Consolidated Schedule of Investments PIMCO Access Income Fund

March 31, 2025 (Unaudited)

 

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 157.1% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 32.5%

 

 

 

 

Aligned Data Centers International LP
7.799% due 05/16/2028 «~

$

3,400

$

3,410

Altice France SA
9.802% due 08/15/2028

 

992

 

892

AP Core Holdings LLC
9.939% due 09/01/2027

 

1,844

 

1,671

Bausch Health Cos., Inc.
TBD% due 09/25/2030

 

2,800

 

2,698

Central Parent, Inc.
7.549% due 07/06/2029 ~

 

6,683

 

5,756

CIRCOR International, Inc.
TBD% due 06/20/2029 «µ

 

166

 

169

Clover Holdings 2 LLC

 

 

 

 

TBD% due 12/10/2029 ~µ

 

846

 

833

8.295% due 12/09/2031

 

6,000

 

5,944

Clover Holdings SPV III LLC
15.000% due 12/09/2027

 

239

 

244

Comexposium

 

 

 

 

1.138% - 4.414% due 10/16/2031 «•

EUR

3,392

 

4,273

4.969% (EUR012M + 4.000%) due 03/28/2026 «~

 

13,232

 

16,669

4.969% due 03/28/2026 «•

 

5,476

 

6,898

CoreWeave Compute Acquisition Co. LLC

 

 

 

 

TBD% - 10.322% due 05/16/2029 «µ

$

10,000

 

10,045

13.908% - 13.950% due 06/30/2028«

 

2,888

 

3,039

Databricks, Inc.

 

 

 

 

TBD% due 01/03/2031 «µ

 

362

 

365

8.823% due 01/03/2031 «

 

1,638

 

1,650

Envision Healthcare Corp.

 

 

 

 

11.152% due 07/20/2026 «

 

99

 

99

12.277% due 11/03/2028 «

 

13,599

 

13,803

Espai Barca Fondo De Titulizacion
TBD% - 5.000% (Euribor 6MO) due 06/30/2028 «~

EUR

3,261

 

4,100

First Brands Group LLC
9.552% due 03/30/2027 ~

$

1,064

 

991

Forward Air Corp.
8.791% due 12/19/2030 ~

 

3,092

 

3,009

Galaxy U.S. Opco, Inc.

 

 

 

 

9.041% - 9.291% due 07/31/2030 ~

 

1,495

 

1,265

9.041% - 9.291% due 07/31/2030

 

2,093

 

1,770

Gateway Casinos & Entertainment Ltd.
10.545% due 12/18/2030

 

2,540

 

2,572

Gray Television, Inc.
9.573% due 06/04/2029 ~

 

1,191

 

1,155

Harp Finco Ltd.
TBD% - 9.956% due 01/30/2032 «

GBP

2,319

 

2,936

iHeartCommunications, Inc.
10.209% due 05/01/2029

$

2,830

 

2,308

Ivanti Software, Inc.
8.817% due 12/01/2027 «~

 

4,676

 

3,614

J&J Ventures Gaming LLC
9.439% due 04/26/2028 «~

 

1,164

 

1,174

Level 3 Financing, Inc.
TBD% due 03/27/2032

 

400

 

396

Lifepoint Health, Inc.
8.052% due 05/17/2031 ~

 

2,964

 

2,881

Lumen Technologies, Inc.
6.789% due 04/15/2030

 

5,642

 

5,430

MPH Acquisition Holdings LLC

 

 

 

 

8.037% due 12/31/2030

 

138

 

137

9.149% due 12/31/2030

 

1,142

 

943

Newfold Digital
7.929% due 02/10/2028 «~

 

2,593

 

1,932

Ocs Group Holdings Ltd.
10.450% due 11/27/2031 ~

GBP

5,550

 

7,165

Peraton Corp.
8.175% due 02/01/2028

$

3,901

 

3,481

Polaris Newco LLC
8.302% due 06/02/2028 ~

 

200

 

192

Poseidon Bidco SASU
7.355% (EUR003M + 5.000%) due 03/13/2030 ~

EUR

3,600

 

2,752

Promotora de Informaciones SA

 

 

 

 

7.714% (EUR003M + 4.970%) due 06/30/2026 «~

 

11,200

 

12,111

7.964% (EUR003M + 5.220%) due 12/31/2026 ~

 

3,208

 

3,425

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

PURIS LLC
10.049% - 10.055% due 06/30/2031 «

$

1,956

 

1,963

SCUR-Alpha 1503 GmbH

 

 

 

 

8.112% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,400

 

2,517

9.791% due 03/29/2030 ~

$

3,725

 

3,482

Spruce Bidco, Inc.

 

 

 

 

TBD% due 01/30/2032 «µ

 

260

 

256

6.000% due 02/02/2032 «

JPY

22,306

 

147

7.723% due 01/30/2032 «

CAD

209

 

143

9.325% due 01/30/2032 «

$

1,152

 

1,138

Steenbok Lux Finco 2 SARL

 

 

 

 

10.000% due 06/30/2026

EUR

5,068

 

907

10.000% due 06/30/2026 •

 

21,669

 

8,226

10.000% due 06/30/2026 ~

 

2,748

 

819

Subcalidora 2 SARL
8.105% (EUR003M + 5.750%) due 08/14/2029 «~

 

6,400

 

6,955

Syniverse Holdings, Inc.
11.299% due 05/13/2027

$

9,254

 

9,107

Team Health Holdings, Inc.
9.541% due 03/02/2027 ~

 

1,496

 

1,461

The Stepstone Group MidCo 2 GMBH

 

 

 

 

TBD% due 12/04/2031 ~

EUR

7,000

 

7,550

TBD% due 12/04/2031 ~

$

1,300

 

1,285

Transnet SOC Ltd.
11.558% (JIBA3M + 4.000%) due 03/02/2028 «~

ZAR

37,343

 

2,016

U.S. Renal Care, Inc.
9.439% due 06/20/2028 ~

$

21,364

 

19,980

Unicorn Bay
13.000% due 12/31/2026 «

HKD

50,070

 

6,467

Veritas U.S., Inc.
16.799% due 12/09/2029

$

121

 

122

X Corp.
10.949% due 10/26/2029 ~

 

7,100

 

7,064

Total Loan Participations and Assignments (Cost $231,628)

 

 

 

225,802

CORPORATE BONDS & NOTES 29.1%

 

 

 

 

BANKING & FINANCE 7.4%

 

 

 

 

ADLER Real Estate GmbH
3.000% due 04/27/2026 (i)

EUR

1,200

 

1,271

Alamo Re Ltd.
15.542% due 06/08/2026 ~

$

300

 

315

Armor Holdco, Inc.
8.500% due 11/15/2029 (i)

 

4,200

 

4,083

Azule Energy Finance PLC
8.125% due 01/23/2030 (i)

 

1,400

 

1,404

BOI Finance BV
7.500% due 02/16/2027 (i)

EUR

4,000

 

4,331

Cape Lookout Re Ltd.
12.282% due 04/05/2027 •

$

800

 

822

Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)
8.000% due 12/31/2026 (b)

EUR

490

 

214

East Lane Re Ltd.
13.542% due 03/31/2026 ~

$

250

 

252

Everglades Re Ltd.

 

 

 

 

14.792% due 05/13/2031 •

 

300

 

317

15.792% due 05/13/2031 •

 

300

 

317

17.042% due 05/13/2027 •

 

300

 

315

GN Bondco LLC
9.500% due 10/15/2031 (i)

 

3,630

 

3,635

Greengrove RE Ltd.
12.042% due 04/08/2032 •

 

250

 

251

Hestia Re Ltd.
14.362% due 04/22/2025 ~

 

939

 

887

Integrity Re Ltd.

 

 

 

 

21.292% due 06/08/2026 •

 

400

 

431

27.292% due 06/08/2026 ~

 

400

 

415

Integrity RE Ltd.
29.782% due 06/06/2027 ~

 

250

 

249

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025 (i)

EUR

316

 

337

Long Walk Reinsurance Ltd.
14.032% due 01/30/2031 •

$

800

 

813

Nature Coast Re Ltd.
14.032% (T-BILL 3MO + 9.750%) due 04/10/2029 ~(a)

 

250

 

250

Polestar Re Ltd.

 

 

 

 

14.792% due 01/07/2028 •

 

300

 

310

17.542% due 01/07/2027 •

 

800

 

828

Sanders Re Ltd.
17.292% due 04/09/2029 •

 

1,815

 

1,806

Titanium 2l Bondco SARL
6.250% due 01/14/2031 (i)

EUR

18,731

 

6,327

Torrey Pines Re Ltd.

 

 

 

 

10.282% due 06/07/2032 •

$

250

 

261

11.532% due 06/07/2027 •

 

250

 

263

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

Uniti Group LP

 

 

 

 

6.000% due 01/15/2030 (i)

 

8,400

 

7,281

6.500% due 02/15/2029 (i)

 

7,325

 

6,590

10.500% due 02/15/2028 (i)

 

2,556

 

2,717

Ursa Re Ltd.

 

 

 

 

11.782% due 02/22/2028 ~

 

400

 

405

13.542% due 12/07/2028 •

 

900

 

954

Veraison Re Ltd.
16.824% due 03/10/2031 •

 

700

 

745

Winston RE Ltd.
16.032% due 02/26/2031 •

 

700

 

735

Yosemite Re Ltd.
14.887% due 06/06/2025 ~

 

980

 

993

 

 

 

 

51,124

INDUSTRIALS 17.8%

 

 

 

 

Altice France Holding SA
10.500% due 05/15/2027

 

17,600

 

5,168

Altice France SA

 

 

 

 

3.375% due 01/15/2028

EUR

3,600

 

3,103

4.125% due 01/15/2029

 

100

 

86

5.125% due 01/15/2029

$

200

 

157

5.125% due 07/15/2029

 

3,500

 

2,747

5.500% due 01/15/2028

 

1,600

 

1,281

5.500% due 10/15/2029

 

2,300

 

1,826

8.125% due 02/01/2027

 

400

 

358

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (i)

EUR

3,400

 

3,716

12.250% due 03/30/2029 (i)

$

3,100

 

3,189

B.C. Ltd.
10.000% due 04/15/2032 (a)

 

1,000

 

995

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (b)(i)

 

1,937

 

2,119

Central Parent LLC
8.000% due 06/15/2029 (i)

 

2,000

 

1,757

Central Parent, Inc.
7.250% due 06/15/2029 (i)

 

2,200

 

1,906

Cheplapharm Arzneimittel GmbH

 

 

 

 

4.375% due 01/15/2028

EUR

900

 

889

5.500% due 01/15/2028 (i)

$

3,200

 

2,867

7.500% due 05/15/2030

EUR

1,100

 

1,100

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

$

4,820

 

4,434

5.750% due 12/01/2028

 

17,600

 

14,876

Ecopetrol SA

 

 

 

 

7.750% due 02/01/2032 (i)

 

11,300

 

11,100

8.375% due 01/19/2036

 

240

 

234

8.875% due 01/13/2033 (i)

 

500

 

516

ELO SACA
3.250% due 07/23/2027 (i)

EUR

3,400

 

3,496

Incora Intermediate LLC
0.000% due 01/31/2030 «

$

2,314

 

2,314

Incora Top Holdco LLC
0.000% due 01/30/2033 ^«(c)(h)

 

1,720

 

2,485

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (i)

 

6,800

 

6,477

JetBlue Airways Corp.
9.875% due 09/20/2031 (i)

 

2,730

 

2,697

MPH Acquisition Holdings LLC
5.750% due 12/31/2030

 

3,100

 

2,251

MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK)
11.500% due 12/31/2030 (b)

 

600

 

522

Newfold Digital Holdings Group, Inc.

 

 

 

 

6.000% due 02/15/2029 «

 

4,100

 

2,460

11.750% due 10/15/2028 «

 

765

 

627

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (i)

 

1,978

 

1,740

6.840% due 01/23/2030 (i)

 

800

 

734

8.750% due 06/02/2029 (i)

 

1,489

 

1,489

Prime Healthcare Services, Inc.
9.375% due 09/01/2029 (i)

 

3,400

 

3,212

ProFrac Holdings LLC
11.538% due 01/23/2029 ~(i)

 

2,861

 

2,961

Rivian Holdings LLC
10.502% due 10/15/2026 ~(i)

 

3,400

 

3,430

Thames Water Utilities Finance PLC

 

 

 

 

1.250% due 01/31/2032

EUR

100

 

79

2.625% due 01/24/2032

GBP

100

 

94

4.375% due 01/18/2031

EUR

100

 

80

5.125% due 09/28/2037

GBP

200

 

192

7.750% due 04/30/2044

 

400

 

402

Thames Water Utilities Ltd.
0.000% due 03/22/2027 (f)

 

7

 

7

U.S. Renal Care, Inc.
10.625% due 06/28/2028

$

4,470

 

3,822

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

Ubisoft Entertainment SA
0.878% due 11/24/2027

EUR

1,800

 

1,762

Vale SA
0.000% due 12/29/2049 ~(g)

BRL

10,300

 

619

Venture Global LNG, Inc.

 

 

 

 

9.500% due 02/01/2029 (i)

$

3,008

 

3,227

9.875% due 02/01/2032 (i)

 

1,580

 

1,679

Viridien

 

 

 

 

8.500% due 10/15/2030

EUR

2,100

 

2,332

8.750% due 04/01/2027

$

1,267

 

1,295

10.000% due 10/15/2030

 

1,700

 

1,744

Wayfair LLC
7.750% due 09/15/2030

 

200

 

194

Windstream Services LLC
8.250% due 10/01/2031

 

2,100

 

2,140

Xerox Corp.

 

 

 

 

10.250% due 10/15/2030 (a)

 

400

 

398

13.500% due 04/15/2031 (a)

 

500

 

479

Yinson Boronia Production BV
8.947% due 07/31/2042 (i)

 

1,289

 

1,361

YPF SA
8.250% due 01/17/2034

 

400

 

396

 

 

 

 

123,621

UTILITIES 3.9%

 

 

 

 

Edison International
6.250% due 03/15/2030

 

200

 

203

Oi SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)
10.000% due 06/30/2027 (b)(i)

 

16,024

 

13,401

Oi SA (8.500% PIK)
8.500% due 12/31/2028 (b)

 

34,306

 

3,602

Peru LNG SRL
5.375% due 03/22/2030 (i)

 

8,819

 

8,191

Yinson Production Financial Services Pte. Ltd.
9.625% due 05/03/2029

 

1,600

 

1,674

 

 

 

 

27,071

Total Corporate Bonds & Notes (Cost $241,909)

 

 

 

201,816

U.S. GOVERNMENT AGENCIES 6.2%

 

 

 

 

Freddie Mac

 

 

 

 

4.500% due 02/25/2059 ~(i)

 

8,981

 

8,437

4.500% due 11/25/2061 •(i)

 

5,900

 

4,974

4.750% due 08/25/2058 •(i)

 

8,337

 

8,042

8.090% due 02/25/2042 ~(i)

 

1,900

 

1,966

9.090% due 02/25/2042 ~(i)

 

1,200

 

1,255

9.840% due 01/25/2034 •(i)

 

900

 

1,041

11.440% due 01/25/2042 ~

 

2,000

 

2,130

11.840% due 10/25/2041 •(i)

 

7,400

 

7,881

12.140% due 11/25/2041 •(i)

 

6,229

 

6,689

12.840% due 02/25/2042 ~(i)

 

800

 

865

Total U.S. Government Agencies (Cost $41,891)

 

 

 

43,280

NON-AGENCY MORTGAGE-BACKED SECURITIES 35.5%

 

 

 

 

225 Liberty Street Trust
4.649% due 02/10/2036 ~(i)

 

14,239

 

12,613

245 Park Avenue Trust
3.657% due 06/05/2037 ~(i)

 

2,680

 

2,503

Ashford Hospitality Trust
7.592% due 04/15/2035 •(i)

 

14,536

 

14,520

Banc of America Funding Trust
6.500% due 07/25/2047

 

834

 

638

Barclays Commercial Mortgage Securities Trust
3.688% due 02/15/2053 •(i)

 

4,785

 

3,218

Barclays Commercial Real Estate Trust
4.563% due 08/10/2033 •(i)

 

5,370

 

3,667

BCAP LLC Trust

 

 

 

 

1.356% due 11/27/2036 ~

 

38,346

 

8,191

3.995% due 04/25/2038 ~(i)

 

3,179

 

2,475

Beast Mortgage Trust

 

 

 

 

7.884% due 03/15/2036 •(i)

 

6,750

 

4,030

8.884% due 03/15/2036 ~

 

2,500

 

1,320

9.820% due 02/15/2037 ~(i)

 

8,800

 

2,474

10.820% due 02/15/2037 ~

 

1,500

 

342

Benchmark Mortgage Trust
3.440% due 08/15/2052 ~(i)

 

9,600

 

9,275

Beneria Cowen & Pritzer Collateral Funding Corp.
8.072% due 06/15/2038 •(i)

 

5,500

 

1,176

BMO Mortgage Trust

 

 

 

 

3.269% due 02/17/2055 ~(i)

 

9,615

 

8,488

3.939% due 02/17/2055 ~(i)

 

11,000

 

7,916

Canada Square Funding PLC
7.930% due 12/17/2057 ~•(i)

GBP

2,000

 

2,584

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

Colony Mortgage Capital Ltd.

 

 

 

 

6.704% due 11/15/2038 •(i)

$

2,300

 

2,182

7.400% due 11/15/2038 ~(i)

 

3,400

 

3,064

COLT Mortgage Loan Trust
4.669% due 03/25/2067 •(i)

 

7,200

 

6,872

Connecticut Avenue Securities Trust

 

 

 

 

9.590% due 03/25/2042 ~(i)

 

2,000

 

2,127

10.340% due 10/25/2041 •(i)

 

4,755

 

4,957

13.840% due 03/25/2042 ~(i)

 

5,200

 

5,833

Countrywide Home Loan Mortgage Pass-Through Trust
6.500% due 01/25/2038 (i)

 

14,061

 

6,271

Credit Suisse Mortgage Capital Mortgage-Backed Trust
7.744% due 07/15/2032 ~(i)

 

12,000

 

11,978

DOLP Trust
3.704% due 05/10/2041 •(i)

 

14,250

 

8,881

Extended Stay America Trust
8.133% due 07/15/2038 ~(i)

 

10,108

 

10,121

GSMSC Resecuritization Trust
5.044% due 11/26/2037 ~(i)

 

13,038

 

12,243

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

6.667% due 12/15/2031 ~(i)

 

5,211

 

5,036

6.874% due 06/15/2038 ~(i)

 

3,276

 

2,930

7.534% due 03/15/2036 ~(i)

 

2,000

 

942

8.074% due 06/15/2038 ~

 

250

 

190

8.284% due 03/15/2036 ~(i)

 

19,256

 

7,738

9.284% due 03/15/2036 ~

 

1,325

 

207

MRCD Mortgage Trust
2.718% due 12/15/2036 (i)

 

16,198

 

9,235

New Orleans Hotel Trust
7.056% due 04/15/2032 ~(i)

 

12,700

 

12,201

New Residential Mortgage Loan Trust
3.851% due 11/25/2059 •

 

15,500

 

8,112

SFO Commercial Mortgage Trust

 

 

 

 

6.833% due 05/15/2038 •

 

340

 

325

7.333% due 05/15/2038 •(i)

 

6,500

 

5,873

Stratton Hawksmoor PLC

 

 

 

 

6.464% due 02/25/2053 •(i)

GBP

3,800

 

4,854

7.214% due 02/25/2053 •(i)

 

8,379

 

10,663

Uropa Securities PLC
4.132% due 10/10/2040 •(i)

EUR

2,640

 

2,559

WaMu Mortgage Pass-Through Certificates Trust
5.335% due 10/25/2045 •(i)

$

7,445

 

6,328

Wells Fargo Commercial Mortgage Trust

 

 

 

 

3.860% due 09/15/2031 ~(i)

 

1,500

 

1,458

4.928% due 12/15/2039 ~(i)

 

8,600

 

7,657

Total Non-Agency Mortgage-Backed Securities (Cost $293,508)

 

 

 

246,267

ASSET-BACKED SECURITIES 33.9%

 

 

 

 

AUTOMOBILE ABS OTHER 0.9%

 

 

 

 

Ally Bank Auto Credit-Linked Notes Trust
6.315% due 05/17/2032

 

349

 

355

Flagship Credit Auto Trust
0.000% due 06/15/2029 «(f)

 

25

 

50

Huntington Bank Auto Credit-Linked Notes Trust
6.944% due 10/20/2032 ~

 

782

 

785

Santander Bank Auto Credit-Linked Notes

 

 

 

 

6.110% due 06/15/2032

 

964

 

975

7.762% due 06/15/2032

 

964

 

969

10.171% due 06/15/2032

 

1,248

 

1,278

13.030% due 06/15/2032

 

1,446

 

1,452

 

 

 

 

5,864

AUTOMOBILE SEQUENTIAL 0.7%

 

 

 

 

CPS Auto Securitization Trust
11.000% due 06/16/2032 «

 

5,000

 

5,011

HOME EQUITY OTHER 20.3%

 

 

 

 

ACE Securities Corp. Home Equity Loan Trust

 

 

 

 

4.855% due 04/25/2036 •(i)

 

24,347

 

18,790

4.875% due 08/25/2036 •(i)

 

20,969

 

4,816

Aegis Asset-Backed Securities Trust
5.410% due 06/25/2035 •(i)

 

4,500

 

1,312

Bear Stearns Asset-Backed Securities Trust
5.485% due 07/25/2034 ~(i)

 

4,249

 

4,402

BNC Mortgage Loan Trust
4.725% due 05/25/2037 ~(i)

 

16,250

 

13,640

Countrywide Asset-Backed Certificates Trust

 

 

 

 

4.695% due 06/25/2047 ~(i)

 

15,065

 

11,992

4.810% due 06/25/2047 ~(i)

 

10,494

 

9,076

4.930% due 03/25/2037 ~(i)

 

11,373

 

11,846

5.405% due 08/25/2047 •(i)

 

2,000

 

1,725

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

GSAMP Trust

 

 

 

 

4.855% due 05/25/2046 ~(i)

 

10,741

 

8,856

5.380% due 07/25/2045 ~(i)

 

15,226

 

11,820

HSI Asset Securitization Corp. Trust
5.245% due 12/25/2035 ~(i)

 

13,243

 

10,596

IndyMac Residential Asset Backed Trust
5.350% due 10/25/2035 ~(i)

 

11,200

 

9,956

Long Beach Mortgage Loan Trust
6.010% due 02/25/2035 ~(i)

 

10,158

 

8,669

Merrill Lynch Mortgage Investors Trust
5.485% due 04/25/2036 •(i)

 

5,977

 

5,066

Saxon Asset Securities Trust
4.725% due 01/25/2047 ~(i)

 

1,711

 

1,668

Structured Asset Securities Corp. Mortgage Loan Trust
5.860% due 02/25/2036 ~(i)

 

6,876

 

6,543

 

 

 

 

140,773

WHOLE LOAN COLLATERAL 5.1%

 

 

 

 

First Franklin Mortgage Loan Trust
4.745% due 10/25/2036 ~(i)

 

15,000

 

12,143

PRET LLC
6.170% due 07/25/2051 þ(i)

 

11,600

 

11,594

PRPM LLC
9.291% due 02/25/2027 þ(i)

 

3,039

 

3,041

Securitized Asset-Backed Receivables LLC Trust
5.035% due 11/25/2035 ~(i)

 

5,481

 

4,601

Specialty Underwriting & Residential Finance Trust
6.235% due 12/25/2035 ~(i)

 

4,650

 

4,321

 

 

 

 

35,700

OTHER ABS 6.9%

 

 

 

 

College Avenue Student Loans LLC

 

 

 

 

0.000% due 06/25/2054 «(f)

 

5

 

2,692

6.610% due 06/25/2054 «

 

635

 

642

8.660% due 06/25/2054 «

 

914

 

949

Cologix Canadian Issuer LP
7.740% due 01/25/2052

CAD

5,400

 

3,633

Deer Park CLO DAC
0.000% due 10/15/2034 ~

EUR

4,000

 

2,617

Duke Funding Ltd.
2.891% due 04/08/2039 ~(i)

$

125,567

 

9,704

GreenSky Home Improvement Trust
7.330% due 06/25/2059

 

500

 

515

LendingPoint Pass-Through Trust

 

 

 

 

0.000% due 04/15/2028 «(f)

 

7,600

 

940

0.000% due 05/15/2028 «(f)

 

7,554

 

896

RR 1 Ltd.
0.000% due 07/15/2117 •

 

3,200

 

612

RR 17 Ltd.
0.000% due 07/15/2034 ~

 

4,000

 

2,069

RR 7 Ltd.
0.000% due 01/15/2120 ~

 

14,600

 

6,232

SMB Private Education Loan Trust

 

 

 

 

0.000% due 11/16/2054 «(f)

 

9

 

7,921

0.000% due 02/16/2055 «(f)

 

5

 

4,690

5.950% due 02/16/2055 (i)

 

3,629

 

3,592

 

 

 

 

47,704

Total Asset-Backed Securities (Cost $275,726)

 

 

 

235,052

SOVEREIGN ISSUES 6.3%

 

 

 

 

Avenir Issuer Ireland DAC
6.000% due 10/25/2027

 

3,100

 

2,928

Dominican Republic International Bond
10.500% due 03/15/2037 (i)

DOP

427,900

 

6,940

Egypt Government International Bond
6.375% due 04/11/2031 (i)

EUR

1,800

 

1,653

El Salvador Government International Bond

 

 

 

 

9.250% due 04/17/2030 (i)

$

2,600

 

2,714

9.650% due 11/21/2054 (i)

 

1,500

 

1,506

Republic of Kenya Government International Bond
9.500% due 03/05/2036

 

600

 

551

Romania Government International Bond

 

 

 

 

5.250% due 03/10/2030

EUR

1,700

 

1,853

5.875% due 07/11/2032 (a)

 

5,600

 

6,015

6.250% due 09/10/2034

 

6,300

 

6,763

Russia Government International Bond

 

 

 

 

5.625% due 04/04/2042

$

8,800

 

6,160

5.875% due 09/16/2043

 

200

 

137

Turkey Government International Bond

 

 

 

 

44.165% due 09/06/2028 ~

TRY

240,100

 

5,953

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

45.031% due 05/17/2028 ~

 

27,900

 

695

Total Sovereign Issues (Cost $40,954)

 

 

 

43,868

 

 

SHARES

 

 

COMMON STOCKS 11.2%

 

 

 

 

COMMUNICATION SERVICES 1.8%

 

 

 

 

Oi SA (d)

 

6,837,091

 

1,198

Syniverse Holdings, Inc. «(h)

 

11,328,017

 

11,020

 

 

 

 

12,218

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine «(d)(h)

 

8,371

 

53

CONSUMER STAPLES 0.0%

 

 

 

 

Steinhoff International Holdings NV «(d)(h)

 

39,030,044

 

0

FINANCIALS 1.2%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

1,073,500

 

8,476

MNEQ Holdings, Inc. «(d)(h)

 

3,863

 

17

 

 

 

 

8,493

HEALTH CARE 4.9%

 

 

 

 

Amsurg Equity «(d)(h)

 

718,727

 

33,602

INDUSTRIALS 3.3%

 

 

 

 

Clover Holdings, Inc. «(d)(h)

 

12,441

 

212

Incora New Equity «(d)(h)

 

80,167

 

2,865

Market Garden Dogwood LLC «(h)

 

19,000,000

 

19,968

 

 

 

 

23,045

Total Common Stocks (Cost $66,531)

 

 

 

77,411

WARRANTS 0.0%

 

 

 

 

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/11/2028

 

14,259

 

0

Total Warrants (Cost $0)

 

 

 

0

PREFERRED SECURITIES 1.3%

 

 

 

 

BANKING & FINANCE 0.1%

 

 

 

 

ADLER Group SA «

 

3,298,852

 

0

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(g)(i)

 

728,525

 

886

 

 

 

 

886

INDUSTRIALS 1.2%

 

 

 

 

Atlas Re Ltd. «

 

59

 

5,900

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (f)

 

19,600

 

0

11.000% due 11/07/2032

 

4,403

 

2,158

 

 

 

 

8,058

Total Preferred Securities (Cost $9,428)

 

 

 

8,944

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

SHORT-TERM INSTRUMENTS 1.1%

 

 

 

 

U.S. TREASURY BILLS 1.1%

 

 

 

 

4.294% due 04/17/2025 - 06/05/2025 (e)(f)(l)

$

7,557

 

7,511

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

Total Short-Term Instruments (Cost $7,512)

 

 

 

7,511

Total Investments in Securities (Cost $1,209,087)

 

 

 

1,089,951

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 8.3%

 

 

 

 

SHORT-TERM INSTRUMENTS 8.3%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.3%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

5,945,525

 

57,874

Total Short-Term Instruments (Cost $57,849)

 

 

 

57,874

Total Investments in Affiliates (Cost $57,849)

 

 

 

57,874

Total Investments 165.4% (Cost $1,266,936)

 

 

$

1,147,825

Financial Derivative Instruments (j)(k) (0.6)%(Cost or Premiums, net $14,229)

 

 

 

(4,403)

Other Assets and Liabilities, net (64.8)%

 

 

 

(449,478)

Net Assets 100.0%

 

 

$

693,944

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

 

NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

¤

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.

^

Security is in default.

«

Security valued using significant unobservable inputs (Level 3).

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.

~

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•

Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ

Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

When-issued security.

(b)

Payment in-kind security.

(c)

Security is not accruing income as of the date of this report.

(d)

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)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets

Amsurg Equity

 

 

11/02/2023 - 11/06/2023

$

30,032

$

33,602

4.84

%

Clover Holdings, Inc.

 

 

12/09/2024 - 03/10/2025

 

187

 

212

0.03

 

Incora New Equity

 

 

01/31/2025

 

3,894

 

2,865

0.41

 

Incora Top Holdco LLC 0.000% due 01/30/2033

 

 

01/31/2025

 

1,720

 

2,485

0.36

 

MNEQ Holdings, Inc.

 

 

03/16/2023 - 03/29/2023

 

43

 

17

0.00

 

Market Garden Dogwood LLC

 

 

03/13/2024

 

19,000

 

19,968

2.88

 

Steinhoff International Holdings NV

 

 

06/30/2023 - 10/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

 

 

05/12/2022 - 11/30/2024

 

11,162

 

11,020

1.59

 

West Marine

 

 

09/12/2023

 

120

 

53

0.01

 

 

 

 

 

$

66,158

$

70,222

10.12%  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BOS

5.560%

03/03/2025

04/02/2025

 

(2,949)

$

(2,962)

BPS

0.900

03/18/2025

TBD(2)

EUR

(214)

 

(232)

 

2.900

03/14/2025

07/14/2025

 

(1,062)

 

(1,150)

 

4.490

03/11/2025

TBD(2)

$

(1,630)

 

(1,634)

 

4.900

01/24/2025

04/24/2025

 

(2,797)

 

(2,822)

 

4.960

01/09/2025

05/09/2025

 

(4,330)

 

(4,379)

 

5.560

02/14/2025

08/14/2025

 

(13,088)

 

(13,180)

 

5.590

01/23/2025

07/22/2025

 

(49,080)

 

(49,596)

 

5.690

01/23/2025

07/22/2025

 

(2,558)

 

(2,585)

 

5.910

11/18/2024

05/16/2025

 

(573)

 

(585)

BRC

1.000

03/12/2025

TBD(2)

EUR

(323)

 

(350)

 

1.500

03/12/2025

TBD(2)

 

(894)

 

(968)

 

4.250

03/03/2025

TBD(2)

$

(3,042)

 

(3,053)

 

4.300

02/19/2025

TBD(2)

 

(1,151)

 

(1,157)

 

4.650

03/10/2025

04/09/2025

 

(3,929)

 

(3,940)

 

5.460

03/24/2025

07/22/2025

 

(10,878)

 

(10,891)

 

5.510

03/24/2025

07/22/2025

 

(809)

 

(809)

 

5.540

01/08/2025

04/08/2025

 

(6,157)

 

(6,235)

 

5.540

01/21/2025

04/22/2025

 

(2,150)

 

(2,174)

 

5.560

03/07/2025

07/07/2025

 

(4,354)

 

(4,371)

 

5.560

03/21/2025

07/18/2025

 

(4,661)

 

(4,669)

 

5.560

03/24/2025

07/22/2025

 

(21,405)

 

(21,431)

 

5.610

01/10/2025

05/09/2025

 

(3,799)

 

(3,847)

BYR

4.840

01/21/2025

04/21/2025

 

(13,174)

 

(13,298)

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

 

4.860

01/21/2025

04/21/2025

 

(5,811)

 

(5,866)

 

4.860

02/05/2025

04/21/2025

 

(3,304)

 

(3,329)

 

4.860

02/19/2025

05/20/2025

 

(372)

 

(374)

 

4.860

02/20/2025

05/20/2025

 

(379)

 

(381)

 

4.860

02/21/2025

04/21/2025

 

(1,556)

 

(1,564)

 

4.860

03/07/2025

09/05/2025

 

(12,197)

 

(12,238)

 

4.860

03/31/2025

04/21/2025

 

(2,517)

 

(2,517)

 

4.880

02/13/2025

04/09/2025

 

(1,883)

 

(1,895)

DBL

4.650

03/12/2025

TBD(2)

 

(2,179)

 

(2,185)

 

4.650

03/24/2025

TBD(2)

 

(1,210)

 

(1,212)

 

4.860

03/24/2025

04/21/2025

 

(5,932)

 

(5,940)

 

5.409

03/17/2025

05/16/2025

 

(9,731)

 

(9,752)

 

5.515

03/21/2025

05/16/2025

 

(7,742)

 

(7,755)

 

5.609

03/17/2025

05/16/2025

 

(1,273)

 

(1,276)

 

5.809

03/17/2025

05/16/2025

 

(6,530)

 

(6,545)

 

5.909

03/17/2025

05/16/2025

 

(8,633)

 

(8,654)

GLM

5.613

10/29/2024

07/29/2025

 

(3,903)

 

(3,997)

IND

4.870

03/26/2025

07/25/2025

 

(1,569)

 

(1,570)

MBC

1.500

03/21/2025

TBD(2)

EUR

(190)

 

(205)

MEI

2.750

03/12/2025

04/07/2025

 

(3,546)

 

(3,840)

 

2.950

03/14/2025

07/14/2025

 

(5,250)

 

(5,685)

 

4.950

03/21/2025

06/23/2025

GBP

(3,002)

 

(3,884)

 

4.960

03/21/2025

06/23/2025

 

(1,650)

 

(2,135)

 

5.140

03/21/2025

05/21/2025

 

(6,085)

 

(7,872)

MSB

3.106

03/19/2025

06/19/2025

EUR

(1,845)

 

(1,997)

 

5.360

03/21/2025

09/17/2025

$

(1,957)

 

(1,961)

 

5.460

02/03/2025

08/04/2025

 

(2,444)

 

(2,465)

 

5.510

02/03/2025

08/04/2025

 

(7,626)

 

(7,692)

 

5.610

02/03/2025

08/04/2025

 

(12,553)

 

(12,664)

MYI

2.200

03/12/2025

TBD(2)

EUR

(389)

 

(422)

MZF

5.330

03/12/2025

09/12/2025

$

(69,861)

 

(70,068)

RBC

5.750

02/06/2025

05/06/2025

 

(3,845)

 

(3,878)

 

5.750

03/20/2025

09/19/2025

 

(679)

 

(681)

RTA

4.930

03/11/2025

07/10/2025

 

(5,033)

 

(5,047)

 

4.950

03/11/2025

07/10/2025

 

(1,627)

 

(1,632)

 

5.320

03/18/2025

09/18/2025

 

(10,240)

 

(10,261)

 

5.430

03/11/2025

07/10/2025

 

(1,929)

 

(1,935)

 

5.450

01/30/2025

07/29/2025

 

(1,205)

 

(1,216)

 

5.500

01/30/2025

07/29/2025

 

(1,243)

 

(1,254)

SOG

4.600

12/20/2024

TBD(2)

 

(1,283)

 

(1,300)

 

4.810

02/05/2025

04/09/2025

 

(833)

 

(839)

 

4.830

03/18/2025

06/18/2025

 

(2,036)

 

(2,040)

 

5.310

03/18/2025

09/18/2025

 

(5,362)

 

(5,373)

 

5.360

03/18/2025

09/18/2025

 

(1,230)

 

(1,232)

 

5.460

02/20/2025

08/19/2025

 

(3,118)

 

(3,137)

 

5.510

02/07/2025

08/07/2025

 

(5,747)

 

(5,793)

UBS

2.630

03/12/2025

TBD(2)

EUR

(439)

 

(475)

 

2.650

03/12/2025

TBD(2)

 

(1,462)

 

(1,583)

 

2.864

03/14/2025

05/14/2025

 

(700)

 

(758)

 

5.300

01/23/2025

04/23/2025

$

(8,259)

 

(8,341)

 

5.400

01/23/2025

04/23/2025

 

(1,943)

 

(1,963)

 

5.450

01/23/2025

04/23/2025

 

(4,394)

 

(4,440)

 

5.640

10/16/2024

04/16/2025

 

(8,976)

 

(9,211)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(426,647)

(i)

Securities with an aggregate market value of $555,668 and cash of $1,260 have been pledged as collateral under the terms of master agreements as of March 31, 2025.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2025 was $(448,955) at a weighted average interest rate of 5.764%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)

Open maturity reverse repurchase agreement.

(j)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

 

Variation Margin

Description

 

 

 

Expiration
Month

 

# of
Contracts

 

Notional
Amount

 

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

3-Month SOFR Active Contract December Futures

03/2026

 

18

$

(4,337)

 

$

66

$

0

$

0

3-Month SOFR Active Contract June Futures

09/2025

 

41

 

(9,832)

 

 

116

 

2

 

0

3-Month SOFR Active Contract March Futures

06/2025

 

44

 

(10,526)

 

 

121

 

0

 

0

3-Month SOFR Active Contract March Futures

06/2026

 

16

 

(3,860)

 

 

53

 

0

 

0

3-Month SOFR Active Contract September Futures

12/2025

 

13

 

(3,126)

 

 

54

 

0

 

0

Total Futures Contracts

 

$

410

$

2

$

0

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

SWAP AGREEMENTS:

INTEREST RATE SWAPS

 

Variation Margin

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Pay

1-Day GBP-SONIO Compounded-OIS

3.500%

Annual

03/19/2030

GBP

1,600

$

(44)

$

(3)

$

(47)

$

7

$

0

Receive

1-Day USD-SOFR Compounded-OIS

2.300

Annual

01/17/2026

$

2,600

 

1

 

46

 

47

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2027

 

239,300

 

2,406

 

(2,355)

 

51

 

45

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/18/2028

 

84,900

 

1,218

 

(1,073)

 

145

 

41

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

1,400

 

(26)

 

33

 

7

 

0

 

(1)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

06/15/2052

 

25,600

 

6,320

 

3,306

 

9,626

 

0

 

(133)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Annual

12/21/2052

 

17,400

 

4,191

 

2,087

 

6,278

 

0

 

(91)

Receive

1-Day USD-SOFR Compounded-OIS

3.400

Annual

12/21/2052

 

22,900

 

40

 

1,691

 

1,731

 

0

 

(162)

Receive

6-Month EUR-EURIBOR

0.500

Annual

09/21/2052

EUR

7,800

 

676

 

2,838

 

3,514

 

0

 

(40)

Receive(1)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

22,900

 

313

 

1,732

 

2,045

 

0

 

(12)

Total Swap Agreements

$

15,095

$

8,302

$

23,397

$

93

$

(439)

Cash of $7,796 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2025.

(1)

This instrument has a forward starting effective date.

(k)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Unrealized Appreciation/(Depreciation)

Counterparty

Settlement
Month

 

Currency to
be Delivered

 

Currency to
be Received

 

Asset

 

Liability

BOA

04/2025

DOP

16,160

$

254

$

0

$

0

 

04/2025

$

1,312

EUR

1,231

 

19

 

0

 

05/2025

HKD

51,895

$

6,680

 

2

 

0

BPS

04/2025

EUR

104,784

 

109,922

 

5

 

(3,386)

 

04/2025

$

13

JPY

2,008

 

0

 

0

 

05/2025

JPY

2,001

$

13

 

0

 

0

 

05/2025

TRY

22,466

 

586

 

24

 

0

 

05/2025

$

722

HKD

5,607

 

0

 

(1)

 

06/2025

TRY

34,583

$

880

 

46

 

0

 

05/2029

KWD

238

 

820

 

15

 

0

 

07/2029

 

17

 

60

 

1

 

0

BRC

04/2025

TRY

3,737

 

93

 

0

 

(2)

 

04/2025

$

1,124

EUR

1,030

 

0

 

(11)

 

04/2025

 

103

TRY

4,091

 

2

 

0

 

04/2025

 

342

ZAR

6,313

 

2

 

0

 

05/2025

 

2,231

TRY

86,714

 

0

 

(45)

 

06/2025

TRY

75,730

$

1,807

 

0

 

(7)

 

06/2025

$

2,106

TRY

83,138

 

0

 

(101)

BSH

04/2025

 

68

JPY

10,240

 

0

 

0

 

05/2025

JPY

10,206

$

68

 

0

 

0

CBK

04/2025

DOP

22,169

 

350

 

1

 

0

 

04/2025

EUR

758

 

819

 

0

 

(1)

 

04/2025

$

3,379

CAD

4,814

 

0

 

(34)

 

05/2025

CAD

4,807

$

3,379

 

34

 

0

 

05/2025

DOP

31,445

 

500

 

6

 

0

DUB

04/2025

CAD

4,726

 

3,285

 

1

 

0

 

04/2025

GBP

2,319

 

3,001

 

6

 

0

 

04/2025

$

1,490

EUR

1,420

 

46

 

0

FAR

04/2025

EUR

1,299

$

1,364

 

0

 

(40)

 

04/2025

ZAR

43,335

 

2,364

 

3

 

0

GLM

04/2025

TRY

1,833

 

46

 

0

 

(1)

 

04/2025

$

20

TRY

786

 

0

 

0

 

05/2025

DOP

4,962

$

78

 

0

 

0

 

07/2025

 

108,858

 

1,697

 

7

 

0

 

08/2025

 

54,779

 

859

 

13

 

0

 

09/2025

 

38,174

 

596

 

8

 

0

JPM

04/2025

CAD

113

 

79

 

1

 

0

 

04/2025

TRY

3,533

 

88

 

0

 

(3)

 

04/2025

$

17

CAD

24

 

0

 

0

 

04/2025

 

109,144

EUR

101,185

 

271

 

(4)

 

04/2025

 

40

JPY

5,989

 

0

 

0

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

 

05/2025

EUR

100,410

$

108,478

 

0

 

(271)

 

05/2025

JPY

5,968

 

40

 

0

 

0

 

05/2025

TRY

56,538

 

1,461

 

33

 

0

 

05/2025

$

6,061

TRY

265,920

 

669

 

0

 

06/2025

 

100

 

3,961

 

0

 

(3)

MBC

04/2025

EUR

4,674

$

5,071

 

17

 

0

 

04/2025

JPY

22,000

 

150

 

3

 

0

 

04/2025

$

7,236

EUR

6,649

 

0

 

(47)

SCX

04/2025

 

21

JPY

3,099

 

0

 

0

 

05/2025

JPY

3,088

$

21

 

0

 

0

SSB

04/2025

GBP

9,689

 

12,265

 

0

 

(251)

 

04/2025

$

15,528

GBP

12,008

 

0

 

(17)

 

05/2025

GBP

12,008

$

15,527

 

17

 

0

UAG

04/2025

$

7

TRY

267

 

0

 

0

Total Forward Foreign Currency Contracts

$

1,252

$

(4,225)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(1)

 

Swap Agreements, at Value(4)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2025(2)

 

Notional
Amount(3)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Petroleos Mexicanos

1.000%

Quarterly

12/20/2028

4.280%

$

900

$

(174)

$

80

$

0

$

(94)

BRC

Egypt Government International Bond

1.000

Quarterly

12/20/2028

5.447

 

3,000

 

(521)

 

104

 

0

 

(417)

 

Egypt Government International Bond

1.000

Quarterly

06/20/2029

5.662

 

800

 

(171)

 

42

 

0

 

(129)

DUB

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

0.003

 

1,883

 

0

 

13

 

13

 

0

 

Petroleos Mexicanos «

4.850

Monthly

07/06/2026

0.004

 

3,294

 

0

 

25

 

25

 

0

 

 

 

 

 

 

 

$

(866)

$

264

$

38

$

(640)

TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS

 

Swap Agreements, at Value

Counterparty

Pay/
Receive

Underlying Reference

Financing Rate

Payment
Frequency

Maturity
Date

Notional
Amount

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Pay

AP Core Holdings II, LLC

0.000%

Monthly

09/01/2027

 

$ 204

$

0

$

(484)

$

0

$

(484)

Total Swap Agreements

$

(866)

$

(220)

$

38

$

(1,124)

(l)

Securities with an aggregate market value of $4,867 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2025.

(1)

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.

(2)

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.

(3)

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.

(4)

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2025

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

120,430

$

105,372

$

225,802

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

51,124

 

0

 

51,124

 

 

Industrials

 

0

 

115,735

 

7,886

 

123,621

 

 

Utilities

 

0

 

27,071

 

0

 

27,071

 

U.S. Government Agencies

 

0

 

43,280

 

0

 

43,280

 

Non-Agency Mortgage-Backed Securities

 

0

 

246,267

 

0

 

246,267

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

5,814

 

50

 

5,864

 

 

Automobile Sequential

 

0

 

0

 

5,011

 

5,011

 

 

Home Equity Other

 

0

 

140,773

 

0

 

140,773

 

 

Whole Loan Collateral

 

0

 

35,700

 

0

 

35,700

 

 

Other ABS

 

0

 

28,974

 

18,730

 

47,704

 

Sovereign Issues

 

0

 

43,868

 

0

 

43,868

 

Common Stocks

 

Communication Services

 

1,198

 

0

 

11,020

 

12,218

 

 

Consumer Discretionary

 

0

 

0

 

53

 

53

 

 

Financials

 

8,476

 

0

 

17

 

8,493

 

 

Health Care

 

0

 

0

 

33,602

 

33,602

 

 

Industrials

 

0

 

0

 

23,045

 

23,045

 

Preferred Securities

 

Banking & Finance

 

0

 

886

 

0

 

886

 

 

Industrials

 

0

 

2,158

 

5,900

 

8,058

 

Short-Term Instruments

 

U.S. Treasury Bills

 

0

 

7,511

 

0

 

7,511

 

 

$

9,674

$

869,591

$

210,686

$

1,089,951

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

57,874

$

0

$

0

$

57,874

 

Total Investments

$

67,548

$

869,591

$

210,686

$

1,147,825

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

95

 

0

 

95

 

Over the counter

 

0

 

1,252

 

38

 

1,290

 

 

$

0

$

1,347

$

38

$

1,385

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(439)

 

0

 

(439)

 

Over the counter

 

0

 

(5,349)

 

0

 

(5,349)

 

 

$

0

$

(5,788)

$

0

$

(5,788)

 

Total Financial Derivative Instruments

$

0

$

(4,441)

$

38

$

(4,403)

 

Totals

$

67,548

$

865,150

$

210,724

$

1,143,422

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2025:

Category and Subcategory

Beginning
Balance
at 06/30/2024

Net
Purchases (1)

Net
Sales/Settlements (1)

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation) (2)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2025

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2025 (2)

Investments in Securities, at Value

Loan Participations and Assignments

$

64,353

$

31,981

$

(33,911)

$

393

$

373

$

12,380

$

29,803

$

0

$

105,372

$

53

Corporate Bonds & Notes

 

Banking & Finance

 

17,280

 

0

 

(17,019)

 

0

 

0

 

(261)

 

0

 

0

 

0

 

0

 

Industrials

 

6,466

 

4,034

 

(5,614)

 

0

 

(735)

 

648

 

3,087

 

0

 

7,886

 

765

Asset-Backed Securities

 

Automobile ABS Other

 

923

 

0

 

0

 

0

 

0

 

(873)

 

0

 

0

 

50

 

(873)

 

Automobile Sequential

 

0

 

5,000

 

0

 

0

 

0

 

11

 

0

 

0

 

5,011

 

11

 

Other ABS

 

17,515

 

0

 

0

 

0

 

0

 

(376)

 

1,591

 

0

 

18,730

 

(376)

Common Stocks

 

Communication Services(3)

 

10,191

 

666

 

0

 

0

 

0

 

163

 

0

 

0

 

11,020

 

163

 

Consumer Discretionary(4)

 

53

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

53

 

0

 

Financials

 

0

 

43

 

0

 

0

 

0

 

(26)

 

0

 

0

 

17

 

(26)

 

Health Care

 

35,580

 

0

 

0

 

0

 

0

 

(1,978)

 

0

 

0

 

33,602

 

(1,978)

 

Industrials(5)

 

18,732

 

4,081

 

0

 

0

 

0

 

232

 

0

 

0

 

23,045

 

232

Preferred Securities

 

Industrials

 

0

 

5,900

 

0

 

0

 

0

 

0

 

0

 

0

 

5,900

 

0

Consolidated Schedule of Investments PIMCO Access Income Fund (Cont.)

March 31, 2025 (Unaudited)

 

 

$

171,093

$

51,705

$

(56,544)

$

393

$

(362)

$

9,920

$

34,481

$

0

$

210,686

$

(2,029)

Financial Derivative Instruments- Assets

Over the counter

$

0

$

0

$

0

$

0

$

0

$

19

$

0

$

0

$

38

$

19

Totals

$

171,093

$

51,705

$

(56,544)

$

393

$

(362)

$

9,939

$

34,481

$

0

$

210,724

$

(2,010)


The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

 

(% Unless Noted Otherwise)

 

Category and Subcategory

Ending
Balance
at 03/31/2025

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

99

Comparable Companies

EBITDA Multiple

X

14.000

—

 

 

36,011

Discounted Cash Flow

Discount Rate

 

5.423 - 9.830

8.184

 

 

15,354

Indicative Market Quotation

Broker Quote

 

74.500 - 100.500

94.848

 

 

3,614

Other Valuation Techniques(6)

-

 

-

—

 

 

6,636

Recent Transaction

Purchase Price

 

98.000 - 99.000

98.969

 

 

43,658

Third Party Vendor

Broker Quote

 

100.750 - 116.500

111.031

Corporate Bonds & Notes

 

Industrials

 

4,799

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.900 /10.000

—

 

 

 

3,087

Indicative Market Quotation

Broker Quote

 

60.000-82.000

64.470

Asset-Backed Securities

 

Automobile ABS Other

 

50

Discounted Cash Flow

Discount Rate

 

16.000

—

 

Automobile Sequential

 

5,011

Proxy Pricing

Base Price

 

100.00

—

 

Other ABS

 

18,730

Discounted Cash Flow

Discount Rate

 

6.456 - 15.000

12.862

Common Stocks

 

Health Care

 

33,602

Comparable Companies

EBITDA Multiple

X

14.000

—

 

Communication Services

 

11,020

Discounted Cash Flow

Discount Rate

 

13.210

—

 

Consumer Discretionary

 

53

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.500 /20.750

—

 

Financials

 

17

Indicative Market Quotation

Broker Quote

$

4.500

—

 

Industrials

 

212

Comparable Companies

EBITDA Multiple

X

11.000 /9.750

—

 

 

 

2,865

Comparable Companies / Discounted Cash Flow

Revenue Multiple/Discount Rate

X/
%

0.900 /10.000

—

 

 

 

19,968

Sum of the parts

Discount rate/Mortality Assumption

 

15.323

—

Preferred Securities

 

Industrials

 

5,900

Other Valuation Techniques(6)

-

 

-

—

Financial Derivative Instruments- Assets

 

Over the counter

 

38

Indicative Market Quotation

Broker Quote

 

0.329 - 0.392

0.371

Total

$

210,724

(1)

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.

(2)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

(3)

Sector type updated from Industrials to Communication Services since prior fiscal year end.

(4)

Sector type updated from Utilities to Consumer Discretionary since prior fiscal year end.

(5)

Sector type updated from Financials to Industrials since prior fiscal year end.

(6)

Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

 

​

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

Each of the Funds' subsidiaries was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. Each Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiaries.

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

PAXSLS I LLC

 

12/31/2021

0.0%

RLM 4355 LLC

 

12/31/2021

0.0%

† A zero balance may reflect actual amounts rounding to less than 0.01%.

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

 

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and 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 Pacific Investment Management Company LLC (“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 Investment Company 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 of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, 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 are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments.

 

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

 

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

 

 

Notes to Financial Statements (Cont.)

 

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

 

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

 

• 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.

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

 

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

 

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

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.

 

Notes to Financial Statements (Cont.)

 

 

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, LIBOR forward 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 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.

 

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 Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. 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.

 

3. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

 

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

4. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment

Notes to Financial Statements (Cont.)

 

companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund’s shareholder report is available at the U.S Securities and Exchange Commission (“SEC”) website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2025 (amounts in thousands†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

Market Value
06/30/2024

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
03/31/2025

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

73,519

$

375,433

$

(391,100)

$

21

$

1

$

57,874

$

2,859

$

0

 

† A zero balance may reflect actual amounts rounding to less than one thousand.

(1) 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.

    

 

​

Glossary: (abbreviations that may be used in the preceding statements)   (Unaudited)
                     
Counterparty Abbreviations:                
BOA   Bank of America N.A.   FAR   Wells Fargo Bank National Association   MZF   Mizuho Securities USA LLC
BOS   BofA Securities, Inc.   GLM   Goldman Sachs Bank USA   RBC   Royal Bank of Canada
BPS   BNP Paribas S.A.   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   RTA   RBC (Barbados) Trading Bank Corp.
BRC   Barclays Bank PLC   JPM   JP Morgan Chase Bank N.A.   SCX   Standard Chartered Bank, London
                     
BSH   Banco Santander S.A. - New York Branch   MBC   HSBC Bank Plc   SOG   Societe Generale Paris
BYR   The Bank of Nova Scotia - Toronto   MEI   Merrill Lynch International   SSB   State Street Bank and Trust Co.
CBK   Citibank N.A.   MSB   Morgan Stanley Bank, N.A   UAG   UBS AG Stamford
DBL   Deutsche Bank AG London   MYI   Morgan Stanley & Co. International PLC   UBS   UBS Securities LLC
DUB   Deutsche Bank AG                
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   TRY   Turkish New Lira
CAD   Canadian Dollar   HKD   Hong Kong Dollar   USD (or $)   United States Dollar
DOP   Dominican Peso   JPY   Japanese Yen   ZAR   South African Rand
EUR   Euro   KWD   Kuwaiti Dinar        
                     
Index/Spread Abbreviations:                
EUR003M   3 Month EUR Swap Rate   JIBA3M   3 Month JIBAR rate   SONIO   Sterling Overnight Interbank Average Rate
EUR012M   12 Month EUR Swap Rate   SOFR   Secured Overnight Financing Rate        
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EURIBOR   Euro Interbank Offered Rate   TBD   To-Be-Determined
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap   TBD%   Interest rate to be determined when loan
settles or at the time of funding
DAC   Designated Activity Company   PIK   Payment-in-Kind