% due 06/29/2029 •(e)(f) | 3000 | 3570 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •(g) | 2200 | 2261 |
|  6.875% due 12/15/2052 •(g) | 6100 | 6257 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  6.250% due 06/17/2035 •(e)(f) | 2200 | 2712 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.875% due 03/23/2035 •(e)(f) | 2500 | 2986 |
|  7.250% due 09/23/2028 •(e)(f) | 800 | 1013 |
|  Credit Suisse AG AT1 Claim | 58550 | 7612 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(e) | 4300 | 4473 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.625% due 10/30/2027 •(e)(f) | 1400 | 1622 |
|  7.125% due 10/30/2030 •(e)(f) | 2400 | 2976 |
|  7.375% due 10/30/2031 •(e)(f) | 1600 | 2026 |
|  8.125% due 10/30/2029 •(e)(f) | 3200 | 4108 |
|  10.000% due 12/01/2027 •(e)(f) | 4200 | 5504 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  7.375% due 05/30/2029 •(e)(f) | 5200 | 5483 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 •(g) | 2000 | 2086 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 •(e)(f) | 6800 | 7995 |
|  8.500% due 10/15/2028 •(e)(f) | 2000 | 2650 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  7.950% due 10/15/2054 •(g) | 3250 | 3444 |
|  Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR |
|  5.000% due 10/30/2044 •  | 1100 | 1353 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.875% due 09/11/2029 •(e)(f) | 2100 | 2185 |
|  6.950% due 03/11/2034 •(e)(f)(g) | 2200 | 2321 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  7.000% due 11/16/2032 •(e)(f) | 2500 | 2580 |
|  8.000% due 05/16/2030 •(e)(f) | 7700 | 8367 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  9.125% due 09/07/2029 •(e)(f) | 7800 | 10742 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 •(e)(f) | 1600 | 1965 |
|  8.000% due 09/05/2028 •(e)(f) | 6400 | 8359 |
|  La Mondiale SAM | La Mondiale SAM | La Mondiale SAM |
|  6.750% due 01/17/2034 •(e)(f) | 1900 | 2377 |
|  Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC |
|  5.250% due 03/21/2047 •  | 3900 | 3932 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 5500 | 5403 |
|  4.300% due 02/01/2061 | 4300 | 2712 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.875% due 06/27/2029 •(e)(f) | 2400 | 3400 |
|  8.500% due 09/27/2027 •(e)(f) | 700 | 989 |
|  8.500% due 03/27/2028 •(e)(f) | 8100 | 11554 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  | 1200 | 1250 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  | 2000 | 2127 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  8.200% due 01/15/2029 •(e)(f) | 3900 | 4293 |
|  Mutuelle Assurance Travailleur Mutualiste SAM | Mutuelle Assurance Travailleur Mutualiste SAM | Mutuelle Assurance Travailleur Mutualiste SAM |
|  4.625% due 02/23/2036 | 1800 | 2189 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.750% due 06/20/2027 •(e)(f) | 700 | 938 |
|  7.500% due 12/20/2030 •(e)(f) | 1100 | 1520 |
|  7.875% due 12/20/2031 •(e)(f) | 1500 | 2092 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 •(e)(f) | 2300 | 3055 |
|  7.500% due 02/28/2032 •(e)(f) | 7000 | 9591 |
|  7.625% due 09/30/2035 •(e)(f) | 1500 | 2036 |
|  8.125% due 11/10/2033 •(e)(f) | 4800 | 5411 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.500% due 04/30/2055 •  | 7500 | 8083 |
|  NN Group NV | NN Group NV | NN Group NV |
|  5.750% due 09/11/2034 •(e)(f) | 3400 | 4053 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  7.000% due 07/15/2030 •(e)(f) | 2000 | 2073 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  6.300% due 09/25/2031 •(e)(f)(g) | 1500 | 1518 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  6.000% due 09/01/2052 •  | 8600 | 8959 |
|  6.500% due 03/15/2054 •(g) | 3000 | 3215 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.650% due 09/15/2055 •  | 2000 | 2101 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  6.750% due 08/24/2085 •(f) | 3900 | 4027 |
|  7.500% due 05/02/2084 •(f) | 12300 | 12980 |
|  Sampo OYJ | Sampo OYJ | Sampo OYJ |
|  5.250% due 03/24/2035 •(e)(f) | 400 | 473 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  9.375% due 11/22/2027 •(e)(f) | 900 | 966 |
|  10.000% due 11/14/2028 •(e)(f) | 3400 | 3771 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  6.600% due 06/05/2034 •(e)(f) | 1500 | 1570 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.375% due 03/01/2027 •(e)(f) | 2400 | 2364 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  | 2400 | 2492 |
|  Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. |
|  6.208% (TSFR3M + 1.997%) due 02/15/2067 ~ | 6242 | 5657 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  7.250% due 07/31/2084 •(f)(g) | 2000 | 2108 |
|  8.125% due 10/31/2082 •(f) | 9100 | 9631 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(e)(f) | 800 | 885 |
|  9.250% due 11/13/2033 •(e)(f) | 13200 | 15739 |
|  USB Realty Corp. | USB Realty Corp. | USB Realty Corp. |
|  5.726% (US0003M + 1.147%) due 01/15/2027 ~(e) | 6567 | 5307 |
|  |  | 419231 |
| INDUSTRIALS 2.9% | INDUSTRIALS 2.9% | INDUSTRIALS 2.9% |
|  Beignet | Beignet | Beignet |
|  6.850% due 06/01/2049 «(a) | 5200 | 5200 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  7.000% due 03/10/2055 •  | 1500 | 1577 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  8.500% due 01/15/2084 •  | 1759 | 2016 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.500% due 02/15/2056 •(g) | 1600 | 1594 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  5.375% due 02/15/2078 •  | 3400 | 3381 |
|  JT International Financial Services BV | JT International Financial Services BV | JT International Financial Services BV |
|  3.870% due 09/04/2055 •  | 1700 | 1996 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 | 6600 | 5673 |
|  Southern Co. | Southern Co. | Southern Co. |
|  6.375% due 03/15/2055 •  | 2000 | 2133 |
|  |  | 23570 |
| UTILITIES 6.1% | UTILITIES 6.1% | UTILITIES 6.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 900 | 886 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.050% due 03/15/2056 •  | 2000 | 2008 |
|  6.950% due 12/15/2054 •  | 2100 | 2278 |
|  7.050% due 12/15/2054 •  | 2100 | 2205 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  6.450% due 12/01/2033 •(e)(g) | 3800 | 4062 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  6.850% due 02/15/2055 •  | 2600 | 2764 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  6.500% due 06/01/2055 •  | 2000 | 2073 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  6.625% due 05/15/2055 •  | 2100 | 2176 |
|  7.000% due 06/01/2054 •(g) | 3800 | 4126 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  7.375% due 06/17/2035 •(e) | 700 | 961 |
|  9.125% due 03/15/2033 •(e) | 4200 | 4873 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  6.700% due 09/01/2054 •  | 4200 | 4351 |
|  6.750% due 06/15/2054 •  | 5400 | 5822 |
|  Sempra | Sempra | Sempra |
|  6.375% due 04/01/2056 •  | 3300 | 3389 |
|  6.400% due 10/01/2054 •(g) | 1200 | 1228 |
|  6.625% due 04/01/2055 •  | 2900 | 2950 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.200% due 12/15/2055 •  | 3200 | 3206 |
|  |  | 49358 |
|  Total Corporate Bonds & Notes<br>(Cost $458,641) | Total Corporate Bonds & Notes<br>(Cost $458,641) | 492159 |

---

156 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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% |
|  Agence France Locale | Agence France Locale | Agence France Locale | Agence France Locale |
|  7.000% due 06/17/2031 •(e)(f) | EUR | 2000 | 2561 |
|  Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | 2561 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 35.5% | PREFERRED SECURITIES 35.5% | PREFERRED SECURITIES 35.5% | PREFERRED SECURITIES 35.5% |
| BANKING & FINANCE 32.7% | BANKING & FINANCE 32.7% | BANKING & FINANCE 32.7% | BANKING & FINANCE 32.7% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.250% due 06/15/2026 •(e) |  | 4000000 | 3983 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.700% due 05/15/2028 •(e) |  | 2200000 | 2029 |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(e) |  | 5000000 | 4938 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(e) |  | 5350000 | 5250 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(e)(f) |  | 4600000 | 5075 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(e) |  | 25910000 | 26204 |
|  6.625% due 05/01/2030 •(e) |  | 7200000 | 7506 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.625% due 09/20/2026 •(e) |  | 2200000 | 2187 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(e) |  | 2000000 | 1775 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.875% due 10/09/2027 •(e)(f) |  | 800000 | 974 |
|  8.250% due 03/13/2029 •(e)(f) |  | 4200000 | 5548 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(e) |  | 11900000 | 11193 |
|  5.000% due 12/01/2027 •(e) |  | 4675000 | 4603 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% (H15T5Y + 2.890%) due 12/31/2099 ~ |  | 2000000 | 2065 |
|  6.950% due 02/15/2030 •(e) |  | 12700000 | 13062 |
|  7.000% due 08/15/2034 •(e) |  | 750000 | 799 |
|  7.625% due 11/15/2028 •(e) |  | 7200000 | 7571 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(e) |  | 225000 | 234 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  4.875% due 08/15/2026 •(e) |  | 5000000 | 4890 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% þ(e) |  | 5939725 | 8036 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(e) |  | 10000000 | 9835 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  6.200% due 06/15/2028 •(e) |  | 7000000 | 6979 |
|  7.000% due 09/15/2030 •(e) |  | 2400000 | 2521 |
|  7.750% due 06/15/2029 •(e) |  | 4500000 | 4725 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(e) | 7200000 | 7338 |
|  6.850% due 02/10/2030 •(e) | 1800000 | 1873 |
|  7.500% due 02/10/2029 •(e) | 4200000 | 4472 |
|  7.500% due 05/10/2029 •(e) | 7100000 | 7518 |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
|  6.250% due 10/15/2030 •(e) | 2000000 | 1998 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.200% due 09/01/2026 (e) | 62600 | 1182 |
|  4.625% due 06/01/2026 (e) | 171000 | 3466 |
|  6.500% due 04/01/2030 •(e) | 15700000 | 16271 |
|  6.875% due 06/01/2029 •(e) | 5800000 | 6122 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 (g) | 6100000 | 6833 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  4.750% due 12/15/2025 (e) | 103400 | 2157 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.875% due 01/15/2026 (e) | 112700 | 2417 |
|  6.625% due 10/15/2029 (e) | 129200 | 3348 |
|  7.459% (TSFR3M + 3.422%) due 12/15/2025 ~(e) | 3600000 | 3624 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 35604 | 6211 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(e) | 10500000 | 10195 |
|  6.250% due 03/15/2030 •(e) | 3300000 | 3390 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(e) | 6200000 | 6461 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  8.250% (H15T5Y + 4.044%) due 05/15/2029 ~(e) | 82500 | 2135 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.100% due 03/01/2030 •(e) | 4900000 | 4900 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(e) | 4400000 | 4396 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.250% due 09/15/2026 (e) | 129900 | 2308 |
|  4.750% due 12/15/2025 (e) | 63000 | 1244 |
|  6.850% due 09/15/2029 •(e) | 9900000 | 10425 |
|  7.625% due 09/15/2028 •(e) | 2300000 | 2468 |
|  |  | 264734 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  7.125% due 05/15/2030 •(e) | 9200000 | 9541 |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (d) | 1528000 | 183 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.000% due 09/30/2029 •(e) | 1500000 | 1487 |
|  |  | 11211 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Edison International | Edison International | Edison International | Edison International |
|  5.000% due 12/15/2026 •(e) | 4100000 | $— | 3902 |
|  SCE Trust VII | SCE Trust VII | SCE Trust VII | SCE Trust VII |
|  7.500% due 11/22/2028 (e) | 168700 |  | 3976 |
|  Sempra | Sempra | Sempra | Sempra |
|  4.875% due 10/15/2025 •(e) | 3700000 |  | 3702 |
|  |  |  | 11580 |
|  Total Preferred Securities (Cost $319,561) | Total Preferred Securities (Cost $319,561) |  | 287525 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  4.028% due 10/14/2025 - 01/27/2026 (c)(d)(j) | 3310 |  | 3285 |
| Total Short-Term Instruments<br>(Cost $3,285) | Total Short-Term Instruments<br>(Cost $3,285) |  | 3285 |
| Total Investments in Securities<br>(Cost $783,592) | Total Investments in Securities<br>(Cost $783,592) |  | 785530 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% | INVESTMENTS IN AFFILIATES 6.0% |
| SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% | SHORT-TERM INSTRUMENTS 6.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 5037593 |  | 49061 |
| Total Short-Term Instruments<br>(Cost $49,028) | Total Short-Term Instruments<br>(Cost $49,028) |  | 49061 |
| Total Investments in Affiliates<br>(Cost $49,028) | Total Investments in Affiliates<br>(Cost $49,028) |  | 49061 |
| Total Investments 102.9%<br>(Cost $832,620) | Total Investments 102.9%<br>(Cost $832,620) | $— | 834591 |
|  Financial Derivative<br>Instruments (h)(i) (0.1)%<br> (Cost or Premiums, net $1,004) | Financial Derivative<br>Instruments (h)(i) (0.1)%<br> (Cost or Premiums, net $1,004) |  | (1131) |
| Other Assets and Liabilities, net (2.8)% | Other Assets and Liabilities, net (2.8)% |  | (22569) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 810891 |

---

#### NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Coupon represents a weighted average yield to maturity.

(d) Zero coupon security.

(e) Perpetual maturity; date shown, if applicable, represents next contractual call date.

(f) Contingent convertible security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **157** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 4.560% | 09/12/2025 | 01/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8721) | $(8743) |
|  BRC | 4.150 | 09/19/2025 | TBD<sup>(2)</sup> | (2161) | (2164) |
|  IND | 4.400 | 09/30/2025 | 12/24/2025 | (3042) | (3042) |
|  | 4.640 | 09/16/2025 | 12/16/2025 | (3334) | (3341) |
|  JML | 3.500 | 09/19/2025 | TBD<sup>(2)</sup> | (2307) | (2310) |
|  SCX | 3.250 | 09/19/2025 | TBD<sup>(2)</sup> | (1451) | (1452) |
|  | 3.800 | 09/19/2025 | TBD<sup>(2)</sup> | (1919) | (1922) |
|  SOG | 4.000 | 09/26/2025 | 10/01/2025 | (763) | (764) |
|  | 4.670 | 08/18/2025 | 10/14/2025 | (6330) | (6366) |
|  | 4.670 | 08/20/2025 | 10/14/2025 | (769) | (773) |
|  | 4.740 | 07/15/2025 | 10/08/2025 | (3739) | (3777) |
|  | 4.740 | 08/20/2025 | 10/08/2025 | (4236) | (4259) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38913) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(8743) | $0 | $(8743) | $9375 | $632 |
|  BRC | 0 | (2164) | 0 | (2164) | 2261 | 97 |
|  IND | 0 | (6383) | 0 | (6383) | 7125 | 742 |
|  JML | 0 | (2310) | 0 | (2310) | 2321 | 11 |
|  SCX | 0 | (3374) | 0 | (3374) | 3626 | 252 |
|  SOG | 0 | (15939) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
|  Total Borrowings and Other Financing Transactions | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38913) | $&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 | $(764) | $(8809) | $(6383) | $(16591) | $(32547) |
|  Preferred Securities | 0 | (6366) | 0 | 0 | (6366) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38913) |
|  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  | $(38913) |

---

(g) Securities with an aggregate market value of $41,828 have been pledged as collateral under the terms of the above master agreements as of September 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended September 30, 2025 was $(26741) at a weighted average interest rate of 4.642%. 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. 

---

| | | |
|:---|:---|:---|
| **158** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Long Guilt December Futures  | 12/2025 | 105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12828 | $58 | $55 | $(7) |
|  U.S. Treasury 2-Year Note December Futures  | 12/2025 | 68 | 14171 | (1) | 8 | 0 |
|  U.S. Treasury 5-Year Note December Futures  | 12/2025 | 622 | 67919 | 123 | 17 | (1) |
|  U.S. Treasury Ultra Long-Term Bond December Futures  | 12/2025 | 409 | 49106 | 1249 | 0 | (230) |
|  U.S. Ultra Treasury 10-Year Note December Futures  | 12/2025 | 499 | 57424 | 532 | 0 | (32) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl December Futures  | 12/2025 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13831) | $9 | $0 | $(19) |
|  Euro-Bund December Futures  | 12/2025 | 106 | (16000) | (95) | 4 | (42) |
|  Euro-Buxl 30-Year Bond December Futures  | 12/2025 | 35 | (4704) | (106) | 9 | (44) |
|  Euro-Schatz December Futures  | 12/2025 | 172 | (21603) | 23 | 0 | (4) |
|  U.S. Treasury 10-Year Note December Futures  | 12/2025 | 50 | (5625) | 0 | 1 | 0 |
|  U.S. Treasury Long-Term Bond December Futures  | 12/2025 | 50 | (5830) | (53) | 12 | 0 |
|  |  |  |  | $(222) | $26 | $(109) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 09/17/2027 | 3500 | $24 | $1 | $25 | $0 | $(1) |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 09/17/2030 | 8600 | (42) | (8) | (50) | 12 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 12300 | 259 | (50) | 209 | 0 | (39) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 4170 | 197 | (71) | 126 | 0 | (33) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | $800 | 4 | (7) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 12700 | (271) | 144 | (127) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 35800 | 2483 | (1174) | 1309 | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 5400 | (1285) | (732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2017) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 1000 | (44) | 127 | 83 | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 2100 | (284) | 26 | (258) | 0 | (6) |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.000 | Annual | 03/18/2028 | 10000 | (38) | (10) | (48) | 4 | 0 |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 2610 | 11 | (3) | 8 | 4 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 650 | (10) | (2) | (12) | 0 | (5) |
|  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;1004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1758) | $(754) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485) |

---

Cash of $8,234 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $3 for closed futures is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **159** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 10/2025 | 128255 | $149590 | $0 | $(988) |
|  BRC | 10/2025 | 455 | 615 | 3 | 0 |
|  | 10/2025 | $5952 | 5077 | 9 | 0 |
|  | 11/2025 | 5077 | $5964 | 0 | (9) |
|  | 11/2025 | $615 | 455 | 0 | (3) |
|  CBK | 10/2025 | 1310 | $1781 | 20 | 0 |
|  | 10/2025 | $11745 | 10060 | 67 | (1) |
|  FAR | 10/2025 | 483 | $314 | 0 | (6) |
|  | 10/2025 | $316 | 483 | 4 | 0 |
|  | 11/2025 | 483 | $316 | 0 | (4) |
|  JPM | 10/2025 | 4428 | 5179 | 0 | (20) |
|  | 10/2025 | 150 | 202 | 0 | 0 |
|  | 10/2025 | $7270 | 6216 | 28 | 0 |
|  MBC | 10/2025 | 1700 | $1986 | 0 | (10) |
|  | 10/2025 | 924 | 1249 | 8 | 0 |
|  | 10/2025 | $547 | 467 | 2 | 0 |
|  | 10/2025 | 166 | 124 | 1 | 0 |
|  | 11/2025 | 889 | 660 | 0 | (2) |
|  RYL | 10/2025 | 4 | $5 | 0 | 0 |
|  SCX | 10/2025 | 229 | 306 | 0 | (2) |
|  | 10/2025 | $58010 | 43369 | 317 | 0 |
|  | 11/2025 | 43369 | $58021 | 0 | (316) |
|  | 11/2025 | $306 | 229 | 2 | 0 |
|  SOG | 10/2025 | 132380 | 112568 | 0 | (220) |
|  | 11/2025 | 112568 | $132646 | 220 | 0 |
|  SSB | 10/2025 | 41645 | 56134 | 126 | 0 |
|  | 10/2025 | $1812 | 1344 | 0 | (4) |
|  | 11/2025 | 166 | 124 | 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;807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1585) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of September 30, 2025:

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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 | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(988) | $0 | $0 | $(988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
|  BRC | 12 | 0 | 0 | 12 | (12) | 0 | 0 | (12) | 0 | 0 | 0 |
|  CBK | 87 | 0 | 0 | 87 | (1) | 0 | 0 | (1) | 86 | 0 | 86 |
|  FAR | 4 | 0 | 0 | 4 | (10) | 0 | 0 | (10) | (6) | 0 | (6) |
|  JPM | 28 | 0 | 0 | 28 | (20) | 0 | 0 | (20) | 8 | 0 | 8 |
|  MBC | 11 | 0 | 0 | 11 | (12) | 0 | 0 | (12) | (1) | 0 | (1) |
|  SCX | 319 | 0 | 0 | 319 | (318) | 0 | 0 | (318) | 1 | 0 | 1 |
|  SOG | 220 | 0 | 0 | 220 | (220) | 0 | 0 | (220) | 0 | 0 | 0 |
|  SSB | 126 | 0 | 0 | 126 | (4) | 0 | 0 | (4) | 122 | (310) | (188) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | $&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;807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1585) | $&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;(1585) |  |  |  |

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(j) Securities with an aggregate market value of $1,273 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.

<sup>(1)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

September 30, 2025 (Unaudited)

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $109 | $109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 23 | 23 |
|  | $0 | $0 | $0 | $0 | $132 | $132 |
|  Over the counter | Over the 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 | $807 | $0 | $807 |
|  | $0 | $0 | $0 | $807 | $132 | $939 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | 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 | $379 | $379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 106 | 106 |
|  | $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 | $0 | $1585 | $0 | $1585 |
|  | $&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;1585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(945) | $(945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 187 | 0 | 0 | 667 | 854 |
|  | $0 | $187 | $0 | $0 | $(278) | $(91) |
|  Over the counter | Over the 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 | $(16296) | $0 | $(16296) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16296) | $(278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16387) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(504) | $(504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (692) | (692) |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1196) | $(1196) |
|  Over the counter | Over the 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 | $4649 | $0 | $4649 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $4649 | $(1196) | $3453 |

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See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 161

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Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.) September 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418931 | $300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419231 |
| &nbsp;&nbsp; Industrials | 0 | 18370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | 23570 |
| &nbsp;&nbsp; Utilities | 0 | 49358 | 0 | 49358 |
|  Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 2561 | 0 | 2561 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 18257 | 246477 | 0 | 264734 |
| &nbsp;&nbsp; Industrials | 0 | 11211 | 0 | 11211 |
| &nbsp;&nbsp; Utilities | 3976 | 7604 | 0 | 11580 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3285 | 0 | 3285 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785530 |
|  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 | 49061 | 0 | 0 | 49061 |
|  Total Investments | $71294 | $757797 | $5500 | $834591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>09/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $68 | $61 | $0 | $129 |
|  Over the counter | 0 | 807 | 0 | 807 |
|  | $68 | $868 | $0 | $936 |
|  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 | (116) | (369) | 0 | (485) |
|  Over the counter | 0 | (1585) | 0 | (1585) |
|  | $(116) | $(1954) | $0 | $(2070) |
|  Total Financial Derivative Instruments | $(48) | $(1086) | $0 | $(1134) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833457 |

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There were no significant transfers into or out of Level 3 during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

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------

Notes to Financial Statements September 30, 2025 (Unaudited)

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C, Class C-2 and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

PIMCO Preferred and Capital Securities Fund has established PIMCO Capital Securities Fund (Cayman) Ltd, a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the PIMCO Preferred and Capital Securities Fund. PIMCO also serves as the investment adviser for the Subsidiary. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **163** |

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------

Notes to Financial Statements (Cont.)

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities

held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Diversified Income Fund |  | Daily |  | Monthly |
|  PIMCO ESG Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Spectrum Fund |  | Daily |  | Monthly |
|  PIMCO Long-Term Credit Bond Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Credit Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Income Fund |  | Daily |  | Monthly |
|  PIMCO Credit Opportunities Bond Fund |  | Quarterly |  | Quarterly |
|  PIMCO Preferred and Capital Securities Fund |  | Quarterly |  | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources

---

| | |
|:---|:---|
| **164** | **PIMCO CREDIT BOND FUNDS** |

---

------

September 30, 2025 (Unaudited)

other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for

purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

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

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **165** |

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Notes to Financial Statements (Cont.)

is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options,

futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments 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.

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|:---|:---|
| **166** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (*e.g.,* credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable

inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options 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.

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **167** |

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Notes to Financial Statements (Cont.)

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 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.

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| **168** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to

the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by 'back-solving' if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **169** |

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Notes to Financial Statements (Cont.)

Central Funds are considered to be affiliated with the Funds. PIMCO Credit Opportunities Fund, PIMCO Diversified Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund and PIMCO Preferred and Capital Securities Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $0 | $70131 | $(40300) | $(2) | $13 | $29842 | $728 | $0 |
|  PIMCO Diversified Income Fund | 242178 | 382626 | (420500) | 50 | 77 | 204431 | 5131 | 0 |
|  PIMCO High Yield Fund | 230096 | 837558 | (709800) | (137) | 185 | 357902 | 7545 | 0 |
|  PIMCO High Yield Spectrum Fund | 2812 | 48045 | (49599) | 2 | 0 | 1260 | 146 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 40681 | 897132 | (854400) | 10 | 17 | 83440 | 923 | 0 |
|  PIMCO Low Duration Credit Fund | 3559 | 44019 | (34400) | 2 | 2 | 13182 | 217 | 0 |
|  PIMCO Low Duration Income Fund | 1232613 | 2858567 | (1950208) | (40) | 864 | 2141796 | 42371 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 22683 | 229466 | (203100) | (3) | 15 | 49061 | 964 | 0 |

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#### Investments in PIMCO Senior Loan Active Exchange-Traded Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $39401 | $0 | $(38749) | $(1214) | $562 | $0 | $141 | $0 |
|  PIMCO High Yield Fund | 226705 | 0 | (60282) | (1466) | 3433 | 168390 | 5731 | 0 |

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#### Investments in PIMCO Preferred And Capital Securities Active Exchange-Traded Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>09/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO High Yield Fund | $28765 | $4973 | $0 | $0 | $792 | $34530 | $843 | $0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-

delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own

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| **170** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

operations. Investments in ETFs entail certain risks; in particular, investments in ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **171** |

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Notes to Financial Statements (Cont.)

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be

received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of September 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association

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| **172** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (*i.e.,* not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant

discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for 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.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 173

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Notes to Financial Statements (Cont.)

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Line of Credit The PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund and PIMCO Low Duration Credit Fund entered into a senior unsecured revolving credit agreement with State Street Bank & Trust Company to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Funds pay financing charges based on a combination of an overnight bank funding rate based on a variable rate plus a credit spread. The Funds also pay a fee of 0.25% per annum on the unused commitment amounts. As of September 30, 2025, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest and outstanding borrowings, if any, paid by the Funds is disclosed as part of the interest expense on the Statements of Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statements of Operations.

During the period, there were no borrowings on this line of credit. The maximum available commitment and related fees for the revolving credit agreement are:

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|:---|:---|:---|
| Funds | Maximum<br>Available<br>Commitment | Commitment<br>and Upfront<br>Fees |
|  PIMCO High Yield Fund | $243000000 | $354483 |
|  PIMCO High Yield Spectrum Fund | $10000000 | $14383 |
|  PIMCO Low Duration Credit Fund | $7000000 | $10209 |

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(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

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(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(e) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the

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| **174** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

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.

(f) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended September 30, 2025, the Funds did not participate in the Interfund Lending Program.

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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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **175** |

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Notes to Financial Statements (Cont.)

possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these

options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect a Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future 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.

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| **176** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (*i.e.,* the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the

amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap 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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **177** |

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Notes to Financial Statements (Cont.)

terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular

referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap 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.

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| **178** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br>**Credit<br>Opportunities<br>Bond Fund** | PIMCO<br>Diversified<br>Income Fund | PIMCO<br>ESG<br>Income Fund | PIMCO<br>High Yield<br>Fund | PIMCO<br>High Yield<br>Spectrum Fund | **PIMCO**<br>**Long-Term<br>Credit<br>Bond Fund** | PIMCO<br>Low Duration<br>Credit Fund | PIMCO<br>Low Duration<br>Income Fund | **PIMCO**<br>**Preferred<br>and Capital<br>Securities Fund** |
|  Interest Rate | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X |
|  "Covenant-lite" Obligations |  |  |  |  |  |  | X |  |  |
|  Credit | X | X | X | X | X | X | X | X | X |
|  Capital Securities |  |  |  |  |  |  |  |  | X |
|  Preferred Securities |  |  |  |  |  |  |  |  | X |
|  Concentration in Banking Industries |  |  |  |  |  |  |  |  | X |
|  Contingent Convertible Securities |  |  | X |  |  |  |  | X | X |
|  High Yield | X | X | X | X | X | X | X | X | X |
|  Market | X | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X | X |
|  Equity | X | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X |  | X |  | X |  |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  | X |  |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X | X |
|  Loan | X |  |  |  |  |  | X |  |  |
|  Emerging Markets | X | X | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X |  | X | X |
|  Leveraging | X | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X | X |
|  Subsidiary |  |  |  |  |  |  |  |  | X |
|  Regulation S Securities |  |  |  |  |  |  |  |  | X |
|  Short Exposure | X | X | X | X | X | X | X | X | X |
|  Environmental, Social and Governance |  |  | X |  |  |  |  |  |  |
|  Convertible Securities | X |  |  |  |  |  |  |  |  |
|  Distribution Rate |  |  | X |  |  |  |  | X |  |
|  Turnover | X | X | X |  |  | X |  | X |  |

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|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **179** |

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Notes to Financial Statements (Cont.)

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call

outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

"Covenant-lite" Obligations Risk is the risk that covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Capital Securities Risk is the risk that the value of capital securities, which may be in the form of debt, equity, or a hybrid thereof, issued by U.S. and non-U.S. financial institutions to satisfy their regulatory capital requirements may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Subordinated and hybrid securities in particular are also subject to the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest

rate risk, credit risk, market risk and liquidity risk, and equity investments, any of which could result in losses to the Fund. Changes to regulatory capital requirements or related supervisory guidance may affect the value, ranking, or terms of capital securities. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited or no voting rights, liquidity constraints, interest rate changes, regulatory or tax changes and special redemption or call rights.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of market, credit, call and liquidity risks. 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.

180 PIMCO CREDIT BOND FUNDS

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September 30, 2025 (Unaudited)

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular

industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Loan Risk is the risk that investing in loans exposes a Fund to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a loan prepays or redeems the loan prior to maturity, a Fund

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **181** |

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Notes to Financial Statements (Cont.)

may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent a Fund invests in loans that are covenant-lite obligations, a Fund may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing a Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Regulation S Securities Risk is the risk that Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly,

Regulation S Securities may involve a high degree of business and financial risk and may result in substantial losses.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because a Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, a Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Distribution Rate Risk is the risk that a Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic

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| **182** | **PIMCO CREDIT BOND FUNDS** |

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developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the 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.

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **183** |

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Notes to Financial Statements (Cont.)

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and

cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any

obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of 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.

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| | |
|:---|:---|
| **184** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class C-2 | Class R |
|  PIMCO Credit Opportunities Bond Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup>\* | N/A | 0.45% | 0.45% | N/A | N/A |
|  PIMCO Diversified Income Fund | 0.45% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.45% | 0.45% | N/A | N/A |
|  PIMCO ESG Income Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO High Yield Fund | 0.25% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.40% | 0.40% | N/A | 0.40% |
|  PIMCO High Yield Spectrum Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO Long-Term Credit Bond Fund | 0.30% | 0.25% | 0.35% | N/A | N/A | 0.40% \* | N/A | N/A | N/A |
|  PIMCO Low Duration Credit Fund | 0.40% | 0.30% | 0.40% | N/A | N/A | 0.35% | 0.35% | N/A | N/A |
|  PIMCO Low Duration Income Fund | 0.30% | 0.20% | 0.30% | 0.40% <sup>(2)</sup> | N/A | 0.35% | 0.35% | 0.35% | N/A |
|  PIMCO Preferred and Capital Securities Fund<sup>(1)</sup> | 0.44% | 0.35% | 0.45% | 0.55% <sup>(2)</sup> | N/A | 0.45% | 0.45% | N/A | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the period ended September 30, 2025.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C, Class C-2 and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C, Class C-2 and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Low Duration Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%), 0.50% for Class C-2 shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C, Class C-2 and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C, Class C-2 and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for

providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

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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 Low Duration Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Income Fund | 0.50% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |
|  | **Distribution and/or Servicing Fee** | **Distribution and/or Servicing Fee** |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 0.25% | 0.25% |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **185** |

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Notes to Financial Statements (Cont.)

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 September 30, 2025, the Distributor retained $1,889,208 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker-dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and

indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Fund's Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of September 30, 2025 were as follows (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 ESG Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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186 PIMCO CREDIT BOND FUNDS

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September 30, 2025 (Unaudited)

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of September 30, 2025, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Fund Name | Waived<br>Fees |
|  PIMCO Diversified Income Fund | $5 |
|  PIMCO ESG Income Fund | 2 |
|  PIMCO High Yield Fund | 12 |
|  PIMCO High Yield Spectrum Fund | 0 |
|  PIMCO Low Duration Income Fund | 44 |
|  PIMCO Preferred and Capital Securities Fund | 10 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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(g) Acquired Fund Fees and Expenses The Subsidiary has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $471,793. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund and PIMCO Preferred and Capital Securities Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of

the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended September 30, 2025, the amount waived and/or reimbursed was $14,255 for PIMCO Credit Opportunities Bond Fund and $658,660 for PIMCO High Yield Fund.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 187

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Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended September 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Credit Opportunities Bond Fund | $163955 | $211487 | $169411 | $206287 |
|  PIMCO Diversified Income Fund | 3573619 | 3520786 | 437339 | 378067 |
|  PIMCO ESG Income Fund | 598043 | 592023 | 20614 | 9058 |
|  PIMCO High Yield Fund | 29044 | 423393 | 3248344 | 3510708 |
|  PIMCO High Yield Spectrum Fund | 22493 | 36699 | 158177 | 114486 |
|  PIMCO Long-Term Credit Bond Fund | 2127002 | 2510548 | 198244 | 401004 |
|  PIMCO Low Duration Credit Fund | 4698 | 3200 | 51018 | 58356 |
|  PIMCO Low Duration Income Fund | 58841627 | 56531998 | 2566145 | 1106451 |
|  PIMCO Preferred and Capital Securities Fund | 2400 | 0 | 153738 | 149304 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | |
|:---|:---|
| **188** | **PIMCO CREDIT BOND FUNDS** |

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September 30, 2025 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** |
|  | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2025** | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2025** |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4808 | $46956 | 8828 | $85208 | 14992 | $147535 | 36260 | $351274 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 6767 | 65431 | 8293 | 79778 | 1457 | 14275 | 5372 | 51889 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 136 | 1333 | 1279 | 12365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 177 | 1729 | 285 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 276 | 2695 | 2071 | 20016 | 827 | 8115 | 2112 | 20429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 45 | 424 | 249 | 2364 | 113 | 1116 | 391 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 558 | 5442 | 1065 | 10242 | 7018 | 68981 | 14274 | 137731 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 453 | 4388 | 800 | 7647 | 284 | 2788 | 551 | 5315 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 52 | 513 | 145 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 46 | 451 | 87 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 71 | 695 | 141 | 1352 | 391 | 3840 | 798 | 7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 7 | 71 | 14 | 132 | 47 | 459 | 103 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2533) | (24724) | (6503) | (62781) | (21297) | (206369) | (93547) | (900616) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (3173) | (30630) | (7542) | (72371) | (2364) | (23060) | (5211) | (50312) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (989) | (9561) | (1364) | (13208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (153) | (1482) | (380) | (3663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (630) | (6145) | (1332) | (12858) | (1622) | (15857) | (4402) | (42489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (76) | (730) | (88) | (831) | (369) | (3611) | (993) | (9568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 6573 | $63873 | 5996 | $57898 | (1254) | $(8805) | (44240) | $(423384) |

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SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 189

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Notes to Financial Statements (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **High Yield Spectrum Fund** | **PIMCO**<br> **High Yield Spectrum Fund** |
| **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended <br>09/30/2025**<br> (Unaudited) | **Six Months Ended <br>09/30/2025**<br> (Unaudited) | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **<br>Year Ended**<br> **03/31/2025** | **<br>Year Ended**<br> **03/31/2025** |
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| 5912 | $55693 | 9339 | $87038 | 87720 | $704864 | 186534 | $1498379 | 10619 | $98454 | 31251 | $288868 |
| 1813 | 16975 | 1420 | 13262 | 6353 | 50999 | 7973 | 63929 | 1262 | 11643 | 2552 | 23365 |
| 368 | 3445 | 645 | 6046 | 6832 | 54738 | 988 | 7949 | 124 | 1134 | 18 | 158 |
| N/A | N/A | N/A | N/A | 3368 | 27128 | 4445 | 35686 | N/A | N/A | N/A | N/A |
| 28 | 259 | 76 | 711 | 3594 | 28913 | 8129 | 65009 | 546 | 5057 | 1139 | 10474 |
| 9 | 89 | 25 | 233 | 137 | 1102 | 315 | 2536 | 39 | 362 | 146 | 1355 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 360 | 2899 | 1480 | 11872 | N/A | N/A | N/A | N/A |
| 746 | 7045 | 1386 | 12933 | 23931 | 193142 | 49857 | 399894 | 1182 | 10960 | 1379 | 12658 |
| 104 | 981 | 144 | 1344 | 1123 | 9067 | 2213 | 17746 | 113 | 1057 | 586 | 5339 |
| 27 | 253 | 38 | 353 | 179 | 1452 | 81 | 652 | 5 | 46 | 4 | 38 |
| N/A | N/A | N/A | N/A | 963 | 7773 | 2033 | 16303 | N/A | N/A | N/A | N/A |
| 5 | 51 | 12 | 114 | 1390 | 11217 | 3004 | 24090 | 143 | 1328 | 281 | 2577 |
| 1 | 6 | 1 | 11 | 39 | 317 | 81 | 652 | 14 | 125 | 27 | 243 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 126 | 1017 | 255 | 2046 | N/A | N/A | N/A | N/A |
| (2372) | (22278) | (6400) | (59624) | (164830) | (1315869) | (272248) | (2175529) | (7692) | (70653) | (9655) | (88794) |
| (386) | (3642) | (657) | (6138) | (5168) | (41272) | (13225) | (105801) | (981) | (8934) | (15182) | (140791) |
| (259) | (2435) | (273) | (2563) | (1364) | (10790) | (341) | (2737) | (27) | (247) | (32) | (284) |
| N/A | N/A | N/A | N/A | (3671) | (29500) | (10752) | (86319) | N/A | N/A | N/A | N/A |
| (21) | (200) | (106) | (991) | (6484) | (52067) | (18842) | (151271) | (575) | (5308) | (1399) | (12803) |
| (1) | (13) | (18) | (164) | (260) | (2092) | (631) | (5056) | (80) | (735) | (171) | (1574) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (923) | (7366) | (1278) | (10259) | N/A | N/A | N/A | N/A |
| <br>5974 | $56229 | 5632 | $52565 | (46585) | $(364328) | (49929) | $(390229) | 4692 | $44289 | 10944 | $100829 |

---

190 PIMCO CREDIT BOND FUNDS

------

September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Long-Term Credit Bond Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Credit Fund** | **PIMCO**<br> **Low Duration Credit Fund** |
|  | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Six Months Ended<br>09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 38294 | $333185 | 87689 | $782604 | 2575 | $23195 | 4359 | $39758 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 4449 | 39159 | 19584 | 177408 | 121 | 1104 | 327 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 344 | 3138 | 966 | 8764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 30 | 277 | 75 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 9914 | 86852 | 18263 | 162277 | 400 | 3634 | 799 | 7258 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 509 | 4454 | 1090 | 9699 | 29 | 264 | 55 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 151 | 1369 | 311 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 13 | 119 | 30 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (39885) | (345365) | (104793) | (933957) | (3240) | (29291) | (5033) | (45749) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7733) | (67261) | (21964) | (197988) | (128) | (1147) | (277) | (2512) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (575) | (5218) | (1404) | (12731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (95) | (858) | (190) | (1720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 5548 | $51024 | (131) | $43 | (375) | $(3414) | 18 | $321 |

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SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| SEPTEMBER 30, 2025 191

------

Notes to Financial Statements (Cont.)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Low Duration Income Fund** | **PIMCO**<br> **Preferred and Capital Securities Fund** | **PIMCO**<br> **Preferred and Capital Securities Fund** | **PIMCO**<br> **Preferred and Capital Securities Fund** | **PIMCO**<br> **Preferred and Capital Securities Fund** |
| **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Year Ended**<br> **03/31/2025** | **Year Ended**<br> **03/31/2025** | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Six Months Ended**<br> **09/30/2025**<br> (Unaudited) | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| 228398 | $1865407 | 293533 | $2368351 | 9498 | $88677 | 29095 | $268713 |
| 333497 | 2703717 | 292338 | 2359735 | 3106 | 29111 | 10037 | 93265 |
| 14194 | 115857 | 12538 | 101172 | 974 | 8862 | 2237 | 20614 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 114625 | 936877 | 160097 | 1294190 | 1062 | 9855 | 3026 | 27834 |
| 6936 | 56669 | 10456 | 84444 | 104 | 967 | 510 | 4715 |
| 441 | 3601 | 929 | 7514 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 15563 | 127207 | 27055 | 218337 | 1098 | 10354 | 2779 | 25698 |
| 17152 | 140200 | 27589 | 222535 | 474 | 4453 | 839 | 7740 |
| 582 | 4761 | 874 | 7051 | 106 | 997 | 233 | 2142 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 7526 | 61511 | 12417 | 100198 | 246 | 2302 | 583 | 5356 |
| 651 | 5322 | 1218 | 9830 | 33 | 305 | 63 | 579 |
| 46 | 374 | 77 | 622 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (133465) | (1086542) | (198649) | (1603334) | (7744) | (72780) | (47224) | (437858) |
| (101943) | (830205) | (352385) | (2844998) | (4308) | (40352) | (7075) | (65421) |
| (6984) | (57099) | (8115) | (65387) | (797) | (7388) | (2538) | (23184) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (44180) | (359954) | (95027) | (766970) | (1784) | (16545) | (7331) | (67419) |
| (3484) | (28405) | (7794) | (62910) | (133) | (1233) | (571) | (5225) |
| (122) | (996) | (360) | (2900) | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| <br>449433 | $3658302 | 176791 | $1427480 | 1935 | $17585 | (15337) | $(142451) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of September 30, 2025. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more 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 Credit Opportunities Bond Fund | 3 | 0 | 54% | 0% |
|  PIMCO Diversified Income Fund | 1 | 0 | 31% | 0% |
|  PIMCO ESG Income Fund | 2 | 0 | 71% | 0% |
|  PIMCO High Yield Fund | 2 | 0 | 44% | 0% |
|  PIMCO High Yield Spectrum Fund | 1 | 1 | 27% | 23% |
|  PIMCO Long-Term Credit Bond Fund | 2 | 0 | 37% | 0% |
|  PIMCO Low Duration Credit Fund | 2 | 0 | 57% | 0% |
|  PIMCO Low Duration Income Fund | 1 | 0 | 18% | 0% |
|  PIMCO Preferred and Capital Securities Fund | 3 | 0 | 49% | 0% |

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| | |
|:---|:---|
| **192** | **PIMCO CREDIT BOND FUNDS** |

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------

September 30, 2025 (Unaudited)

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on February 4, 2015, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO Preferred and Capital Securities Fund (the "PCS Fund") in order to effect certain investments for the PCS Fund consistent with the PCS Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The PCS Fund's investment portfolio has been consolidated and includes the portfolio holdings of the PCS Fund and the Subsidiary. The consolidated financial statements include the accounts of the PCS Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PCS Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the PCS Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 16.4% of the PCS Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 September 30, 2025, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended March 31, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Credit Opportunities Bond Fund | $28444 | $27811 |
|  PIMCO Diversified Income Fund | 95757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361444 |
|  PIMCO ESG Income Fund | 1983 | 5434 |
|  PIMCO High Yield Fund | 50424 | 630493 |
|  PIMCO High Yield Spectrum Fund\* | 5028 | 63195 |
|  PIMCO Long-Term Credit Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230528 | 244342 |
|  PIMCO Low Duration Credit Fund\* | 9488 | 80785 |
|  PIMCO Low Duration Income Fund | 516252 | 402302 |
|  PIMCO Preferred and Capital Securities Fund | 88357 | 191926 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **193** |

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------

Notes to Financial Statements (Cont.) September 30, 2025 (Unaudited)

As of September 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Tax<br>Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $519912 | $17928 | $(15044) | $2884 |
|  PIMCO Diversified Income Fund | 3520179 | 102602 | (182456) | (79854) |
|  PIMCO ESG Income Fund | 420455 | 13932 | (16560) | (2628) |
|  PIMCO High Yield Fund | 8269576 | 168640 | (74210) | 94430 |
|  PIMCO High Yield Spectrum Fund | 503939 | 19035 | (12018) | 7017 |
|  PIMCO Long-Term Credit Bond Fund | 4020596 | 96935 | (362102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265167) |
|  PIMCO Low Duration Credit Fund | 151317 | 2332 | (815) | 1517 |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25152720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670625) | 110618 |
|  PIMCO Preferred and Capital Securities Fund | 833624 | 56005 | (54831) | 1174 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for Federal income tax purposes.

---

| | |
|:---|:---|
| **194** | **PIMCO CREDIT BOND FUNDS** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |
| AZD | Australia and New Zealand Banking Group | GST | Goldman Sachs International | NOM | Nomura Securities International, Inc. |
| BNY | Bank of New York Mellon | IND | Crédit Agricole Corporate and Investment Bank S.A. | PER | Pershing LLC |
| BOA | Bank of America N.A. | JML | JP Morgan Securities Plc | RBC | Royal Bank of Canada |
| BOS | BofA Securities, Inc. | JPM | JP Morgan Chase Bank N.A. | RDR | RBC Capital Markets LLC |
| BPS | BNP Paribas S.A. | JPS | J.P. Morgan Securities LLC | RYL | NatWest Markets Plc |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SAL | Citigroup Global Markets, Inc. |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | SCX | Standard Chartered Bank, London |
| CBK | Citibank N.A. | MSC | Morgan Stanley & Co. LLC. | SOG | Societe Generale Paris |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | SSB | State Street Bank and Trust Co. |
| FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC | TOR | The Toronto-Dominion Bank |
| GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. | UAG | UBS AG Stamford |
| GSC | Goldman Sachs & Co. LLC |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | NZD | New Zealand Dollar |
| BRL | Brazilian Real | ILS | Israeli Shekel | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | INR | Indian Rupee | PLN | Polish Zloty |
| CHF | Swiss Franc | JPY | Japanese Yen | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | SGD | Singapore Dollar |
| COP | Colombian Peso | KWD | Kuwaiti Dinar | THB | Thai Baht |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| GBP | British Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| HUF | Hungarian Forint |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| CBOT | Chicago Board of Trade | EUREX | Eurex Exchange | OTC | Over the Counter |
| CME | Chicago Mercantile Exchange |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| BISTREFI | Turkish Lira Overnight Reference Rate | EUR001M | 1 Month EUR Swap Rate | MUTKCALM | Tokyo Overnight Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | EUR003M | 3 Month EUR Swap Rate | PRIME | Daily US Prime Rate |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | EUR006M | 6 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | SONIO | Sterling Overnight Interbank Average Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | H15T5Y | 5 Year US Treasury Yield Curve Constant Maturity Rate | TSFR3M | Term SOFR 3-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | IBR | Indicador Bancario de Referencia | TSFR6M | Term SOFR 6-Month |
| CDX.HY | Credit Derivatives Index - High Yield | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | UKRPI | United Kingdom Retail Prices Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | MSMMUSTF | MSILF Money Market US Treasury Fund Index | US0003M | ICE 3-Month USD LIBOR |
| CMBX | Commercial Mortgage-Backed Index |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |
| ACA | American Capital Access Holding Ltd. |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | OIS | Overnight Index Swap |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| BABs | Build America Bonds | DAC | Designated Activity Company | PRIBOR | Prague Interbank Offered Rate |
| BBR | Bank Bill Rate | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | REIT | Real Estate Investment Trust |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate | REMIC | Real Estate Mortgage Investment Conduit |
| BRL-CDI | Brazil Interbank Deposit Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBA | To-Be-Announced |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | JSC | Joint Stock Company | TBD | To-Be-Determined |
| CBO | Collateralized Bond Obligation | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CDO | Collateralized Debt Obligation | Oat | Obligations Assimilables du Trésor | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **195** |

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------

Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended September 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1187 | $0.0000 | $0.0000 | $0.1187 |
|  September 2025 | $0.1213 | $0.0000 | $0.0000 | $0.1213 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1175 | $0.0000 | $0.0000 | $0.1175 |
|  September 2025 | $0.1191 | $0.0000 | $0.0000 | $0.1191 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.1110 | $0.0000 | $0.0000 | $0.1110 |
|  September 2025 | $0.1108 | $0.0000 | $0.0000 | $0.1108 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  June 2025 | $0.0973 | $0.0000 | $0.0000 | $0.0973 |
|  September 2025 | $0.0929 | $0.0000 | $0.0000 | $0.0929 |
| <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  May 2025 | $0.0482 | $0.0000 | $0.0000 | $0.0482 |
|  June 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
|  July 2025 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
|  August 2025 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  September 2025 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  May 2025 | $0.0473 | $0.0000 | $0.0000 | $0.0473 |
|  June 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  July 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  August 2025 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  September 2025 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |

---

---

| | |
|:---|:---|
| **196** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  May 2025 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |
|  June 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  July 2025 | $0.0454 | $0.0000 | $0.0000 | $0.0454 |
|  August 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  September 2025 | $0.0434 | $0.0000 | $0.0000 | $0.0434 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  May 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  June 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  July 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  August 2025 | $0.0449 | $0.0000 | $0.0000 | $0.0449 |
|  September 2025 | $0.0426 | $0.0000 | $0.0000 | $0.0426 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  May 2025 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  June 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  July 2025 | $0.0433 | $0.0000 | $0.0000 | $0.0433 |
|  August 2025 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
|  September 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0361 | $0.0000 | $0.0000 | $0.0361 |
|  May 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  June 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  July 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  August 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  September 2025 | $0.0354 | $0.0000 | $0.0000 | $0.0354 |
| <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0434 | $0.0000 | $0.0001 | $0.0435 |
|  May 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  June 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  July 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  August 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  September 2025 | $0.0378 | $0.0000 | $0.0000 | $0.0378 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0426 | $0.0000 | $0.0001 | $0.0427 |
|  May 2025 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  June 2025 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  July 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  August 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  September 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **197** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0423 | $0.0000 | $0.0001 | $0.0424 |
|  May 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  June 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  July 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  August 2025 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  September 2025 | $0.0367 | $0.0000 | $0.0000 | $0.0367 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0403 | $0.0000 | $0.0001 | $0.0404 |
|  May 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  June 2025 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  July 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  August 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  September 2025 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0346 | $0.0000 | $0.0001 | $0.0347 |
|  May 2025 | $0.0338 | $0.0000 | $0.0000 | $0.0338 |
|  June 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  July 2025 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  August 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  September 2025 | $0.0291 | $0.0000 | $0.0000 | $0.0291 |
| <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund | <br> PIMCO High Yield Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  May 2025 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  June 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  July 2025 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |
|  August 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  September 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  May 2025 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  June 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  July 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  August 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  September 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  May 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  June 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  July 2025 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  August 2025 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
|  September 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |

---

---

| | |
|:---|:---|
| **198** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  May 2025 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
|  June 2025 | $0.0364 | $0.0000 | $0.0000 | $0.0364 |
|  July 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  August 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  September 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  May 2025 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |
|  June 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  July 2025 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  August 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  September 2025 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  May 2025 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
|  June 2025 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  July 2025 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |
|  August 2025 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
|  September 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
|  May 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  June 2025 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  July 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  August 2025 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  September 2025 | $0.0374 | $0.0000 | $0.0000 | $0.0374 |
| <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0512 | $0.0000 | $0.0000 | $0.0512 |
|  May 2025 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  June 2025 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
|  July 2025 | $0.0524 | $0.0000 | $0.0000 | $0.0524 |
|  August 2025 | $0.0518 | $0.0000 | $0.0000 | $0.0518 |
|  September 2025 | $0.0487 | $0.0000 | $0.0000 | $0.0487 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0505 | $0.0000 | $0.0000 | $0.0505 |
|  May 2025 | $0.0515 | $0.0000 | $0.0000 | $0.0515 |
|  June 2025 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  July 2025 | $0.0516 | $0.0000 | $0.0000 | $0.0516 |
|  August 2025 | $0.0510 | $0.0000 | $0.0000 | $0.0510 |
|  September 2025 | $0.0480 | $0.0000 | $0.0000 | $0.0480 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **199** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0503 | $0.0000 | $0.0000 | $0.0503 |
|  May 2025 | $0.0511 | $0.0000 | $0.0000 | $0.0511 |
|  June 2025 | $0.0456 | $0.0000 | $0.0000 | $0.0456 |
|  July 2025 | $0.0512 | $0.0000 | $0.0000 | $0.0512 |
|  August 2025 | $0.0506 | $0.0000 | $0.0000 | $0.0506 |
|  September 2025 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0486 | $0.0000 | $0.0000 | $0.0486 |
|  May 2025 | $0.0495 | $0.0000 | $0.0000 | $0.0495 |
|  June 2025 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  July 2025 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  August 2025 | $0.0489 | $0.0000 | $0.0000 | $0.0489 |
|  September 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
|  May 2025 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  June 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  July 2025 | $0.0437 | $0.0000 | $0.0000 | $0.0437 |
|  August 2025 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  September 2025 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund | PIMCO Long-Term Credit Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0419 | $0.0000 | $0.0000 | $0.0419 |
|  May 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  June 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  July 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  August 2025 | $0.0436 | $0.0000 | $0.0000 | $0.0436 |
|  September 2025 | $0.0410 | $0.0000 | $0.0000 | $0.0410 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  May 2025 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
|  June 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  July 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  August 2025 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  September 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |

---

---

| | |
|:---|:---|
| **200** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0547 | $0.0000 | $0.0000 | $0.0547 |
|  May 2025 | $0.0630 | $0.0000 | $0.0000 | $0.0630 |
|  June 2025 | $0.0498 | $0.0000 | $0.0000 | $0.0498 |
|  July 2025 | $0.0543 | $0.0000 | $0.0000 | $0.0543 |
|  August 2025 | $0.0578 | $0.0000 | $0.0000 | $0.0578 |
|  September 2025 | $0.0516 | $0.0000 | $0.0000 | $0.0516 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0540 | $0.0000 | $0.0000 | $0.0540 |
|  May 2025 | $0.0622 | $0.0000 | $0.0000 | $0.0622 |
|  June 2025 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  July 2025 | $0.0535 | $0.0000 | $0.0000 | $0.0535 |
|  August 2025 | $0.0570 | $0.0000 | $0.0000 | $0.0570 |
|  September 2025 | $0.0509 | $0.0000 | $0.0000 | $0.0509 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0525 | $0.0000 | $0.0000 | $0.0525 |
|  May 2025 | $0.0606 | $0.0000 | $0.0000 | $0.0606 |
|  June 2025 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
|  July 2025 | $0.0520 | $0.0000 | $0.0000 | $0.0520 |
|  August 2025 | $0.0554 | $0.0000 | $0.0000 | $0.0554 |
|  September 2025 | $0.0495 | $0.0000 | $0.0000 | $0.0495 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0470 | $0.0000 | $0.0000 | $0.0470 |
|  May 2025 | $0.0547 | $0.0000 | $0.0000 | $0.0547 |
|  June 2025 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  July 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  August 2025 | $0.0494 | $0.0000 | $0.0000 | $0.0494 |
|  September 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund | PIMCO Low Duration Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  April 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  May 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  June 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  July 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  August 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  September 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **201** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  May 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  June 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  July 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  August 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  September 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  May 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  June 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  July 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  August 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  September 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  May 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  June 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  July 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  August 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  September 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  April 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  May 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  June 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  July 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  August 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  September 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
| **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)** |
|  April 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  May 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  June 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  July 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  August 2025 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  September 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |

---

---

| | |
|:---|:---|
| **202** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund | PIMCO Preferred and Capital Securities Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1217 | $0.0000 | $0.0000 | $0.1217 |
|  September 2025 | $0.1213 | $0.0000 | $0.0000 | $0.1213 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1199 | $0.0000 | $0.0000 | $0.1199 |
|  September 2025 | $0.1187 | $0.0000 | $0.0000 | $0.1187 |
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1184 | $0.0000 | $0.0000 | $0.1184 |
|  September 2025 | $0.1180 | $0.0000 | $0.0000 | $0.1180 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1153 | $0.0000 | $0.0000 | $0.1153 |
|  September 2025 | $0.1128 | $0.0000 | $0.0000 | $0.1128 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  June 2025 | $0.1018 | $0.0000 | $0.0000 | $0.1018 |
|  September 2025 | $0.0951 | $0.0000 | $0.0000 | $0.0951 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **203** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **204** | **PIMCO CREDIT BOND FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **205** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)

At a meeting held on August 19-20, 2025, the Board of Trustees (the "Board") of PIMCO Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2026. The Board also considered and unanimously approved the Third Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2026. In addition, the Board considered and unanimously approved the renewal of the:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amended and Restated Asset Allocation Sub-Advisory Agreement between PIMCO, on behalf of PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amended and Restated Sub-Advisory Agreement between PIMCO, on behalf of PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund and PIMCO RAE Worldwide Long/Short PLUS Fund, each a series of the Trust, and Research Affiliates (collectively, the "Sub-Advisory Agreements" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements").

Further, the Board considered and unanimously approved the renewal of any investment management agreements between PIMCO and any wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of the Funds (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2026.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the

Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and the Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Fund that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Funds that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Fund that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 19-20, 2025 meeting. The Independent Trustees also met via video conference with Counsel on July 23, 2025, and conducted a video conference meeting on August 13, 2025 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. The

---

| | |
|:---|:---|
| **206** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussions below are intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services, in addition to portfolio management that PIMCO provides to the Funds. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to, for example, investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including recently adopted regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's continuous investment in its disciplines and personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Funds.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to investing in its cybersecurity program and business continuity functions, including the ongoing development of its own proprietary software and applications to support the Funds. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund and the sub-advisory services provided by Research Affiliates to the PIMCO RAE Fundamental Advantage PLUS Fund, PIMCO RAE PLUS Fund, PIMCO RAE PLUS EMG Fund, PIMCO RAE PLUS International Fund, PIMCO RAE PLUS Small Fund, and PIMCO RAE Worldwide Long/Short PLUS Fund. The Board further considered PIMCO's ongoing supervision and oversight of Research Affiliates in connection with Research Affiliates providing asset allocation and/or sub-advisory services. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Sub-Advisory Agreements are likely to continue to benefit the Funds and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Funds and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and long-term periods ended

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **207** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

March 31, 2025 and other performance data, as available, over short**-** and long-term periods ended June 30, 2025 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2025 (the "Broadridge Report").

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group and relevant to the specified index as provided to the Board (the "performance index") in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Fund would have substantially similar performance to that of the Institutional Class of the relevant Fund on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Funds and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Fund performance, but found the comparative information supported its overall evaluation. The Board also noted that the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a better comparison.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relative performance indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2025. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or performance indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to the Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its performance index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary

Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds and classes at scale at the outset with reference to the total expense ratios of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (excluding extraordinary expenses, interest expenses, acquired fund fees and expenses, and certain other items) (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, as well as the universe of other similar funds. In addition, the Board considered the expense limitation agreement in place for all of the Funds and fee waivers in place or proposed for certain of the Funds and/or classes, including those implemented in connection with feedback provided by the Board, and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Funds in their respective Subsidiaries. The Board also considered that PIMCO reviews the Funds' fee levels and considers changes where appropriate.

The Board also reviewed data comparing the Funds' advisory fees to the fee rates PIMCO charged to registered funds (open-end, closed-end and interval), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by

---

| | |
|:---|:---|
| **208** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity and derivatives management, the implementation and compliance of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation and typically involve lower compliance costs; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of Funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO is responsible for providing a broad array of fund supervision and administrative functions, including, but not limited to: compliance oversight and testing, legal services, risk management, technology, shareholder servicing, reporting, business management and executive leadership. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee for each Fund. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various

third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise, such as when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Funds and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Fund fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Funds in prior years. In addition, the Board considered proposed advisory and supervisory and administrative fee reductions for certain Funds and/or classes. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the majority of the Funds' total expense ratios continue to be lower than those of the majority of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds' total expense ratios to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that invest in other investment companies or operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered any fee waiver agreements in place for the Funds of Funds.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **209** |

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------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Cont.)

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, the fees charged by Research Affiliates under the Sub-Advisory Agreements, and the total expense ratios of each Fund are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Funds. To the extent applicable, the Board also reviewed information regarding the portion of a Fund's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Fund. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Funds, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Funds as assets grew, or as assets declined in the case of some Funds, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and

noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also reviewed materials demonstrating the benefits of the unified fee to shareholders during market downturns and/or periods of high volatility. In addition, the Trustees considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Funds' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds' unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. Such benefits also include ancillary benefits to PIMCO or its employees related to service or rate offers in financial firms' other business lines, which can result in PIMCO or its employees having access to more favorable products or rates. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds' Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street, and its recent strategic managed service arrangement with a third-party consultant. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

---

| | |
|:---|:---|
| **210** | **PIMCO CREDIT BOND FUNDS** |

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------

(Unaudited)

7. CONCLUSIONS

Based on their review, including the comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements and the Subsidiary Agreements, as well as the fees charged to Research Affiliates by PIMCO under the Sub-Advisory Agreements on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Funds and their shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | SEPTEMBER 30, 2025 | **211** |

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g920202g75h91.jpg)

PIMSCRBONDFSTMSAR_093025

------

**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** <br>

------

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports. |
| (a)(2) | Not applicable to the Registrant. |
| (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d931311dex99cert.htm) |

---

------

---

| | |
|:---|:---|
| (a)(4) | Not applicable to the Registrant. |
| (a)(5) | There was no change in the Registrant's independent public accountant for the period covered by the report. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d931311dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
|  Date: | December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | December 4, 2025 |
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | December 4, 2025 |

---

## 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;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | December 4, 2025<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;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | December 4, 2025<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 | By: | /s/ Bijal Y. Parikh |
|  Name: | Joshua D. Ratner | Name: | Bijal Y. Parikh |
|  Title:<br>| President (Principal Executive Officer)<br>| Title:<br>| Treasurer (Principal Financial & Accounting Officer)<br>|
|  Date:<br>| December 4, 2025<br>| Date:<br>| December 4, 2025<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.